# Boot Barn Holdings, Inc. (BOOT)

> Source: Nexqual · https://nexqual.com/BOOT · data as of 2026-10-22 20:00 UTC · cite as "Nexqual, Boot Barn Holdings, Inc. (BOOT), nexqual.com/BOOT" · informational, not investment advice.

**Price:** USD 119.76 (+3.16% on the day) · last close of Oct 22, 2026; US market pre market, not a live price. Prev close 116.09 · day 114.52–120.31 · 52w 110.53–210.25 · market cap $3.63B · NYQ

## Key facts
- Last four reported quarters (through Jun 27, 2026): revenue $2.34B, net income $243M (10.4% margin), free cash flow $117M (SEC filings).
- Valuation: P/E 15.0x (avg 19.3x at the last 3 fiscal year-ends).
- Insider open-market sales, last ~7 months: 1 Form 4 filings, $37K; 1 not under a Rule 10b5-1 plan ($37K); 0 by opportunistic insiders, 0 by routine insiders (three-year test, Cohen, Malloy & Pomorski 2012).
- Analysts: Buy (mean 1.88 on a 1–5 scale) (17 analysts), mean target USD 205.87 (range 150–282).
- Total return with dividends: 1Y -38.4% vs S&P 500 +14.9%; 5Y +18.6% vs S&P 500 +80.3%.
- Next earnings: 2026-10-28, EPS estimate USD 1.63, revenue estimate $580M.

## Financials (SEC 10-K; TTM = last four 10-Q/10-K quarters)
| USD | FY2022 | FY2023 | FY2024 | FY2025 | FY2026 | TTM |
|---|---|---|---|---|---|---|
| Revenue | $1.49B | $1.66B | $1.67B | $1.91B | $2.25B | $2.34B |
| Gross profit | $575M | $611M | $614M | $717M | $858M | — |
| Operating income | $258M | $232M | $198M | $239M | $299M | $319M |
| Net income | $192M | $171M | $147M | $181M | $226M | $243M |
| EPS (diluted) | $6.33 | $5.62 | $4.80 | $5.88 | $7.35 | — |
| Free cash flow | $28.4M | -$35.6M | $117M | -$753K | $126M | $117M |
| Gross margin | 38.6% | 36.8% | 36.9% | 37.5% | 38.1% | — |
| Operating margin | 17.4% | 14.0% | 11.9% | 12.5% | 13.3% | 13.6% |
| Net margin | 12.9% | 10.3% | 8.8% | 9.5% | 10.0% | 10.4% |
| Revenue growth | +66.6% | +11.4% | +0.6% | +14.6% | +17.9% | — |
| Cash + short-term investments | $20.7M | $18.2M | $75.8M | $69.8M | $141M | — |
Fiscal years end Mar. EPS is split-adjusted.

## Valuation (price ÷ last four quarters, through Jun 27, 2026)
P/E 15.0x · P/S 1.6x · P/FCF 31.1x · P/B 2.7x · FCF yield 3.22% · Earnings yield 6.69% · Buyback yield (TTM) 1.72%
P/E at fiscal year-ends: Mar 2026 19.9x, Mar 2025 18.3x, Mar 2024 19.8x.

## Insider sales (SEC Form 4, open-market, last ~7 months)
0 of 1 under a Rule 10b5-1 trading plan (scheduled in advance). Unplanned sales were timed by the insider.
| Trade date | Insider | Role | Shares | Value | % of holdings sold | 10b5-1 plan | Insider type |
|---|---|---|---|---|---|---|---|
| 2026-05-26 | Kosoff Jonathon David | CHIEF DIGITAL OFFICER | 230 | $37K | 48.2% | No | Too little history (no open-market trades in 2023–2025) |
% of holdings sold = shares sold ÷ (shares sold + all holdings the insider reported on that Form 4, direct and through trusts).
Insider type follows Cohen, Malloy & Pomorski (Journal of Finance, 2012). An insider who traded the stock in the same calendar month in each of the past three years is a routine trader; one who traded in each of those years without such a pattern is an opportunistic trader. In their study, trades by opportunistic insiders predicted future returns and trades by routine insiders did not. Counts open-market purchases and sales only (SEC Form 4 codes P and S) by that insider in that company. Not investment advice.

