What smart money is saying about Academy Sports and Outdoors
2 funds in our archive have pitched Academy Sports and Outdoors, most recently Heartland Value Fund in September 2026.
Academy Sports and Outdoors, Inc., through its various subsidiaries, operates as a significant retailer of sporting goods and outdoor recreational products throughout the United States. The company offers a vast and diverse inventory, encompassing everything from essential camping and marine equipment—like coolers, fishing rods, and bait—to specialized gear for hunting and shooting, including firearms, ammunition, archery supplies, and optics. For athletes and fitness enthusiasts, Academy provides equipment for popular team sports such as baseball, football, basketball, soccer, and golf, alongside fitness machinery, accessories, and nutritional supplements. Their product lines also extend to home and leisure items, featuring patio furniture, outdoor cooking appliances, trampolines, and watersports equipment, as well as various electronics and everyday consumables. Furthermore, the retailer stocks a comprehensive range of apparel, from outdoor and workwear to seasonal clothing, graphic t-shirts, and licensed merchandise from professional and collegiate teams. An extensive footwear selection is also available, covering casual and work boots, youth shoes, and specialized athletic footwear for running, training, and team sports. Academy Sports and Outdoors markets many items under its own private labels, which include Academy Sports + Outdoors, Magellan Outdoors, BCG, O'rageous, Outdoor Gourmet, and Freely. As of June 14, 2022, the company maintained a robust physical footprint with 260 retail stores located across 16 contiguous U.S. states, supplemented by its online sales platform, academy.com. The enterprise, established in 1938, is headquartered in Katy, Texas.
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Position history
Between Q2 2025 and Q3 2026, 4 fund letters reported a position in Academy Sports and Outdoors, with 1 buy (opened or added) and 1 sell (trimmed or exited).
| Quarter | Letters | Bought | Sold | Theses |
|---|---|---|---|---|
| Q3 2026 | 3 | 1 | 0 | 1 |
| Q3 2025 | 1 | 0 | 1 | 0 |
| Q2 2025 | 0 | 0 | 0 | 1 |
Bought and Sold count moves: the same sentence published by several funds of one house in a quarter counts once.
Fund activity · 4 positions · 4 moves
- AddedHeartland Value FundSeptember 2026
“A good example of our focus on valuations—and the value of active management—is Academy Sports and Outdoors (ASO) . In the summer, we added to our position in this $6 billion in sales retailer, after rival Dick’s Sporting Goods missed badly on its second quarter earnings.”
Academy Sports and Outdoors - September 2026
“A good example of our focus on valuations—and the value of active management—is Academy Sports and Outdoors (ASO) . In the summer, we added to our position in this $6 billion in sales retailer, after rival Dick’s Sporting Goods missed badly on its second quarter earnings.”
Academy Sports and Outdoors - September 2026
“A good example of our focus on valuations—and the value of active management—is Academy Sports and Outdoors (ASO) . In the summer, we added to our position in this $6 billion in sales retailer, after rival Dick’s Sporting Goods missed badly on its second quarter earnings.”
Academy Sports and Outdoors - September 2025
“Representative Sells (Ticker Sector)†* Academy Sports and Outdoors Inc. (ASO; Consumer Discretionary) MSCI ESG Score: Overall AAA Academy Sports and Outdoors, founded in 1938 and headquartered in Katy, TX, is a sporting goods and outdoor recreation retailer that operates 298 retail stores located primarily in the southern United States. Strategic supplier Nike† accounts for approximately 11% of revenue. At exit, the stock had a $2.5 billion market capitalization and met all valuation factors save for dividend yield of 1.2%. The company is positioned to serve the lower-to-middle income consumer base but given the tariffs increased costs on a pressured consumer, the return to more sustainable comps will likely take more time than anticipated. In addition, although the company is launching new Nike product, access to the desirable Hoka and ON Running product remains elusive. Altogether, the recovery thesis is hampered and skews the risk to the downside. As such, the position was eliminated.”
Academy Sports and Outdoors
Fund coverage · 2 theses
- Heartland Value FundSeptember 2026
Academy Sports and Outdoors is a $6 billion retailer with outdoor-recreation exposure, multiple operational catalysts, and an inexpensive valuation supported by aggressive share repurchases.
Read the full thesis - RoyceJune 2025
Academy Sports & Outdoors is experiencing a rebound in share prices due to its value-oriented strategy, despite pressures from tariffs and a challenging economy for its core middle and lower-income customers.
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