Steven Madden, Ltd. (SHOO) 10-Year Financial Performance & Capital Metrics

SHOO • • Industrial / General

Consumer CyclicalFootwear & AccessoriesFashion & Dress FootwearFashion Footwear Brands

AboutSteven Madden, Ltd. designs, sources, markets, and sells fashion-forward branded and private label footwear, accessories, and apparel for women, men, and children in the United States and internationally. Its Wholesale Footwear segment provides footwear under the Steve Madden, Steven by Steve Madden, Madden Girl, BB Dakota, Dolce Vita, DV Dolce Vita, Betsey Johnson, GREATS, Blondo, Anne Klein, Mad Love, Superga, Madden NYC, and COOL Planet brands, as well as private label footwear. The company's Wholesale Accessories/Apparel segment offers handbags, apparel, small leather goods, belts, soft accessories, fashion scarves, wraps, gifting, and other accessories under the Steve Madden, BB Dakota, Anne Klein, Betsey Johnson, Cejon, Madden NYC, and Dolce Vita brands, as well as private label handbag and accessories to department stores, mass merchants, off-price retailers, online retailers, specialty stores, and independent stores. Its Direct-to-Consumer segment operates Steve Madden and Superga full-price retail stores, Steve Madden outlet stores, and Steve Madden shop-in-shops, as well as digital e-commerce websites, including SteveMadden.com, DolceVita.com, betseyjohnson.com, Blondo.com, GREATS.com, and Superga-USA.com. The company's Licensing segment licenses its Steve Madden, Madden Girl, and Betsey Johnson trademarks. Its First Cost segment operates as a buying agent for footwear products under private labels for national chains, specialty retailers, and value-priced retailers. As of December 31, 2021, it owned and operated 214 brick-and-mortar retail stores that included 147 Steve Madden full-price stores, 66 Steve Madden outlet stores, and 1 Superga store, as well as 6 e-commerce websites. Steven Madden, Ltd. was incorporated in 1990 and is headquartered in Long Island City, New York.Show more

Revenue $2.28B +15.2%
EBITDA $245M +7.1%
Net Income $169M -1.3%
EPS (Diluted) 2.35 +2.2%
Gross Margin 41.04% -2.3%
EBITDA Margin 10.73% -7.0%
Operating Margin 9.85% -8.4%
Net Margin 7.42% -14.3%
ROE 19.65% -3.1%
ROIC 20.81% -5.0%
Debt/Equity 0.17 +6.6%
Interest Coverage -

Technical Analysis

Key Insights

Based on financial data analysis

✓Strengths

✓Excellent 3Y average ROE of 22.0%
✓Momentum leader: RS Rating 90 (top 10%)
✓Share count reduced 3.5% through buybacks
✓Trading near 52-week high
✓Efficient asset utilization: 1.6x turnover

✗Weaknesses

No significant weaknesses identified

Price & Volume

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Growth Metrics

Revenue CAGR

10Y5.51%

5Y5.02%

3Y6.95%

TTM6.41%

Profit (Net Income) CAGR

10Y4.23%

5Y3.69%

3Y-3.87%

TTM-66.99%

EPS CAGR

10Y7.22%

5Y6.82%

3Y0.14%

TTM-66.38%

ROCE

10Y Avg20.45%

5Y Avg19.79%

3Y Avg25.18%

Latest22.86%

Peer Comparison

Fashion Footwear Brands

Name	Market Cap	Current Price	P/E Ratio	Revenue Growth 1Y	Net Margin	ROE	FCF Yield	Debt/Equity
SHOOSteven Madden, Ltd.	3.36B	46.23	19.67	15.21%	2.38%	6.35%	5.13%	0.17
WEYSWeyco Group, Inc.	299.44M	31.36	9.92	-8.73%	8.71%	9.7%	12.14%	0.05
CALCaleres, Inc.	467.08M	13.78	4.46	-3.36%	2.25%	9.61%	11.86%	1.36

