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Academy Sports and Outdoors, Inc.

ASO · Consumer Discretionary · $3.8B mkt cap · FY2026 filings · · Narrow moat ·

Wonderful & reasonably priced

Narrow moat
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The five investor questions

29

2022–2026 (latest 5 aligned FYs; v3 window cap 5): revenue $6.8B to $6.1B, decreasing; diluted EPS 7.12 to 5.54, decreasing.

54

Median gross margin 34.1% over 8y, very stable.

100

Median ROIC 25.3%, above the 12% hurdle in 100% of years.

97

Net debt/EBITDA 0.2x, no material interest expense disclosed.

100

Owner earnings changed +34.9%/yr over up to the ten most recent annual observations.

Price vs. value if growth stopped today

A cautious baseline, not a price target: what the shares may support if normalized owner earnings simply hold steady.

Above value if growth stopped todayBelow value if growth stopped today
34% below value if growth stopped today
$519M
$88.82
$103.13
$58.47
34% below value if growth stopped today

A discount this large is often a warning rather than a bargain — the market may expect earnings to keep falling. See the revenue trend above.

How to read this

What today’s price assumes: owner earnings shrinking ~8%/yr over 5 years. The estimate assumes owner earnings stay flat (0% growth).

We solve for the constant annual change in owner earnings that would make the five-year zero-growth estimate equal today’s price. This keeps the existing model inputs and calculation unchanged; it is an expectations lens, not a forecast.

This zero-growth estimate assumes trailing owner earnings persist — unreliable for declining businesses. The recent FY revenue series does not trigger the three-consecutive-declines flag.

Among the current top-score group, the median current price is 255% above the zero-growth estimate across 49 of the current top 50 companies by Moat Score with both values.

Score records captured Oct 16, 2026.

Exactly which 50 companies?

FTNT, IBEX, META, MEDP, MSFT, GOOG, LULU, ANF, IDXX, TXRH, FHI, QLYS, FFIV, ADBE, LLY, MANH, CPRT, VEEV, RMD, GRMN, PCTY, EAT, UI, SSD, MNST, DOCS, LRCX, MCO, NTAP, NVDA, CORT, SFM, MPTI, ULTA, SN, ROL, CTAS, PAYC, IRMD, DECK, MORN, INTU, JKHY, TPR, LGCY, DAL, GWW, ISRG, MPWR, LOPE

Missing a usable price or zero-growth estimate: ANF.

Model details under moat-index@3.0.0: zero-growth multiple 11.1×, capped-growth comparison at no more than 18×; 9% discount rate; high-end growth 1% (capped at 4%) using min(5y revenue CAGR, 5y diluted-EPS CAGR), clamped to 0%–4%; maintenance capex uses min(capex, D&A); abstain when D&A is unavailable. This is a disclosed model range, not intrinsic value as fact.

9 years of fundamentals

The business, in plain English

Academy Sports and Outdoors, Inc. booked $6.1B of revenue in FY2026 in the Consumer Discretionary sector and kept 34.8% of it as gross profit — a moderate-margin business by that measure. After every other cost, 6.2% of each revenue dollar reached the bottom line.

Across the filed record, revenue grew from $4.8B (FY2019) to $6.1B (FY2026) — about 3.4% a year compounded over 7 years.

It earned 17.1% on invested capital in the latest filed year, FY2026. Across the full 6-year measurable filed record, median ROIC was 25.3%. Over the v3 recent window (6 measurable filed years), median ROIC was 25.3%. The Returns on Capital filter above scores it 100/100.

The balance sheet carried $484M of total debt in FY2026 against $377M of owner earnings — roughly 1.3 years of owner earnings to retire it all. Balance-Sheet Safety scores it 97/100.

Put together: Returns on Capital is the strongest of the five filters (100/100) and Business Trend the weakest (29/100), which is how ASO lands at 76/100 — a Narrow moat.

