Is Boot Barn Holdings, Inc. overvalued or undervalued?

As of 3 October 2025, Boot Barn Holdings, Inc. has moved from an attractive to a fair valuation grade. The company appears to be fairly valued based on its current metrics, with a P/E ratio of 28, a Price to Book Value of 4.48, and an EV to EBITDA of 16.79. In comparison to peers, Gap, Inc. has a more attractive P/E of 10.22, while Urban Outfitters, Inc. shows a P/E of 13.77, indicating that Boot Barn is priced at a premium relative to these competitors.
Despite the recent downgrade in valuation grade, Boot Barn has shown strong performance with a 3-year return of 184.17%, significantly outperforming the S&P 500's 82.57% over the same period. However, the company has underperformed in the last month and year, with returns of -4.73% and 4.69%, respectively, compared to the S&P 500's 4.15% and 17.82%. Overall, Boot Barn Holdings, Inc. is fairly valued in the current market context.