ValueScreener

ValueScreener company report

Rocky Brands, Inc. (RCKY)

NASDAQ / Consumer Cyclical / Apparel - Footwear & Accessories

Share price

46.68 USD Market dataClose of Oct 15, 2026

Market capitalisation

349.7M USD Market dataClose of Oct 15, 2026
Market data
Oct 15, 2026
Filed accounts
FY2025, filed Mar 11, 2026
Ratios computed
Oct 15, 2026
Filed years
16, FY2009 to FY2025
Four kinds of sourceSEC filingCompany statementMarket dataComputedWhat each means
SEC filingFiled with the SEC
Read from a statement the company filed with the SEC, with the form, fiscal year, filing date and accession beside it.
Company statementCompany statement
What the company says about itself in a filing: an 8-K item, the auditor, its own segment names.
Market dataMarket data
Prices, market value and what analysts publish, with the date they are as of.
ComputedComputed by ValueScreener
Worked out by us from the other three, with the inputs and the formula one press away. A score is a research output, not a rating or a recommendation.
Reading

1 of 10

Overview

What the business is, what it costs, and how it reads on four questions.

Market dataSEC filingComputed

Four questions, at a glance

Quality

Return on invested capital, after tax

8.1% Computed

From the FY2025 filing

Read quality

Valuation

Price to earnings

15.66x Computed

FY2025 accounts, priced at the latest close

Read valuation

Cash generation

Free cash flow yield

2.8% Computed

FY2025 accounts, priced at the latest close

Read cash generation

Revenue and net income, as filed

FY2016 Revenue: 260.3M USDFY2016 Net income: -2.1M USDFY2017 Revenue: 253.2M USDFY2017 Net income: 9.6M USDFY2018 Revenue: 252.7M USDFY2018 Net income: 14.6M USDFY2019 Revenue: 270.4M USDFY2019 Net income: 17.5M USDFY2020 Revenue: 277.3M USDFY2020 Net income: 21.0M USDFY2021 Revenue: 514.2M USDFY2021 Net income: 20.6M USDFY2022 Revenue: 615.5M USDFY2022 Net income: 20.5M USDFY2023 Revenue: 461.8M USDFY2023 Net income: 10.4M USDFY2024 Revenue: 453.8M USDFY2024 Net income: 11.4M USDFY2025 Revenue: 482.0M USDFY2025 Net income: 22.3M USD
Revenue Net income10 filed fiscal years, from the annual reports; the table in Filings names each document.
Named tests met
4 of 30 Which tests
The business, and the score behind its five axes

The reading, in brief

Is it cheap

Price to earnings is 15.66x at the close of 2026-10-15 on FY2025 figures; the lines are 15.00x (Graham's defensive ceiling) and, by market convention, 10.00x, 25.00x and 40.00x, and this sits between 15.00x and 25.00x.

Today, against the Consumer Cyclical sector (302 companies), 15.66x sits at the 33rd percentile; the middle half of that group runs from 12.87x to 31.26x.

Is it good

Return on invested capital was 8.1% in FY2025, in the band labelled "Around the cost of capital" (8.0% to 12.0%), on lines anchored on Damodaran's cost-of-capital data.

Today, against the Consumer Cyclical sector (222 companies), 8.1% sits at the 48th percentile; the middle half of that group runs from 3.6% to 14.8%.

Is it safe

Interest coverage was 3.72x in FY2025, in the band labelled "Investment grade" (3.00x to 6.00x), on lines anchored on Damodaran's interest-coverage table.

Year by year against peers
Whether Rocky Brands, Inc.'s return on invested capital stayed above the median of the Consumer Cyclical sector, year by year. (FY2021 to FY2025, 5 fiscal years of Rocky Brands, Inc. with a comparable figure)
The direction
Which way Rocky Brands, Inc.'s return on equity has moved, and how steadily. (FY2016 to FY2025, 10 filed years of Rocky Brands, Inc.)
What could explain it
What in Rocky Brands, Inc.'s filed statements could explain the movements. (9 readings drawn from the statement lines Rocky Brands, Inc. filed)
What to check next
What to check next on Rocky Brands, Inc., and where in its filings. (2 questions for Rocky Brands, Inc.)
In one paragraph
One paragraph on Rocky Brands, Inc.'s returns, cash, balance sheet and price. (16 of sixteen figures read for Rocky Brands, Inc.)

