Rocky Brands, Inc. (RCKY) 10-Year Financial Performance & Capital Metrics

RCKY • • Industrial / General

Consumer CyclicalFootwear & AccessoriesWork & Outdoor FootwearWork & Safety Footwear

AboutRocky Brands, Inc. designs, manufactures, and markets footwear and apparel under the Rocky, Georgia Boot, Durango, Lehigh, Muck, XTRATUF, Servus, NEOS, Ranger, and licensed Michelin brand names in the United States, Canada, and internationally. It operates through Wholesale, Retail, and Contract Manufacturing segments. The Wholesale segment offers products in approximately 10,000 retail locations through a range of distribution channels comprising sporting goods stores, outdoor retailers, independent shoe retailers, hardware stores, catalogs, mass merchants, uniform stores, farm store chains, specialty safety stores, and specialty and online retailers. The Retail segment sells its products directly to consumers through its e-commerce websites, including rockyboots.com, georgiaboot.com, durangoboot.com, lehighoutfitters.com, lehighsafetyshoes.com, slipgrips.com,muckbootcompany.com,xtratuf.com, and Rocky outlet store in Nelsonville, Ohio, and retail stores. The Contract Manufacturing segment include private label sales and any sales to customers which are contracted to manufacture a specific footwear product for a customer and include sales to the U.S. Military. It serves industrial and construction workers, as well as workers in the hospitality industry, such as restaurants or hotels; farmers and ranchers; consumers enamored with western influenced fashion; commercial military personnel; hunting, fishing, camping, and hiking enthusiasts; law enforcement, security personnel, and postal employees; and for the U.S. military personnel. Rocky Brands, Inc. was founded in 1932 and is headquartered in Nelsonville, Ohio.Show more

Revenue $454M -1.7%
EBITDA $41M -10.8%
Net Income $11M +9.2%
EPS (Diluted) 1.52 +7.8%
Gross Margin 39.45% +2.0%
EBITDA Margin 9.11% -9.2%
Operating Margin 6.85% -10.6%
Net Margin 2.51% +11.2%
ROE 5% +5.2%
ROIC 6.1% +1.0%
Debt/Equity 0.58 -28.3%
Interest Coverage 1.83 +9.6%

Technical Analysis

Key Insights

Based on financial data analysis

✓Strengths

✓Strong Piotroski F-Score: 7/9
✓High quality earnings: Operating CF exceeds net income
✓Strong 5Y sales CAGR of 10.9%
✓Trading near 52-week high
✓Trading at only 1.1x book value

✗Weaknesses

No significant weaknesses identified

Price & Volume

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Growth Metrics

Revenue CAGR

10Y4.72%

5Y10.91%

3Y-4.08%

TTM4.13%

Profit (Net Income) CAGR

10Y1.47%

5Y-8.2%

3Y-17.88%

TTM54.62%

EPS CAGR

10Y1.58%

5Y-8.35%

3Y-18.13%

TTM53.93%

ROCE

10Y Avg8.65%

5Y Avg10.08%

3Y Avg8.27%

Latest8.02%

Peer Comparison

Work & Safety Footwear

Name	Market Cap	Current Price	P/E Ratio	Revenue Growth 1Y	Net Margin	ROE	FCF Yield	Debt/Equity
RCKYRocky Brands, Inc.	247.37M	33.01	21.72	-1.75%	4.37%	8.36%	19.45%	0.58

