# Buckle (BKE.US)

Canonical: https://gigainvestors.com/s/BKE

Analysis as of: 2026-10-16T07:26:57.410Z. Financial observations: FY1997–FY2027.

Listing currency: USD. Reporting currency: USD.

## Verdict

A wonderful business at a fair price

Quality tests for Buy: pass (profit record: pass; earnings resilience is evidence only). Published buy qualification: yes.

Share price: $46.57 per share; close as of 2026-10-15.

Estimated value: low $53.10 per share, central $59.82 per share, high $68.76 per share. Buy at or below the central value $59.82 per share. Valuation as of 2026-10-16T07:26:57.410Z; scenarios are not confidence intervals.

Expected annual return: 12.3% at the stated quote. About 12.3% a year at today's price (required return 10.0%). required return 10.0% a year (10% floor; US 10-year bond 5.1% + 4 points).

## Checklist

### understandable: pass

- 4 revenue declines in the last 10 years (informational)

- Financial history: 10 years

- Years with declining revenue: 4

- Years with a net loss: 0

- Operating margin variation: 0.23×

Chart: Operating margin; fiscal year observations.

- FY2018: 0.15×

- FY2019: 0.11×

- FY2020: 0.15×

- FY2021: 0.19×

- FY2022: 0.26×

- FY2023: 0.24×

- FY2024: 0.21×

- FY2025: 0.20×

- FY2026: 0.20×

- LTM to Jul 2026: 0.21×

### moat: pass

- ROIC, median of available years: 40.9%

- ROIC, second-lowest year: 33.6%

- Typical minus recent gross margin: -2.4 pp

- Typical gross margin (annual median): 46.6%

- Recent gross margin (lower of latest and 3-year median): 49.0%

- Years with nonpositive capital: 0

- Capital spending / revenue: 1.9%

- ROIC including acquisitions, ten-year median: 43.1%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2017: 46.2%

- FY2018: 42.0%

- FY2019: 39.7%

- FY2020: 18.7%

- FY2021: 33.6%

- FY2022: 75.7%

- FY2023: 61.3%

- FY2024: 47.0%

- FY2025: 39.8%

- FY2026: 37.2%

### economics: pass

- Owner earnings / net income, 5-yr: 0.97×

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: $1.1B

- Net income, five-year total: $1.1B

- Return on incremental invested capital: >100%

- Working capital / revenue, annual change: -0.6 pp

- Working capital / revenue, change between three-year averages: -3.9 pp

- Working capital / revenue, final three-year average: 7.2%

Chart: Annual owner cash / profit; fiscal year observations.

- FY2022: 1.00×

- FY2023: 1.00×

- FY2024: 0.93×

- FY2025: 0.90×

- FY2026: 1.00×

### management: pass

- Historical market-dollar context (not the management verdict): 2017 to 2026 (9 years)

- buybacks unrelated to price (informational)

- ROIC first 3 years vs last 3 years: 42.0% vs 39.8%

- Per-share earnings: 2.03 to 4.14 (three-year endpoint medians)

- Management verdict uses per-share economic progress: Yes

- Ordinary dilution, 10-year annual growth: 0.5%

- Ordinary dilution, 5-year annual growth: 0.7%

- Market cap gain: $1.4B

- Cumulative retained earnings: -$89M

- Diluted shares, 10-year annual growth: 0.5%

- Diluted shares, 5-year annual growth: 0.7%

- $1 test, starting fiscal year: FY2017

- $1 test, ending fiscal year: FY2026

- Per-share value growth: 9.3%

- Per-share value change: $2.11

- Per-share value, starting three-year median: $2.03

- Per-share value, ending three-year median: $4.14

- Buybacks concentrated in cheaper years (correlation): -1.00

- Average buyback yield: 0.0%

- Buyback history: 2 years

- Debt-funded buybacks: No

- Acquisition spending: $0

- Cumulative net income, 10 years: $1.7B

- ROIC, first three-year median: 42.0%

- ROIC, last three-year median: 39.8%

Chart: Earnings per share; fiscal year observations.

