BOOTBoot Barn Holdings, Inc.

Retail-Shoe Stores

Revenue: $2.3B; 18% YoY
Operating margin: 13.3%; 6.0% YoY
EBITDA: $378M; 25% YoY
Market cap: $4.0B
Employees: —
Net debt / EBITDA: 0.4×; $161M net debt
AI in 10-K: 6.1; mentions per 10K words

Takeover score 1 of 13

Fixable underperformance 0 of 7

TSR below peersNo
0 of 5 years
3+ of last 5 years
High CEO pay despite TSRNo
—
Median CEO pay ≥ $15M while TSR trails
Earnings not backed by cashNo
135% of net income
Cash flow under 80% of net income
Dilutive SBCNo
1% of revenue
Over 10% of revenue
Payouts exceed cash flowNo
30% of cash flow
Buybacks + dividends over cash flow
Goodwill-heavyNo
7% of assets
Over 40% of assets
Shareholder dissentNo
—
Any vote under 80% support

Buyer economics 1 of 4

Low revenue per employeeNo
—
Bottom quartile of its SIC industry
Quiet on AINo
6.1 per 10K words · 86th pct
Bottom quartile of AI mentions in 10-Ks
Net cashNo
0.4× EBITDA net debt
More cash than debt, positive EBITDA
Buyout-sizedYes
$4.0B market cap
Market cap $500M–$5B

Catalysts 0 of 2

Active 13DNo
0 filings
Active-intent 13D in 18 months
Net insider sellingNo
−$2M net
Net sales over $10M in 12 months

Financials

Metric	FY2022	FY2023	FY2024	FY2025	FY2026	YoY	Trend
Revenue	$1.5B	$1.7B	$1.7B	$1.9B	$2.3B	18%
Operating income	$258M	$232M	$198M	$239M	$299M	25%
Net income	$192M	$171M	$147M	$181M	$226M	25%
Operating cash flow	$89M	$89M	$236M	$148M	$305M	107%
Capex	$60M	$125M	$119M	$148M	$179M	20%
Stock-based comp	$9M	$10M	$13M	$11M	$16M	47%
Buybacks	—	—	—	—	$50M

Deal filings

None.

13D filers

None on file.

Insider trading

Open-market buys, 12 mo: $0 · 0
Open-market sells, 12 mo: $2M · 4
Net: −$2M

Pay vs performance

Year	CEO total comp	Comp actually paid	TSR (indexed)	Peer TSR
FY2026	—	—	236	118
FY2025	—	—	165	113
FY2024	—	—	150	148
FY2023	—	—	121	101
FY2022	—	—	153	83