# Dick's Sporting Goods (DKS.US)

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

Analysis as of: 2026-10-16T07:28:02.689Z. Financial observations: FY2001–FY2026.

Listing currency: USD. Reporting currency: USD.

## Verdict

Not a wonderful business

Quality tests for Buy: not passed (profit record: pass; earnings resilience is evidence only). Published buy qualification: no.

Share price: $140.84 per share; close as of 2026-10-15.

## Checklist

### understandable: fail

- 1 revenue decline in the last 10 years (informational)

- operating margin variation exceeds 0.35

- Financial history: 10 years

- Years with declining revenue: 1

- Years with a net loss: 0

- Operating margin variation: 0.42×

Chart: Operating margin; fiscal year observations.

- FY2017: 0.06×

- FY2018: 0.06×

- FY2019: 0.05×

- FY2020: 0.04×

- FY2021: 0.08×

- FY2022: 0.17×

- FY2023: 0.12×

- FY2024: 0.10×

- FY2025: 0.11×

- FY2026: 0.08×

### moat: fail

- ROIC worst years below threshold (more than 1 bad year allowed)

- ROIC, median of available years: 19.4%

- ROIC, second-lowest year: 8.9%

- Typical minus recent gross margin: -0.5 pp

- Typical gross margin (annual median): 32.4%

- Recent gross margin (lower of latest and 3-year median): 32.9%

- Years with nonpositive capital: 0

- Capital spending / revenue: 3.7%

- ROIC including acquisitions, ten-year median: 15.1%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2017: 19.2%

- FY2018: 18.8%

- FY2019: 20.6%

- FY2020: 6.1%

- FY2021: 15.4%

- FY2022: 41.6%

- FY2023: 24.2%

- FY2024: 21.1%

- FY2025: 19.7%

- FY2026: 8.9%

### economics: pass

- Owner earnings / net income, 5-yr: 0.96×

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: $5.4B

- Net income, five-year total: $5.6B

- Return on incremental invested capital: 16.5%

- Working capital / revenue, annual change: 0.7 pp

- Working capital / revenue, change between three-year averages: 4.6 pp

- Working capital / revenue, final three-year average: 16.2%

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

- FY2022: 1.01×

- FY2023: 1.00×

- FY2024: 1.00×

- FY2025: 0.78×

- FY2026: 1.00×

### management: pass

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

- potential debt-funded buybacks (informational)

- buybacks leaned toward cheaper years (informational)

- ROIC first 3 years vs last 3 years: 19.2% vs 19.7%

- Per-share earnings: 2.95 to 12.18 (three-year endpoint medians)

- Management verdict uses per-share economic progress: Yes

- Ordinary dilution, 10-year annual growth: -2.7%

- Ordinary dilution, 5-year annual growth: -1.7%

- Market cap gain: $11B

- Cumulative retained earnings: $4.9B

- Diluted shares, 10-year annual growth: -2.7%

- Diluted shares, 5-year annual growth: -1.7%

- $1 test, starting fiscal year: FY2017

- $1 test, ending fiscal year: FY2026

- Per-share value growth: 19.4%

- Per-share value change: $9.22

- Per-share value, starting three-year median: $2.95

- Per-share value, ending three-year median: $12.18

- Buybacks concentrated in cheaper years (correlation): 0.45

- Average buyback yield: 5.3%

- Buyback history: 10 years

- Debt-funded buybacks: Yes

- Acquisition spending: $1.4B

- Cumulative net income, 10 years: $7.4B

- ROIC, first three-year median: 19.2%

- ROIC, last three-year median: 19.7%

Chart: Earnings per share; fiscal year observations.

- FY2017: $2.56

- FY2018: $3.01

- FY2019: $3.24

- FY2020: $3.34

- FY2021: $5.72

- FY2022: $13.87

- FY2023: $10.51

- FY2024: $12.18

- FY2025: $14.05

- FY2026: $9.97

### accounting: pass

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

- Sloan accruals: -4.0%

- Receivables to sales index (DSRI): 1.94×

- Restructuring years, last five: 0

- Stock compensation / operating cash flow: 8.0%

- Earnings backed by cash: Yes

- Operating cash / earnings: 1.81×

- Accounting red flags: 1

- Goodwill and intangibles / equity: 0.29×

Chart: Sloan accruals; fiscal year observations.