- FY2017: $2.03

- FY2018: $1.85

- FY2019: $1.97

- FY2020: $2.14

- FY2021: $2.66

- FY2022: $5.16

- FY2023: $5.13

- FY2024: $4.40

- FY2025: $3.89

- FY2026: $4.14

### accounting: pass

- latest-year receivables to sales index (DSRI) exceeds 1.465

- Sloan accruals: -4.2%

- Receivables to sales index (DSRI): 1.52×

- Restructuring years, last five: 0

- Stock compensation / operating cash flow: 3.3%

- Earnings backed by cash: Yes

- Operating cash / earnings: 1.20×

- Accounting red flags: 1

- Goodwill and intangibles / equity: 0.00×

Chart: Sloan accruals; fiscal year observations.

- FY2017: -8.8%

- FY2018: -5.6%

- FY2019: -2.5%

- FY2020: -3.0%

- FY2021: -11.5%

- FY2022: -7.3%

- FY2023: 1.5%

- FY2024: -3.9%

- FY2025: -5.1%

- FY2026: -4.2%

## Holders

## Price story

Down 21% since Sep 2025 · sales +2.4%

Story as of 2026-10-16T09:58:24.275Z; price observation 2026-10-15.

Price needs cash profits to shrink 1.8% a year for ten years

- 2025-08-22: Buckle beats Q2 expectations as sales rise 8.3% ([investing.com](https://www.investing.com/news/earnings/buckle-beats-q2-expectations-as-sales-rise-83-93CH-4206537))

- 2026-04-11: Buckle (BKE) Is Up 9.4% After Strong March Comps and Leadership Shift in Stores ([finance.yahoo.com](https://finance.yahoo.com/markets/stocks/articles/buckle-bke-9-4-strong-091230280.html))

### Sales · FY2026–2027

sales +2.4%; source https://www.sec.gov/Archives/edgar/data/885245/000088524526000012/bke-20260131.htm; observed 2026-04-01.

- FY2018: $913M 

- FY2019: $885M 

- FY2020: $900M 

- FY2021: $901M 

- FY2022: $1.3B 

- FY2023: $1.3B 

- FY2024: $1.3B 

- FY2025: $1.2B 

- FY2026: $1.3B 

- FY2027: $1.3B 

### Gross margin · FY2026

gross margin 49%; source https://www.sec.gov/Archives/edgar/data/885245/000088524526000012/bke-20260131.htm; observed 2026-04-01.

- FY2017: 40.7% 

- FY2018: 41.6% 

- FY2019: 41.3% 

- FY2020: 41.9% 

- FY2021: 44.5% 

- FY2022: 50.4% 

- FY2023: 50.3% 

- FY2024: 49.1% 

- FY2025: 48.7% 

- FY2026: 49.0% 

## Owner memo

Memo as of 2026-10-16T08:06:05.509Z.

### How it makes money

Operates in apparel retail; annual sales are USD 1.3 billion.

- Source: https://www.sec.gov/Archives/edgar/data/885245/000088524526000012/bke-20260131.htm (filed 2026-04-01); FY2026: revenue 1297835000; grossProfit 635858000; margin = grossProfit / revenue.

### Why customers stay

Margins ranged from 48.7% to 49.1% during 2024–26; it earns 40.9% on its capital.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-04-01); FY2024: grossProfit / revenue = 49.1%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-04-01); FY2025: grossProfit / revenue = 48.7%.

- Source: https://www.sec.gov/Archives/edgar/data/885245/000088524526000012/bke-20260131.htm (filed 2026-04-01); FY2026: grossProfit / revenue = 49%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-04-01); 10-year return on capital observations [[2017,0.4615148641865135],[2018,0.4201167544011878],[2019,0.39677932989818865],[2020,0.18702153653870648],[2021,0.3359490057623069],[2022,0.7570041267572728],[2023,0.6126505797328149],[2024,0.4703600454556612],[2025,0.3984488421993893],[2026,0.3716964259768528]]; median 0.4092827983002886. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Can it raise prices

Prices rose 3.6%.

