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Academy Sports and Outdoors, Inc. (ASO)

NASDAQ / Consumer Cyclical / Specialty Retail

Share price

58.47 USD Market dataClose of Oct 15, 2026

Market capitalisation

3.60B USD Market dataClose of Oct 15, 2026
Market data
Oct 15, 2026
Filed accounts
FY2025, filed Mar 17, 2026
Ratios computed
Oct 15, 2026
Filed years
6, FY2020 to FY2025
Four kinds of sourceSEC filingCompany statementMarket dataComputedWhat each means
SEC filingFiled with the SEC
Read from a statement the company filed with the SEC, with the form, fiscal year, filing date and accession beside it.
Company statementCompany statement
What the company says about itself in a filing: an 8-K item, the auditor, its own segment names.
Market dataMarket data
Prices, market value and what analysts publish, with the date they are as of.
ComputedComputed by ValueScreener
Worked out by us from the other three, with the inputs and the formula one press away. A score is a research output, not a rating or a recommendation.
Reading

1 of 10

Overview

What the business is, what it costs, and how it reads on four questions.

Market dataSEC filingComputed

Four questions, at a glance

Quality

Return on invested capital, after tax

10.6% Computed

From the FY2025 filing

Read quality

Valuation

Price to earnings

10.33x Computed

FY2025 accounts, priced at the latest close

Read valuation

Cash generation

Free cash flow yield

5.6% Computed

FY2025 accounts, priced at the latest close

Read cash generation

Revenue and net income, by fiscal year

FY2017 Revenue: 4.84B USDFY2017 Net income: 58.5M USDFY2020 Revenue: 5.69B USDFY2020 Net income: 308.8M USDFY2021 Revenue: 6.77B USDFY2021 Net income: 671.4M USDFY2022 Revenue: 6.40B USDFY2022 Net income: 628.0M USDFY2023 Revenue: 6.16B USDFY2023 Net income: 519.2M USDFY2024 Revenue: 5.93B USDFY2024 Net income: 418.4M USDFY2025 Revenue: 6.05B USDFY2025 Net income: 376.8M USD
Revenue Net income7 fiscal years; a year whose statement names no SEC filing is market data, and the table in Filings says which.
Named tests met
5 of 30 Which tests
The business, and the score behind its five axes

The reading, in brief

Is it cheap

Price to earnings is 10.33x at the close of 2026-10-15 on FY2025 figures; the lines are 15.00x (Graham's defensive ceiling) and, by market convention, 10.00x, 25.00x and 40.00x, and this sits between 10.00x and 15.00x.

Today, against the Specialty Retail industry (44 companies), 10.33x sits at the 19th percentile; the middle half of that group runs from 15.54x to 47.91x.

Is it good

Return on invested capital was 10.6% in FY2025, in the band labelled "Around the cost of capital" (8.0% to 12.0%), on lines anchored on Damodaran's cost-of-capital data.

Today, against the Consumer Cyclical sector (222 companies), 10.6% sits at the 60th percentile; the middle half of that group runs from 3.6% to 14.8%.

Is it safe

Net debt to EBITDA was 2.46x in FY2025, in the band labelled "Moderate" (1.00x to 2.50x), on lines set by credit-analyst convention.

Year by year against peers
Whether Academy Sports and Outdoors, Inc.'s return on invested capital stayed above the median of the Consumer Cyclical sector, year by year. (FY2020 to FY2025, 6 fiscal years of Academy Sports and Outdoors, Inc. with a comparable figure)
The direction
Which way Academy Sports and Outdoors, Inc.'s gross margin has moved, and how steadily. (FY2017 to FY2025, 7 filed years of Academy Sports and Outdoors, Inc.)
What could explain it
What in Academy Sports and Outdoors, Inc.'s filed statements could explain the movements. (9 readings drawn from the statement lines Academy Sports and Outdoors, Inc. filed)
What to check next
What to check next on Academy Sports and Outdoors, Inc., and where in its filings. (5 questions for Academy Sports and Outdoors, Inc.)
In one paragraph
One paragraph on Academy Sports and Outdoors, Inc.'s returns, cash, balance sheet and price. (15 of sixteen figures read for Academy Sports and Outdoors, Inc.)

