DICK'S Sporting Goods, Inc.
DKS 6Price and target zones价格与目标区间
What the company does公司做什么
DICK'S Sporting Goods sells sports and fitness gear through big-box stores across the United States. It carries footwear, apparel, and hardlines like balls, bikes, and fitness equipment. In 2025 it bought Foot Locker, adding footwear-focused stores in malls around the world. The combined company is now the largest sporting-goods retailer in the country.DICK'S Sporting Goods通过大型门店在美国各地销售运动和健身装备，涵盖鞋类、服装以及球类、自行车、健身器材等硬装备。2025年，公司收购了Foot Locker，新增了遍布全球各地商场的专注鞋类的门店。合并后的公司如今是全美最大的运动装备零售商。
Earns from营收来源 selling sports gear, footwear, and apparel to shoppers in its stores and online, plus wholesale-style vendor partnerships that give it early access to new shoe and apparel launches.在门店和线上向顾客销售运动装备、鞋类和服装，并通过类批发式的品牌合作，优先拿到新款鞋类和服装的首发权。
Read the full description查看完整介绍
DICK'S Sporting Goods, Inc., together with its subsidiaries, operates as an omni-channel sporting goods retailer primarily in the United States. It provides hardlines, including sporting goods equipment, fitness equipment, golf equipment, and fishing gear products; and apparel. The company also offers footwear and accessories, such as athletic shoes for running, walking, tennis, fitness and cross training, basketball, and hiking; and specialty footwear comprising casual footwear and a complete line of cleats for team sports. In addition, it owns and operates Sporting Goods, Golf Galaxy, Public Lands, Moosejaw, and Going Going Gone! specialty concept stores; and DICK'S House of Sport and Golf Galaxy Performance Center, as well as GameChanger, a youth sports mobile app for live streaming, scheduling, communications, and scorekeeping. Further, the company owns and operates Foot Locker, which includes Foot Locker, Kids Foot Locker, Champs Sports, WSS and atmos banners. It offers its products online, as well as through its mobile apps. The company was formerly known as Dick'S Clothing and Sporting Goods, Inc. and changed its name to DICK'S Sporting Goods, Inc. in April 1999. DICK'S Sporting Goods, Inc. was incorporated in 1948 and is headquartered in Coraopolis, Pennsylvania.
Revenue breakdown营收构成 share of revenue占营收比例
This is the single largest category and the one vendors like Nike and Adidas care most about. DICK'S gets top-tier launch allocations of new shoe releases, which pulls shoppers in ahead of rivals. The Foot Locker deal made this slice even bigger, since Foot Locker sells almost nothing but footwear.这是最大的单一品类，也是耐克、阿迪达斯等品牌最看重的品类。DICK'S能拿到新鞋发售的顶级配额，抢在对手之前吸引顾客上门。收购Foot Locker后，这一品类的占比进一步扩大，因为Foot Locker几乎只卖鞋类产品。
- Nike / Adidas / Under Armour footwear耐克/阿迪达斯/安德玛 鞋类 — brand-name shoes shoppers cannot always find at a discount chain.知名品牌鞋款，在折扣连锁店未必总能找到。
- House of Sport shoe wallsHouse of Sport 鞋墙 — large in-store footwear sections built to feel like a specialty store.店内大型鞋类展示区，营造出专卖店般的体验。
This category ties DICK'S to a wide range of sports and hobbies, so it is not dependent on any one trend. It carries higher price tags per item (a treadmill or a golf set costs far more than a shirt), which helps profit per sale.这一品类让DICK'S覆盖广泛的运动和爱好领域，不依赖单一潮流。单件商品的价格更高（一台跑步机或一套高尔夫球杆远比一件T恤贵），有助于提升单笔销售的利润。
- Golf and fitness equipment高尔夫和健身器材 — big-ticket items sold with in-store expert help.高单价商品，配有店内专业人员协助。
- Team sports gear团队运动装备 — balls, pads, and other equipment schools and leagues buy in bulk.球类、护具等学校和联赛大宗采购的器材。
Apparel carries DICK'S own private-label lines alongside name brands, which gives it margin the brand-name aisles do not. It is also the category most exposed to markdowns when brands get promotional, as happened in 2026.服装品类既有DICK'S自有的自营品牌系列，也有知名品牌，自营品牌带来的利润率是知名品牌专柜没有的。这也是最容易受品牌促销打折冲击的品类，2026年就出现过这种情况。
- Private-label activewear自营运动服饰 — DICK'S own brand, priced below name brands with a similar look.DICK'S自有品牌，外观相近但价格低于知名品牌。
- Licensed team apparel授权球队服装 — jerseys and gear tied to pro and college teams.与职业和大学球队相关的球衣及周边装备。
A minor slice next to the three main categories. It includes services such as equipment tuning and other small revenue streams that do not fit the main product lines.相比三大主要品类占比很小，包括器材调校等服务及其他不属于主要产品线的小额收入来源。
Company facts公司资料
- Founded成立时间
- 1948
- Headquarters总部
- Coraopolis, Pennsylvania
- Employees员工人数
- 31,600
- Industry行业
- Specialty Retail
- Country国家
- United States
Investment thesis投资逻辑 from the watchlist来自关注列表
🟡 ANALYZED 8/30 — ACCUMULATE, first file. Core DICK'S banner is a genuine, still-growing moat (comps +4.9%, near-monopoly US status, Nike's wholesale pivot favors it), but the $2.4B Foot Locker acquisition halved blended ROIC (~27%→~13%), pushed D/E to ~140%, and took the dividend's FCF payout past 103%, with two guidance cuts in two quarters.
The ~$5B one-day cap loss was 2× the entire FLL deal price and insiders bought — the selloff looks overdone — but valuation models cluster near spot, not far below: a close call, not a bargain. FV $120-150.
Entry $115-130 (add on weakness, don't chase). Trim 16x fwd. Recheck Q3 FY26.
🟡 8/30 分析——增持，首份报告。 核心 DICK'S 招牌是真正、仍在增长的护城河（同店 +4.9%，美国近乎垄断地位，Nike 转向批发对其有利），但 $2.4B 收购 Foot Locker 使综合 ROIC 腰斩（约 27%→约 13%），把 D/E 推高至约 140%，并使股息的 FCF 派息率超过 103%，两个季度内两次下调指引。 单日约 $5B 的市值蒸发是整个 FLL 交易价的 2 倍，且内部人买入——抛售看来过度——但估值模型聚集在现价附近而非远低于现价：是接近的判断，而非便宜货。 公允价值 $120-150，买入区 $115-130（逢弱加仓，勿追高），减持 16x fwd。
Historical results历史业绩 past fiscal years — these values do not change过去财年——这些数值不会变动
Profit margins利润率 the share of revenue that stays as profit营收中留存为利润的比例
of every $1 of revenue每 $1 营收中的占比
- Return on equity净资产收益率
- 18%
- Revenue growth营收增长
- +53%
- Dividend yield股息率
- 3.66%
Competitors竞争对手
Why customers stay客户为什么留下
vendors like Nike treat DICK'S as a top wholesale partner and give it early access to new product launches; large-format stores such as House of Sport are costly and slow for rivals to copy.耐克等品牌把DICK'S视为顶级批发合作伙伴，让其优先拿到新品发售的配额；House of Sport这类大型门店造价高、建设慢，竞争对手难以在短期内复制。