Profit & Loss

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Sales/Revenue+	1.41B	1.4B	1.55B	1.65B	1.79B	1.2B	1.87B	2.12B	1.98B	2.28B
Revenue Growth %	0.05%	-0%	0.1%	0.07%	0.08%	-0.33%	0.55%	0.14%	-0.07%	0.15%
Cost of Goods Sold+	904.75M	877.57M	968.36M	1.04B	1.1B	737.27M	1.1B	1.25B	1.15B	1.35B
COGS % of Revenue	0.64%	0.63%	0.63%	0.63%	0.62%	0.61%	0.59%	0.59%	0.58%	0.59%
Gross Profit+	500.49M	521.98M	577.74M	616.04M	686.02M	464.54M	767.5M	873.84M	832.41M	936.93M
Gross Margin %	0.36%	0.37%	0.37%	0.37%	0.38%	0.39%	0.41%	0.41%	0.42%	0.41%
Gross Profit Growth %	0.07%	0.04%	0.11%	0.07%	0.11%	-0.32%	0.65%	0.14%	-0.05%	0.13%
Operating Expenses+	325.8M	352.81M	406.96M	442.66M	509.2M	496.15M	523.9M	592.19M	619.19M	711.99M
OpEx % of Revenue	0.23%	0.25%	0.26%	0.27%	0.28%	0.41%	0.28%	0.28%	0.31%	0.31%
Selling, General & Admin	322.98M	345.15M	413.14M	441.27M	0	399.35M	0	0	590.39M	663.89M
SG&A % of Revenue	0.23%	0.25%	0.27%	0.27%	-	0.33%	-	-	0.3%	0.29%
Research & Development	0	0	0	0	0	0	0	0	0	0
R&D % of Revenue	-	-	-	-	-	-	-	-	-	-
Other Operating Expenses	0	-664K	-5K	0	509.2M	96.79M	523.9M	592.19M	28.8M	48.1M
Operating Income+	171.65M	169.18M	169.78M	173.38M	176.81M	-31.61M	243.6M	281.64M	213.22M	224.94M
Operating Margin %	0.12%	0.12%	0.11%	0.1%	0.1%	-0.03%	0.13%	0.13%	0.11%	0.1%
Operating Income Growth %	0.02%	-0.01%	0%	0.02%	0.02%	-1.18%	8.71%	0.16%	-0.24%	0.05%
EBITDA+	192.41M	189.04M	190.19M	195.14M	198.15M	-14.24M	258.81M	302.22M	228.72M	244.95M
EBITDA Margin %	0.14%	0.14%	0.12%	0.12%	0.11%	-0.01%	0.14%	0.14%	0.12%	0.11%
EBITDA Growth %	0.05%	-0.02%	0.01%	0.03%	0.02%	-1.07%	19.17%	0.17%	-0.24%	0.07%
D&A (Non-Cash Add-back)	20.76M	19.87M	20.41M	21.75M	21.34M	17.36M	15.21M	20.58M	15.5M	20.01M
EBIT	174.69M	168.75M	172.33M	177.34M	182.75M	49.56M	247.65M	287.45M	219.74M	238M
Net Interest Income+	2.19M	1.82M	2.54M	3.96M	4.41M	1.62M	-1.53M	676K	7.39M	5.54M
Interest Income	2.66M	1.82M	0	3.96M	4.41M	1.62M	0	676K	7.39M	5.54M
Interest Expense	469K	0	647K	0	0	0	1.53M	0	0	0
Other Income/Expense	818K	1.82M	2.54M	3.96M	4.41M	1.62M	-1.53M	676K	7.39M	5.54M
Pretax Income+	172.47M	171M	172.33M	177.34M	181.23M	-29.98M	242.07M	282.32M	220.61M	230.48M
Pretax Margin %	0.12%	0.12%	0.11%	0.11%	0.1%	-0.02%	0.13%	0.13%	0.11%	0.1%
Income Tax+	58.81M	49.73M	53.19M	46.84M	39.5M	-11.7M	49.61M	65.1M	46.64M	54.58M
Effective Tax Rate %	0.65%	0.71%	0.68%	0.73%	0.78%	0.61%	0.79%	0.77%	0.78%	0.73%
Net Income+	112.94M	120.91M	117.95M	129.14M	141.31M	-18.4M	190.68M	216.06M	171.55M	169.39M
Net Margin %	0.08%	0.09%	0.08%	0.08%	0.08%	-0.02%	0.1%	0.1%	0.09%	0.07%
Net Income Growth %	0.01%	0.07%	-0.02%	0.09%	0.09%	-1.13%	11.36%	0.13%	-0.21%	-0.01%
Net Income (Continuing)	113.66M	121.27M	119.14M	130.5M	141.72M	-18.28M	192.46M	217.22M	173.97M	175.9M
Discontinued Operations	0	0	0	0	0	0	0	0	0	0
Minority Interest	259K	205K	6.11M	8.87M	12.72M	13.78M	8.44M	12.31M	18.43M	28.28M
EPS (Diluted)+	1.23	1.35	1.36	1.50	1.69	-0.23	2.34	2.77	2.30	2.35
EPS Growth %	0.05%	0.1%	0.01%	0.1%	0.13%	-1.14%	11.17%	0.18%	-0.17%	0.02%
EPS (Basic)	1.27	1.41	1.43	1.50	1.78	-0.23	2.43	2.84	2.34	2.38
Diluted Shares Outstanding	91.71M	89.33M	86.75M	86.1M	83.65M	78.64M	81.63M	78.07M	74.56M	71.96M
Basic Shares Outstanding	88.5M	85.66M	82.74M	86.09M	79.58M	78.64M	78.44M	76.02M	73.34M	71.27M
Dividend Payout Ratio	-	-	-	0.37%	0.34%	-	0.26%	0.31%	0.37%	0.36%

