The Buckle, Inc. (BKE) 10-Year Financial Performance & Capital Metrics

BKE • • Industrial / General

Consumer CyclicalApparel RetailYouth & Young Adult Fashion RetailersTeen & Young Adult Fashion Chains

AboutThe Buckle, Inc. operates as a retailer of casual apparel, footwear, and accessories for young men and women in the United States. It markets a selection of brand name casual apparel, including denims, other casual bottoms, tops, sportswear, outerwear, accessories, and footwear, as well as private label merchandise primarily comprising BKE, Buckle Black, Salvage, Red by BKE, Daytrip, Gimmicks, Gilded Intent, FITZ + EDDI, Willow & Root, Outpost Makers, Departwest, Reclaim, BKE Vintage, Nova Industries, J.B. Holt, and Veece. The company also provides services, such as hemming, gift-packaging, layaways, guest loyalty program, the Buckle private label credit card, and personalized stylist services, as well as special order system that allows stores to obtain requested merchandise from other company stores or its online order fulfillment center. As of March 11, 2022, it operated 440 retail stores in 42 states under the Buckle and The Buckle names. The Buckle, Inc. also sells its products through its website, buckle.com. The company was formerly known as Mills Clothing, Inc. and changed its name to The Buckle, Inc. in April 1991. The Buckle, Inc. was incorporated in 1948 and is headquartered in Kearney, Nebraska.Show more

Revenue $1.22B -3.4%
EBITDA $263M -9.7%
Net Income $195M -11.1%
EPS (Diluted) 3.89 -11.6%
Gross Margin 48.68% -0.8%
EBITDA Margin 21.64% -6.5%
Operating Margin 19.82% -7.8%
Net Margin 16.05% -7.9%
ROE 46.71% -16.2%
ROIC 38.37% -16.2%
Debt/Equity 0.77 +0.9%
Interest Coverage -

Technical Analysis

Key Insights

Based on financial data analysis

✓Strengths

✓Excellent 3Y average ROE of 58.8%
✓FCF machine: 16.4% free cash flow margin
✓High quality earnings: Operating CF exceeds net income
✓Healthy 5Y average net margin of 17.3%
✓Efficient asset utilization: 1.3x turnover

✗Weaknesses

✗Dividend payout exceeds 100% of earnings

Price & Volume

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Growth Metrics

Revenue CAGR

10Y0.55%

5Y6.23%

3Y-2.02%

TTM1.62%

Profit (Net Income) CAGR

10Y1.86%

5Y13.36%

3Y-8.46%

TTM-1.88%

EPS CAGR

10Y1.42%

5Y12.7%

3Y-8.99%

TTM-2.44%

ROCE

10Y Avg37.54%

5Y Avg43.49%

3Y Avg45.01%

Latest35.3%

Peer Comparison

Teen & Young Adult Fashion Chains

Name	Market Cap	Current Price	P/E Ratio	Revenue Growth 1Y	Net Margin	ROE	FCF Yield	Debt/Equity
GESGuess', Inc.	879.28M	16.86	21.90	7.88%	2.56%	14.19%	4.05%	2.58
URBNUrban Outfitters, Inc.	6.33B	70.56	16.56	7.71%	8.15%	18.08%	5.06%	0.44
AEOAmerican Eagle Outfitters, Inc.	4.38B	25.81	15.36	1.27%	3.74%	12.76%	5.81%	0.82
BKEThe Buckle, Inc.	2.71B	52.97	13.62	-3.44%	16.12%	42.33%	7.37%	0.77
GAPThe Gap, Inc.	10.15B	27.28	12.40	1.32%	5.57%	23.33%	10.24%	1.68
ANFAbercrombie & Fitch Co.	4.94B	107.62	10.07	15.6%	10.07%	39.21%	10.69%	0.70

