Revenue growth remains inconsistent with a 9.1% increase in 2026Q1, while operating margins have contracted to 2.9% due to persistent pressure on profitability.
| 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 |
|---|
| Sales/Revenue | 492.31M | 481.98M | 453.77M | 461.83M | 615.48M | 514.23M | 277.31M | 270.41M | 252.69M | 253.2M | 260.26M | 269.3M | 286.24M | 244.87M | 228.32M | 239.6M | 252.79M | 229.49M | 259.54M | 275.27M | 263.49M | 296.02M | 132.25M | 106.16M | 88.96M | 103.32M | 102.45M | 98.1M | 88.7M | 95M | 73.1M |
| Revenue Growth % | 8.21% | 6.22% | -1.75% | -24.96% | 19.69% | 85.43% | 2.55% | 7.01% | -0.2% | -2.71% | -3.36% | -5.92% | 16.9% | 7.25% | -4.71% | -5.22% | 10.16% | -11.58% | -5.71% | 4.47% | -10.99% | 123.84% | 24.57% | 19.34% | -13.9% | 0.85% | 4.44% | 10.6% | -6.63% | 29.96% | 102.49% |
| Cost of Goods Sold | 296.59M | 284.69M | 274.76M | 283.24M | 390.26M | 319.69M | 172.57M | 173.3M | 165.66M | 172.43M | 183.53M | 180.41M | 189.88M | 161.33M | 148.03M | 151.67M | 163.42M | 144.93M | 157.29M | 167.27M | 154.17M | 184.79M | 93.61M | 73.38M | 65.53M | 80.07M | 73.92M | 79.5M | 64M | 66.4M | 52.7M |
| COGS % of Revenue | - | 59.07% | 60.55% | 61.33% | 63.41% | 62.17% | 62.23% | 64.09% | 65.56% | 68.1% | 70.52% | 66.99% | 66.34% | 65.88% | 64.84% | 63.3% | 64.65% | 63.15% | 60.61% | 60.77% | 58.51% | 62.43% | 70.78% | 69.12% | 73.66% | 77.5% | 72.15% | 81.04% | 72.15% | 69.89% | 72.09% |
| Gross Profit | 195.72M | 197.29M | 179.01M | 178.6M | 225.22M | 194.54M | 104.73M | 97.1M | 87.03M | 80.77M | 76.73M | 88.89M | 96.36M | 83.54M | 80.29M | 87.93M | 89.37M | 84.56M | 102.24M | 107.99M | 109.32M | 111.23M | 38.64M | 32.78M | 23.43M | 23.25M | 28.53M | 18.6M | 24.7M | 28.6M | 20.4M |
| Gross Margin % | 39.76% | 40.93% | 39.45% | 38.67% | 36.59% | 37.83% | 37.77% | 35.91% | 34.44% | 31.9% | 29.48% | 33.01% | 33.66% | 34.12% | 35.16% | 36.7% | 35.35% | 36.85% | 39.39% | 39.23% | 41.49% | 37.57% | 29.22% | 30.88% | 26.34% | 22.5% | 27.85% | 18.96% | 27.85% | 30.11% | 27.91% |
| Gross Profit Growth % | - | 10.21% | 0.23% | -20.7% | 15.77% | 85.74% | 7.86% | 11.58% | 7.75% | 5.26% | -13.68% | -7.75% | 15.34% | 4.06% | -8.69% | -1.61% | 5.69% | -17.3% | -5.33% | -1.21% | -1.72% | 187.84% | 17.88% | 39.91% | 0.77% | -18.51% | 53.4% | -24.7% | -13.64% | 40.2% | 148.78% |
| Operating Expenses | 163.6M | 160.1M | 147.94M | 143.23M | 181.18M | 158.56M | 77.56M | 75.02M | 68.97M | 68.94M | 75.63M | 78.4M | 80.6M | 71.35M | 66.68M | 75.13M | 72.3M | 75.78M | 112.13M | 121.28M | 90.39M | 83.16M | 25.62M | 23.28M | 18.66M | 18.18M | 25.35M | 23.8M | 21.4M | 19.3M | 14.7M |
| OpEx % of Revenue | - | 33.22% | 32.6% | 31.01% | 29.44% | 30.84% | 27.97% | 27.74% | 27.29% | 27.23% | 29.06% | 29.11% | 28.16% | 29.14% | 29.2% | 31.36% | 28.6% | 33.02% | 43.2% | 44.06% | 34.3% | 28.09% | 19.37% | 21.93% | 20.98% | 17.59% | 24.74% | 24.26% | 24.13% | 20.32% | 20.11% |
| Selling, General & Admin | 72.25M | 0 | 137.35M | 136.14M | 180.94M | 0 | 76.86M | 75.6M | 68.97M | 68.94M | 75.63M | 78.4M | 80.6M | 71.35M | 66.68M | 75.13M | 72.3M | 75.07M | 87.5M | 96.41M | 90.39M | 83.16M | 25.62M | 23.28M | 18.66M | 18.18M | 20.65M | 20M | 17.2M | 16.4M | 12.3M |
| SG&A % of Revenue | - | - | 30.27% | 29.48% | 29.4% | - | 27.72% | 27.96% | 27.29% | 27.23% | 29.06% | 29.11% | 28.16% | 29.14% | 29.2% | 31.36% | 28.6% | 32.71% | 33.71% | 35.02% | 34.3% | 28.09% | 19.37% | 21.93% | 20.98% | 17.59% | 20.16% | 20.39% | 19.39% | 17.26% | 16.83% |