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+	457.82M	542.66M	675.04M	703.13M	718.88M	698.24M	944.66M	843.56M	854.83M	894.7M
Cash & Short-Term Investments	104.84M	165.61M	274.76M	267M	304.62M	287.17M	263.54M	289.8M	219.81M	203.41M
Cash Only	72.41M	126.11M	181.21M	200.03M	264.1M	247.86M	219.5M	274.71M	204.64M	189.92M
Short-Term Investments	32.42M	39.49M	93.55M	66.97M	40.52M	39.3M	44.04M	15.09M	15.17M	13.48M
Accounts Receivable	198.38M	200.96M	240.91M	266.45M	254.64M	277.71M	405.07M	302.02M	377.02M	399.2M
Days Sales Outstanding	51.53	52.41	56.87	58.81	52.01	84.34	79.23	51.95	69.45	63.82
Inventory	102.08M	119.82M	110.32M	137.25M	136.9M	101.42M	255.21M	228.75M	228.99M	257.63M
Days Inventory Outstanding	41.18	49.84	41.58	48.28	45.38	50.21	84.79	66.89	72.73	69.86
Other Current Assets	35.03M	26.35M	0	0	22.07M	14.53M	0	22.99M	29.01M	34.46M
Total Non-Current Assets+	456.57M	430.39M	382.12M	369.44M	559.77M	439.52M	410.88M	414.43M	493.11M	517.08M
Property, Plant & Equipment	72.01M	72.38M	71.5M	64.81M	221.2M	144.65M	121.24M	130.93M	169.98M	197.08M
Fixed Asset Turnover	19.51x	19.34x	21.62x	25.52x	8.08x	8.31x	15.39x	16.21x	11.66x	11.58x
Goodwill	137.1M	135.71M	148.54M	148.11M	171.35M	168.26M	168M	168.09M	180M	183.74M
Intangible Assets	149.76M	144.39M	151.3M	143.31M	162.71M	115.19M	112.09M	101.19M	126.27M	113.43M
Long-Term Investments	88.47M	70.56M	29.52M	1.93M	0	1.18M	0	0	0	0
Other Non-Current Assets	5.09M	4.71M	-25.11M	1.97M	4.51M	4.82M	4.97M	12.47M	16.25M	22.21M
Total Assets+	914.38M	973.05M	1.06B	1.07B	1.28B	1.14B	1.36B	1.26B	1.35B	1.41B
Asset Turnover	1.54x	1.44x	1.46x	1.54x	1.40x	1.06x	1.38x	1.69x	1.47x	1.62x
Asset Growth %	0%	0.06%	0.09%	0.01%	0.19%	-0.11%	0.19%	-0.07%	0.07%	0.05%
Total Current Liabilities+	174.8M	183.13M	199.61M	224.69M	281.27M	235.92M	435.19M	320.91M	377.62M	413.72M
Accounts Payable	79.79M	80.58M	66.95M	79.8M	61.71M	73.9M	136.77M	130.54M	161.14M	206.89M
Days Payables Outstanding	32.19	33.52	25.24	28.07	20.45	36.59	45.44	38.17	51.18	56.1
Short-Term Debt	0	0	0	0	0	0	0	0	0	0
