| Nov 25 | Feb 26 | May 26 | Aug 26 | |||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Buy | — | 1 | — | — | — | — | — | — | — | 1 | — | — |
| Sell | — | 3 | — | — | — | — | — | — | — | 4 | 5 | — |
| total | individual payouts | |
|---|---|---|
| 2026 | 0.50 |
—
—
—
|
| 2025 | 0.62 |
—
—
—
—
|
| 2024 | 0.62 |
—
—
—
—
|
| 2023 | 0.62 |
—
—
—
—
|
| 2022 | 0.62 |
—
—
—
—
|
| 2021 | 0.59 |
—
—
—
—
|
| 2020 | 0.56 |
—
—
—
—
|
| 2019 | 0.54 |
—
—
—
—
|
| 2018 | 0.47 |
—
—
—
—
|
| 2017 | 0.44 |
—
—
—
—
|
| 2016 | 0.44 |
—
—
—
—
|
| 2023 | 2024 | 2025 | Q'26 | |
|---|---|---|---|---|
| Cash | 4.47 | 3.72 | 2.90 | 2.63 |
| Receivables | 81.14 | 73.01 | 83.06 | 96.97 |
| Inventory | 169.20 | 166.70 | 181.13 | 173.53 |
| Other | — | — | — | — |
| 258.17 | 246.44 | 270.72 | 278.63 |
| 2023 | 2024 | 2025 | Q'26 | |
|---|---|---|---|---|
| Payables | 49.84 | 58.07 | 52.96 | 58.75 |
| ST’ Debt | 2.65 | 8.36 | 8.36 | 8.36 |
| Other | 0.93 | — | — | — |
| 71.53 | 90.41 | 96.13 | 93.87 |
| 10y | 5y | 3y | |
| Sales | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ |
| Cash Flow | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ |
| Earnings | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ |
| Book Value | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ |
| Mar | Jun | Sep | Dec | Year | |
|---|---|---|---|---|---|
| ’26 | 124.40 | 118.37 | — | — |
—
|
| ’25 | 114.07 | 105.65 | 122.54 | 139.72 |
481.98
|
| ’24 | 112.91 | 98.26 | 114.55 | 128.05 |
453.77
|
| ’23 | 110.45 | 99.82 | 125.61 | 125.95 |
461.83
|
| ’22 | 167.03 | 162.04 | 147.49 | 138.93 |
615.48
|
| ’21 | 87.67 | 131.60 | 125.51 | 169.45 |
514.23
|
| ’20 | 55.72 | 56.19 | 77.79 | 87.62 |
277.31
|
| Mar | Jun | Sep | Dec | Year | |
|---|---|---|---|---|---|
| ’26 | 1.89 | 7.83 | — | — |
—
|
| ’25 | 1.23 | 0.81 | (3.33) | 17.59 |
16.30
|
| ’24 | 17.40 | 6.47 | 4.50 | 24.39 |
52.76
|
| ’23 | 20.80 | (1.15) | 11.48 | 42.44 |
73.58
|
| ’22 | 13.79 | (22.36) | (0.76) | 28.45 |
19.12
|
| ’21 | 2.90 | 8.12 | (39.50) | (26.39) |
(54.87)
|
| ’20 | 14.18 | 4.74 | (0.82) | 13.35 |
31.44
|
| Mar | Jun | Sep | Dec | Year | |
|---|---|---|---|---|---|
| ’26 | 0.74 | 4.14 | — | — |
—
|
| ’25 | 0.53 | (2.36) | (5.16) | 16.72 |
9.72
|
| ’24 | 17.13 | 6.32 | 1.76 | 22.90 |
48.10
|
| ’23 | 20.37 | (2.45) | 10.28 | 41.46 |
69.66
|
| ’22 | 12.55 | (24.68) | 2.60 | 21.96 |
12.42
|
| ’21 | 1.69 | (0.43) | (45.61) | (31.58) |
(75.93)
|
| ’20 | 10.76 | 2.61 | (3.89) | 10.25 |
19.73
|
| Mar | Jun | Sep | Dec | Year | |
|---|---|---|---|---|---|
| ’26 | 0.17 | 1.83 | — | — |
—
|
| ’25 | 0.66 | 0.48 | 0.96 | 0.86 |
2.96
|
| ’24 | 0.34 | (0.17) | 0.70 | 0.64 |
1.52
|
| ’23 | (0.05) | (0.37) | 0.93 | 0.91 |
1.41
|
| ’22 | 0.99 | 0.12 | 0.77 | 0.89 |
2.78
|
| ’21 | 0.61 | 0.52 | (0.05) | 1.69 |
2.77
|
| ’20 | 0.16 | 0.33 | 1.04 | 1.33 |
2.86
|
| 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | 2027 | 2028 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| ‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 18.00 | 11.78 | 19.65 | 11.93 | — | — | — |
Low Price
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡ | 48.91 | 33.09 | 40.14 | 33.40 | — | — | — |
High Price
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 2,500 | 2,100 | 2,535 | 2,200 | — | — | — |
Employees
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 0.25 | 0.22 | 0.18 | 0.22 | — | — | — |
Revenue/Emp
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 615.48 | 461.83 | 453.77 | 481.98 | ‡‡‡‡‡ | ‡‡‡‡‡ | — |
Revenue
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 36.59% | 38.67% | 39.45% | 40.93% | — | — | — |
Gross Margin
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 25.77 | 14.15 | 14.06 | 27.18 | — | — | — |
EBT
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 4.19% | 3.06% | 3.10% | 5.64% | ‡‡‡ | ‡‡‡ | — |
EBT Margin
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 20.47 | 10.43 | 11.39 | 22.27 | — | — | — |
Net Income
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 13.17 | 11.79 | 10.86 | 10.52 | — | — | — |
