Cash flow remains highly inconsistent, highlighted by a $144.7M working capital outflow in 2026Q1 that contributed to a negative free cash flow margin of 9.4%.
| 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 | 125.69M | 162.2M | 198.1M | 229.24M | 267.88M | 159.46M | 44.21M | 233.78M | 154.38M | 157.94M | 153.6M | 134.72M | 151.97M | 155.45M | 144.21M | 74.97M | 86.87M | 64.34M | 41.78M | 59.91M | 43.41M | 42.74M | 12.86M | 7.9M | 29.59M | 9.39M | 8.75M | 22.9M | 1.1M | 2.4M | -900K |
| Operating CF Margin % | - | 6.43% | 8.68% | 11.57% | 12.62% | 8.55% | 3.68% | 13.08% | 9.34% | 10.22% | 10.98% | 9.59% | 11.38% | 11.83% | 11.75% | 7.74% | 13.67% | 12.78% | 9.14% | 13.9% | 9.14% | 11.37% | 3.8% | 2.44% | 9.07% | 3.86% | 4.26% | 14.05% | 1.28% | 4.05% | -1.97% |
| Operating CF Growth % | 820.16% | -18.12% | -13.58% | -14.43% | 67.99% | 260.73% | -81.09% | 51.44% | -2.25% | 2.82% | 14.02% | -11.35% | -2.24% | 7.79% | 92.37% | -13.7% | 35.02% | 54.01% | -30.26% | 38.01% | 1.56% | 232.29% | 62.76% | -73.29% | 215.05% | 7.37% | -61.8% | 1981.82% | -54.17% | 366.67% | 30.77% |
| Net Income | 76.06M | 49.02M | 175.9M | 171.55M | 217.22M | 190.68M | -18.28M | 141.72M | 130.5M | 119.14M | 121.27M | 113.66M | 112.63M | 133.28M | 119.56M | 97.2M | 75.72M | 50.11M | 27.98M | 35.69M | 46.25M | 19.2M | 12.28M | 20.45M | 19.84M | 12.12M | 16.04M | 11.5M | 5.4M | 2.7M | 1.1M |
| Depreciation & Amortization | 37.54M | 33.44M | 20.01M | 15.5M | 20.58M | 15.21M | 17.36M | 21.34M | 22.48M | 21.39M | 21.1M | 20.76M | 15.08M | 12.98M | 12.64M | 11.06M | 10M | 9.56M | 9.1M | 8.44M | 6.71M | 5.12M | 5.06M | 4.74M | 3.71M | 3.45M | 3.59M | 3M | 1.4M | 800K | 400K |
| Stock-Based Compensation | 22.48M | 29.64M | 26.54M | 24.15M | 24.4M | 22.28M | 22.64M | 23.17M | 21.08M | 20.85M | 19.51M | 18.7M | 19.26M | 20.14M | 17.43M | 11.4M | 8.27M | 5.94M | 5.66M | 4.43M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Deferred Taxes | -5.08M | -4.67M | -4.7M | 6.11M | 3.6M | 0 | -8.35M | 5.14M | -2.51M | -19.27M | -6.59M | 5.89M | 2.88M | 7.11M | 1.53M | 1.45M | -798K | -1.93M | 1.5M | -2.12M | -4.21M | -2.69M | -227K | -1.98M | -1.09M | -480K | -1.35M | -1.6M | -400K | 100K | -200K |
| Other Non-Cash Items | 12.76M | 32.42M | 15.79M | 9.52M | -8.46M | 196.71M | 72.78M | 13.64M | 13.24M | -1.89M | 3.39M | -10.82M | -1.13M | -2.54M | 6.6M | -2.32M | -2.49M | 3.29M | 1.08M | -2.56M | 5.72M | 13.02M | 4.49M | 4.44M | 4.11M | 5.05M | 1.93M | -100K | 100K | -100K | -200K |
| Working Capital Changes | -21.59M | 22.35M | -35.45M | 2.41M | 10.55M | -265.41M | -41.94M | 28.77M | -30.41M | 17.72M | -5.08M | -13.46M | 3.26M | -15.52M | -13.56M | -43.83M | -3.84M | -2.63M | -3.52M | 16.03M | -13.88M | 8.1M | -8.74M | -19.75M | 3.02M | -10.74M | -11.46M | 7.4M | -6.5M | -2.3M | -3.1M |