- Source: https://www.sec.gov/Archives/edgar/data/885245/000088524526000012/bke-20260131.htm (filed 2026-04-01); [p0] ts sold per transaction. Online sales for the fiscal year increased 9.8% to $217.1 million for the 52-week fiscal year ended January 31, 2026 compared to $197.7 million for the 52-week fiscal year ended February 1, 2025. The Company’s average retail price per piece of merchandise sold increased $1.80, or 3.6%, during fiscal 2025 compared to fiscal 2024. This $1.80 increase was primarily attributable to the following changes (with their corresponding effect on the overall average price per piece): a 3.5% increase in average denim price points ($0.75), a 3.7% increase in average knit shirt price points ($0.42), a 4.2% increase in average accessories price points ($0.23), a 5.9% increase in average footwear price points ($0.14), an increase in average price points for certain other merchandise categories ($0.22), and a shift in the merchandise mix ($0.04). These changes are primarily a reflection of merchandise shifts in terms of brands and product styles, fabrics, details, and finishes. Gross profit after buying, distribution, and occupancy costs increased from $592.8 million in fiscal 2024 to $635.9 million in fiscal 2025. As a percentage of net sales, gross profit was 49.0% in fiscal 2025 compared to 48.7% in fiscal 2024. The gross margin increase was the result of an increase in merchandise margins (0.20%, as a percentage of net sales) and leveraged occupancy, buying, and distribution expenses (0.10%, as a percentage of net sales). Merchandise shrinkage was 0.4% of net sales in fiscal 2025 compared to 0.5% of net sales in fiscal 2024. Selling expenses increased from $293.2 million in fiscal 2024 to $308.5 million in fiscal 2025. As a percentage of net sales, selling expenses decreased from 24.1% in fiscal 2024 to 23.7% in fiscal 2025. General and administrative expenses increased from $58.2 million in fiscal 2024 to $

[p1]  average retail price per piece of merchandise sold increased $1.80, or 3.6%, during fiscal 2025 compared to fiscal 2024. This $1.80 increase was primarily attributable to the following changes (with their corresponding effect on the overall average price per piece): a 3.5% increase in average denim price points ($0.75), a 3.7% increase in average knit shirt price points ($0.42), a 4.2% increase in average accessories price points ($0.23), a 5.9% increase in average footwear price points ($0.14), an increase in average price points for certain other merchandise categories ($0.22), and a shift in the merchandise mix ($0.04). These changes are primarily a reflection of merchandise shifts in terms of brands and product styles, fabrics, details, and finishes. Gross profit after buying, distribution, and occupancy costs increased from $592.8 million in fiscal 2024 to $635.9 million in fiscal 2025. As a percentage of net sales, gross profit was 49.0% in fiscal 2025 compared to 48.7% in fiscal 2024. The gross margin increase was the result of an increase in merchandise margins (0.20%, as a percentage of net sales) and leveraged occupancy, buying, and distribution expenses (0.10%, as a percentage of net sales). Merchandise shrinkage was 0.4% of net sales in fiscal 2025 compared to 0.5% of net sales in fiscal 2024. Selling expenses increased from $293.2 million in fiscal 2024 to $308.5 million in fiscal 2025. As a percentage of net sales, selling expenses decreased from 24.1% in fiscal 2024 to 23.7% in fiscal 2025. General and administrative expenses increased from $58.2 million in fiscal 2024 to $65.9 million in fiscal 2025. As a percentage of net sales, general and administrative expenses increased from 4.8% in fiscal 2024 to 5.1% in fiscal 2025. 21 In total, selling, general, and administrative expenses were 28.8% of net sal

[p2]  increased $1.80, or 3.6%, during fiscal 2025 compared to fiscal 2024. This $1.80 increase was primarily attributable to the following changes (with their corresponding effect on the overall average price per piece): a 3.5% increase in average denim price points ($0.75), a 3.7% increase in average knit shirt price points ($0.42), a 4.2% increase in average accessories price points ($0.23), a 5.9% increase in average footwear price points ($0.14), an increase in average price points for certain other merchandise categories ($0.22), and a shift in the merchandise mix ($0.04). These changes are primarily a reflection of merchandise shifts in terms of brands and product styles, fabrics, details, and finishes. Gross profit after buying, distribution, and occupancy costs increased from $592.8 million in fiscal 2024 to $635.9 million in fiscal 2025. As a percentage of net sales, gross profit was 49.0% in fiscal 2025 compared to 48.7% in fiscal 2024. The gross margin increase was the result of an increase in merchandise margins (0.20%, as a percentage of net sales) and leveraged occupancy, buying, and distribution expenses (0.10%, as a percentage of net sales). Merchandise shrinkage was 0.4% of net sales in fiscal 2025 compared to 0.5% of net sales in fiscal 2024. Selling expenses increased from $293.2 million in fiscal 2024 to $308.5 million in fiscal 2025. As a percentage of net sales, selling expenses decreased from 24.1% in fiscal 2024 to 23.7% in fiscal 2025. General and administrative expenses increased from $58.2 million in fiscal 2024 to $65.9 million in fiscal 2025. As a percentage of net sales, general and administrative expenses increased from 4.8% in fiscal 2024 to 5.1% in fiscal 2025. 21 In total, selling, general, and administrative expenses were 28.8% of net sales for fiscal 2025 compared to 28.9% of net sales f

