SPWH (Sportsman's Warehouse Holdings) Operating Income: $-13 Mil (TTM As of Apr. 2026)

What is Sportsman's Warehouse Holdings Operating Income?

Sportsman's Warehouse Holdings SPWH 49 Operating Income is $-13 Mil as of Apr. 2026. GuruFocus rates SPWH with a GF Score™ of 49/100 and a GF Value™ of $2.64 (Possible Value Trap). The stock has 7 warning signs investors should review.

Sportsman's Warehouse Holdings's Operating Income for the three months ended in Apr. 2026 was $-18 Mil. Its Operating Income for the trailing twelve months (TTM) ended in Apr. 2026 was $-13 Mil.

Warning Sign:

Sportsman's Warehouse Holdings Inc had lost money in 58% of the time over the past 12quarters.

Operating Margin % is calculated as Operating Income divided by its Revenue. Sportsman's Warehouse Holdings's Operating Income for the three months ended in Apr. 2026 was $-18 Mil. Sportsman's Warehouse Holdings's Revenue for the three months ended in Apr. 2026 was $256 Mil. Therefore, Sportsman's Warehouse Holdings's Operating Margin % for the quarter that ended in Apr. 2026 was -7.07%.

Sportsman's Warehouse Holdings's 5-Year average Growth Rate for Operating Margin % was 0.00% per year.

Operating Income or EBIT is linked to Return on Capital for both regular definition and Joel Greenblatt's definition. Sportsman's Warehouse Holdings's annualized ROC % for the quarter that ended in Apr. 2026 was -10.78%. Sportsman's Warehouse Holdings's annualized ROC (Joel Greenblatt) % for the quarter that ended in Apr. 2026 was -11.56%.

Sportsman's Warehouse Holdings (NAS:SPWH) Operating Income Explanation

1. Operating Income or EBIT is linked to Return on Capital for both regular definition and Joel Greenblatt's definition.

Sportsman's Warehouse Holdings's annualized ROC % for the quarter that ended in Apr. 2026 is calculated as:

	ROC % (Q: Apr. 2026 )
=	NOPAT	/	Average Invested Capital
=	Operating Income * ( 1 - Tax Rate % )	/	( (Invested Capital (Q: Jan. 2026 )	+	Invested Capital (Q: Apr. 2026 ))	/ count )
=	-72.416 * ( 1 - 0% )	/	( (655.556	+	687.418)	/ 2 )
=	-72.416	/	671.487
=	-10.78 %

where

	Invested Capital		(Q: Jan. 2026 )
=	Total Assets	-	Accounts Payable & Accrued Expense	-	Excess Cash
=	Total Assets	-	Accounts Payable & Accrued Expense	-	( Cash, Cash Equivalents, Marketable Securities	-	max(0, Total Current Liabilities	-	Total Current Assets	+	Cash, Cash Equivalents, Marketable Securities	))
=	762.582	-	105.367	-	( 1.659	-	max(0, 249.029	-	337.741	+	1.659	))
=	655.556

	Invested Capital		(Q: Apr. 2026 )
=	Total Assets	-	Accounts Payable & Accrued Expense	-	Excess Cash
=	Total Assets	-	Accounts Payable & Accrued Expense	-	( Cash, Cash Equivalents, Marketable Securities	-	max(0, Total Current Liabilities	-	Total Current Assets	+	Cash, Cash Equivalents, Marketable Securities	))
=	838.003	-	148.531	-	( 2.054	-	max(0, 348.755	-	410.704	+	2.054	))
=	687.418

Note: The Operating Income data used here is four times the quarterly (Apr. 2026) data.

2. Joel Greenblatt's definition of Return on Capital:

Sportsman's Warehouse Holdings's annualized ROC (Joel Greenblatt) % for the quarter that ended in Apr. 2026 is calculated as:

	ROC (Joel Greenblatt) %		(Q: Apr. 2026 )
=	EBIT	/	Average of (Net fixed Assets	+	Net Working Capital)
=	EBIT	/	Average of (Property, Plant and Equipment	+	Net Working Capital)
			Q: Jan. 2026		Q: Apr. 2026
=	EBIT	/	( ( (Property, Plant and Equipment + Net Working Capital)	+	(Property, Plant and Equipment + Net Working Capital) )	/	count )
=	-72.724	/	( ( (423.134 + max(188.635, 0))	+	(425.606 + max(221.339, 0)) )	/	2 )
=	-72.724	/	( ( 611.769	+	646.945 )	/	2 )
=	-72.724	/	629.357
=	-11.56 %

where Working Capital is:

