Free cash flow remains highly erratic, swinging from a 32.9% margin in 2023Q4 to a negative 4.2% in 2025Q3, reflecting significant volatility in working capital management.
Rocky Brands, Inc. (RCKY) cash flow statement — 30-year operating, investing & financing cash flows
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 | Dec'08 | Dec'07 | Dec'06 | Dec'05 | Dec'04 | Dec'03 | Dec'02 | Dec'01 | Dec'00 | Dec'99 | Dec'98 | Dec'97 | Dec'96 |
|---|
| Cash from Operations | 23.97M | 16.3M | 52.76M | 73.58M | 19.12M | -54.88M | 31.44M | 18.09M | 17.57M | 17.11M | 21.3M | 23.24M | 12.98M | -2.45M | 17.99M | 6.53M | 14.06M | 35.92M | 18.33M | 16.46M | 690.52K | 8.47M | 7.6M | -1.71M | 10.08M | 12.05M | 9.12M | 5.1M | -7.9M | -6.4M | -200K |
| Operating CF Margin % | - | 3.38% | 11.63% | 15.93% | 3.11% | -10.67% | 11.34% | 6.69% | 6.95% | 6.76% | 8.18% | 8.63% | 4.53% | -1% | 7.88% | 2.73% | 5.56% | 15.65% | 7.06% | 5.98% | 0.26% | 2.86% | 5.75% | -1.61% | 11.34% | 11.67% | 8.9% | 5.2% | -8.91% | -6.74% | -0.27% |
| Operating CF Growth % | 715.09% | -69.11% | -28.29% | 284.75% | 134.85% | -274.53% | 73.82% | 2.95% | 2.7% | -19.68% | -8.36% | 79.06% | 629.1% | -113.63% | 175.57% | -53.54% | -60.87% | 95.91% | 11.39% | 2283.52% | -91.84% | 11.33% | 544.2% | -116.97% | -16.34% | 32.13% | 78.87% | 164.56% | -23.44% | -3100% | -103.03% |
| Net Income | 28.86M | 22.27M | 11.39M | 10.43M | 20.46M | 20.56M | 20.96M | 17.46M | 14.55M | 9.59M | -2.14M | 6.6M | 9.85M | 7.37M | 8.85M | 8.31M | 7.68M | 1.17M | 1.17M | -23.1M | 4.82M | 13.01M | 8.59M | 6.04M | 2.84M | 1.53M | 96.54K | -5.1M | 2.3M | 4.8M | 2.8M |
| Depreciation & Amortization | 9.92M | 9.85M | 10.25M | 10.98M | 12.32M | 11.31M | 5.24M | 5.04M | 5.38M | 6.51M | 7.72M | 7.19M | 6.94M | 6.26M | 5.9M | 5.66M | 5.64M | 6.34M | 6.43M | 5.76M | 5.27M | 4.93M | 3.41M | 3.56M | 4.03M | 4.41M | 4.7M | 3.8M | 4.2M | 2.9M | 2.4M |
| Stock-Based Compensation | 1.74M | 1.62M | 1.29M | 1.24M | 1.23M | 1.26M | 780K | 662K | 588K | 356.39K | 359.36K | 412.98K | 307.1K | 458.8K | 122.5K | 122.5K | 129.9K | 158.48K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Deferred Taxes | 2.34M | 2.34M | 2.57M | -531K | -2.21M | 2.02M | 164K | 328K | 617K | -3.64M | -602.99K | 332.65K | 989.47K | 750.36K | 62.95K | 584.51K | 339.2K | 322.11K | -2.77M | -1.78M | 345.35K | 1.13M | 1.32M | -113.76K | 749.17K | -52.15K | -46.95K | -1.1M | 0 | 200K | 100K |
| Other Non-Cash Items | 5.37M | 4.2M | 10.02M | 155K | 3.32M | 1.05M | 28K | 108K | 109K | 2.21M | 3.53M | 19.5K | 138.06K | -549.68K | -50.95K | 469.7K | 1.43M | -137.46K | 5.21M | 25.94M | 1.54M | 1.5M | 1.32M | 841.11K | -1.65M | -1.31M | -436.41K | 300K | 200K | -100K | -500K |
| Working Capital Changes | -24.26M | -23.98M | 17.24M | 51.3M | -16M | -91.08M | 4.26M | -5.51M | -3.67M | 2.09M | 12.43M | 8.69M | -5.24M | -16.75M | 3.11M | -8.61M | -1.16M | 28.06M | 8.32M | 9.59M | -11.01M | -12.11M | -7.04M | -12.03M | 4.11M | 7.47M | 4.81M | 7.2M | -14.6M | -14.2M | -5M |