Deferred Revenue (Current)	0	0	0	0	0	0	0	0	0	0
Other Current Liabilities	16.76M	7.95M	9.35M	3M	11.05M	6.29M	19.98M	12.94M	15.39M	15.06M
Current Ratio	2.62x	2.96x	3.38x	3.13x	2.56x	2.96x	2.17x	2.63x	2.26x	2.16x
Quick Ratio	2.04x	2.31x	2.83x	2.52x	2.07x	2.53x	1.58x	1.92x	1.66x	1.54x
Cash Conversion Cycle	60.52	68.73	73.22	79.02	76.93	97.97	118.58	80.67	91	77.58
Total Non-Current Liabilities+	60.92M	48.85M	48.62M	33.2M	156.15M	111.48M	99.81M	93.22M	122.29M	122.05M
Long-Term Debt	0	0	0	0	0	0	0	0	0	0
Capital Lease Obligations	0	0	0	0	133.17M	98.59M	80.07M	79.13M	98.54M	109.82M
Deferred Tax Liabilities	39.41M	31.64M	3.6M	4.04M	5.88M	2.56M	3.38M	3.92M	8.61M	4.63M
Other Non-Current Liabilities	21.51M	48.85M	38.02M	29.16M	17.1M	10.32M	16.36M	10.17M	15.14M	7.61M
Total Liabilities	235.72M	231.97M	248.23M	257.89M	437.42M	347.39M	535M	414.13M	499.91M	535.77M
Total Debt+	0	0	0	0	171.8M	132.85M	110.83M	108.63M	138.88M	152.99M
Net Debt	-72.41M	-126.11M	-181.21M	-200.03M	-92.31M	-115.02M	-108.67M	-166.09M	-65.76M	-36.94M
Debt / Equity	-	-	-	-	0.20x	0.17x	0.14x	0.13x	0.16x	0.17x
Debt / EBITDA	-	-	-	-	0.87x	-	0.43x	0.36x	0.61x	0.62x
Net Debt / EBITDA	-0.38x	-0.67x	-0.95x	-1.03x	-0.47x	-	-0.42x	-0.55x	-0.29x	-0.15x
Interest Coverage	365.99x	-	262.42x	-	-	-	159.32x	-	-	-
Total Equity+	678.66M	741.07M	808.93M	814.68M	841.22M	790.37M	820.54M	843.86M	848.03M	876M
Equity Growth %	0.01%	0.09%	0.09%	0.01%	0.03%	-0.06%	0.04%	0.03%	0%	0.03%
Book Value per Share	7.40	8.30	9.33	9.46	10.06	10.05	10.05	10.81	11.37	12.17
Total Shareholders' Equity	678.4M	740.87M	802.82M	805.81M	828.5M	776.59M	812.1M	831.55M	829.6M	847.72M
Common Stock	6K	6K	6K	6K	6K	8K	8K	8K	7K	7K
Retained Earnings	896.84M	1.02B	1.14B	1.22B	1.31B	1.28B	1.42B	1.57B	1.68B	1.79B
Treasury Stock	-512.58M	-598.58M	-698M	-803.92M	-905.69M	-952.27M	-1.08B	-1.22B	-1.41B	-1.51B
Accumulated OCI	-31.41M	-31.75M	-25.61M	-32.63M	-30.44M	-29.16M	-29.54M	-35.71M	-29.05M	-48.29M
Minority Interest	259K	205K	6.11M	8.87M	12.72M	13.78M	8.44M	12.31M	18.43M	28.28M

