undamentalytics Newsletter
Sign in

Academy Sports & Outdoors, Inc. (ASO) stock

Add to watchlist

Add holding +

NASDAQ: ASO Nasdaq Other Specialty Retail Next results ~December 8, 2026

B Fundamentals grade

Academy Sports & Outdoors, Inc. is a US-listed company in the other specialty retail industry. Its financial year ends in January.

Stock price today

Loading chart…

Third-party market data · may be delayed

Fair value per share

~$82

Cash-flow model

Base case. Range ~$61–$110 across our lower- and higher-growth cases (-3%–7% a year).

Price vs value

Modestly undervalued

The price is inside our value range, 25% below our base value.

Price used: $61.84, November 2, 2026

Academy Sports & Outdoors, Inc. valuation: adjust assumptions and compare models →

Who’s trading

What company insiders, investment funds and members of Congress have been doing with the stock, from their own filings.

  • Insiders0 buying, 3 selling0 purchases and 11 sales by directors and officers, last 12 monthsInsider trades
  • Funds170 adding, 176 cuttingOf 56 active managers that changed their stake, 32 added; quarter to June 30, 2026Fund buyers and sellers

Value diary

Our note on each quarter Academy Sports & Outdoors files

Where Academy Sports & Outdoors stands after its latest 10-Q

Revenue for the twelve months to August 2026 was $6.19bn, up 3.7% on a year earlier, about the same pace as a quarter earlier. Free-cash-flow margin rose to 5.3% from 4.0% a year earlier. The diluted share count is down 4.5% on a year earlier, which lifts each remaining share. Against its peers on growth, profitability, cash generation and balance sheet, it grades B+. It passes 4 of our 6 financial-health checks. Our cash-flow model value is $80.09 a share, against a share price of $59.48. At that price, our model says the market is pricing in cash flow shrinking about 2.3% a year for five years, close to the -1.8% a year revenue growth it has delivered.

Source: 10-Q filed September 9, 2026 on SEC EDGAR · Financials · Valuation

Written from the company's filings and our models when each quarter's report arrives. Figures in older notes are as published at the time. Not investment advice.

The Fundamentalytics view

Next results ~December 8, 2026 (estimated)

Academy Sports & Outdoors, Inc.'s trailing-twelve-month revenue grew 3.7% year on year, with a free-cash-flow margin of 5.3%. Where it stands out: change in share count of -4.5% ranks 5 of 33 other specialty retail companies we cover.

Our discounted-cash-flow model values the business at ~$82 per share in the base case (~$61–$110 across growth scenarios) — model values under stated assumptions, not a price target.

Current signal Free cash flow diverging from earnings: TTM free cash flow grew 38.6% while net income grew 6.7%: a 32pp divergence.

Assembled from SEC-filed figures — the full workings are on this page and in our methodology. Observations, not recommendations.

Highlights

How we pick these

Strengths

  • Priced below our value. The share price of $61.84 is 33% below our value per share of $82.
  • Shrinking share count. Diluted shares fell 4.5% in a year, so each share owns more of the business.

Things to watch

  • Heavily shorted. 23.4% of the shares available to trade are sold short (5.7 days of average volume to cover).

Latest results: FY2027 Q2

Filed September 9, 2026
Earnings per share
$2.31 against an average estimate of $2.08: beat by 11.1%
Revenue
$1.65bn, up 3.0% on a year earlier
Share reaction
+21.3% in the first session after the results on September 9, 2026, against -1.1% for the S&P 500
Guidance given
net sales $6,230m to $6,355m (fiscal 2026); sales Growth growth 3% to 5% (fiscal 2026)
Next report
December 8, 2026; average EPS estimate $1.32

Academy Sports & Outdoors' figures from its SEC filings and results release; estimates are the analysts' average. Not a recommendation.

Price chart

  • 1 day+4.5%
  • 1 week+3.7%
  • 1 month+26.9%
  • This year+24.9%
  • 1 year+30.6%
  • 5 years+37.1%
  • S&P 500 this year+11.2%

Closing prices to 2026-11-02. Price change only, dividends excluded.

Loading chart…

Third-party market data · may be delayed

At a glance

Trailing twelve months, from SEC filings

Profitability

Revenue (TTM)
$6.2B
Operating margin
9.6%
Net margin
6.4%
EPS (TTM, diluted)
$5.96

Growth

Revenue growth
+3.7%
Change in growth rate
−0.1 pts
Share count change
−4.5%

Cash

Free cash flow (TTM)
$331M
FCF margin
5.3%
Stock pay % of revenue
0.4%

Earnings

Last results
September 9, 2026
Next results (est.)
December 8, 2026

News & updates

Updated November 3, 2026

Company announcements, filed results and changes that matter to shareholders.

  1. Announcement
  2. Insider trade
  3. Insider trade
  4. Results
  5. Guidance

Refreshed hourly when new source data is available. Summaries are checked against company releases and SEC filings. Company announcement headlines are labelled when a checked summary is unavailable.

Valuation

Academy Sports & Outdoors, Inc. valuation models and calculator

What the price is pricing in

The share price implies cash flow shrinking about 2.3% a year for five years.That is close to the -1.8% a year revenue growth Academy Sports & Outdoors has delivered.