## Analysts
Consensus Buy (mean 1.88 on a 1–5 scale), 17 analysts; mean target USD 205.87 (low 150, high 282).
Rating changes, last 120 days:
| Date | Firm | Action | Rating | Price target |
|---|---|---|---|---|
| 2026-10-22 | UBS | Target lowered | Buy | $272 → $232 |
| 2026-10-16 | Needham | Initiated | Buy | $150 |
| 2026-10-13 | Citigroup | Target lowered | Buy | $205 → $180 |
| 2026-09-29 | Craig-Hallum | Target lowered | Buy | $235 → $224 |
| 2026-09-29 | Baird | Target lowered | Outperform | $212 → $160 |
| 2026-09-15 | BTIG | Reiterated | Buy | $215 |
| 2026-08-10 | Stephens & Co. | Target raised | Overweight | $196 → $207 |
| 2026-07-30 | TD Cowen | Target lowered | Buy | $225 → $190 |
| 2026-07-30 | BTIG | Target lowered | Buy | $235 → $215 |
| 2026-07-27 | BTIG | Reiterated | Buy | $235 |

## Total return (dividends reinvested)
|  | 1Y (from 2025-10-23) | 5Y (from 2021-10-18) |
|---|---|---|
| Total return | -38.4% | +18.6% |
| S&P 500 (SPY) | +14.9% | +80.3% |
| Per year | -38.5% | +3.5% |
| Volatility (annualized) | 46.2% | 49.1% |
| Max drawdown | -45.7% (Dec 2025→Oct 2026) | -58.0% (Dec 2021→Oct 2022) |

## Peers (Apparel Retail)
AEO (American Eagle Outfitters, Inc.) USD 17.89 +2.93% · BKE (Buckle, Inc. (The)) USD 47.48 +3.17% · ANF (Abercrombie & Fitch Company) USD 161.49 +1.16% · VSXY (Victorias Secret & Co.) USD 88.42 -0.82% · URBN (Urban Outfitters, Inc.) USD 88.29 +1.53% · GAP (Gap, Inc. (The)) USD 22.91 +0.97%

## More
Full page: https://nexqual.com/BOOT · Free keyless MCP server with the same data and citations: https://mcp.nexqual.com/mcp · Guide for agents: https://nexqual.com/agents · https://nexqual.com/llms.txt

## Company outlook (8-K filed 2026-07-29)

- "The Company is providing updated guidance for the fiscal year ending March 27, 2027, which supersedes in its entirety the previous guidance issued in its fourth fiscal quarter and fiscal year 2026 earnings report on May 14, 2026."

## Analyst estimates and revisions

| Period | EPS est. | 90d ago | Change | Revenue est. | Analysts |
|---|---|---|---|---|---|
| Current quarter (ends 2026-09-30) | $1.63 | $1.69 | -3.7% | $580.5M | 11 |
| Next quarter (ends 2026-12-31) | $3.46 | $3.39 | +2.2% | $823.2M | 11 |
| Current fiscal year (ends 2027-03-31) | $8.99 | $8.54 | +5.3% | $2.61B | 11 |
| Next fiscal year (ends 2028-03-31) | $9.91 | $9.89 | +0.2% | $2.94B | 10 |

## Options: expected move (Cboe, 15-min delayed)

Expected move by 2026-11-20 (includes earnings 2026-10-28): ±14.4%; last 8 reports averaged ±5.4%.

| Expiration | Days | ATM IV | Expected move |
|---|---|---|---|
| 2026-11-20 | 28 | 64.4% | ±14.4% |
| 2026-12-18 | 56 | 54.1% | ±17.0% |
| 2027-02-19 | 119 | 55.4% | ±25.1% |
| 2027-05-21 | 210 | 53.3% | ±32.0% |