Boot Barn vs Urban Outfitters
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The short version
- Urban Outfitters is the larger business, with $6.2B of revenue in fiscal 2026 against $2.3B for Boot Barn, about 2.7 times as much.
- Boot Barn grew revenue faster (17.9%, against 11.1%).
- Boot Barn kept more of each dollar of sales as operating profit (13.3% operating margin, against 9.8%).
- Boot Barn turned more of its sales into free cash flow (5.6% FCF margin, against 5.1%).
- Investors pay more for each dollar of Boot Barn’s earnings: a P/E of 14.6x against 13.5x for Urban Outfitters.
| Latest fiscal year | BOOT · FY26 | URBN · FY26 |
|---|---|---|
| Size | ||
| Market cap | $3.5B | $7.5B |
| Revenue | $2.3B | $6.2B |
| Free cash flow | $126M | $315M |
| Net income | $226M | $465M |
| Growth | ||
| Revenue growth | 17.9% | 11.1% |
| 5-year growth | 20.3% | 12.3% |
| Share count change | −0.1% | −2.8% |
| Profitability | ||
| Gross margin | 38.1% | 36.0% |
| Operating margin | 13.3% | 9.8% |
| Net margin | 10.0% | 7.5% |
| FCF margin | 5.6% | 5.1% |
| Return on capital | — | 23.7% |
| Return on equity | 18.4% | 17.6% |
| Balance sheet | ||
| Net debt | — | −$696M |
| Net debt / EBITDA | — | −1.0x |
| Dividends and buybacks | $50.0M | $154M |
| Valuation & quality | ||
| P/E | 14.6x | 13.5x |
| Piotroski F-score | — | 8 |
Revenue
FY17
BOOT $630M
URBN $3.5B
FY18
BOOT $678M
URBN $3.6B
FY19
BOOT $777M
URBN $4.0B
FY20
BOOT $846M
URBN $4.0B
FY21
BOOT $894M
URBN $3.4B
FY22
BOOT $1.5B
URBN $4.5B
FY23
BOOT $1.7B
URBN $4.8B
FY24
BOOT $1.7B
URBN $5.2B
FY25
BOOT $1.9B
URBN $5.6B
FY26
BOOT $2.3B
URBN $6.2B
BOOT
URBN
Operating margin
FY17
BOOT 6.0%
URBN 9.6%
FY18
BOOT 6.8%
URBN 7.2%
FY19
BOOT 8.3%
URBN 9.7%
FY20
BOOT 8.7%
URBN 5.8%
FY21
BOOT 9.7%
URBN 0.1%
FY22
BOOT 17.4%
URBN 9.0%
FY23
BOOT 14.0%
URBN 4.7%
FY24
BOOT 11.9%
URBN 7.2%
FY25
BOOT 12.5%
URBN 8.5%
FY26
BOOT 13.3%
URBN 9.8%
BOOT
URBN
Free cash flow
FY17
BOOT $18.9M
URBN $272M
FY18
BOOT $19.8M
URBN $219M
FY19
BOOT $35.7M
URBN $332M
FY20
BOOT −$11.9M
URBN $56.5M
FY21
BOOT $128M
URBN $127M
FY22
BOOT $28.4M
URBN $96.9M
FY23
BOOT −$35.7M
URBN −$56.8M
FY24
BOOT $117M
URBN $310M
FY25
BOOT −$0.8M
URBN $320M
FY26
BOOT $126M
URBN $315M
BOOT
URBN
Return on capital
FY17
BOOT 6.1%
URBN 22.8%
FY18
BOOT 11.4%
URBN 14.4%
FY19
BOOT 12.9%
URBN 34.6%
FY20
BOOT 14.7%
URBN 17.4%
FY21
BOOT 16.2%
URBN 0.2%
FY22
BOOT —
URBN 28.4%
FY23
BOOT —
URBN 12.1%
FY24
BOOT —
URBN 18.2%
FY25
BOOT —
URBN 21.7%
FY26
BOOT —
URBN 23.7%
BOOT
URBN
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.