These are RCKY’s filed figures. The research desk says what they mean, against peers and its own years, with what to check next.

Research RCKYPart of Serious. New accounts start with 30 days of Professional, free, no card.

2 of 10

What changed

The newest filing, what it moved, and when the next one is due.

SEC filingCompany statement

The newest accounts on file are the FY2025 annual report: 10-K, filed Mar 11, 2026, accession 0001437749-26-007634.

3 of 10

Quality

The returns the business earns on its capital, and the margins behind them.

SEC filingComputed

Rocky Brands, Inc: returns on capital and margins, each with its source
FigureValue, source and document
Return on invested capital, after tax8.1% ComputedFY2025 10-K, filed Mar 11, 2026, 0001437749-26-007634
Return on equity8.8% ComputedFY2025 10-K, filed Mar 11, 2026, 0001437749-26-007634
Return on capital employed, pre-tax9.8% ComputedFY2025 10-K, filed Mar 11, 2026, 0001437749-26-007634
Return on assets4.7% ComputedFY2025 10-K, filed Mar 11, 2026, 0001437749-26-007634
Gross margin40.9% ComputedFY2025 10-K, filed Mar 11, 2026, 0001437749-26-007634
Operating margin7.7% ComputedFY2025 10-K, filed Mar 11, 2026, 0001437749-26-007634
Net margin4.6% ComputedFY2025 10-K, filed Mar 11, 2026, 0001437749-26-007634
RCKY 4.6%
WEYS 8.4%CAL -0.2%FWDI -918.1%WINA 48.4%WWW 5.1%
-918.1%48.4%
Net margin: RCKY against the 5 companies named under Valuation context, each as filed for its own latest year. Placement only: no average is drawn.

4 of 10

Financial strength

What it owes against what it owns, and whether it can meet what falls due.

SEC filingComputedCompany statement

Rocky Brands, Inc: leverage, liquidity and distress, each with its source
FigureValue, source and document
Debt to equity0.50 ComputedFY2025 10-K, filed Mar 11, 2026, 0001437749-26-007634
Current ratio2.82 ComputedFY2025 10-K, filed Mar 11, 2026, 0001437749-26-007634
Quick ratio0.93 ComputedFY2025 10-K, filed Mar 11, 2026, 0001437749-26-007634
Interest coverage3.72x ComputedFY2025 10-K, filed Mar 11, 2026, 0001437749-26-007634
Altman Z-score3.16 ComputedClose of Oct 15, 2026 · FY2025 10-K, filed Mar 11, 2026, 0001437749-26-007634
Net debt124.1M ComputedFY2025 10-K, filed Mar 11, 2026, 0001437749-26-007634
Total assets 477.5MTotal liabilities 225.4MShareholders' equity 252.1MOwnsOwes, and equity
Total assets Total liabilities Shareholders’ equity
The balance sheet, line by line

Financial health

What Rocky Brands, Inc owned and owed at the end of fiscal 2025, from the balance sheet it filed (10-K, filed Mar 11, 2026, 0001437749-26-007634).

Rocky Brands, Inc: balance sheet position
Total assets477.5M FiledFY2025 10-K, filed Mar 11, 2026
Total liabilities225.4M FiledFY2025 10-K, filed Mar 11, 2026
Shareholders' equity252.1M FiledFY2025 10-K, filed Mar 11, 2026
Cash2.9M FiledFY2025 10-K, filed Mar 11, 2026
Total debt127.0M FiledFY2025 10-K, filed Mar 11, 2026
Net debt124.1M
Current ratio2.82
Debt to equity0.50

Read from the filed balance sheet for each year, with the income statement of the same year supplying operating profit where a ratio needs it. Nothing here is a view on whether this company is sound.

5 of 10

Valuation context

What the market charges for it, against its own record and companies like it.

