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Sportsman's Warehouse Holdings Balance Sheet 2026-2011 | SPWH
Brief overview of Sportsman's Warehouse Holdings's balance sheet structure
Balance sheet changes are traced across five available annual reports between 2022 and 2026.
Assets fell from $840.6 million to $762.6 million. This may reflect either deliberate optimization or a reduction in business scale.
Asset growth of -9.3% came with a +9% rise in liabilities. Financial leverage became more prominent.
The equity ratio equals 24.7%, with a starting level of 37.4%. Stable cash flow is important under this structure.
The net-debt-to-equity ratio is 0.51x. Balance sheet leverage is low on this measure.
The cash reserve occupies 0.2% of the balance sheet, previously 6.8%. It is one marker of short-term resilience.
By the end of the period, accumulated earnings were $99.3 million; the change from the start was -55.5%.
Overall picture
Sportsman's Warehouse Holdings's balance sheet looks stretched: reliance on liabilities and a limited capital cushion increase sensitivity to weaker results.
Annual Balance Sheet Sportsman's Warehouse Holdings
| 2026 | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 | 2013 | 2012 | 2011 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Net Debt |
96.3 M | 70.4 M | 353 M | 304 M | 220 M | 199 M | 154 M | 181 M | 201 M | 198 M | 177 M | 206 M | 265 M | 88.3 M | 63.2 M | - |
Long Term Debt |
44.2 M | 24.1 M | 307 M | 260 M | 236 M | 228 M | 23.8 M | 27.7 M | 132 M | 134 M | 146 M | 157 M | 229 M | 121 M | 21.2 M | - |
Long Term Debt Current |
53.8 M | 49.1 M | 48.7 M | 45.5 M | 40.9 M | 36 M | 34.5 M | 7.92 M | 990 K | 983 K | 9.03 M | 1.33 M | - | - | - | - |
Total Non Current Liabilities |
325 M | 332 M | 307 M | 270 M | 242 M | 229 M | 242 M | 69.6 M | 174 M | 169 M | 175 M | 185 M | 252 M | 144 M | 23.6 M | - |
Total Current Liabilities |
249 M | 284 M | 315 M | 296 M | 284 M | 227 M | 265 M | 241 M | 156 M | 147 M | 128 M | 117 M | - | - | - | - |
Total Liabilities |
574 M | 616 M | 622 M | 566 M | 526 M | 456 M | 506 M | 310 M | 330 M | 316 M | 303 M | 302 M | 345 M | 208 M | 105 M | - |
Deferred Revenue |
42.1 M | 36.6 M | 38 M | 41.2 M | 42.1 M | 38.5 M | 562 K | 3 M | 4.6 M | 5.1 M | 3 M | 9.63 M | 8.58 M | 6.56 M | 5.34 M | - |
Retained Earnings |
99.3 M | 149 M | 182 M | 213 M | 223 M | 114 M | 23 M | -6.44 M | -32.8 M | -50.6 M | -80.2 M | -108 M | -122 M | -41.9 M | 41.1 M | - |
Total Assets |
763 M | 852 M | 886 M | 859 M | 841 M | 661 M | 617 M | 389 M | 380 M | 346 M | 301 M | 271 M | 224 M | 167 M | 155 M | - |
Cash and Cash Equivalents |
1.66 M | 2.83 M | 3.14 M | 2.39 M | 57 M | 65.5 M | 1.68 M | 1.55 M | 1.77 M | 1.91 M | 2.11 M | 1.75 M | 1.35 M | 36.5 M | - | - |
Book Value |
189 M | 236 M | 265 M | 293 M | 314 M | 205 M | 110 M | 78.7 M | 49.8 M | 30 M | -2.06 M | -31.3 M | -121 M | -41.8 M | 50.3 M | - |
Total Shareholders Equity |
189 M | 236 M | 265 M | 293 M | 314 M | 205 M | 110 M | 78.7 M | 49.8 M | 30 M | -2.06 M | -31.3 M | -121 M | -41.8 M | - | - |
All numbers in USD currency
Quarterly Balance Sheet Sportsman's Warehouse Holdings