  • Priced in-2.3%
  • Last 12 months3.7%
  • 3 years a year-0.1%
  • 5 years a year-1.8%

Our cash-flow model with every input fixed except growth over the next five years, solved for the growth at which the model value equals the share price ($60.94, Nov 3, 2026). Cash-flow growth then fades to 2.5% a year; discount rate 8.5%. Delivered figures are revenue growth from SEC filings. This is a model exercise, not investment advice or a forecast of the share price. All companies

Fundamentalytics rating

model v1.6 · 2026-11-03
Buy12-month view
12-month price target
~$82
Price used
$60.94close November 3, 2026
Implied change
▲ +35%
Uncertainty
Medium

How we got here: a discounted-cash-flow model of Academy Sports & Outdoors, Inc.'s free cash flow after stock-based pay with after-tax interest added back ($308M, FY2027 Q2 TTM), growing 3.8% and 3% in the next two years (forecasts, guidance and its record), then back to 2% by year five, and fading to 2.5%, discounted at 8.5%. Lower and higher growth cases span ~$61–~$110 ; that spread sets a 25% margin before we rate Buy or Sell.

Produced by Fundamentalytics' automated valuation model on November 3, 2026, using delayed market prices. Rating meanings, methodology and conflicts: recommendations disclosure and research disclaimer. General research, not personal advice — it does not consider your circumstances. Prices can fall as well as rise.

Our value per share comes from a discounted-cash-flow model of Academy Sports & Outdoors, Inc.'s free cash flow after stock-based pay ( $308M, FY2027 Q2 TTM, with after-tax interest added back): growth for five years as below (the first two years from forecasts, guidance and the company's record), fading to 2.5%, discounted at 8.5%, then cash added and debt and other claims subtracted. These are model values under stated assumptions, not price targets or recommendations.

Valuation models

We value Academy Sports & Outdoors, Inc. as an operating company, with every model that fits that kind of business. Cost of equity 9.8%: the 10-year Treasury yield (4.9%) plus a beta of 1.09 times a 4.5% equity risk premium.

Value per share by model
Model Value per share In the combined value?
Cash-flow model (DCF) Free cash flow to the firm (after stock pay, with after-tax interest added back), grown then faded to 2.5%, discounted at 8.5% as the firm rate, less debt and other claims. ~$82 ~$61–$110 Primary model, counts double
Forward price-to-earnings vs peers Next year's consensus earnings per share times peers' typical (harmonic-mean) forward price-to-earnings. Uses analysts' consensus estimates (third-party data), not our forecasts. ~$92 ~$64–$140 Included
Residual income Book value plus the present value of returns above the cost of equity, fading over ten years. ~$230 ~$160–$320 Included
Justified price-to-book Book value times (return on equity - growth) / (cost of equity - growth): steady-state returns. ~$130 ~$110–$150 Included
Combined value Weighted average of the models that apply: the primary model (cash-flow model (dcf)) counts double. Models more than 5x or less than 0.2x the share price, or more than 3x away from the other models' median, are left out. ~$120 ~$82–$230 4 models

Different models fail in different ways, so where several apply we average them rather than trust one. Peer-based models compare Academy Sports & Outdoors, Inc. with Other Specialty Retail in our coverage, using third-party market data. Model values are estimates under stated assumptions, updated as new filings arrive; not price targets or investment advice. How each model works.

What moves the value

  • Revenue growth 5 points lower ▼ −26%
  • Revenue growth 5 points higher ▲ +34%
  • Free-cash-flow margin 1 point lower ▼ −19%
  • Last year's free-cash-flow margin change, if it persists ▲ +35%
  • Discount rate 1 point higher ▼ −15%
Value per share under different assumptions
Discount rate ↓ / growth → −5% growth0% growth5% growth10% growth15% growth20% growth
7% $68$94$128$173$231$306
8.5% $52$70$95$127$168$222
10% $41$56$75$99$131$171

Valuation multiples over time Market data may be delayed

At fiscal year end 202120222023202420252026Now
Share price$20.64$36.16$53.82$62.77$51.30$54.53$61.84
Market value$1.7bn$3.4bn$4.5bn$4.9bn$3.7bn$3.7bn$4.1bn
+ Net debt (− = net cash)−$378m−$486m−$337m−$348m−$289m−$330m$202m
Enterprise value$1.3bn$2.9bn$4.2bn$4.5bn$3.5bn$3.4bn$4.3bn
Multiples
Price / sales 0.3x0.5x0.7x0.8x0.6x0.6x0.7x
Price / earnings 5.4x5.1x7.2x9.4x9.0x9.8x10.4x
Price / free cash flow 1.7x5.7x10.2x14.8x11.4x16.7x12.4x
EV / EBITDA 2.5x2.9x4.4x5.7x5.3x5.3x6.0x

Market value uses the period's diluted share count; figures for each fiscal year use that year's results and the price at year end. "Now" uses today's price and the last twelve months.

Moat

66 /100

Moderate moat

How hard Academy Sports & Outdoors's competitive advantage looks for rivals to wear away, judged from 7 years of its own filings: returns on capital, pricing power, profit durability, cash conversion and discipline.

  • Returns on capital 16 / 20

    Cash operating profit has been a median 12.2% of total assets over 6 years.

  • Pricing power 12 / 20

    Gross margin has been a median 34.2%, moving by 2.0 percentage points (standard deviation) across 7 years.

  • Durability 10 / 20

    Operating margin has been a median 10.4%; its worst year was 5.6%.

  • Cash conversion 13 / 20

    Free cash flow was positive in 6 of 6 years, at a median 6.3% of revenue.

  • Discipline 20 / 20

    The diluted share count fell 27.7% over five years; stock-based pay has been a median 0.4% of revenue.

