Rocky Brands Inc
🔔 Watch stock
Assessment
Our Rating
A journalistic assessment by our editorial team at the time of the deep dive — it rates the company, not the entry point. Not investment advice and not a solicitation to buy or sell.
The business works in principle, but one material question is open. As long as it stays open, our findings do not carry a quality verdict.
Why this colour
The business model holds up, and the deleveraging is genuinely documented — that speaks for substance. But a real operating question remains open: the latest, most-discussed quarter hinges on a one-time tariff ruling whose further course the company itself says it cannot predict, and its own annual guidance was cut within five months from double-digit growth to essentially zero. Anyone considering this stock should check one thing in every future report: how large is the result excluding the tariff effect — and is it moving back up? The decision is yours.
What the thesis turns on
Assessment: Opportunities & Risks
Rocky Brands tells two stories at once: a genuine turnaround running since the 2021 Honeywell acquisition (net debt down 54%, gross margin organically up from 37.8% to 40.9%) and a 2026 "record quarter" that is almost entirely a court ruling on invalidated tariffs — strip out the $18.0 million effect and operating income falls below the prior year. Add a collapsed annual guidance, a new customer concentration, and a debt wall coming due all at once in 2029. Not investment advice.
Business model & segments
An established brand portfolio (Rocky, Muck, XTRATUF, Georgia Boot, Durango, Lehigh) across six product lines; the higher-margin, growing Retail segment (+20.5% FY2025, +18.9% H1 2026) is gaining weight against the shrinking Contract Manufacturing segment (-7.7% FY2025).
Q2 2026 earnings quality
The reported 51.4% gross margin and $19.7 million EBIT come almost entirely from an $18.0 million tariff benefit (10-Q as of 6/30/2026). Strip it out and EBIT is $1.7 million — below the prior year's $7.2 million. FY2026 guidance collapsed from "low teens" growth (February 2026) to essentially flat (July 2026).
Balance sheet & deleveraging
Genuine progress: net debt cut from $264.1 million to $121.5 million (2021 through 2025, -54%), total debt $123.9 million as of 6/30/2026; interest coverage back to 3.7x. On the other hand: 83% of remaining debt (roughly $103.0 million) comes due all at once in 2029, and cash remains thin at $2.6 million.
Customer concentration
For the first time, 15.0% of net trade receivables sat with one customer as of 12/31/2025 (prior year: none over 10%); the second quarter of 2026 also brought a $1.1 million write-off tied to a customer bankruptcy (10-K FY2025, 10-Q Q2 2026).
Governance & shareholder structure
CEO and Chairman combined in one person since 2021 (Jason Brooks); 64 registered shareholders (record holders, 10-K FY2025) — shares sit almost entirely at custodian banks (institutional ownership 82.5% per fundamental data). No governance or accounting breaches documented.
Worth Noting
Rocky Brands landed on the research list via a threshold filing: Schedule 13G/A from AllianceBernstein L.P., filed August 14, 2026 (position as of June 30, 2026, 8.6 percent) — before the price-moving Q2 2026 report.
The last stock price documented in a filing is 14 months old ($22.19, June 30, 2025); the roughly $340 million market cap therefore explicitly carries the date caveat "as of late August 2026" — as does every metric derived from it.
Earnings-call quotes come from public transcripts (Motley Fool, Investing.com, Yahoo Finance), not a licensed primary source, and were cross-checked against the 8-K earnings releases.
Stock Watch
This analysis is as of August 28, 2026. Stock Watch will tell you what's changed at RCKY since then.
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Price history
Chart
Interactive price chart (TradingView).
52-week range: 26.60 $ to 50.80 $ · Last price: 43.50 $ (As of: September 17, 2026)
Key figures
Key figures at a glance
Every figure we hold for this stock, grouped by topic. The question mark next to a label explains what the number means.
