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Rocky Brands
(NASDAQ:RCKY)
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Rating:75Outperform
Price Target:
$56.00
▲(23.67% Upside)
Action:Reiterated
Date:10/29/26
The score is driven primarily by improving profitability and a healthier balance sheet, plus supportive technical momentum with price trading above key moving averages. Valuation is also favorable with a low P/E and a modest yield. Offsetting factors are cash-flow volatility and earnings-call risks around cost inflation/opex pressure and the nonrecurring nature of tariff-related benefits.
Positive Factors
Broad-Based Revenue Growth
Growth across wholesale and retail, supported by several brands and stronger direct-to-consumer demand, indicates broader customer adoption rather than reliance on one channel. Sustained expansion can improve operating leverage and provide a durable base for continued product investment.
Negative Factors
Volatile Cash Conversion
Positive cash generation is tempered by inconsistent operating cash flow and only moderate conversion of accounting profit into free cash flow. Working-capital and demand-cycle sensitivity can limit internally funded investment and make liquidity outcomes less predictable across reporting periods.
Read all positive and negative factors
Positive Factors
Negative Factors
Broad-Based Revenue Growth
Growth across wholesale and retail, supported by several brands and stronger direct-to-consumer demand, indicates broader customer adoption rather than reliance on one channel. Sustained expansion can improve operating leverage and provide a durable base for continued product investment.
Read all positive factors
Rocky Brands (RCKY) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$369.13M
Dividend Yield1.32%
Average Volume (3M)52.84K
Price to Earnings (P/E)10.7
Beta (1Y)1.13
Revenue Growth10.84%
EPS Growth66.78%
CountryUS
Employees2,200
SectorConsumer Cyclical
Sector Strength84
IndustryApparel - Footwear & Accessories
Share Statistics
EPS (TTM)3.84
Shares Outstanding7,491,911
10 Day Avg. Volume60,633
30 Day Avg. Volume52,841
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 Cap1.24
Enterprise Value/Revenue0.91
Enterprise Value/Gross Profit2.15
Enterprise Value/Ebitda7.14
Forecast
1Y Price Target
$52.00Price Target Upside14.84% Upside
Rating ConsensusHold
Number of Analyst Covering2
EPS Forecast (FY)4.95
Revenue Forecast (FY)$522.87M
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 primarily makes money by selling footwear (and a smaller amount of related apparel and accessories) through two main routes: (1) wholesale distribution and (2) direct-to-consumer (DTC) sales. In wholesale, the company sells its brande...
Rocky Brands Earnings Call Summary
Earnings Call Date:Oct 27, 2026
(Q3-2026)
| % Change Since: |
Next Earnings Date:Mar 02, 2027
Earnings Call Sentiment Positive
The call was strongly positive. The company exceeded expectations with 13.3% revenue growth, higher profitability, broad-based brand momentum, strong direct-to-consumer performance, improved retail and wholesale trends, and raised full-year guidance. The main challenges were Georgia Boot and commercial military declines, higher operating expenses and input costs, some inventory tightness, Q4 comparison effects, and the nonrecurring nature of tariff-related benefits. Highlights significantly outweighed lowlights.Positive Updates
Strong Third-Quarter Revenue Growth
Reported net sales increased 13.3% year-over-year to $138.8 million, exceeding expectations and marking the second consecutive quarter of double-digit top-line growth. Growth accelerated from the 12% gain delivered in Q2.
Negative Updates
Georgia Boot Sales Declined
Georgia Boot sales declined year-over-year because the prior-year quarter included large bulk orders from a key account that did not repeat, while several new products this year had launched and shipped in Q2. The field environment also remained cautious as inflation and higher fuel costs led to smaller baskets and more conservative inventory decisions among independents.
Read all updates
Q3-2026 Updates
Positive
Negative
Strong Third-Quarter Revenue Growth
Reported net sales increased 13.3% year-over-year to $138.8 million, exceeding expectations and marking the second consecutive quarter of double-digit top-line growth. Growth accelerated from the 12% gain delivered in Q2.
Read all positive updates
Company Guidance
For 2026, Rocky Brands now expects revenue to increase approximately 10.5% over 2025, up from the prior guidance of 8.5% increase; gross margins are projected to be approximately 41% normalizing the net impact of tariffs and the free trade zone benefit, operating expenses as a percentage of net sales is still expected to increase slightly year-over-year, reported EPS is expected to be approximately $5.30 compared with prior guidance of approximately $5, and net EPS is still projected to be approximately $4 per share. Fourth-quarter sales are expected to increase 8-ish percent overall, with retail segment growth at a slightly higher rate than wholesale, wholesale continuing to grow maybe not quite at the same rate, and contract manufacturing sales showing a couple of million dollar decrease. For 2027, the long-term gross margin target is 40%, product costs are seeing mid-single-digit increases, pricing will be taken to help preserve that target, and more guidance will be provided at the next earnings call.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 | 64.29M | 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
45.28
Price Trends
45.33
Positive
44.18
Positive
40.96
Positive
Market Momentum
0.86
Negative
62.33
Neutral
77.59
Neutral
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 45.28 is below the 20-day moving average (MA) of 46.49, below the 50-day MA of 45.33, and above the 200-day MA of 40.96, indicating a bullish trend. The MACD of 0.86 indicates Negative momentum. The RSI at 62.33 is Neutral, neither overbought nor oversold. The STOCH value of 77.59 is Neutral, 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 | $501.04M | 14.26 | 14.04% | 5.91% | -0.32% | 35.29% | |
76 Outperform | $6.88B | 11.14 | 48.76% | ― | 0.70% | 329.45% | |
75 Outperform | $369.13M | 10.73 | 13.20% | 1.32% | 10.84% | 66.78% | |
66 Neutral | $1.71B | 16.00 | 26.26% | 1.92% | 7.16% | 24.85% | |
65 Neutral | $3.18B | 21.53 | 16.05% | 1.93% | 18.33% | 56.39% | |
61 Neutral | $18.38B | 12.79 | -2.54% | 3.03% | 1.52% | -15.83% | |
60 Neutral | $465.47M | 8.38 | 8.38% | 2.08% | 7.32% | -13.12% |
* Consumer Cyclical Sector Average
RCKY
Rocky Brands
49.27
21.23
75.73%
CROX
Crocs
150.52
69.36
85.46%
SHOO
Steven Madden
43.50
11.38
35.41%
WEYS
Weyco Group
52.46
26.35
100.89%
WWW
Wolverine World Wide
20.80
-1.03
-4.73%
CAL
Caleres
13.49
2.73
25.35%
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.