These are ASO’s filed figures. The research desk says what they mean, against peers and its own years, with what to check next.

Research ASOPart of Serious. New accounts start with 30 days of Professional, free, no card.

2 of 10

What changed

The newest filing, what it moved, and when the next one is due.

SEC filingCompany statement

The newest accounts on file are the FY2025 annual report: 10-K, filed Mar 17, 2026, accession 0001817358-26-000031.

3 of 10

Quality

The returns the business earns on its capital, and the margins behind them.

SEC filingComputed

Academy Sports and Outdoors, Inc: returns on capital and margins, each with its source
FigureValue, source and document
Return on invested capital, after tax10.6% ComputedFY2025 10-K, filed Mar 17, 2026, 0001817358-26-000031
Return on equity17.4% ComputedFY2025 10-K, filed Mar 17, 2026, 0001817358-26-000031
Return on capital employed, pre-tax12.1% ComputedFY2025 10-K, filed Mar 17, 2026, 0001817358-26-000031
Return on assets7.1% ComputedFY2025 10-K, filed Mar 17, 2026, 0001817358-26-000031
Gross margin34.8% ComputedFY2025 10-K, filed Mar 17, 2026, 0001817358-26-000031
Operating margin8.5% ComputedFY2025 10-K, filed Mar 17, 2026, 0001817358-26-000031
Net margin6.2% ComputedFY2025 10-K, filed Mar 17, 2026, 0001817358-26-000031
ASO 6.2%
VIPS 6.8%GLBE 7.1%MNSO 15.4%AAP 0.5%ETSY 5.7%
0.5%15.4%
Net margin: ASO against the 5 companies named under Valuation context, each as filed for its own latest year. Placement only: no average is drawn.

4 of 10

Financial strength

What it owes against what it owns, and whether it can meet what falls due.

SEC filingComputedCompany statement

Academy Sports and Outdoors, Inc: leverage, liquidity and distress, each with its source
FigureValue, source and document
Debt to equity0.87 ComputedFY2025 10-K, filed Mar 17, 2026, 0001817358-26-000031
Current ratio1.89 ComputedFY2025 10-K, filed Mar 17, 2026, 0001817358-26-000031
Quick ratio0.44 ComputedFY2025 10-K, filed Mar 17, 2026, 0001817358-26-000031
Interest coverage
Why n/a

No interest expense is filed for this year, so coverage is not computed.

n/a ComputedFY2025 10-K, filed Mar 17, 2026, 0001817358-26-000031
Altman Z-score2.95 ComputedClose of Oct 15, 2026 · FY2025 10-K, filed Mar 17, 2026, 0001817358-26-000031
Net debt1.56B ComputedFY2025 10-K, filed Mar 17, 2026, 0001817358-26-000031
Total assets 5.28BTotal liabilities 3.11BShareholders' equity 2.17BOwnsOwes, and equity
Total assets Total liabilities Shareholders’ equity
The balance sheet, line by line

Financial health

What Academy Sports and Outdoors, Inc owned and owed at the end of fiscal 2025, from the balance sheet it filed (10-K, filed Mar 17, 2026, 0001817358-26-000031).

Academy Sports and Outdoors, Inc: balance sheet position
Total assets5.28B FiledFY2025 10-K, filed Mar 17, 2026
Total liabilities3.11B FiledFY2025 10-K, filed Mar 17, 2026
Shareholders' equity2.17B FiledFY2025 10-K, filed Mar 17, 2026
Cash330.3M FiledFY2025 10-K, filed Mar 17, 2026
Total debt1.89B FiledFY2025 10-K, filed Mar 17, 2026
Net debt1.56B
Current ratio1.89
Debt to equity0.87
  • Interest cover: FY2025: No interest expense is filed for this year, so coverage is not computed.

Read from the filed balance sheet for each year, with the income statement of the same year supplying operating profit where a ratio needs it. Nothing here is a view on whether this company is sound.