Basics
Performance
Technical Indicators
Calculated from the price history · as of 09/18/2026
Valuation
Profitability
Balance Sheet & Safety
Growth
Dividend
Quality & Screener
Highlighted are things our editorial team noticed: green = stands out as strong, red = deserves a closer look. No single metric is a verdict on its own — always read it in context.
Comparison
Industry comparison
The stock alongside the largest companies in the same group. The median row is the middle value of the companies shown above — not of the whole industry.
Industry: Footwear & Accessories
| Company | Market cap ($B) | P/E | EV/EBITDA | Gross Margin % | EBIT Margin % | Sales Growth (Year) % | Perf. 1Y % |
|---|---|---|---|---|---|---|---|
| Rocky Brands Inc RCKY | 0.3 | 17.9 | 8.4 | 38.7 | – | 6.2 | 49.6 |
| Nike Inc NKE | 53.9 | 24.0 | 12.4 | 43.3 | 6.9 | -9.8 | -49.2 |
| Deckers Outdoor Corporation DECK | 11.1 | 12.0 | 7.1 | 57.8 | 14.0 | 9.4 | -32.8 |
| On Holding Ltd ONON | 9.2 | 30.1 | 11.1 | 64.8 | 14.1 | 24.2 | -37.7 |
| Crocs Inc CROX | 6.2 | – | 7.4 | 57.5 | 22.2 | -1.5 | 52.7 |
| Birkenstock Holding plc BIRK | 5.9 | – | 8.2 | 57.5 | 26.9 | 16.2 | -31.7 |
| Steven Madden Ltd SHOO | 3.1 | 41.5 | 13.3 | 46.9 | 15.5 | 10.5 | 31.4 |
| Wolverine World Wide Inc WWW | 1.6 | – | 11.0 | 47.1 | 7.4 | 6.8 | -35.5 |
| Forward Industries, Inc. FWDI | 0.5 | – | 20.8 | 70.6 | 18.8 | -39.8 | -83.9 |
| Median of companies shown | 5.9 | 24.0 | 11.0 | 57.5 | 14.8 | 6.8 | -32.8 |
Based on the most recently reported figures. Only stocks from the same trading venue are lined up, so the market caps are counted in one currency. Compare in a chart →
Fiscal years
Annual Figures
Fiscal years from the audited annual reports, oldest first. EBIT is the operating profit before interest and taxes; total assets are everything the company owns.
Revenue, operating income and net income per fiscal year $M
Revenue Operating income Net income
| Fiscal Year | Revenue ($M) | EBIT ($M) | Net Income ($M) | EPS ($) | Operating Cash Flow ($M) | Equity ($M) | Total Assets ($M) |
|---|---|---|---|---|---|---|---|
| 2016 | 260 | -3 | -2 | -0.29 | 21 | 135 | 181 |
| 2017 | 253 | 12 | 10 | 1.29 | 17 | 141 | 173 |
| 2018 | 253 | 18 | 15 | 1.95 | 18 | 152 | 185 |
| 2019 | 270 | 22 | 17 | 2.35 | 18 | 165 | 206 |
| 2020 | 277 | 27 | 21 | 2.86 | 31 | 180 | 230 |
| 2021 | 514 | 36 | 21 | 2.77 | -55 | 198 | 625 |
| 2022 | 615 | 44 | 20 | 2.78 | 19 | 215 | 593 |
| 2023 | 462 | 35 | 10 | 1.41 | 74 | 224 | 479 |
| 2024 | 454 | 31 | 11 | 1.52 | 53 | 232 | 457 |
| 2025 | 482 | 37 | 22 | 2.96 | 16 | 252 | 477 |
Quarters
Quarterly Figures
Each bar is one quarter, the last one is the most recent. Use the switch to step through the individual figures.
Revenue & Profit
Cash Flow
Balance Sheet
Margins
Per Share
Click the chart or tab into it, then use ← and → to step through the periods.
None of the selected stocks reports this metric. Pick another metric or switch between annual and quarterly.