| Change in Receivables | 49.97M | 29.12M | -6.95M | -19.95M | -9.68M | -112.89M | 13.12M | -17.84M | 4.97M | 22.68M | -13.62M | -11.07M | -144K | -13.65M | 19.67M | -16.54M | -8.27M | -5.17M | 3.22M | -1.99M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Change in Inventory | 57.44M | 4.42M | -30.57M | 25.3M | 29.07M | -153.79M | 35.48M | 8.44M | -26.92M | 21.14M | -17.74M | -9.4M | -1.84M | -10.01M | -1.82M | -9.21M | -8.8M | 1.14M | -4.4M | 6.46M | 635K | 5.97M | -10.53M | -4.41M | -3.63M | 6K | -5.67M | -2.2M | -2.7M | -2.3M | -1.4M |
| Change in Payables | -26.11M | 9.89M | 37.34M | 7.05M | -108.79M | 0 | -83.48M | 38.42M | 21.25M | 9.5M | 15.32M | -8.64M | 3.78M | 20.7M | 11.96M | -7.55M | 19.57M | 10.56M | -9.94M | 9.44M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Cash from Investing | -405.81M | -400.92M | -39.49M | -99.89M | 5.52M | -3.21M | -4.88M | -27.75M | 11.06M | -13.42M | -3.88M | -33.66M | -108.91M | -40.38M | -92.15M | -47.44M | -95.23M | -58.9M | 30.6M | -12.36M | -48.12M | -13.92M | -25.46M | -16.34M | -27.38M | -3.34M | -7.45M | -4.7M | -2.8M | -5.9M | -2.9M |
| Capital Expenditures | -38.71M | -42.66M | -25.91M | -19.47M | -18.35M | -6.61M | -6.56M | -18.31M | -12.45M | -14.78M | -15.9M | -19.46M | -18.34M | -20.75M | -19.95M | -15.48M | -3.42M | -3.4M | -8.31M | -12.96M | -9.51M | -5.82M | -7.39M | -6.06M | -5.07M | -3.42M | -7.93M | -5M | -4.3M | -3.7M | -1.2M |
| CapEx % of Revenue | 1.47% | 1.69% | 1.14% | 0.98% | 0.86% | 0.35% | 0.55% | 1.02% | 0.75% | 0.96% | 1.14% | 1.38% | 1.37% | 1.58% | 1.63% | 1.6% | 0.54% | 0.68% | 1.82% | 3.01% | 2% | 1.55% | 2.18% | 1.87% | 1.56% | 1.4% | 3.87% | 3.07% | 5.01% | 6.24% | 2.62% |
| Acquisitions | -371.55M | -371.55M | -13.98M | -75.27M | 3.52M | 6.61M | 6.56M | -37.17M | 189K | -16.8M | -3.76M | -9.13M | -81.89M | -44.76M | -29.37M | -89.73M | -40.6M | -5.78M | -4.92M | -9.08M | -15.36M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Investments | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Investing | 1.94M | -260K | -340K | -5.33M | -8.52M | 1.39M | -6.56M | 0 | -189K | 61.43M | 249K | 466K | -7.79M | 1.08M | -71.9M | 7.85M | -38.72M | -182K | -1.01M | -589K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 100K | 0 | -200K | -1.7M |
| Cash from Financing | 209.47M | 157.15M | -167.91M | -200.94M | -215.83M | -184.65M | -57.07M | -142.18M | -145.81M | -90.34M | -95.45M | -110.1M | -141.89M | -103.57M | 13.88M | 9.15M | 5.24M | -25.77M | -12.24M | -37.31M | -18.92M | -6.83M | -9.63M | 4.79M | 4.32M | 8.87M | -3.4M | 4.5M | 12.5M | 1.2M | 5.8M |
| Debt Issued (Net) | 50.55M | 231.04M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -30.17M | 30.17M | 0 | 0 | 0 | -1K | -13K | -43K | -127K | -135K | -100K | -100K | -100K | 0 |
| Equity Issued (Net) | -13.09M | -13.49M | -98.43M | -142.35M | -148.88M | -123.16M | -46.58M | -101.77M | -105.92M | -99.41M | -86M | -135.64M | -142.23M | -102.17M | 0 | 0 | -4.56M | 3.9M | -44.2M | -44.49M | -1.43M | 8.75M | -9.25M | 4.8M | 4.36M | 9M | -3.27M | 4.6M | 12.5M | 1.3M | 5.8M |