5 of 10

Valuation context

What the market charges for it, against its own record and companies like it.

Market dataSEC filingComputed

Academy Sports and Outdoors, Inc: what the market charges, each with its source
FigureValue, source and document
Price to earnings10.33x ComputedClose of Oct 15, 2026 · FY2025 10-K, filed Mar 17, 2026, 0001817358-26-000031
P/E on trailing twelve months9.70x ComputedClose of Oct 15, 2026 · Trailing four quarters, each as known on the day; the quarterly filings are listed under Filings
Price to book1.83x ComputedClose of Oct 15, 2026 · FY2025 10-K, filed Mar 17, 2026, 0001817358-26-000031
Price to sales0.66x ComputedClose of Oct 15, 2026 · FY2025 10-K, filed Mar 17, 2026, 0001817358-26-000031
Enterprise value to EBIT10.82x ComputedClose of Oct 15, 2026 · FY2025 10-K, filed Mar 17, 2026, 0001817358-26-000031
Enterprise value to EBITDA8.72x ComputedClose of Oct 15, 2026 · FY2025 10-K, filed Mar 17, 2026, 0001817358-26-000031
Price to earnings over growth1.40 ComputedClose of Oct 15, 2026 · FY2025 10-K, filed Mar 17, 2026, 0001817358-26-000031
Diluted earnings per share5.54 USD FiledFY2025 10-K, filed Mar 17, 2026, 0001817358-26-000031
Graham number63.75 USD ComputedFY2025 10-K, filed Mar 17, 2026, 0001817358-26-000031

We publish no fair value or price target of our own. Value ASO on your own assumptions in the DCF workbench, starting from the filed figures.

Its own record, and companies like it

Valuation

What the market charges for Academy Sports and Outdoors, Inc today, and the multiples it has carried. No value of ours: the figures are the filings’ and the market’s.

Academy Sports and Outdoors, Inc: valuation
Share price58.47 USD
Market capitalisation3.60B USD
Enterprise value to EBITDA8.72x
Graham number63.75 USD
Diluted earnings per share, FY20255.54 USD

Price to earnings on trailing twelve months, a different basis from the fiscal-year P/E above, since Dec 10, 2021: low 3.88x, median 8.27x, high 11.62x, latest 9.70x. 1,214 trading days with a meaningful ratio. Each close over the trailing twelve months of earnings as known that day: a quarter counts from the day it was filed.

Companies like Academy Sports and Outdoors, Inc

  1. Vipshop Holdings Limited (VIPS)Market cap 6.26B USD
  2. Global-e Online Ltd. (GLBE)Market cap 6.76B USD
  3. MINISO Group Holding Limited (MNSO)Market cap 3.19B USD
  4. Advance Auto Parts, Inc. (AAP)Market cap 2.65B USD
  5. Etsy, Inc. (ETSY)Market cap 8.19B USD

Same industry (Specialty Retail) and size band (Mid, 2B to 10B), nearest in market value, net margin and current ratio. Each of those counts equally, by how many of the companies considered sit between the two on it. Closest first: the order is likeness and nothing else.

6 of 10

Cash generation

Whether profit arrives as cash, and what is paid back to shareholders.

SEC filingComputed

Academy Sports and Outdoors, Inc: cash generation and what is paid out, each with its source
FigureValue, source and document
Free cash flow yield5.6% ComputedClose of Oct 15, 2026 · FY2025 10-K, filed Mar 17, 2026, 0001817358-26-000031
Free cash flow222.1M USD ComputedFY2025 10-K, filed Mar 17, 2026, 0001817358-26-000031
Free cash flow margin3.7% ComputedFY2025 10-K, filed Mar 17, 2026, 0001817358-26-000031
Dividend yield1.0% ComputedClose of Oct 15, 2026 · FY2025 10-K, filed Mar 17, 2026, 0001817358-26-000031
Payout ratio9.2% ComputedFY2025 10-K, filed Mar 17, 2026, 0001817358-26-000031
FY2017 Free cash flow: -48.8M USDFY2017 Net income: 58.5M USDFY2020 Free cash flow: 970.3M USDFY2020 Net income: 308.8M USDFY2021 Free cash flow: 597.5M USDFY2021 Net income: 671.4M USDFY2022 Free cash flow: 443.7M USDFY2022 Net income: 628.0M USDFY2023 Free cash flow: 328.0M USDFY2023 Net income: 519.2M USDFY2024 Free cash flow: 328.5M USDFY2024 Net income: 418.4M USDFY2025 Free cash flow: 222.1M USDFY2025 Net income: 376.8M USD
Free cash flow Net incomeProfit that arrives as cash stands level with net income; a gap year after year is worth reading about.