Profit & Loss

	Jan 2016	Jan 2017	Jan 2018	Jan 2019	Jan 2020	Jan 2021	Jan 2022	Jan 2023	Jan 2024	Jan 2025
Sales/Revenue+	1.12B	974.87M	913.38M	885.5M	900.25M	901.28M	1.29B	1.35B	1.26B	1.22B
Revenue Growth %	-0.03%	-0.13%	-0.06%	-0.03%	0.02%	0%	0.44%	0.04%	-0.06%	-0.03%
Cost of Goods Sold+	638.22M	577.71M	533.36M	519.42M	522.78M	500.61M	641.6M	669.18M	642.04M	624.9M
COGS % of Revenue	0.57%	0.59%	0.58%	0.59%	0.58%	0.56%	0.5%	0.5%	0.51%	0.51%
Gross Profit+	481.4M	397.17M	380.02M	366.07M	377.47M	400.67M	653.01M	676M	619.07M	592.79M
Gross Margin %	0.43%	0.41%	0.42%	0.41%	0.42%	0.44%	0.5%	0.5%	0.49%	0.49%
Gross Profit Growth %	-0.05%	-0.17%	-0.04%	-0.04%	0.03%	0.06%	0.63%	0.04%	-0.08%	-0.04%
Operating Expenses+	251.81M	244.41M	245.94M	245.15M	245.98M	232.65M	317.51M	347.87M	348.01M	351.42M
OpEx % of Revenue	0.22%	0.25%	0.27%	0.28%	0.27%	0.26%	0.25%	0.26%	0.28%	0.29%
Selling, General & Admin	251.81M	244.41M	245.94M	245.15M	245.98M	232.65M	317.51M	347.87M	348.01M	351.42M
SG&A % of Revenue	0.22%	0.25%	0.27%	0.28%	0.27%	0.26%	0.25%	0.26%	0.28%	0.29%
Research & Development	0	0	0	0	0	0	0	0	0	0
R&D % of Revenue	-	-	-	-	-	-	-	-	-	-
Other Operating Expenses	0	0	0	0	0	0	0	0	0	0
Operating Income+	229.59M	152.76M	134.08M	94.08M	131.5M	168.02M	335.5M	328.13M	271.06M	241.36M
Operating Margin %	0.21%	0.16%	0.15%	0.11%	0.15%	0.19%	0.26%	0.24%	0.21%	0.2%
Operating Income Growth %	-0.11%	-0.33%	-0.12%	-0.3%	0.4%	0.28%	1%	-0.02%	-0.17%	-0.11%
EBITDA+	261.73M	185.55M	164.82M	120.93M	155.29M	188.88M	354.19M	346.99M	291.89M	263.5M
EBITDA Margin %	0.23%	0.19%	0.18%	0.14%	0.17%	0.21%	0.27%	0.26%	0.23%	0.22%
EBITDA Growth %	-0.09%	-0.29%	-0.11%	-0.27%	0.28%	0.22%	0.88%	-0.02%	-0.16%	-0.1%
D&A (Non-Cash Add-back)	32.14M	32.79M	30.75M	26.85M	23.79M	20.86M	18.69M	18.86M	20.83M	22.13M
EBIT	229.59M	152.76M	134.08M	120.93M	131.5M	168.02M	335.5M	328.13M	271.06M	241.36M
Net Interest Income+	0	0	0	0	6.21M	2.92M	2.26M	6.92M	0	0
Interest Income	0	0	0	0	6.21M	2.92M	2.26M	6.92M	0	0
Interest Expense	0	0	0	0	0	0	0	0	0	0
Other Income/Expense	5.24M	3.51M	5.41M	5.72M	6.21M	2.92M	2.26M	6.92M	18.16M	16.41M
Pretax Income+	234.82M	156.27M	139.49M	126.64M	137.71M	170.95M	337.75M	335.06M	289.21M	257.78M
Pretax Margin %	0.21%	0.16%	0.15%	0.14%	0.15%	0.19%	0.26%	0.25%	0.23%	0.21%
Income Tax+	87.54M	58.31M	49.78M	31.04M	33.28M	40.81M	82.94M	80.43M	69.3M	62.31M
Effective Tax Rate %	0.63%	0.63%	0.64%	0.75%	0.76%	0.76%	0.75%	0.76%	0.76%	0.76%
Net Income+	147.28M	97.96M	89.71M	95.61M	104.43M	130.14M	254.82M	254.63M	219.92M	195.47M
Net Margin %	0.13%	0.1%	0.1%	0.11%	0.12%	0.14%	0.2%	0.19%	0.17%	0.16%
Net Income Growth %	-0.09%	-0.33%	-0.08%	0.07%	0.09%	0.25%	0.96%	-0%	-0.14%	-0.11%
Net Income (Continuing)	147.28M	97.96M	89.71M	95.61M	104.43M	130.14M	254.82M	254.63M	219.92M	195.47M
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)+	3.06	2.03	1.85	1.97	2.14	2.66	5.16	5.13	4.40	3.89
EPS Growth %	-0.09%	-0.34%	-0.09%	0.06%	0.09%	0.24%	0.94%	-0.01%	-0.14%	-0.12%
EPS (Basic)	3.06	2.04	1.86	1.97	2.15	2.67	5.20	5.17	4.44	3.92
Diluted Shares Outstanding	48.2M	48.26M	48.37M	48.61M	48.81M	49.01M	49.38M	49.63M	49.95M	50.31M
Basic Shares Outstanding	48.08M	48.13M	48.25M	48.41M	48.59M	48.76M	48.99M	49.27M	49.58M	49.92M
Dividend Payout Ratio	0.64%	0.87%	1.49%	1.02%	1.08%	0.99%	1.36%	0.8%	0.89%	1.01%