| Change in Receivables | -32.55M | -9.98M | 3.5M | 17.22M | 29.28M | -38.14M | -2.7M | -1.91M | 2.17M | -6.07M | 3.27M | 11.15M | -6.89M | -3.18M | 824.44K | -1.2T | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Change in Inventory | 8.35M | -14.43M | 2.5M | 60.03M | -4.99M | -114.23M | -845K | -3.91M | -7.2M | 4.05M | 7.82M | 8.25M | -7.07M | -9.81M | -2.18M | -6.17M | -3.43M | 14.88M | 5.1M | 2.55M | -2.56M | -7.79M | 5.11M | -12.85M | 4.53M | 4.32M | 537.83K | 14.5M | -14.2M | -7.5M | -7.1M |
| Change in Payables | -3.91M | -5.97M | 7.75M | -21.23M | -45.92M | 78.63M | 4.46M | 456K | 61K | 1.36M | 2.35M | -6M | 4M | -4.78M | 3.77M | 1.83T | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Cash from Investing | -7.16M | -6.2M | -2.96M | 13.38M | -1.23M | -233.46M | -11.71M | -7.7M | -4.22M | -1.58M | -5.86M | -8.64M | -7.39M | -9.97M | -6.08M | -7.54M | -4.74M | -4.96M | -4.79M | -5.66M | -3.89M | -99.44M | -5.47M | -6.98M | -2.28M | -1.16M | -3.07M | -9.7M | -6.8M | -4.5M | -3.3M |
| Capital Expenditures | -7.53M | -6.58M | -4.66M | -3.92M | -6.7M | -21.05M | -11.72M | -7.72M | -4.24M | -4.31M | -5.91M | -8.66M | -7.45M | -7.79M | -6.2M | -7.61M | -4.77M | -5M | -4.85M | -5.91M | -5.75M | -6.05M | -5.47M | -2.15M | -2.34M | -1.17M | -3.11M | -9.7M | -6.8M | -4.5M | -3.3M |
| CapEx % of Revenue | 1.49% | 1.36% | 1.03% | 0.85% | 1.09% | 4.09% | 4.22% | 2.85% | 1.68% | 1.7% | 2.27% | 3.21% | 2.6% | 3.18% | 2.72% | 3.17% | 1.89% | 2.18% | 1.87% | 2.15% | 2.18% | 2.04% | 4.13% | 2.03% | 2.63% | 1.13% | 3.04% | 9.89% | 7.67% | 4.74% | 4.51% |
| Acquisitions | 0 | 0 | 1.7M | 17.3M | 0 | -212.41M | 0 | 19K | 19K | 2.4M | 44.76K | 17.5K | 0 | -2.23M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -93.1M | 0 | -4.88M | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Investments | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Investing | 372K | 372K | 0 | 0 | 5.47M | 0 | 5K | 0 | 19K | 330.12K | 44.76K | 17.5K | 63.01K | 47.63K | 118.4K | 62.3K | 28.56K | 41.42K | 61.88K | 250K | 1.85M | 40.76K | 0 | 53.83K | 59.61K | 7.95K | 39.77K | 0 | 0 | 0 | 0 |
| Cash from Financing | -16.96M | -10.91M | -50.55M | -88.21M | -18.08M | 265.89M | -6.89M | -5.04M | -6.86M | -16.33M | -14.36M | -15.81M | -5.19M | 12.61M | -11.54M | 301.85K | -6.75M | -33.47M | -15.77M | -7.99M | 5.33M | 87.52M | 764.37K | 6.58M | -6.48M | -10.05M | -6.26M | -300K | 13.4M | 19M | 2M |
| Debt Issued (Net) | -6.48M | -6.62M | -44.21M | -84.62M | -14M | 273.63M | 0 | 0 | -2.2M | -12.38M | -9.12M | -12.57M | -2.12M | 14.93M | -11.54M | -95.82K | -21.07M | -33.66M | -15.81M | -6.95M | 5.12M | 88.84M | -1.48M | 7.04M | -6.47M | -10.07M | -6.26M | 3.9M | 15.2M | -9M | 2M |