| Research & Development | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| R&D % of Revenue | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Operating Expenses | 3M | 160.1M | 10.59M | 7.08M | 246K | 158.56M | 705K | -581K | -162K | 15.45K | 59.02K | -105.43K | -78.45K | -116.67K | 131.46K | 0 | 0 | 0 | 0 | 24.87T | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Operating Income | 32.12M | 37.19M | 31.07M | 35.37M | 44.04M | 35.97M | 27.17M | 22.09M | 18.06M | 11.83M | -3.06M | 10.49M | 15.76M | 11.02M | 13.61M | 12.8M | 17.07M | 8.77M | -9.88M | -13.29M | 18.93M | 28.06M | 13.02M | 9.5M | 4.77M | 3.58M | 3.19M | -5.2M | 3.3M | 9.3M | 5.7M |
| Operating Margin % | 6.52% | 7.72% | 6.85% | 7.66% | 7.16% | 7% | 9.8% | 8.17% | 7.15% | 4.67% | -1.18% | 3.9% | 5.51% | 4.5% | 5.96% | 5.34% | 6.75% | 3.82% | -3.81% | -4.83% | 7.18% | 9.48% | 9.85% | 8.95% | 5.36% | 3.46% | 3.11% | -5.3% | 3.72% | 9.79% | 7.8% |
| Operating Income Growth % | - | 19.7% | -12.17% | -19.68% | 22.42% | 32.4% | 23.02% | 22.28% | 52.73% | 486.33% | -129.18% | -33.45% | 43.05% | -19.02% | 6.33% | -25.03% | 94.55% | 188.76% | 25.62% | -170.2% | -32.54% | 115.47% | 37.05% | 99.28% | 33.36% | 12.27% | 161.25% | -257.58% | -64.52% | 63.16% | 1800% |
| EBITDA | 42.06M | 47.03M | 41.32M | 46.31M | 56.36M | 47.29M | 32.41M | 27.12M | 23.44M | 18.33M | 4.66M | 17.68M | 22.7M | 17.28M | 19.5M | 18.46M | 22.71M | 15.11M | -3.45M | -7.53M | 24.2M | 32.99M | 16.43M | 13.06M | 8.8M | 7.99M | 7.88M | -1.4M | 7.5M | 12.2M | 8.1M |
| EBITDA Margin % | 8.54% | 9.76% | 9.11% | 10.03% | 9.16% | 9.2% | 11.69% | 10.03% | 9.27% | 7.24% | 1.79% | 6.56% | 7.93% | 7.06% | 8.54% | 7.7% | 8.98% | 6.59% | -1.33% | -2.73% | 9.19% | 11.15% | 12.43% | 12.3% | 9.89% | 7.73% | 7.7% | -1.43% | 8.46% | 12.84% | 11.08% |
| EBITDA Growth % | 0.34% | 13.83% | -10.78% | -17.83% | 19.19% | 45.9% | 19.5% | 15.73% | 27.84% | 293.41% | -73.64% | -22.14% | 31.37% | -11.39% | 5.68% | -18.73% | 50.27% | 537.55% | 54.12% | -131.1% | -26.65% | 100.79% | 25.82% | 48.39% | 10.22% | 1.29% | 663.12% | -118.67% | -38.52% | 50.62% | 523.08% |
| D&A (Non-Cash Add-back) | 9.94M | 9.85M | 10.25M | 10.94M | 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 |
| EBIT | 41.82M | 37.19M | 31.07M | 35.37M | 44.04M | 35.97M | 27.17M | 21.5M | 18.06M | 9.75M | -3M | 10.38M | 15.68M | 12.19M | 13.74M | 13.01M | 17.72M | 9.35M | 9.86M | -13.29M | 18.93M | 28.06M | 13.02M | 9.5M | 4.77M | 5.08M | 3.19M | -5.2M | 3.3M | 9.3M | 5.7M |
| Net Interest Income | -19.39M | -10.01M | -17.01M | -21.22M | -18.27M | -10.6M | -205K | 0 | 0 | -389.59K | -616.57K | -696.83K | -943.15K | -688.5K | -650.87K | -979.51K | -6.46M | -7.5M | -9.32M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Income | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Expense | 19.39M | 10.01M | 17.01M | 21.22M | 18.27M | 10.6M | 205K | 0 | 162K | 389.59K | 616.57K | 696.83K | 943.15K | 688.5K | 650.87K | 979.51K | 6.46M | 7.5M | 9.32M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Income/Expense | -9.69M | -10.01M | -17.01M | -21.22M | -18.27M | -10.6M | -205K | 146K | -162K | -2.46M | -557.55K | -802.26K | -1.02M | -203.19K | -738.8K | -1.13M | -5.81M | -7.63M | -9.35M | -36.13M | -11.33M | -8.79M | -954.03K | -1.03M | -972.48K | -2.14M | -2.91M | -2.1M | 700K | -2.4M | -2M |
| Pretax Income | 22.43M | 27.18M | 14.06M | 14.15M | 25.77M | 25.37M | 26.96M | 22.23M | 17.9M | 9.36M | -3.62M | 9.69M | 14.74M | 10.82M | 13.09M | 12.03M | 11.26M | 1.85M | 539.47K | -24.54M | 7.61M | 19.27M | 12.07M | 8.47M | 3.8M | 1.44M | 280.01K | -7.3M | 4M | 6.9M | 3.7M |