- FY2017: -11.6%

- FY2018: -10.1%

- FY2019: -9.4%

- FY2020: -1.6%

- FY2021: -13.2%

- FY2022: -1.1%

- FY2023: 1.3%

- FY2024: -5.2%

- FY2025: -1.4%

- FY2026: -4.0%

## Holders

- [Lee Ainslie](https://gigainvestors.com/mc): tracked 13F investor; follow the investor page for holding quarter and amounts.

- [Andreas Halvorsen](https://gigainvestors.com/vg): tracked 13F investor; follow the investor page for holding quarter and amounts.

## Price story

Down 41% since Jan 2025 · "DICK’S Sporting Goods’ (DKS) Foot Locker Integration Clouding Strong Core Results" (finance.yahoo.com, Sep 2026) · sales +28.1%

Story as of 2026-10-16T09:58:38.618Z; price observation 2026-10-15.

- 2025-05-28: Dick's Sporting Goods Profit Falls Short Of Expectations, Sticks To Annual Outlook Despite Tariffs ([finance.yahoo.com](https://finance.yahoo.com/news/dicks-sporting-goods-profit-falls-152306811.html))

- 2025-08-28: Dick's Sporting Goods beats Q2 estimates, raises guidance ([seekingalpha.com](https://seekingalpha.com/news/4489990-dicks-sporting-goods-beats-q2-estimates-raises-guidance?utm_source=feed_news_all&utm_medium=referral&feed_item_type=news))

- 2025-11-26: DKS Q3 Deep Dive: Foot Locker Integration Weighs on Margins, Store Revamp Underway ([finance.yahoo.com](https://finance.yahoo.com/news/dks-q3-deep-dive-foot-053129916.html))

- 2026-03-12: Dick's Guides 2%--4% Sales Growth as Foot Locker Integration Progresses ([finance.yahoo.com](https://finance.yahoo.com/news/dicks-guides-2-4-sales-190222640.html))

- 2026-08-25: Dick’s Lowers Outlook Amid Foot Locker Weakness, More Discounts ([finance.yahoo.com](https://finance.yahoo.com/markets/stocks/articles/dick-lowers-outlook-amid-foot-111641062.html))

- 2026-09-03: DKS Cuts 2026 Profit Outlook as Foot Locker and Promotions Pressure ([finance.yahoo.com](https://finance.yahoo.com/markets/stocks/articles/dks-cuts-2026-profit-outlook-155500380.html))

### Sales · FY2025–2026

sales +28.1%; source https://www.sec.gov/Archives/edgar/data/1089063/000108906326000007/dks-20260131.htm; observed 2026-03-27.

- FY2017: $7.9B 

- FY2018: $8.6B 

- FY2019: $8.4B 

- FY2020: $8.8B 

- FY2021: $9.6B 

- FY2022: $12B 

- FY2023: $12B 

- FY2024: $13B 

- FY2025: $13B 

- FY2026: $17B 

### Gross margin · FY2026

gross margin 32.9%; source https://www.sec.gov/Archives/edgar/data/1089063/000108906326000007/dks-20260131.htm; observed 2026-03-27.

- FY2017: 29.9% 

- FY2018: 29.0% 

- FY2019: 28.9% 

- FY2020: 29.2% 

- FY2021: 31.8% 

- FY2022: 38.3% 

- FY2023: 34.6% 

- FY2024: 34.9% 

- FY2025: 35.9% 

- FY2026: 32.9% 

## Owner memo

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

### How it makes money

Operates in specialty retail; annual sales are USD 17.2 billion.

- Source: https://www.sec.gov/Archives/edgar/data/1089063/000108906326000007/dks-20260131.htm (filed 2026-03-27); FY2026: revenue 17215120000; grossProfit 5667262000; margin = grossProfit / revenue.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); DKS.US: DICK'S Sporting Goods, Inc., together with its subsidiaries, operates as an omni-channel sporting goods retailer primarily in the United States. It provides hardlines, including sporting goods equipment, fitness equipment, golf equipment, and fishing gear products; and apparel. The company also offers footwear and accessories, such as athletic shoes for running, walking, tennis, fitness and cross training, basketball, and hiking; and specialty footwear comprising casual footwear and a complete line of cleats for team sports. In addition, it owns and operates Sporting Goods, Golf Galaxy, Public Lands, Moosejaw, and Going Going Gone! specialty concept stores; and DICK'S House of Sport and Golf Galaxy Performance Center, as well as GameChanger, a youth sports mobile app for live streaming, scheduling, communications, and scorekeeping. Further, the company owns and operates Foot Locker, which includes Foot Locker, Kids Foot Locker, Champs Sports, WSS and atmos banners. It offers its products online, as well as through its mobile apps. The company was formerly known as Dick'S Clothing and Sporting Goods, Inc. and changed its name to DICK'S Sporting Goods, Inc. in April 1999. DICK'S Sporting Goods, Inc. was incorporated in 1948 and is headquartered in Coraopolis, Pennsylvania.

