Academy Sports & Outdoors, Inc. (ASO) stock analysis
Close on Nov 12, 2026Market cap $4.14BP/E 11.2Yield 0.19%
StockData Score
Prices as of Nov 11, 2026How the score works
Solid17 of 30 checks passed
Academy Sports & Outdoors passes 17 of the 30 checks behind our score; 2 could not be run for lack of data and count as not passed. Each dot in the shape is one check — hover it for the numbers.
- Valuation
- 3/6
- Growth
- 2/6
- Past performance
- 5/6
- Financial health
- 4/6
- Dividend
- 3/6
What stands out
Trading below fair value
The share price of $69.32 is below our fair value estimate of $78.15.
Return on equity over 15%
Return on equity was 18.6% over the last twelve months and averaged 32.2% over five years.
Return on capital over 10%
Return on invested capital was 20.0%, above the 10% that usually covers the cost of capital.
Low debt
Debt is 22.7% of shareholders' equity, under the 40% we consider low.
What to watch
Margin of safety under 20%
The price is 11.3% below fair value, less than the 20% cushion we look for.
Revenue growing under 10% a year
Revenue grew -1.8% a year over the last three fiscal years, short of the 10% we look for.
EPS growing under 10% a year
Diluted EPS grew -9.6% a year over the last three fiscal years.
Bankruptcy risk in the grey zone
The Altman Z-score is 2.93; above 3 is the safe zone and below 1.8 the distress zone.
Valuation3/6
P/E above its 5-year median
Academy Sports & Outdoors's P/E of 11.6 is above its own 5-year median of 8.2.
P/E below the industry
Academy Sports & Outdoors's P/E of 11.6 is below the Miscellaneous Retail median of 17.9.
EV/EBITDA above its 5-year median
Academy Sports & Outdoors's EV/EBITDA of 6.2 is above its 5-year median of 5.2.
P/B below the industry
Academy Sports & Outdoors's price-to-book of 1.96 is below the Miscellaneous Retail median of 2.09.
Trading below fair value
The share price of $69.32 is below our fair value estimate of $78.15.
Margin of safety under 20%
The price is 11.3% below fair value, less than the 20% cushion we look for.
Growth2/6
Revenue growing under 10% a year
Revenue grew -1.8% a year over the last three fiscal years, short of the 10% we look for.
EPS growing under 10% a year
Diluted EPS grew -9.6% a year over the last three fiscal years.
Earnings growth accelerating
Net income grew 6.7% over the last twelve months, against a 5-year average of 4.1% a year.
Growing slower than the industry
Revenue grew 3.7% over the last twelve months; the Miscellaneous Retail median is 4.4%.
Guidance lowered
Academy Sports & Outdoors lowered its fiscal 2026 Diluted weighted average common shares outlook on Sep 9, 2026.
Gross margin improving
Gross margin was 35.8% over the last twelve months, against 34.0% a year earlier.
Past performance5/6
Return on equity over 15%
Return on equity was 18.6% over the last twelve months and averaged 32.2% over five years.
Return on capital over 10%
Return on invested capital was 20.0%, above the 10% that usually covers the cost of capital.
Return on equity above the industry
Academy Sports & Outdoors's return on equity of 18.6% is above the Miscellaneous Retail median of 18.5%.
Earnings grew over 5 years
Net income grew 4.1% a year on average over the last five fiscal years.
Net margin below its 5-year average
Net margin was 6.4% over the last twelve months, against a 5-year average of 8.3%.
Net margin above the industry
Academy Sports & Outdoors's net margin of 6.4% is above the Miscellaneous Retail median of 4.0%.
Financial health4/6
Low debt
Debt is 22.7% of shareholders' equity, under the 40% we consider low.
Debt falling against equity
Debt to equity fell from 70.6% five years ago to 22.7%.
Debt covered by cash flow
Operating cash flow over the last twelve months equals 111% of total debt.
Interest coverage
Interest expense is not reported separately.
Short-term assets cover short-term debts
Current assets are 1.74 times current liabilities.
Bankruptcy risk in the grey zone
The Altman Z-score is 2.93; above 3 is the safe zone and below 1.8 the distress zone.
Dividend3/6
Pays a dividend
Academy Sports & Outdoors paid dividends worth 0.8% of the share price over the last twelve months.
Yield below Treasuries
The 0.8% yield is below the 4.4% on a 1-year Treasury.
Yield below the top quarter
The top quarter of US dividend payers yield 3.8% or more; Academy Sports & Outdoors yields 0.8%.
Dividend stability
Fewer than five years of dividend history.
Covered by earnings
Dividends take 9.2% of net income.
Covered by free cash flow
Dividends take 10.9% of free cash flow.
Fair value
How we estimate itOur estimate per share
$78.15
The share price is 11% below this estimate.
| Method | Multiple used | Own 5Y median | Industry median | Value per share | Weight |
|---|---|---|---|---|---|
| P/E | 13.0× | 8.2× | 17.9× | $77.94 | 40% |
| EV/EBITDA | 8.0× | 5.2× | 10.8× | $89.14 | 35% |
| P/B | 2.1× | 2.1× | 2.1× | $73.27 | 10% |
| Earnings power | 11.0% cost of equity | – | – | $56.31 | 15% |
| Fair value | $78.15 | 100% | |||
Valuation over time
Using the earnings and balance sheet published at each date, not today's.
- P/E at month end
- Own 5-year median 8.2
- Miscellaneous Retail median 17.9
An estimate from reported numbers and market multiples, not a price target or investment advice. It can be far off for companies whose profits are about to change sharply.
Market risk
From the past year of daily prices.
Liquidity
Low risk
- Average value traded per day
- $87.70M
- Value traded per 1% price move
- $44.51M
Downside
Low risk
- Typical loss in a bad month
- 14.1%
- Volatility (annualized)
- 45%
- Sharpe ratio, 1 year
- 1.11
- Beta to the S&P 500 (5Y)
- 1.23
Typical bad-month loss, week by week
Margins
Share of revenue, fiscal years 2017 to 2025
Gross margin
Operating margin
Net margin
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.
DuPont analysis
Return on equity split into margin, efficiency and leverage
| 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
- 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
See a number that looks wrong?