| Pretax Margin % | 4.56% | 5.64% | 3.1% | 3.06% | 4.19% | 4.93% | 9.72% | 8.22% | 7.08% | 3.7% | -1.39% | 3.6% | 5.15% | 4.42% | 5.73% | 5.02% | 4.45% | 0.81% | 0.21% | -8.92% | 2.89% | 6.51% | 9.13% | 7.98% | 4.27% | 1.39% | 0.27% | -7.44% | 4.51% | 7.26% | 5.06% |
| Income Tax | 3.84M | 4.91M | 2.67M | 3.73M | 5.3M | 4.81M | 6M | 4.77M | 3.35M | -225.36K | -1.48M | 3.08M | 4.9M | 3.44M | 4.23M | 3.73M | 3.57M | 676.51K | -627.66K | -1.44M | 2.79M | 6.26M | 3.48M | 2.43M | 953K | -93.44K | 183.46K | -2.2M | 1M | 2.1M | 900K |
| Effective Tax Rate % | 17.11% | 18.05% | 19% | 26.34% | 20.58% | 18.96% | 22.25% | 21.45% | 18.69% | -2.41% | 40.88% | 31.84% | 33.21% | 31.83% | 32.34% | 30.97% | 31.74% | 36.54% | -116.35% | 5.87% | 36.63% | 32.47% | 28.8% | 28.73% | 25.1% | -6.5% | 65.52% | 30.14% | 25% | 30.43% | 24.32% |
| Net Income | 18.59M | 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 |
| Net Margin % | 3.78% | 4.62% | 2.51% | 2.26% | 3.33% | 4% | 7.56% | 6.46% | 5.76% | 3.79% | -0.82% | 2.45% | 3.44% | 3.01% | 3.88% | 3.47% | 3.04% | 0.51% | 0.45% | -8.39% | 1.83% | 4.4% | 6.5% | 5.69% | 3.2% | 1.48% | 0.09% | -5.2% | 2.59% | 5.05% | 3.83% |
| Net Income Growth % | 34.95% | 95.61% | 9.22% | -49.05% | -0.46% | -1.93% | 20.05% | 19.99% | 51.8% | 548.1% | -132.4% | -32.93% | 33.54% | -16.74% | 6.6% | 8.11% | 554.04% | 0.66% | 105.05% | -579.42% | -62.97% | 51.42% | 42.31% | 112.4% | 85.74% | 1485.65% | 101.89% | -321.74% | -52.08% | 71.43% | 660% |
| Net Income (Continuing) | 18.59M | 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 |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | 2.44 | 2.96 | 1.52 | 1.41 | 2.78 | 2.77 | 2.86 | 2.35 | 1.95 | 1.29 | -0.29 | 0.87 | 1.30 | 0.98 | 1.18 | 1.11 | 1.14 | 0.21 | 0.21 | -4.22 | 0.86 | 2.33 | 1.74 | 1.32 | 0.62 | 0.34 | 0.02 | -1.08 | 0.41 | 1.10 | 0.74 |
| EPS Growth % | 34.97% | 94.74% | 7.8% | -49.28% | 0.36% | -3.15% | 21.7% | 20.51% | 51.16% | 544.83% | -133.33% | -33.08% | 32.65% | -16.95% | 6.31% | -2.63% | 442.86% | 0% | 104.98% | -590.7% | -63.09% | 33.91% | 31.82% | 112.9% | 82.35% | 1600% | 101.85% | -363.41% | -62.73% | 48.65% | 669.23% |
| EPS (Basic) | - | 2.98 | 1.53 | 1.42 | 2.80 | 2.82 | 2.87 | 2.36 | 1.96 | 1.29 | -0.29 | 0.87 | 1.30 | 0.98 | 1.18 | 1.11 | 1.14 | 0.21 | 0.21 | -4.22 | 0.89 | 2.48 | 1.89 | 1.44 | 0.63 | 0.34 | 0.02 | -1.08 | 0.42 | 1.16 | 0.74 |
| Diluted Shares Outstanding | 7.62M | 7.53M | 7.48M | 7.38M | 7.37M | 7.41M | 7.34M | 7.44M | 7.46M | 7.45M | 7.51M | 7.57M | 7.54M | 7.52M | 7.5M | 7.49M | 6.76M | 5.55M | 5.51M | 5.48M | 5.58M | 5.58M | 4.95M | 4.56M | 4.59M | 4.55M | 4.49M | 4.71M | 5.53M | 4.33M | 3.78M |
| Basic Shares Outstanding | 7.54M | 7.47M | 7.44M | 7.36M | 7.32M | 7.28M | 7.3M | 7.39M | 7.41M | 7.43M | 7.38M | 7.56M | 7.54M | 7.52M | 7.5M | 7.49M | 6.75M | 5.55M | 5.51M | 5.48M | 5.39M | 5.26M | 4.56M | 4.19M | 4.5M | 4.49M | 4.49M | 4.71M | 5.43M | 4.09M | 3.78M |
| Dividend Payout Ratio | - | 20.8% | 40.49% | 43.78% | 22.17% | 20.91% | 19.52% | 22.83% | 23.94% | 34.1% | - | 49.25% | 30.65% | 30.58% | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
Liquidity and margin volatility
According to the provided quarterly income statements, Rocky Brands experienced a 9.1% revenue increase in 2026Q1, yet this follows a volatile period of fluctuating growth rates that suggest the company's top-line performance remains highly sensitive to seasonal demand cycles and broader industrial employment trends.