### Why customers stay

Margins ranged from 32.9% to 35.9% during 2024–26; it earns 19.4% on its capital.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-27); FY2024: grossProfit / revenue = 34.9%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-27); FY2025: grossProfit / revenue = 35.9%.

- Source: https://www.sec.gov/Archives/edgar/data/1089063/000108906326000007/dks-20260131.htm (filed 2026-03-27); FY2026: grossProfit / revenue = 32.9%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-27); 10-year return on capital observations [[2017,0.19174381532061446],[2018,0.1875602546859385],[2019,0.20583574441493893],[2020,0.06067280364289298],[2021,0.15404257239702923],[2022,0.4164706336965162],[2023,0.2418889769477623],[2024,0.21061238666200388],[2025,0.19663733400576025],[2026,0.08929027080329717]]; median 0.19419057466318734. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Where the cash goes

Spends 76.4% of cash earnings on expansion; earns 16.5% on new investment.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-27); FY2017: growth capex 113625040.7861566; upkeep 308294959.2138434; owner earnings 212935040.7861566. Growth capex / owner earnings = 0.5336136333721905.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-27); FY2018: growth capex 123533952.01753968; upkeep 350813047.9824603; owner earnings 215609952.01753968. Growth capex / owner earnings = 0.5729510667832731.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-27); FY2019: growth capex 0; upkeep 198219000; owner earnings 428972000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-27); FY2020: growth capex 0; upkeep 217461000; owner earnings 392501000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-27); FY2021: growth capex 0; upkeep 224027000; owner earnings 632238000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-27); FY2022: growth capex 0; upkeep 308261000; owner earnings 1534161000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-27); FY2023: growth capex 0; upkeep 364075000; owner earnings 1044538000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-27); FY2024: growth capex 193493000; upkeep 393933000; owner earnings 1046519000. Growth capex / owner earnings = 0.18489200864962796.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-27); FY2025: growth capex 141462420.9748509; upkeep 661102579.0251491; owner earnings 904614420.9748509. Growth capex / owner earnings = 0.15637869317007458.

- Source: https://www.sec.gov/Archives/edgar/data/1089063/000108906326000007/dks-20260131.htm (filed 2026-03-27); FY2026: growth capex 648546000; upkeep 488630000; owner earnings 849239000. Growth capex / owner earnings = 0.7636790114443637.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-27); Incremental return on capital 0.16462432552821568, from the economics test's unchanged annual inputs.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-27); Dividend observations: [[2017,67972000],[2018,73099000],[2019,89273000],[2020,98312000],[2021,107404000],[2022,602964000],[2023,163081000],[2024,351201000],[2025,361727000],[2026,413853000]]. Zero only counted when supported by a complete cash-flow statement.

- Source: https://www.sec.gov/Archives/edgar/data/1089063/000108906326000007/dks-20260131.htm (filed 2026-03-27); FY2026: cash repurchases 347132000 USD.

### Are managers owners

Insiders own 4.5% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); DKS.US SharesStats.PercentInsiders = 4.486 percentage points; cache date 2026-10-16.

### What the price says

The price is 0.7 times annual sales.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-27); Closing price 140.84 USD; reporting-to-trading FX 1; FY2026 annual sales per share 202.18829277459363; price multiple 0.6965784124653212. FY2026 cash earnings/share 9.974149675843277. Closing-price date 2026-10-15.

