Weyco Group, Inc. (WEYS) Balance Sheet

Retained earnings rose from $181.3M to $192.9M over this window, indicating that accumulated profits are being retained rather than heavily distributed. The recurring year-end liability spikes to roughly $78M to $80M appear to reflect seasonal payables or accruals, and investors should monitor whether these reverse cleanly in subsequent quarters.

The gradual decline in total debt from $12.7M in 2025Q2 to $8.9M in 2026Q3 suggests management is reducing obligations rather than expanding them. This low leverage implies limited refinancing risk, although the modest debt stack may also reflect a capital structure that relies primarily on internal cash generation.

Cash rose from $71.0M in 2024Q4 to $96.0M in 2025Q4 before settling near $89M to $94M in 2026, suggesting the company has built a meaningful reserve. The sharp compression of current ratio at year-end (roughly 4.2 to 4.4) appears to coincide with the liability build, warranting further investigation into the composition of those year-end obligations.

The flat goodwill balance of $12.3M carries limited impairment exposure relative to equity of roughly $240M to $264M. The fixed asset base appears to be maintained at a steady level, which is consistent with a footwear business that outsources much of its manufacturing and concentrates capital in inventory and receivables.