STEVEN MADDEN, LTD. SHOO
Steven Madden, Ltd. and its subsidiaries design, source, and market fashion-forward branded and private label footwear, accessories, and apparel. We distribute our products through the wholesale channel to department stores, mass merchants, off-price retailers, shoe chains, online retailers, national chains, specialty retailers, independent stores, and clubs throughout the United States, the United Kingdom, Europe, Canada, and Mexico. Additionally, the Company operates in other international markets through its joint ventures in South Africa, the Middle East, Israel, Australia, various countries in Europe, Latin America, and certain countries in Asia, and through special distribution arrangements in various European countries, North Africa, South and Central America, and various countries within the Asia-Pacific region. We also distribute our products through our direct-to-consumer channel, which includes company-operated retail stores, third-party concessions in international markets, and e-commerce platforms, in the United States, the United Kingdom, Canada, Mexico, South Africa, the Middle East, Israel, and various countries in Europe, Latin America, and the Asia-Pacific region.
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 | $2.52B | $2.27B | $1.97B | $2.11B | $1.85B | $1.19B | $1.77B | $1.65B | $1.55B | $1.40B |
| Cost of revenue | $1.48B | $1.35B | $1.15B | $1.25B | $1.10B | $737.3M | $1.10B | $1.04B | $968.4M | $877.6M |
| Gross profit | $1.05B | $936.9M | $832.4M | $873.8M | $767.5M | $464.5M | $686.0M | $640.2M | $598.7M | $522.0M |
| Total operating expenses | — | — | — | — | — | $415.0M | $503.3M | $466.8M | $427.9M | $364.6M |
| Operating income | $80.8M | $224.9M | $213.2M | $281.6M | $243.6M | -$31.6M | $176.8M | $173.4M | $169.8M | $169.2M |
| Interest expense | $12.3M | $5.5M | $7.4M | $676.0K | $1.5M | $1.6M | $4.4M | $4.0M | $2.5M | $2.5M |
| Pre-tax income | $77.7M | $230.5M | $220.6M | $282.3M | $242.1M | -$30.0M | $181.2M | $177.3M | $172.3M | $171.0M |
| Income tax | $28.7M | $54.6M | $46.6M | $65.1M | $49.6M | $11.7M | $39.5M | $46.8M | $53.2M | $49.7M |
| Net income | $44.7M | $169.4M | $171.6M | $216.1M | $190.7M | -$18.3M | $141.7M | $129.1M | $117.9M | $121.3M |
| EPS, basic | 0.63 | 2.38 | 2.34 | 2.84 | 2.43 | -0.23 | 1.78 | 1.58 | 1.43 | 1.41 |
| EPS, diluted | 0.63 | 2.35 | 2.30 | 2.77 | 2.34 | -0.23 | 1.69 | 1.50 | 1.36 | 1.35 |
| Shares, diluted (wtd. avg.) | $71.2M | $72.0M | $74.6M | $78.1M | $81.6M | $78.6M | $83.6M | $86.1M | $86.7M | $89.3M |
Balance sheet
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and equivalents | $112.4M | $189.9M | $204.6M | $274.7M | $219.5M | $247.9M | $264.1M | $200.0M | $181.2M | $126.1M |
| Short-term investments | $0 | $13.5M | $15.2M | $15.1M | $44.0M | $39.3M | — | — | — | — |
| Receivables | — | — | — | $248.2M | $365.0M | $252.7M | $216.5M | $241.4M | $201.4M | $144.2M |
| Inventory | $417.0M | $257.6M | $229.0M | $228.8M | $255.2M | $101.4M | $136.9M | $137.2M | $110.3M | $119.8M |
| Total current assets | $1.00B | $894.7M | $854.8M | $843.6M | $944.7M | $698.2M | $718.9M | $703.1M | $645.5M | $528.7M |
| Property, plant and equipment | $115.8M | $57.4M | $47.2M | $40.7M | $35.8M | $43.3M | $65.5M | $64.8M | $71.5M | $72.4M |
| Goodwill | $254.5M | $183.7M | $180.0M | $168.1M | $168.0M | $168.3M | $171.3M | $148.1M | $148.5M | $135.7M |
| Other intangibles | $281.4M | $113.4M | $126.3M | $101.2M | $112.1M | $115.2M | $162.7M | $143.3M | $151.3M | $144.4M |
| Total assets | $1.91B | $1.41B | $1.35B | $1.26B | $1.36B | $1.14B | $1.28B | $1.07B | $1.06B | $960.9M |
| Accounts payable | $197.2M | $206.9M | $161.1M | $130.5M | $136.8M | $73.9M | $61.7M | $79.8M | $67.0M | $80.6M |
| Total current liabilities | $525.7M | $413.7M | $377.6M | $320.9M | $435.2M | $235.9M | $281.3M | $224.7M | $206.6M | $183.1M |
| Long-term debt | $234.2M | $0 | — | — | — | — | — | — | — | — |
| Total liabilities | $1.01B | $535.8M | $499.9M | $414.1M | $535.0M | $347.4M | $437.4M | $257.9M | $248.2M | $219.8M |
| Retained earnings | $1.77B | $1.79B | $1.68B | $1.57B | $1.42B | $1.28B | $1.31B | $1.22B | $1.14B | $1.02B |
| Total equity | $866.4M | $847.7M | $848.0M | $843.9M | $820.5M | $790.4M | $841.2M | $814.7M | $808.9M | $741.1M |
Cash flow
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $162.2M | $198.1M | $229.2M | $267.9M | $159.5M | $44.2M | $233.8M | $154.4M | $157.9M | $153.6M |
| Depreciation and amortisation | $33.4M | $20.0M | $15.5M | $20.6M | $15.2M | $17.4M | $21.3M | $22.5M | $21.4M | $21.1M |
| Stock-based compensation | $29.6M | $26.5M | $24.1M | $24.4M | $22.3M | $22.6M | $23.2M | $21.1M | $20.8M | $19.5M |
| Capital expenditure | $42.7M | $25.9M | $19.5M | $16.4M | $6.6M | $6.6M | $18.3M | $12.4M | $14.8M | $15.9M |
| Investing cash flow | -$400.9M | -$39.5M | -$99.9M | $5.5M | -$3.2M | -$4.9M | -$27.7M | $11.1M | -$13.4M | -$3.9M |
| Financing cash flow | $157.1M | -$167.9M | -$200.9M | -$215.8M | -$184.7M | -$57.1M | -$142.2M | -$145.8M | -$90.3M | -$95.5M |
| Dividends paid | $61.0M | $61.0M | $63.2M | $66.0M | $49.2M | $12.5M | $48.4M | $47.3M | $0 | $0 |
| Buybacks | $13.5M | $98.4M | $142.3M | $148.9M | $123.2M | $46.6M | $101.8M | $105.9M | $99.4M | $86.0M |
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 0001493152-26-015299.
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