7 of 10

Filings

Every figure, the year it is for and the document it was read from.

SEC filingMarket data

The filed figures

Computed from the accounts this company filed with the SEC and, in a ratio with a price in it, the last close, dated on this page. Every filed figure below carries the fiscal year and the filing date its accounts were read from, and every blank carries the reason it is blank. Nothing here is a view on this company.

Academy Sports and Outdoors, Inc.: the eight ratios, with the fiscal year and filing date behind each.
FigureValueYearAs of
10.33xFY2025Oct 15, 2026
1.83xFY2025Oct 15, 2026
10.82xFY2025Oct 15, 2026
5.6%FY2025Oct 15, 2026
10.6%FY2025Mar 17, 2026
1.0%FY2025Oct 15, 2026
0.87FY2025Mar 17, 2026
1.89FY2025Mar 17, 2026
0.66xFY2025Oct 15, 2026
1.40FY2025Oct 15, 2026
2.95FY2025Oct 15, 2026
-1.53FY2025Mar 17, 2026
7/9FY2025Mar 17, 2026

The figures are computed from the accounts for fiscal 2025, the newest full year on file. 6 filed fiscal years on record, FY2020 to FY2025, from SEC EDGAR. Prices as of Oct 15, 2026. Ratios recomputed Oct 15, 2026. Two facts, because a recompute is not a fresh quote.

The year and the filing date name the statement each figure’s accounts are read from, and they stand even where the figure itself could not be computed: the line beneath a blank says what that statement did not carry. A figure’s name opens its formula and the filings behind it; a statement that names no SEC filing has no filing date, and reads n/a.

Ten years of filed figures, year by year

Ten years of filed figures

7 fiscal years, FY2017 to FY2025. 6 read from the annual reports Academy Sports and Outdoors, Inc filed with the SEC, each naming its filing; the rest from statements that name none, which are market data. Amounts in USD, as reported.

Academy Sports and Outdoors, Inc: revenue, earnings, free cash flow and returns, by fiscal year, with the filing each year was read from
YearRevenueOperating incomeNet incomeEPS, dilutedFree cash flowOperating marginReturn on equityFiling
FY20256.05B512.2M376.8M5.54222.1M8.5%17.4%10-K, Mar 17, 20260001817358-26-000031
FY20245.93B538.6M418.4M5.73328.5M9.1%20.9%10-K, Mar 20, 20250001817358-25-000027
FY20236.16B677.9M519.2M6.70328.0M11.0%26.6%10-K, Mar 21, 20240001817358-24-000042
FY20226.40B846.5M628.0M7.49443.7M13.2%38.6%10-K, Mar 16, 20230001817358-23-000062
FY20216.77B907.9M671.4M7.12597.5M13.4%45.8%10-K, Mar 29, 20220001817358-22-000039
FY20205.69B420.4M308.8M3.79970.3M7.4%27.8%10-K, Apr 7, 20210001817358-21-000059
FY20174.84B157.3M58.5M0.69-48.8M3.3%n/aMarket data, supplied Oct 15, 2026accession n/a
  • Revenue, compound annual growth FY2017 to FY2025: 2.8%
  • Earnings, compound annual growth FY2017 to FY2025: 26.2%
  • Earnings per share, compound annual growth FY2017 to FY2025: 29.7%
  • Free cash flow: Free cash flow was not positive in both 2017 and 2025, so a compound rate across the window is not defined. Both figures are in the table.

