# Caleres, Inc. (CAL)

> Source: Nexqual · https://nexqual.com/CAL · data as of 2026-10-22 20:00 UTC · cite as "Nexqual, Caleres, Inc. (CAL), nexqual.com/CAL" · informational, not investment advice.

**Price:** USD 13.35 (+4.95% on the day) · last close of Oct 22, 2026; US market pre market, not a live price. Prev close 12.72 · day 12.7–13.37 · 52w 8.8–15.04 · market cap $461M · NYQ

## Key facts
- Last four reported quarters (through Aug 1, 2026): revenue $2.85B, net income $52.6M (1.8% margin), free cash flow $67.3M (SEC filings).
- Valuation: P/E 8.8x (avg 6.3x at the last 2 fiscal year-ends).
- Insider open-market sales, last ~7 months: 1 Form 4 filings, $168K; 0 not under a Rule 10b5-1 plan ($0K); 0 by opportunistic insiders, 0 by routine insiders (three-year test, Cohen, Malloy & Pomorski 2012).
- Analysts: Hold (mean 2.50 on a 1–5 scale) (2 analysts), mean target USD 17 (range 16–18).
- Total return with dividends: 1Y +6.5% vs S&P 500 +14.9%; 5Y -37.9% vs S&P 500 +80.3%.
- Next earnings: 2026-12-10, EPS estimate USD 0.65, revenue estimate $802M.

## Financials (SEC 10-K; TTM = last four 10-Q/10-K quarters)
| USD | FY2022 | FY2023 | FY2024 | FY2025 | FY2026 | TTM |
|---|---|---|---|---|---|---|
| Revenue | $2.78B | $2.97B | $2.82B | $2.72B | $2.76B | $2.85B |
| Gross profit | $1.23B | $1.28B | $1.26B | $1.22B | $1.18B | — |
| Operating income | $206M | $214M | $194M | $150M | $6.4M | $87.0M |
| Net income | $137M | $182M | $171M | $107M | -$6.7M | $52.6M |
| EPS (diluted) | $3.56 | $4.92 | $4.80 | $3.09 | -$0.21 | — |
| Free cash flow | $150M | $70.0M | $156M | $55.4M | $39.4M | $67.3M |
| Gross margin | 44.2% | 43.3% | 44.8% | 44.9% | 43.0% | — |
| Operating margin | 7.4% | 7.2% | 6.9% | 5.5% | 0.2% | 3.1% |
| Net margin | 4.9% | 6.1% | 6.1% | 3.9% | -0.2% | 1.8% |
| Revenue growth | +31.2% | +6.9% | -5.1% | -3.4% | +1.3% | — |
| Cash + short-term investments | $30.1M | $33.7M | $21.4M | $29.6M | $29.8M | — |
| Total debt | $0K | — | — | — | — | — |
Fiscal years end Jan. EPS is split-adjusted.

## Valuation (price ÷ last four quarters, through Aug 1, 2026)
P/E 8.8x · P/S 0.2x · P/FCF 6.8x · P/B 0.7x · FCF yield 14.62% · Earnings yield 11.41% · Dividend yield (paid, TTM) 2.06% · Buyback yield (TTM) 0.68%
P/E at fiscal year-ends: Feb 2025 5.0x, Feb 2024 7.7x.

## Insider sales (SEC Form 4, open-market, last ~7 months)
1 of 1 under a Rule 10b5-1 trading plan (scheduled in advance). Unplanned sales were timed by the insider.
| Trade date | Insider | Role | Shares | Value | % of holdings sold | 10b5-1 plan | Insider type |
|---|---|---|---|---|---|---|---|
| 2026-05-28 | Freidman Daniel R | Chief Sourcing Officer | 11,207 | $168K | 13.4% | Yes (adopted December 16, 2025) | Too little history (no open-market trades in 2025) |
% of holdings sold = shares sold ÷ (shares sold + all holdings the insider reported on that Form 4, direct and through trusts).
Insider type follows Cohen, Malloy & Pomorski (Journal of Finance, 2012). An insider who traded the stock in the same calendar month in each of the past three years is a routine trader; one who traded in each of those years without such a pattern is an opportunistic trader. In their study, trades by opportunistic insiders predicted future returns and trades by routine insiders did not. Counts open-market purchases and sales only (SEC Form 4 codes P and S) by that insider in that company. Not investment advice.

