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Side-by-side financial comparison of Academy Sports & Outdoors, Inc. (ASO) and Dream Finders Homes, Inc. (DFH). Click either name above to swap in a different company.
Academy Sports & Outdoors, Inc. is the larger business by last-quarter revenue ($1.4B vs $1.2B, roughly 1.1× Dream Finders Homes, Inc.). Academy Sports & Outdoors, Inc. runs the higher net margin — 5.2% vs 4.8%, a 0.3% gap on every dollar of revenue. On growth, Academy Sports & Outdoors, Inc. posted the faster year-over-year revenue change (3.0% vs -22.3%). Dream Finders Homes, Inc. produced more free cash flow last quarter ($136.0M vs $-13.6M). Over the past eight quarters, Dream Finders Homes, Inc.'s revenue compounded faster (21.0% CAGR vs -12.2%).
Academy Sports + Outdoors is an American sporting-goods store chain with corporate offices in the Katy Distribution Center in unincorporated western Harris County, Texas, United States, near Katy and west of Houston. For 74 years, it was a privately held company owned by the Gochman family, until its May 2011 acquisition by Kohlberg Kravis Roberts. In October 2020, it was listed on NASDAQ.
Dream Finders Homes, Inc. is a U.S. homebuilding firm that constructs and sells entry-level to luxury residential properties, including single-family homes and townhomes, across high-growth domestic markets. It also provides mortgage, title insurance and home warranty services for homebuyers.
ASO vs DFH — Head-to-Head
Income Statement — Q3 FY2026 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $1.4B | $1.2B |
| Net Profit | $71.6M | $58.8M |
| Gross Margin | 35.7% | — |
| Operating Margin | 7.3% | 6.4% |
| Net Margin | 5.2% | 4.8% |
| Revenue YoY | 3.0% | -22.3% |
| Net Profit YoY | 8.8% | -54.9% |
| EPS (diluted) | $1.05 | $0.57 |
Green = leading value per metric. Periods may differ when fiscal calendars don't align.
8-Quarter Revenue & Profit Trend
Side-by-side quarterly history. Quarters aligned by calendar period so offset fiscal years line up.
| Q4 25 | $1.4B | $1.2B | ||
| Q3 25 | $1.6B | $969.8M | ||
| Q2 25 | $1.4B | $1.2B | ||
| Q1 25 | $1.7B | $989.9M | ||
| Q4 24 | $1.3B | $1.6B | ||
| Q3 24 | $1.5B | $1.0B | ||
| Q2 24 | $1.4B | $1.1B | ||
| Q1 24 | $1.8B | $827.8M |
| Q4 25 | $71.6M | $58.8M | ||
| Q3 25 | $125.4M | $47.0M | ||
| Q2 25 | $46.1M | $56.6M | ||
| Q1 25 | $133.6M | $54.9M | ||
| Q4 24 | $65.8M | $130.5M | ||
| Q3 24 | $142.6M | $70.7M | ||
| Q2 24 | $76.5M | $80.9M | ||
| Q1 24 | $168.2M | $54.5M |
| Q4 25 | 35.7% | — | ||
| Q3 25 | 36.0% | — | ||
| Q2 25 | 34.0% | — | ||
| Q1 25 | 32.2% | — | ||
| Q4 24 | 34.0% | — | ||
| Q3 24 | 36.1% | — | ||
| Q2 24 | 33.4% | 19.2% | ||
| Q1 24 | 33.3% | 18.0% |
| Q4 25 | 7.3% | 6.4% | ||
| Q3 25 | 10.8% | 6.3% | ||
| Q2 25 | 5.1% | 6.4% | ||
| Q1 25 | 9.2% | 7.2% | ||
| Q4 24 | 6.8% | 10.8% | ||
| Q3 24 | 12.3% | 9.2% | ||
| Q2 24 | 7.5% | 10.0% | ||
| Q1 24 | 11.4% | 8.6% |
| Q4 25 | 5.2% | 4.8% | ||
| Q3 25 | 7.8% | 4.8% | ||
| Q2 25 | 3.4% | 4.9% | ||
| Q1 25 | 8.0% | 5.5% | ||
| Q4 24 | 4.9% | 8.4% | ||
| Q3 24 | 9.2% | 7.0% | ||
| Q2 24 | 5.6% | 7.7% | ||
| Q1 24 | 9.4% | 6.6% |
| Q4 25 | $1.05 | $0.57 | ||
| Q3 25 | $1.85 | $0.47 | ||
| Q2 25 | $0.68 | $0.56 | ||
| Q1 25 | $1.85 | $0.54 | ||
| Q4 24 | $0.92 | $1.28 | ||
| Q3 24 | $1.95 | $0.70 | ||
| Q2 24 | $1.01 | $0.81 | ||
