Forensic Analysis · Retail / Consumer Discretionary · as of Aug 9, 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.
B · Sound & dependable
Forensic grade
Safe
Financial health
8.6
Distress distance
Clean
Earnings quality
3
Forensic signals
20.5
P / E (ttm)
17.1%
ROE
$5.0B
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). 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 a B (Sound & dependable) forensic quality grade, and its balance-sheet distress test reads 8.6, 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 total assets (see the Forensic Screens card's differently-scaled Sloan Accrual Ratio for that read). 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%. This is the sixth straight fiscal year of building accruals — an even longer streak than the 3-year mark that already signals a materially stronger tell. The cash-flow cross-check is more mixed: reported earnings ran behind operating cash by 7% of net operating assets, diverging from the balance-sheet accrual read.
11.7%
FY2026
Return on invested capital.Return on invested capital is 11.7% in the latest fiscal year and slipping from 16% — a modest positive spread over its ~9% cost of capital — growth adds value, though not dramatically.
+0.4%/yr
FY2023–FY2026
Share count.Diluted share count changed +1% over the last 3 years to FY2026 (+0.4%/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 (3yr)+10.8%
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?