· Total · per year
These companies report in different currencies — switch on “Indexed” or pick a margin for a fair comparison.
The figures could not be loaded right now.
Source: fundamental data
| Quarter | EPS (Earnings Per Share) | EPS YoY (%) | Sales ($M) | Sales YoY (%) | Net Margin (%) | OCF ($M) | FCF ($M) |
|---|---|---|---|---|---|---|---|
| 2024: Q4 | 0.64 | -28.50 | 128 | 1.70 | 3.70 | 24 | 23 |
| 2025: Q1 | 0.66 | 93.80 | 114 | 1.00 | 4.30 | 1 | 1 |
| 2025: Q2 | 0.48 | – | 106 | 7.50 | 3.40 | 1 | -2 |
| 2025: Q3 | 0.96 | 36.60 | 123 | 7.00 | 5.90 | -3 | -5 |
| 2025: Q4 | 0.86 | 35.70 | 140 | 9.10 | 4.70 | 18 | 17 |
| 2026: Q1 | 0.17 | -74.50 | 124 | 9.10 | 1.00 | 2 | 1 |
| 2026: Q2 | 1.83 | 281.30 | 118 | 12.10 | 11.70 | 8 | 4 |
What Do These Terms Mean?
- EPS (Earnings Per Share):
- Quarterly profit divided by the total share count — how much of the profit works out to a single share.
- YoY (Year over Year):
- Change versus the same quarter a year ago — this is how you compare without seasonal distortion (e.g. the holiday shopping season).
- Sales:
- All revenue for the quarter, before any costs are deducted — the top line of the income statement.
- Net Margin:
- What percentage of sales is left over as profit in the end. Negative means the company is posting a loss.
- OCF (Operating Cash Flow):
- The cash that actually flows into the till from the core business during the quarter — harder to dress up than book profit.
- FCF (Free Cash Flow):
- Operating cash flow minus capital expenditures — the money that's genuinely free to use, say for paying down debt, buybacks, or dividends.
Screening
Appears in These Scanners
This stock currently matches 9 of our scanner strategies — each hit links to the scanner.
Growth
Quality & Balance Sheet
Breakout & Setup
Momentum & Trend
- 21-EMA Trend
- Above the 50- & 200-SMA
- Gary Antonacci: Dual Momentum (Stock Adaptation)
- Mark Minervini: Trend Criteria — 1 Month
- Stan Weinstein: Stage 2
Research
Only genuine hits from verified scanners count; pure ranking metrics (P/E, P/S, and similar, which just sort the whole universe) don't count as a hit. View all scanners
Outlook
Analysts & Price Target
Combined picture of the price targets and recommendations of every analyst covering the stock. Price targets are expectations for the next 12 months, not promises — and they often follow the price rather than predict it.
Distribution of Recommendations
Estimates by Fiscal Year
| Fiscal Year | EPS Estimate ($) | EPS Range ($) | Revenue Estimate ($M) | Expected Growth | Analysts |
|---|---|---|---|---|---|
| 12/31/2026 | 4.95 | 4.89 – 5.00 | 523 | 51.7% | 2 |
| 12/31/2027 | 4.20 | 4.15 – 4.25 | 548 | -15.1% | 2 |
Average of the analyst estimates for the coming fiscal years. The range shows how far the most optimistic and the most cautious estimate sit apart — the wider it is, the less certain the expectation.
Valuation
What is priced in?
Instead of guessing what the stock is worth, we turn the question around: what free cash flow growth has to happen for today’s market value to add up? The assumptions behind it can be moved.
Today’s market value implies roughly 7.9% growth in free cash flow per year over ten years (assumptions: discount rate 10.0%, terminal growth 2.5%).
| Free cash flow (last twelve months) | $16.4M |
|---|---|
| Market cap | $334.0M |
| Free cash flow in year ten | $35.2M |
| Terminal value as a share of market value | 55.6% |
For comparison: over the past five years free cash flow shrank by 13.2% per year.
