Rocky Brands Inc
RCKY—
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Rocky Brands Inc AI Insights
Informational only. Not investment advice.Snapshot
- Inventory of 193.6M is 41% of total assets and 107% of working capital - significant capital tied up vs 3.3M cash[Inventory]
- Gross profit growth 12.9% TTM outpacing revenue growth 7.0% - margin expansion underway with 41% gross margin[Gross Profit 1Y Growth]
- P/E of 11.2x vs industry median 22.9x at 0.49x P/S - trading at half peer valuation despite positive growth[P/E Ratio]
Watch Triggers
- Inventory: Exceeds 200M or inventory days increase >10% — Already 107% of working capital; further build signals demand weakness or obsolescence risk
- Free Cash Flow TTM: Turns negative for 2 consecutive quarters — Operating cash flow was -3.3M recent quarter; FCF funds debt service and dividends
- Gross Margin TTM: Falls below 38% — Margin expansion thesis invalidated; 41% currently driving profit growth ahead of revenue
Bull Case
Deep value at 11.2x P/E (51% discount to industry 22.9x) with 0.49x P/S while generating 15.9M FCF TTM and paying 0.62 dividend
P/E RatioP/S RatioFree Cash Flow TTM
Margin inflection: gross profit growing 12.9% on 7.0% revenue growth shows pricing power; operating margin 7.7% matches industry median
Gross Profit 1Y GrowthOperating Margin TTMGross Margin TTM
Bear Case
Inventory bloat: 193.6M inventory (41% of assets) with only 3.3M cash creates liquidity risk; working capital 181M mostly illiquid
InventoryCash and EquivalentsWorking Capital
Leverage concern: 141.2M debt at 0.57x D/E with 10.4M interest expense consuming 29% of operating income
Total DebtDebt to EquityInterest Expense
Bull vs Bear Balance
AI-generated sentiment analysis based on fundamental metrics and market conditions.
55%
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Forward Thesis
Margin expansion to continue as gross profit growth 2x revenue growth converts to FCF improvement
1-3ymed
- Gross margin 41% at industry median
- Operating margin 7.7% at peer level
- Capex only 1.5% of revenue
Gross profit +12.9% vs revenue +7.0% TTMFCF 15.9M positive despite inventory buildInterest expense 10.4M manageable at 2.2x coverage
Valuation Context
Caveats
Public Strategies Rankings
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RCKY Fundamentals
Manufacturing → Leather and Allied Product Manufacturing
| Metric | Value | YoY Growth | Industry Percentile |
|---|---|---|---|
$293.54M | — | ||
$417.66M | — | ||
13 | — | ||
$481.98M | +6.2% | — | |
$2.96 | +94.7% | — | |
7.72% | +0.9% | — | |
4.62% | +2.1% | — | |
$9.72M | -79.8% | — | |
9.20% | +4.2% | — | |
Beta 5Y (Monthly) | unknown | — |
RCKY Dividend History
52 dividends
2026
$0.155003/02/26$0.1550
2025
$0.620012/01/25$0.1550
09/02/25$0.1550
06/02/25$0.1550
03/03/25$0.1550
2024
$0.620012/03/24$0.1550
09/03/24$0.1550
06/03/24$0.1550
03/01/24$0.1550
2023
$0.620011/30/23$0.1550
08/31/23$0.1550
05/31/23$0.1550
02/28/23$0.1550
2022
$0.620011/30/22$0.1550
08/31/22$0.1550
05/31/22$0.1550
02/28/22$0.1550
2021
$0.590012/01/21$0.1550
09/01/21$0.1550
06/01/21$0.1400
03/01/21$0.1400
2020
$0.560012/01/20$0.1400
09/01/20$0.1400
06/01/20$0.1400
02/28/20$0.1400
2019
$0.540012/02/19$0.1400
08/30/19$0.1400
05/31/19$0.1400
02/28/19$0.1200
2018
$0.470011/29/18$0.1200
08/30/18$0.1200
05/30/18$0.1200
02/26/18$0.1100
2017
$0.440011/24/17$0.1100
08/25/17$0.1100
05/25/17$0.1100
02/24/17$0.1100
2016
$0.440011/23/16$0.1100
08/24/16$0.1100
05/26/16$0.1100
02/25/16$0.1100
2015
$0.430011/24/15$0.1100
08/27/15$0.1100
05/28/15$0.1100
