A Business at a Glance
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ROCKY BRANDS, INC.
RCKY
$302M
Mkt Cap
$40.37
+0.67%
ROCKY BRANDS, INC. (RCKY) has a current P/E ratio of 14.7, compared to its historical median P/E of 11.1. The stock is currently considered Fair based on its historical valuation range.
ROCKY BRANDS, INC. (RCKY) has a 5-year average return on invested capital (ROIC) of 8.9%. This is below average and may indicate limited pricing power.
ROCKY BRANDS, INC. (RCKY) has a market capitalization of $304M. It is classified as a small-cap stock.
Yes, ROCKY BRANDS, INC. (RCKY) pays a dividend with a trailing twelve-month yield of 1.53%.
Based on historical P/E analysis, ROCKY BRANDS, INC. (RCKY) appears fair. The current P/E of 14.7 is 33% above its historical median of 11.1. The estimated fair value CAGR (P/E method) is -4.3%.
ROCKY BRANDS, INC. (RCKY) operates in the Footwear, (No Rubber) industry, within the Consumer Cyclical sector.
ROCKY BRANDS, INC. (RCKY) reported annual revenue of $454 million in its most recent fiscal year, based on SEC EDGAR filings.
All references to "we," "us," "our," "Rocky Brands," or the "Company" in this Annual Report on Form 10-K mean Rocky Brands, Inc. and our subsidiaries. We are a leading designer, manufacturer and marketer of premium quality footwear and apparel marketed under a portfolio of well recognized brand names, including The Original Muck Boot Company ("Muck"), Rocky, Georgia Boot, Durango, Lehigh, XTRATUF, Ranger and the licensed brand Michelin. Our brands have a long history of representing high quality, comfortable, functional, and durable footwear and our products are organized around six target markets: work, outdoor, western, commercial military, duty, and military. Our footwear products incorporate varying features and are positioned across a range of suggested retail price points from $48.00 for our value priced products to $655.00 for our premium products.
| Metric | TTM | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 |
|---|---|---|---|---|---|---|
| Revenue | 492M | 454M | 462M | 615M | 514M | 277M |
| Net Income | 19M | 11M | 10M | 20M | 21M | 21M |
| EPS | $2.48 | $1.52 | $1.41 | $2.78 | $2.77 | $2.86 |
| Free Cash Flow | 9.9M | 48M | 70M | 12M | -76M | 20M |
| ROIC | 7.1% | 6.7% | 6.7% | 7.5% | 6.3% | 17.2% |
| Gross Margin | 39.8% | 39.4% | 38.7% | 36.6% | 37.8% | 37.8% |
| Debt/Equity | 0.48 | 0.59 | 0.79 | 1.21 | 1.38 | 0.00 |
| Dividends/Share | $0.62 | $0.62 | $0.62 | $0.62 | $0.59 | $0.56 |
| Operating Income | 32M | 31M | 35M | 44M | 36M | 27M |
| Operating Margin | 6.5% | 6.8% | 7.7% | 7.2% | 7.0% | 9.8% |
| ROE | 7.4% | 5.0% | 4.7% | 9.5% | 10.4% | 11.7% |
| Shares Outstanding | 8M | 7M | 7M | 7M | 7M | 7M |
| Metric | |||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Income Statement | |||||||||||||
| Revenue | 245M | 286M | 269M | 260M | 253M | 253M | 270M | 277M | 514M | 615M | 462M | 454M | 492M |
| Gross Margin | 34.1% | 33.7% | 33.0% | 29.5% | 31.9% | 34.4% | 36.1% | 37.8% | 37.8% | 36.6% | 38.7% | 39.4% | 39.8% |
| R&D | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| SG&A | 71M | 81M | 78M | 76M | 69M | 69M | 76M | N/A | N/A | N/A | N/A | N/A | N/A |
| EBIT | 11M | 16M | 10M | -3.1M | 12M | 18M | 22M | 27M | 36M | 44M | 35M | 31M | 32M |
| Op. Margin | 4.5% | 5.5% | 3.9% | -1.2% | 4.7% | 7.1% | 8.2% | 9.8% | 7.0% | 7.2% | 7.7% | 6.8% | 6.5% |
