Sportsman's Warehouse Holdings, Inc.

SPWH

Consumer CyclicalSpecialty RetailNASDAQ

$1.33

Market Cap: $51.61M

Sportsman's Warehouse Holdings, Inc. (SPWH) Valuation Summary

Updated Apr 15, 2026 22:32

Model	Range	Fair Value	Upside
▸ Discounted Cash Flow
Revenue DCF 5Y	$1.70 – $628,017,439,371,887,500.00	$37.39	+2266.6%
Revenue DCF 10Y	$2.27 – $411,380,956,719,110,100.00	$14.96	+847.0%
▸ Trading Multiples
EV/Revenue	$3.53 – $18.29	$4.75	+200.6%

Valuation History

DCF Analysis

Sportsman's Warehouse Holdings, Inc. (SPWH) Revenue DCF (5Y)

REVENUE DCF FAIR VALUE

$14.96

Market Price

$1.33

Upside / Downside

+1024.8%

Verdict

Undervalued

Using a Revenue DCF model with operating margin convergence from -3.1% to a target of 7.7% over 5 years, discounted at a WACC of 5.0%, Sportsman's Warehouse Holdings, Inc. (SPWH) has an intrinsic value of $14.96 per share (range: $2.27 – $411,380,956,719,110,100.00).

Key Assumptions

Current Operating Margin

-3.1%

Target Operating Margin

7.7%

WACC

5.0%

Terminal Growth Rate

3.0%

Historical CapEx/Rev

3.5%

Target CapEx/Rev

6.0%

D&A/Revenue

3.0%

Tax Rate

24.8%

Operating margin fades linearly from the current level to the industry target over the 5-year projection. CapEx intensity fades from the historical average to a maintenance level (D&A × 1.5). Tax is only applied when operating income is positive (NOL shield).

Margin Convergence Projection

USD in millions. Mid-year discounting convention.

Year	Revenue	Growth	Op Margin	Op Income	NOPAT	D&A	CapEx	ΔNWC	FCFF	PV(FCFF)
2026	1,209	0.0%	-0.9%	-11	-11	36	(45)	7	-27	-26
2027	1,214	0.4%	1.2%	15	11	36	(48)	1	-2	-2
2028	1,203	-0.9%	3.4%	41	31	36	(51)	-3	18	16
2029	1,138	-5.3%	5.5%	63	47	34	(51)	-15	45	38
2030	1,078	-5.3%	7.7%	83	62	32	(51)	-14	58	46
2031	1,035	-4.0%	7.7%	80	60	31	(52)	-10	49	38
2032	1,009	-2.6%	7.7%	78	58	30	(53)	-6	42	31
2033	997	-1.2%	7.7%	77	58	30	(55)	-3	36	25
2034	999	0.2%	7.7%	77	58	30	(57)	1	30	20
2035	1,015	1.6%	7.7%	78	59	30	(61)	4	25	15

Enterprise Value Bridge

Sum of PV(FCFF)201

Terminal Value (Gordon Growth at 3.0%)1,269

PV of Terminal Value798

Enterprise Value999

(–) Net Debt425

Equity Value574

(÷) Shares Outstanding38

Fair Value per Share$14.96

Sensitivity Analysis — WACC × Target Operating Margin

WACC \ Target Op. Margin	1.7%	4.7%	7.7%	10.7%	13.7%
3.0%	$-14	$10117673395753438	$143872101170205648	$277626528944657792	$411380956719110080
4.0%	$-14	$-6	$40	$86	$133
5.0%	$-14	$-8	$15	$38	$61
6.0%	$-14	$-9	$7	$22	$37
7.0%	$-13	$-9	$2	$14	$25

Current price: $1.33. Green = undervalued, Red = overvalued.

Working Capital Assumption

Net Working Capital is modeled at 23.1% of revenue (historical average of receivables + inventory − payables). Changes in NWC (ΔNWC) are computed year-over-year and subtracted from free cash flow.

Sportsman's Warehouse Holdings, Inc. (SPWH) Revenue DCF (5Y)

REVENUE DCF FAIR VALUE

$37.39

Market Price

$1.33

Upside / Downside

+2711.3%

Verdict

Undervalued

Using a Revenue DCF model with operating margin convergence from -3.1% to a target of 7.7% over 5 years, discounted at a WACC of 5.0%, Sportsman's Warehouse Holdings, Inc. (SPWH) has an intrinsic value of $37.39 per share (range: $1.70 – $628,017,439,371,887,500.00).