Profit & Loss

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Sales/Revenue+	269.3M	260.26M	253.2M	252.69M	270.41M	277.31M	514.23M	615.48M	461.83M	453.77M
Revenue Growth %	-0.06%	-0.03%	-0.03%	-0%	0.07%	0.03%	0.85%	0.2%	-0.25%	-0.02%
Cost of Goods Sold+	180.41M	183.53M	172.43M	165.66M	173.3M	172.57M	319.69M	390.26M	283.24M	274.76M
COGS % of Revenue	0.67%	0.71%	0.68%	0.66%	0.64%	0.62%	0.62%	0.63%	0.61%	0.61%
Gross Profit+	88.89M	76.73M	80.77M	87.03M	97.1M	104.73M	194.54M	225.22M	178.6M	179.01M
Gross Margin %	0.33%	0.29%	0.32%	0.34%	0.36%	0.38%	0.38%	0.37%	0.39%	0.39%
Gross Profit Growth %	-0.08%	-0.14%	0.05%	0.08%	0.12%	0.08%	0.86%	0.16%	-0.21%	0%
Operating Expenses+	78.4M	75.63M	68.94M	68.97M	75.02M	77.56M	158.56M	181.18M	143.23M	147.94M
OpEx % of Revenue	0.29%	0.29%	0.27%	0.27%	0.28%	0.28%	0.31%	0.29%	0.31%	0.33%
Selling, General & Admin	78.4M	75.63M	68.94M	68.97M	75.6M	76.86M	0	180.94M	136.14M	137.35M
SG&A % of Revenue	0.29%	0.29%	0.27%	0.27%	0.28%	0.28%	-	0.29%	0.29%	0.3%
Research & Development	0	0	0	0	0	0	0	0	0	0
R&D % of Revenue	-	-	-	-	-	-	-	-	-	-
Other Operating Expenses	-105.43K	59.02K	15.45K	-162K	-581K	705K	158.56M	246K	7.08M	10.59M
Operating Income+	10.49M	-3.06M	11.83M	18.06M	22.09M	27.17M	35.97M	44.04M	35.37M	31.07M
Operating Margin %	0.04%	-0.01%	0.05%	0.07%	0.08%	0.1%	0.07%	0.07%	0.08%	0.07%
Operating Income Growth %	-0.33%	-1.29%	4.86%	0.53%	0.22%	0.23%	0.32%	0.22%	-0.2%	-0.12%
EBITDA+	17.68M	4.66M	18.33M	23.44M	27.12M	32.41M	47.29M	56.36M	46.31M	41.32M
EBITDA Margin %	0.07%	0.02%	0.07%	0.09%	0.1%	0.12%	0.09%	0.09%	0.1%	0.09%
EBITDA Growth %	-0.22%	-0.74%	2.93%	0.28%	0.16%	0.19%	0.46%	0.19%	-0.18%	-0.11%
D&A (Non-Cash Add-back)	7.19M	7.72M	6.51M	5.38M	5.04M	5.24M	11.31M	12.32M	10.94M	10.25M
EBIT	10.38M	-3M	9.75M	18.06M	21.5M	27.17M	35.97M	44.04M	35.37M	31.07M
Net Interest Income+	-696.83K	-616.57K	-389.59K	0	0	-205K	-10.6M	-18.27M	-21.22M	-17.01M
Interest Income	0	0	0	0	0	0	0	0	0	0
Interest Expense	696.83K	616.57K	389.59K	162K	0	205K	10.6M	18.27M	21.22M	17.01M
Other Income/Expense	-802.26K	-557.55K	-2.46M	-162K	146K	-205K	-10.6M	-18.27M	-21.22M	-17.01M
Pretax Income+	9.69M	-3.62M	9.36M	17.9M	22.23M	26.96M	25.37M	25.77M	14.15M	14.06M
Pretax Margin %	0.04%	-0.01%	0.04%	0.07%	0.08%	0.1%	0.05%	0.04%	0.03%	0.03%
Income Tax+	3.08M	-1.48M	-225.36K	3.35M	4.77M	6M	4.81M	5.3M	3.73M	2.67M
Effective Tax Rate %	0.68%	0.59%	1.02%	0.81%	0.79%	0.78%	0.81%	0.79%	0.74%	0.81%
Net Income+	6.6M	-2.14M	9.59M	14.55M	17.46M	20.96M	20.56M	20.46M	10.43M	11.39M
Net Margin %	0.02%	-0.01%	0.04%	0.06%	0.06%	0.08%	0.04%	0.03%	0.02%	0.03%
Net Income Growth %	-0.33%	-1.32%	5.48%	0.52%	0.2%	0.2%	-0.02%	-0%	-0.49%	0.09%
Net Income (Continuing)	6.6M	-2.14M	9.59M	14.55M	17.46M	20.96M	20.56M	20.46M	10.43M	11.39M
Discontinued Operations	0	0	0	0	0	0	0	0	0	0
Minority Interest	0	0	0	0	0	0	0	0	0	0
EPS (Diluted)+	0.87	-0.29	1.29	1.95	2.35	2.86	2.77	2.78	1.41	1.52
EPS Growth %	-0.33%	-1.33%	5.45%	0.51%	0.21%	0.22%	-0.03%	0%	-0.49%	0.08%
EPS (Basic)	0.87	-0.29	1.29	1.96	2.36	2.87	2.82	2.80	1.42	1.53
Diluted Shares Outstanding	7.57M	7.51M	7.45M	7.46M	7.44M	7.34M	7.41M	7.37M	7.38M	7.48M
Basic Shares Outstanding	7.56M	7.38M	7.43M	7.41M	7.39M	7.3M	7.28M	7.32M	7.36M	7.44M
Dividend Payout Ratio	0.49%	-	0.34%	0.24%	0.23%	0.2%	0.21%	0.22%	0.44%	0.4%