This breakdown is generated from the filed numbers and sub-scores above — no outside narrative, no estimates. Where a filing doesn’t disclose an input, the sentence that would need it is omitted instead of guessed.

FY2018–FY2026 · 9 fiscal years, normalized from ASO’s SEC filings

Sales, as filed$6.1B FY2026
$0$2.5B$5B2018202120242026
Revenue kept after cost of goods34.8% FY2026
0%20%2018202120242026
Standard ROIC or separately labeled Operating ROICStandard ROIC 17.5% FY2026

Exact FY and FY-1 financing invested-capital inputs are required.

0%20%40%2018202120242026
Cash an owner could take out$377M FY2026
$0$500M2018202120242026

The explained ROIC gaps have filed inputs but no meaningful positive invested-capital denominator. Other gaps mean the item is not in the filings for that year. The series is never interpolated or estimated. The Table view lists every filed value, including operating and net margins, total debt, and share count.

Flagship explainer

How Academy Sports and Outdoors, Inc. makes its money

Start with a dollar of revenue and follow what the filing says remains.

revenueBranching filed flows with values and percentages directly labeled. Missing filing concepts are omitted rather than estimated.Revenue$6.1B · 100%Cost of revenue$3.9B · 65%Gross profit$2.1B · 35%Operating income$512M · 8%Income before tax$486M · 8%Income tax$109M · 2%Net income$377M · 6%As of 2026-01-31 · 1 SEC filing sourceBuy Like Buffett · buylikebuffett.com

Honest partial: the filing did not provide a normalized tag for Research and development, Selling, general and administrative; those components are omitted, not plugged.

Table alternative
Filed lineValue% of revenueSource
$6.1B100%
  • 10-K · FY 2026Filing detailsAccession 0001817358-26-000031 · filed Mar 17, 2026
Cost of revenue$3.9B65%
  • 10-K · FY 2026Filing detailsAccession 0001817358-26-000031 · filed Mar 17, 2026
$2.1B35%
  • 10-K · FY 2026Filing detailsAccession 0001817358-26-000031 · filed Mar 17, 2026
$512M8%
  • 10-K · FY 2026Filing detailsAccession 0001817358-26-000031 · filed Mar 17, 2026
Income before tax$486M8%
  • 10-K · FY 2026Filing detailsAccession 0001817358-26-000031 · filed Mar 17, 2026
Income tax$109M2%
  • 10-K · FY 2026Filing detailsAccession 0001817358-26-000031 · filed Mar 17, 2026
$377M6%
  • 10-K · FY 2026Filing detailsAccession 0001817358-26-000031 · filed Mar 17, 2026
Source:
  • 10-K · FY 2026Filing detailsAccession 0001817358-26-000031 · filed Mar 17, 2026
· event Jan 31, 2026 · retrieved Oct 16, 2026 · annual-row source set
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Flagship explainer

What Academy Sports and Outdoors, Inc. owns — and owes

Academy Sports and Outdoors, Inc.'s filing tags don't support a full breakdown — here's what is filed:

Table alternative
Filed lineValue% of assetsSource
Total assets$5.3B100%
  • 10-K · FY 2026Filing detailsAccession 0001817358-26-000031 · filed Mar 17, 2026
Cash and equivalents$330M6%
  • 10-K · FY 2026Filing detailsAccession 0001817358-26-000031 · filed Mar 17, 2026
$484M9%
  • 10-K · FY 2026Filing detailsAccession 0001817358-26-000031 · filed Mar 17, 2026
Stockholders’ equity$2.2B41%
  • 10-K · FY 2026Filing detailsAccession 0001817358-26-000031 · filed Mar 17, 2026
Source:
  • 10-K · FY 2026Filing detailsAccession 0001817358-26-000031 · filed Mar 17, 2026
· event Jan 31, 2026 · retrieved Oct 16, 2026 · annual-row source set

Flagship explainer

What drives Academy Sports and Outdoors, Inc.’s return on equity?

