Forensic Analysis · Retail / Consumer Discretionary · as of Sep 25, 2026
Boot Barn Holdings, Inc. (BOOT)
A forensic read on Boot Barn Holdings, Inc. built from its complete SEC filings — financial-health screens, earnings quality, red flags and a price-aware rating. Reproducible math, not opinion.
A · High-quality
Forensic grade
Safe
Financial health
7.5
Distress distance
Clean
Earnings quality
3
Forensic signals
15.3
P / E (ttm)
17.1%
ROE
$3.8B
Market cap
17.9%
Revenue growth
This free snapshot doesn't read filing or proxy text, so the auditor-quality and governance checks that can lower a grade were not evaluated (red flags, auditor quality, say on pay, board independence, going concern, valuation). Those checks only ever lower a grade, so the full analysis can land below the grade above but never above it — treat it as the most favourable reading, not the settled one.
Boot Barn Holdings, Inc. earns an A (High-quality) forensic quality grade, and its balance-sheet distress test reads 7.5, placing it in the Safe zone. 3 forensic signals were flagged in its latest SEC filings, led by accruals ratio (% of noa).
What the filings flag
+10.4%
FY2025→FY2026
Accruals ratio (% of NOA).Net operating assets grew +10.4% relative to their own average in FY2026 — scaled by NOA itself, not by total assets, which is what the Forensic Screens card's own accrual row divides by. Accruals are building faster than is comfortable — part of profit is sitting in the balance sheet rather than turning to cash. The build is led by receivables up +49% against revenue +18% and PP&E up +22% against revenue +18%. A cash-flow measure on the same base disagrees: reported earnings ran behind operating cash by 7% of net operating assets, against an accruals ratio of 10.4%. The two are computed differently: the accruals ratio is the change in net operating assets over average net operating assets, while the cash-flow figure is net income less operating cash flow over that same average. Read them as two results, not one.
11.7%
FY2026
Return on invested capital.Return on invested capital is 11.7% in the latest fiscal year and steady across FY2024–FY2026, inside a 0.5-point range. After-tax operating profit was $148M in FY2024 and $225M in FY2026, with operating income at 11.9% of revenue in FY2024, 12.5% in FY2025 and 13.3% in FY2026. The capital base behind it grew +46% across FY2024–FY2026, from $1.3B to $1.9B, and the return did not fall doing it, so the dollars added over that window earned at least the 11.2% the older base was already earning.
+0.2%/yr
FY2024–FY2026
Share count.Diluted share count changed 0% over the last 2 years to FY2026 (+0.2%/yr). Roughly flat — buybacks ($50M) are about offsetting stock comp ($16M), not shrinking the count. Per-share value isn't being meaningfully helped or hurt by the count.
Key fundamentals
Latest Revenue$2.25B
Revenue Growth YoY+17.9%
Revenue CAGR (2yr)+16.3%
Net Margin10.0%
Free Cash Flow$126.3M
Return on Equity17.1%
The forensic grade and screens above are free — no account needed. Want the AI investment read on top — the 0–100 rating, thesis, bull-vs-bear, red flags and the 12-month scenario, written from Boot Barn Holdings, Inc.'s actual 10-K/10-Q/8-K filings?