Balance Sheet

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Total Current Assets+	129.22M	120.41M	119.19M	131.19M	146.13M	163.19M	375.29M	341.05M	258.17M	246.44M
Cash & Short-Term Investments	3.41M	4.48M	3.68M	10.17M	15.52M	28.35M	5.91M	5.72M	4.47M	3.72M
Cash Only	3.41M	4.48M	3.68M	10.17M	15.52M	28.35M	5.91M	5.72M	4.47M	3.72M
Short-Term Investments	0	0	0	0	0	0	0	0	0	0
Accounts Receivable	45.26M	42.78M	45.03M	46.3M	50.85M	53.54M	132.41M	95.86M	81.14M	73.01M
Days Sales Outstanding	61.35	59.99	64.91	66.88	68.63	70.48	93.98	56.85	64.13	58.73
Inventory	76.99M	69.17M	65.62M	72.82M	76.73M	77.58M	232.46M	235.4M	169.2M	166.7M
Days Inventory Outstanding	155.77	137.56	138.91	160.44	161.61	164.08	265.41	220.17	218.05	221.45
Other Current Assets	1.03M	0	2.66M	0	0	0	0	0	0	0
Total Non-Current Assets+	64.64M	60.16M	54.29M	53.48M	59.7M	67.19M	249.29M	251.71M	221.21M	210.86M
Property, Plant & Equipment	27.84M	26.51M	23.78M	23.06M	29.17M	35.32M	71.42M	68.37M	59.78M	55.7M
Fixed Asset Turnover	9.67x	9.82x	10.65x	10.96x	9.27x	7.85x	7.20x	9.00x	7.72x	8.15x
Goodwill	0	0	0	0	0	0	50.64M	50.25M	47.84M	47.84M
Intangible Assets	36.55M	33.42M	30.31M	30.27M	30.24M	30.21M	126.31M	121.78M	112.62M	105.82M
Long-Term Investments	-13T	-13T	-7.73T	-7.78M	-8.11M	0	-5.18M	0	0	0
Other Non-Current Assets	258.81K	232.51K	197.98K	148K	294K	374K	917K	942K	965K	1.5M
Total Assets+	193.87M	180.57M	173.48M	184.66M	205.83M	230.38M	624.58M	592.76M	479.38M	457.3M
Asset Turnover	1.39x	1.44x	1.46x	1.37x	1.31x	1.20x	0.82x	1.04x	0.96x	0.99x
Asset Growth %	-0.09%	-0.07%	-0.04%	0.06%	0.11%	0.12%	1.71%	-0.05%	-0.19%	-0.05%
Total Current Liabilities+	14.75M	17.72M	20.03M	25.02M	31.53M	39.98M	140.14M	96.29M	71.53M	90.41M
Accounts Payable	9.12M	11.59M	12.38M	13.54M	15.78M	20.09M	114.63M	69.69M	49.84M	58.07M
Days Payables Outstanding	18.45	23.05	26.21	29.84	33.23	42.49	130.88	65.18	64.23	77.14
Short-Term Debt	0	0	0	0	0	629K	3.25M	6.32M	2.65M	8.36M
Deferred Revenue (Current)	0	0	0	1000K	1000K	1000K	1000K	0	927K	0
