Latest Ratios: P/E Ratio 70.2x · EV/EBITDA 35.2x · ROE 5.0%. (1996–2025 historical series)
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $3.2B | $3.0B | $3.1B | $3.1B | $2.5B | $3.8B | $2.8B | $3.6B | $2.6B | $2.7B | $2.1B |
| Enterprise Value | $3.6B | $3.3B | $3.0B | $3.1B | $2.3B | $3.7B | $2.7B | $3.5B | $2.4B | $2.5B | $2.0B |
| P/E Ratio → | 70.21 | 66.10 | 18.09 | 18.26 | 11.54 | 19.86 | — | 25.45 | 20.17 | 22.89 | 17.65 |
| P/S Ratio | 1.28 | 1.18 | 1.34 | 1.58 | 1.18 | 2.03 | 2.31 | 2.01 | 1.58 | 1.75 | 1.52 |
| P/B Ratio | 3.48 | 3.28 | 3.49 | 3.69 | 2.96 | 4.62 | 3.51 | 4.28 | 3.20 | 3.34 | 2.87 |
| P/FCF | 27.04 | 24.79 | 17.77 | 14.93 | 10.00 | 24.82 | 73.78 | 16.70 | 18.36 | 18.86 | 15.46 |
| P/OCF | 19.93 | 18.27 | 15.45 | 13.66 | 9.31 | 23.79 | 62.83 | 15.39 | 16.88 | 17.10 | 13.86 |
P/E links to full P/E history page with 30-year chart
Enterprise-value multiples — capital-structure-neutral measures of total business value
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 1.32 | 1.32 | 1.55 | 1.10 | 1.97 | 2.22 | 1.96 | 1.45 | 1.63 | 1.43 |
| EV / EBITDA | 35.24 | 32.61 | 12.34 | 13.40 | 7.71 | 14.24 | — | 17.69 | 12.33 | 13.25 | 10.59 |
| EV / EBIT | 52.34 | 37.08 | 12.70 | 13.95 | 8.10 | 14.88 | 53.72 | 19.18 | 13.56 | 14.62 | 11.87 |
| EV / FCF | — | 27.92 | 17.56 | 14.62 | 9.33 | 24.11 | 70.73 | 16.27 | 16.95 | 17.60 | 14.54 |
Margins and return-on-capital ratios measuring operating efficiency
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 41.1% | 41.1% | 41.0% | 42.0% | 41.2% | 41.1% | 38.7% | 38.4% | 37.3% | 37.4% | 37.3% |
| Operating Margin | 2.7% | 2.7% | 9.9% | 10.8% | 13.3% | 13.1% | -2.6% | 9.9% | 10.5% | 11.0% | 12.1% |
| Net Profit Margin | 1.8% | 1.8% | 7.4% | 8.7% | 10.2% | 10.2% | -1.5% | 7.9% | 7.8% | 7.6% | 8.6% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 5.0% | 5.0% | 19.7% | 20.3% | 26.0% | 23.7% | -2.3% | 17.1% | 15.9% | 15.2% | 17.0% |
| ROA | 2.7% | 2.7% | 12.3% | 13.2% | 16.5% | 15.3% | -1.5% | 12.0% | 12.1% | 11.6% | 12.8% |
| ROIC | 4.9% | 4.9% | 20.8% | 21.9% | 30.4% | 26.3% | -3.3% | 19.5% | 20.9% | 20.5% | 20.8% |
| ROCE | 5.8% | 5.8% | 22.9% | 22.4% | 30.3% | 26.7% | -3.3% | 19.2% | 20.3% | 20.6% | 22.1% |
Solvency and debt-coverage ratios — lower is generally safer
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 0.54 | 0.54 | 0.17 | 0.16 | 0.13 | 0.14 | 0.17 | 0.20 | — | — | — |
| Debt / EBITDA | 4.75 | 4.75 | 0.62 | 0.61 | 0.36 | 0.43 | — | 0.87 | — | — | — |
| Net Debt / Equity | — | 0.41 | -0.04 | -0.08 | -0.20 | -0.13 | -0.15 | -0.11 | -0.25 | -0.22 | -0.17 |
| Net Debt / EBITDA | 3.65 | 3.65 | -0.15 | -0.29 | -0.55 | -0.42 | — | -0.47 | -1.03 | -0.95 | -0.67 |
| Debt / FCF | — | 3.13 | -0.21 | -0.31 | -0.67 | -0.71 | -3.06 | -0.43 | -1.41 | -1.27 | -0.92 |