Key Assumptions

Current Operating Margin

-3.1%

Target Operating Margin

7.7%

WACC

5.0%

Terminal Growth Rate

3.0%

Historical CapEx/Rev

3.5%

Target CapEx/Rev

6.0%

D&A/Revenue

3.0%

Tax Rate

24.8%

Margin Convergence Projection

USD in millions. Mid-year discounting convention.

Year	Revenue	Growth	Op Margin	Op Income	NOPAT	D&A	CapEx	ΔNWC	FCFF	PV(FCFF)
2026	1,209	0.0%	-0.9%	-11	-11	36	(48)	7	-30	-29
2027	1,214	0.4%	1.2%	15	11	36	(54)	1	-8	-7
2028	1,203	-0.9%	3.4%	41	31	36	(60)	-3	9	8
2029	1,138	-5.3%	5.5%	63	47	34	(63)	-15	34	29
2030	1,078	-5.3%	7.7%	83	62	32	(65)	-14	44	35

Enterprise Value Bridge

Sum of PV(FCFF)36

Terminal Value (Gordon Growth at 3.0%)2,273

PV of Terminal Value1,825

Enterprise Value1,860

(–) Net Debt425

Equity Value1,435

(÷) Shares Outstanding38

Fair Value per Share$37.39

Sensitivity Analysis — WACC × Target Operating Margin

WACC \ Target Op. Margin	1.7%	4.7%	7.7%	10.7%	13.7%
3.0%	$-14	$134146601044927248	$298770213820580736	$463393826596234048	$628017439371887488
4.0%	$-14	$33	$89	$146	$202
5.0%	$-14	$9	$37	$65	$93
6.0%	$-14	$2	$20	$39	$57
7.0%	$-14	$-2	$12	$25	$39

Current price: $1.33. Green = undervalued, Red = overvalued.

Working Capital Assumption

Net Working Capital is modeled at 23.1% of revenue (historical average of receivables + inventory − payables). Changes in NWC (ΔNWC) are computed year-over-year and subtracted from free cash flow.

Trading Multiples

Fair Value

$4.75

Market Price

$1.33

Upside / Downside

+257.1%

Verdict

Undervalued

Using the industry peer median EV/Revenue multiple (trailing + forward), Sportsman's Warehouse Holdings, Inc. (SPWH) has a fair value of $4.75 based on 8 comparable companies in the Specialty Retail industry.

EV/Revenue Valuation — Specialty Retail

USD in millions except Fair Price. Subject company highlighted.

	Mkt Cap ($M)	Trailing EV/Revenue	Forward EV/Revenue
Sportsman's Warehouse Holdings, Inc.SPWH	51	0.4x	0.4x
Duluth Holdings Inc.DLTH	120	0.4x	0.4x
American Outdoor Brands, Inc.AOUT	117	0.6x	0.6x
Full House Resorts, Inc.FLL	89	1.9x	2.0x
Kandi Technologies Group, Inc.KNDI	71	0.9x	1.3x
Red Robin Gourmet Burgers, Inc.RRGB	67	0.5x	0.5x
GrowGeneration Corp.GRWG	66	0.4x	0.3x
Purple Innovation, Inc.PRPL	65	0.5x	0.5x
QVC Group Inc.QVCGA	20	0.5x	0.4x
Industry Median		0.5x	0.5x
(*) Revenue		1,209	1,265
= Enterprise Value		598	616
(-) Net Debt		425	425
Equity Value		173	191
(/) Outstanding shares		38	38
Fair Price		$5	$5

Selected Fair Value (avg of trailing + forward)

$4.75

+257.1%

Disclaimer: Sweet Value Lab provides estimated intrinsic values for informational purposes only. This is not financial advice. All models rely on assumptions that may not reflect future performance. Always do your own research before making investment decisions.