Other Current Liabilities	533.22K	842.33K	4.83M	0	0	7.49M	0	15.93M	13.38M	5.97M
Current Ratio	8.76x	6.80x	5.95x	5.24x	4.63x	4.08x	2.68x	3.54x	3.61x	2.73x
Quick Ratio	3.54x	2.89x	2.67x	2.33x	2.20x	2.14x	1.02x	1.10x	1.24x	0.88x
Cash Conversion Cycle	198.66	174.51	177.61	197.48	197.01	192.06	228.51	211.84	217.95	203.04
Total Non-Current Liabilities+	37M	27.76M	12.36M	8.07M	9.64M	10.89M	286.58M	280.99M	184.3M	134.67M
Long-Term Debt	23.7M	14.58M	2.2M	0	0	0	266.79M	253.65M	170.48M	120.38M
Capital Lease Obligations	0	0	0	0	1.16M	944K	8.81M	8.22M	5.46M	3.54M
Deferred Tax Liabilities	13M	13M	7.73M	7.78M	8.11M	9.56M	10.29M	18.38M	7.47M	10.04M
Other Non-Current Liabilities	295.68K	13.18M	10.16M	290K	370K	388K	688K	755K	885K	712K
Total Liabilities	51.74M	45.48M	32.39M	33.09M	41.17M	50.87M	426.72M	377.29M	255.83M	225.08M
Total Debt+	23.7M	14.58M	2.2M	0	1.74M	1.57M	278.85M	268.18M	181.27M	135.05M
Net Debt	20.29M	10.1M	-1.48M	-10.17M	-13.77M	-26.78M	272.94M	262.46M	176.8M	131.33M
Debt / Equity	0.17x	0.11x	0.02x	-	0.01x	0.01x	1.41x	1.24x	0.81x	0.58x
Debt / EBITDA	1.34x	3.13x	0.12x	-	0.06x	0.05x	5.90x	4.76x	3.91x	3.27x
Net Debt / EBITDA	1.15x	2.17x	-0.08x	-0.43x	-0.51x	-0.83x	5.77x	4.66x	3.82x	3.18x
Interest Coverage	15.05x	-4.96x	30.35x	111.49x	-	132.54x	3.39x	2.41x	1.67x	1.83x
Total Equity+	142.12M	135.09M	141.09M	151.57M	164.66M	179.5M	197.85M	215.47M	223.56M	232.22M
Equity Growth %	0.03%	-0.05%	0.04%	0.07%	0.09%	0.09%	0.1%	0.09%	0.04%	0.04%
Book Value per Share	18.76	18.00	18.94	20.31	22.13	24.47	26.70	29.24	30.29	31.05
Total Shareholders' Equity	142.12M	135.09M	141.09M	151.57M	164.66M	179.5M	197.85M	215.47M	223.56M	232.22M
Common Stock	70.88M	69.29M	68.97M	68.39M	67.99M	65.97M	68.06M	69.75M	71.97M	73.87M
Retained Earnings	71.24M	65.8M	72.12M	83.19M	96.66M	113.53M	129.79M	145.72M	151.58M	158.36M
Treasury Stock	0	0	0	0	0	0	0	0	0	0
Accumulated OCI	-52.39M	-58.8M	-62.05M	-55.66M	0	0	0	0	0	0
Minority Interest	0	0	0	0	0	0	0	0	0	0

