Steven Madden, Ltd.
SHOO Consumer Cyclical Footwear & Accessories
Steven Madden, Ltd.’s revenue for fiscal 2025 (year ended December 2025) was $2.5 billion, up 11.0% from fiscal 2024. In the quarter to June 2026, revenue grew 19.1%, EPS grew 169.6%, free cash flow grew 233.5% and total debt fell 57.5%, each against the same quarter a year earlier. Dividend growth for five consecutive years.
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Steven Madden, Ltd. (SHOO) Altman Z-score
Steven Madden, Ltd.'s Altman Z-score for fiscal 2025 is 4.81, in the safe zone (above 2.99).
Altman Z-score, annual
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Annual newest first
| Period | Altman Z-score | Change (points) |
|---|---|---|
| FY2025 | 4.81 | (2.91) |
| FY2024 | 7.72 | (0.14) |
| FY2023 | 7.86 | (0.33) |
| FY2022 | 8.19 | 0.22 |
| FY2021 | 7.98 | 0.28 |
| FY2020 | 7.70 | (0.70) |
| FY2019 | 8.39 | (1.58) |
| FY2018 | 9.97 | (0.27) |
| FY2017 | 10.24 | 0.72 |
| FY2016 | 9.53 | 1.08 |
How fiscal 2025’s score is made up
| Component | This year | Year before | Result | Points |
|---|---|---|---|---|
| Working capital / total assets | 0.25 | — | 0.30 | |
| Retained earnings / total assets | 0.93 | — | 1.30 | |
| EBIT / total assets | 0.04 | — | 0.14 | |
| Market value of equity / total liabilities | 2.92 | — | 1.75 | |
| Sales / total assets | 1.32 | — | 1.32 | |
| Altman Z-score | Safe zone | 4.81 | ||
| Z″ Variant for non-manufacturing and asset-light companies (drops the sales/assets term, uses book equity) | Safe zone | 5.87 | ||
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× |
| ONON On Holding AG compare | 14.4× |
| DECK Deckers Outdoor Corporation compare | 11.5× |
| SHOO Steven Madden, Ltd. | 4.8× |
| WEYS Weyco Group, Inc. compare | 4.7× |
| CROX Crocs, Inc. compare | 3.3× |
| BIRK Birkenstock Holding PLC compare | 3.3× |
| WWW Wolverine World Wide, Inc. compare | 3.0× |
| 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