AI disruption exposure: Medium. In this industry, AI could change how the product is made or sold, without replacing the core asset. The score above includes a 5-point deduction for that exposure (71 before it).

A rules-based reading of reported figures, not a forecast and not investment advice. How the score is built: methodology.

Forecasts and guidance

Next results: December 8, 2026, before the open. Analysts expect revenue of $1.4bn and EPS of $1.32 (range $1.21 to $1.38) for the quarter.

Analysts' consensus

Fiscal yearEPSGrowthRevenueGrowth
Current $6.65 +15% $6.3bn +4%
Next $7.08 +6% $6.6bn +5%

Next year's EPS estimate has moved +1.2% in 90 days, across 16 analysts.

How the EPS forecast has moved

The consensus EPS forecast for the current fiscal year is +2.9% on 90 days ago. In the last 30 days, 17 analysts raised Academy Sports & Outdoors, Inc.'s forecast and 0 cut it.

Consensus EPS forecast Academy Sports & Outdoors, Inc., last 90 days
$6.40 $6.60 $6.80 $7.00 $7.20 90 days ago 60 days ago 30 days ago 7 days ago Now Current fiscal year, 90 days ago: $6.46 Current fiscal year, 60 days ago: $6.42 Current fiscal year, 30 days ago: $6.68 Current fiscal year, 7 days ago: $6.65 Current fiscal year, Now: $6.65 $6.65 Next fiscal year, 90 days ago: $7.00 Next fiscal year, 60 days ago: $6.98 Next fiscal year, 30 days ago: $7.07 Next fiscal year, 7 days ago: $7.08 Next fiscal year, Now: $7.08 $7.08

Average of analysts' published estimates (third-party data).

View chart data
Period Current fiscal yearNext fiscal year
90 days ago $6.46$7.00
60 days ago $6.42$6.98
30 days ago $6.68$7.07
7 days ago $6.65$7.08
Now $6.65$7.08

Earnings against estimates

Quarter toEstimateActualSurprise
Jul 2026 $2.08 $2.31 +11.1%
Apr 2026 $0.91 $0.93 +2.6%
Jan 2026 $2.05 $1.97 −4.0%
Oct 2025 $1.06 $1.14 +7.5%

Adjusted EPS as companies report it, against the average analyst estimate.

Management guidance

Earnings release, September 9, 2026
  • Net sales fiscal 2026 $6,230m to $6,355m Maintained
    “Net sales $6,230 $6,355 $6,230 $6,355 $6,053 4.0 %” source
  • GAAP earnings per common share, diluted fiscal 2026 $6.05 to $6.45 GAAP Raised
    “GAAP earnings per common share, diluted $5.95 $6.35 $6.05 $6.45 $5.54 12.8 %” source
  • Adjusted earnings per common share, diluted fiscal 2026 $6.50 to $6.90 Non-GAAP Raised
    “Adjusted earnings per common share, diluted (2) $6.40 $6.80 $6.50 $6.90 $5.78 15.9 %” source
  • Gross margin rate fiscal 2026 35.5% to 36% Raised
    “Gross margin rate 34.5 % 35.0 % 35.5 % 36.0 % 34.8 % 3.0 %” source
  • Sales Growth fiscal 2026 3% growth to 5% growth Maintained
    “Sales Growth 3.0 % 5.0 % 3.0 % 5.0 % 2.0 % 100.0 %” source
  • GAAP net income fiscal 2026 $390m to $415m GAAP Maintained
    “GAAP net income $390 $415 $390 $415 $377 6.8 %” source
Show 5 more items
  • Adjusted net income fiscal 2026 $420m to $445m Non-GAAP Maintained
    “Adjusted net income (2) $420 $445 $420 $445 $393 10.1 %” source
  • Diluted weighted average common shares fiscal 2026 about 64.5m Lowered
    “Diluted weighted average common shares 66 66 64.5 64.5 ~68 (5.2) %” source
  • Capital Expenditures fiscal 2026 $200m to $240m Maintained
    “Capital Expenditures $200 $240 $200 $240 $213 3.3 %” source
  • Adjusted free cash flow fiscal 2026 $300m to $350m Non-GAAP Raised
    “Adjusted free cash flow (2), (3) $250 $300 $300 $350 $263 23.6 %” source
  • tax rate fiscal 2026 about 22%
    “The earnings per share estimates do not include any potential future share repurchases and assume a tax rate of approximately 22.0%.” source

Figures and quotations are management's, copied from the company's own press release (SEC 8-K exhibit) and checked word for word against it. Forward-looking statements are the company's expectations, not ours and not advice; guidance can change or be missed.

How our valuation uses these forecasts

Our cash-flow model grows Academy Sports & Outdoors, Inc.'s revenue by +3.8% next year and +3.0% the year after, then fades back toward its own record by year five. Next year's rate weighs analysts' consensus (+4.6%, weight 56%) , management guidance (+4.1%, weight 19%) and the company's own record (+2.0%, weight 25%) . How the weights are set.

Analyst recommendations

19 analysts, Nov 2026
Buy947%
Hold1053%
Sell00%

Monthly trend

  1. Nov 202691019
  2. Oct 202691120
  3. Sep 202691019

Counts of recommendations published by analysts covering Academy Sports & Outdoors, Inc., by month. Source: Aggregated broker recommendations (third-party data). Aggregated counts only: we do not reproduce any firm's recommendation or price target, and these are not Fundamentalytics ratings.