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

- 2016-10: $55.65 per share

- 2016-11: $59.07 per share

- 2016-12: $53.10 per share

- 2017-01: $51.60 per share

- 2017-02: $48.95 per share

- 2017-03: $48.66 per share

- 2017-04: $50.55 per share

- 2017-05: $41.13 per share

- 2017-06: $39.83 per share

- 2017-07: $37.34 per share

- 2017-08: $26.36 per share

- 2017-09: $27.01 per share

- 2017-10: $24.47 per share

- 2017-11: $29.46 per share

- 2017-12: $28.74 per share

- 2018-01: $31.46 per share

- 2018-02: $32.02 per share

- 2018-03: $35.05 per share

- 2018-04: $33.09 per share

- 2018-05: $36.60 per share

- 2018-06: $35.25 per share

- 2018-07: $34.14 per share

- 2018-08: $37.44 per share

- 2018-09: $35.48 per share

- 2018-10: $35.37 per share

- 2018-11: $35.98 per share

- 2018-12: $31.20 per share

- 2019-01: $35.31 per share

- 2019-02: $39.06 per share

- 2019-03: $36.81 per share

- 2019-04: $37.00 per share

- 2019-05: $34.51 per share

- 2019-06: $34.63 per share

- 2019-07: $37.17 per share

- 2019-08: $34.04 per share

- 2019-09: $40.81 per share

- 2019-10: $38.93 per share

- 2019-11: $45.81 per share

- 2019-12: $49.49 per share

- 2020-01: $44.23 per share

- 2020-02: $36.41 per share

- 2020-03: $21.26 per share

- 2020-04: $29.39 per share

- 2020-05: $36.06 per share

- 2020-06: $41.26 per share

- 2020-07: $45.62 per share

- 2020-08: $54.12 per share

- 2020-09: $57.88 per share

- 2020-10: $56.65 per share

- 2020-11: $56.81 per share

- 2020-12: $56.21 per share

- 2021-01: $67.01 per share

- 2021-02: $71.37 per share

- 2021-03: $76.15 per share

- 2021-04: $82.58 per share

- 2021-05: $97.53 per share

- 2021-06: $100.19 per share

- 2021-07: $104.14 per share

- 2021-08: $140.81 per share

- 2021-09: $119.77 per share

- 2021-10: $124.21 per share

- 2021-11: $117.56 per share

- 2021-12: $114.99 per share

- 2022-01: $115.40 per share

- 2022-02: $105.00 per share

- 2022-03: $100.02 per share

- 2022-04: $96.42 per share

- 2022-05: $81.23 per share

- 2022-06: $75.37 per share

- 2022-07: $93.59 per share

- 2022-08: $106.37 per share

- 2022-09: $104.64 per share

- 2022-10: $113.76 per share

- 2022-11: $119.58 per share

- 2022-12: $120.29 per share

- 2023-01: $130.76 per share

- 2023-02: $128.63 per share

- 2023-03: $141.89 per share

- 2023-04: $145.01 per share

- 2023-05: $127.51 per share

- 2023-06: $132.19 per share

- 2023-07: $141.00 per share

- 2023-08: $116.34 per share

- 2023-09: $108.58 per share

- 2023-10: $106.95 per share

- 2023-11: $130.10 per share

- 2023-12: $146.95 per share

- 2024-01: $149.07 per share

- 2024-02: $177.89 per share

- 2024-03: $224.86 per share

- 2024-04: $200.94 per share

- 2024-05: $227.64 per share

- 2024-06: $214.85 per share

- 2024-07: $216.35 per share

- 2024-08: $236.96 per share

- 2024-09: $208.70 per share

- 2024-10: $195.75 per share

- 2024-11: $207.24 per share

- 2024-12: $228.84 per share

- 2025-01: $240.05 per share

- 2025-02: $225.10 per share

- 2025-03: $201.56 per share

- 2025-04: $187.74 per share

- 2025-05: $179.34 per share

- 2025-06: $197.81 per share

- 2025-07: $211.51 per share

- 2025-08: $212.80 per share

- 2025-09: $222.22 per share

- 2025-10: $221.45 per share

- 2025-11: $206.57 per share

- 2025-12: $197.97 per share

- 2026-01: $202.00 per share

- 2026-02: $203.63 per share

- 2026-03: $198.29 per share

- 2026-04: $226.92 per share

- 2026-05: $227.57 per share

- 2026-06: $226.81 per share

- 2026-07: $195.91 per share

- 2026-08: $135.10 per share

- 2026-09: $134.29 per share

- 2026-10: $140.84 per share

## Annual estimated value (USD 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/1089063/000108906326000007/dks-20260131.htm); period 2026-01-31, filed 2026-03-27.

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.