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+	134.72M	153.6M	157.94M	154.38M	233.78M	44.21M	159.46M	267.88M	229.24M	198.1M
Operating CF Margin %	0.1%	0.11%	0.1%	0.09%	0.13%	0.04%	0.09%	0.13%	0.12%	0.09%
Operating CF Growth %	-0.11%	0.14%	0.03%	-0.02%	0.51%	-0.81%	2.61%	0.68%	-0.14%	-0.14%
Net Income	113.66M	121.27M	119.14M	130.5M	141.72M	-18.28M	190.68M	217.22M	171.55M	175.9M
Depreciation & Amortization	20.76M	21.1M	21.39M	22.48M	21.34M	17.36M	15.21M	20.58M	15.5M	20.01M
Stock-Based Compensation	18.7M	19.51M	20.85M	21.08M	23.17M	22.64M	22.28M	24.4M	24.15M	26.54M
Deferred Taxes	5.89M	-6.59M	-19.27M	-2.51M	5.14M	-8.35M	0	3.6M	6.11M	-4.7M
Other Non-Cash Items	-10.82M	3.39M	-1.89M	13.24M	13.64M	72.78M	196.71M	-8.46M	9.52M	15.79M
Working Capital Changes	-13.46M	-5.08M	17.72M	-30.41M	28.77M	-41.94M	-265.41M	10.55M	2.41M	-35.45M
Change in Receivables	-11.07M	-13.62M	22.68M	4.97M	-17.84M	13.12M	-112.89M	-9.68M	-19.95M	-6.95M
Change in Inventory	-9.4M	-17.74M	21.14M	-26.92M	8.44M	35.48M	-153.79M	29.07M	25.3M	-30.57M
Change in Payables	-8.64M	15.32M	9.5M	21.25M	38.42M	-83.48M	0	-108.79M	7.05M	37.34M
Cash from Investing+	-33.66M	-3.88M	-13.42M	11.06M	-27.75M	-4.88M	-3.21M	5.52M	-99.89M	-39.49M
Capital Expenditures	-19.46M	-15.9M	-14.78M	-12.45M	-18.31M	-6.56M	-6.61M	-18.35M	-19.47M	-25.91M
CapEx % of Revenue	0.01%	0.01%	0.01%	0.01%	0.01%	0.01%	0%	0.01%	0.01%	0.01%
Acquisitions	-	-	-	-	-	-	-	-	-	-
Investments	-	-	-	-	-	-	-	-	-	-
Other Investing	466K	249K	61.43M	-189K	0	-6.56M	1.39M	-8.52M	-5.33M	-340K
Cash from Financing+	-110.1M	-95.45M	-90.34M	-145.81M	-142.18M	-57.07M	-184.65M	-215.83M	-200.94M	-167.91M
Debt Issued (Net)	-	-	-	-	-	-	-	-	-	-
Equity Issued (Net)	-	-	-	-	-	-	-	-	-	-
Dividends Paid	0	0	0	-47.32M	-48.43M	-12.46M	-49.16M	-66M	-63.18M	-61.04M
Share Repurchases	-	-	-	-	-	-	-	-	-	-
Other Financing	25.54M	-9.45M	9.07M	7.43M	8.02M	1.97M	-12.33M	-945K	4.59M	-8.43M
Net Change in Cash	-	-	-	-	-	-	-	-	-	-
Free Cash Flow+	115.26M	137.71M	143.16M	141.93M	215.47M	37.64M	152.85M	249.53M	209.77M	172.19M
FCF Margin %	0.08%	0.1%	0.09%	0.09%	0.12%	0.03%	0.08%	0.12%	0.11%	0.08%
FCF Growth %	-0.14%	0.19%	0.04%	-0.01%	0.52%	-0.83%	3.06%	0.63%	-0.16%	-0.18%
FCF per Share	1.26	1.54	1.65	1.65	2.58	0.48	1.87	3.20	2.81	2.39
FCF Conversion (FCF/Net Income)	1.19x	1.27x	1.34x	1.20x	1.65x	-2.40x	0.84x	1.24x	1.34x	1.17x
Interest Paid	328K	222K	24K	36K	25K	354K	0	0	0	0
Taxes Paid	39.42M	55.38M	61.98M	37.1M	29.55M	5.15M	46.81M	65.39M	45.52M	51.15M

