# Rocky Brands, Inc. (RCKY)

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

**Price:** USD 47.64 (+2.92% on the day) · last close of Oct 22, 2026; US market pre market, not a live price. Prev close 46.29 · day 46.72–47.78 · 52w 27.22–53.01 · market cap $357M · NMS

## Key facts
- Last four reported quarters (through Jun 30, 2026): revenue $505M, net income $28.9M (5.7% margin), free cash flow $16.4M (SEC filings).
- Valuation: P/E 12.4x (avg 15.4x at the last 3 fiscal year-ends), EV/EBITDA 8.7x, net debt $120M.
- Earnings quality: non-operating income -$9.2M vs operating income $44.6M over the last four quarters; P/E excluding non-operating income ≈9.8x (estimate: non-operating income taxed at the company's 18.7% effective rate).
- Insider open-market sales, last ~7 months: 9 Form 4 filings, $1.2M; 9 not under a Rule 10b5-1 plan ($1.2M); 3 by opportunistic insiders (3 outside 10b5-1 plans), 0 by routine insiders (three-year test, Cohen, Malloy & Pomorski 2012).
- Insider open-market purchases, last ~7 months: 1 Form 4 filing, $24K; 0 by opportunistic insiders, 1 by routine insiders.
- Total return with dividends: 1Y +64.6% vs S&P 500 +14.9%; 5Y -1.1% vs S&P 500 +80.3%.
- Next earnings: 2026-10-27, EPS estimate USD 1.5, revenue estimate $130M.

## Financials (SEC 10-K; TTM = last four 10-Q/10-K quarters)
| USD | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | TTM |
|---|---|---|---|---|---|---|
| Revenue | $514M | $615M | $462M | $454M | $482M | $505M |
| Gross profit | $195M | $225M | $179M | $179M | $197M | — |
| Operating income | $36.0M | $44.0M | $35.4M | $31.1M | $37.2M | $44.6M |
| Net income | $20.6M | $20.5M | $10.4M | $11.4M | $22.3M | $28.9M |
| EPS (diluted) | $2.77 | $2.78 | $1.41 | $1.52 | $2.96 | — |
| Free cash flow | -$75.9M | $12.4M | $69.7M | $48.1M | $9.7M | $16.4M |
| Gross margin | 37.8% | 36.6% | 38.7% | 39.4% | 40.9% | — |
| Operating margin | 7.0% | 7.2% | 7.7% | 6.8% | 7.7% | 8.8% |
| Net margin | 4.0% | 3.3% | 2.3% | 2.5% | 4.6% | 5.7% |
| Revenue growth | +85.4% | +19.7% | -25.0% | -1.7% | +6.2% | — |
| Cash + short-term investments | $5.9M | $5.7M | $4.5M | $3.7M | $2.9M | — |
| Total debt | $270M | $257M | $173M | $129M | $123M | — |
Fiscal years end Dec. EPS is split-adjusted.

## Valuation (price ÷ last four quarters, through Jun 30, 2026)
P/E 12.4x · P/E ex non-operating (est.) ≈9.8x · P/S 0.7x · EV/EBITDA 8.7x · EV/Sales 0.9x · P/FCF 21.7x · P/B 1.4x · FCF yield 4.61% · Earnings yield 8.09% · Dividend yield (paid, TTM) 1.33% · Buyback yield (TTM) 0.56% · Net debt $120M · EV $477M
P/E at fiscal year-ends: Dec 2025 9.9x, Dec 2024 15.0x, Dec 2023 21.4x.

## Insider sales (SEC Form 4, open-market, last ~7 months)
0 of 9 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 |
|---|---|---|---|---|---|---|---|
| 2026-08-05 | Moore Robert Burton Jr. | Director | 3,000 | $149K | 8.9% | No | Too little history (no open-market trades in 2025) |
| 2026-08-04 | Jordan William L | Director | 989 | $51K | 4.5% | No | Too little history (no open-market trades in 2023 or 2024) |
| 2026-08-04 | Loveland Curtis A | Assistant Secretary | 3,483 | $176K | 3.6% | No | Opportunistic (traded every year 2023–2025, no repeating month) |
| 2026-08-04 | Hahn Robyn R. | Director | 3,000 | $153K | 32.9% | No | Too little history (no open-market trades in 2023 or 2024) |
| 2026-08-03 | Finn Michael L | Director | 3,000 | $153K | 8.2% | No | Too little history (no open-market trades in 2024) |
| 2026-07-31 | Jordan William L | Director | 2,011 | $97K | 8.4% | No | Too little history (no open-market trades in 2023 or 2024) |
| 2026-07-31 | Winbigler Tracie A. | Director | 3,000 | $142K | 17.4% | No | Too little history (no open-market trades in 2023 or 2024) |
| 2026-07-30 | Haning G Courtney | Director | 3,000 | $147K | 11.7% | No | Opportunistic (traded every year 2023–2025, no repeating month) |
| 2026-07-30 | Loveland Curtis A | Assistant Secretary | 3,000 | $149K | 3% | No | Opportunistic (traded every year 2023–2025, no repeating month) |
% 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.