| Equity Issued (Net) | -1.75M | 607K | 599K | 977K | 461K | 0 | -2.94M | -1.5M | -1.31M | -688K | -1.95M | 0 | 0 | 0 | 0 | 0 | 14.11M | 0 | 32.94K | 372.27K | 411.6K | 1.09M | 2.25M | -618.84K | 71.42K | 18K | 0 | -4.3M | -2M | 28.1M | 0 |
| Dividends Paid | -4.76M | -4.63M | -4.61M | -4.57M | -4.54M | -4.3M | -4.09M | -3.99M | -3.48M | -3.27M | -3.3M | -3.25M | -3.02M | -2.25M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Share Repurchases | -1.99M | -201K | 0 | 0 | 0 | 0 | -2.94M | -1.5M | -1.31M | -688K | -1.95M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -3.11M | 0 | 0 | 0 | -4.3M | -2M | 0 | 0 |
| Other Financing | -3.98M | -268K | -2.33M | 0 | 0 | -3.44M | 136K | 444K | 136K | 14K | 0 | 8.74K | -54.65K | -58.74K | 0 | 397.67K | 218.5K | 189.56K | 0 | -1.42M | -204.45K | -2.41M | 0 | 0 | -84.54K | 0 | 0 | 100K | 200K | -100K | 0 |
| Net Change in Cash | -152K | -817K | -751K | -1.25M | -190K | -22.44M | 12.84M | 5.34M | 6.49M | -799.73K | 1.07M | -1.21M | 401.08K | 193.04K | 372.29K | -712.24K | 2.57M | -2.51M | -2.23M | 2.81M | 2.12M | -3.45M | 2.9M | -2.12M | 1.32M | 836.94K | -212.33K | -4.9M | -1.3M | 8.1M | -1.5M |
| Free Cash Flow | 16.44M | 9.72M | 48.1M | 69.66M | 12.42M | -75.93M | 19.73M | 10.37M | 13.33M | 12.8M | 15.39M | 14.59M | 5.53M | -10.24M | 11.79M | -1.08M | 9.29M | 30.92M | 13.48M | 10.55M | -5.06M | 2.41M | 2.14M | -3.87M | 7.75M | 10.88M | 6.01M | -4.6M | -14.7M | -10.9M | -3.5M |
| FCF Margin % | 3.25% | 2.02% | 10.6% | 15.08% | 2.02% | -14.77% | 7.11% | 3.83% | 5.28% | 5.05% | 5.91% | 5.42% | 1.93% | -4.18% | 5.17% | -0.45% | 3.67% | 13.47% | 5.2% | 3.83% | -1.92% | 0.81% | 1.62% | -3.64% | 8.71% | 10.53% | 5.87% | -4.69% | -16.57% | -11.47% | -4.79% |
| FCF Growth % | -32.98% | -79.79% | -30.95% | 460.81% | 116.36% | -484.94% | 90.23% | -22.22% | 4.16% | -16.85% | 5.52% | 163.85% | 154% | -186.82% | 1195.57% | -111.59% | -69.97% | 129.3% | 27.83% | 308.59% | -309.6% | 12.88% | 155.28% | -149.92% | -28.82% | 81.08% | 230.63% | 68.71% | -34.86% | -211.43% | -159.32% |
| FCF per Share | 2.16 | 1.29 | 6.43 | 9.44 | 1.69 | -10.25 | 2.69 | 1.39 | 1.79 | 1.72 | 2.05 | 1.93 | 0.73 | -1.36 | 1.57 | -0.14 | 1.37 | 5.57 | 2.45 | 1.93 | -0.91 | 0.43 | 0.43 | -0.85 | 1.69 | 2.39 | 1.34 | -0.98 | -2.66 | -2.52 | -0.93 |
| FCF Conversion (FCF/Net Income) | 0.57x | 0.73x | 4.63x | 7.06x | 0.93x | -2.67x | 1.50x | 1.04x | 1.21x | 1.78x | -9.96x | 3.52x | 1.32x | -0.33x | 2.03x | 0.79x | 1.83x | 30.57x | 15.71x | -0.71x | 0.14x | 0.65x | 0.88x | -0.28x | 3.55x | 7.87x | 94.49x | -1.00x | -3.43x | -1.33x | -0.07x |
| Interest Paid | 2.43M | 0 | 0 | 13.3M | 17.5M | 7.93M | 151K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Taxes Paid | 10K | 0 | 0 | 6.66M | 1.93M | 8.64M | 4.67M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Quick answers to the most common questions about buying RCKY stock.
