MeritValue

Academy Sports & Outdoors, Inc.

ASOdata completeness 100%8 fiscal years on file
i. The business — what you’d actually own
FigureFY 2022FY 2023FY 2024FY 2025FY 2026
Revenue$6.77B1$6.4B2$6.16B3$5.93B3$6.05B3
Net income$671.4M4$628M5$519.2M6$418.4M6$376.8M6
Operating cash flow$673.3M7$552M8$535.8M9$528.1M9$434.8M9
Capital expenditure$75.8M10$108.3M11$207.8M12$199.6M12$212.7M12
Free cash flow (derived)$597.5M7$443.7M8$328M9$328.5M9$222.1M9
Total debt$686.6M13$587.5M14$487.6M15$485.7M16$483.8M16
Cash & equivalents$486M17$337.1M18$347.9M19$288.9M20$330.3M20
Diluted shares94.3M83.9M77.5M73.0M68.0M

Superscripts are receipts. Each links to the SEC filing the number came from (full list at the bottom).

ii. Your slice — ownership made literal
If you owned
shares
You’d own
0.000015%
of the whole company
Your share of last year’s profit
$55.38
Your share of its debt
$71.11
Your share of free cash flow
$32.65
iii. What it’s worth — engine v0.1.0
DCF · Growth Exit 10Y
$62.94
assumptions (10)
  • riskFreeRate4.5%
  • equityRiskPremium5.0%
  • beta100.0%
  • equityWeight85.0%
  • costOfDebtSpread1.5%
  • taxRate21.0%
  • terminalGrowth2.5%
  • projectionYears10
  • fcfGrowth0.0%
  • fcfBase$328M
DCF · Growth Exit 5Y
$68.31
assumptions (10)
  • riskFreeRate4.5%
  • equityRiskPremium5.0%
  • beta100.0%
  • equityWeight85.0%
  • costOfDebtSpread1.5%
  • taxRate21.0%
  • terminalGrowth2.5%
  • projectionYears5
  • fcfGrowth0.0%
  • fcfBase$328M
Earnings Power Value
$80.41
assumptions (8)
  • riskFreeRate4.5%
  • equityRiskPremium5.0%
  • beta100.0%
  • equityWeight85.0%
  • costOfDebtSpread1.5%
  • taxRate21.0%
  • normalizedEarnings$519.2M
  • growthAssumed0.0%
Graham Number
$63.07
assumptions (1)
  • grahamMultiplier2250.0%

Different models answer different questions — which to trust when →

iv. The price question — last, on purpose
What does today’s price assume?
Type a price. The ledger answers.
Or set your own belief
FCF growth, next 5 years0.0%
Discount rate (WACC)8.78%
Terminal growth2.5%
At your growth, a share is worth $68.31

Default growth 0.0%= this company’s own filed history (median-to-median FCF CAGR, clamped 0–20%). Your adjustments are recorded anonymously. They become the “what do owners actually believe” dataset.

Sources — the receipts
  1. 10-K · period ending 2022-01-29 · accession 0001817358-24-000042 (RevenueFromContractWithCustomerExcludingAssessedTax)
  2. 10-K · period ending 2023-01-28 · accession 0001817358-25-000027 (RevenueFromContractWithCustomerExcludingAssessedTax)
  3. 10-K · period ending 2024-02-03 · accession 0001817358-26-000031 (RevenueFromContractWithCustomerExcludingAssessedTax)
  4. 10-K · period ending 2022-01-29 · accession 0001817358-24-000042 (NetIncomeLoss)
  5. 10-K · period ending 2023-01-28 · accession 0001817358-25-000027 (NetIncomeLoss)
  6. 10-K · period ending 2024-02-03 · accession 0001817358-26-000031 (NetIncomeLoss)
  7. 10-K · period ending 2022-01-29 · accession 0001817358-24-000042 (NetCashProvidedByUsedInOperatingActivities)
  8. 10-K · period ending 2023-01-28 · accession 0001817358-25-000027 (NetCashProvidedByUsedInOperatingActivities)
  9. 10-K · period ending 2024-02-03 · accession 0001817358-26-000031 (NetCashProvidedByUsedInOperatingActivities)
  10. 10-K · period ending 2022-01-29 · accession 0001817358-24-000042 (PaymentsToAcquirePropertyPlantAndEquipment)
  11. 10-K · period ending 2023-01-28 · accession 0001817358-25-000027 (PaymentsToAcquirePropertyPlantAndEquipment)
  12. 10-K · period ending 2024-02-03 · accession 0001817358-26-000031 (PaymentsToAcquirePropertyPlantAndEquipment)
  13. 10-K · period ending 2022-01-29 · accession 0001817358-23-000062 (LongTermDebtNoncurrent)
  14. 10-K · period ending 2023-01-28 · accession 0001817358-24-000042 (LongTermDebtNoncurrent)
  15. 10-K · period ending 2024-02-03 · accession 0001817358-25-000027 (LongTermDebtNoncurrent)
  16. 10-K · period ending 2025-02-01 · accession 0001817358-26-000031 (LongTermDebtNoncurrent)
  17. 10-K · period ending 2022-01-29 · accession 0001817358-23-000062 (CashAndCashEquivalentsAtCarryingValue)
  18. 10-K · period ending 2023-01-28 · accession 0001817358-24-000042 (CashAndCashEquivalentsAtCarryingValue)
  19. 10-K · period ending 2024-02-03 · accession 0001817358-25-000027 (CashAndCashEquivalentsAtCarryingValue)
  20. 10-K · period ending 2025-02-01 · accession 0001817358-26-000031 (CashAndCashEquivalentsAtCarryingValue)