Is Boot Barn Holdings, Inc. overvalued or undervalued?

As of 17 October 2025, Boot Barn Holdings, Inc. has moved from a very attractive to a fair valuation grade. The company appears to be overvalued based on its current metrics. Key ratios include a P/E ratio of 28, an EV to EBITDA of 16.79, and a PEG ratio of 1.28, which suggest that the stock is priced higher relative to its earnings growth potential compared to peers.
In comparison to its industry, Boot Barn's P/E ratio is significantly higher than Gap, Inc. at 10.22 and Urban Outfitters, Inc. at 13.77, indicating a premium valuation. Additionally, the company's EV to EBITDA is also higher than that of its peers, further supporting the overvaluation assessment. Despite this, Boot Barn has delivered impressive returns, outperforming the S&P 500 with a 3-year return of 213.54% compared to the index's 81.19%, highlighting strong historical performance even as current valuations appear stretched.