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 given its current P/E ratio of 28, which is significantly higher than its peers such as Gap, Inc. with a P/E of 10.22 and Urban Outfitters, Inc. at 13.77. Additionally, Boot Barn's EV to EBITDA of 16.79 and PEG ratio of 1.28 suggest that it may be priced too high relative to its earnings growth potential.
In comparison to its peers, Boot Barn's valuation ratios indicate a premium that may not be justified, especially when considering that its ROCE stands at a robust 21.10%, yet still does not align with the higher valuation metrics. Over the past year, Boot Barn's stock has returned 11.19%, which is slightly below the S&P 500's return of 14.08%, reinforcing the notion that the stock may not be delivering sufficient value relative to its current price.