Balance Sheet

	Jan 2016	Jan 2017	Jan 2018	Jan 2019	Jan 2020	Jan 2021	Jan 2022	Jan 2023	Jan 2024	Jan 2025
Total Current Assets+	362.9M	386.46M	360.58M	370.43M	378.83M	437.22M	391.21M	423.34M	444.26M	439.21M
Cash & Short-Term Investments	197.65M	246.53M	215.92M	220.02M	233.5M	322.15M	266.9M	273.07M	290.42M	290.73M
Cash Only	161.19M	196.54M	165.09M	168.47M	220.97M	318.79M	253.97M	252.08M	268.21M	266.93M
Short-Term Investments	36.47M	49.99M	50.83M	51.55M	12.53M	3.36M	12.93M	21M	22.21M	23.8M
Accounts Receivable	9.65M	8.21M	8.59M	7.09M	3.14M	2.82M	12.09M	12.65M	8.7M	6.76M
Days Sales Outstanding	3.15	3.07	3.43	2.92	1.27	1.14	3.41	3.43	2.52	2.03
Inventory	149.57M	125.69M	118.01M	125.19M	121.26M	101.06M	102.09M	125.13M	126.29M	120.79M
Days Inventory Outstanding	85.54	79.41	80.76	87.97	84.66	73.69	58.08	68.25	71.8	70.55
Other Current Assets	6.03M	6.02M	18.07M	18.14M	20.93M	11.19M	0	12.48M	18.85M	20.93M
Total Non-Current Assets+	209.88M	193.39M	177.53M	156.87M	489.06M	408.59M	389.68M	414.24M	445.55M	473.96M
Property, Plant & Equipment	172.78M	169M	149.55M	130.68M	463.94M	379.77M	359.42M	383.82M	409.65M	435.55M
Fixed Asset Turnover	6.48x	5.77x	6.11x	6.78x	1.94x	2.37x	3.60x	3.50x	3.08x	2.80x
Goodwill	0	0	0	0	0	0	0	0	0	0
Intangible Assets	0	0	0	0	0	0	0	0	0	0
Long-Term Investments	33.83M	18.09M	21.45M	18.75M	15.86M	18.32M	19.35M	20.62M	24.99M	28.12M
Other Non-Current Assets	3.27M	6.3M	6.53M	7.44M	9.26M	10.5M	10.91M	9.8M	10.91M	10.3M
Total Assets+	572.77M	579.85M	538.12M	527.3M	867.89M	845.81M	780.88M	837.58M	889.81M	913.17M
Asset Turnover	1.95x	1.68x	1.70x	1.68x	1.04x	1.07x	1.66x	1.61x	1.42x	1.33x
Asset Growth %	0.05%	0.01%	-0.07%	-0.02%	0.65%	-0.03%	-0.08%	0.07%	0.06%	0.03%
Total Current Liabilities+	107.63M	98.62M	97.91M	90.22M	172.64M	206.36M	248.54M	226.04M	221.46M	213.93M
Accounts Payable	33.86M	25.08M	29.39M	29.01M	26.49M	43.4M	59.95M	44.84M	45.96M	45.98M
Days Payables Outstanding	19.37	15.85	20.11	20.38	18.5	31.64	34.11	24.45	26.13	26.86
