ASO
Academy Sports and Outdoors, Inc.
ASO's fundamentals are mixed, but it looks expensive: trading at 11x earnings, above its usual 8.2x. Analysts expect earnings growth.
ASO Fundamentals
| Metric | Status |
|---|---|
| Stable | |
| Healthy | |
| Healthy | |
| Strong |
ASO's profitability, cash flow and balance sheet are currently healthy, and its revenue is stable.
ASO PE Valuation
| Level | PE | Price | Vs current |
|---|---|---|---|
| Cheap | 6.5x | $39.11 | -42% |
| Fair | 8.2x | $48.95 | -27% |
| Expensive | 9.6x | $57.29 | -15% |
| Forward | 9.7x | $67.29 | — |
| Current | 11x | $67.29 | — |
Historical ranges are pointers, not guarantees.
ASO's PE is in its expensive range at 11x. If earnings grow as analysts expect, today's price would be 9.7x next year's earnings.
ASO Forward outlook
| Metric | Outlook |
|---|---|
| Improving | |
| Growth | |
| Stable | |
| Stable | |
| Limited | |
| High |
Analysts expect ASO's earnings to grow, with its revenue and profitability holding steady.
ASO Earnings Per Share
| Quarter | TTM EPS | YoY |
|---|---|---|
| Forward | $6.92 | +16% |
| Q3 2026 | $5.98 | +12% |
| Q2 2026 | $5.66 | +4% |
| Q1 2026 | $5.54 | -4% |
| Q4 2025 | $5.47 | -10% |
| Q3 2025 | $5.34 | -18% |
| Q2 2025 | $5.44 | -17% |
| Q1 2025 | $5.77 | -14% |
| Q4 2024 | $6.09 | -6% |
ASO earned $5.98 per share over the past year, up 12% from the year before.
ASO Quarterly Revenue
| Quarter | Revenue | YoY |
|---|---|---|
| Q3 2026 | $1.6B | +3% |
| Q2 2026 | $1.4B | +6.7% |
| Q1 2026 | $1.7B | +2.5% |
| Q4 2025 | $1.4B | +3% |
| Q3 2025 | $1.6B | +3.3% |
| Q2 2025 | $1.4B | -0.9% |
| Q1 2025 | $1.7B | -6.6% |
| Q4 2024 | $1.3B | -3.9% |
ASO's revenue grew through 2022 and has held roughly level since: $1.6B last quarter, up 3% from the same quarter a year ago.
| Quarter | Margin | YoY |
|---|---|---|
| Q3 2026 | 15% | +4.2 points |
| Q2 2026 | 5.2% | 0 points |
| Q1 2026 | 9.9% | +0.7 points |
| Q4 2025 | 7.3% | +0.5 points |
| Q3 2025 | 11% | -1.5 points |
| Q2 2025 | 5.1% | -2.4 points |
| Q1 2025 | 9.2% | -2.1 points |
| Q4 2024 | 6.8% | -3 points |
ASO's operating margin was 15% last quarter, up 4.2 points from the same quarter a year ago.
ASO Free Cash Flow
| Quarter | Free cash flow | YoY |
|---|---|---|
| Q3 2026 | $116.1M | +432% |
| Q2 2026 | $121.7M | +14% |
| Q1 2026 | $107.2M | +40% |
| Q4 2025 | -$13.6M | -139% |
| Q3 2025 | $21.8M | -56% |
| Q2 2025 | $106.6M | -36% |
| Q1 2025 | $76.4M | -57% |
| Q4 2024 | $34.4M | +126% |
ASO still generates free cash flow, though less than at its 2020 peak: $331M over the past year.
ASO Total Shares
| Period | Change % | Net change |
|---|---|---|
| Quarterly | -3.6% | -2.4M shares |
| 1 year | -6.1% | -4.1M shares |
| 3 years | -19% | -14.5M shares |
| 5 years | -34% | -32.3M shares |
| Available history | -19% | -15M shares |
ASO has 64M diluted shares, down 6.1% from a year ago, with $280M in buybacks over the past year.
| Quarter | Spent |
|---|---|
| Q3 2026 | $82.1M |
| Q2 2026 | $98.4M |
| Q1 2026 | $99.9M |
| Q4 2025 | — |
| Q3 2025 | — |
| Q2 2025 | $99M |
| Q1 2025 | $91.1M |
| Q4 2024 | $53.4M |
ASO spent $280M buying back its own shares over the past year, up 15% from the year before.
ASO Net Leverage
| Quarter | Net Leverage | Status |
|---|---|---|
| Q3 2026 | 0.3x | Very low |
| Q2 2026 | 0.2x | Very low |
| Q1 2026 | 0.2x | Very low |
| Q4 2025 | 0.3x | Very low |
| Q3 2025 | 0.3x | Very low |
| Q2 2025 | 0.3x | Very low |
| Q1 2025 | 0.3x | Very low |
| Q4 2024 | 0.3x | Very low |
ASO's net debt is less than a year of its operating earnings (EBITDA).
ASO Weekly Momentum
| Metric | Value | Status |
|---|---|---|
| RSI | 68.7 | Neutral |
| Stochastic | 88.0 | Overbought |
ASO's weekly RSI is 69 (neutral) and its Stochastic is 88 (overbought).
ASO PE vs Consumer Cyclical Sector
| Metric | ASO | Sector median | Relative |
|---|---|---|---|
| PE | 11x | 18x | 38% below |
| PE % | 99 | 48 | 51 pts above |
ASO is trading at 11x earnings, a 38% discount to the Consumer Cyclical sector's median of 18x.
ASO Weekly Moving Averages
| Moving average | MA price | Relative |
|---|---|---|
| 8 week MA | $58.0 | 16% above |
| 20 week MA | $51.7 | 30% above |
| 50 week MA | $53.6 | 26% above |
| 100 week MA | $50.9 | 32% above |
| 200 week MA | $53.7 | 25% above |
ASO has climbed back above all five of its weekly moving averages, and it's now 25% above its 200-week average.
ASO Yearly ROI
| Year | Start price | End price | ROI |
|---|---|---|---|
| 2020 | $13.0 | $20.1 | +55% |
| 2021 | $20.1 | $40.1 | +99% |
| 2022 | $40.1 | $51.4 | +28% |
| 2023 | $51.4 | $66.0 | +28% |
| 2024 | $66.0 | $60.1 | -9% |
| 2025 | $60.1 | $50.9 | -15% |
| 2026 YTD | $50.9 | $67.3 | +32% |
ASO has finished higher in four of the last six years, two of them by more than 50%. It's up 32% so far in 2026.