ASONasdaqRetail-Miscellaneous Shopping Goods StoresFiscal year ends January 31
Academy Sports & Outdoors, Inc.
Financials through Q2 FY2026, quarter ended Aug 1, 2026Last filing: 10-Q on Sep 9, 2026
$58.24−0.39 (-0.67%)
Close on Oct 19, 2026
- Market cap
- $3.70B
- P/E (TTM)
- 9.7
- Dividend yield
- 0.22%
Margins
Share of revenue, fiscal years 2017 to 2025
Gross margin
34.8%+4.3 pts over 5 years
Operating margin
8.5%+1.1 pts over 5 years
Net margin
6.2%+0.8 pts over 5 years
Growth rates
Compound annual growth to fiscal 2025
| Per year | 1 year | 3 years | 5 years | 10 years | Five-year pace |
|---|---|---|---|---|---|
| Revenue | +2.0% | -1.8% | +1.2% | – | |
| Gross profit | +4.7% | -1.6% | +4.0% | – | |
| Operating income | -4.9% | -15.4% | +4.0% | – | |
| Net income | -10.0% | -15.7% | +4.1% | – | |
| EPS, diluted | -3.3% | -9.6% | +7.9% | – | |
| Free cash flow | -32.4% | -20.6% | -25.5% | – | |
| Dividend per share | +18.2% | +20.1% | – | – |
Returns and balance sheet
9 fiscal years. Hover a measure to see how it is calculated.
| Measure | FY2017 | FY2020 | FY2025 | Trend |
|---|---|---|---|---|
| Return on equity | – | – | 18.0% | |
| Return on assets | – | 7.1% | 7.4% | |
| Current ratio | – | 1.21 | 1.89 | |
| Debt to equity | – | 0.71 | 0.22 | |
| Net debt to EBITDA | – | 0.78× | 0.24× | |
| Inventory turnover | – | 3.8× | 2.8× | |
| Capex to revenue | – | 0.7% | 3.5% | |
| Diluted shares | – | 81M | 68M |
Where the cash went
Fiscal 2021 to 2025, five years combined
Academy Sports & Outdoors generated $2.72B from operations and spent $2.59B on capital expenditure, dividends and share buybacks. 31% of that went back into the business.
Generated
$2.72B
Used
$2.59B
Capital expenditure$804.13M31%Dividends$117.97M5%Share buybacks$1.67B64%
DuPont analysis
Return on equity split into margin, efficiency and leverage
Net margin6.2%
×Asset turnover1.19×
×Equity multiplier2.44×
=Return on equity, FY202518.0%
| Fiscal year | Net margin | Asset turnover | Equity multiplier | Return on equity |
|---|---|---|---|---|
| FY2025 | 6.2% | 1.19× | 2.44× | 18.0% |
| FY2024 | 7.1% | 1.24× | 2.42× | 21.1% |
| FY2023 | 8.4% | 1.33× | 2.59× | 29.0% |
| FY2022 | 9.8% | 1.39× | 2.97× | 40.6% |
| FY2021 | 9.9% | 1.51× | 3.48× | 52.1% |
Piotroski F-Score
Nine tests of profitability, balance sheet and efficiency, fiscal 2025 against fiscal 2024
7of 9 tests passed in fiscal 2025. Scores of 7 to 9 are usually read as strong.
- ProfitableNet income above zero$376.77M
- Cash generatingOperating cash flow above zero$434.80M
- Return on assets improvedROA up on the prior year8.9% → 7.7%
- Earnings backed by cashOperating cash flow above net income$434.80M vs $376.77M
- Less leverageLong-term debt to assets fell9.8% → 9.1%
- Better liquidityCurrent ratio rose1.78 → 1.89
- No dilutionShare count did not rise73M → 68M
- Gross margin improvedGross margin up on the prior year33.90% → 34.78%
- More efficientAsset turnover rose1.27 → 1.24