It shows which assumption is built into today’s price, not whether that assumption will hold. Every assumption can be changed with the sliders; the figures move with them.
A simplified model calculation — not a forecast and not a recommendation.
AI classification
AI Rating
Geprüft am 28.08.2026 gegen die beiden jüngsten Geschäftsberichte (10-K FY2025, eingereicht 11.03.2026, und 10-K FY2024, eingereicht 17.03.2025) sowie die vier jüngsten Quartalsberichte (10-Q bis 04.08.2026): In den ausgewerteten SEC-Filings von Rocky Brands gibt es keinen wesentlichen KI-Bezug — kein KI-Produkt und keine KI-Umsatzquelle im Geschäftsteil (Item 1), kein belegter operativer KI-Einsatz und kein konkretes KI-Geschäftsrisiko fürs eigene Schuh- und Stiefelgeschäft. Der einzige Treffer ist ein im Geschäftsbericht FY2025 neu aufgenommener Standard-Risikohinweis in Item 1A, der ausschließlich im Konjunktiv formuliert ist („We may leverage artificial intelligence …“, „We may also use products and services from third parties …“) und damit nach der Vorrang-Regel weder „nutzt“ (kein belegter Einsatz, nur Möglichkeitsform) noch „bedroht“ trägt (Boilerplate-Risikofloskel ohne konkreten Bezug zum eigenen Geschäftsmodell). In den vier Quartalsberichten und im Geschäftsbericht FY2024 kommt künstliche Intelligenz überhaupt nicht vor.
View the full file — quotes, sources, reviewed filings
„We may use artificial intelligence in our business, which could result in reputational harm, competitive harm, and legal liability, and adversely affect our business, results of operations and financial condition."
Wir setzen möglicherweise künstliche Intelligenz in unserem Geschäft ein, was zu Reputationsschäden, Wettbewerbsnachteilen und rechtlicher Haftung führen und unser Geschäft, unsere Ertragslage und unsere Finanzlage beeinträchtigen könnte.
10-K · 2026-03-11 · View SEC filing
„We may leverage artificial intelligence, including generative artificial intelligence and machine learning, to support our business operations. We may also use products and services from third parties that use integrated artificial intelligence technology."
Wir nutzen möglicherweise künstliche Intelligenz, einschließlich generativer künstlicher Intelligenz und maschinellen Lernens, um unseren Geschäftsbetrieb zu unterstützen. Wir verwenden möglicherweise auch Produkte und Dienstleistungen Dritter, die integrierte KI-Technologie einsetzen.
10-K · 2026-03-11 · View SEC filing
Filings Reviewed: 10-Q 2026-08-04 · 10-Q 2026-05-05 · 10-Q 2025-11-06 · 10-Q 2025-08-07 · 10-K 2026-03-11 · 10-K 2025-03-17
Rated on August 28, 2026 · How the Rating Is Built
Growth
Growth Score
Ten checks against the annual reports — each one passed counts a point.
- Revenue grows by more than 15% a year over three years -7.8%
- More than 10% revenue growth is expected for the coming year 4.8%
- Share count grows by less than 3% a year 0.7%
- Revenue growth plus cash-flow margin add up to at least 40 ("Rule of 40") 8.2%
- Gross margin at 40% or higher and without meaningful erosion 40.9%
- Goodwill from acquisitions does not grow faster than revenue 10.0%
- Net debt below twice EBITDA 2.6 x EBITDA
- Operating cash flow covers the profits of the last three years 99 m
- Return on capital at 15% or higher, or up versus two years ago 9.8%
- Insiders hold at least 10% or are net buyers 6.4%
A criterion without figures counts neither as passed nor as failed; a score is only produced from 7 judgeable criteria upwards. Source: fundamental data. All ten criteria in detail
Quality check
AAQS
7/10The AAQS (AlleAktien Quality Score) checks 10 quality criteria on growth, profitability, and balance-sheet strength — per the methodology developed and published by AlleAktien, calculated by us from our own fundamental data. A stock counts as a quality stock from 9 out of 10 points. Where a company has a shorter listing history, we calculate over the fiscal years available (at least five).
