Boot Barn (BOOT)
What the price implies
A reverse DCF: instead of guessing a fair value, it asks what growth today's price already assumes. How it works.
At a market value of $3.6B, Boot Barn's free cash flow of $126M (fiscal 2026) would need to grow about 10% a year for the stock to be worth today's price. That is slower than the company has grown its free cash flow over the last 9 years.
Assumes a 9% discount rate and 3% growth after year 10, on free cash flow (operating cash flow minus capital spending) from Boot Barn's SEC filings. Change any assumption, or model revenue and margins instead, in the Modeling tab, or try your own numbers in the reverse DCF calculator.
Fundamental grade
Five factors scored 1 to 9 from BOOT's latest numbers, weighted into one grade. It describes the business, not whether the stock is a buy.
Key numbers
Results from SEC filings
Fiscal years, from Boot Barn's 10-K filings. Ten years of the full income statement, balance sheet and cash flow.
| Fiscal year | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|
| Revenue | $1.5B | $1.7B | $1.7B | $1.9B | $2.3B |
| Net income | $192M | $171M | $147M | $181M | $226M |
| Free cash flow | $28M | -$36M | $117M | -$753,000 | $126M |
| EPS (diluted) | $6.33 | $5.62 | $4.80 | $5.88 | $7.35 |
| Operating margin | 17.4% | 14.0% | 11.9% | 12.5% | 13.3% |
Superinvestors who own BOOT
From each investor's latest 13F filing (what a 13F shows). 3 of the investors we track hold it.
| Investor | Last quarter | Value | % of portfolio | Quarter |
|---|---|---|---|---|
| Hersh Cohen ClearBridge Investments |
Added | $55M | 0.04% | Q2 2026 |
| Cliff Asness AQR Capital Management |
Added | $12M | 0.00% | Q2 2026 |
| PRIMECAP Management PRIMECAP Management Co |
Trimmed | $7M | 0.00% | Q2 2026 |
Insider buying
Open-market purchases by Boot Barn's executives and directors in the last 12 months, from SEC Form 4 filings. What insider buying tells you.
| Date | Insider | Shares | Price | Value |
|---|---|---|---|---|
| Mar 3, 2026 | Gilbert Ray Cisneros, Jr. |
0 | $186.70 | — |
| Mar 3, 2026 | Gilbert Ray Cisneros, Jr. |
0 | $186.70 | — |
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In the full deep dive
Questions
What growth does Boot Barn's stock price imply?
At a market value of $3.6B, Boot Barn would need its free cash flow to grow about 10% a year for 10 years (discounted at 9%, 3% growth after that) to be worth today's price. Over the last 9 years its free cash flow grew 24% a year.
Are Boot Barn insiders buying the stock?
2 open-market insider purchases of BOOT in the last 12 months, from SEC Form 4 filings.
Which superinvestors own Boot Barn?
3 of the superinvestors Investingly tracks hold BOOT in their latest 13F, including Hersh Cohen, Cliff Asness, PRIMECAP Management.
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Prices and ratios as of Oct 11, 2026; statements from SEC filings. Information only, not investment advice. Superinvestor holdings come from 13F filings, which are filed up to 45 days after each quarter ends.