Positioning

Short interest
23.4%
of tradable shares
Days to cover
5.73
at average volume
Short interest, 1 month
+14%
to October 15, 2026
Held by institutions
—
of shares
Held by insiders
1.6%
of shares
Employees
22,000
full time

Consensus figures average analysts' published estimates (third-party data); guidance is the company's own. Neither is our forecast. Short interest is reported twice a month and lags. Market data may be delayed.

This section is general information, not investment advice or a personal recommendation, and it does not take account of your objectives or circumstances. Forecasts and guidance are estimates, not promises: companies miss their own guidance and analysts' figures are often revised. Prices can fall as well as rise, and you can lose money. See our disclaimer.

Share-price performance

Market data may be delayed

What moved the share price

Last 12 months +30.6%

$47.35 on October 31, 2025 to $61.84

ThenNowEffect
Revenue (last 12 months) $6.0bn $6.2bn +3.7%
Net margin 6.2% 6.4% +2.9%
P/E multiple 8.9x 10.4x +16.8%
Share count 70m 66m +4.7%

Biggest factor: p/e multiple.

Last 3 years +30.3%

$47.47 on November 3, 2023 to $61.84

ThenNowEffect
Revenue (last 12 months) $6.2bn $6.2bn −0.3%
Net margin 8.7% 6.4% −26.6%
P/E multiple 7.0x 10.4x +48.2%
Share count 80m 66m +20.0%

Biggest factor: p/e multiple.

The effects multiply back to the price change exactly. Results are the last 12 months as known on each date (filings assumed public 45 days after quarter end).

Return and risk by year

Calendar year 202120222023202420252026 to date
Return
ASO+112%+21%+26%−12%−12%+25%
Industry peers (median)+42%−35%+2%−23%−10%−21%
S&P 500+29%−18%+26%+25%+18%+11%
Months that ended higher
ASO75%58%58%42%50%55%
S&P 50075%42%67%75%75%46%
Largest fall from a high during the year
ASO−23%−37%−36%−40%−42%−30%
S&P 500−5%−25%−10%−8%−19%−9%

Worst fall since October 2, 2020: 54% from March 1, 2024 to April 8, 2025. Getting back needed a 118% gain, and the shares have not yet recovered.

Price behaviour

52-week range
$41.26 – $61.84
From 52-week high
0.0%
vs 50-day average
+19.8%
vs 200-day average
+17.7%
Volatility (1 year)
44%
Beta vs S&P 500
0.71

Volatility is the annualised standard deviation of daily returns. Beta 1.5 means the shares typically moved 1.5% for each 1% move in the S&P 500 over the past year. Prices to November 2, 2026.

Share price after results

Next day
6 up, 6 down
typical move ±7.5%
After a week
8 up, 4 down
typical move ±7.4%
After a month
7 up, 5 down
typical move ±12.5%
Results releasedNext dayS&P 500 next day5 days21 days
September 9, 2026 +21.3% −1.1% +13.1% +18.4%
June 9, 2026 −3.5% −1.9% −4.5% −10.1%
March 17, 2026 −10.2% −1.1% −5.0% +2.9%
December 9, 2025 +12.6% +0.6% +9.9% +12.1%
September 2, 2025 −7.1% −0.2% −8.9% −2.1%
June 10, 2025 +1.9% +0.3% +1.2% +14.5%
March 20, 2025 −0.7% −0.3% +1.8% −22.5%
December 10, 2024 +8.2% +0.5% +11.1% +10.3%
September 10, 2024 +3.9% +1.5% +16.0% +3.9%
June 11, 2024 −1.0% +1.1% +2.5% −0.3%
March 21, 2024 −10.0% +0.1% −5.0% −19.2%
November 30, 2023 +9.2% +1.0% +9.9% +33.6%

From the close before the release date to the close 1, 5 and 21 trading days after it, so releases before the open and after the close are both captured. Past moves don't predict future ones.

Options strategies

All options ideas

How Academy Sports & Outdoors, Inc.’s listed options are priced, and three ways to use them that follow from our valuation. Quotes are delayed, read November 2, 2026. Check the live chain at your broker before trading.

Cash-secured put

Not offered: fundamentals grade B (needs B+ or better).

We suggest selling a put only on well-rated companies, at a strike where the price you would pay if assigned (strike less premium) is at or below our fair value.

Covered call

Not offered: no liquid call at or above our price target — the model says the upside is worth more than any listed strike.

For holders: sell a call at a strike at or above our fair value, so the shares are only sold at a price the model calls full value.

Collar

Not offered: the shares trade below our fair value: a collar caps upside the model expects.

For holders of a stock trading at or above our fair value: buy a put for a floor and sell a call to pay for it.

General research, not personal advice. Options can lose you more than you expect and are not suitable for everyone: put sellers can be made to buy shares that keep falling, call sellers give up gains above the strike, and results or news can move prices sharply. Chances shown are approximations from each option’s delta. Spreads, fees and early assignment are not modelled.

Academy Sports & Outdoors, Inc. in five measures

Fundamentals grade B
Growth Profitability Cash Balance sheet Value

Growth, profitability, cash generation and balance sheet are percentiles against the companies we cover in the same industry, from SEC filings (100 = best). Value compares the share price with our modelled value range (50 = at our base value; higher = cheaper). A description of reported data and our model — not a quality score or advice.