Market dataSEC filingComputed

Rocky Brands, Inc: what the market charges, each with its source
FigureValue, source and document
Price to earnings15.66x ComputedClose of Oct 15, 2026 · FY2025 10-K, filed Mar 11, 2026, 0001437749-26-007634
P/E on trailing twelve months11.98x ComputedClose of Oct 15, 2026 · Trailing four quarters, each as known on the day; the quarterly filings are listed under Filings
Price to book1.39x ComputedClose of Oct 15, 2026 · FY2025 10-K, filed Mar 11, 2026, 0001437749-26-007634
Price to sales0.73x ComputedClose of Oct 15, 2026 · FY2025 10-K, filed Mar 11, 2026, 0001437749-26-007634
Enterprise value to EBIT12.79x ComputedClose of Oct 15, 2026 · FY2025 10-K, filed Mar 11, 2026, 0001437749-26-007634
Enterprise value to EBITDA10.11x ComputedClose of Oct 15, 2026 · FY2025 10-K, filed Mar 11, 2026, 0001437749-26-007634
Price to earnings over growth20.74 ComputedClose of Oct 15, 2026 · FY2025 10-K, filed Mar 11, 2026, 0001437749-26-007634
Diluted earnings per share2.96 USD FiledFY2025 10-K, filed Mar 11, 2026, 0001437749-26-007634
Graham number47.38 USD ComputedFY2025 10-K, filed Mar 11, 2026, 0001437749-26-007634

We publish no fair value or price target of our own. Value RCKY on your own assumptions in the DCF workbench, starting from the filed figures.

Its own record, and companies like it

Valuation

What the market charges for Rocky Brands, Inc today, and the multiples it has carried. No value of ours: the figures are the filings’ and the market’s.

Rocky Brands, Inc: valuation
Share price46.68 USD
Market capitalisation349.7M USD
Enterprise value to EBITDA10.11x
Graham number47.38 USD
Diluted earnings per share, FY20252.96 USD

Price to earnings on trailing twelve months, a different basis from the fiscal-year P/E above, since Oct 3, 2016: low 6.21x, median 13.63x, high 68.12x, latest 11.98x. 2,325 trading days with a meaningful ratio, 195 more on a loss and left out. Each close over the trailing twelve months of earnings as known that day: a quarter counts from the day it was filed.

Companies like Rocky Brands, Inc

  1. Weyco Group, Inc. (WEYS)Market cap 497.7M USD
  2. Caleres, Inc. (CAL)Market cap 453.4M USD
  3. Forward Industries, Inc. (FWDI)Market cap 545.5M USD
  4. Winmark Corporation (WINA)Market cap 1.13B USD
  5. Wolverine World Wide, Inc. (WWW)Market cap 1.64B USD

Same industry (Apparel - Footwear & Accessories) and size band (Small, 300M to 2B), nearest in market value, net margin and current ratio. Each of those counts equally, by how many of the companies considered sit between the two on it. Closest first: the order is likeness and nothing else.

6 of 10

Cash generation

Whether profit arrives as cash, and what is paid back to shareholders.

SEC filingComputed

Rocky Brands, Inc: cash generation and what is paid out, each with its source
FigureValue, source and document
Free cash flow yield2.8% ComputedClose of Oct 15, 2026 · FY2025 10-K, filed Mar 11, 2026, 0001437749-26-007634
Free cash flow9.7M USD ComputedFY2025 10-K, filed Mar 11, 2026, 0001437749-26-007634
Free cash flow margin2.0% ComputedFY2025 10-K, filed Mar 11, 2026, 0001437749-26-007634
Dividend yield1.4% ComputedClose of Oct 15, 2026 · FY2025 10-K, filed Mar 11, 2026, 0001437749-26-007634
Payout ratio20.8% ComputedFY2025 10-K, filed Mar 11, 2026, 0001437749-26-007634
FY2016 Free cash flow: 15.4M USDFY2016 Net income: -2.1M USDFY2017 Free cash flow: 12.8M USDFY2017 Net income: 9.6M USDFY2018 Free cash flow: 13.3M USDFY2018 Net income: 14.6M USDFY2019 Free cash flow: 10.4M USDFY2019 Net income: 17.5M USDFY2020 Free cash flow: 19.7M USDFY2020 Net income: 21.0M USDFY2021 Free cash flow: -75.9M USDFY2021 Net income: 20.6M USDFY2022 Free cash flow: 12.4M USDFY2022 Net income: 20.5M USDFY2023 Free cash flow: 69.7M USDFY2023 Net income: 10.4M USDFY2024 Free cash flow: 48.1M USDFY2024 Net income: 11.4M USDFY2025 Free cash flow: 9.7M USDFY2025 Net income: 22.3M USD
Free cash flow Net incomeProfit that arrives as cash stands level with net income; a gap year after year is worth reading about.