| 2026-Q1 | 2025-Q3 | 2025-Q2 | 2025-Q1 | 2024-Q4 | 2024-Q3 | 2024-Q2 | 2024-Q1 | 2023-Q4 | 2023-Q3 | 2023-Q2 | 2023-Q1 | 2022-Q4 | 2022-Q3 | 2022-Q2 | 2022-Q1 | 2021-Q4 | 2021-Q3 | 2021-Q2 | 2021-Q1 | 2020-Q4 | 2020-Q3 | 2020-Q2 | 2020-Q1 | 2019-Q4 | 2019-Q3 | 2019-Q2 | 2019-Q1 | 2018-Q4 | 2018-Q3 | 2018-Q2 | 2018-Q1 | 2017-Q4 | 2017-Q3 | 2017-Q2 | 2017-Q1 | 2016-Q4 | 2016-Q3 | 2016-Q2 | 2016-Q1 | 2015-Q4 | 2015-Q3 | 2015-Q2 | 2015-Q1 | 2014-Q4 | 2014-Q3 | 2014-Q2 | 2014-Q1 | 2013-Q4 | 2013-Q3 | 2013-Q2 | 2013-Q1 | 2012-Q4 | 2012-Q3 | 2012-Q2 | 2012-Q1 | 2011-Q4 | 2011-Q3 | 2011-Q2 | 2011-Q1 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Long Term Debt |
44.3 M | 44 M | 43.9 M | 24.1 M | 24.1 M | 24 M | - | 315 M | 307 M | 299 M | 299 M | 297 M | 260 M | 261 M | 244 M | 233 M | 228 M | 231 M | 236 M | 226 M | 23.8 M | 7.95 M | 15.9 M | 23.8 M | 27.7 M | 21.8 M | 23.8 M | 25.7 M | 132 M | 29.7 M | 31.7 M | 132 M | 134 M | 133 M | 133 M | 133 M | 146 M | 134 M | 134 M | 134 M | 157 M | 156 M | 156 M | 156 M | 229 M | 155 M | 155 M | 159 M | - | - | - | - | - | - | - | - | - | - | - | - |
Total Non Current Liabilities |
322 M | 334 M | 347 M | 336 M | 332 M | 337 M | - | 315 M | 307 M | 302 M | 306 M | 305 M | 270 M | 265 M | 249 M | 238 M | 229 M | 231 M | 236 M | 227 M | 242 M | 239 M | 231 M | 239 M | 69.6 M | 226 M | 205 M | 214 M | 174 M | 70.9 M | 72.6 M | 173 M | 169 M | 175 M | 169 M | 169 M | 175 M | 168 M | 167 M | 165 M | 185 M | 185 M | 185 M | 184 M | 252 M | 183 M | 184 M | 182 M | - | - | - | - | - | - | - | - | - | - | - | - |
Total Liabilities |
671 M | 704 M | 740 M | 715 M | 616 M | 724 M | - | 683 M | 622 M | 708 M | 724 M | 705 M | 566 M | 642 M | 576 M | 582 M | 456 M | 560 M | 524 M | 492 M | 506 M | 523 M | 504 M | 553 M | 310 M | 573 M | 496 M | 502 M | 330 M | 413 M | 391 M | 369 M | 316 M | 386 M | 389 M | 380 M | 303 M | 384 M | 359 M | 341 M | 302 M | 357 M | 350 M | 339 M | 345 M | 351 M | 337 M | 325 M | - | - | - | - | - | - | - | - | - | - | - | - |
Deferred Revenue |
38.8 M | 31.8 M | 32.5 M | 34.1 M | 36.6 M | 34.1 M | - | 36 M | 38 M | 34.5 M | 33.4 M | 36.8 M | 41.2 M | 37.6 M | 37.9 M | 39.5 M | 38.5 M | 41.4 M | 36.1 M | 39.2 M | 25.7 M | 29.9 M | 32.4 M | 29 M | 21.8 M | 20.9 M | 20.4 M | 20.6 M | 22.9 M | 16.9 M | 16.9 M | 18.2 M | 18 M | 17.3 M | 17.4 M | 17.6 M | 14.8 M | 14.6 M | 14.3 M | 14 M | 11.7 M | 10.8 M | 11 M | 11 M | 8.58 M | 6.75 M | 7.08 M | 7.44 M | - | - | - | - | - | - | - | - | - | - | - | - |
Retained Earnings |
77.4 M | 121 M | 121 M | 128 M | 149 M | 158 M | - | 164 M | 182 M | 191 M | 192 M | 197 M | 213 M | 204 M | 239 M | 225 M | 114 M | 164 M | 143 M | 125 M | 23 M | 84.8 M | 54.4 M | 21.9 M | -6.44 M | 13.3 M | 2.85 M | -2.64 M | -32.8 M | -17.1 M | -29.5 M | -36 M | -50.6 M | -38.7 M | -48.5 M | -55.1 M | -80.2 M | -61.1 M | -71.6 M | -79.9 M | -108 M | -91.6 M | -101 M | -109 M | -122 M | -111 M | -120 M | -125 M | - | - | - | - | - | - | - | - | - | - | - | - |
Total Assets |