Fundamentals

Revenue (TTM) Academy Sports & Outdoors, Inc.
$5.9B $6B $6.1B $6.2B FY24 Q3 FY25 Q2 FY26 Q1 FY27 Q2 Revenue (TTM), FY24 Q3: $6.1B Revenue (TTM), FY24 Q4: $6.2B Revenue (TTM), FY25 Q1: $6.1B Revenue (TTM), FY25 Q2: $6.1B Revenue (TTM), FY25 Q3: $6.1B Revenue (TTM), FY25 Q4: $5.9B Revenue (TTM), FY26 Q1: $5.9B Revenue (TTM), FY26 Q2: $6B Revenue (TTM), FY26 Q3: $6B Revenue (TTM), FY26 Q4: $6.1B Revenue (TTM), FY27 Q1: $6.1B Revenue (TTM), FY27 Q2: $6.2B $6.2B

Source: SEC EDGAR filings. Retrieved October 26, 2026.

View chart data
Period Revenue (TTM)
FY24 Q3 $6.1B
FY24 Q4 $6.2B
FY25 Q1 $6.1B
FY25 Q2 $6.1B
FY25 Q3 $6.1B
FY25 Q4 $5.9B
FY26 Q1 $5.9B
FY26 Q2 $6B
FY26 Q3 $6B
FY26 Q4 $6.1B
FY27 Q1 $6.1B
FY27 Q2 $6.2B
Revenue growth, TTM YoY Academy Sports & Outdoors, Inc.
-10% -5% 0% 5% FY24 Q3 FY25 Q2 FY26 Q1 FY27 Q2 Revenue growth, TTM YoY, FY24 Q3: -5.4% Revenue growth, TTM YoY, FY24 Q4: -3.7% Revenue growth, TTM YoY, FY25 Q1: -2.7% Revenue growth, TTM YoY, FY25 Q2: -1.6% Revenue growth, TTM YoY, FY25 Q3: -1.0% Revenue growth, TTM YoY, FY25 Q4: -3.7% Revenue growth, TTM YoY, FY26 Q1: -3.6% Revenue growth, TTM YoY, FY26 Q2: -2.2% Revenue growth, TTM YoY, FY26 Q3: -0.7% Revenue growth, TTM YoY, FY26 Q4: 2.0% Revenue growth, TTM YoY, FY27 Q1: 3.8% Revenue growth, TTM YoY, FY27 Q2: 3.7% 3.7%

Source: SEC EDGAR filings. Retrieved October 26, 2026.

View chart data
Period Revenue growth, TTM YoY
FY24 Q3 -5.4%
FY24 Q4 -3.7%
FY25 Q1 -2.7%
FY25 Q2 -1.6%
FY25 Q3 -1.0%
FY25 Q4 -3.7%
FY26 Q1 -3.6%
FY26 Q2 -2.2%
FY26 Q3 -0.7%
FY26 Q4 2.0%
FY27 Q1 3.8%
FY27 Q2 3.7%
Operating margin (TTM) Academy Sports & Outdoors, Inc.
8% 9% 10% 11% 12% FY24 Q3 FY25 Q2 FY26 Q1 FY27 Q2 Operating margin (TTM), FY24 Q3: 11.1% Operating margin (TTM), FY24 Q4: 11.0% Operating margin (TTM), FY25 Q1: 10.7% Operating margin (TTM), FY25 Q2: 10.4% Operating margin (TTM), FY25 Q3: 9.7% Operating margin (TTM), FY25 Q4: 9.1% Operating margin (TTM), FY26 Q1: 8.5% Operating margin (TTM), FY26 Q2: 8.2% Operating margin (TTM), FY26 Q3: 8.3% Operating margin (TTM), FY26 Q4: 8.5% Operating margin (TTM), FY27 Q1: 8.4% Operating margin (TTM), FY27 Q2: 9.6% 9.6%

Source: SEC EDGAR filings. Retrieved October 26, 2026.

View chart data
Period Operating margin (TTM)
FY24 Q3 11.1%
FY24 Q4 11.0%
FY25 Q1 10.7%
FY25 Q2 10.4%
FY25 Q3 9.7%
FY25 Q4 9.1%
FY26 Q1 8.5%
FY26 Q2 8.2%
FY26 Q3 8.3%
FY26 Q4 8.5%
FY27 Q1 8.4%
FY27 Q2 9.6%
FCF margin (TTM) Academy Sports & Outdoors, Inc.
2% 4% 6% 8% FY24 Q3 FY25 Q2 FY26 Q1 FY27 Q2 FCF margin (TTM), FY24 Q3: 5.9% FCF margin (TTM), FY24 Q4: 5.3% FCF margin (TTM), FY25 Q1: 7.9% FCF margin (TTM), FY25 Q2: 6.7% FCF margin (TTM), FY25 Q3: 7.1% FCF margin (TTM), FY25 Q4: 5.5% FCF margin (TTM), FY26 Q1: 4.5% FCF margin (TTM), FY26 Q2: 4.0% FCF margin (TTM), FY26 Q3: 3.2% FCF margin (TTM), FY26 Q4: 3.7% FCF margin (TTM), FY27 Q1: 3.8% FCF margin (TTM), FY27 Q2: 5.3% 5.3%

Source: SEC EDGAR filings. Retrieved October 26, 2026.

View chart data
Period FCF margin (TTM)
FY24 Q3 5.9%
FY24 Q4 5.3%
FY25 Q1 7.9%
FY25 Q2 6.7%
FY25 Q3 7.1%
FY25 Q4 5.5%
FY26 Q1 4.5%
FY26 Q2 4.0%
FY26 Q3 3.2%
FY26 Q4 3.7%
FY27 Q1 3.8%
FY27 Q2 5.3%

Data: SEC EDGAR XBRL company facts (as filed in 10-K/10-Q); forms 10-K, 10-Q. Generated November 3, 2026. Definitions in our methodology.