7 of 10

Filings

Every figure, the year it is for and the document it was read from.

SEC filingMarket data

The filed figures

Computed from the accounts this company filed with the SEC and, in a ratio with a price in it, the last close, dated on this page. Every filed figure below carries the fiscal year and the filing date its accounts were read from, and every blank carries the reason it is blank. Nothing here is a view on this company.

Rocky Brands, Inc.: the eight ratios, with the fiscal year and filing date behind each.
FigureValueYearAs of
15.66xFY2025Oct 15, 2026
1.39xFY2025Oct 15, 2026
12.79xFY2025Oct 15, 2026
2.8%FY2025Oct 15, 2026
8.1%FY2025Mar 11, 2026
1.4%FY2025Oct 15, 2026
0.50FY2025Mar 11, 2026
2.82FY2025Mar 11, 2026
0.73xFY2025Oct 15, 2026
20.74FY2025Oct 15, 2026
3.16FY2025Oct 15, 2026
-2.35FY2025Mar 11, 2026
7/9FY2025Mar 11, 2026

The figures are computed from the accounts for fiscal 2025, the newest full year on file. 16 filed fiscal years on record, FY2009 to FY2025, from SEC EDGAR. Prices as of Oct 15, 2026. Ratios recomputed Oct 15, 2026. Two facts, because a recompute is not a fresh quote.

The year and the filing date name the statement each figure’s accounts are read from, and they stand even where the figure itself could not be computed: the line beneath a blank says what that statement did not carry. A figure’s name opens its formula and the filings behind it; a statement that names no SEC filing has no filing date, and reads n/a.

Ten years of filed figures, year by year

Ten years of filed figures

10 filed fiscal years, FY2016 to FY2025, read from the annual reports Rocky Brands, Inc filed with the SEC. Each year names its filing. Amounts in USD, as filed.

Rocky Brands, Inc: revenue, earnings, free cash flow and returns, by fiscal year, with the filing each year was read from
YearRevenueOperating incomeNet incomeEPS, dilutedFree cash flowOperating marginReturn on equityFiling
FY2025482.0M37.2M22.3M2.969.7M7.7%8.8%10-K, Mar 11, 20260001437749-26-007634
FY2024453.8M31.1M11.4M1.5248.1M6.8%4.9%10-K, Mar 17, 20250001437749-25-008025
FY2023461.8M35.4M10.4M1.4169.7M7.7%4.7%10-K, Mar 15, 20240001437749-24-007987
FY2022615.5M44.0M20.5M2.7812.4M7.2%9.5%10-K, Mar 10, 20230001437749-23-006169
FY2021514.2M36.0M20.6M2.77-75.9M7.0%10.4%10-K, Mar 15, 20220001437749-22-006288
FY2020277.3M27.2M21.0M2.8619.7M9.8%11.7%10-K, Mar 16, 20210001437749-21-006170
FY2019270.4M22.1M17.5M2.3510.4M8.2%10.6%10-K, Mar 6, 20200000895456-20-000010
FY2018252.7M18.1M14.6M1.9513.3M7.2%9.6%10-K, Mar 13, 20190000895456-19-000017
FY2017253.2M11.8M9.6M1.2912.8M4.7%6.8%10-K, Mar 12, 20180000895456-18-000011
FY2016260.3M-3.1M-2.1M-0.2915.4M-1.2%-1.6%10-K, Mar 9, 20170001144204-17-013522
  • Revenue, compound annual growth FY2016 to FY2025: 7.1%
  • Earnings: Earnings was not positive in both 2016 and 2025, so a compound rate across the window is not defined. Both figures are in the table.
  • Earnings per share: Earnings per share was not positive in both 2016 and 2025, so a compound rate across the window is not defined. Both figures are in the table.
  • Free cash flow, compound annual growth FY2016 to FY2025: -5.0%

Every figure in this section is a line of a filed annual statement or a ratio of two of them. Nothing here is estimated or smoothed. Earnings per share filed before a share split are put on today's share count, and say so. Nothing here is a verdict on the company.