Short-Term Debt	0	0	0	0	87.31M	81.76M	88.27M	89.19M	0	0
Deferred Revenue (Current)	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	0	1000K
Other Current Liabilities	33.13M	31.94M	15.65M	17.98M	-64.39M	-20.87M	-9.75M	-16.92M	66.49M	0
Current Ratio	3.37x	3.92x	3.68x	4.11x	2.19x	2.12x	1.57x	1.87x	2.01x	2.05x
Quick Ratio	1.98x	2.64x	2.48x	2.72x	1.49x	1.63x	1.16x	1.32x	1.44x	1.49x
Cash Conversion Cycle	69.32	66.64	64.08	70.51	67.44	43.19	27.38	47.23	48.19	45.72
Total Non-Current Liabilities+	52.5M	50.69M	48.96M	43.21M	306.1M	242.83M	219.42M	235.22M	255.13M	275.44M
Long-Term Debt	0	0	0	0	0	0	0	0	0	0
Capital Lease Obligations	0	0	0	0	290.24M	224.51M	200.07M	214.6M	230.14M	247.32M
Deferred Tax Liabilities	0	0	0	0	0	0	0	1.14M	0	0
Other Non-Current Liabilities	52.5M	50.69M	48.96M	43.21M	15.86M	18.32M	19.35M	20.62M	24.99M	28.12M
Total Liabilities	160.13M	149.31M	146.87M	133.43M	478.74M	449.19M	467.96M	461.26M	476.59M	489.37M
Total Debt+	0	0	0	0	377.55M	306.27M	288.34M	303.79M	315.41M	326.26M
Net Debt	-161.19M	-196.54M	-165.09M	-168.47M	156.58M	-12.52M	34.37M	51.71M	47.19M	59.33M
Debt / Equity	-	-	-	-	0.97x	0.77x	0.92x	0.81x	0.76x	0.77x
Debt / EBITDA	-	-	-	-	2.43x	1.62x	0.81x	0.88x	1.08x	1.24x
Net Debt / EBITDA	-0.62x	-1.06x	-1.00x	-1.39x	1.01x	-0.07x	0.10x	0.15x	0.16x	0.23x
Interest Coverage	-	-	-	-	-	-	-	-	-	-
Total Equity+	412.64M	430.54M	391.25M	393.88M	389.15M	396.63M	312.92M	376.31M	413.22M	423.8M
Equity Growth %	0.16%	0.04%	-0.09%	0.01%	-0.01%	0.02%	-0.21%	0.2%	0.1%	0.03%
Book Value per Share	8.56	8.92	8.09	8.10	7.97	8.09	6.34	7.58	8.27	8.42
Total Shareholders' Equity	412.64M	430.54M	391.25M	393.88M	389.15M	396.63M	312.92M	376.31M	413.22M	423.8M
Common Stock	484K	486K	488K	490K	492K	494K	497K	501K	504K	508K
Retained Earnings	277.63M	290.74M	246.57M	244.82M	236.4M	238.08M	145.1M	196.85M	220.03M	217.48M
Treasury Stock	0	0	0	0	0	0	0	0	0	0
Accumulated OCI	-331K	-82K	-89K	0	0	0	0	0	0	0
Minority Interest	0	0	0	0	0	0	0	0	0	0