| Dividends Paid | -61.07M | -60.96M | -61.04M | -63.18M | -66M | -49.16M | -12.46M | -48.43M | -47.32M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -2K | -1K | -18K | -16K | -21.11M | -13.81M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Share Repurchases | -13.12M | -13.52M | -98.43M | -142.35M | -148.88M | -123.16M | -46.58M | -101.77M | -105.92M | -99.41M | -86M | -135.64M | -142.23M | -102.17M | 0 | 0 | -4.56M | 0 | -44.2M | -50.09M | -8.26M | -7.74M | -9.7M | 0 | 0 | 0 | -6.08M | -700K | -800K | 0 | -500K |
| Other Financing | 233.08M | 554K | -8.43M | 4.59M | -945K | -12.33M | 1.97M | 8.02M | 7.43M | 9.07M | -9.45M | 25.54M | 339K | -1.4M | 13.88M | 9.15M | 9.8M | 498K | 1.81M | 7.18M | 3.61M | -1.77M | -378K | 0 | 0 | 0 | 0 | 0 | 100K | 0 | 0 |
| Net Change in Cash | -67.61M | -77.5M | -14.72M | -70.07M | 55.21M | -28.36M | -16.24M | 64.07M | 18.82M | 55.1M | 53.7M | -9.04M | -98.83M | 11.5M | 65.95M | 36.68M | -3.12M | -20.32M | 60.14M | 10.24M | -23.64M | 21.99M | -22.22M | -3.64M | 6.53M | 14.92M | -2.1M | 22.8M | 10.8M | -2.3M | 2M |
| Free Cash Flow | 86.98M | 119.54M | 172.19M | 209.77M | 249.53M | 152.85M | 37.64M | 215.47M | 141.93M | 143.16M | 137.71M | 115.26M | 133.63M | 134.71M | 124.26M | 59.49M | 83.45M | 60.94M | 33.47M | 46.94M | 33.9M | 36.92M | 5.48M | 1.84M | 24.52M | 5.98M | 815K | 17.9M | -3.2M | -1.3M | -2.1M |
| FCF Margin % | 3.3% | 4.74% | 7.54% | 10.59% | 11.76% | 8.19% | 3.13% | 12.06% | 8.58% | 9.26% | 9.84% | 8.2% | 10.01% | 10.25% | 10.13% | 6.14% | 13.13% | 12.1% | 7.32% | 10.89% | 7.13% | 9.82% | 1.62% | 0.57% | 7.52% | 2.46% | 0.4% | 10.98% | -3.73% | -2.19% | -4.59% |
| FCF Growth % | -46.7% | -30.57% | -17.92% | -15.94% | 63.25% | 306.05% | -82.53% | 51.82% | -0.86% | 3.96% | 19.47% | -13.75% | -0.8% | 8.41% | 108.88% | -28.71% | 36.93% | 82.11% | -28.71% | 38.48% | -8.19% | 574.21% | 197.29% | -92.49% | 310.19% | 633.5% | -95.45% | 659.38% | -146.15% | 38.1% | -16.67% |
| FCF per Share | 1.21 | 1.68 | 2.39 | 2.81 | 3.20 | 1.87 | 0.48 | 2.58 | 1.65 | 1.65 | 1.54 | 1.26 | 1.40 | 1.34 | 1.25 | 0.61 | 0.87 | 0.66 | 0.36 | 0.44 | 0.30 | 0.35 | 0.05 | 0.02 | 0.24 | 0.06 | 0.01 | 0.19 | -0.04 | -0.02 | -0.03 |
| FCF Conversion (FCF/Net Income) | 1.14x | 3.63x | 1.17x | 1.34x | 1.24x | 0.84x | -2.40x | 1.65x | 1.20x | 1.34x | 1.27x | 1.19x | 1.36x | 1.18x | 1.21x | 0.77x | 1.15x | 1.28x | 1.49x | 1.68x | 0.94x | 2.23x | 1.05x | 0.39x | 1.49x | 0.78x | 0.55x | 1.99x | 0.20x | 0.89x | -0.82x |
| Interest Paid | 0 | 0 | 0 | 0 | 0 | 0 | 354K | 25K | 36K | 24K | 222K | 328K | 211K | 128K | 49K | 51K | 4K | 93K | 207K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Taxes Paid | 0 | 0 | 51.15M | 45.52M | 65.39M | 46.81M | 5.15M | 29.55M | 37.1M | 61.98M | 55.38M | 39.42M | 49.83M | 57.15M | 52.71M | 59.63M | 42.65M | 30.51M | 23.31M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Working Capital Volatility