| Interest Coverage | 7.29 | 7.29 | — | — | — | 161.97 | — | — | — | 266.35 | — |
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 1.90 | 1.90 | 2.16 | 2.26 | 2.63 | 2.17 | 2.96 | 2.56 | 3.13 | 3.38 | 2.96 |
| Quick Ratio | 1.11 | 1.11 | 1.54 | 1.66 | 1.92 | 1.58 | 2.53 | 2.07 | 2.52 | 2.83 | 2.31 |
| Cash Ratio | 0.21 | 0.21 | 0.49 | 0.58 | 0.90 | 0.61 | 1.22 | 1.08 | 1.19 | 1.38 | 0.90 |
| Asset Turnover | — | 1.32 | 1.62 | 1.47 | 1.69 | 1.38 | 1.06 | 1.40 | 1.54 | 1.46 | 1.44 |
| Inventory Turnover | 3.56 | 3.56 | 5.22 | 5.02 | 5.46 | 4.30 | 7.27 | 8.04 | 7.56 | 8.78 | 7.32 |
| Days Sales Outstanding | — | 61.45 | 63.82 | 69.45 | 51.95 | 76.58 | 84.34 | 52.01 | 58.81 | 56.87 | 52.41 |
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | 1.9% | 2.1% | 2.0% | 2.0% | 2.6% | 1.3% | 0.4% | 1.3% | 1.8% | — | — |
| Payout Ratio | 136.5% | 136.5% | 36.0% | 36.8% | 30.5% | 25.8% | — | 34.3% | 36.6% | — | — |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 1.4% | 1.5% | 5.5% | 5.5% | 8.7% | 5.0% | — | 3.9% | 5.0% | 4.4% | 5.7% |
| FCF Yield | 3.7% | 4.0% | 5.6% | 6.7% | 10.0% | 4.0% | 1.4% | 6.0% | 5.4% | 5.3% | 6.5% |
| Buyback Yield | 0.4% | 0.5% | 3.2% | 4.5% | 6.0% | 3.2% | 1.7% | 2.8% | 4.1% | 3.7% | 4.0% |
| Total Shareholder Yield | 2.4% | 2.5% | 5.2% | 6.6% | 8.6% | 4.5% | 2.1% | 4.2% | 5.9% | 3.7% | 4.0% |
| Shares Outstanding | — | $71M | $72M | $75M | $78M | $82M | $79M | $84M | $86M | $87M | $89M |
Includes 30+ ratios · 30 years · Updated daily
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Quick answers to the most common questions about buying SHOO stock.
Steven Madden, Ltd.'s current P/E ratio is 70.2x. The historical average is 19.6x. This places it at the 100th percentile of its historical range.
Steven Madden, Ltd.'s current EV/EBITDA is 35.2x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 12.3x.
Steven Madden, Ltd.'s return on equity (ROE) is 5.0%. The historical average is 16.6%.
Based on historical data, Steven Madden, Ltd. is trading at a P/E of 70.2x. This is at the 100th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
Steven Madden, Ltd.'s current dividend yield is 1.94% with a payout ratio of 136.5%.
Steven Madden, Ltd. has 41.1% gross margin and 2.7% operating margin.
Steven Madden, Ltd.'s Debt/EBITDA ratio is 4.8x, indicating high leverage. A ratio above 4x may signal elevated financial risk.
Key Metrics
Top Statement Risk
Margin compression despite growth
Metrics are mathematically derived from official filings.
Margin Compression Masks Top-Line Strength
Despite a 19.1% revenue surge, operating margin fell to 5.9% in Q2 2026 from 9.0% a year earlier, per reported figures, indicating that growth is not translating efficiently to profit.
