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Side-by-side financial comparison of Academy Sports & Outdoors, Inc. (ASO) and SELECT MEDICAL HOLDINGS CORP (SEM). Click either name above to swap in a different company.
SELECT MEDICAL HOLDINGS CORP is the larger business by last-quarter revenue ($1.4B vs $1.4B, roughly 1.0× Academy Sports & Outdoors, Inc.). Academy Sports & Outdoors, Inc. runs the higher net margin — 5.2% vs 1.4%, a 3.7% gap on every dollar of revenue. On growth, SELECT MEDICAL HOLDINGS CORP posted the faster year-over-year revenue change (6.4% vs 3.0%). SELECT MEDICAL HOLDINGS CORP produced more free cash flow last quarter ($5.2M vs $-13.6M). Over the past eight quarters, SELECT MEDICAL HOLDINGS CORP's revenue compounded faster (2.8% 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.
Select Medical is a healthcare company based in Pennsylvania. It owns long-term acute care and inpatient rehabilitation hospitals, as well as occupational health and physical therapy clinics. Select Medical is a subsidiary of Select Medical Holdings, which is listed on the New York Stock Exchange.
ASO vs SEM — Head-to-Head
Income Statement — Q3 FY2026 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $1.4B | $1.4B |
| Net Profit | $71.6M | $20.2M |
| Gross Margin | 35.7% | — |
| Operating Margin | 7.3% | 4.6% |
| Net Margin | 5.2% | 1.4% |
| Revenue YoY | 3.0% | 6.4% |
| Net Profit YoY | 8.8% | 225.7% |
| EPS (diluted) | $1.05 | $0.17 |
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 | $1.4B | ||
| Q3 25 | $1.6B | $1.4B | ||
| Q2 25 | $1.4B | $1.3B | ||
| Q1 25 | $1.7B | $1.4B | ||
| Q4 24 | $1.3B | $1.3B | ||
| Q3 24 | $1.5B | $1.3B | ||
| Q2 24 | $1.4B | $1.3B | ||
| Q1 24 | $1.8B | $1.3B |
| Q4 25 | $71.6M | $20.2M | ||
| Q3 25 | $125.4M | $28.8M | ||
| Q2 25 | $46.1M | $40.6M | ||
| Q1 25 | $133.6M | $56.7M | ||
| Q4 24 | $65.8M | $-16.1M | ||
| Q3 24 | $142.6M | $55.6M | ||
| Q2 24 | $76.5M | $77.6M | ||
| Q1 24 | $168.2M | $96.9M |
| 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% | — | ||
| Q1 24 | 33.3% | — |
| Q4 25 | 7.3% | 4.6% | ||
| Q3 25 | 10.8% | 5.4% | ||
| Q2 25 | 5.1% | 6.5% | ||
| Q1 25 | 9.2% | 8.3% | ||
| Q4 24 | 6.8% | 1.6% | ||
| Q3 24 | 12.3% | 4.3% | ||
| Q2 24 | 7.5% | 5.8% | ||
| Q1 24 | 11.4% | 9.0% |
| Q4 25 | 5.2% | 1.4% | ||
| Q3 25 | 7.8% | 2.1% | ||
| Q2 25 | 3.4% | 3.0% | ||
| Q1 25 | 8.0% | 4.2% | ||
| Q4 24 | 4.9% | -1.2% | ||
| Q3 24 | 9.2% | 4.4% | ||
| Q2 24 | 5.6% | 6.1% | ||
| Q1 24 | 9.4% | 7.3% |
| Q4 25 | $1.05 | $0.17 | ||
| Q3 25 | $1.85 | $0.23 | ||
| Q2 25 | $0.68 | $0.32 | ||
| Q1 25 | $1.85 | $0.44 | ||
| Q4 24 | $0.92 | $-0.12 | ||
| Q3 24 | $1.95 | $0.43 | ||
| Q2 24 | $1.01 | $0.60 | ||
| Q1 24 | $2.19 | $0.75 |
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 | $26.5M |
| Total DebtLower is stronger | — | $1.8B |
| Stockholders' EquityBook value | $2.1B | $1.7B |
| Total Assets | $5.4B | $5.9B |