Cash Flow

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Cash from Operations+	23.24M	21.3M	17.11M	17.57M	18.09M	31.44M	-54.88M	19.12M	73.58M	52.76M
Operating CF Margin %	0.09%	0.08%	0.07%	0.07%	0.07%	0.11%	-0.11%	0.03%	0.16%	0.12%
Operating CF Growth %	0.79%	-0.08%	-0.2%	0.03%	0.03%	0.74%	-2.75%	1.35%	2.85%	-0.28%
Net Income	6.6M	-2.14M	9.59M	14.55M	17.46M	20.96M	20.56M	20.46M	10.43M	11.39M
Depreciation & Amortization	7.19M	7.72M	6.51M	5.38M	5.04M	5.24M	11.31M	12.32M	10.98M	10.25M
Stock-Based Compensation	412.98K	359.36K	356.39K	588K	662K	780K	1.26M	1.23M	1.24M	1.29M
Deferred Taxes	332.65K	-602.99K	-3.64M	617K	328K	164K	2.02M	-2.21M	-531K	2.57M
Other Non-Cash Items	19.5K	3.53M	2.21M	109K	108K	28K	1.05M	3.32M	155K	10.02M
Working Capital Changes	8.69M	12.43M	2.09M	-3.67M	-5.51M	4.26M	-91.08M	-16M	51.3M	17.24M
Change in Receivables	11.15M	3.27M	-6.07M	2.17M	-1.91M	-2.7M	-38.14M	29.28M	17.22M	3.5M
Change in Inventory	8.25M	7.82M	4.05M	-7.2M	-3.91M	-845K	-114.23M	-4.99M	60.03M	2.5M
Change in Payables	-6M	2.35M	1.36M	61K	456K	4.46M	78.63M	-45.92M	-21.23M	7.75M
Cash from Investing+	-8.64M	-5.86M	-1.58M	-4.22M	-7.7M	-11.71M	-233.46M	-1.23M	13.38M	-2.96M
Capital Expenditures	-8.66M	-5.91M	-4.31M	-4.24M	-7.72M	-11.72M	-21.05M	-6.7M	-3.92M	-4.66M
CapEx % of Revenue	0.03%	0.02%	0.02%	0.02%	0.03%	0.04%	0.04%	0.01%	0.01%	0.01%
Acquisitions	-	-	-	-	-	-	-	-	-	-
Investments	-	-	-	-	-	-	-	-	-	-
Other Investing	17.5K	44.76K	330.12K	19K	0	5K	0	5.47M	0	0
Cash from Financing+	-15.81M	-14.36M	-16.33M	-6.86M	-5.04M	-6.89M	265.89M	-18.08M	-88.21M	-50.55M
Debt Issued (Net)	-	-	-	-	-	-	-	-	-	-
Equity Issued (Net)	-	-	-	-	-	-	-	-	-	-
Dividends Paid	-3.25M	-3.3M	-3.27M	-3.48M	-3.99M	-4.09M	-4.3M	-4.54M	-4.57M	-4.61M
Share Repurchases	-	-	-	-	-	-	-	-	-	-
Other Financing	8.74K	0	14K	136K	444K	136K	-3.44M	461K	0	-2.33M
Net Change in Cash	-	-	-	-	-	-	-	-	-	-
Free Cash Flow+	14.59M	15.39M	12.8M	13.33M	10.37M	19.73M	-75.93M	12.42M	69.66M	48.1M
FCF Margin %	0.05%	0.06%	0.05%	0.05%	0.04%	0.07%	-0.15%	0.02%	0.15%	0.11%
FCF Growth %	1.64%	0.06%	-0.17%	0.04%	-0.22%	0.9%	-4.85%	1.16%	4.61%	-0.31%
FCF per Share	1.93	2.05	1.72	1.79	1.39	2.69	-10.25	1.69	9.44	6.43
FCF Conversion (FCF/Net Income)	3.52x	-9.96x	1.78x	1.21x	1.04x	1.50x	-2.67x	0.93x	7.06x	4.63x
Interest Paid	0	0	0	0	0	151K	7.93M	17.5M	13.3M	0
Taxes Paid	0	0	0	0	0	4.67M	8.64M	1.93M	6.66M	0

Key Ratios

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Return on Equity (ROE)	4.71%	-1.54%	6.94%	9.95%	11.04%	12.18%	10.9%	9.9%	4.75%	5%
Return on Invested Capital (ROIC)	4.73%	-1.49%	6.23%	9.64%	11.33%	13.42%	8.65%	6.96%	6.04%	6.1%
Gross Margin	33.01%	29.48%	31.9%	34.44%	35.91%	37.77%	37.83%	36.59%	38.67%	39.45%
Net Margin	2.45%	-0.82%	3.79%	5.76%	6.46%	7.56%	4%	3.33%	2.26%	2.51%
Debt / Equity	0.17x	0.11x	0.02x	-	0.01x	0.01x	1.41x	1.24x	0.81x	0.58x
Interest Coverage	15.05x	-4.96x	30.35x	111.49x	-	132.54x	3.39x	2.41x	1.67x	1.83x
FCF Conversion	3.52x	-9.96x	1.78x	1.21x	1.04x	1.50x	-2.67x	0.93x	7.06x	4.63x
Revenue Growth	-5.92%	-3.36%	-2.71%	-0.2%	7.01%	2.55%	85.43%	19.69%	-24.96%	-1.75%

Frequently Asked Questions

Valuation & Price

Rocky Brands, Inc. (RCKY) has a price-to-earnings (P/E) ratio of 21.7x. This is roughly in line with market averages.

Growth & Financials

Rocky Brands, Inc. (RCKY) reported $470.3M in revenue for fiscal year 2024. This represents a 96% increase from $239.6M in 2011.

Rocky Brands, Inc. (RCKY) saw revenue decline by 1.7% over the past year.

Yes, Rocky Brands, Inc. (RCKY) is profitable, generating $20.6M in net income for fiscal year 2024 (2.5% net margin).

Dividend & Returns

Yes, Rocky Brands, Inc. (RCKY) pays a dividend with a yield of 1.87%. This makes it attractive for income-focused investors.

Rocky Brands, Inc. (RCKY) has a return on equity (ROE) of 5.0%. This is below average, suggesting room for improvement.

Rocky Brands, Inc. (RCKY) generated $15.9M in free cash flow for fiscal year 2024. Positive FCF indicates the company can fund dividends, buybacks, or reinvestment.

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