At a glance
Boot Barn Holdings Inc is worth $3.39B, about 15 times its fiscal 2026 earnings. Revenue grew 17.9% to $2.25B in fiscal 2026, with 10.0% kept as profit; over 5 years it has grown 20.3% a year. It pays no dividend; it spent $50.0M buying back its shares over FY2022–FY2026. The stock returned −42.9% over the past year with dividends reinvested and +2.0% a year over five years, against +11.5% and +11.7% for the S&P 500. At its worst it fell 68.9% in the 2020 crash (S&P 500: 33.7%) and 54.8% in the 2022 bear market (S&P 500: 24.5%), and was back at its earlier high 7 months and 20 months after the lows.
The business in plain English
Boot Barn says it is the largest US retail chain devoted to western and work wear: cowboy and work boots, jeans, western shirts, cowboy hats, belts and jewelry. As of March 28, 2026, it ran 539 stores in 49 states, more than four times as many as its nearest direct competitor. It also sells through its websites, app and third-party marketplaces. Customers range from western and country fans to workers who need safety-toe boots and flame-resistant clothing.
It makes money by reselling brands such as Ariat, Wrangler, Stetson and Carhartt at a markup, and by selling its own exclusive labels, including Cody James, Shyanne, Idyllwind and Hawx. The company says these have historically earned better margins than third-party brands. Many items are everyday basics rather than fashion pieces, so most inventory is restocked automatically. Members of its B Rewarded loyalty program, about 10.8 million as of March 28, 2026, account for most sales.
All its stores are in the US. In the fiscal year ended March 28, 2026, revenue rose 17.9% to $2.25 billion, and online sales were 10.4% of the total. Its growth plan includes more stores: each new one costs about $1.7 million net, with a target of earning that back in three years, and management sees room for 1,200 US stores.
Price history
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BOOT -42.9% over the year to Oct 28, 2026, total return with dividends reinvested.
Latest results
- In Q2 FY2027 (ended Sep 26, 2026), revenue was $581.8M, up 15.1% from a year earlier, and net income was $52.5M (+24.3%).
- For fiscal 2026, revenue was $2.25B (+17.9% year over year; +20.3% a year from FY2021 to FY2026) with a 10% net margin.
Financial health check
| Revenue growth a year (FY2021–FY2026) | +20.3% good |
|---|---|
| Operating margin | 13.3% watch |
| Free cash flow margin | 5.6% watch |
| Return on equity (FY2026) | 17.1% good |
| Return on assets (FY2026) | 9.2% good |
| Cash and investments | $97.4M (no borrowings found in the filings) good |
| Fiscal year | Revenue | Net income | Free cash flow |
|---|---|---|---|
| FY2021 | $893.5M | $59.4M | $127.5M |
| FY2022 | $1.49B | $192.4M | $28.4M |
| FY2023 | $1.66B | $170.6M | $-35.6M |
| FY2024 | $1.67B | $147.0M | $117.3M |
| FY2025 | $1.91B | $180.9M | $-753K |
| FY2026 | $2.25B | $225.9M | $126.3M |
Valuation snapshot
| Market value | $3.39B |
|---|---|
| P/E ratio | 15.4 |
| Dividend yield | None |
Rank among 1514 US companies
Market value at each year end
Boot Barn Holdings’s market value went from $331.6M at the end of 2016 to $3.39B on Oct 28, 2026, about 10.2 times as much; since the end of 2025 it is down 37%.
Show as a table
| Year end | Market value | Change |
|---|---|---|
| Oct 28, 2026 | $3.39B | -37.0% |
| 2025 | $5.38B | +16.1% |
| 2024 | $4.63B | +99.4% |
| 2023 | $2.32B | +24.7% |
| 2022 | $1.86B | -48.8% |
| 2021 | $3.64B | +191.1% |
| 2020 | $1.25B | -1.6% |
| 2019 | $1.27B | +163.6% |
| 2018 | $482.5M | +8.9% |
| 2017 | $442.9M | +33.6% |
| 2016 | $331.6M |
Price behavior
| YTD | 1 yr | 3 yr | 5 yr | 10 yr | |
|---|---|---|---|---|---|
| BOOT price data to Oct 28, 2026 | -35.8% | -42.9% | +17.7% | +2.0% | +24.6% |
Show as a table
| Year | Price data |
|---|---|
| 2026 (to date) | -35.8% |
| 2025 | +16.2% |
| 2024 | +97.8% |
| 2023 | +22.8% |
| 2022 | -49.2% |
| 2021 | +183.8% |
| 2020 | -2.6% |
| 2019 | +161.5% |
| 2018 | +2.5% |
| 2017 | +32.7% |
| 2016 | +1.9% |
| 2015 | -32.5% |
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Before this security existed |
|---|---|
| 2020 COVID crash stocks fell Feb 19, 2020 – Mar 23, 2020 | Lost 64.1% over that stretch · deepest drop along the way 68.9%, back to its old high 6.8 months after the low |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Lost 53.3% over that stretch · deepest drop along the way 54.8%, back to its old high 20.2 months after the low |
Insider activity
Form 4 filings from 2025-10-29 to 2026-10-29 (18 read): 0 open-market purchases and 4 sales ($1.7M), 1 of them under pre-arranged 10b5-1 trading plans.
