📅 June 27, 2025 | 🏷️ Stock: SPWH ($3.53, +7.29%)

🎯 TL;DR:

• Insiders are loading up on stock (CEO, CFO, Directors)

• Financial performance is bruised, but improving

• Cheap valuation: P/S 0.11, EV/Revenue 0.55

• Insider confidence may signal a potential turnaround

🎯 Insiders Are On the Hunt
If you're wondering whether anyone still shops at Sportsman’s Warehouse, the answer appears to be "Yes" — at least if you ask the people running the place.

🔥 Biggest Recent Buys:

• 🧔 Paul Stone (CEO): Bought 24,002 shares at $3.13 on June 9, 2025

• 🎯 Richard McBee (Director): Bought 75,000 shares at $2.68 on June 5, 2025

• 📊 Jeffrey White (CFO): Bought 10,000 shares at $2.30 in late 2024

That’s not hunting. That’s stock stalking.

🏦 Institutional Support? Moderate.

• Institutions own 67.85% of the float.

• Vanguard and Gabelli are in. So are Solas Capital and JB Capital Partners.

Room for more? Absolutely.

🔍 For full Institutional Ownership breakdown, see here. 

🏕️ What is Sportsman's Warehouse, Anyway?
If REI and a survivalist had a child, this would be it.

Based in West Jordan, Utah, SPWH sells:

• 🎣 Fishing gear

• 🏹 Archery and hunting tools

• 🧥 Apparel and private labels (Rustic Ridge, Killik, etc.)

• 🥾 Footwear

• 🪖 Optics, GPS, radios, knives, and more

Bonus: In-store services include bore sighting, archery tuning, and fishing license issuance. It’s like your local DMV, but with bear spray.

💸 Financials: Wounded, But Still Walking
For FY2024 (ended Feb 1, 2025):

• 📉 Net Sales: $1.20B (-7% YoY)

• 📊 Gross Margin: 30.9% (up slightly)

• 📉 Same Store Sales: -7.8%

• 💰 Adjusted EBITDA: $29.6M (up from $24.6M)

• 💀 Net Loss: ($33.1M), but adjusted loss improved

📅 Q1 FY2025:

• 🔼 Net Sales: $249.1M (+2%)

• 💰 Gross Margin: 30.4%

• ⚠️ Adjusted EBITDA: -$9.0M

• 💔 Net Loss: ($21.3M), but improved adjusted loss

📦 Balance Sheet Snapshot:

• 💵 Cash: $3.6M

• 🏦 Debt: $166M (term loan + revolver)

• 📦 Inventory: $412.3M (some of it from tariff panic buying)

• 💧 Total Liquidity: $122.1M (down slightly)

They’re bleeding cash, but slowly.

🧭 Outlook: Can They Survive the Storm?
For FY2025:

• 📈 Revenue expected: -1% to +3.5%

• 💵 Adjusted EBITDA: $33M to $45M

• 🏪 New Stores: One (in Surprise, AZ, no less!)

👉 Want the full picture? Dive into Sportsman's Warehouse’s financials here.

📉 Valuation Screams Bargain Bin:

• Price/Sales: 0.11

• Price/Book: 0.63

• EV/Revenue: 0.55

Translation: Wall Street was pricing this for a survival reality show. But maybe it’s time for Season 2: The Comeback.

⚠️ Risks & Red Flags:

• 🧨 Consumers still watching their wallets

• 🐻 People are less into hunting these days (especially the animals)

• 📉 Still losing money

• 💸 Liquidity shrinking, albeit more slowly

• 🐂 If the bull market cools, speculative names like this could get left behind

But insiders clearly think the stock is prey worth chasing.

💡 Curious about another deep oil exploration play?
Check our takes on UnitedHealth Group or even Oscar Health.

🎤 Final Thought
Not everyone wants to hunt or fish. But if you’re hunting for a turnaround play, Sportsman’s Warehouse might be worth a look. Just don’t go bear-watching with your portfolio unhedged. 🐾

🚨 Disclaimer:

Hunt for profits at your own risk. And please, don’t shoot the messenger. 🎬 

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