## Insider purchases (SEC Form 4, open-market, last ~7 months)
1 purchase, $24K. Private placements, offerings, dividend reinvestment and employee stock purchase plan buys are excluded.
| Trade date | Insider | Role | Shares | Value | Avg price | Insider type |
|---|---|---|---|---|---|---|
| 2026-07-30 | Smith Dwight Eric | Director | 500 | $24K | 48.63 | Routine (bought in Nov each year 2023–2025; this trade is outside those months) |

## Analysts
Rating changes, last 120 days:
| Date | Firm | Action | Rating | Price target |
|---|---|---|---|---|
| 2026-09-14 | Baird | Downgrade | Outperform → Neutral | $50 |
| 2026-07-29 | Baird | Target raised | Outperform | $53 → $56 |

## Total return (dividends reinvested)
|  | 1Y (from 2025-10-23) | 5Y (from 2021-10-18) |
|---|---|---|
| Total return | +64.6% | -1.1% |
| S&P 500 (SPY) | +14.9% | +80.3% |
| Per year | +64.9% | -0.2% |
| Volatility (annualized) | 50.1% | 61.9% |
| Max drawdown | -30.8% (Feb 2026→May 2026) | -76.0% (Oct 2021→Oct 2023) |

## Peers (Footwear & Accessories)
DBI (Designer Brands Inc.) USD 6.55 +8.26% · FOSL (Fossil Group, Inc.) USD 6.55 -2.96% · WEYS (Weyco Group, Inc.) USD 51.84 +2.25% · WWW (Wolverine World Wide, Inc.) USD 20.68 +2.83% · SHOO (Steven Madden, Ltd.) USD 44.42 -0.60% · BIRK (Birkenstock Holding plc) USD 33.68 +4.21%

## More
Full page: https://nexqual.com/RCKY · 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

## Supply chain and relationships (SEC annual reports)

Named in RCKY's own 10-K filed 2026-03-11 (https://www.sec.gov/Archives/edgar/data/895456/000143774926007634/rcky20251231_10k.htm):

| Relationship | Company | Sentence in the filing |
|---|---|---|
| Partner | Michelin Lifestyle | "Our license agreement with Michelin Lifestyle Limited to use the Michelin name expires on December 31, 2028." |

## Revenue by business segment (quarter ended 2026-06-30)

| Line | Revenue | Share | YoY |
|---|---|---|---|
| Wholesale | $78.8M | 66.6% | +7.9% |
| Retail1 | $36.2M | 30.6% | +21.8% |
| Contract Manufacturing | $3.3M | 2.8% | +17.2% |
| Total revenue | $118.4M | 100% | — |

## Revenue by product line (fiscal year ended 2025-12-31)

| Line | Revenue | Share | YoY |
|---|---|---|---|
| Outdoor Footwear | $120.5M | 25.0% | +19.4% |
| Work Footwear | $100.3M | 20.8% | -5.6% |
| Western Footwear | $67.5M | 14.0% | -8.9% |
| Duty & Commercial Military Footwear | $27.4M | 5.7% | -12.8% |
| Product & Service Other | $912,000 | 0.2% | +19.2% |
| Total revenue | $482.0M | 100% | — |
The lines above cover 65.7% of total revenue.

## Analyst estimates and revisions

| Period | EPS est. | 90d ago | Change | Revenue est. | Analysts |
|---|---|---|---|---|---|
| Current quarter (ends 2026-09-30) | $1.50 | $1.47 | +2.0% | $130.3M | 2 |
| Next quarter (ends 2026-12-31) | $1.30 | $1.61 | -18.9% | $149.8M | 2 |
| Current fiscal year (ends 2026-12-31) | $4.95 | $3.67 | +34.7% | $522.9M | 2 |
| Next fiscal year (ends 2027-12-31) | $4.20 | $4.09 | +2.7% | $547.7M | 2 |