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Steven Madden

SHOO Nasdaq Footwear Financials FY2016–FY2025

Steven Madden's revenue rose 11.0% to $2.5 billion in fiscal 2025. Its operating margin was 3.2%, down from 9.8% a year earlier. Free cash flow was $120 million, down 30.6%. It paid out $74 million in dividends and buybacks, 62% of free cash flow. The diluted share count fell 1.1%.

Last close · Oct 23, 2026

$43.21

2.7%
Value it Compare
Revenue Total sales reported in the income statement.
$2.5B
11.0% vs prior year
Operating margin Operating income as a share of revenue.
3.2%
6.7 pts
Net income Profit after all expenses, interest and tax.
$49.0M
72.1%
Free cash flow Cash from operations minus capital spending.
$120M
30.6%
Return on capital After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
6.0%
Market cap Last close times the latest diluted share count, so it is approximate.
$3.1B
Oct 23 close
P/E Last close divided by diluted earnings per share over the last four quarters.
21.6x
On $2.00 EPS (TTM)

What Steven Madden does

No business description yet.

Legal name
STEVEN MADDEN, LTD.
Fiscal year ends
December 31, 2025
Latest annual report
—
Accession · CIK
0001628280-26-012995
0000913241

Revenue and margins

Steven Madden had $2.5B of revenue in fiscal 2025, up 11.0% on the year before.

Revenue
Revenue
Margins, % of revenue
Gross Operating Net FCF
Margins, % of revenue
Gross Operating Net FCF

Net income and earnings per share

From fiscal 2016 to 2025, diluted EPS grew −8.1% a year. Loss periods are shown in red.

Net income
Net income
Diluted EPS
Diluted EPS

Returns on capital

After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.

Return on capital, equity and assets (annual)
Return on capital Return on equity Return on assets

Cash flow

Free cash flow was $120M in fiscal 2025, 4.7% of revenue. Cash from operations minus capital spending.

Free cash flow
Free cash flow
Cash from operations vs capital spending
Cash from operations Capital spending
Cash from operations vs capital spending
Cash from operations Capital spending

Dividends, buybacks and share count

Steven Madden returned $74.5M to shareholders in fiscal 2025, 62% of free cash flow. The diluted share count fell 1.1%.

Dividends and buybacks
Dividends Buybacks
Dividends and buybacks
Dividends Buybacks
Diluted shares outstanding (annual)

Value Steven Madden yourself

Change the assumptions and see what they imply per share. These are models, not forecasts or price targets — the answer depends entirely on what you put in.

Discounted cash flow

Value per share

—

Adds net cash of −$122M and divides by 71.2M diluted shares. Ten years of cash flows plus a terminal value, discounted to today.

Earnings multiple

Value per share

—

Reference multiples: today 21.6x · peers 11.2x · sector 17.7x.

Balance sheet

Cash, debt and the ratios that show how comfortably Steven Madden can carry it.

Cash vs debt (incl. leases)
Cash Debt
Fiscal year endFY21FY22FY23FY24FY25
Cash and short-term investments $264M$290M$220M$203M$112M
Debt incl. finance leases ———$0.0M$234M
Net debt / EBITDA ———−0.8x1.1x
Debt / equity ———0.0x0.3x
Interest coverage ————6.9x
Current ratio 2.2x2.6x2.3x2.2x1.9x
Quick ratio 1.6x1.9x1.7x1.5x1.1x
Total assets $1.4B$1.3B$1.3B$1.4B$1.9B
Total liabilities $535M$414M$500M$536M$1.0B
Shareholders' equity $812M$832M$830M$848M$866M
Net debt (− = net cash) ———−$203M$122M

Insider trades

Open-market purchases and sales by officers, directors and 10% owners, from Form 4 filings. 'Plan' marks trades under a pre-arranged Rule 10b5-1 plan.

