Is the business good?
How good a business is ASO?
Academy Sports and Outdoors, Inc. earns 18% on the capital it employs against a 9.0% cost of capital, so the business is worth more the bigger it gets.
18%
Return on invested capital · cost of capital 9.0% · 9.0 points above what the capital costs: growth creates value
- Operating margin
- 8.4%
Operating margin · Specialty Retail median 8.4% · 12 months to Q1 2026
- Cash conversion
- 0.62×
Cash conversion · 0.69× a year ago · some of the reported profit has not turned into cash yet
- Share count, year on year
- −3.3%
Share count, year on year · bought back, each share owns more of the company
| Year | Operating margin |
|---|---|
| FY2020 | 7.4% |
| FY2021 | 13% |
| FY2022 | 13% |
| FY2023 | 11% |
| FY2024 | 9.1% |
| FY2025 | 8.5% |
Details›
- Gross margin12 months to Q1 2026
- 35%
- Operating margin12 months to Q1 2026
- 8.4%
- Net margin12 months to Q1 2026
- 6.2%
- Free cash flow margin
- 3.9%
- Revenue, trailing twelve months
- $6.14B
- Free cash flow, trailing twelve months
- $237M
- Net income, trailing twelve months
- $383M
- Return on invested capitaloperating profit after tax ÷ debt + equity − cash
- 18%
Margins, capital and share counts from the statements as filed with the SEC; cash conversion from the cash flow statement.