The revenue trajectory appears inconsistent, oscillating between growth and contraction over the last ten quarters. This suggests that while the core work-boot business provides a baseline, the company struggles to maintain sustained momentum, likely due to the lumpy nature of military contracts and seasonal hunting demand.
As reported in financial statements, the company's gross margin contracted to 36.5% in 2026Q1, marking a notable decline from the 41% levels observed in previous quarters and highlighting potential vulnerability to rising input costs or shifts in the product sales mix.
The recent margin compression warrants further investigation into whether this is a temporary supply chain cost spike or a structural shift in pricing power. If the company cannot maintain its 40% gross margin threshold, it may struggle to absorb the high fixed costs inherent in its wholesale distribution model.
Based on the reported figures, operating income fell to $3.6M in 2026Q1, representing a significant decline in operating margin to 2.9% and indicating that the company is currently failing to achieve meaningful operating leverage despite its established brand presence in the industrial footwear market.
The inability to scale operating income alongside revenue suggests that SG&A expenses are not being managed with sufficient discipline. Investors should monitor whether management can streamline distribution costs, as the current operating margin profile appears insufficient to support long-term value creation.
Data from recent filings indicates that net income dropped to $1.3M in 2026Q1, with EPS falling 74.2% year-over-year, suggesting that the company's bottom-line profitability is highly susceptible to non-operating items and the lumpy nature of its contract manufacturing segment.
The significant variance in quarterly EPS suggests that reported net income may not be a reliable indicator of core operational health. The presence of stock-based compensation, while relatively stable, adds a layer of dilution that further complicates the assessment of true shareholder earnings.
With cash and equivalents reported at only $2.9M, the company's balance sheet appears increasingly vulnerable, raising concerns about its ability to fund inventory requirements or navigate potential supply chain disruptions without incurring additional debt or dilutive financing in the near term.
Short-sellers may focus on this narrow liquidity cushion as a primary risk factor, especially given the capital-intensive nature of the footwear industry. The lack of cash reserves may force management to prioritize debt service over strategic investments, potentially stalling the growth of the Lehigh platform.
Quick answers to the most common questions about buying RCKY stock.
For fiscal year 2025, Rocky Brands, Inc. (RCKY) reported total revenue of $482.0M. This represents a 559.3% increase compared to $73.1M in 1996.
Rocky Brands, Inc. (RCKY) is profitable, generating $22.3M in net income for the fiscal year ending 2025 with a net profit margin of 4.6%.
Rocky Brands, Inc. (RCKY) reported an operating income of $37.2M, resulting in an operating profit margin of 7.7%. This margin reflects the operational efficiency of the business before interest and taxes.
Rocky Brands, Inc. (RCKY) generated $197.3M in gross profit for the year, representing a gross profit margin of 40.9%. This demonstrates the company's core pricing power and production efficiency.