ROE is five filed business factors multiplied together.

DuPont return on equity factor treeReturn on equity branches into tax burden, interest burden, operating margin, asset turnover, and the equity multiplier.Return on equity18%Tax burden78%net income ÷ pretax incomeInterest burden95%pretax ÷ operating incomeOperating margin8%operating income ÷ revenueAsset turnover1.19×revenue ÷ average assetsEquity multiplier2.44×average assets ÷ average equityAs of 2026-01-31 · 1 SEC filing sourceBuy Like Buffett · buylikebuffett.com
DuPont source inputs
InputValueFiscal yearSource
$377MFY2026
  • 10-K · FY 2026Filing detailsAccession 0001817358-26-000031 · filed Mar 17, 2026
Income before tax$486MFY2026
  • 10-K · FY 2026Filing detailsAccession 0001817358-26-000031 · filed Mar 17, 2026
Operating income$512MFY2026
  • 10-K · FY 2026Filing detailsAccession 0001817358-26-000031 · filed Mar 17, 2026
$6.1BFY2026
  • 10-K · FY 2026Filing detailsAccession 0001817358-26-000031 · filed Mar 17, 2026
Ending assets$5.3BFY2026
  • 10-K · FY 2026Filing detailsAccession 0001817358-26-000031 · filed Mar 17, 2026
Beginning assets$4.9BFY2025
  • 10-K · FY 2025Filing detailsAccession 0001817358-26-000031 · filed Mar 17, 2026
$2.2BFY2026
  • 10-K · FY 2026Filing detailsAccession 0001817358-26-000031 · filed Mar 17, 2026
$2.0BFY2025
  • 10-K · FY 2025Filing detailsAccession 0001817358-26-000031 · filed Mar 17, 2026
Source: · event Jan 31, 2026 · retrieved Oct 16, 2026 · annual-row source set
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Flagship explainer

Where Academy Sports and Outdoors, Inc.'s cash went

Academy Sports and Outdoors, Inc.’s filing does not supply enough provenance-matched cash-flow lines for a truthful flow chart — here’s what is filed:

Table alternative
Filed lineValue% of cash from operationsSource
Cash from operations$435M100%
  • 10-K · FY 2026Filing detailsAccession 0001817358-26-000031 · filed Mar 17, 2026
Depreciation and amortization$123M28%
  • 10-K · FY 2026Filing detailsAccession 0001817358-26-000031 · filed Mar 17, 2026
Source:
  • 10-K · FY 2026Filing detailsAccession 0001817358-26-000031 · filed Mar 17, 2026
· event Jan 31, 2026 · retrieved Oct 16, 2026 · annual-row source set

Curated 19-manager tier

Who reported holding Academy Sports and Outdoors, Inc.

Delayed public 13F reports for 2026-Q2—not live positions, trades, or recommendations.

0 holding0 exited18 not holding18/19 resolved1 not retrieved

Named manager positions and quarter-over-quarter changes
ManagerReported positionQuarter-over-quarterFiling accession
Abrams CapitalNo position reportedNo position reported
Akre CapitalNo position reportedNo position reported
Baupost GroupNo position reportedNo position reported
Berkshire HathawayNo position reportedNo position reported
Brave Warrior AdvisorsNo position reportedNo position reported
Dodge & CoxNo position reportedNo position reported
First EagleNo position reportedNo position reported
FundsmithNo position reportedNo position reported
Gardner Russo & QuinnNo position reportedNo position reported
Gates Foundation TrustNo position reportedNo position reported
Mairs & PowerNo position reportedNo position reported
Markel / Markel-GaynerNo position reportedNo position reported
Oakmark / Harris AssociatesNo position reportedNo position reported
Polen CapitalNo position reportedNo position reported
Sequoia / Ruane CunniffNo position reportedNo position reported
Southeastern Asset ManagementNo position reportedNo position reported
Tweedy, BrowneNo position reportedNo position reported
Yacktman Asset ManagementNo position reportedNo position reported
Pershing SquareNot retrievedComparison not retrievedFiling not retrieved

Position size uses shares and filed value from each manager’s 13F. Portfolio weight uses the eligible long-share filing denominator. Changes compare only with the immediately preceding calendar quarter.