	Working Capital		(Q: Jan. 2026 )
=	(Accounts Receivable	+	Total Inventories	+	Other Current Assets)	-	(Accounts Payable & Accrued Expense	+	Defer. Rev.	+	Other Current Liabilities)
=	(4.39	+	312.858	+	18.834)	-	(105.367	+	42.08	+	0)
=	188.635

	Working Capital		(Q: Apr. 2026 )
=	(Accounts Receivable	+	Total Inventories	+	Other Current Assets)	-	(Accounts Payable & Accrued Expense	+	Defer. Rev.	+	Other Current Liabilities)
=	(1.644	+	387.149	+	19.857)	-	(148.531	+	38.78	+	0)
=	221.339

When net working capital is negative, 0 is used.

Note: The EBIT data used here is four times the quarterly (Apr. 2026) EBIT data.

3. Operating Income is also linked to Operating Margin %:

Sportsman's Warehouse Holdings's Operating Margin % for the quarter that ended in Apr. 2026 is calculated as:

Operating Margin %	=	Operating Income (Q: Apr. 2026 )	/	Revenue (Q: Apr. 2026 )
	=	-18.104	/	256.078
	=	-7.07 %

* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD.
* For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.

4. Please click Growth Rate Calculation Example (GuruFocus) to see how GuruFocus calculates Wal-Mart Stores Inc (WMT)'s revenue growth rate. You can apply the same method to get the Operating Income growth rate using Operating Income per share data.

Be Aware

Compared with a company's EBITDA margin, Operating Margin can be manipulated by adjusting the rate of depreciation, depletion and amortization (DDA).

If a company is facing competition, its Operating Margin may decline. Often the Operating Margin declines well before the company's revenue or even profit decline. Therefore, Operating Margin is a very important indicator of whether the company is facing problems.

For instance, by 2012, Nokia (NOK)'s problems were well known and its stock had lost more than 90% of its market value since 2007. But Nokia's Operating Margin had already been in decline since 2002, although its earnings per share were still rising. Investors who paid attention to Operating Margin would have avoided this huge loss. The same can be said for Research-in-Motion (RIMM).

Therefore, Operating Margin is a very important screening filter for GuruFocus. GuruFocus's Buffett-Munger screener requires that the profit margin is either consistent or expanding. The Model Portfolio of the Buffett-Munger screener has outperformed the market every year since inception in 2009.

Sportsman's Warehouse Holdings Operating Income Related Terms

Sportsman's Warehouse Holdings Operating Income Historical Data

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The historical data trend for Sportsman's Warehouse Holdings's Operating Income can be seen below:

Sportsman's Warehouse Holdings Operating Income Chart

Sportsman's Warehouse Holdings Annual Data

Trend

Jan17

Jan18

Jan19

Jan20

Jan21

Jan22

Jan23

Jan24

Jan25

Jan26

Operating Income

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90.62

65.13

-12.89

-14.85

-13.94

Sportsman's Warehouse Holdings Quarterly Data
	Jul21	Oct21	Jan22	Apr22	Jul22	Oct22	Jan23	Apr23	Jul23	Oct23	Jan24	Apr24	Jul24	Oct24	Jan25	Apr25	Jul25	Oct25	Jan26	Apr26
Operating Income	Get a 7-Day Free Trial															-19.61	-3.22	8.61	-0.73	-18.10

49GF Score

Sportsman's Warehouse Holdings Inc SPWH

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Sportsman's Warehouse Holdings Operating Income Calculation

Operating Income, is the profit a company earned through operations. All expenses, including cash expenses such as cost of goods sold (COGS), research & development, wages, and non-cash expenses, such as depreciation, depletion and amortization, have been deducted from the sales.

Operating Income for the trailing twelve months (TTM) ended in Apr. 2026 adds up the quarterly data reported by the company within the most recent 12 months, which was $-13 Mil.

Frequently Asked Questions Learn more about Operating Income →

What does a Operating Income of $-13 Mil mean?