| Debt / EquityLower = less leverage | — | 1.06× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $289.5M | $26.5M | ||
| Q3 25 | $300.9M | $60.1M | ||
| Q2 25 | $285.1M | $52.3M | ||
| Q1 25 | $288.9M | $53.2M | ||
| Q4 24 | $296.0M | $59.7M | ||
| Q3 24 | $324.6M | $191.5M | ||
| Q2 24 | $378.1M | $111.2M | ||
| Q1 24 | $347.9M | $92.6M |
| Q4 25 | — | $1.8B | ||
| Q3 25 | — | $1.7B | ||
| Q2 25 | — | $1.8B | ||
| Q1 25 | — | $1.8B | ||
| Q4 24 | — | $1.7B | ||
| Q3 24 | — | $3.1B | ||
| Q2 24 | — | $3.6B | ||
| Q1 24 | — | $3.8B |
| Q4 25 | $2.1B | $1.7B | ||
| Q3 25 | $2.1B | $1.7B | ||
| Q2 25 | $1.9B | $1.7B | ||
| Q1 25 | $2.0B | $1.7B | ||
| Q4 24 | $2.0B | $1.7B | ||
| Q3 24 | $2.0B | $1.9B | ||
| Q2 24 | $1.9B | $1.4B | ||
| Q1 24 | $2.0B | $1.4B |
| Q4 25 | $5.4B | $5.9B | ||
| Q3 25 | $5.3B | $5.7B | ||
| Q2 25 | $5.2B | $5.7B | ||
| Q1 25 | $4.9B | $5.7B | ||
| Q4 24 | $5.1B | $5.6B | ||
| Q3 24 | $4.9B | $8.0B | ||
| Q2 24 | $4.9B | $7.9B | ||
| Q1 24 | $4.7B | $7.9B |
| Q4 25 | — | 1.06× | ||
| Q3 25 | — | 1.03× | ||
| Q2 25 | — | 1.10× | ||
| Q1 25 | — | 1.03× | ||
| Q4 24 | — | 1.01× | ||
| Q3 24 | — | 1.62× | ||
| Q2 24 | — | 2.54× | ||
| Q1 24 | — | 2.75× |
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 | $64.3M |
| Free Cash FlowOCF − Capex | $-13.6M | $5.2M |
| FCF MarginFCF / Revenue | -1.0% | 0.4% |
| Capex IntensityCapex / Revenue | 4.5% | 4.2% |
| Cash ConversionOCF / Net Profit | 0.68× | 3.19× |
| TTM Free Cash FlowTrailing 4 quarters | $191.4M | $117.2M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $49.0M | $64.3M | ||
| Q3 25 | $78.6M | $175.3M | ||
| Q2 25 | $157.5M | $110.3M | ||
| Q1 25 | $140.2M | $-3.5M | ||
| Q4 24 | $96.9M | $125.4M | ||
| Q3 24 | $91.3M | $181.0M | ||
| Q2 24 | $199.7M | $278.2M | ||
| Q1 24 | $234.7M | $-66.7M |
| Q4 25 | $-13.6M | $5.2M | ||
| Q3 25 | $21.8M | $122.2M | ||
| Q2 25 | $106.6M | $45.6M | ||
| Q1 25 | $76.4M | $-55.8M | ||
| Q4 24 | $34.4M | $62.0M | ||
| Q3 24 | $50.1M | $130.3M | ||
| Q2 24 | $167.4M | $222.6M | ||
| Q1 24 | $178.9M | $-119.2M |
| Q4 25 | -1.0% | 0.4% | ||
| Q3 25 | 1.4% | 9.0% | ||
| Q2 25 | 7.9% | 3.4% | ||
| Q1 25 | 4.6% | -4.1% | ||
| Q4 24 | 2.6% | 4.7% | ||
| Q3 24 | 3.2% | 10.2% | ||
| Q2 24 | 12.3% | 17.4% | ||
| Q1 24 | 10.0% | -9.0% |
| Q4 25 | 4.5% | 4.2% | ||
| Q3 25 | 3.5% | 3.9% | ||
| Q2 25 | 3.8% | 4.8% | ||
| Q1 25 | 3.8% | 3.9% | ||
| Q4 24 | 4.6% | 4.8% | ||
| Q3 24 | 2.7% | 4.0% | ||
| Q2 24 | 2.4% | 4.3% | ||
| Q1 24 | 3.1% | 4.0% |
| Q4 25 | 0.68× | 3.19× | ||
| Q3 25 | 0.63× | 6.09× | ||
| Q2 25 | 3.42× | 2.72× | ||
| Q1 25 | 1.05× | -0.06× | ||
| Q4 24 | 1.47× | — | ||
| Q3 24 | 0.64× | 3.25× | ||
| Q2 24 | 2.61× | 3.59× | ||
| Q1 24 | 1.40× | -0.69× |
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% |
SEM
| Critical Illness Recovery Hospitals | $629.7M | 45% |
| Health Care Patient Service Non Medicare | $428.6M | 31% |
| Rehabilitation Hospitals | $339.2M | 24% |