Source:
37 SEC filings
  1. 13F-HR · Q1 2026Filing detailsAccession 0000813917-26-000038 · filed May 15, 2026
  2. 13F-HR · Q2 2026Filing detailsAccession 0000813917-26-000042 · filed Aug 14, 2026
  3. 13F-HR · Q1 2026Filing detailsAccession 0000860643-26-000003 · filed May 13, 2026
  4. 13F-HR · Q2 2026Filing detailsAccession 0000860643-26-000005 · filed Aug 13, 2026
  5. 13F-HR · Q1 2026Filing detailsAccession 0000905567-26-000002 · filed May 1, 2026
  6. 13F-HR · Q2 2026Filing detailsAccession 0000905567-26-000003 · filed Aug 11, 2026
  7. 13F-HR · Q1 2026Filing detailsAccession 0000919574-26-003132 · filed May 15, 2026
  8. 13F-HR · Q2 2026Filing detailsAccession 0000919574-26-005176 · filed Aug 14, 2026
  9. 13F-HR · Q1 2026Filing detailsAccession 0001061768-26-000007 · filed May 14, 2026
  10. 13F-HR · Q2 2026Filing detailsAccession 0001061768-26-000010 · filed Aug 13, 2026
  11. 13F-HR · Q1 2026Filing detailsAccession 0001096343-26-000044 · filed May 1, 2026
  12. 13F-HR · Q2 2026Filing detailsAccession 0001096343-26-000065 · filed Jul 31, 2026
  13. 13F-HR · Q1 2026Filing detailsAccession 0001104659-26-062592 · filed May 15, 2026
  14. 13F-HR · Q2 2026Filing detailsAccession 0001104659-26-097175 · filed Aug 14, 2026
  15. 13F-HR · Q1 2026Filing detailsAccession 0001112520-26-000009 · filed May 14, 2026
  16. 13F-HR · Q2 2026Filing detailsAccession 0001112520-26-000014 · filed Aug 14, 2026
  17. 13F-HR · Q1 2026Filing detailsAccession 0001172661-26-001819 · filed May 14, 2026
  18. 13F-HR · Q1 2026Filing detailsAccession 0001172661-26-001911 · filed May 14, 2026
  19. 13F-HR · Q1 2026Filing detailsAccession 0001172661-26-001966 · filed May 14, 2026
  20. 13F-HR · Q1 2026Filing detailsAccession 0001172661-26-002294 · filed May 15, 2026
  21. 13F-HR · Q2 2026Filing detailsAccession 0001172661-26-003035 · filed Aug 4, 2026
  22. 13F-HR · Q2 2026Filing detailsAccession 0001172661-26-003402 · filed Aug 13, 2026
  23. 13F-HR · Q2 2026Filing detailsAccession 0001172661-26-003496 · filed Aug 14, 2026
  24. 13F-HR · Q2 2026Filing detailsAccession 0001172661-26-003728 · filed Aug 14, 2026
  25. 13F-HR · Q1 2026Filing detailsAccession 0001193125-26-208439 · filed May 6, 2026
  26. 13F-HR · Q1 2026Filing detailsAccession 0001193125-26-223352 · filed May 14, 2026
  27. 13F-HR · Q1 2026Filing detailsAccession 0001193125-26-226661 · filed May 15, 2026
  28. 13F-HR · Q2 2026Filing detailsAccession 0001193125-26-340443 · filed Aug 7, 2026
  29. 13F-HR · Q2 2026Filing detailsAccession 0001193125-26-349535 · filed Aug 13, 2026
  30. 13F-HR · Q2 2026Filing detailsAccession 0001193125-26-352200 · filed Aug 14, 2026
  31. 13F-HR/A · Q1 2026 · Amendment RESTATEMENTFiling detailsAccession 0001325447-26-000018 · filed May 14, 2026
  32. 13F-HR · Q2 2026Filing detailsAccession 0001325447-26-000020 · filed Aug 5, 2026
  33. 13F-HR/A · Q2 2026 · Amendment NEW HOLDINGSFiling detailsAccession 0001325447-26-000033 · filed Aug 24, 2026
  34. 13F-HR · Q1 2026Filing detailsAccession 0001398344-26-009296 · filed May 15, 2026
  35. 13F-HR · Q2 2026Filing detailsAccession 0001398344-26-014641 · filed Aug 14, 2026
  36. 13F-HR · Q1 2026Filing detailsAccession 0001569205-26-000005 · filed May 15, 2026
  37. 13F-HR · Q2 2026Filing detailsAccession 0001569205-26-000012 · filed Aug 14, 2026
· event Jun 30, 2026 · retrieved Oct 16, 2026