Where the money goes

FY2026, from the 10-K

Each dollar Academy Sports & Outdoors took in during FY2026, followed through to profit: what it cost to make, what went on running the business, and what was left after tax.

  1. Revenue $6.1B
  2. Cost of revenue $3.9B · 65.2%
  3. Gross profit $2.1B · 34.8%
  4. Selling, general and admin $1.6B · 26.3%
  5. Operating income $512M · 8.5%
  6. Income tax $109M · 1.8%
  7. Net income $377M · 6.2%

Shares of revenue. Source: Academy Sports & Outdoors's 10-K for FY2026, as filed with the SEC.

Financial statements

US$ millions unless shown otherwise. Fiscal years, plus the last twelve months (LTM) when newer.

Fiscal year 2019 Feb 2019 2020 Feb 2020 2021 Jan 2021 2022 Jan 2022 2023 Jan 2023 2024 Feb 2024 2025 Feb 2025 2026 Jan 2026 LTM Aug 2026
Income
Revenue 4,784 4,830 5,689 6,773 6,395 6,159 5,933 6,053 6,191
Gross profit 1,368 1,431 1,734 2,351 2,213 2,110 2,011 2,106 2,215
EBITDA 262 297 526 1,013 953 789 657 635 714
Operating income 129 179 420 908 847 678 539 512 592
Net income 21 120 309 671 628 519 418 377 396
Diluted EPS $0.29 $1.60 $3.79 $7.12 $7.49 $6.70 $5.73 $5.54 $5.96
Growth (year on year)
Revenue — +1.0% +17.8% +19.1% −5.6% −3.7% −3.7% +2.0% +3.7%
EBITDA — +13.4% +77.3% +92.7% −5.9% −17.3% −16.7% −3.3% +17.3%
Operating income — +39.1% +134.3% +116.0% −6.8% −19.9% −20.5% −4.9% +21.3%
Net income — — +157.2% +117.4% −6.5% −17.3% −19.4% −10.0% +6.7%
Diluted EPS — — +136.9% +87.9% +5.2% −10.5% −14.5% −3.3% +11.8%
Margins
Gross margin 28.6% 29.6% 30.5% 34.7% 34.6% 34.3% 33.9% 34.8% 35.8%
EBITDA margin 5.5% 6.1% 9.2% 15.0% 14.9% 12.8% 11.1% 10.5% 11.5%
Operating margin 2.7% 3.7% 7.4% 13.4% 13.2% 11.0% 9.1% 8.5% 9.6%
Net margin 0.4% 2.5% 5.4% 9.9% 9.8% 8.4% 7.1% 6.2% 6.4%
Free-cash-flow margin 1.9% 4.2% 17.1% 8.8% 6.9% 5.3% 5.5% 3.7% 5.4%
Cash flow
Cash from operations 198 264 1,012 673 552 536 528 435 548
Capital spending 108 63 41 76 108 208 200 213 216
Free cash flow 91 201 970 597 444 328 328 222 331
Stock-based pay 5 8 32 39 21 24 27 21 26
Free cash flow after stock pay 86 193 939 558 423 304 302 201 305
Balance sheet
Cash 76 149 378 486 337 348 289 330 298
Total debt 0 — — — — — — — 500
Net debt (negative = net cash) −76 −149 −378 −486 −337 −348 −289 −330 202
Diluted shares 75m 75m 81m 94m 84m 77m 73m 68m 66m
Returned to shareholders
Dividends — — 0 0 25 27 31 35 36
Buybacks — 0 0 411 489 203 365 199 280
Total returned — 0 0 411 514 230 396 234 317

Source: SEC EDGAR XBRL company facts (US and foreign periodic filings); column headings link to the filing. EBITDA is operating income plus depreciation and amortisation. Free cash flow is cash from operations minus capital spending. Growth is left blank when last year's figure was a loss or under 2% of revenue. Share counts and EPS are restated for stock splits. A dash means the company didn't report the figure.

Financial health

4 of 6 checks passed · August 1, 2026
What it owns · $5.5bn
Short-term assets $2.1bnLonger-term assets $3.4bn
What it owes, and who funded it · $5.5bn
Short-term liabilities $1.2bnLonger-term liabilities $2.1bnShareholders' equity $2.2bn
  • Short-term assets cover short-term liabilities $2.1bn of assets due within a year against $1.2bn of liabilities due within a year.
  • Short-term assets cover long-term liabilities $2.1bn short-term assets against $2.1bn of longer-dated liabilities.
  • More cash than debt $298m of cash against $494m of debt.
  • Debt below 40% of shareholders' equity Debt is 23% of equity.
  • Debt burden no higher than five years ago Debt to equity moved from 47% to 23% over five years.
  • A year's operating cash flow covers at least 20% of debt $548m of operating cash flow against $494m of debt.
  • Operating profit covers interest at least five times over Interest not separately reported. Not assessable.

From Academy Sports & Outdoors, Inc.'s latest balance sheet as filed. Checks are fixed, documented rules (methodology), counted only where the company reports the figures — a dot means the filing doesn't break the item out. Descriptions of reported data, not advice.