Rocky Brands, Inc. (RCKY) generated $16.3M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Rocky Brands, Inc. (RCKY) generated $9.7M in free cash flow in 2025. Free cash flow is the cash left over after capital expenditures, which can be used to pay dividends, repurchase shares, or pay down debt.
Rocky Brands, Inc. (RCKY) spent $6.6M on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.
In 2025, Rocky Brands, Inc. (RCKY) returned $4.6M to shareholders via cash dividends and spent $0.2M on share repurchases. This shows the company's commitment to returning capital to its equity investors.
Key Metrics
Top Statement Risk
Liquidity and working capital
Metrics are mathematically derived from official filings.
Earnings Quality Lacks Cash Conversion
According to quarterly financial data, Rocky Brands exhibits significant volatility in cash conversion, with the OCF/NI ratio swinging from a high of 6.82 in 2024Q1 to a negative 0.46 in 2025Q3, indicating that reported net income frequently fails to translate into actual operating cash inflows.
The wide variance between net income and operating cash flow suggests that accounting earnings are heavily influenced by non-cash accruals and timing differences in revenue recognition. Investors should monitor whether this disconnect stems from aggressive revenue booking or simply the lumpy nature of military contract deliveries.
Free Cash Flow Remains Highly Erratic
As reported in recent filings, the company's free cash flow trajectory is characterized by extreme seasonality and inconsistency, with margins fluctuating from a peak of 32.9% in 2023Q4 to a negative 4.2% in 2025Q3, reflecting a business model that struggles to generate sustained, predictable cash surpluses.
The inability to maintain positive free cash flow across consecutive quarters suggests that the company's capital requirements often outpace its operational generation. This volatility complicates the assessment of long-term value creation and may necessitate a more conservative approach to dividend sustainability.
Working Capital Swings Impair Liquidity
Based on historical cash flow statements, working capital changes are the primary driver of cash flow instability, evidenced by a massive $33.0M inflow in 2023Q4 followed by a $14.5M outflow in 2025Q3, which directly correlates with the company's seasonal inventory build-up and wholesale distribution cycles.
The reliance on large working capital swings to fund operations suggests that inventory management is a critical, yet currently inefficient, lever for the company. If the company cannot better align its inventory procurement with actual sell-through, it will likely continue to face periodic liquidity crunches.
Capital Allocation Constrained by Liquidity
Data from recent SEC filings indicates that despite limited cash reserves of $2.9M, the company continues to prioritize dividend payments, which totaled $1.2M in 2026Q1, potentially at the expense of necessary reinvestment or the maintenance of a more robust liquidity buffer for operational contingencies.
The decision to maintain dividends while cash balances remain thin suggests a management focus on shareholder returns that may be at odds with the company's current financial reality. This capital allocation strategy warrants further investigation into whether it limits the firm's ability to pivot during market downturns.