Sportsman's Warehouse Holdings (SPWH) has a Operating Income of $-13 Mil as of Apr. 2026. Operating Income equals sales less all operating expenses. It is linked to EBIT. View historical data on Sportsman's Warehouse Holdings and its competitors.

Is Sportsman's Warehouse Holdings' Operating Income too high?

Sportsman's Warehouse Holdings' current Operating Income is $-13 Mil. Overall, Sportsman's Warehouse Holdings has a GF Score™ of 49/100 and is considered Possible Value Trap, reflecting its overall financial health beyond just this single metric.

How does Sportsman's Warehouse Holdings' Operating Income compare to NPT and ABLV?

Sportsman's Warehouse Holdings' Operating Income of $-13 Mil can be compared against companies in the Retail - Cyclical industry. See the competitive comparison table and distribution chart on this page for a detailed peer-by-peer breakdown.

What is a good Operating Income for a Retail - Cyclical company?

A good Operating Income depends on the Retail - Cyclical industry context. However, Operating Income should not be evaluated in isolation — investors should consider it alongside profitability, growth, and financial strength metrics. Use the industry distribution chart on this page to see where any company falls relative to its peers.

What does a high Operating Income mean?

A high Operating Income can signal that a stock is expensive relative to its fundamentals. Operating Income equals sales less all operating expenses. It is linked to EBIT. View historical data on Sportsman's Warehouse Holdings and its competitors. Sportsman's Warehouse Holdings's current Operating Income is $-13 Mil. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.

Is Sportsman's Warehouse Holdings stock overvalued right now?

Based on GuruFocus' analysis, Sportsman's Warehouse Holdings (SPWH) is currently considered Possible Value Trap. The stock's GF Value™ is $2.64, compared to a current price of $1.30 — trading 50.8% below its estimated fair value. The current Operating Income is $-13 Mil. Sportsman's Warehouse Holdings' overall GF Score™ is 49/100 with 7 warning signs to review. Investors should evaluate multiple metrics — including profitability, growth, and financial strength — before making a decision.

How is Operating Income calculated?

Operating Income is calculated from a company's financial statements. For Sportsman's Warehouse Holdings (SPWH), the current Operating Income is $-13 Mil as of Apr. 2026. GuruFocus calculates this using data sourced from SEC filings and annual reports. See the calculation section and 30-year financial data on this page for the full breakdown.

Is Sportsman's Warehouse Holdings (SPWH) Overvalued in 2026?

Based on GuruFocus' analysis, Sportsman's Warehouse Holdings stock appears to be undervalued. The current stock price of $1.30 is trading 50.8% below its estimated GF Value™ of $2.64. GuruFocus considers Sportsman's Warehouse Holdings to be Possible Value Trap.

Key valuation signals for SPWH:

Operating Income: $-13 Mil
GF Value™: $2.64 vs. price of $1.30 (50.8% below fair value)
GF Score™: 49/100 with 7 warning signs

No single metric tells the full story. See the SPWH stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.

Sportsman's Warehouse Holdings Business Description

Industry Consumer Cyclical Retail - Cyclical

Comparable Companies NPT ABLV PTLE BARK TLF RECT GRWG BWTL CGTL JBDI TSX:ATD CASY WSM DKS ULTA BBY TSCO SHSE:601888 ADX:ADNOCDIST TPE:3045

Other Exchanges 0A8T:UK 06S:Germany

Address 1475 West 9000 South, Suite A, West Jordan, UT, USA, 84088

Website https://www.sportsmans.com

Sportsman's Warehouse Holdings Inc together with its subsidiaries operates as an outdoor sporting goods retailer. It provides a one-stop shopping experience that equips customers with the right quality, brand name hunting, shooting, fishing, and camping gear to maximize enjoyment of the outdoors. The company offers products in the categories of Camping, Apparel, Fishing, Footwear, Hunting and shooting, and Optics, Electronics, Accessories, and Other products. It provides products such as Backpacks, Jackets, Camp essentials, Hiking boots, GPS devices, ATV accessories and Fishing rods, among others. The company also offers an e-commerce experience, extensive in-store events and educational programming.

49GF Score

Get the complete analysis for SPWH

Operating Income is just one metric. See GF Value™, 30-year financials, guru trades, warning signs, and more.

$1.30

Price

$2.64

GF Value

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