[p3] scal 2024. This $1.80 increase was primarily attributable to the following changes (with their corresponding effect on the overall average price per piece): a 3.5% increase in average denim price points ($0.75), a 3.7% increase in average knit shirt price points ($0.42), a 4.2% increase in average accessories price points ($0.23), a 5.9% increase in average footwear price points ($0.14), an increase in average price points for certain other merchandise categories ($0.22), and a shift in the merchandise mix ($0.04). These changes are primarily a reflection of merchandise shifts in terms of brands and product styles, fabrics, details, and finishes. Gross profit after buying, distribution, and occupancy costs increased from $592.8 million in fiscal 2024 to $635.9 million in fiscal 2025. As a percentage of net sales, gross profit was 49.0% in fiscal 2025 compared to 48.7% in fiscal 2024. The gross margin increase was the result of an increase in merchandise margins (0.20%, as a percentage of net sales) and leveraged occupancy, buying, and distribution expenses (0.10%, as a percentage of net sales). Merchandise shrinkage was 0.4% of net sales in fiscal 2025 compared to 0.5% of net sales in fiscal 2024. Selling expenses increased from $293.2 million in fiscal 2024 to $308.5 million in fiscal 2025. As a percentage of net sales, selling expenses decreased from 24.1% in fiscal 2024 to 23.7% in fiscal 2025. General and administrative expenses increased from $58.2 million in fiscal 2024 to $65.9 million in fiscal 2025. As a percentage of net sales, general and administrative expenses increased from 4.8% in fiscal 2024 to 5.1% in fiscal 2025. 21 In total, selling, general, and administrative expenses were 28.8% of net sales for fiscal 2025 compared to 28.9% of net sales for fiscal 2024. The decrease was the result of reductions re

[p4] the following changes (with their corresponding effect on the overall average price per piece): a 3.5% increase in average denim price points ($0.75), a 3.7% increase in average knit shirt price points ($0.42), a 4.2% increase in average accessories price points ($0.23), a 5.9% increase in average footwear price points ($0.14), an increase in average price points for certain other merchandise categories ($0.22), and a shift in the merchandise mix ($0.04). These changes are primarily a reflection of merchandise shifts in terms of brands and product styles, fabrics, details, and finishes. Gross profit after buying, distribution, and occupancy costs increased from $592.8 million in fiscal 2024 to $635.9 million in fiscal 2025. As a percentage of net sales, gross profit was 49.0% in fiscal 2025 compared to 48.7% in fiscal 2024. The gross margin increase was the result of an increase in merchandise margins (0.20%, as a percentage of net sales) and leveraged occupancy, buying, and distribution expenses (0.10%, as a percentage of net sales). Merchandise shrinkage was 0.4% of net sales in fiscal 2025 compared to 0.5% of net sales in fiscal 2024. Selling expenses increased from $293.2 million in fiscal 2024 to $308.5 million in fiscal 2025. As a percentage of net sales, selling expenses decreased from 24.1% in fiscal 2024 to 23.7% in fiscal 2025. General and administrative expenses increased from $58.2 million in fiscal 2024 to $65.9 million in fiscal 2025. As a percentage of net sales, general and administrative expenses increased from 4.8% in fiscal 2024 to 5.1% in fiscal 2025. 21 In total, selling, general, and administrative expenses were 28.8% of net sales for fiscal 2025 compared to 28.9% of net sales for fiscal 2024. The decrease was the result of reductions related to non-recurring digital commerce investments made in f