| Net Income | 7.4M | 9.8M | 6.6M | -2.1M | 9.6M | 15M | 17M | 21M | 21M | 20M | 10M | 11M | 19M |
| Net Margin | 3.0% | 3.4% | 2.5% | -0.8% | 3.8% | 5.8% | 6.5% | 7.6% | 4.0% | 3.3% | 2.3% | 2.5% | 3.8% |
| Non-Recurring | 52K | 138K | -20K | 4.1M | -120K | -109K | -108K | 0 | 0 | 0 | 0 | 0 | 0 |
| Returns on Capital | |||||||||||||
| ROIC | 0.0% | 0.0% | 3.6% | -1.4% | 7.8% | 8.4% | 8.0% | 17.2% | 6.3% | 7.5% | 6.7% | 6.7% | 7.1% |
| ROE | 5.7% | 7.3% | 4.7% | -1.5% | 6.9% | 9.9% | 11.0% | 11.7% | 10.4% | 9.5% | 4.7% | 5.0% | 7.4% |
| ROA | 3.9% | 4.8% | 3.2% | -1.1% | 5.4% | 8.1% | 8.9% | 9.2% | 3.3% | 3.5% | 2.2% | 2.4% | 3.9% |
| Cash Flow | |||||||||||||
| Op. Cash Flow | -2.5M | 13M | 23M | 21M | 17M | 18M | 18M | 31M | -55M | 19M | 74M | 53M | 17M |
| Free Cash Flow | -10M | 5.5M | 15M | 15M | 13M | 13M | 10M | 20M | -76M | 12M | 70M | 48M | 9.9M |
| Owner Earnings | -9.2M | 5.7M | 16M | 13M | 10M | 12M | 12M | 25M | -67M | 5.6M | 61M | 41M | -66M |
| CapEx | 7.7M | 7.4M | 8.7M | 5.9M | 4.3M | 4.2M | 7.7M | 12M | 21M | 6.7M | 3.9M | 4.7M | 7.0M |
| Maint. CapEx | 6.3M | 6.9M | 7.2M | 7.7M | 6.5M | 5.3M | 5.0M | 5.2M | 11M | 12M | 11M | 10M | 82M |
| Growth CapEx | 1.5M | 500K | 1.5M | 0 | 0 | 0 | 2.7M | 6.5M | 9.7M | 0 | 0 | 0 | 0 |
| D&A | 6.3M | 6.9M | 7.2M | 7.7M | 6.5M | 5.3M | 5.0M | 5.2M | 11M | 12M | 11M | 10M | 82M |
| CapEx/OCF | N/A | 57.3% | 37.2% | 27.7% | 25.2% | 24.1% | 42.7% | 37.3% | N/A | 35.0% | 5.3% | 8.8% | 41.4% |
| Capital Allocation | |||||||||||||
| Dividends Paid | 2.3M | 3.0M | 3.3M | 3.3M | 3.3M | 3.5M | 4.0M | 4.1M | 4.3M | 4.5M | 4.6M | 4.6M | 4.6M |
| Dividend Yield | 2.6% | 3.6% | 3.3% | 4.9% | 3.8% | 2.2% | 2.2% | 2.6% | 1.4% | 2.0% | 2.9% | 2.2% | 1.5% |
| Share Buybacks | 0 | 0 | 0 | 2.0M | 688K | 1.3M | 1.5M | 2.9M | 0 | 0 | 0 | 0 | 0 |
| Buyback Yield | N/A | N/A | N/A | 2.8% | 0.6% | 0.8% | 0.8% | 1.6% | N/A | N/A | N/A | N/A | 0.0% |
| Stock-Based Comp | 459K | 307K | 413K | 359K | 356K | 588K | 662K | 780K | 1.3M | 1.2M | 1.2M | 1.3M | 1.7M |
| Debt Repayment | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 2.4M | 11M | 38M | 94M | 94M |
| Balance Sheet | |||||||||||||
| Net Debt | 38.4T | 68M | 44M | 25M | 717K | 55M | 61M | -57M | 261M | 249M | 167M | 130M | 120M |
| Cash & Equiv. | 4.2M | 4.6M | 3.4M | 4.5M | 3.7M | 10M | 16M | 28M | 5.9M | 5.7M | 4.5M | 3.7M | 1.7M |
| Long-Term Debt | 38M | 36M | 24M | 15M | 2.2M | N/A | N/A | 0 | 267M | 254M | 170M | 120M | 114M |
| Debt/Equity | 292563.17 | 0.52 | 0.33 | 0.22 | 0.03 | 0.43 | 0.47 | 0.00 | 1.38 | 1.21 | 0.79 | 0.59 | 0.48 |
| Interest Coverage | 16.0 | 16.7 | 15.1 | -5.0 | 30.4 | 354.1 | 154.4 | N/A | N/A | 2.4 | 1.6 | 1.8 | 1.8 |
| Equity | 131M | 138M | 142M | 135M | 141M | 152M | 165M | 180M | 198M | 215M | 224M | 232M | 253M |
| Total Assets | 199M | 213M | 194M | 179M | 173M | 185M | 206M | 229M | 625M | 582M | 479M | 457M | 477M |
| Total Liabilities | 68M | 75M | 52M | 44M | 32M | 33M | 41M | 50M | 427M | 367M | 256M | 225M | 225M |
| Intangibles | 37M | 37M | 37M | 33M | 30M | 30M | 30M | 30M | 177M | 172M | 160M | 154M | 102M |
| Retained Earnings | 61M | 68M | 71M | 66M | 72M | 83M | 97M | 114M | 130M | 146M | 152M | 158M | 176M |
| Working Capital | 118M | 125M | 114M | 101M | 99M | 106M | 115M | 123M | 235M | 245M | 187M | 156M | 175M |
