Rocky Brands (RCKY) AI Stock Analysis

• Market Cap: $210.53M
• Dividend Yield: 2.13%
• Average Volume (3M): 55.02K
• Price to Earnings (P/E): 10.3
• Beta (1Y): 1.91
• Revenue Growth: 4.13%
• EPS Growth: 53.56%
• Country: US
• Employees: 2,530
• Sector: Consumer Cyclical
• Sector Strength: 84
• Industry: Apparel - Footwear & Accessories
• EPS (TTM): 1.03
• Shares Outstanding: 7,468,341
• 10 Day Avg. Volume: 83,115
• 30 Day Avg. Volume: 55,023
• PEG Ratio: 1.92
• Price to Book (P/B): 0.73
• Price to Sales (P/S): 0.37
• P/FCF Ratio: 3.53
• Enterprise Value/Market Cap: 1.72
• Enterprise Value/Revenue: 0.78
• Enterprise Value/Gross Profit: 1.94
• Enterprise Value/Ebitda: 8.17
• 1Y Price Target: $41.00
• Price Target Upside: 45.44% Upside
• Rating Consensus: Moderate Buy
• Number of Analyst Covering: 2

• Rating: 70 Outperform
• Price Target: $31.00 ▲(9.97% Upside)

Rocky Brands' overall stock score reflects solid financial performance, with strong profitability and operational efficiency. The earnings call provided positive guidance, highlighting sales growth and successful diversification efforts. While technical indicators show mixed signals, the stock's valuation remains attractive with a low P/E ratio and reasonable dividend yield. The main risk is the decline in free cash flow, which could impact liquidity if not addressed.

Rocky Brands Business Overview & Revenue Model

Company Description

Rocky Brands, Inc. designs, manufactures, and markets footwear and apparel under the Rocky, Georgia Boot, Durango, Lehigh, Muck, XTRATUF, Servus, NEOS, Ranger, and licensed Michelin brand names in the United States, Canada, and internationally. It operates through Wholesale, Retail, and Contract Manufacturing segments. The Wholesale segment offers products in approximately 10,000 retail locations through a range of distribution channels comprising sporting goods stores, outdoor retailers, independent shoe retailers, hardware stores, catalogs, mass merchants, uniform stores, farm store chains, specialty safety stores, and specialty and online retailers. The Retail segment sells its products directly to consumers through its e-commerce websites, including rockyboots.com, georgiaboot.com, durangoboot.com, lehighoutfitters.com, lehighsafetyshoes.com, slipgrips.com,muckbootcompany.com,xtratuf.com, and Rocky outlet store in Nelsonville, Ohio, and retail stores. The Contract Manufacturing segment include private label sales and any sales to customers which are contracted to manufacture a specific footwear product for a customer and include sales to the U.S. Military. It serves industrial and construction workers, as well as workers in the hospitality industry, such as restaurants or hotels; farmers and ranchers; consumers enamored with western influenced fashion; commercial military personnel; hunting, fishing, camping, and hiking enthusiasts; law enforcement, security personnel, and postal employees; and for the U.S. military personnel. Rocky Brands, Inc. was founded in 1932 and is headquartered in Nelsonville, Ohio.

How the Company Makes Money

Rocky Brands generates revenue primarily through the sale of its footwear and apparel products across various distribution channels, including wholesale, retail, and e-commerce. Key revenue streams include direct sales to consumers via their websites and retail outlets, as well as partnerships with major retailers and distributors. The company benefits from a diverse product lineup that caters to different market segments, which helps mitigate risks associated with market fluctuations. Additionally, Rocky Brands engages in strategic collaborations and licensing agreements that can enhance brand visibility and expand its market reach, contributing to its overall earnings.

Rocky Brands Financial Statement Overview

Summary

Rocky Brands demonstrates reasonable financial health with stable profitability and operational efficiency. The company maintains a balanced capital structure, though revenue growth has faced challenges. Cash flow generation remains strong, providing a solid foundation for future investments and debt servicing.

Income Statement

Rocky Brands shows moderate profitability with a gross profit margin of 39.98% and a net profit margin of 3.03% in the TTM (Trailing-Twelve-Months). The revenue growth is slightly negative, indicating a decline from previous years. EBIT and EBITDA margins are fairly stable, indicating operational efficiency despite reduced revenue.