[p5] the overall average price per piece): a 3.5% increase in average denim price points ($0.75), a 3.7% increase in average knit shirt price points ($0.42), a 4.2% increase in average accessories price points ($0.23), a 5.9% increase in average footwear price points ($0.14), an increase in average price points for certain other merchandise categories ($0.22), and a shift in the merchandise mix ($0.04). These changes are primarily a reflection of merchandise shifts in terms of brands and product styles, fabrics, details, and finishes. Gross profit after buying, distribution, and occupancy costs increased from $592.8 million in fiscal 2024 to $635.9 million in fiscal 2025. As a percentage of net sales, gross profit was 49.0% in fiscal 2025 compared to 48.7% in fiscal 2024. The gross margin increase was the result of an increase in merchandise margins (0.20%, as a percentage of net sales) and leveraged occupancy, buying, and distribution expenses (0.10%, as a percentage of net sales). Merchandise shrinkage was 0.4% of net sales in fiscal 2025 compared to 0.5% of net sales in fiscal 2024. Selling expenses increased from $293.2 million in fiscal 2024 to $308.5 million in fiscal 2025. As a percentage of net sales, selling expenses decreased from 24.1% in fiscal 2024 to 23.7% in fiscal 2025. General and administrative expenses increased from $58.2 million in fiscal 2024 to $65.9 million in fiscal 2025. As a percentage of net sales, general and administrative expenses increased from 4.8% in fiscal 2024 to 5.1% in fiscal 2025. 21 In total, selling, general, and administrative expenses were 28.8% of net sales for fiscal 2025 compared to 28.9% of net sales for fiscal 2024. The decrease was the result of reductions related to non-recurring digital commerce investments made in fiscal 2024 (0.25%, as a percentage of net sales), store la

[p6] increase in average denim price points ($0.75), a 3.7% increase in average knit shirt price points ($0.42), a 4.2% increase in average accessories price points ($0.23), a 5.9% increase in average footwear price points ($0.14), an increase in average price points for certain other merchandise categories ($0.22), and a shift in the merchandise mix ($0.04). These changes are primarily a reflection of merchandise shifts in terms of brands and product styles, fabrics, details, and finishes. Gross profit after buying, distribution, and occupancy costs increased from $592.8 million in fiscal 2024 to $635.9 million in fiscal 2025. As a percentage of net sales, gross profit was 49.0% in fiscal 2025 compared to 48.7% in fiscal 2024. The gross margin increase was the result of an increase in merchandise margins (0.20%, as a percentage of net sales) and leveraged occupancy, buying, and distribution expenses (0.10%, as a percentage of net sales). Merchandise shrinkage was 0.4% of net sales in fiscal 2025 compared to 0.5% of net sales in fiscal 2024. Selling expenses increased from $293.2 million in fiscal 2024 to $308.5 million in fiscal 2025. As a percentage of net sales, selling expenses decreased from 24.1% in fiscal 2024 to 23.7% in fiscal 2025. General and administrative expenses increased from $58.2 million in fiscal 2024 to $65.9 million in fiscal 2025. As a percentage of net sales, general and administrative expenses increased from 4.8% in fiscal 2024 to 5.1% in fiscal 2025. 21 In total, selling, general, and administrative expenses were 28.8% of net sales for fiscal 2025 compared to 28.9% of net sales for fiscal 2024. The decrease was the result of reductions related to non-recurring digital commerce investments made in fiscal 2024 (0.25%, as a percentage of net sales), store labor-related expenses (0.20%, as a percentage 

[p7] etitive information and are subject to various risks and uncertainties. Actual future results and trends may differ materially depending on a variety of factors, including, but not limited to, changes in product mix, changes in fashion trends and/or pricing, competitive factors, general economic conditions, economic conditions in the retail apparel industry, successful execution of internal performance and expansion plans, and other risks detailed herein and in the Company’s other filings with the Securities and Exchange Commission. A forward-looking statement is neither a prediction nor a guarantee of future events or circumstances, and those future events or circumstances may not occur. Users should not place undue reliance on the forward-looking statements, which are accurate only as of the date of this report. The Company is under no obligation to update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise. 4 Merchandising The Company's merchandising strategy is designed to create loyalty by offering a wide selection of key brand name and private label merchandise and providing a broad range of value-added services. The Company believes it provides a unique specialty apparel store experience with merchandise designed to appeal to the fashion-conscious 15 to 30-year old. The merchandise mix includes denims, casual bottoms, tops, sportswear, outerwear, accessories, and footwear. Denim is a significant contributor to total sales (42.5% of fiscal 2025 net sales) and is a key to the Company's merchandising strategy. The Company believes it attracts guests with its wide selection of branded and private label denim and a wide variety of fits, finishes, sizes, and styles. Tops are also significant contributors to total sales (28.9% of fiscal 2025 net sales). The Comp