| Date | Insider | Type | Value |
|---|---|---|---|
| Nov 3, 2025 | Peter Starrett Executive Chairman, Director | sell | $1.2M |
| Dec 1, 2025 | Gene Eddie Burt Director | sell (plan) | $230K |
| Feb 25, 2026 | Brenda I Morris Director | sell | $198K |
| May 26, 2026 | Jonathon David Kosoff CHIEF DIGITAL OFFICER | sell | $37K |
Who owns it
Large shareholders (13G filings)
| BlackRock, Inc. | 14.1% | Sep 30, 2025 |
| Vanguard Portfolio Management | 5.54% | Mar 31, 2026 |
| Vanguard Capital Management | 5.21% | Mar 31, 2026 |
| FMR LLC | 5.2% | Jun 30, 2025 |
| Wellington Management Group LLP | 4% | Mar 31, 2025 |
ETFs with the most weight in BOOT
| PSCD Invesco S&P SmallCap Consumer Discretionary ETF | 2.06% |
| GRPZ Invesco S&P SmallCap 600 GARP ETF | 0.91% |
| FFSM Fidelity Fundamental Small-Mid Cap ETF | 0.7% |
| HAPS Harbor Human Capital Factor US Small Cap ETF | 0.66% |
| RZG Invesco S&P SmallCap 600® Pure Growth ETF | 0.65% |
| VIOG Vanguard S&P Small-Cap 600 Growth ETF | 0.55% |
| QSML WisdomTree U.S. SmallCap Quality Growth Fund | 0.45% |
| OASC OneAscent Small Cap Core ETF | 0.39% |
What could go wrong
- Growth depends on opening new stores. Continued growth depends on opening stores beyond the 539 it had as of March 28, 2026. New stores in markets where the brand is less known may struggle, hurting results and the share price.
- Balancing exclusive brands with outside brands. Exclusive labels like Cody James have historically earned better margins, but customers also want third-party brands. Getting the mix wrong, or losing good terms with key suppliers, could hurt sales and profit.
- Tariffs on goods made overseas. Most of its merchandise is made abroad. New or higher US tariffs, supply chain disruptions or geopolitical tensions can raise costs or limit supply. The company says tariff changes have already hurt its business.
- Weather and seasonal swings. Boot Barn stocks up based on seasonal weather and key shopping seasons. Unseasonable or extreme weather can leave the wrong goods on shelves, and quarterly results can swing sharply.
- Shoppers cutting back in hard times. Sales depend on consumer confidence and local economic conditions. Stores are concentrated in certain regions, so a regional slowdown or natural disaster there could weigh heavily on results.
- A share price that swings widely. The company warns its stock can be volatile. As of October 28, 2026, shares were down 42.9% over one year, and their worst fall from a peak over about 12 years was 83.7%.
Recent events
- Quarterly results released; Investor presentation or announcement
- Investor presentation or announcement
- Executive or board change; Shareholder vote results
- Major agreement signed; Quarterly results released; New debt or financial obligation; Investor presentation or announcement
- Quarterly results released; Investor presentation or announcement
- Quarterly results released; Investor presentation or announcement
- Quarterly results released; Investor presentation or announcement
- Executive or board change
- Quarterly results released; Investor presentation or announcement
For income and retirement investors
Boot Barn pays no dividend, and its 10-K filed May 14, 2026 says it does not intend to pay cash dividends. Shareholders earn a return only if the share price rises, so an investor who needs regular income would have to cash in shares to raise money. Buybacks (the company repurchasing its own shares) totaled $50.0 million over fiscal 2022 to 2026, yet the share count rose about 1% between October 2021 and October 2026, to about 29.9 million.
The stock has fallen hard in past downturns. In the 2020 COVID crash it dropped 68.9% in less than a month, then took about seven months to recover. In the 2022 bear market it fell 54.8% and needed about 20 months after the low to regain its peak. As of October 28, 2026, it was down 42.9% over one year. A single stock carries more risk than a diversified fund that spreads money across many companies.
Questions investors ask
How does Boot Barn make money?
Boot Barn makes money by selling western and work boots, clothing and accessories through its stores and online. As of March 28, 2026, it had 539 stores in 49 states. It resells brands such as Ariat, Wrangler and Carhartt and also sells its own exclusive labels, such as Cody James and Shyanne, which have historically earned better margins. In the fiscal year ended March 28, 2026, revenue was $2.25 billion, net income was $225.9 million, and online sales were 10.4% of net sales.
Does Boot Barn pay a dividend?
No. Boot Barn does not pay a dividend, and its 10-K filed May 14, 2026 says it does not intend to pay cash dividends. Any return comes from changes in the share price. The company spent $50.0 million on buybacks (repurchasing its own shares) in fiscal 2026, though the share count still edged up about 1% between October 2021 and October 2026. Investors who rely on portfolio income may find dividend-paying stocks or funds worth comparing.
How many stores does Boot Barn have?
Boot Barn had 539 stores in 49 states as of March 28, 2026, more than four times as many as its nearest direct competitor that sells mainly western and work wear. Stores average 11,400 selling square feet, and boots fill about one-third of that space. The company believes it could grow to 1,200 US stores. A new store requires an average net cash investment of about $1.7 million, with a target of earning that back in three years.
How much has Boot Barn stock fallen?
As of October 28, 2026, Boot Barn shares were down 42.9% over one year and 35.8% since the start of 2026. Within that one-year span, the deepest fall from a high was 46.3%. Beta, a measure of how much a stock moves with the market, was 1.22 over one year, so the shares have tended to swing more than the market. Longer-term results are mixed: shares gained 799% in total over 10 years but only 11% over five years.
What is Boot Barn's P/E ratio?
Boot Barn's price-to-earnings (P/E) ratio was 15.4 as of October 28, 2026. That compares the share price with earnings of $7.35 per share for the fiscal year ended March 28, 2026. Its total market value was about $3.39 billion on that date. Earnings per share rose from $2.01 in fiscal 2021 to $7.35 in fiscal 2026, though not in a straight line: they fell in fiscal 2023 and 2024 before recovering.