- Sales growth 10Y > 5% 7.1%
- Exp. sales growth 3Y > 5% 6.6%
- EBIT growth 10Y > 5% –
- Exp. EBIT growth 3Y > 5% 19.2%
- Net debt < 4x EBIT 3.3x
- EBIT positive, 10Y straight 9
- Max. EBIT decline < 50% 29.5%
- Return on equity > 15% 22.0%
- ROCE > 15% 9.8%
- Expected return > 10% 22.6%
View stocks with the full AAQS score · Read the methodology at AlleAktien
Source: fundamental data
Insiders
Insider Transactions
Reportable transactions by officers and major shareholders from SEC Form 4 filings. "Other" includes things like stock grants and option exercises without a buy/sell character.
| Date | Person | Role | Type | Shares | Price | Value |
|---|---|---|---|---|---|---|
| Aug 11, 2026 | Finn Michael L | Director | Other | 500 | 0.00 | – |
| Aug 7, 2026 | Moore Robert Burton Jr. | Director | Other | 3,000 | 39.80 | 119,400 |
| Aug 5, 2026 | Moore Robert Burton Jr. | Director | Sell | 3,000 | 49.73 | 149,190 |
| Aug 4, 2026 | Jordan William L | Director | Sell | 989 | 51.87 | 51,299 |
| Aug 4, 2026 | Loveland Curtis A | Assistant Secretary | Sell | 3,483 | 50.54 | 176,043 |
| Aug 4, 2026 | Finn Michael L | Director | Other | 3,000 | 39.80 | 119,400 |
| Aug 4, 2026 | Hahn Robyn R. | Director | Sell | 3,000 | 50.97 | 152,910 |
| Aug 3, 2026 | Finn Michael L | Director | Sell | 3,000 | 50.97 | 152,913 |
| Jul 31, 2026 | Hahn Robyn R. | Director | Other | 3,000 | 39.80 | 119,400 |
| Jul 31, 2026 | Jordan William L | Director | Sell | 2,011 | 48.48 | 97,493 |
The company
About the Company
Rocky Brands, Inc. entwirft, fertigt und vermarktet Schuhe und Bekleidung in den USA, Kanada, dem Vereinigten Königreich und international.
- Employees
- 2,200
- Headquarters
- Nelsonville, OH
- Address
- 39 East Canal Street, 45764 Nelsonville, United States
- Phone
- 740 753 1951
- Website
- rockybrands.com
- IPO Date
- 02/03/1993
- ISIN
- US7745151008
Management
| Name | Title | Birth Year |
|---|---|---|
| Jason S. Brooks | Chairman, CEO & President | 1972 |
| Thomas D. Robertson CPA | COO, CFO & Treasurer | 1985 |
| Byron Wortham | Senior Vice President of Sales - Durango & Georgia Boot | 1967 |
| Jeremy D. Siegfried | Secretary | – |
Executives per the latest required filings; titles kept in their original language. Source: fundamental data.
Filings
Company Filings (8-K)
An 8-K is the filing a US company must use to disclose material events immediately — takeovers, changes at the top, major contracts or payment troubles, for instance. The links open the original document at the US Securities and Exchange Commission (SEC).
- 07/28/2026 ROCKY BRANDS, INC. (RCKY): Results of Operations and Financial Condition; Financial Statements and Exhibits SEC ↗
Data as of: September 17, 2026 · Source: fundamental data & SEC filings (annual and quarterly reports, 10-K/10-Q)
Note: pure fact-based analysis, not investment advice and not a solicitation to buy or sell. All figures without guarantee.