Outdoor Holding
POWW on Nasdaq. Outdoor Holding Company sells ammunition and connects gun buyers and sellers online. Market value $260m.
Price checks use the past 12 months to June 2026. Quality checks use five annual reports, the latest for the year to March 2026.
We can't read total debt from the filing, so debt is left out.
Should I look at this?
Look carefully before going further
Why it could be worth it
Read the warning sign in its own filings
This is not advice. Check the numbers below.
For every $100 of what the whole company costs, it produced $3.74 of spare cash in the past 12 months. A savings account pays about $4.
The filings do not give us enough to work this out.
The filings do not give us enough to work this out.
Quality score: 28 of 100. Price score: 51 of 100. Our list needs 70 on quality and 60 on price.
$2.16 a share, 52% above its 1-year low
Over the past year the price has ranged from $1.42 to $2.67.
Pays no dividend
Prices from Tuesday’s close (6 October).
Five years of cash, in billions
Spare cash swings from quarter to quarter here: $9 million in the past 12 months, a shortfall of $2 million in the year to March 2026.
| Revenue | |||||
| Revenue | $240m | $63m | $54m | $49m | $51m |
| Operating margin | |||||
| Operating margin | 11.9% | 3.7% | -11.9% | -120.9% | -12.3% |
| Debt to equity | |||||
| Debt to equity | n/a | n/a | n/a | n/a | n/a |
| Shares outstanding | |||||
| Shares outstanding | 0.12bn | 0.12bn | 0.12bn | 0.12bn | 0.12bn |
Health checks
- Free cash flow positive2 of 5 years
- Accounting looks honest (Beneish)Not enough data
- Financial strength (Piotroski)5 of 8 checks we could run
- Profit backed by cash (accruals)Yes
- DebtUnknown
- Revenue growth, five yearsShrinking, 3.9% a year
- Buying back its own sharesRoughly flat
The quarter to June 2026
How the business did, compared with the same quarter a year earlier.
- Sales: $14 million last quarter, up 22% on a year ago.
- Profit: $4 million, after a loss of $6 million a year ago.
- It keeps 6 cents of each $1 of sales as operating profit, after losing 121 cents a year earlier.
- Spare cash over the past 12 months: $9 million. A year earlier it spent $16 million more than it brought in.
- 6% more shares than a year ago. Each share owns a bit less of the company.
- Sales grew on a year ago in each of the last 4 quarters.
| Quarter to | Amount |
|---|---|
| September 2024 | $12m |
| December 2024 | $13m |
| March 2025 | $13m |
| June 2025 | $12m |
| September 2025 | $12m |
| December 2025 | $13m |
| March 2026 | $14m |
| June 2026 | $14m |
| Quarter to | Amount |
|---|---|
| September 2024 | -$12m |
| December 2024 | -$26m |
| March 2025 | -$78m |
| June 2025 | -$6m |
| September 2025 | $1m |
| December 2025 | $2m |
| March 2026 | -$714,392 |
| June 2026 | $4m |
From the company's quarterly reports to the SEC.
Dates
- Next results (estimated)
- n/a
- Last annual report (10-K)
- 22 June 2026
- Next quarterly (estimated, 10-Q)
- 9 November 2026
Who owns it
2 long-term investors we follow own it, unchanged from 2 last quarter. 148 funds in all.
| Fund | Value | Share of that fund | Change |
|---|---|---|---|
| First Eagle Investment ManagementMatthew McLennan | $10m | <0.1% | Added |
| Cannell CapitalJ. Carlo Cannell | $767,275 | 0.5% | Added |
Largest holders overall
- Balentine$39m
- Kanen Wealth Management$26m
- BlackRock$17mAdded
- First Eagle Investment Management$10mAdded
- Vanguard Capital Management$9m
- Geode Capital Management$6mAdded
- AWH Capital, L.P.$5mAdded
- State Street$5mAdded
- TWO Sigma Investments, LP$3mAdded
- Renaissance Technologies$2mAdded
From 13F filings for the quarter ended 30 June 2026.
Big holders and activists
2 investors own more than 5%.
- Steven F. UrvanInsider or founderat least 27.5%+8.2 pts(filed with 2 related holders)Since 19 July 2026
What they said
Item 4 is hereby amended and supplemented as follows: "In connection with the 2025 Settlement Agreement, the Issuer issued to GDI Air, among other things, an unsecured promissory note in a principal amount of $39.0 million (the "Note"). With respect to the Note, the Issuer had…
Read the filing - Kanen Wealth Management LLCPassive investorat least 9.8%+2.4 pts(filed with 3 related holders)Since 30 September 2025
| Holder | Stake | Since | |
|---|---|---|---|
Steven F. Urvan Insider or founder | at least 27.5%+8.2 pts (filed with 2 related holders) | 19 July 2026 | What they saidItem 4 is hereby amended and supplemented as follows: "In connection with the 2025 Settlement Agreement, the Issuer issued to GDI Air, among other things, an unsecured promissory note in a principal amount of $39.0 million (the "Note"). With respect to the Note, the Issuer had… Read the filing |
Kanen Wealth Management LLC Passive investor | at least 9.8%+2.4 pts (filed with 3 related holders) | 30 September 2025 |
From Schedule 13D and 13G filings: anyone owning more than 5% must file one.
What insiders did
No insider bought or sold on the open market in the last 12 months.
From Form 4 filings: insiders must report trades in their own company's shares within two days.
Warning signs in its filings
Problems the company itself reported to the SEC, in its own words.
1 serious warning sign in Outdoor Holding’s filings.
We look for five warning signs: doubt it can keep going, weak checks on its own accounts, a notice that its past accounts can't be relied on, a change of auditor, and one customer bringing in a big share of sales. We don't check lawsuits, investigations or debt yet.
We checked the auditor's report, internal controls, restatement notices, auditor changes and big customers in the 10-K filed 22 Jun 2026, plus the 10-Q filed 10 Aug 2026 and 3 later 8-Ks.
Its past accounts can't be relied on
SeriousIt told the SEC its earlier accounts should no longer be relied on, usually because they contained errors.
8-K Item 4.02 filed 25 Feb 2025: the company said its earlier financial statements should no longer be relied on.
From an 8-K filed 25 February 2025: Previously issued accounts should no longer be relied on. Open the filing
Changed auditor
Worth knowingThe company changed its auditor (the firm that checks its books) in the last two years.
“On June 26, 2026, the Audit Committee of the Board of Directors (the “Audit Committee”) of Outdoor Holding Company (the “Company”) approved the dismissal of WithumSmith+Brown, PC (“Withum”) as the Company’s independent registered public accounting firm, effective June 26, 2026.”
From an 8-K filed 29 June 2026: Change of auditor. Read it in the filing
A 10-K is the yearly report every US company files with the SEC. An 8-K is a short notice of a big event.
What could go wrong
- Sales have shrunk: 3.9% a year.
Whether the price already reflects the risks is what the deep dive is for.
The deep dive
Everything above is arithmetic on public filings. The deep dive reads the last ten years of annual reports, the proxy statements, and the earnings calls, then argues the case the way Buffett, Klarman, and Hohn would, and checks every claim against the source.
- What the business is worth, as a range, and the margin of safety at today’s price
- Prices to start buying, buy, and buy hard
- The three things that would make this a mistake
- Every number footnoted to the filing it came from
Your first deep dive is free.
Not advice. Numbers on this page come from SEC filings and are updated each night; prices are updated again after the US market closes. The five-year figures are rounded.