838 M | 914 M | 949 M | 930 M | 852 M | 968 M | - | 930 M | 886 M | 980 M | 996 M | 982 M | 859 M | 925 M | 856 M | 898 M | 661 M | 815 M | 757 M | 706 M | 617 M | 697 M | 647 M | 662 M | 389 M | 673 M | 584 M | 584 M | 380 M | 480 M | 446 M | 416 M | 346 M | 429 M | 422 M | 406 M | 301 M | 403 M | 366 M | 339 M | 271 M | 343 M | 326 M | 306 M | 224 M | 316 M | 292 M | 273 M | - | - | - | - | - | - | - | - | - | - | - | - |
Cash and Cash Equivalents |
2.05 M | 2.25 M | 1.8 M | 3.56 M | 2.83 M | 2.67 M | 2.56 M | 2.17 M | 3.14 M | 2.92 M | 2.89 M | 3.04 M | 2.39 M | 2.56 M | 6.02 M | 57.7 M | 65.5 M | 2.53 M | 2.62 M | 59.7 M | 1.68 M | 19.3 M | 12.3 M | 22.1 M | 1.55 M | 1.74 M | 1.48 M | 1.72 M | 1.77 M | 1.89 M | 2.73 M | 2.38 M | 1.91 M | 2.16 M | 1.82 M | 2.27 M | 2.11 M | 2.69 M | 2.58 M | 2.4 M | 1.75 M | 1.94 M | 583 K | 2.01 M | 1.35 M | 1.74 M | 1.65 M | 1.75 M | 36.5 M | 1.3 M | 1.21 M | 414 K | 243 K | - | - | - | - | - | - | - |
Book Value |
167 M | 210 M | 209 M | 215 M | 236 M | 244 M | - | 248 M | 265 M | 272 M | 273 M | 277 M | 293 M | 283 M | 280 M | 316 M | 205 M | 255 M | 233 M | 214 M | 110 M | 174 M | 143 M | 109 M | 78.7 M | 99.8 M | 88.7 M | 82.5 M | 49.8 M | 67.5 M | 54.7 M | 47.5 M | 30 M | 42.9 M | 32.7 M | 25.5 M | -2.06 M | 18.6 M | 7.14 M | -2.35 M | -31.3 M | -14 M | -24.2 M | -32.8 M | -121 M | -35 M | -44.5 M | -52.1 M | - | - | - | - | - | - | - | - | - | - | - | - |
Total Shareholders Equity |
167 M | 210 M | 209 M | 215 M | 236 M | 244 M | 243 M | 248 M | 265 M | 272 M | 273 M | 277 M | 293 M | 283 M | 280 M | 316 M | 205 M | 255 M | 233 M | 214 M | 110 M | 174 M | 143 M | 109 M | 78.7 M | 99.8 M | 88.7 M | 82.5 M | 49.8 M | 67.5 M | 54.7 M | 47.5 M | 30 M | 42.9 M | 32.7 M | 25.5 M | -2.06 M | 18.6 M | 7.14 M | -2.35 M | -31.3 M | -14 M | -24.2 M | -32.8 M | -121 M | -35 M | -44.5 M | -52.1 M | -41.8 M | - | - | - | 50.3 M | - | - | - | - | - | - | - |
All numbers in USD currency
Balance Sheet is a fundamental financial report of Sportsman's Warehouse Holdings, providing a complete picture of the company’s financial position at a specific point in time. Unlike the income statement, which records the results of operations over a certain period, the balance sheet shows what assets the company owns, what liabilities it has to creditors, and what equity is available to the owners.
For an investor, the balance sheet is important because it allows assessing the company’s financial stability, understanding how much debt it carries, and how dependent it is on borrowed financing. It helps calculate key liquidity and leverage ratios. When analyzing, attention should be paid to the debt-to-equity ratio (Debt/Equity), the amount of cash on the balance sheet, and the ratio of current liabilities to liquid assets.
Features of balance sheet analysis- Vertical and horizontal analysis
Vertical analysis shows the structure of the balance sheet as a percentage of total assets or liabilities, while horizontal analysis shows the dynamics of changes over multiple periods. - Asset quality
It is important to evaluate not only the amount of assets but also their liquidity and realizability. - Accounting for off-balance sheet liabilities
Some liabilities may not be directly reflected in the balance sheet, which requires additional attention.
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