## Analysts
Consensus Hold (mean 2.50 on a 1–5 scale), 2 analysts; mean target USD 17 (low 16, high 18).

## Total return (dividends reinvested)
|  | 1Y (from 2025-10-23) | 5Y (from 2021-10-18) |
|---|---|---|
| Total return | +6.5% | -37.9% |
| S&P 500 (SPY) | +14.9% | +80.3% |
| Per year | +6.5% | -9.1% |
| Volatility (annualized) | 63.2% | 53.1% |
| Max drawdown | -36.9% (Jan 2026→Mar 2026) | -78.3% (Aug 2024→Mar 2026) |

## Peers (Apparel Retail)
GCO (Genesco Inc.) USD 37.39 +3.20% · SHOE (Shoe Station Group, Inc.) USD 14.22 +7.56% · CTRN (Citi Trends, Inc.) USD 46 +0.17% · SFIX (Stitch Fix, Inc.) USD 2.72 +5.63% · JILL (J. Jill, Inc.) USD 22.85 -2.02% · REF (Reformation Inc.) USD 15.03 +7.43%

## More
Full page: https://nexqual.com/CAL · Free keyless MCP server with the same data and citations: https://mcp.nexqual.com/mcp · Guide for agents: https://nexqual.com/agents · https://nexqual.com/llms.txt

## Revenue by business segment (quarter ended 2026-08-01)

| Line | Revenue | Share | YoY |
|---|---|---|---|
| Famous Footwear | $374.4M | 53.8% | -6.3% |
| Brand Portfolio | $340.6M | 49.0% | +23.6% |
| Total revenue | $695.5M | 100% | — |
The lines above cover 102.8% of total revenue.

## Revenue by product line (quarter ended 2026-08-01)

| Line | Revenue | Share | YoY |
|---|---|---|---|
| Direct To Consumer | $373.9M | 53.8% | -6.3% |
| Retail | $320.0M | 46.0% | -7.0% |
| Ecommerce | $53.8M | 7.7% | -1.8% |
| License & Royalty | $358,000 | 0.1% | -11.4% |
| Other Revenue | $138,000 | 0.0% | +0.0% |
| Total revenue | $695.5M | 100% | — |
The lines above cover 107.6% of total revenue.

## Customer concentration

Period ended 2026-01-31: 77% of revenue from unnamed direct customers (10-K, filed 2026-04-02).

## Company outlook (8-K filed 2026-09-09)

- "For third quarter 2026, we expect consolidated net sales to increase low-single digits versus last year."
- "Gross margin is expected to improve 150 to 200 basis points, reflecting tariff mitigation efforts and lower current tariff rates."
- "We anticipate a third quarter tax rate of 23% to 25%."
- "We expect GAAP earnings per diluted share of $0.62 to $0.70. ​ For full-year 2026, we anticipate total sales to increase low-to-mid-single digits."

## Analyst estimates and revisions

| Period | EPS est. | 90d ago | Change | Revenue est. | Analysts |
|---|---|---|---|---|---|
| Current quarter (ends 2026-10-31) | $0.65 | $0.84 | -22.2% | $801.8M | 3 |
| Next quarter (ends 2027-01-31) | $0.10 | $0.05 | +100.0% | $700.8M | 3 |
| Current fiscal year (ends 2027-01-31) | $1.61 | $1.63 | -1.2% | $2.86B | 3 |
| Next fiscal year (ends 2028-01-31) | $2.19 | $2.28 | -3.7% | $2.95B | 3 |

## Options: expected move (Cboe, 15-min delayed)

Expected move by 2026-12-18 (includes earnings 2026-12-10): ±19.7%; earnings reaction alone ±10.0%; last 8 reports averaged ±9.7%.

| Expiration | Days | ATM IV | Expected move |
|---|---|---|---|
| 2026-11-20 | 28 | 55.1% | ±12.9% |
| 2026-12-18 | 56 | 63.3% | ±19.7% |
| 2027-02-19 | 119 | 62.8% | ±27.5% |
| 2027-05-21 | 210 | 66.3% | ±37.8% |