ASOAcademy Sports and Outdoors, Inc.

$53.51+13% 1Y

Is the business good?

Mixed

The checks split: 7 of 9 health tests passed and earnings fully cash-backed (1.2×), but margins compressing.

2 good, 1 to watch, 1 neutral
Fundamental health (F-score)7 / 9SEC EDGAR · Jan 31, 2026

High fundamental quality. Nine pass/fail tests of year-over-year health from the filings.

Profits arrive as cash1.18×derived · Aug 1, 2026

Operating profit is fully backed by cash.

Margin direction, 3 years−2.2 pts

Positive operating leverage, operating profit is growing faster than sales, so margins widen as the business scales.

Where ROE comes from7% ROA

A balanced mix of margins, efficiency, and leverage. ROE 18% = margin × turnover × leverage.

Unless marked, from derived.

Against the whole market›

Percentile against every name Ryufin tracks. Higher is better; the tick marks the middle of the market. Context, not one of the checks above.

FCF conversionbehind 69% of the market
Leverage (Debt/EBITDA)better than 85% of the market

Where this answer is blind. The F-score rewards improvement, so an already-elite company can score mid-pack.

How good a business is ASO?

Academy Sports and Outdoors, Inc. earns 20% on the capital it employs against a 9.0% cost of capital, so the business is worth more the bigger it gets.

20%

Return on invested capital · cost of capital 9.0% · 11 points above what the capital costs: growth creates value

Operating margin
9.6%

Operating margin · Specialty Retail median 8.1% · 12 months to Q2 2026

Cash conversion
1.18×

Cash conversion · 1.26× a year ago · operating cash flow covers the operating profit after tax

Share count, year on year
−6.1%

Share count, year on year · bought back, each share owns more of the company

Operating margin by fiscal year
YearOperating margin
FY20207.4%
FY202113%
FY202213%
FY202311%
FY20249.1%
FY20258.5%
Details›
Gross margin12 months to Q2 2026
36%
Operating margin12 months to Q2 2026
9.6%
Net margin12 months to Q2 2026
6.4%
Free cash flow margin
5.3%
Revenue, trailing twelve months
$6.19B
Free cash flow, trailing twelve months
$331M
Net income, trailing twelve months
$396M
Return on invested capitaloperating profit after tax ÷ debt + equity − cash
20%

Margins, capital and share counts from the statements as filed with the SEC; cash conversion is operating cash flow over operating profit after tax.