| Current Assets | 136M | 150M | 129M | 119M | 119M | 131M | 146M | 163M | 375M | 341M | 258M | 246M | 267M |
| Current Liabilities | 17M | 25M | 15M | 18M | 20M | 25M | 32M | 40M | 140M | 96M | 72M | 90M | 92M |
| Per Share Data | |||||||||||||
| EPS | 0.98 | 1.30 | 0.87 | -0.29 | 1.29 | 1.95 | 2.35 | 2.86 | 2.77 | 2.78 | 1.41 | 1.52 | 2.48 |
| Owner EPS | -1.22 | 0.76 | 2.06 | 1.79 | 1.38 | 1.56 | 1.67 | 3.47 | -9.09 | 0.76 | 8.30 | 5.50 | -8.80 |
| Book Value | 17.44 | 18.27 | 18.73 | 18.31 | 18.99 | 20.31 | 22.16 | 24.49 | 26.66 | 29.27 | 30.23 | 31.00 | 33.51 |
| Cash Flow/Share | -0.33 | 1.71 | 3.06 | 2.89 | 2.30 | 2.35 | 2.43 | 4.29 | -7.39 | 2.60 | 9.95 | 7.04 | 13.29 |
| Dividends/Share | 0.30 | 0.40 | 0.43 | 0.45 | 0.44 | 0.47 | 0.54 | 0.56 | 0.59 | 0.62 | 0.62 | 0.62 | 0.62 |
| Shares Out. | 7.5M | 7.6M | 7.6M | 7.4M | 7.4M | 7.5M | 7.4M | 7.3M | 7.4M | 7.4M | 7.4M | 7.5M | 7.5M |
| Valuation | |||||||||||||
| P/E Ratio | 10.8 | 8.2 | 10.4 | N/A | 12.3 | 11.1 | 10.7 | 8.9 | 13.1 | 7.4 | 21.1 | 14.5 | 16.3 |
| P/FCF | N/A | 14.7 | 4.7 | 4.5 | 9.2 | 12.1 | 18.0 | 9.4 | N/A | 12.2 | 3.2 | 3.4 | 30.6 |
| EV/EBIT | 10.4 | 7.2 | N/A | N/A | 9.8 | N/A | N/A | 5.8 | 14.8 | 9.1 | 11.0 | 9.3 | 13.2 |
| Price/Book | 0.6 | 0.6 | 0.5 | 0.5 | 0.8 | 1.1 | 1.1 | 1.0 | 1.4 | 0.7 | 1.0 | 0.7 | 1.2 |
| Price/Sales | 0.4 | 0.3 | 0.4 | 0.3 | 0.3 | 0.6 | 0.7 | 0.6 | 0.6 | 0.4 | 0.3 | 0.5 | 0.6 |
| FCF Yield | -12.7% | 6.8% | 21.6% | 22.3% | 10.9% | 8.3% | 5.5% | 10.6% | -28.2% | 8.2% | 31.7% | 29.2% | 3.3% |
| Market Cap | 80M | 81M | 67M | 69M | 118M | 161M | 187M | 186M | 269M | 151M | 220M | 165M | 304M |
| Avg. Price | 11.40 | 10.95 | 13.13 | 9.04 | 11.51 | 21.35 | 24.30 | 21.25 | 42.41 | 30.33 | 21.14 | 28.12 | 40.37 |
| Year-End Price | 10.60 | 10.71 | 9.07 | 9.38 | 15.85 | 21.55 | 25.17 | 25.40 | 36.28 | 20.57 | 29.70 | 21.98 | 40.37 |
ROCKY BRANDS, INC. passes 0 of 9 quality checks, indicating weak fundamentals.
ROCKY BRANDS, INC. trades at 14.7x trailing earnings, compared to its 15-year median P/E of 11.1x, suggesting it is currently Fair relative to its historical range. On a free-cash-flow basis, the stock trades at 19.0x vs a median of 9.2x. The company's 5-year average ROIC is 8.9% with a gross margin of 38.1%. Total shareholder yield (dividends) is 1.5%. At current prices, the estimated annualized return to fair value is +24.7%.
ROCKY BRANDS, INC. (RCKY) has a net profit margin of 2.5%. This is a modest margin.
ROCKY BRANDS, INC. (RCKY) generated $48 million in free cash flow in its most recent fiscal year. Positive free cash flow supports dividends, buybacks, and debt reduction.
ROCKY BRANDS, INC. (RCKY) has a debt-to-equity ratio of 0.59. This indicates moderate leverage.
ROCKY BRANDS, INC. (RCKY) reported earnings per share (EPS) of $1.52 in its most recent fiscal year.
ROCKY BRANDS, INC. (RCKY) has a return on equity (ROE) of 5.0%. This indicates moderate shareholder returns.
ROCKY BRANDS, INC. (RCKY) has a 5-year average gross margin of 38.1%. This indicates decent pricing power.
The Ledger Terminal provides 16 years of financial data for ROCKY BRANDS, INC. (RCKY), sourced directly from SEC EDGAR filings. This includes income statements, balance sheets, cash flow statements, and key financial ratios.
ROCKY BRANDS, INC. (RCKY) has a book value per share of $31.00, based on its most recent annual SEC filing.