Dividends, buybacks and capital spending

FY2027 Q2 TTM
Buybacks (TTM)
$280M
Dividends (TTM)
$36.2M
Returned to shareholders
96%
of free cash flow
Buybacks, last 3 fiscal years
$767M
Diluted share count
−4.5%
year over year
Total shareholder yield
8.3%
dividends 0.9% + buybacks 7.3% of market value
Dividend payout ratio
9%
of net income paid out
Sales & admin spending
26.2%
of revenue

Competitors: side by side with peers

Closest by revenue in other specialty retail
Last 12 months unless stated ASO WOOF BBWI FIVE SBH MNSO Median
Revenue, last 12 months $6.2bn $6.0bn $7.2bn $5.3bn $3.7bn $3.0bn $1.2bn
Revenue growth, last 12 months 3.7% −1.3% −2.2% 25.6% 1.1% 26.3% 4.0%
Revenue growth, 3-year average −0.1% −1.1% −1.1% 17.8% −0.4% — 2.6%
Revenue growth, latest quarter 3.0% 0.0% −2.3% 22.9% 0.2% — 2.3%
Gross margin 35.8% 38.8% 44.1% 40.3% 52.1% 45.0% 36.5%
Operating margin 9.6% 2.2% 16.7% 14.7% 8.4% 15.4% 2.2%
Operating margin, 3-year average 9.4% −5.5% 17.1% 10.9% 8.3% — 1.5%
Net margin 6.4% 0.5% 10.8% 11.7% 5.2% 5.6% 0.8%
Cash from operations / revenue 8.8% 6.3% 17.7% 15.1% 9.9% 12.0% 5.5%
Free-cash-flow margin 5.3% 4.0% 14.3% 11.3% 6.5% 6.4% 3.0%
Free-cash-flow margin, 3-year average 5.4% 1.5% 11.4% 6.6% 5.1% — 2.7%
Stock pay / revenue 0.4% 0.5% 0.3% 0.6% 0.6% 1.7% 0.6%
Change in share count −4.5% 3.7% −5.5% 0.6% −4.2% −1.1% 0.7%

Median of all 35 companies we cover in other specialty retail. Shaded: best of the six on that line (lowest for stock pay and share-count growth). 3-year figures average the last three 12-month periods; 3-year growth is compound annual. Source: SEC filings.

Peer comparison

35 other specialty retail companies
Measure Company Peer median Rank
Revenue growth Growth 3.7% 4.0% 19 of 35
Change in growth rate Growth -0.1pp -0.2pp 16 of 35
Gross margin Profitability 35.8% 36.5% 17 of 31
Operating margin Profitability 9.6% 2.2% 6 of 33
Net margin Profitability 6.4% 0.8% 10 of 35
Free-cash-flow margin Cash generation 5.3% 3.1% 9 of 34
Stock pay as % of revenue Cash generation 0.4% 0.7% 8 of 30
Long-term debt as % of assets Balance sheet 9.0% 14.2% 11 of 26
Change in share count Balance sheet -4.5% 0.6% 5 of 33

Rank 1 = best in the group (for spending, debt and dilution, lower ranks first).

Where the revenue comes from

Fiscal year to January 31, 2026
Products and services
Line of business Revenue Share YoY
Products $6B 99.4% ▲ 2.1%
Outdoors $1.8B 30.4% ▲ 1.2%
Apparel $1.6B 27.3% ▲ 2.4%
Sports and Recreation $1.3B 22.3% ▲ 3.6%
Footwear $1.2B 20.0% ▲ 1.2%
Other $35.6M 0.6% ▼ 3.1%

From Academy Sports & Outdoors, Inc.'s 10-K filed March 17, 2026, as tagged in the filing. View filing. Indented rows are part of the line above; their share is of that line. In the bars, the faint bar behind is the year before.

Who owns it

Funds buying and selling
Reported value
$3.4B
Institutions reporting
360
Shares held vs prior quarter
▲ 1.9%
Positions opened / closed
51 / 50

Top buyers and sellers, Q2 2026: 170 institutions bought and 176 sold ; the biggest buyer was Canada Pension Plan Investment Board (+1.1M shares) and the biggest seller FMR LLC (−694K). See which funds bought and sold →

Largest reported holders, June 30, 2026
Manager Value Shares Share of 13F value Shares QoQ
Blackrock, Inc. $468M 9.9M 13.6% ▲ 0.9%
FMR LLC $438M 9.3M 12.7% ▼ 7.0%
Dimensional Fund Advisors LP $193M 4.1M 5.6% ▲ 1.5%
Vanguard Portfolio Management LLC $180M 3.8M 5.2% ▼ 0.3%
LSV Asset Management $151M 3.2M 4.4% ▲ 5.0%
Vanguard Capital Management LLC $137M 2.9M 4.0% ▼ 2.9%
State Street Corp $129M 2.7M 3.7% ▲ 2.4%
American Century Companies Inc $112M 2.4M 3.3% ▼ 0.8%
Geode Capital Management, LLC $104M 2.2M 3.0% ▲ 5.5%
Westwood Holdings Group Inc $71M 1.5M 2.1% ▼ 6.0%
King Luther Capital Management Corp $67.6M 1.4M 2.0% ▼ 7.6%
Canada Pension Plan Investment Board $61.2M 1.3M 1.8% ▲ 763.5%

From Form 13F filings with the SEC ( quarterly data sets), as reported by each manager for June 30, 2026 and filed up to 45 days later. 13F reports cover long US-listed positions of managers above $100M only, so this is not Academy Sports & Outdoors, Inc.'s complete shareholder register. Values are as reported by the filers .