Cash Flow

	Jan 2016	Jan 2017	Jan 2018	Jan 2019	Jan 2020	Jan 2021	Jan 2022	Jan 2023	Jan 2024	Jan 2025
Cash from Operations+	159.32M	148.87M	119.72M	108.73M	130.66M	227.42M	311.75M	242.38M	254.64M	242.01M
Operating CF Margin %	0.14%	0.15%	0.13%	0.12%	0.15%	0.25%	0.24%	0.18%	0.2%	0.2%
Operating CF Growth %	-0.19%	-0.07%	-0.2%	-0.09%	0.2%	0.74%	0.37%	-0.22%	0.05%	-0.05%
Net Income	147.28M	97.96M	89.71M	95.61M	104.43M	130.14M	254.82M	254.63M	219.92M	195.47M
Depreciation & Amortization	32.14M	32.79M	30.75M	26.85M	23.79M	20.86M	18.69M	18.86M	20.83M	22.99M
Stock-Based Compensation	6.2M	5.33M	4.88M	4.29M	3.76M	6.17M	9.27M	11.64M	0	13.13M
Deferred Taxes	-1.22M	-3.26M	-340K	-1.1M	-1.99M	-1.3M	-381K	1.14M	-1.09M	637K
Other Non-Cash Items	10.44M	13.43M	11.11M	7.07M	2.79M	-6.49M	-16.91M	18.91M	14.76M	912K
Working Capital Changes	-25.53M	14.17M	-6.9M	-18.84M	165K	71.27M	29.35M	-44.59M	223K	8.87M
Change in Receivables	-389K	3.85M	-413K	-3.45M	-2.35M	20.16M	-3.28M	-94K	-1.01M	615K
Change in Inventory	-19.64M	23.87M	7.69M	-7.49M	3.93M	20.2M	-1.03M	-23.04M	-1.16M	5.5M
Change in Payables	-182K	-8.31M	4.58M	276K	-2.67M	16.75M	15.91M	-16.21M	92K	1.48M
Cash from Investing+	-34.86M	-28.66M	-17.3M	-7.6M	34.76M	-768K	-28.77M	-41.4M	-41.77M	-45.28M
Capital Expenditures	-34.58M	-31.66M	-13.46M	-10.02M	-7.32M	-7.66M	-19.1M	-30.36M	-37.27M	-42.27M
CapEx % of Revenue	0.03%	0.03%	0.01%	0.01%	0.01%	0.01%	0.01%	0.02%	0.03%	0.03%
Acquisitions	-	-	-	-	-	-	-	-	-	-
Investments	-	-	-	-	-	-	-	-	-	-
Other Investing	100K	80K	92K	158K	168K	62K	-30K	-30K	-22K	-29K
Cash from Financing+	-96.99M	-84.85M	-133.87M	-97.74M	-112.92M	-128.83M	-347.8M	-202.88M	-196.74M	-198.02M
Debt Issued (Net)	-	-	-	-	-	-	-	-	-	-
Equity Issued (Net)	-	-	-	-	-	-	-	-	-	-
Dividends Paid	-93.77M	-84.85M	-133.87M	-97.74M	-112.85M	-128.46M	-347.8M	-202.88M	-196.74M	-198.02M
Share Repurchases	-	-	-	-	-	-	-	-	-	-
Other Financing	0	0	0	0	0	0	0	0	0	0
Net Change in Cash	-	-	-	-	-	-	-	-	-	-
Free Cash Flow+	124.74M	117.2M	106.26M	98.71M	123.34M	219.76M	292.65M	212.02M	217.37M	199.74M
FCF Margin %	0.11%	0.12%	0.12%	0.11%	0.14%	0.24%	0.23%	0.16%	0.17%	0.16%
FCF Growth %	-0.17%	-0.06%	-0.09%	-0.07%	0.25%	0.78%	0.33%	-0.28%	0.03%	-0.08%
FCF per Share	2.59	2.43	2.20	2.03	2.53	4.48	5.93	4.27	4.35	3.97
FCF Conversion (FCF/Net Income)	1.08x	1.52x	1.33x	1.14x	1.25x	1.75x	1.22x	0.95x	1.16x	1.24x
Interest Paid	0	0	0	0	0	0	0	0	0	0
Taxes Paid	0	0	0	0	0	0	0	0	0	0

Key Ratios

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Return on Equity (ROE)	38.36%	23.24%	21.83%	24.35%	26.67%	33.12%	71.83%	73.89%	55.71%	46.71%
Return on Invested Capital (ROIC)	72.8%	47.2%	43.71%	31.25%	25.58%	27.11%	68.81%	63.48%	45.76%	38.37%
Gross Margin	43%	40.74%	41.61%	41.34%	41.93%	44.46%	50.44%	50.25%	49.09%	48.68%
Net Margin	13.15%	10.05%	9.82%	10.8%	11.6%	14.44%	19.68%	18.93%	17.44%	16.05%
Debt / Equity	-	-	-	-	0.97x	0.77x	0.92x	0.81x	0.76x	0.77x
FCF Conversion	1.08x	1.52x	1.33x	1.14x	1.25x	1.75x	1.22x	0.95x	1.16x	1.24x
Revenue Growth	-2.91%	-12.93%	-6.31%	-3.05%	1.67%	0.11%	43.64%	3.91%	-6.25%	-3.44%

Revenue by Segment

	2024
Reportable	1.22B
Reportable Growth	-

Frequently Asked Questions

Valuation & Price

The Buckle, Inc. (BKE) has a price-to-earnings (P/E) ratio of 13.6x. This may indicate the stock is undervalued or faces growth challenges.

Growth & Financials

The Buckle, Inc. (BKE) reported $1.25B in revenue for fiscal year 2024. This represents a 18% increase from $1.06B in 2011.

The Buckle, Inc. (BKE) saw revenue decline by 3.4% over the past year.

Yes, The Buckle, Inc. (BKE) is profitable, generating $201.6M in net income for fiscal year 2024 (16.1% net margin).

Dividend & Returns

Yes, The Buckle, Inc. (BKE) pays a dividend with a yield of 7.43%. This makes it attractive for income-focused investors.

The Buckle, Inc. (BKE) has a return on equity (ROE) of 46.7%. This is excellent, indicating efficient use of shareholder capital.

The Buckle, Inc. (BKE) generated $210.5M in free cash flow for fiscal year 2024. Positive FCF indicates the company can fund dividends, buybacks, or reinvestment.

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