Does SPORTSMAN’S WAREHOUSE HOLDINGS, INC. have an economic moat?

Based on its FY2026 SEC filings, the Moat Index scores SPORTSMAN’S WAREHOUSE HOLDINGS, INC. (SPWH) 54.4 out of 100 — a Shallow moat. The four filters behind that score (each 0–100): pricing power 56, returns on capital 82, balance-sheet safety 0, capital discipline 64.

How has SPWH's Moat Score changed over time?

The record logs 2 readings since Jul 17, 2026; the latest reads 54.4 out of 100 (shallow moat). No tier changes on record yet. The history is append-only — readings are only ever added, never rewritten.

The Moat Index

SPORTSMAN’S WAREHOUSE HOLDINGS, INC.

SPWH · Consumer Discretionary · $43.9M mkt cap · FY2026 filings · Shallow moat ·

Doesn't clear the bar

Shallow moat

The four filters

Pricing power56

Median gross margin 32.9% over 10y, very stable.

Returns on capital82

Median ROIC 18.4%, above the 9% hurdle in 70% of years.

Balance-sheet safety0

Net debt/EBITDA 24.4x, interest coverage -3x.

Capital discipline64

Owner earnings trend unclear, share count shrinking (buybacks).

Margin of safety

Above valueOn sale

No price data

Owner earnings (normalized): —
Est. intrinsic value / share: —
Recent price: $1.17
Discount to value: No price data

Conservative model: 9% discount rate, 0% assumed growth (capped at 4%), maintenance capex ≈ min(capex, D&A).

Fundamentals

There's no normalized fundamentals series for SPWH yet — it appears once ingest has processed its filings.

Moat Score history

Moat Score over timeLast scored reading of each day, on the 0–100 scale54.4 / 100

Score history begins Jul 17, 2026 — the record builds from here and can’t be backfilled.

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

None yet — SPWH has read Shallow moat for every logged capture since Jul 17, 2026.

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

Consumer Discretionary context

#136 of 340 scored Consumer Discretionary companies, ranked by Moat Score.

Nearest peers by Moat Score

#134MHH MASTECH DIGITAL, INC.54.6 out of 100, Shallow moatShallow moat
#135WEN Wendy's Co54.4 out of 100, Shallow moatShallow moat
#137TTSH TILE SHOP HOLDINGS, INC.54.3 out of 100, Shallow moatShallow moat
#138THRM Gentherm Inc54.0 out of 100, Shallow moatShallow moat

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

Common questions about SPWH

Does SPORTSMAN’S WAREHOUSE HOLDINGS, INC. have an economic moat?: Based on its FY2026 SEC filings, the Moat Index scores SPORTSMAN’S WAREHOUSE HOLDINGS, INC. (SPWH) 54.4 out of 100 — a Shallow moat. The four filters behind that score (each 0–100): pricing power 56, returns on capital 82, balance-sheet safety 0, capital discipline 64.
How has SPWH's Moat Score changed over time?: The record logs 2 readings since Jul 17, 2026; the latest reads 54.4 out of 100 (shallow moat). No tier changes on record yet. The history is append-only — readings are only ever added, never rewritten.

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