Flagship explainer

What Academy Sports and Outdoors, Inc. insiders reported

Records still being gathered — partial as of retrieval Oct 16, 2026.

Partial coverage: the incomplete Form 4 walk cannot establish no activity, an activity date, or zero counts.

Moat Score history

29 logged readings since Jul 17, 2026 · append-only, never rewritten

Moat Score over timeLast scored reading of each day, on the 0–100 scale76.1 / 100
0406080100WideNarrowShallowNo moatJul 17, 2026Oct 16, 2026

Breaks in the line mark methodology or normalizer upgrades — readings across versions aren’t compared, so a level shift there isn’t a change in the business.

Tier changesSame-methodology and same-normalizer crossings of the Wide / Narrow / Shallow bars

  1. Normalizer upgraded unstamped (version unknown)moat-xbrl-normalizer@1.1.0 — readings across versions aren’t comparedJul 26, 2026
  2. Methodology upgraded moat-index@2.0.0moat-index@3.0.0 — readings across versions aren’t comparedJul 23, 2026
  3. Methodology upgraded moat-index@1.2.0moat-index@2.0.0 — readings across versions aren’t comparedJul 20, 2026

Scores are logged append-only and never overwritten — this record cannot be reconstructed retroactively, which is exactly why it’s worth keeping.

Insider activity

Form 4 reports mix P/S market or private transactions with compensation-plan mechanics. Activity casually described as “insider selling” can include compensation mechanics; awards, tax withholding, and option exercises are shown by their exact filed class here, never collapsed into “Bought” or “Sold.”

These are disclosed filing facts and arithmetic aggregates, not a signal or verdict.

This machine-readable surface covers SEC ownership filings from 2003; it does not represent earlier paper-era records.

Records still being gathered — partial as of retrieval Oct 16, 2026.

Among the rows shown, A/F/M acquisition, payment or withholding, and exercise or conversion rows outnumber S sale rows (8 versus 6). The filing codes alone do not establish that every such row arose from a compensation plan.

Trailing-12-month totals and the 90-day cluster result are withheld because this issuer walk is incomplete.