[p8] s and reducing the need to markdown slow-moving merchandise at a particular location. The Company believes the reduced markdowns justify the incremental distribution costs associated with the transfer system. The Company does not hold store-wide off-price sales at any time. The Company continually evaluates its store design as part of the overall shopping experience and feels its current design continues to be well received by both guests and developers. This store design contains warm wood fixtures and floors, real brick finishes, and an appealing ceiling and lighting layout that creates a comfortable environment for the guest to shop. The signature Buckle-B icon is used throughout the store on fixtures, graphic images, and print materials to reinforce the brand identity. To enhance selling and product presentation, the Company continually updates the fixtures in its stores. The Company has been able to modify the store design for specialized venues including lifestyle centers and larger mall fronts. Over the past several fiscal years, the Company has also developed updated storefront designs that enhance the exterior visibility for stores relocating from enclosed mall locations to outdoor power centers and lifestyle centers. Marketing In fiscal 2025, the Company spent $23.2 million, or 1.8% of net sales, on targeted seasonal marketing campaigns, digital marketing efforts, and in-store point-of-sale materials. A coordinated effort to amplify value and relevance through brand image, voice, and experience is presented through store window displays, seasonal and product-level signage throughout the store, and on digital commerce and experience platforms. Promotions such as special, seasonal events combined with gift-with-purchase offers are offered to enhance the guest’s shopping experience. Seasonal guides, featuring cu

### Where the cash goes

Spends 9.5% of cash earnings on expansion; paid dividends in 10 of 10 years.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-04-01); FY2017: growth capex 0; upkeep 31663000; owner earnings 99085000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-04-01); FY2018: growth capex 0; upkeep 13462000; owner earnings 106990000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-04-01); FY2019: growth capex 0; upkeep 10021000; owner earnings 112435000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-04-01); FY2020: growth capex 0; upkeep 7322000; owner earnings 120896000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-04-01); FY2021: growth capex 0; upkeep 7657000; owner earnings 143345000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-04-01); FY2022: growth capex 411000; upkeep 18689000; owner earnings 254820000. Growth capex / owner earnings = 0.0016129032258064516.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-04-01); FY2023: growth capex 11505000; upkeep 18855000; owner earnings 254626000. Growth capex / owner earnings = 0.045183916803468616.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-04-01); FY2024: growth capex 0; upkeep 37274000; owner earnings 203475000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-04-01); FY2025: growth capex 0; upkeep 42275000; owner earnings 176186000. Growth capex / owner earnings = 0.

- Source: https://www.sec.gov/Archives/edgar/data/885245/000088524526000012/bke-20260131.htm (filed 2026-04-01); FY2026: growth capex 19943000; upkeep 25418000; owner earnings 209744000. Growth capex / owner earnings = 0.09508257685559539.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-04-01); Dividend observations: [[2017,84850000],[2018,133874000],[2019,97744000],[2020,112854000],[2021,128460000],[2022,347798000],[2023,202876000],[2024,196738000],[2025,198019000],[2026,225090000]]. Zero only counted when supported by a complete cash-flow statement.

### Are managers owners

Insiders own 38.3% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-15); BKE.US SharesStats.PercentInsiders = 38.281 percentage points; cache date 2026-10-15.

### What could break it

US import tariffs could raise product costs.

- Source: https://www.sec.gov/Archives/edgar/data/885245/000088524526000012/bke-20260131.htm (filed 2026-04-01); any profitability. Interruptions in service by common carriers could also delay shipment of goods to Company store locations. Additionally, there can be no assurance that the current facilities will be adequate to support future growth.

