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Rocky Brands
(NASDAQ:RCKY)
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Rating:73Outperform
Price Target:
$53.00
▲(31.29% Upside)
Action:Upgraded
Date:08/18/26
The score is driven primarily by improving fundamentals (stronger margins and reduced leverage) balanced against cash-flow variability and limited liquidity versus debt. Technicals are supportive with the stock trading above key moving averages and positive MACD. Valuation is reasonable (P/E ~12.4) with a modest dividend, and the latest earnings call adds a positive catalyst via raised guidance while highlighting tariff/cost risks.
Positive Factors
Raised Revenue Outlook
Higher guidance and strong forward bookings indicate broad demand across upcoming selling periods. If execution continues, this can support sustained revenue growth and better operating leverage over the next several quarters.
Negative Factors
Tariff and Input-Cost Exposure
Tariffs, material inflation, and freight increases can structurally pressure product margins because sourcing and inventory decisions affect multiple future quarters. Passing costs to customers may also be difficult in competitive wholesale channels.
Read all positive and negative factors
Positive Factors
Negative Factors
Raised Revenue Outlook
Higher guidance and strong forward bookings indicate broad demand across upcoming selling periods. If execution continues, this can support sustained revenue growth and better operating leverage over the next several quarters.
Read all positive factors
Rocky Brands (RCKY) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$338.71M
Dividend Yield1.4%
Average Volume (3M)49.54K
Price to Earnings (P/E)11.8
Beta (1Y)1.21
Revenue Growth9.24%
EPS Growth54.03%
CountryUS
Employees2,200
SectorConsumer Cyclical
Sector Strength84
IndustryApparel - Footwear & Accessories
Share Statistics
EPS (TTM)3.84
Shares Outstanding7,491,911
10 Day Avg. Volume51,288
30 Day Avg. Volume49,540
Financial Highlights & Ratios
PEG Ratio0.10
Price to Book (P/B)0.87
Price to Sales (P/S)0.45
P/FCF Ratio22.55
Enterprise Value/Market Cap<0.01
Enterprise Value/Revenue<0.01
Enterprise Value/Gross Profit<0.01
Enterprise Value/Ebitda<0.01
Forecast
1Y Price Target
$56.00Price Target Upside38.72% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering1
EPS Forecast (FY)3.67
Revenue Forecast (FY)$512.54M
Rocky Brands Business Overview & Revenue Model
Company Description
Rocky Brands, Inc. is engaged in the comprehensive process of designing, manufacturing, and distributing footwear and apparel globally, spanning markets in the United States, Canada, and internationally. The company boasts an extensive brand portf...
How the Company Makes Money
Rocky Brands makes money primarily by selling branded footwear (and a smaller mix of apparel and accessories) through two main routes: (1) Wholesale: selling product in bulk to third-party retailers, distributors, and specialty dealers (e.g., work...
Rocky Brands Earnings Call Summary
Earnings Call Date:Jul 28, 2026
(Q2-2026)
| % Change Since: |
Next Earnings Date:Nov 04, 2026
Earnings Call Sentiment Positive
The call conveyed strong operational momentum: double-digit quarterly sales growth (12%), outsized retail and DTC performance, major brand strength (notably XTRATUF), materially improved profitability and raised full-year revenue guidance (~8.5%). These positives were tempered by notable near-term headwinds: tariff uncertainty, higher input and freight costs, a $1.1M A/R write-off, and sourcing trade-offs that pressure underlying gross margins (management expects ~40% gross margins excluding tariff benefit). Overall, the positives — broad-based brand strength, healthy bookings for H2, significant profit improvement and actions to return capital — outweigh the lowlights, although risks remain that could affect 2027 if tariffs and cost inflation persist.Positive Updates
Strong Top-Line Growth
Reported net sales increased 12.0% year-over-year to $118.4 million in Q2 — the company's highest growth rate since 2022. Wholesale sales rose 7.9% to $78.8 million, Retail sales grew 21.8% to $36.2 million, and Contract Manufacturing increased 17.2% to $3.3 million.
Negative Updates
Tariff and Sourcing Uncertainty
While Q2 benefited from an IEEPA tariff refund, management warned of ongoing tariff uncertainty (new 301 tariffs discussed) that could create headwinds later in 2026/into 2027. The company expects the incremental effect of recent tariffs to begin flowing through inventory late 2026/early 2027.
Read all updates
Q2-2026 Updates
Positive
Negative
Strong Top-Line Growth
Reported net sales increased 12.0% year-over-year to $118.4 million in Q2 — the company's highest growth rate since 2022. Wholesale sales rose 7.9% to $78.8 million, Retail sales grew 21.8% to $36.2 million, and Contract Manufacturing increased 17.2% to $3.3 million.