The gross margin expansion to 46.5% in Q2 2026 from 40.4% a year earlier suggests improved product mix or pricing, yet the operating margin compression to 5.9% implies that SG&A and other operating costs are absorbing the gains. This divergence between gross and operating margins may indicate elevated promotional activity or supply chain inefficiencies that are not yet fully visible. Investors should monitor whether this is a temporary blip or a structural shift in the cost base, especially given the low net margin of 4.2%.
Return on Capital Decays Amid Expansion
ROIC fell to 2.2% in Q2 2026 from 4.2% a year earlier, per the latest data, suggesting that the company's growth investments are not yet generating adequate returns relative to the capital employed.
The decline in ROIC from 6.6% in 2024Q3 to 2.2% in 2026Q2 indicates that the company's asset base has grown faster than operating income, likely due to acquisitions and increased working capital. This trend, if sustained, would suggest that management's capital allocation is not compounding returns as effectively as in prior periods. The low ROE of 2.9% in Q2 2026 further underscores that shareholder returns are being diluted by the expansion strategy.
Working Capital Cycle Lengthens
The cash conversion cycle stretched to 104 days in Q2 2026 from 85 days in 2024Q2, per reported figures, driven by a rise in days inventory outstanding to 97 days, indicating slower inventory turnover.
The increase in DIO from 66 days in 2024Q2 to 97 days in 2026Q2 suggests that the company is holding more inventory relative to sales, which could be a sign of slowing sell-through or deliberate stockpiling ahead of anticipated demand. Meanwhile, DSO has remained relatively stable around 58 days, and DPO has increased slightly to 51 days, but the net effect is a longer cash cycle that ties up capital. This trend warrants monitoring as it may indicate that the 'test-and-react' model is losing some of its agility, potentially leading to higher markdown risk.
Debt Buildup Tests Financial Flexibility
Debt-to-equity rose to 0.39 in Q2 2026 from 0.17 in 2024Q4, while interest coverage fell to 31.3x from 13.8x in 2025Q4, per the balance sheet, indicating increased leverage but still comfortable coverage.
The company has deliberately increased its debt load, likely to fund acquisitions and working capital needs, but the absolute level remains modest. However, the rising D/EBITDA to 9.59 in Q2 2026 from 2.32 in 2024Q1 suggests that EBITDA has not kept pace with debt growth, which could strain future refinancing if margins remain depressed. The interest coverage ratio, while still high, has declined from 31.3x in Q2 2026 to 13.8x in 2025Q4, indicating that the company's earnings are becoming less protective of its interest obligations.
Liquidity Cushion Thins as Cash Declines
The current ratio slipped to 1.91 in Q2 2026 from 2.16 in 2024Q4, while cash dropped to $94.7M from $189.9M, per the balance sheet, indicating a reduced buffer against operational shocks.
Although the current ratio remains above 1.5, the decline in cash and the increase in inventory suggest that the company's liquidity position is becoming less robust. The quick ratio of 1.13 in Q2 2026, down from 1.54 in 2024Q4, indicates that the company is increasingly reliant on inventory to meet short-term obligations, which could be problematic if inventory becomes difficult to liquidate. This thinning cushion may limit the company's ability to weather a demand downturn without resorting to additional debt.
P/E Misleads on Cyclical Earnings
The trailing P/E of 77.9 is distorted by depressed TTM earnings, while the forward P/E of 22.6 better reflects normalized profitability, per current valuation multiples, suggesting the market is pricing a recovery.
The trailing P/E is artificially high because TTM net income includes a loss-making quarter in 2025Q2, which depresses the denominator. Investors should instead focus on forward earnings or EV/EBITDA, which at 12.27x is more in line with historical norms and peers. The low P/E relative to growth (PEG not available) may understate the company's potential if margins recover, but it also highlights the risk that the market is overly optimistic about a rebound. A more appropriate metric for SHOO would be EV/EBITDA adjusted for non-recurring items, as it smooths out the volatility in net income caused by one-time charges and acquisition-related costs.