DKS目前值得买入，因为其估值（远期市盈率约11倍）在市场因运营挑战而打压股价后已变得可接受，同时它仍是一家稳健的利基零售商，具有强劲的长期发展空间。
逐段跳播
这四只股票是 Adobe、MGM Resorts、Dick Sporting Goods 和 Lyft。
Those four stocks are Adobe, MGM Resorts, Dick Sporting Goods, and Lyft.
下一只股票是 Dicks Sporting Goods。对 Dicks 来说，最近一个月左右表现不佳。股价下跌约 44%。在公布最近季度报告后，我认为股价下跌了超过 30%。这值得关注。
Next stock is Dicks Sporting Goods. Not a great month or so for Dicks. Shares are down about 44%. They were down I think it was over 30% after they reported their most recent quarterly report. That is something to be concerned about.
体育用品领域的事情肯定在放缓。我们已经从 Deckers Outdoor 和 On Holding 等公司看到，它们的预期增长出现放缓。
Things are definitely slowing down in the sporting goods arena. We've seen that with companies like Deckers Outdoor with on holding having some slowdowns in their expected growth.
Dix 基本上说的是，人们的品味发生了一些变化。他们不得不对一些产品进行折扣。所以，这是一个行业范围的问题，而不仅仅是 Dix 的问题。
And what Dix basically said is, you know what, people's tastes have changed a little bit. They've had to discount some of their products. So, this is an industry-wide problem, not just a Dix problem.
但让我们从估值开始，然后再看公司的具体表现。滚动市盈率约为 14.5 倍。在远期基础上，这可能更能反映其估值，约为 11 倍。所以你可以看到，市场因为公司运营上遇到的这些挑战以及 2026 年公司未能达到的预期而打击了该公司。
但现在这给了今天买入的投资者一个更容易接受的股价。
But let's start with the valuation before we get to exactly how the company's performing. Price earnings multiple is about 14 a.5 on a trailing basis. On a forward basis, this is probably going to be a little bit more indicative of their valuation. It's about 11. So you can see the market has beaten up the company because of these challenges that they've had operationally and the expectations that were put on in 2026 that the company is not living up to. But now that gives investors buying today a much more approachable stock price.
现在，当我们看 Dixs 的一些财务表现时，这将受到他们在 2025 年 9 月收购 Foot Locker 的影响。所以大约从这里开始，你将开始看到 Foot Locker 对我展示的这些滚动 12 个月数据的影响。
Now as we look at some of the financial performance from Dixs, this is going to be impacted by their acquisition of Foot Locker that happened in September of 2025. So starting right about here is where you're going to start to see that impact of Foot Locker on these trailing 12-month numbers that I'm showing.
你可以看到公司仍然盈利，在过去 12 个月中产生了约 12 亿美元的营业利润。但随着营业利润率的下降，这一数字一直在小幅下降。但就像我说的，这在很大程度上是因为随着消费者品味的变化，他们需要打折来推动产品销售。
And you can see the company is still profitable, generating an oper operating profit about of about $1.2 billion over the past 12 months. But that has been in a little bit of decline as these operating margins have been in decline. But like I said, that is in large part because of the discounting that they've needed to do to move products as consumer tastes have changed a little bit.
我还认为，我们开始看到迪克体育用品进入某种整合阶段。这是已运营的迪克体育用品门店数量，过去几年一直相当稳定。美国人口增长不多。这将使您能够有机地增长门店。这将使您能够从现有门店中获利，而无需像以前那样花费大量资金扩张，尤其是在几年前进行收购之后。
所以现在我们处于这样一个阶段：它已成为体育用品领域的大品牌。您正在整合这种力量。这里的想法就是让企业成为一台现金机器。他们开始这样做，但显然我们最近看到的波动是市场正在反应的事情。
I also think we're starting to see Dicks be in kind of an area of consolidation. So, this is the number of Dicks sporting goods stores that have been operated, and it's been pretty steady over the past few years. You don't have a ton of population growth in the US. That's going to allow you to grow your stores organically. It's going to allow you to just profit from the existing stores that you have without spending the money to expand as much as they did. And especially with acquisitions a handful of years ago. So that now we're in that area of this has become the big name in sporting goods. You're consolidating that power. And the idea here is just to be a cash machine as a business. They're starting to do that, but obviously the recent hiccups that we've seen something the market is reacting to.
但我认为，如果你回顾他们的长期发展轨迹，10年复合年增长率约为11%。这确实包括收购。所以请记住这一点。但市盈率约为11倍，基于前瞻性基础。我认为，对于一家已成为稳固的利基零售商的公司来说，这是一个非常有吸引力的点。
But I think you go back to their long-term runway 10-year compound annual growth rate is about 11%. That does include acquisitions. So keep that in mind. But the price to earnings multiple at about 11 on a forward basis. I think that is a really attractive point for a company that has become a solid niche retailer.
这就是思考零售公司的方式：你在做什么，你比其他人做得更好的是什么。迪克可以说：“嘿，如果你需要体育用品，如果你需要试穿一双防滑鞋，如果你需要一根新球棒，无论你在做什么，迪克都会是你购买的地方。
无论你是在店里还是在线，这不一定亚马逊会是最好的。”
And this is the way to think about companies in retail is what are you doing and what are you doing better than anybody else. Dix can say, "Hey, if you need sporting goods, if you need to try on a pair of cleats, if you need a new bat, no matter what you're doing, Dix is going to be the place to go to get it. Whether you're in store or online, that's not necessarily something that Amazon is going to be the best
这个频道对 $DKS 的历次判断
Asymmetric Investing by Travis Hoium 在这只股票上只有这一条判断。