Every figure in this section is a line of a filed annual statement or a ratio of two of them. Nothing here is estimated or smoothed. Earnings per share filed before a share split are put on today's share count, and say so. Nothing here is a verdict on the company.

8 of 10

Risks and guardrails

The accounting screens, the published tests, and the lines you can set to be told.

ComputedCompany statement

Academy Sports and Outdoors, Inc: accounting screens and published tests, each with its source
FigureValue, source and document
Beneish M-score-1.53 ComputedFY2025 10-K, filed Mar 17, 2026, 0001817358-26-000031
Piotroski F-score7/9 ComputedFY2025 10-K, filed Mar 17, 2026, 0001817358-26-000031
Named tests met5 of 30 Computed
Beta1.16 ComputedClose of Oct 15, 2026

The named tests

Of 30 tests value investors published: 5 met, 25 not met, 0 we could not complete. Counts, never a score: a single figure would have to decide that meeting one investor’s criteria and meeting another’s are worth the same.

Which tests, by name(all 30)
Meets
ROIC at or above WACC; P/E times P/B (Benjamin Graham); Cash-covered dividend; Cash-flow yield and ROIC; Cheapest quarter on P/E (David Dreman)
Does not
Defensive investor (Benjamin Graham); Deep value; Large cap, low P/E; Earnings yield and ROIC (Joel Greenblatt); High F-score, low P/B (Joseph Piotroski); Three forensic scores; Low PEG, low debt (Peter Lynch); High returns and growth; Gross margin, turnover (Robert Novy-Marx); EV/EBITDA and coverage; High yield, low payout; Dividends and buybacks; Low beta, profitable; Near the 52-week low; Z-score and coverage (Edward Altman); Two thirds of NCAV (Benjamin Graham); High returns, low debt; Owner earnings yield; High return on tangibles; Low P/S, rising earnings (James O'Shaughnessy); Book or below, low debt (Walter Schloss); Tangible book or below; Clean books, high ROIC; Cheapest quarter on P/B (David Dreman); Low P/E, growth, yield (John Neff)
Figures we could not read(2)
  • Positive Earnings Streak: We hold 6 profitable filed years in a row; the test needs 10.
  • Interest Coverage: No interest expense is filed for this year, so coverage is not computed.

9 of 10

Declared positions

Whether anybody here owns this company.

Positions declared by the founder: no holding in any company shown here, as of October 3, 2026.

10 of 10

Next step

What to do with what you have read.

A thesis is your reason for owning it, in your words, with the figures that must stay true. Checking those figures every night against the newest filed accounts, and telling you once when one breaks, is what the subscription adds.

More on this company

What this cannot tell you

  • 2 figures could not be read on this company: Positive Earnings Streak, Interest Coverage.
  • We hold 6 filed fiscal years rather than 10, so the run above is shorter than a full decade and is counted as what it is.

And the one that is true of all of it: This is what the numbers say today. It cannot tell you the day one of them stops being true. Nothing here can, because the reasons are not written down.

Running this once is arithmetic on public documents and you are welcome to it. Writing down why you own each company, in your own words and with the numbers that have to stay true for it to hold, and then having those numbers re-checked every night against the newest filed accounts, and against the latest close where a rule watches a price, is Professional, the plan a new account starts on for 30 days, one trial per person. It writes to you the day one breaks, and stays quiet when nothing does. The check runs every night at 23:30 UTC. A filing is picked up the night after it is published.

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ValueScreener · valuescreener.ai · Computed from accounts filed with the SEC by this company, read from EDGAR, and from dated closing prices. On this page a filed figure opens into its formula, its inputs and the statement, fiscal year and filing date it was read from, and a price into the day of its close. A figure that cannot show that trail says so.

A computation on accounts filed with the SEC, not a recommendation and not advice. Past filings do not indicate future results. Risk disclaimer.

Margin Notes

Once a week, what changed in the filings of US-listed companies, why it can matter to a thesis, and what deserves a closer review. Grounded in filings, not market noise.

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