Quality Investor

Steven Madden, Ltd.

Rank #59Capital Return

SHOO · Nasdaq · Consumer Cyclical

Steven Madden, Ltd. (SHOO) — Rank #59 by gross profitability (GP/assets 0.57) · ROE 5.2% · Piotroski F-Score 5 / 9.

As-of 2026-09-15 · CIK 0000913241 · all metrics point-in-time as of the filing date.

About

Steven Madden, Ltd. designs, sources, and markets fashion-forward branded and private label footwear, accessories, and apparel in the United States and internationally.

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It operates through Wholesale Footwear, Wholesale Accessories/Apparel, Direct-to- Consumer, and Licensing segments. The company designs, sources, and markets various products, including dress shoes, boots, booties, fashion sneakers, sandals, and casual shoes; and handbags, apparel, small leather goods, belts, soft accessories, fashion scarves, wraps, gifting, and other accessories. It also engages in the sale of footwear, handbags, apparel, and other accessories. In addition, the company is involved in the licensing of the Steve Madden, Kurt Geiger, and Betsey Johnson trademarks for the sale of select apparel, accessory, home categories, and other non-core products. It sells its products under the Steve Madden, Kurt Geiger London, Dolce Vita, Betsey Johnson, Blondo, Carvela, Anthony Thomas Melillo (ATM), and Anne Klein brands. The company distributes its products in the wholesale channel through department stores, mass merchants, off-price retailers, shoe chains, online retailers, national chains, specialty retailers, independent stores, and clubs, as well as through direct-to-consumer channel, which includes company-operated retail stores and e-commerce websites. It markets its products through email, social media, influencer partnerships, print, experiential events, and public relations.

The company was incorporated in 1990 and is headquartered in Long Island City, New York.

Industry
Footwear & Accessories
Sector
Consumer Cyclical
State
DE
Filer Category
Large accelerated filer
Fiscal Year End
December 31

Price History

SHOO+21.7% · +4.0% CAGRSPY+80.5% · +12.5% CAGR

Company Snapshot

P/E and reverse DCF are the primary valuation lenses at this stage.

Market Cap

$3.00B

P/E (annual)

65.0

P/S (annual)

1.2

P/B

3.2

P/OCF (annual)

18.5

Shareholder Yield

3.1%

Employees

4,200

Industry

Footwear & Accessories

Exchange

Nasdaq

Signal Flags

1 green2 red
Sequential beat (rev + EPS)Both revenue and EPS exceeded prior quarter — 2-quarter streak
Operating margin decliningOperating margin lower than prior year
Balance sheet deterioratingNet cash collapsed with receivables or inventory outpacing revenue

Quality Profile

Profitability

1/1 pass
GP / assets
0.57
Return on equity
5.2%
Gross margin trend
PASS

Safety

1/1 pass
Balance-sheet safety
PASS
Debt / equity
0.89
Current ratio
1.91×
Net cash
-$12.41M

Cash Flow

3/3 pass
Positive FCF
PASS
Cash-backed earnings
PASS
Accruals healthy
PASS
SBC / revenue
1.2%

Growth

2/2 pass
Revenue growth
11.0%
Piotroski F-Score
5 / 9
Share dilution
-1.1%

Terry Smith quality gate

Passes 1/5 Terry Smith thresholds

1 of 5 threshold not computable from filed data.

What Growth Is Priced In

Implied revenue growth (10Y)

10.4%

incredible deal

The annual FCF growth rate today's price requires over a 10-year horizon (discount rate 10%, terminal growth 2.5%).

Buyback tailwind: -1.1% — per-share value needs a total required return of 9.3% once share-count change is priced in.

vs. own 6-year median revenue growth: 12.4%

within its own history

Cost-of-equity sensitivity (implied growth at different discount rates)

r = 8%

5.9%

r = 10% (base)

10.4%

r = 12%

14.3%

Net debt / market cap: 0.4%

Base FCF: $119.5M3Y mean FCF: $167.2M

Valuation History

Current multiple vs historical range at each filing date. Band spans 25th-75th percentile.

P / E

Price / diluted EPS

56.5xExpensive
12.3xmed 17.5x56.5x

P / S

Price / revenue per share

1.0xCheap
1.0xmed 1.4x2.5x

P / B

Price / book value per share

2.9xFair
2.0xmed 3.4x4.1x

P / GP

Price / gross profit per share

2.4xCheap
2.3xmed 3.5x6.4x

P / FCF

Price / free cash flow per share

21.2xExpensive
10.8xmed 14.0x79.4x

FCF yield, shareholder yield, and buyback activity are the primary reads at this stage.

Profitability

Gross profitability (GP / assets)

0.57

Primary signal (Novy-Marx).

Return on equity

5.2%

Gross margin

41.4%

Revenue growth (YoY)

11.0%

Gross margin improving

Margin trend vs prior year.

PASS

Operating Leverage

2022202320242025
Revenue vs COGS
Revenue vs OpEx
Op. Income vs Revenue

Growth

Revenue CAGR (3Y)

6.1%

Revenue CAGR (5Y)

16.1%

Earnings CAGR (3Y)

FCF CAGR (3Y)

-22.0%

Anti-fragile safety

Balance-sheet safety

Composite anti-fragile check.

PASS

Debt / equity

0.89

Current ratio

1.91×

Quick ratio

0.25×

Net cash

-$12.41M

Cash & equivalents minus total debt.

Recession resistance

Revenue through recessions

Worst single-year YoY revenue decline, 17 years of history

Weak
2008-2009 (GFC)
N/AN/A
2020 (COVID)
-32.8%Significant decline
Worst year on record(any fiscal year, not recession-limited)
-32.8%Significant decline

Cash-flow health

Free cash flow

$119.54M

Operating cash flow minus capex.

Positive free cash flow

PASS

FCF / net income

1.44

Cash-backing of earnings.

FCF/NI divergence

Unfavorable divergence (yellow flag).

PASS

Accruals healthy

Cash-backed earnings.

PASS

SBC / revenue

1.2%

Stock-based comp intensity.

Dividend safety

Composite score

1.2 / 5

Weak
Payout ratio
124.4%0/5 Weak
FCF coverage
1.96×3/5 Good
Dividend growth streak
0 yr0/5 Weak
Balance-sheet health
D/E 0.89 · IC N/A2/5 Fair

Piotroski F-Score

F-Score

5 / 9

Fundamental-strength score (0-9).

Lifecycle Phase History

20202025
Decline
Hypergrowth
Capital Return