Boot Barn Holdings, Inc. — Earnings Quality Grade F
BOOT · Consumer Cyclical
Major red flags
Screening Summary
Management Signals
Financial Trends
Revenue & Net Income ($B)
Margins (%)
18-Point Screening
Revenue Quality
DSO 2 days, change -0 days YoY
AR growth 3.0% vs revenue growth 14.6%
Revenue grew 14.6% but CFFO declined -37.5%
Expense Quality
Inventory 24.7% vs COGS 13.4%. Normal
CapEx growth 24.8% vs revenue 14.6%. Normal
SG&A/Gross Profit = 66.6%. Normal
Gross margin 37.5%, change +0.7pp. Stable
Cash Flow Quality
CFFO/NI = 0.82. Profits backed by cash
FCF < 50% of Net Income for 2 years
Accruals ratio = 1.7%. Low accruals
Cash $0.1B covers only 12% of debt $0.6B
Balance Sheet Health
Goodwill+Intangibles $0.3B = 23% of equity. Manageable
Debt/EBITDA = 1.9x. Healthy
Other assets 13.7% vs revenue 14.6%. Normal
No write-off data
Acquisition Risk
FCF after acquisitions negative for 2/3 years
Goodwill+Intangibles change -0% YoY. Normal
Manipulation Score
M-Score = -2.42 (< -2.22). Unlikely manipulator
Portfolio monitoring
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Beneish M-Score
Altman Z-Score
Generated from public financial data using forensic accounting frameworks. Not investment advice. Data: Yahoo Finance · 2026-04-25