Insider trading activity

Full insider history and chart
Insider purchases History → $0 0 trades by 0 insiders, last 12 months Insider sales History → $7M 11 trades by 3 insiders · 0% under pre-set plans
Net ▼ $7M net selling
Insider Date Trade Shares Price Value
Marley Brian T Director September 15, 2026 Sell 3,932 $54.00 $212,328
Marley Brian T Director September 15, 2026 Sell 6,500 $52.80 $343,200
Johnson Samuel J President September 15, 2026 Sell 27,370 $52.82 $1.4M
Johnson Samuel J President September 15, 2026 Sell 9,123 $51.85 $473,028
Johnson Samuel J President September 15, 2026 Sell 33,810 $50.95 $1.7M
Johnson Samuel J President September 14, 2026 Sell 25,580 $53.95 $1.4M
Tweedy Jeffrey C. Director July 16, 2026 Sell 1,200 $48.00 $57,600
Tweedy Jeffrey C. Director April 16, 2026 Sell 4,000 $60.00 $240,000
Marley Brian T Director December 15, 2025 Sell 3,500 $55.01 $192,535
Marley Brian T Director December 12, 2025 Sell 1,919 $55.84 $107,157
Marley Brian T Director December 12, 2025 Sell 15,152 $55.24 $836,996

From insiders' Form 4 filings with the SEC. Excludes awards, option exercises and shares withheld for tax. "Pre-set plan" means the filing marks the trade as made under a Rule 10b5-1 plan. See every insider trade since five years ago, on a price chart.

Earnings dates and SEC filings

Results announcements

Next expected around December 8, 2026 estimated from the company's past filing pattern, not announced

  • September 9, 2026
  • June 9, 2026
  • March 17, 2026
  • December 9, 2025
  • September 2, 2025
  • June 10, 2025

Recent SEC filings

Data status

When each part of this page on Academy Sports & Outdoors, Inc. was last updated.

DataLast updatedSource
Share priceExchange closing prices
Financial statementsSEC 10-K and 10-Q filings
News and updatesCompany releases and SEC 8-K filings
Analyst estimatesAggregated analyst estimates
Valuation and scoresOur models, from the filed figures

How we build and check these figures: methodology and data sources.

Academy Sports & Outdoors, Inc. in brief

What does Academy Sports & Outdoors, Inc. do?
Academy Sports & Outdoors, Inc. is a US-listed company in the other specialty retail industry. Its financial year ends in January.
What is Academy Sports & Outdoors, Inc.'s stock ticker?
Academy Sports & Outdoors, Inc. trades under the ticker ASO on Nasdaq. This page brings together its financial statements, valuation models, ownership and recent company updates.
What is Academy Sports & Outdoors, Inc.'s revenue, and how fast is it growing?
Over its most recent trailing twelve months, Academy Sports & Outdoors, Inc. reported revenue of $6.2B, 3.7% higher than a year earlier, according to its SEC filings.
What is Academy Sports & Outdoors, Inc.'s free cash flow?
Academy Sports & Outdoors, Inc.'s free-cash-flow margin is 5.3% of revenue over the trailing twelve months, ranking 9 of the 34 other specialty retail companies we cover.
What is Academy Sports & Outdoors, Inc.'s fair value (intrinsic value) per share?
Our discounted-cash-flow model of Academy Sports & Outdoors, Inc.'s free cash flow after stock-based pay gives ~$82 per share in the base case, and ~$61–$110 across growth scenarios. These are model values under stated assumptions — not a price target or a recommendation.
Who are Academy Sports & Outdoors, Inc.'s largest institutional shareholders?
By value reported in 13F filings for June 30, 2026, the largest reported holders are Blackrock, Inc., FMR LLC and Dimensional Fund Advisors LP. 13F reports cover long US-listed positions of managers above $100M, filed up to 45 days after quarter end.
Is Academy Sports & Outdoors, Inc. buying back stock, and does it pay a dividend?
Academy Sports & Outdoors, Inc. spent $280M on share repurchases over the trailing twelve months, and its diluted share count fell 4.5% over the year.
What is Academy Sports & Outdoors, Inc.'s market cap?
On November 2, 2026, Academy Sports & Outdoors, Inc.'s market capitalisation was about $4.1B, with a price-to-earnings ratio of 10.4 and net debt of $202M. Market figures come from third-party market data and may be delayed.
Does Academy Sports & Outdoors, Inc. pay a dividend?
Yes: Academy Sports & Outdoors, Inc. paid $36.2M in dividends over the trailing twelve months, a dividend yield of 0.94% and a payout ratio of 9.2%.
How much debt does Academy Sports & Outdoors, Inc. have?
Academy Sports & Outdoors, Inc.'s debt-to-equity ratio is 22.7%, from its latest balance sheet (46.6% five years earlier). The financial health section below sets out its other solvency checks.
Who are Academy Sports & Outdoors, Inc.'s competitors?
In our Other Specialty Retail peer group, the companies closest to Academy Sports & Outdoors, Inc. are Petco Health & Wellness Company, Inc., Bath & Body Works, Inc., Five Below, Inc, Sally Beauty Holdings, Inc. and Miniso Group Holding Ltd. The side-by-side comparison below sets their revenue, margins and growth against Academy Sports & Outdoors, Inc.'s.
Are insiders buying or selling Academy Sports & Outdoors, Inc. stock?
Over the last 12 months, Academy Sports & Outdoors, Inc.'s directors and officers reported 0 open-market purchases and 11 sales on Form 4. The insider trading page charts every trade.
When is Academy Sports & Outdoors, Inc.'s next earnings date?
Around December 8, 2026, estimated from the spacing of its past results announcements (8-K filings). That is an estimate, not a confirmed date — Academy Sports & Outdoors, Inc. announces its own schedule.