02/25/15$0.1000
2014
$0.400011/24/14$0.1000
08/25/14$0.1000
05/23/14$0.1000
02/26/14$0.1000
2013
$0.300011/26/13$0.1000
08/23/13$0.1000
05/23/13$0.1000
RCKY Stock Splits
No stock splits
RCKY SEC Filings
| Filing Date | Report Date | Report Type | Filing Link |
|---|---|---|---|
03/11/26 | 12/31/25 | 10-K | |
11/06/25 | 09/30/25 | 10-Q | |
08/07/25 | 06/30/25 | 10-Q | |
05/08/25 | 03/31/25 | 10-Q | |
03/17/25 | 12/31/24 | 10-K | |
11/12/24 | 09/30/24 | 10-Q | |
08/08/24 | 06/30/24 | 10-Q | |
05/09/24 | 03/31/24 | 10-Q | |
03/15/24 | 12/31/23 | 10-K | |
11/08/23 | 09/30/23 | 10-Q | |
08/09/23 | 06/30/23 | 10-Q | |
05/10/23 | 03/31/23 | 10-Q | |
03/10/23 | 12/31/22 | 10-K | |
11/08/22 | 09/30/22 | 10-Q | |
08/09/22 | 06/30/22 | 10-Q | |
05/09/22 | 03/31/22 | 10-Q | |
03/15/22 | 12/31/21 | 10-K | |
11/09/21 | 09/30/21 | 10-Q | |
08/09/21 | 06/30/21 | 10-Q | |
05/06/21 | 03/31/21 | 10-Q | |
03/16/21 | 12/31/20 | 10-K | |
11/05/20 | 09/30/20 | 10-Q | |
08/06/20 | 06/30/20 | 10-Q | |
05/07/20 | 03/31/20 | 10-Q | |
03/06/20 | 12/31/19 | 10-K | |
11/05/19 | 09/30/19 | 10-Q | |
08/08/19 | 06/30/19 | 10-Q | |
05/09/19 | 03/31/19 | 10-Q | |
03/13/19 | 12/31/18 | 10-K | |
10/30/18 | 09/30/18 | 10-Q | |
08/03/18 | 06/30/18 | 10-Q | |
05/09/18 | 03/31/18 | 10-Q | |
03/12/18 | 12/31/17 | 10-K | |
11/07/17 | 09/30/17 | 10-Q | |
08/09/17 | 06/30/17 | 10-Q | |
05/05/17 | 03/31/17 | 10-Q | |
03/09/17 | 12/31/16 | 10-K | |
10/28/16 | 09/30/16 | 10-Q | |
07/28/16 | 06/30/16 | 10-Q | |
04/29/16 | 03/31/16 | 10-Q | |
03/03/16 | 12/31/15 | 10-K | |
10/27/15 | 09/30/15 | 10-Q | |
07/29/15 | 06/30/15 | 10-Q | |
04/30/15 | 03/31/15 | 10-Q | |
02/27/15 | 12/31/14 | 10-K | |
10/29/14 | 09/30/14 | 10-Q | |
07/30/14 | 06/30/14 | 10-Q | |
05/01/14 | 03/31/14 | 10-Q | |
03/06/14 | 12/31/13 | 10-K | |
11/06/13 | 09/30/13 | 10-Q | |
07/29/13 | 06/30/13 | 10-Q | |
04/25/13 | 03/31/13 | 10-Q | |
03/04/13 | 12/31/12 | 10-K | |
10/31/12 | 09/30/12 | 10-Q | |
07/27/12 | 06/30/12 | 10-Q | |
04/25/12 | 03/31/12 | 10-Q | |
02/28/12 | 12/31/11 | 10-K | |
10/28/11 | 09/30/11 | 10-Q | |
07/29/11 | 06/30/11 | 10-Q | |
04/29/11 | 03/31/11 | 10-Q | |
02/28/11 | 12/31/10 | 10-K | |
10/28/10 | 09/30/10 | 10-Q | |
08/03/10 | 06/30/10 | 10-Q | |
05/03/10 | 03/31/10 | 10-Q | |
03/02/10 | 12/31/09 | 10-K | |
10/30/09 | 09/30/09 | 10-Q | |
07/31/09 | 06/30/09 | 10-Q | |
05/04/09 | 03/30/09 | 10-Q | |
03/03/09 | 12/31/08 | 10-K | |
11/04/08 | 09/30/08 | 10-Q | |
08/06/08 | 06/30/08 | 10-Q | |
05/01/08 | 03/30/08 | Unknown | -- |
03/06/08 | 12/31/07 | 10-K | |
10/26/07 | 09/30/07 | 10-Q | |
07/31/07 | 06/30/07 | 10-Q | |
05/09/07 | 03/30/07 | Unknown | -- |
03/15/07 | 12/31/06 | 10-K | |
11/08/06 | 09/30/06 | 10-Q | |
08/09/06 | 06/30/06 | 10-Q | |
05/10/06 | 03/30/06 | Unknown | -- |
03/16/06 | 12/31/05 | 10-K | |
11/01/05 | 09/30/05 | 10-Q | |
08/09/05 | 06/30/05 | 10-Q | |
05/10/05 | 03/30/05 | Unknown | -- |
03/16/05 | 12/31/04 | 10-K | |
11/03/04 | 09/30/04 | 10-Q | |
08/04/04 | 06/30/04 | 10-Q | |
05/07/04 | 03/30/04 | Unknown | -- |
03/30/04 | 12/31/03 | 10-K | |
11/14/03 | 09/30/03 | 10-Q | |
08/14/03 | 06/30/03 | 10-Q | |
05/15/03 | 03/30/03 | Unknown | -- |
03/27/03 | 12/31/02 | 10-K | |
11/14/02 | 09/30/02 | 8-K | |
08/13/02 | 06/30/02 | 10-Q | |
05/14/02 | 03/30/02 | Unknown | -- |
03/28/02 | 12/31/01 | 10-K405 | |
11/14/01 | 09/30/01 | 10-Q | |
08/14/01 | 06/30/01 | 10-Q | |
05/15/01 | 03/30/01 | Unknown | -- |
04/02/01 | 12/31/00 | 10-K | |
11/14/00 | 09/30/00 | 10-Q | |
08/14/00 | 06/30/00 | 10-Q | |
05/15/00 | 03/30/00 | Unknown | -- |