Balance Sheet

The balance sheet presents a moderately leveraged structure with a debt-to-equity ratio of 0.56 in the TTM, which is a manageable level. Return on Equity is relatively low at 5.83%, suggesting room for improvement in generating returns for shareholders. The equity ratio stands at 50.45%, indicating a balanced approach between equity and liabilities.

Cash Flow

Cash flow analysis shows a positive trend with a 35.6% growth in free cash flow in the TTM. The operating cash flow to net income ratio is favorable, indicating strong cash generation relative to net income. Free cash flow to net income ratio is robust, which supports the company's ability to fund operations and investments.

Breakdown	TTM	Dec 2024	Dec 2023	Dec 2022	Dec 2021	Dec 2020
Income Statement
Total Revenue	462.33M	453.77M	461.83M	615.48M	514.23M	277.31M
Gross Profit	187.11M	179.01M	178.60M	225.22M	194.54M	104.73M
EBITDA	44.38M	41.32M	46.31M	56.36M	36.71M	32.41M
Net Income	18.63M	11.39M	10.43M	20.46M	20.56M	20.96M
Balance Sheet
Total Assets	471.02M	457.30M	479.38M	582.39M	624.58M	229.09M
Cash, Cash Equivalents and Short-Term Investments	2.78M	3.72M	4.47M	5.72M	5.91M	28.35M
Total Debt	134.68M	135.05M	181.27M	268.18M	278.85M	1.57M
Total Liabilities	231.96M	225.08M	255.83M	366.92M	426.72M	49.59M
Stockholders Equity	239.06M	232.22M	223.56M	215.47M	197.85M	179.50M
Cash Flow
Free Cash Flow	24.53M	48.10M	69.66M	12.42M	-75.93M	19.73M
Operating Cash Flow	30.93M	52.76M	73.58M	19.12M	-54.88M	31.44M
Investing Cash Flow	-6.41M	-2.96M	13.38M	-1.23M	-233.46M	-11.71M
Financing Cash Flow	-25.85M	-50.55M	-88.21M	-18.08M	265.89M	-6.89M

Rocky Brands Technical Analysis

• Technical Analysis Sentiment: Negative
• Last Price: 28.19
• 50DMA: Negative
• 100DMA: Positive
• 200DMA: Positive
• MACD: Negative
• RSI: Neutral
• STOCH: Neutral

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For RCKY, the sentiment is Negative. The current price of 28.19 is below the 20-day moving average (MA) of 28.39, below the 50-day MA of 29.00, and above the 200-day MA of 23.11, indicating a neutral trend. The MACD of 0.10 indicates Negative momentum. The RSI at 46.85 is Neutral, neither overbought nor oversold. The STOCH value of 52.03 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for RCKY.

Rocky Brands Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
SHOO	―	$2.46B	26.68	11.09%	2.45%	7.80%	-48.10%
RCKY	―	$210.53M	10.30	8.67%	2.13%	4.13%	53.56%
WEYS	―	$273.49M	10.68	10.36%	10.44%	-6.39%	-14.72%
CROX	―	$4.24B	26.64	11.82%	―	2.04%	-71.52%
Sector *	―	$18.38B	12.79	-2.54%	3.03%	1.52%	-15.83%
WWW	―	$1.84B	21.93	27.52%	1.72%	-2.83%	―
CAL	―	$373.63M	6.34	9.50%	2.55%	-5.31%	-62.20%

Rocky Brands Corporate Events

Rocky Brands’ Earnings Call: Growth Amid Challenges

Rocky Brands’ recent earnings call presented a balanced outlook, highlighting significant achievements in sales growth and sourcing diversification while acknowledging challenges from higher tariffs and shipment delays. Despite these hurdles, the company remains optimistic about future prospects, particularly with the promising performance of the XTRATUF brand.

Rocky Brands Reports Strong Q3 2025 Results

Rocky Brands, Inc. is a prominent designer, manufacturer, and marketer of premium footwear and apparel, known for its diverse portfolio of well-recognized brands such as Rocky, Georgia Boot, and XTRATUF.

Rocky Brands Shines in Q2 Earnings Call

Rocky Brands’ recent earnings call conveyed a generally positive sentiment, highlighting a robust Q2 performance with significant revenue and earnings growth. The company demonstrated successful brand momentum, particularly in the Outdoor category, although it acknowledged challenges such as tariff-related pressures and modest declines in specific segments like Georgia Boot.