Model

Range

Fair Value

Upside

▸ Discounted Cash Flow

Revenue DCF 5Y

$1.70 – $628,017,439,371,887,500.00

$37.39

+2266.6%

Revenue DCF 10Y

$2.27 – $411,380,956,719,110,100.00

$14.96

+847.0%

▸ Trading Multiples

EV/Revenue

$3.53 – $18.29

$4.75

+200.6%

DCF Analysis

Sportsman's Warehouse Holdings, Inc. (SPWH) Revenue DCF (5Y)

REVENUE DCF FAIR VALUE

$14.96

Market Price

$1.33

Upside / Downside

+1024.8%

Verdict

Undervalued

Key Assumptions

Current Operating Margin

-3.1%

Target Operating Margin

7.7%

WACC

5.0%

Terminal Growth Rate

3.0%

Historical CapEx/Rev

3.5%

Target CapEx/Rev

6.0%

D&A/Revenue

3.0%

Tax Rate

24.8%

Margin Convergence Projection

USD in millions. Mid-year discounting convention.

Year	Revenue	Growth	Op Margin	Op Income	NOPAT	D&A	CapEx	ΔNWC	FCFF	PV(FCFF)
2026	1,209	0.0%	-0.9%	-11	-11	36	(45)	7	-27	-26
2027	1,214	0.4%	1.2%	15	11	36	(48)	1	-2	-2
2028	1,203	-0.9%	3.4%	41	31	36	(51)	-3	18	16
2029	1,138	-5.3%	5.5%	63	47	34	(51)	-15	45	38
2030	1,078	-5.3%	7.7%	83	62	32	(51)	-14	58	46
2031	1,035	-4.0%	7.7%	80	60	31	(52)	-10	49	38
2032	1,009	-2.6%	7.7%	78	58	30	(53)	-6	42	31
2033	997	-1.2%	7.7%	77	58	30	(55)	-3	36	25
2034	999	0.2%	7.7%	77	58	30	(57)	1	30	20
2035	1,015	1.6%	7.7%	78	59	30	(61)	4	25	15

Enterprise Value Bridge

Sum of PV(FCFF)201

Terminal Value (Gordon Growth at 3.0%)1,269

PV of Terminal Value798

Enterprise Value999

(–) Net Debt425

Equity Value574

(÷) Shares Outstanding38

Fair Value per Share$14.96

Sensitivity Analysis — WACC × Target Operating Margin

WACC \ Target Op. Margin	1.7%	4.7%	7.7%	10.7%	13.7%
3.0%	$-14	$10117673395753438	$143872101170205648	$277626528944657792	$411380956719110080
4.0%	$-14	$-6	$40	$86	$133
5.0%	$-14	$-8	$15	$38	$61
6.0%	$-14	$-9	$7	$22	$37
7.0%	$-13	$-9	$2	$14	$25

Current price: $1.33. Green = undervalued, Red = overvalued.

Working Capital Assumption

Net Working Capital is modeled at 23.1% of revenue (historical average of receivables + inventory − payables). Changes in NWC (ΔNWC) are computed year-over-year and subtracted from free cash flow.

Trading Multiples

Fair Value

$4.75

Market Price

$1.33

Upside / Downside

+257.1%

Verdict

Undervalued

EV/Revenue Valuation — Specialty Retail

USD in millions except Fair Price. Subject company highlighted.

	Mkt Cap ($M)	Trailing EV/Revenue	Forward EV/Revenue
Sportsman's Warehouse Holdings, Inc.SPWH	51	0.4x	0.4x
Duluth Holdings Inc.DLTH	120	0.4x	0.4x
American Outdoor Brands, Inc.AOUT	117	0.6x	0.6x
Full House Resorts, Inc.FLL	89	1.9x	2.0x
Kandi Technologies Group, Inc.KNDI	71	0.9x	1.3x
Red Robin Gourmet Burgers, Inc.RRGB	67	0.5x	0.5x
GrowGeneration Corp.GRWG	66	0.4x	0.3x
Purple Innovation, Inc.PRPL	65	0.5x	0.5x
QVC Group Inc.QVCGA	20	0.5x	0.4x
Industry Median		0.5x	0.5x
(*) Revenue		1,209	1,265
= Enterprise Value		598	616
(-) Net Debt		425	425
Equity Value		173	191
(/) Outstanding shares		38	38
Fair Price		$5	$5

Selected Fair Value (avg of trailing + forward)

$4.75

+257.1%