Reliance on Foreign Sources of Production. The Company purchases a portion of its private label merchandise through sourcing agents in foreign markets. In addition, some of the Company’s domestic vendors manufacture goods overseas. The Company does not have any long-term merchandise supply contracts and its imports are subject to existing or potential duties, tariffs, and quotas. The Company faces a variety of risks associated with doing business overseas including competition for facilities and quotas, political instability, possible new legislation or other governmental action relating to imports that could limit the quantity of merchandise that may be imported, imposition of tariffs, duties, taxes, and other charges on imports, and local business practice and political issues which may result in adverse publicity. The Company’s inability to rely on foreign sources of production due to these or other causes could reduce the amount of inventory the Company is able to purchase, hold up the timing on the receipt of new merchandise, and reduce merchandise margins if comparable inventory is purchased from branded sources. Any or all of these changes would cause a decrease in the Company’s net sales and net earnings.

Dependence upon Maintaining Sales and Profit Growth in the Highly Competitive Retail Apparel Industry. The specialty retail industry is highly competitive. The Company competes primarily on the basis of fashion, selection, quality, price, location, service, and store environment. The Company faces a variety of competitive challenges, including:

•Anticipating and responding timely to changing customer demands and preferences;

•Effectively marketing both branded and private label merchandise to consumers in several diverse market segments and maintaining favorable brand recognition;

•Providing unique, high-quality merchandise in styles, colors, and sizes that appeal to consumers;

•Sourcing merchandise efficiently;

•Competitively pricing merchandise and creating customer perception of value; and

•Monitoring increased labor costs, including increases in health care benefits and worker’s compensation and unemployment insurance costs.

There is no assurance that the Company will be able to compete successfully in the future.

Reliance on Consumer Spending Trends. The continued success of the Company depends, in part, upon numerous factors that impact the levels of individual disposable income and thus, consumer spending. Factors include the political environment, the threat or outbreak of war (including, the ongoing conflicts in Ukraine and Iran), terrorism, civil unrest, economic conditions, employment, 

### What the price says

The price assumes cash profits shrink 1.8% yearly over ten years; actual growth was 3.2%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-04-01); Ten-year compound average after fade. Initial solved rate -0.06588430419248151. Price 46.57; FX 1; discount 0.1; same compounder ten-year fade to terminal 0.03. FY2016 owner earnings/share 3.004875114098415 → FY2026 4.136880929370229. Closing-price date 2026-10-15.

