Boot Barn Holdings (BOOT) just wrapped up FY 2026 with fourth quarter revenue of US$538.8 million, Basic EPS of US$1.46 and net income of US$44.4 million. This capped a twelve month stretch where trailing revenue reached about US$2.3 billion and Basic EPS came in at US$7.40 on net income of US$225.9 million. Over recent quarters the company has seen revenue move from US$453.7 million in Q4 FY 2025 to US$705.6 million in Q3 FY 2026 before landing at US$538.8 million in Q4 FY 2026. During that period, quarterly Basic EPS ranged between US$1.23 and US$2.82, which may prompt investors to focus on how the latest margin profile supports the growth outlook implied in those earnings.

See our full analysis for Boot Barn Holdings.

With the headline numbers in place, the next step is to see how this earnings run rate lines up with the widely held stories about Boot Barn Holdings's growth, risks and long term potential.

Trailing 12-month earnings push higher

• Over the last 12 months, Basic EPS reached US$7.40 on net income of US$225.9 million from revenue of about US$2.3b, compared with US$5.93 EPS and US$180.9 million of net income on US$1.9b of revenue a year earlier.
• Consensus narrative points to store expansion and exclusive brands as key growth drivers. The step up in trailing net income from US$180.9 million to US$225.9 million, alongside EPS rising from US$5.93 to US$7.40, lines up with that story but also raises the bar for future performance.
  • Analysts expect earnings to grow about 13.9% a year from here, so the 24.9% year over year EPS growth already in the books is meaningfully ahead of that run rate.
  • That gap means the recent strength already reflects some of the growth that bulls are looking for, which puts more focus on how repeatable current store productivity and same store sales growth really are.

Bulls argue that this kind of earnings run rate is the base for further upside. If you want to see how they connect store growth, margins, and long term earnings power, check out the 🐂 Boot Barn Holdings Bull Case.

Sales growth meets mid-teens earnings forecasts

• Same store sales growth was 9.4% in Q1 FY 2026, 8.4% in Q2 and 5.7% in Q3, while revenue across the last four quarters added up to about US$2.3b and earnings are forecast to grow 13.9% per year with revenue expected to rise around 12.5% annually.
• Bears worry that aggressive store openings and category concentration could limit how long such growth can last, and the pattern of high single digit same store gains together with plans for continued new store adds gives some fuel to that cautious view.
  • Bearish narrative flags risks like higher occupancy costs and possible cannibalization if new stores are added at roughly a 15% annual pace on top of already strong comp store figures.
  • It also highlights exposure to tariffs and sourcing from Mexico and China, so if input costs move higher, maintaining both mid single digit to high single digit same store sales growth and earnings growth around 13.9% could become harder at the same time.

Skeptics argue the current growth mix could be harder to sustain than it looks from the headline numbers. If you want to see how that cautious view is built out, take a look at the 🐻 Boot Barn Holdings Bear Case.

P/E premium and DCF gap stand out

• The stock trades on a P/E of 19.4x versus a peer average of 12.8x and roughly in line with the US Specialty Retail industry at about 19.2x, while a DCF fair value of roughly US$81.82 sits below the current share price of US$143.85 and analysts’ consensus price target in the data is US$226.92.
• Consensus narrative leans on mid teens annual earnings growth and margin improvement to support this kind of valuation. The fact that net margin in the last 12 months is 10% compared with 9.5% a year earlier partially supports that case but also leaves a clear gap between current pricing and the DCF fair value figure.
  • On one side, analysts’ targets imply room between the current US$143.85 price and the US$226.92 consensus, which fits with the view that earnings growth around 13.9% and slightly higher margins can justify a premium P/E.
  • On the other, the DCF fair value of US$81.82 and the peer P/E of 12.8x both suggest the stock sits on the expensive side compared with cash flow based value and similar companies, so delivery against those growth and margin assumptions remains a key focus point for valuation minded investors.

Next Steps

To see how these results tie into long-term growth, risks, and valuation, check out the full range of community narratives for Boot Barn Holdings on Simply Wall St. Add the company to your watchlist or portfolio so you'll be alerted when the story evolves.

If the mix of bullish and cautious takes above feels split, put the numbers in context for yourself and move quickly to check the company's 3 key rewards.

See What Else Is Out There

Boot Barn Holdings combines a premium P/E, dependence on mid teens earnings forecasts and a DCF fair value below the share price, which may concern valuation focused investors.

If rich pricing and that DCF gap have you hesitating, you may want to compare this setup against companies screened for stronger value characteristics using the 49 high quality undervalued stocks.

This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.