Buckle
BKE · Apparel Retail
$46.54
2.0%Boot Barn
BOOT · Apparel Retail
$115.18
3.8%The short version
- Boot Barn is the larger business, with $2.3B of revenue in fiscal 2026 against $1.3B for Buckle, about 1.7 times as much.
- Boot Barn grew revenue faster (17.9%, against 6.6%).
- Buckle kept more of each dollar of sales as operating profit (20.1% operating margin, against 13.3% operating margin).
- Buckle turned more of its sales into free cash flow (15.9% FCF margin, against 5.6% FCF margin).
- Investors pay more for each dollar of Boot Barn’s earnings: a P/E of 14.6x against 10.7x for Buckle.
| Latest fiscal year | BKE · FY25 | BOOT · FY26 |
|---|---|---|
| Size | ||
| Market cap | $2.4B | $3.5B |
| Revenue | $1.3B | $2.3B |
| Free cash flow | $206M | $126M |
| Net income | $210M | $226M |
| Growth | ||
| Revenue growth | 6.6% | 17.9% |
| 5-year growth | 7.6% | 20.3% |
| Share count change | 0.8% | −0.1% |
| Profitability | ||
| Gross margin | 49.0% | 38.1% |
| Operating margin | 20.1% | 13.3% |
| Net margin | 16.2% | 10.0% |
| FCF margin | 15.9% | 5.6% |
| Return on capital | — | — |
| Return on equity | 49.4% | 18.4% |
| Balance sheet | ||
| Net debt | — | — |
| Net debt / EBITDA | — | — |
| Dividends and buybacks | $225M | $50.0M |
| Valuation & quality | ||
| P/E | 10.7x | 14.6x |
| Piotroski F-score | — | — |
FY17
BKE $913M
BOOT $630M
FY18
BKE $886M
BOOT $678M
FY19
BKE $900M
BOOT $777M
FY20
BKE $901M
BOOT $846M
FY21
BKE $1.3B
BOOT $894M
FY22
BKE $1.3B
BOOT $1.5B
FY23
BKE $1.3B
BOOT $1.7B
FY24
BKE $1.2B
BOOT $1.7B
FY25
BKE $1.3B
BOOT $1.9B
FY26
BKE —
BOOT $2.3B
BKE
BOOT
FY17
BKE 14.7%
BOOT 6.0%
FY18
BKE 13.7%
BOOT 6.8%
FY19
BKE 14.6%
BOOT 8.3%
FY20
BKE 18.6%
BOOT 8.7%
FY21
BKE 25.9%
BOOT 9.7%
FY22
BKE 24.4%
BOOT 17.4%
FY23
BKE 21.5%
BOOT 14.0%
FY24
BKE 19.8%
BOOT 11.9%
FY25
BKE 20.1%
BOOT 12.5%
FY26
BKE —
BOOT 13.3%
BKE
BOOT
FY17
BKE $106M
BOOT $18.9M
FY18
BKE $98.7M
BOOT $19.8M
FY19
BKE $123M
BOOT $35.7M
FY20
BKE $220M
BOOT −$11.9M
FY21
BKE $293M
BOOT $128M
FY22
BKE $212M
BOOT $28.4M
FY23
BKE $217M
BOOT −$35.7M
FY24
BKE $200M
BOOT $117M
FY25
BKE $206M
BOOT −$0.8M
FY26
BKE —
BOOT $126M
BKE
BOOT
FY17
BKE —
BOOT 6.1%
FY18
BKE —
BOOT 11.4%
FY19
BKE —
BOOT 12.9%
FY20
BKE —
BOOT 14.7%
FY21
BKE —
BOOT 16.2%
FY22
BKE —
BOOT —
FY23
BKE —
BOOT —
FY24
BKE —
BOOT —
FY25
BKE —
BOOT —
FY26
BKE —
BOOT —
BKE
BOOT
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Each company's latest fiscal year; fiscal years end in different months. The best value in each row is highlighted where higher (or lower) is clearly better. Not investment advice.