## Monthly share-price history (USD per share)

- 2016-10: $20.85 per share

- 2016-11: $25.30 per share

- 2016-12: $22.80 per share

- 2017-01: $21.15 per share

- 2017-02: $19.85 per share

- 2017-03: $18.60 per share

- 2017-04: $18.70 per share

- 2017-05: $17.00 per share

- 2017-06: $17.80 per share

- 2017-07: $17.10 per share

- 2017-08: $14.15 per share

- 2017-09: $16.85 per share

- 2017-10: $16.45 per share

- 2017-11: $22.25 per share

- 2017-12: $23.75 per share

- 2018-01: $20.05 per share

- 2018-02: $21.05 per share

- 2018-03: $22.15 per share

- 2018-04: $23.05 per share

- 2018-05: $25.25 per share

- 2018-06: $26.90 per share

- 2018-07: $24.05 per share

- 2018-08: $25.75 per share

- 2018-09: $23.05 per share

- 2018-10: $20.40 per share

- 2018-11: $19.10 per share

- 2018-12: $19.34 per share

- 2019-01: $17.37 per share

- 2019-02: $19.19 per share

- 2019-03: $18.72 per share

- 2019-04: $18.48 per share

- 2019-05: $15.05 per share

- 2019-06: $17.31 per share

- 2019-07: $20.35 per share

- 2019-08: $19.60 per share

- 2019-09: $20.60 per share

- 2019-10: $20.92 per share

- 2019-11: $27.82 per share

- 2019-12: $27.04 per share

- 2020-01: $24.41 per share

- 2020-02: $22.63 per share

- 2020-03: $13.71 per share

- 2020-04: $15.31 per share

- 2020-05: $14.08 per share

- 2020-06: $15.68 per share

- 2020-07: $16.03 per share

- 2020-08: $18.74 per share

- 2020-09: $20.39 per share

- 2020-10: $23.96 per share

- 2020-11: $26.82 per share

- 2020-12: $29.20 per share

- 2021-01: $39.32 per share

- 2021-02: $38.44 per share

- 2021-03: $39.28 per share

- 2021-04: $41.94 per share

- 2021-05: $42.12 per share

- 2021-06: $49.75 per share

- 2021-07: $42.08 per share

- 2021-08: $38.73 per share

- 2021-09: $39.59 per share

- 2021-10: $41.62 per share

- 2021-11: $47.04 per share

- 2021-12: $42.31 per share

- 2022-01: $37.64 per share

- 2022-02: $36.00 per share

- 2022-03: $33.04 per share

- 2022-04: $31.06 per share

- 2022-05: $32.86 per share

- 2022-06: $27.69 per share

- 2022-07: $30.20 per share

- 2022-08: $32.28 per share

- 2022-09: $31.66 per share

- 2022-10: $39.33 per share

- 2022-11: $43.95 per share

- 2022-12: $45.35 per share

- 2023-01: $44.00 per share

- 2023-02: $40.79 per share

- 2023-03: $35.69 per share

- 2023-04: $33.53 per share

- 2023-05: $30.71 per share

- 2023-06: $34.60 per share

- 2023-07: $36.56 per share

- 2023-08: $36.54 per share

- 2023-09: $33.39 per share

- 2023-10: $33.77 per share

- 2023-11: $38.56 per share

- 2023-12: $47.52 per share

- 2024-01: $37.19 per share

- 2024-02: $40.94 per share

- 2024-03: $40.27 per share

- 2024-04: $37.39 per share

- 2024-05: $38.54 per share

- 2024-06: $36.94 per share

- 2024-07: $43.19 per share

- 2024-08: $41.90 per share

- 2024-09: $43.97 per share

- 2024-10: $42.56 per share

- 2024-11: $52.09 per share

- 2024-12: $50.81 per share

- 2025-01: $47.61 per share

- 2025-02: $40.05 per share

- 2025-03: $38.32 per share

- 2025-04: $34.76 per share

- 2025-05: $42.61 per share

- 2025-06: $45.35 per share

- 2025-07: $49.37 per share

- 2025-08: $56.59 per share

- 2025-09: $58.66 per share

- 2025-10: $54.80 per share

- 2025-11: $56.48 per share

- 2025-12: $53.42 per share

- 2026-01: $47.30 per share

- 2026-02: $53.55 per share

- 2026-03: $50.36 per share

- 2026-04: $55.61 per share

- 2026-05: $45.87 per share

- 2026-06: $42.20 per share

- 2026-07: $43.77 per share

- 2026-08: $42.60 per share

- 2026-09: $42.95 per share

- 2026-10: $46.57 per share

## Annual estimated value (USD per share)

- FY2017: low $35.20 per share, central $39.47 per share, high $45.15 per share

- FY2018: low $30.79 per share, central $34.47 per share, high $39.37 per share

- FY2019: low $29.44 per share, central $32.93 per share, high $37.57 per share

- FY2020: low $30.01 per share, central $33.54 per share, high $38.24 per share

- FY2021: low $31.73 per share, central $35.24 per share, high $39.93 per share

- FY2022: low $43.36 per share, central $48.66 per share, high $55.73 per share

- FY2023: low $56.90 per share, central $67.65 per share, high $78.09 per share

- FY2024: low $51.75 per share, central $58.25 per share, high $66.90 per share

- FY2025: low $47.98 per share, central $53.86 per share, high $61.70 per share

- FY2026: low $52.07 per share, central $58.66 per share, high $67.45 per share

Historical values use today's bond yield for every fiscal year

Historical values use today's FX rate into trading currency for every fiscal year

Historical values use current restated fundamentals and current commodity classification; they are not point-in-time estimates

## Sources

[Original 10-K filing](https://www.sec.gov/Archives/edgar/data/885245/000088524526000012/bke-20260131.htm); period 2026-01-31, filed 2026-04-01.

Estimates depend on assumptions and are not guarantees or investment advice. Underlying data remains subject to its source licenses; public reading does not grant bulk redistribution rights.