Rocky Brands, Inc.
RCKY Consumer Cyclical Footwear & Accessories
Rocky Brands, Inc.’s revenue for fiscal 2025 (year ended December 2025) was $482.0 million, up 6.22% from fiscal 2024. In the quarter to June 2026, revenue grew 12.0%, EPS grew 285.4%, free cash flow grew 275.5% and total debt fell 7.65%, each against the same quarter a year earlier. Dividend growth for ten consecutive years; insiders bought in the last twelve months.
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Rocky Brands, Inc. (RCKY) Altman Z-score
Rocky Brands, Inc.'s Altman Z-score for fiscal 2025 is 2.80, in the grey zone (1.81–2.99).
Altman Z-score, annual
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Annual newest first
| Period | Altman Z-score | Change (points) |
|---|---|---|
| FY2025 | 2.80 | 0.24 |
| FY2024 | 2.56 | (0.08) |
| FY2023 | 2.64 | 0.19 |
| FY2022 | 2.44 | 0.28 |
| FY2021 | 2.16 | (3.26) |
| FY2020 | 5.42 | (0.74) |
| FY2019 | 6.16 | (0.34) |
| FY2018 | 6.51 | 0.95 |
| FY2017 | 5.55 | 1.78 |
| FY2016 | 3.78 | (0.03) |
How fiscal 2025’s score is made up
| Component | This year | Year before | Result | Points |
|---|---|---|---|---|
| Working capital / total assets | 0.37 | — | 0.44 | |
| Retained earnings / total assets | 0.37 | — | 0.52 | |
| EBIT / total assets | 0.08 | — | 0.26 | |
| Market value of equity / total liabilities | 0.97 | — | 0.58 | |
| Sales / total assets | 1.01 | — | 1.01 | |
| Altman Z-score | Grey zone | 2.80 | ||
| Z″ Variant for non-manufacturing and asset-light companies (drops the sales/assets term, uses book equity) | Safe zone | 5.30 | ||
Z and Z″ put Rocky Brands, Inc. in different zones: grey zone by Z, safe zone by Z″.
How the Altman Z-score works
Z = 1.2 × working capital ÷ total assets + 1.4 × retained earnings ÷ total assets + 3.3 × EBIT ÷ total assets + 0.6 × market value of equity ÷ total liabilities + 1.0 × revenue ÷ total assets (Altman, 1968). The market value of equity is the close on the last trading day of the fiscal year times weighted basic shares.
Z″ = 6.56 × working capital ÷ total assets + 3.26 × retained earnings ÷ total assets + 6.72 × EBIT ÷ total assets + 1.05 × book equity ÷ total liabilities (Altman, Hartzell and Peck, 1995), the variant for non-manufacturing and asset-light companies.
| Zone | Z | Z″ |
|---|---|---|
| Safe zone | above 2.99 | above 2.60 |
| Grey zone | 1.81–2.99 | 1.10–2.60 |
| Distress zone | below 1.81 | below 1.10 |
Not worked out for banks, insurers and REITs, whose balance sheets the model does not describe, nor when a figure is missing or there is no share price in the week to the fiscal year end.
Altman Z-score against peers
| Company | Altman Z-score |
|---|---|
| FWDI Forward Industries, Inc. compare | 21.5× |
| SHOO Steven Madden, Ltd. compare | 4.8× |
| WEYS Weyco Group, Inc. compare | 4.7× |
| CROX Crocs, Inc. compare | 3.3× |
| WWW Wolverine World Wide, Inc. compare | 3.0× |
| RCKY Rocky Brands, Inc. | 2.8× |
| VRA Vera Bradley, Inc. compare | 2.5× |
| DBI Designer Brands Inc. compare | 1.8× |
| FOSL Fossil Group, Inc. compare | 1.5× |
What Altman Z-score is
The Altman Z-Score weighs working capital, retained earnings, operating profit, market value and sales against assets and debts to gauge the risk of distress.
1.2 × working capital ÷ total assets + 1.4 × retained earnings ÷ total assets + 3.3 × EBIT ÷ total assets + 0.6 × market value of equity ÷ total liabilities + 1.0 × revenue ÷ total assets