As reported in recent financial filings, SHOO's OCF/NI ratio has fluctuated wildly, reaching a negative 0.77 in 2026Q1, which highlights a significant disconnect between accounting profits and the actual cash generated from core operations during periods of aggressive inventory accumulation or seasonal working capital shifts.
The extreme variance in the OCF/NI ratio suggests that net income is a poor proxy for the company's immediate cash-generating capability. Investors should monitor whether this divergence stems from temporary timing differences in inventory procurement or a more structural inability to convert fashion-forward sales into realized cash flows.
Based on the provided cash flow data, SHOO's FCF margin has swung from a high of 28.1% in 2023Q4 to a negative 9.4% in 2026Q1, illustrating a highly inconsistent cash trajectory that appears tethered to the company's aggressive and cyclical inventory management strategy.
The volatility in free cash flow suggests that the company's operational model requires significant cash outlays to support its rapid-cycle inventory replenishment. This pattern may indicate that the business is prone to cash-flow-negative quarters whenever it attempts to scale its product offerings to meet shifting consumer demand.
According to quarterly cash flow statements, working capital changes have been a primary driver of cash flow variance, with a massive $144.7M outflow in 2026Q1 alone, suggesting that the company's 'test-and-react' model necessitates substantial, lumpy investments in inventory that frequently overwhelm operational cash inflows.
The significant swings in working capital indicate that SHOO's cash position is highly sensitive to the timing of inventory builds. This reliance on large, periodic cash outflows to fund inventory suggests that the company may face liquidity pressure if sales velocity does not align perfectly with these procurement cycles.
As evidenced by historical cash flow data, SHOO consistently returns capital to shareholders through dividends and buybacks, even during quarters where operating cash flow is negative, such as the $22.7M combined outflow for dividends and buybacks observed in 2026Q1.
This commitment to shareholder returns, despite inconsistent cash generation, suggests a management philosophy that prioritizes capital return over maintaining a cash buffer. Investors should consider whether this policy is sustainable if the current margin compression persists and limits the company's internal cash generation capacity.
Quick answers to the most common questions about buying SHOO stock.
Steven Madden, Ltd. (SHOO) generated $162.2M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Steven Madden, Ltd. (SHOO) generated $119.5M 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.
Steven Madden, Ltd. (SHOO) spent $42.7M 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, Steven Madden, Ltd. (SHOO) returned $61.0M to shareholders via cash dividends and spent $13.5M on share repurchases. This shows the company's commitment to returning capital to its equity investors.