InsiderShares owned afterDateFiling detail
Johnson Samuel JPresidentOpen-market or private sale (S)Table I · Disposed · Common Stock70,303$51.7948$3,641,330See lot detailSep 15, 2026
3 filed lots
  • Table I · Common Stock: 27,370 shares at $52.82 · code S · owned after 79,794 ·
  • Table I · Common Stock: 9,123 shares at $51.85 · code S · owned after 70,671 ·
  • Table I · Common Stock: 33,810 shares at $50.95 · code S · owned after 36,861 ·
MARLEY BRIAN TDirectorOpen-market or private sale (S)Table I · Disposed · Common Stock10,432$53.2523$555,528See lot detailSep 15, 2026
2 filed lots
  • Table I · Common Stock: 3,932 shares at $54.00 · code S · owned after 39,107 ·
  • Table I · Common Stock: 6,500 shares at $52.80 · code S · owned after 32,607 ·
Johnson Samuel JPresidentExercise or conversion of derivative security (M)Table I · Acquired · Common Stock · 1 paired event25,580$26.99$690,404132,744Sep 14, 2026
1 filed lot
  • Table I · Common Stock: 25,580 shares at $26.99 · code M · owned after 132,744 · Paired event: 25,580 Stock Options (Right to Buy) → 25,580 Common Stock ·
Johnson Samuel JPresidentOpen-market or private sale (S)Table I · Disposed · Common Stock25,580$53.95$1,380,041107,164Sep 14, 2026
1 filed lot
  • Table I · Common Stock: 25,580 shares at $53.95 · code S · owned after 107,164 ·
Johnson Samuel JPresidentExercise or conversion of derivative security (M)Table II · Disposed · Stock Options (Right to Buy) · 1 paired event25,580—Exercise or conversion of derivative security (M)—0Sep 14, 2026
1 filed lot
  • Table II · Stock Options (Right to Buy): 25,580 shares at — (Exercise or conversion of derivative security (M)) · code M · owned after 0 · Paired event: 25,580 Stock Options (Right to Buy) → 25,580 Common Stock ·
Ford Earl Carlton IVEVP & CFOExercise or conversion of derivative security (M)Table I · Acquired · Common Stock · 1 paired event1,621Not disclosedNot disclosed21,727Sep 8, 2026
1 filed lot
  • Table I · Common Stock: 1,621 shares at Not disclosed · code M · owned after 21,727 · Paired event: 1,621 Restricted Stock Units → 1,621 Common Stock ·
Ford Earl Carlton IVEVP & CFOPayment of exercise price or tax liability (F)Table I · Disposed · Common Stock638$44.94$28,67221,089Sep 8, 2026
1 filed lot
  • Table I · Common Stock: 638 shares at $44.94 · code F · owned after 21,089 ·
Ford Earl Carlton IVEVP & CFOExercise or conversion of derivative security (M)Table II · Disposed · Restricted Stock Units · 1 paired event1,621—Exercise or conversion of derivative security (M)—0Sep 8, 2026
1 filed lot
  • Table II · Restricted Stock Units: 1,621 shares at — (Exercise or conversion of derivative security (M)) · code M · owned after 0 · Paired event: 1,621 Restricted Stock Units → 1,621 Common Stock ·
McCabe Matthew M.EVP & CMOExercise or conversion of derivative security (M)Table I · Acquired · Common Stock · 1 paired event1,621Not disclosedNot disclosed25,547Sep 8, 2026
1 filed lot
  • Table I · Common Stock: 1,621 shares at Not disclosed · code M · owned after 25,547 · Paired event: 1,621 Restricted Stock Units → 1,621 Common Stock ·
McCabe Matthew M.EVP & CMOPayment of exercise price or tax liability (F)Table I · Disposed · Common Stock638$44.94$28,67224,909Sep 8, 2026
1 filed lot
  • Table I · Common Stock: 638 shares at $44.94 · code F · owned after 24,909 ·
McCabe Matthew M.EVP & CMOExercise or conversion of derivative security (M)Table II · Disposed · Restricted Stock Units · 1 paired event1,621—Exercise or conversion of derivative security (M)—0Sep 8, 2026
1 filed lot
  • Table II · Restricted Stock Units: 1,621 shares at — (Exercise or conversion of derivative security (M)) · code M · owned after 0 · Paired event: 1,621 Restricted Stock Units → 1,621 Common Stock ·

Source-event as of . Retrieved .

