Sportsman's Warehouse Holdings, SPWH

Competitive advantage analysis · consumer-cyclical

Corporate Default
Overall moat score
38/100
Developing

Ranked against 51 peers in Specialty Retail

About Sportsman's Warehouse Holdings,

Sportsman's Warehouse Holdings, Inc., together with its subsidiaries, operates as an outdoor sporting goods retailer in the United States. It offers camping products, such as backpacks, camp essentials, canoes and kayaks, coolers, outdoor cooking equipment, sleeping bags, tents, and tools; and apparel products, including camouflage, jackets, hats, outerwear, sportswear, technical gear, and work wear. The company also provides fishing products … Full SPWH analysis →

Key strengths

  • Revenue Growth Consistent Revenue growth volatility is low (stability score 0.90), suggesting sticky customer base.

Key risks

  • Commodity Pressure / Weak Differentiation Gross margin at 37.3th percentile with high volatility suggests weak pricing power or commoditized products.
  • ROIC Below WACC or Peers ROIC at 20.4th percentile suggests inefficient capital deployment.

The dashed ring is the peer median. Defense scores are percentile ranks against peers, so 50 is roughly the typical company in this group.

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Pricing Power

Developing
30
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Signals, strengths and risks for Pricing Power

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Signals, strengths and risks for Cost Advantage

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Signals, strengths and risks for Customer Stickiness

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Signals, strengths and risks for Capital Efficiency

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Signals, strengths and risks for Resilience

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Signals, strengths and risks for Scale & Market Position

Where SPWH ranks in Specialty Retail

Sportsman's Warehouse Holdings, ranks #35 of 52 scored companies in Specialty Retail by moat score — the top 67%. The widest moat in the group is Winmark Corporation (WINA) at 83/100.

# Company Moat score Rating
31 Advance Auto Parts Inc. AAP 41/100 Developing
32 Boqii Holding Limited BQ 40/100 Developing
33 MarineMax, Inc. (FL) HZO 40/100 Developing
34 PTL LTD PTLE 38/100 Developing
35 Sportsman's Warehouse Holdings, SPWH 38/100 Developing
36 Naas Technology Inc. NAAS 36/100 Developing
37 BARK, Inc. BARK 35/100 Developing
38 JBDI Holdings Limited JBDI 35/100 Developing
39 OneWater Marine Inc. ONEW 34/100 Developing

See every General Corporate company ranked by moat score →

How SPWH scores on the Corporate Default defenses

Pricing Power

Score 30 · 20% of the moat score

Pricing power is the ability to raise prices without losing volume.

Cost Advantage

Score 57 · 15% of the moat score

A cost advantage means delivering the same product for structurally less — better purchasing, denser distribution, a more automated process.

Customer Stickiness

Score 64 · 15% of the moat score

Stickiness is what makes revenue repeat without being re-won every year.

Capital Efficiency

Score 23 · 18% of the moat score

Capital efficiency asks what the company earns on the money tied up in the business.

Resilience

Score 30 · 17% of the moat score

Resilience is the capacity to get through a bad year on its own terms — enough liquidity, enough interest cover, and enough cash generation to avoid a rescue financing or a forced sale.

Scale & Market Position

Score 31 · 15% of the moat score

Scale matters only when it converts into economics.

How each Corporate Default defense is measured, in full →

Understanding SPWH's moat

What is Sportsman's Warehouse Holdings,'s moat score?

Sportsman's Warehouse Holdings, (SPWH) scores 38 out of 100 on the StatsAlpha Moat Map, which rates its competitive advantage as developing. It ranks #35 of 52 scored companies in Specialty Retail, the top 67%. The score is a weighted composite of 6 competitive defenses, each measured against industry peers of 51 companies in Specialty Retail. Its strongest defense is Customer Stickiness (64/100) and its weakest is Capital Efficiency (23/100).

How does Sportsman's Warehouse Holdings, compare with other Specialty Retail companies?

Sportsman's Warehouse Holdings, ranks #35 of 52 scored companies in Specialty Retail by moat score. The widest moat in Specialty Retail is Winmark Corporation (WINA) at 83/100. The companies ranked closest are PTL LTD (PTLE) at 38 just above it and Naas Technology Inc. (NAAS) at 36 just below it.

How is the moat score calculated?

Each company is scored with an industry-specific template — Corporate Default in this case, chosen because the defenses that matter to a bank are not the ones that matter to a software company. Every defense combines several financial signals, and each signal is measured as a percentile against a peer group of 51 companies in Specialty Retail. The defenses are then weighted to produce the overall score out of 100.

Why is Sportsman's Warehouse Holdings, scored with the Corporate Default template?

Most public companies sell a product or a service at a margin, so the moat question is whether that margin survives contact with competitors. The Corporate template scores the six defenses that show up in a general operating company's financial signature: whether it can hold price, produce more cheaply than rivals, keep its customers, earn a return above its cost of capital, withstand a downturn, and turn size into economics.

Which competitive defenses are measured for Sportsman's Warehouse Holdings,?

The Corporate Default template measures 6 defenses, and SPWH scores: Pricing Power (30), Cost Advantage (57), Customer Stickiness (64), Capital Efficiency (23), Resilience (30), Scale & Market Position (31). Each is scored independently as a percentile against peers, so a company can be strong on one and weak on another — the overall score reflects how those defenses are weighted for this industry.

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