Depreciation
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 84.12 | 62.72 | 61.02 | 64.49 | ‡‡‡‡‡ | ‡‡‡‡‡ | — |
Revenue/Sh
|
| ‡‡‡‡‡ | ‡‡‡‡ | ‡‡‡‡ | ‡‡‡‡ | ‡‡‡‡ | ‡‡‡‡ | 2.80 | 1.42 | 1.53 | 2.98 | — | — | — |
Earnings/Sh
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 2.61 | 9.99 | 7.09 | 2.18 | — | — | — |
Cash Flow/Sh
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | (0.92) | (0.53) | (0.63) | (0.88) | ‡‡‡ | ‡‡‡ | — |
Capex/Sh
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 1.70 | 9.46 | 6.47 | 1.30 | — | — | — |
Free CF/Sh
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 29.45 | 30.36 | 31.23 | 33.73 | — | — | — |
Book Value/Sh
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 7.32 | 7.36 | 7.44 | 7.47 | ‡‡‡‡‡ | ‡‡‡‡‡ | — |
Shares
|
| ‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 8.89 | 20.41 | 15.00 | 9.88 | — | — | — |
PE Ratio
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 0.30 | 0.46 | 0.37 | 0.45 | ‡‡‡ | ‡‡‡ | — |
PS Ratio
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 0.85 | 0.95 | 0.73 | 0.87 | ‡‡‡ | ‡‡‡ | — |
PB Ratio
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 0.70 | 0.83 | 0.65 | 0.70 | ‡‡‡‡ | ‡‡‡ | — |
EV/Sales
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 34.89 | 5.48 | 6.12 | 34.87 | — | — | — |
EV/FCF
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 19.12 | 73.58 | 52.76 | 16.30 | ‡‡‡ | ‡‡‡ | — |
Op' Cash Flow
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | (6.70) | (3.92) | (4.66) | (6.58) | — | — | — |
Capex
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 12.42 | 69.66 | 48.10 | 9.72 | — | — | — |
FCF
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 244.75 | 186.64 | 156.03 | 174.58 | — | — | — |
Working Cap'
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | — | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 256.90 | 173.13 | 128.74 | 122.64 | — | — | — |
Total Debt
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 251.18 | 168.66 | 125.02 | 119.74 | — | — | — |
Net Debt
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 215.47 | 223.56 | 232.22 | 252.09 | — | — | — |
Sh' Equity
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 3.39% | 1.96% | 2.43% | 4.77% | — | — | — |
ROA
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 5.90% | 5.64% | 5.44% | 6.25% | — | — | — |
ROIC
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 9.90% | 4.75% | 5.00% | 9.20% | — | — | — |
ROE
|
Rocky Brands, Inc. (RCKY), a niche player in rugged work boots and western footwear, rode a transformative wave after its $232 million acquisition of Georgia Boot and Durango brands in 2021, catapulting revenue from $270 million to a peak of $615 million in 2022. The post-acquisition digestion brought a sharp 25% revenue drop in 2023 and a further 2% dip to $454 million in 2024 amid inflation and softening demand, but efficiency gains shine through: gross margins expanded to 39%, revenue per employee holds at a robust $179,000, and employee headcount stabilized.
Beneath the surface, RCKY reveals classic value traits for patient investors—free cash flow per share surged to $9.99 in 2023 and $6.47 in 2024, enabling a 53% debt reduction to $128 million net, while book value per share climbed 73% since 2016. Valuations scream bargain: forward P/E at 15x, P/S at 0.37x, and P/B under 1x, with analysts unanimously forecasting 27% upside amid modest 4-5% revenue growth through 2026. Insider activity tempers enthusiasm, with modest buys overshadowed by $1.44 million in sells.
This micro-cap turnaround echoes historical small-cap M&A recoveries, offering wide margin of safety if cash flows persist and demand rebounds in construction and e-commerce. Yet risks like recessionary pressures and lingering integration issues loom—dollar-cost averaging warrants caution. Dive into the full analysis for the numbers, charts, and catalysts that could confirm RCKY’s grit.
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