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Richard Sloan from the University of Michigan was first to document what is referred to as the "accrual anomaly". His 1996 paper found that shares of companies with small or negative accruals vastly outperform (+10%) those of companies with large ones.
As of Apr. 2026, Sportsman's Warehouse Holdings has a Sloan Ratio of -7.64%, indicating the company is in the safe zone and there is no funny business with accruals.
Sportsman's Warehouse Holdings (NAS:SPWH) Sloan Ratio % Explanation
A former University of Michigan researcher, Richard Sloan's 1996 paper found that shares of companies with small or negative accruals vastly outperform (+10%) those of companies with large ones. In fact, for the 40-year period between 1962 and 2001, buying the lowest accrual companies and shorting the highest accrual companies resulted in an average annual compounded return of 18%, more than double the S&P 500's 7.4% annual return over the same period.
If the Sloan Ratio is between -10% and 10%, the company is in the safe zone and there is no funny business with accruals.
If the Sloan Ratio is less than between -25% and -10% on the negative side, and between 10% and 25% on the positive side, this is a warning stage of accrual build up.
If the Sloan Ratio is less than -25% or greater than 25%, and this ratio is consistent over several quarters or even years, be careful. Earnings are highly likely to be made up of accruals.
As of Apr. 2026, Sportsman's Warehouse Holdings has a Sloan Ratio of -7.64%, indicating the company is in the safe zone and there is no funny business with accruals.
Sportsman's Warehouse Holdings Sloan Ratio % Related Terms
Sportsman's Warehouse Holdings Sloan Ratio % Historical Data
* 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.
Sportsman's Warehouse Holdings Sloan Ratio % Chart
For the Specialty Retail subindustry, Sportsman's Warehouse Holdings's Sloan Ratio %, along with its competitors' market caps and Sloan Ratio % data, can be viewed below:
* Competitive companies are chosen from companies within the same industry, with headquarter located in same country, with closest market capitalization; x-axis shows the market cap, and y-axis shows the term value; the bigger the dot, the larger the market cap. Note that "N/A" values will not show up in the chart.
Sportsman's Warehouse Holdings Sloan Ratio % vs Retail - Cyclical Industry
For the Retail - Cyclical industry and Consumer Cyclical sector, Sportsman's Warehouse Holdings's Sloan Ratio % distribution charts can be found below:
* The bar in red indicates where Sportsman's Warehouse Holdings's Sloan Ratio % falls into.
Sportsman's Warehouse Holdings Sloan Ratio % Calculation
Earnings contain a lot of non cash earnings which is called accruals. The Sloan ratio is a way to identify firms with low non-cash or accrual-derived earnings relative to their cash flow.
Sportsman's Warehouse Holdings's Net Income for the trailing twelve months (TTM) ended in Apr. 2026 was -7.083 (Jul. 2025 ) + 0.008 (Oct. 2025 ) + -21.732 (Jan. 2026 ) + -21.848 (Apr. 2026 ) = $-51 Mil.
Sportsman's Warehouse Holdings's Cash Flow from Operations for the trailing twelve months (TTM) ended in Apr. 2026 was -26.565 (Jul. 2025 ) + 16.304 (Oct. 2025 ) + 101.821 (Jan. 2026 ) + -55.37 (Apr. 2026 ) = $36 Mil.
Sportsman's Warehouse Holdings's Cash Flow from Investing for the trailing twelve months (TTM) ended in Apr. 2026 was -7.365 (Jul. 2025 ) + -7.561 (Oct. 2025 ) + -3.701 (Jan. 2026 ) + -4.235 (Apr. 2026 ) = $-23 Mil.
* 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.
Sportsman's Warehouse Holdings (SPWH) has a Sloan Ratio % of -7.64% as of Apr. 2026. Sloan ratio measures earnings quality based on the amount of accruals. View historical data on Sportsman's Warehouse Holdings and its competitors.
Is Sportsman's Warehouse Holdings' Sloan Ratio % too high?
Sportsman's Warehouse Holdings' current Sloan Ratio % is -7.64%. Overall, Sportsman's Warehouse Holdings has a GF Score™ of 45/100 and is considered Possible Value Trap, reflecting its overall financial health beyond just this single metric.
How does Sportsman's Warehouse Holdings' Sloan Ratio % compare to NPT and ABLV?
Sportsman's Warehouse Holdings' Sloan Ratio % of -7.64% 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 Sloan Ratio % for a Retail - Cyclical company?
A good Sloan Ratio % depends on the Retail - Cyclical industry context. However, Sloan Ratio % 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 Sloan Ratio % mean?
A high Sloan Ratio % can signal that a stock is expensive relative to its fundamentals. Sloan ratio measures earnings quality based on the amount of accruals. View historical data on Sportsman's Warehouse Holdings and its competitors. Sportsman's Warehouse Holdings's current Sloan Ratio % is -7.64%. 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 $1.20 — trading 54.7% below its estimated fair value. The current Sloan Ratio % is -7.64%. Sportsman's Warehouse Holdings' overall GF Score™ is 45/100 with 7 warning signs to review. Investors should evaluate multiple metrics — including profitability, growth, and financial strength — before making a decision.
How is Sloan Ratio % calculated?
Sloan Ratio % is calculated from a company's financial statements. For Sportsman's Warehouse Holdings (SPWH), the current Sloan Ratio % is -7.64% 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 $1.20 is trading 54.7% below its estimated GF Value™ of $2.64.
GuruFocus considers Sportsman's Warehouse Holdings to be Possible Value Trap.
Key valuation signals for SPWH:
Sloan Ratio %: -7.64%
GF Value™: $2.64 vs. price of $1.20 (54.7% below fair value)
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
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.
45GF Score
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