8 of 10

Risks and guardrails

The accounting screens, the published tests, and the lines you can set to be told.

ComputedCompany statement

Rocky Brands, Inc: accounting screens and published tests, each with its source
FigureValue, source and document
Beneish M-score-2.35 ComputedFY2025 10-K, filed Mar 11, 2026, 0001437749-26-007634
Piotroski F-score7/9 ComputedFY2025 10-K, filed Mar 11, 2026, 0001437749-26-007634
Named tests met4 of 30 Computed
Beta1.17 ComputedClose of Oct 15, 2026

The named tests

Of 30 tests value investors published: 4 met, 26 not met, 0 we could not complete. Counts, never a score: a single figure would have to decide that meeting one investor’s criteria and meeting another’s are worth the same.

Which tests, by name(all 30)
Meets
Gross margin, turnover (Robert Novy-Marx); P/E times P/B (Benjamin Graham); Low P/S, rising earnings (James O'Shaughnessy); Cash-covered dividend
Does not
Defensive investor (Benjamin Graham); Deep value; Large cap, low P/E; Earnings yield and ROIC (Joel Greenblatt); High F-score, low P/B (Joseph Piotroski); Three forensic scores; Low PEG, low debt (Peter Lynch); High returns and growth; EV/EBITDA and coverage; High yield, low payout; Dividends and buybacks; Low beta, profitable; ROIC at or above WACC; Near the 52-week low; Z-score and coverage (Edward Altman); Two thirds of NCAV (Benjamin Graham); High returns, low debt; Owner earnings yield; High return on tangibles; Book or below, low debt (Walter Schloss); Tangible book or below; Cash-flow yield and ROIC; Clean books, high ROIC; Cheapest quarter on P/E (David Dreman); Cheapest quarter on P/B (David Dreman); Low P/E, growth, yield (John Neff)

9 of 10

Declared positions

Whether anybody here owns this company.

Positions declared by Javier Sanz Alvarez: no holding in any company shown here, as of October 3, 2026.

10 of 10

Next step

What to do with what you have read.

A thesis is your reason for owning it, in your words, with the figures that must stay true. Checking those figures every night against the newest filed accounts, and telling you once when one breaks, is what the subscription adds.

More on this company

What this cannot tell you

And the one that is true of all of it: This is what the numbers say today. It cannot tell you the day one of them stops being true. Nothing here can, because the reasons are not written down.

Running this once is arithmetic on public documents and you are welcome to it. Writing down why you own each company, in your own words and with the numbers that have to stay true for it to hold, and then having those numbers re-checked every night against the newest filed accounts, and against the latest close where a rule watches a price, is Professional, the plan a new account starts on for 30 days, one trial per person. It writes to you the day one breaks, and stays quiet when nothing does. The check runs every night at 23:30 UTC. A filing is picked up the night after it is published.

No card. 30 free days, and nothing is charged unless you choose a plan.

Analyze your own portfolio

ValueScreener · valuescreener.ai · Computed from accounts filed with the SEC by this company, read from EDGAR, and from dated closing prices. On this page a filed figure opens into its formula, its inputs and the statement, fiscal year and filing date it was read from, and a price into the day of its close. A figure that cannot show that trail says so.

A computation on accounts filed with the SEC, not a recommendation and not advice. Past filings do not indicate future results. Risk disclaimer.

Once a week, what changed in the filings of US-listed companies, why it can matter to a thesis, and what deserves a closer review. Grounded in filings, not market noise.

Site map
  • Android app coming soon
  • iPhone app coming soon
ValueScreener

Discover companies, research each one to its filings, track what matters, and take your work into your own spreadsheet.

ValueScreener is a trading name of Oliva Real Estate Technologies LLC, a Delaware limited liability company. Legal notices: legal@valuescreener.ai. © 2026 Oliva Real Estate Technologies LLC. All rights reserved.

Risk disclaimer. This service is provided for research and education only. Nothing on it is investment advice, a recommendation, or an offer to buy or sell any security. Capital is at risk, and past performance does not indicate future results. Figures come from filed accounts and may be incomplete, delayed or later restated, so verify a number against the filing before you act on it.