ROCKY BRANDS, INC. RCKY
We are a leading designer, manufacturer and marketer of premium quality footwear and apparel marketed under a portfolio of well recognized brand names, including The Original Muck Boot Company ("Muck"), XTRATUF, Rocky, Durango, Georgia Boot, Lehigh CustomFit ("Lehigh"), Ranger, and the licensed brand Michelin. Our brands have a long history of representing high quality, comfortable, functional, and durable footwear and our products are organized around six target markets: work, outdoor, western, commercial military, duty, and military. Our footwear products incorporate varying features and are positioned across a range of suggested retail price points from $45.00 for our value priced products to $680.00 for our premium products. In addition, as part of our strategy of outfitting consumers from head-to-toe, we market complementary branded apparel and accessories that we believe leverage the strength and positioning of each of our brands.
Valuation FY2025 figures against the last close
Annual financial statements
Income statement
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $482.0M | $453.8M | $461.8M | $615.5M | $514.2M | $277.3M | $270.4M | $252.7M | $253.2M | $260.3M |
| Cost of revenue | $284.7M | $274.8M | $283.2M | $390.3M | $319.7M | $172.6M | $172.7M | $165.7M | $172.4M | $183.5M |
| Gross profit | $197.3M | $179.0M | $178.6M | $225.2M | $194.5M | $104.7M | $97.7M | $87.0M | $80.8M | $76.7M |
| SG&A | — | — | — | — | — | — | — | — | $68.9M | $75.6M |
| Total operating expenses | $160.1M | $147.9M | $143.2M | $181.2M | $158.6M | $77.6M | $75.6M | $69.0M | $68.9M | $79.8M |
| Operating income | $37.2M | $31.1M | $35.4M | $44.0M | $36.0M | $27.2M | $22.1M | $18.1M | $11.8M | -$3.1M |
| Interest expense | — | — | — | — | — | — | — | — | $389.6K | $616.6K |
| Pre-tax income | $27.2M | $14.1M | $14.2M | $25.8M | $25.4M | $27.0M | $22.2M | $17.9M | $9.4M | -$3.6M |
| Income tax | $4.9M | $2.7M | $3.7M | $5.3M | $4.8M | $6.0M | $4.8M | $3.3M | $225.0K | $1.5M |
| Net income | $22.3M | $11.4M | $10.4M | $20.5M | $20.6M | $21.0M | $17.5M | $14.6M | $9.6M | -$2.1M |
| EPS, basic | 2.98 | 1.53 | 1.42 | 2.80 | 2.82 | 2.87 | 2.36 | 1.96 | 1.29 | -0.29 |
| EPS, diluted | 2.96 | 1.52 | 1.41 | 2.78 | 2.77 | 2.86 | 2.35 | 1.95 | 1.29 | -0.29 |
| Shares, diluted (wtd. avg.) | $7.5M | $7.5M | $7.4M | $7.4M | $7.4M | $7.3M | $7.4M | $7.5M | $7.5M | $7.5M |
Balance sheet
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and equivalents | $2.9M | $3.7M | $4.5M | $5.7M | $5.9M | $28.4M | $15.5M | $10.2M | $3.7M | $4.5M |
| Receivables | $77.1M | $72.0M | $77.0M | $95.0M | $126.8M | $48.0M | $45.6M | $43.3M | $45.0M | $40.8M |
| Inventory | $181.1M | $166.7M | $169.2M | $235.4M | $232.5M | $77.6M | $76.7M | $72.8M | $65.6M | $69.2M |
| Total current assets | $270.7M | $246.4M | $258.2M | $341.0M | $375.3M | $163.2M | $146.1M | $131.2M | $119.2M | $118.8M |
| Property, plant and equipment | $49.9M | $49.7M | $52.0M | $57.4M | $60.0M | $33.8M | $27.4M | $23.1M | $23.8M | $26.5M |
| Goodwill | $47.8M | $47.8M | $47.8M | $50.2M | $50.2M | $0 | — | — | — | — |
| Other intangibles | $103.0M | $105.8M | $112.6M | $121.8M | $126.3M | $30.2M | $30.2M | $30.3M | $30.3M | $33.4M |
| Total assets | $477.5M | $457.3M | $479.4M | $582.4M | $624.6M | $229.1M | $205.8M | $184.7M | $173.5M | $178.9M |
| Accounts payable | $53.0M | $58.1M | $49.8M | $69.7M | $114.6M | $20.1M | $15.8M | $13.5M | $13.0M | $11.6M |
| Short-term debt | $8.4M | $8.4M | $2.6M | $3.2M | $3.2M | $0 | — | — | — | — |
| Total current liabilities | $96.1M | $90.4M | $71.5M | $96.3M | $140.1M | $40.0M | $31.5M | $25.0M | $20.0M | $17.7M |
| Long-term debt | $114.3M | $120.4M | $170.5M | $253.6M | $266.8M | $0 | — | — | $2.2M | $14.6M |
| Total liabilities | $225.4M | $225.1M | $255.8M | $366.9M | $426.7M | $49.6M | $41.2M | $33.1M | $32.4M | $43.8M |
| Retained earnings | $176.0M | $158.4M | $151.6M | $145.7M | $129.8M | $113.5M | $96.7M | — | — | — |
| Total equity | $252.1M | $232.2M | $223.6M | $215.5M | $197.9M | $179.5M | $164.7M | $151.6M | $141.1M | $135.1M |
Cash flow
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $16.3M | $52.8M | $73.6M | $19.1M | -$54.9M | $31.4M | $18.1M | $17.6M | $17.1M | $21.3M |
| Depreciation and amortisation | $9.8M | $10.3M | $10.9M | $12.3M | $11.3M | $5.2M | $5.0M | $5.4M | $6.5M | $7.7M |
| Stock-based compensation | $1.6M | $1.3M | $1.2M | $1.2M | $1.3M | $780.0K | $662.0K | $588.0K | $356.0K | $359.4K |
| Capital expenditure | $6.6M | $4.7M | $3.9M | $6.7M | $21.1M | $11.7M | $7.7M | $4.2M | $4.3M | $5.9M |
| Investing cash flow | -$6.2M | -$3.0M | $13.4M | -$1.2M | -$233.5M | -$11.7M | -$7.7M | -$4.2M | -$1.6M | -$5.9M |
| Financing cash flow | -$10.9M | -$50.6M | -$88.2M | -$18.1M | $265.9M | -$6.9M | -$5.0M | -$6.9M | -$16.3M | -$14.4M |
| Dividends paid | $4.6M | $4.6M | $4.6M | $4.5M | $4.3M | $4.1M | $4.0M | $3.5M | $3.3M | $3.3M |
| Buybacks | $201.0K | $0 | — | $0 | $0 | $2.9M | $1.5M | $1.3M | $688.0K | $2.0M |
Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0001437749-26-013668.
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