Key Ratios

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Return on Equity (ROE)	16.75%	17.03%	15.22%	15.91%	17.07%	-2.26%	23.67%	25.96%	20.28%	19.65%
Return on Invested Capital (ROIC)	21.56%	20.78%	20.49%	20.93%	19.45%	-3.33%	26.34%	30.4%	21.91%	20.81%
Gross Margin	35.62%	37.3%	37.37%	37.25%	38.39%	38.65%	41.13%	41.18%	42.01%	41.04%
Net Margin	8.04%	8.64%	7.63%	7.81%	7.91%	-1.53%	10.22%	10.18%	8.66%	7.42%
Debt / Equity	-	-	-	-	0.20x	0.17x	0.14x	0.13x	0.16x	0.17x
Interest Coverage	365.99x	-	262.42x	-	-	-	159.32x	-	-	-
FCF Conversion	1.19x	1.27x	1.34x	1.20x	1.65x	-2.40x	0.84x	1.24x	1.34x	1.17x
Revenue Growth	5.27%	-0.4%	10.47%	6.95%	8.08%	-32.75%	55.28%	13.71%	-6.62%	15.21%

Revenue by Segment

	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Wholesale Footwear	-	-	-	-	-	713.66M	1.02B	1.19B	1.05B	1.06B
Wholesale Footwear Growth	-	-	-	-	-	-	43.25%	16.88%	-12.26%	1.05%
Wholesale Accessories/Apparel	-	-	-	-	-	235.89M	343.68M	394.68M	416.53M	662.67M
Wholesale Accessories/Apparel Growth	-	-	-	-	-	-	45.69%	14.84%	5.54%	59.09%
Retail	-	-	-	-	-	239.39M	487.91M	521.73M	506.49M	550.15M
Retail Growth	-	-	-	-	-	-	103.81%	6.93%	-2.92%	8.62%
Licensing	-	-	-	-	-	-	-	-	-	10.66M
Licensing Growth	-	-	-	-	-	-	-	-	-	-

Revenue by Geography

	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Domestic Destination	1.26B	1.26B	1.38B	1.46B	1.57B	1.05B	1.64B	1.77B	1.6B	1.86B
Domestic Destination Growth	-	0.26%	9.92%	5.15%	8.03%	-32.93%	55.65%	8.02%	-9.68%	16.09%
Non-US	149.57M	140.57M	162.26M	198.43M	215.1M	147.47M	225.05M	349.3M	380.48M	424.2M
Non-US Growth	-	-6.02%	15.43%	22.29%	8.40%	-31.44%	52.61%	55.21%	8.93%	11.49%

Frequently Asked Questions

Valuation & Price

Steven Madden, Ltd. (SHOO) has a price-to-earnings (P/E) ratio of 19.7x. This is roughly in line with market averages.

Growth & Financials

Steven Madden, Ltd. (SHOO) reported $2.36B in revenue for fiscal year 2024. This represents a 144% increase from $968.5M in 2011.

Steven Madden, Ltd. (SHOO) grew revenue by 15.2% over the past year. This is strong growth.

Yes, Steven Madden, Ltd. (SHOO) is profitable, generating $56.3M in net income for fiscal year 2024 (7.4% net margin).

Dividend & Returns

Yes, Steven Madden, Ltd. (SHOO) pays a dividend with a yield of 1.83%. This makes it attractive for income-focused investors.

Steven Madden, Ltd. (SHOO) has a return on equity (ROE) of 19.7%. This is reasonable for most industries.

Steven Madden, Ltd. (SHOO) generated $133.1M in free cash flow for fiscal year 2024. Positive FCF indicates the company can fund dividends, buybacks, or reinvestment.

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