Track record

How Academy Sports and Outdoors, Inc.’s moat rated in each of the years we can reconstruct from its filings — scored only on what was knowable at the time — and what its price and returns did afterward. The score never saw a price; the two are joined only in hindsight, for education, not as a signal.

Point-in-time scores 2020–2025, one methodology version · reconstructed from filings on file each Dec 31 — never with hindsight

Point-in-time Moat Score (dot colored by tier)Indexed price (total-return (dividends reinvested))Rated Wide-moat that year

How to read this: each dot is what the engine would have scored ASO on that December 31; the line below is its total-return price path (dividends reinvested) in the years since.

0406080100WideNarrowShallowNo moatPoint-in-time Moat Score100200Indexed price · log scale (2021 = 100)2020202120222023202420252026

Two tracks, one timeline: the score has its own 0–100 scale (top), the price its own 100-based scale (bottom) — never a shared axis. The price path is a total-return (dividends reinvested) index built from the same data the forward returns use; gaps in the score line are years with no reconstructed rating (see the table for why). The Table view carries every value.

What followed, in the years it rated Wide

In the 5 years ASO rated Wide-moat (2021, 2022, 2023, 2024 and 2025), the median forward total return that followed — measured only after each year’s filings were public — was:

  • 1 year 4% vs the S&P 500’s 20% (price basis) · median over 4 years
  • 3 years 18% vs the S&P 500’s 51% (price basis) · median over 2 years
  • 5 years None of the 5 years it rated Wide has a fully elapsed 5-year window with a benchmark to compare against yet.

These are medians computed from the data, not a claim about any one year. The company figures are total returns (dividends reinvested); the S&P 500 is the price-only ^GSPC index, which excludes dividends and so understates the index — the gap flatters the company. A quality rating is not a return forecast, and past returns don’t predict future ones. Educational only, not investment advice.

Consumer Discretionary context

#57 of 487 scored Consumer Discretionary companies, ranked by Moat Score.

Nearest peers by Moat Score

  1. #55LEVI LEVI STRAUSS & CO76.1Narrow moat
  2. #56BJ BJ’S WHOLESALE CLUB HOLDINGS, INC.76.1Narrow moat
  3. #58FND Floor & Decor Holdings, Inc.75.6Narrow moat
  4. #59G Genpact Limited74.6Narrow moat

Compare ASO with its nearest peers →All Consumer Discretionary companies on the Index →

Common questions about ASO

Does Academy Sports and Outdoors, Inc. have an economic moat?
Based on its FY2026 SEC filings, the Moat Index scores Academy Sports and Outdoors, Inc. (ASO) 76.1 out of 100 — a Narrow moat. The five questions behind that score begin at 20% each; if exactly one genuinely lacks data, the other four weights are renormalized and disclosed. revenue and EPS trend 29, pricing power 54, returns on capital 100, balance-sheet safety 97, capital allocation 100.
Is ASO trading below the conservative owner-earnings estimate?
The value if growth stopped today — a zero-growth baseline — is $88.82 per share. It capitalizes normalized owner earnings at a 9% rate and assumes 0% growth. Versus a recent price of $58.47, that is 34% below value if growth stopped today. The model also publishes a capped-growth comparison, but the zero-growth estimate is the cautious baseline. It assumes trailing owner earnings persist and is unreliable for declining businesses. This is an educational estimate from primary SEC filings, not intrinsic value as a fact or investment advice.
How has ASO's Moat Score changed over time?
The record logs 29 readings since Jul 17, 2026; the latest reads 76.1 out of 100 (narrow moat). No tier changes on record yet. (Methodology or normalizer upgrades on Jul 20, 2026, Jul 23, 2026, Jul 26, 2026 re-based the score; readings across versions aren't compared.) The history is append-only — readings are only ever added, never rewritten.

Scored from primary SEC filings via the public methodology. Educational only — not a recommendation to buy or sell ASO. See the disclaimer.