| Q1 24 | $2.19 | $0.55 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $289.5M | $234.8M |
| Total DebtLower is stronger | — | $1.6B |
| Stockholders' EquityBook value | $2.1B | $1.4B |
| Total Assets | $5.4B | $3.7B |
| Debt / EquityLower = less leverage | — | 1.13× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $289.5M | $234.8M | ||
| Q3 25 | $300.9M | $251.0M | ||
| Q2 25 | $285.1M | $210.3M | ||
| Q1 25 | $288.9M | $297.5M | ||
| Q4 24 | $296.0M | $274.4M | ||
| Q3 24 | $324.6M | $204.9M | ||
| Q2 24 | $378.1M | $274.8M | ||
| Q1 24 | $347.9M | $239.4M |
| Q4 25 | — | $1.6B | ||
| Q3 25 | — | $1.8B | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | $1.3B | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
| Q4 25 | $2.1B | $1.4B | ||
| Q3 25 | $2.1B | $1.4B | ||
| Q2 25 | $1.9B | $1.3B | ||
| Q1 25 | $2.0B | $1.3B | ||
| Q4 24 | $2.0B | $1.2B | ||
| Q3 24 | $2.0B | $1.1B | ||
| Q2 24 | $1.9B | $1.0B | ||
| Q1 24 | $2.0B | $968.7M |
| Q4 25 | $5.4B | $3.7B | ||
| Q3 25 | $5.3B | $3.8B | ||
| Q2 25 | $5.2B | $3.7B | ||
| Q1 25 | $4.9B | $3.5B | ||
| Q4 24 | $5.1B | $3.3B | ||
| Q3 24 | $4.9B | $3.3B | ||
| Q2 24 | $4.9B | $3.0B | ||
| Q1 24 | $4.7B | $2.7B |
| Q4 25 | — | 1.13× | ||
| Q3 25 | — | 1.29× | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | 1.03× | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
Cash Flow & Capital Efficiency
How much cash each business actually produces after reinvestment. Cash flow is harder to manipulate than net income.
| Metric | | |
|---|---|---|
| Operating Cash FlowLast quarter | $49.0M | $143.6M |
| Free Cash FlowOCF − Capex | $-13.6M | $136.0M |
| FCF MarginFCF / Revenue | -1.0% | 11.2% |
| Capex IntensityCapex / Revenue | 4.5% | 0.6% |
| Cash ConversionOCF / Net Profit | 0.68× | 2.44× |
| TTM Free Cash FlowTrailing 4 quarters | $191.4M | $-126.4M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $49.0M | $143.6M | ||
| Q3 25 | $78.6M | $-131.0M | ||
| Q2 25 | $157.5M | $-68.5M | ||
| Q1 25 | $140.2M | $-44.7M | ||
| Q4 24 | $96.9M | $306.5M | ||
| Q3 24 | $91.3M | $-205.0M | ||
| Q2 24 | $199.7M | $-110.6M | ||
| Q1 24 | $234.7M | $-247.5M |
| Q4 25 | $-13.6M | $136.0M | ||
| Q3 25 | $21.8M | $-135.7M | ||
| Q2 25 | $106.6M | $-78.8M | ||
| Q1 25 | $76.4M | $-47.9M | ||
| Q4 24 | $34.4M | $302.6M | ||
| Q3 24 | $50.1M | $-222.5M | ||
| Q2 24 | $167.4M | $-112.4M | ||
| Q1 24 | $178.9M | $-249.6M |
| Q4 25 | -1.0% | 11.2% | ||
| Q3 25 | 1.4% | -14.0% | ||
| Q2 25 | 7.9% | -6.8% | ||
| Q1 25 | 4.6% | -4.8% | ||
| Q4 24 | 2.6% | 19.4% | ||
| Q3 24 | 3.2% | -22.1% | ||
| Q2 24 | 12.3% | -10.6% | ||
| Q1 24 | 10.0% | -30.2% |
| Q4 25 | 4.5% | 0.6% | ||
| Q3 25 | 3.5% | 0.5% | ||
| Q2 25 | 3.8% | 0.9% | ||
| Q1 25 | 3.8% | 0.3% | ||
| Q4 24 | 4.6% | 0.3% | ||
| Q3 24 | 2.7% | 1.7% | ||
| Q2 24 | 2.4% | 0.2% | ||
| Q1 24 | 3.1% | 0.3% |
| Q4 25 | 0.68× | 2.44× | ||
| Q3 25 | 0.63× | -2.79× | ||
| Q2 25 | 3.42× | -1.21× | ||
| Q1 25 | 1.05× | -0.81× | ||
| Q4 24 | 1.47× | 2.35× | ||
| Q3 24 | 0.64× | -2.90× | ||
| Q2 24 | 2.61× | -1.37× | ||
| Q1 24 | 1.40× | -4.54× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
ASO
| Outdoors | $445.1M | 32% |
| Apparel | $349.8M | 25% |
| Footwear | $292.4M | 21% |
| Sports And Recreation | $288.7M | 21% |
| Other | $7.6M | 1% |
DFH
| Midwest Segment | $454.2M | 37% |
| Southeast Segment | $397.5M | 33% |
| Mid Atlantic Segment | $307.3M | 25% |
| Financial Services Segment | $53.7M | 4% |