Read all positive updates
Company Guidance
Management raised 2026 guidance, now expecting revenue to grow about 8.5% y/y with Q4 modestly faster than Q3; gross margin is now forecast at ~40% excluding the actual/expected tariff refund, with Q3–Q4 margins improving sequentially into the low‑40% range. They expect a full‑year tariff benefit of roughly $20 million (≈$10 million net), including about $2 million in Q3, but are also baking in a ~$3 million headwind for expedited sourcing and timing, higher outbound/inbound freight and mid‑single‑digit (≈5–6%) raw‑material cost increases; SG&A as a percent of sales is expected to tick up slightly. Reported EPS is targeted around $5.00, EPS excluding the expected tariff refund is roughly flat to last year at about $3.26, and on a “net basis” (excluding the $20M refund and $10M incremental IEEPA tariffs) EPS would be about $4.00; management plans to reinvest part of the proceeds (e.g., DC expansion) and pay down debt.Rocky Brands Financial Statement Overview
Summary
Income Statement
74
Positive
Balance Sheet
71
Positive
Cash Flow
58
Neutral
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 505.03M | 481.98M | 453.77M | 461.83M | 615.48M | 514.23M |
| Gross Profit | 213.24M | 197.29M | 179.01M | 178.60M | 225.22M | 194.54M |
| EBITDA | 61.87M | 47.03M | 41.32M | 46.31M | 56.36M | 47.29M |
| Net Income | 28.86M | 22.27M | 11.39M | 10.43M | 20.46M | 20.56M |
Balance Sheet | ||||||
| Total Assets | 489.91M | 477.49M | 457.30M | 479.38M | 592.76M | 624.58M |
| Cash, Cash Equivalents and Short-Term Investments | 2.63M | 2.90M | 3.72M | 4.47M | 5.72M | 5.91M |
| Total Debt | 130.01M | 127.02M | 135.05M | 181.27M | 268.18M | 278.85M |
| Total Liabilities | 226.28M | 225.40M | 225.08M | 255.83M | 377.29M | 426.72M |
| Stockholders Equity | 263.63M | 252.09M | 232.22M | 223.56M | 215.47M | 197.85M |
Cash Flow | ||||||
| Free Cash Flow | 16.44M | 9.72M | 48.10M | 69.66M | 12.42M | -75.93M |
| Operating Cash Flow | 23.97M | 16.30M | 52.76M | 73.58M | 19.12M | -54.88M |
| Investing Cash Flow | -7.16M | -6.20M | -2.96M | 13.38M | -1.23M | -233.46M |
| Financing Cash Flow | -16.96M | -10.91M | -50.55M | -88.21M | -18.08M | 265.89M |
Rocky Brands Technical Analysis
Positive
40.37
Price Trends
43.78
Positive
41.21
Positive
37.57
Positive
Market Momentum
0.40
Positive
47.21
Neutral
16.93
Positive
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For RCKY, the sentiment is Positive. The current price of 40.37 is below the 20-day moving average (MA) of 47.59, below the 50-day MA of 43.78, and above the 200-day MA of 37.57, indicating a neutral trend. The MACD of 0.40 indicates Positive momentum. The RSI at 47.21 is Neutral, neither overbought nor oversold. The STOCH value of 16.93 is Positive, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for RCKY.
Rocky Brands Risk Analysis
Rocky Brands disclosed 30 risk factors in its most recent earnings report. Rocky Brands reported the most risks in the "Finance & Corporate" category.
Finance & Corporate - Financial and accounting risks. Risks related to the execution of corporate activity and strategy
Latest Risks Added 0 New Risks
Rocky Brands Peers Comparison
UnderperformOutperform
Sector (61)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
80 Outperform | $432.09M | 12.18 | 14.04% | 8.08% | -0.32% | 35.29% | |
73 Outperform | $338.71M | 11.79 | 11.38% | 1.57% | 9.24% | 54.03% | |
70 Outperform | $1.65B | 15.20 | 26.26% | 2.10% | 7.16% | 24.85% | |
68 Neutral | $5.93B | 10.44 | 43.41% | ― | -2.03% | 205.97% | |
64 Neutral | $3.30B | 22.12 | 16.05% | 1.96% | 18.33% | 56.39% | |
61 Neutral | $18.38B | 12.79 | -2.54% | 3.03% | 1.52% | -15.83% | |
50 Neutral | $439.69M | 1,254.00 | 0.05% | 2.38% | 4.95% | -100.25% |
* Consumer Cyclical Sector Average
RCKY
Rocky Brands
45.28
15.16
50.33%
CROX
Crocs
121.69
35.40
41.02%
SHOO
Steven Madden
44.69
16.15
56.61%
WEYS
Weyco Group
44.84
16.91
60.53%
WWW
Wolverine World Wide
19.76
-11.95
-37.69%
CAL
Caleres
12.54
-2.51
-16.66%
Rocky Brands Corporate Events
Executive/Board ChangesShareholder Meetings
Rocky Brands Shareholders Back Directors and Executive Pay
Positive
Jun 5, 2026
At its June 3, 2026 annual meeting, Rocky Brands, Inc. shareholders elected five directors—Michael L. Finn, G. Courtney Haning, William L. Jordan, Curtis A. Loveland, and Robert B. Moore Jr.—to serve on the board until the 2028 annual ...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.