Bought, 12 months

$0.0M

0 insiders

Sold, 12 months

$2.3M

7 insiders

Of sales under plans

0%

$0.0M

DateInsiderTradeSharesPriceValueFiling
Aug 5, 2026 Amelia VarelaPresident, Director Sold 15,000 $48.59 $0.7M Form 4
Aug 5, 2026 Arian Simone ReedDirector Sold 1,250 $48.76 $0.1M Form 4
Aug 5, 2026 Mitchell S KlipperDirector Sold 3,918 $48.54 $0.2M Form 4
Aug 4, 2026 Al FerraraDirector Sold 3,918 $48.26 $0.2M Form 4
Aug 4, 2026 Peter Allan DavisDirector Sold 525 $48.31 $0.0M Form 4
Jun 15, 2026 Arian Simone ReedDirector Sold 1,100 $45.38 $0.0M Form 4
Jun 15, 2026 Peter MiglioriniDirector Sold 4,000 $45.30 $0.2M Form 4
Jun 9, 2026 Christina CiglarChief Product Officer Sold 5,147 $44.74 $0.2M Form 4
Jun 4, 2026 Arian Simone ReedDirector Sold 475 $43.82 $0.0M Form 4
Jun 3, 2026 Amelia VarelaPresident, Director Sold 10,000 $43.45 $0.4M Form 4
May 22, 2026 Peter Allan DavisDirector Sold 3,030 $41.98 $0.1M Form 4
May 20, 2026 Arian Simone ReedDirector Sold 648 $39.97 $0.0M Form 4

Piotroski F-score

Nine pass/fail tests of profitability, funding and efficiency. 8–9 is strong, 0–2 weak.

TestFY23FY24FY25
Net income is positive ✓ ✓ ✓
Cash from operations is positive ✓ ✓ ✓
Return on assets rose ✕ ✕ ✕
Cash from operations exceeds net income ✓ ✓ ✓
Debt fell relative to assets — — ✕
Current ratio rose ✕ ✕ ✕
Share count didn't rise ✓ ✓ ✓
Gross margin rose ✓ ✕ ✓
Revenue rose relative to assets ✓ ✓ ✓
F-score — / 9— / 96 / 9
Accruals ratio −4.2%−1.6%−6.8%
Altman Z'' 9.239.155.87

Similar companies

Each company's latest fiscal year. Fiscal years end in different months, so periods don't line up exactly.

CompanyMarket capGrowthOp. marginFCF marginROICP/EF-score
Steven Madden SHOO $3.1B 11.0% 3.2% 4.7% 6.0% 21.6x 6
Wolverine World Wide WWW $1.7B 6.8% 8.0% 6.7% 15.1% 15.8x 7 Compare →
Crocs CROX $5.9B −1.5% 3.7% 16.3% 2.8% 10.4x 5 Compare →
Deckers Brands DECK $11.2B 9.8% 23.1% 20.1% 160.4% 11.5x 4 Compare →
Gentex GNTX $4.3B 9.6% 18.7% 18.1% 17.4% 10.9x 6 Compare →

10 years of figures

US$ millions unless stated. Hover a ratio's name for its definition.

Download CSV
Fiscal yearFY16FY17FY18FY19FY20FY21FY22FY23FY24FY25
Income statement
Revenue $1.4B $1.6B $1.7B $1.8B $1.2B $1.9B $2.1B $2.0B $2.3B $2.5B
Gross profit $522M $599M $640M $686M $465M $768M $874M $832M $937M $1.0B
Operating income $169M $170M $173M $177M −$31.6M $244M $282M $213M $225M $80.8M
Interest expense $0.2M $0.0M $0.0M $0.0M $0.4M $0.0M $0.0M $0.0M $0.0M $11.7M
Pretax income $171M $172M $177M $181M −$30.0M $242M $282M $221M $231M $77.7M
Income tax $49.7M $53.2M $46.8M $39.5M −$11.7M $49.6M $65.1M $46.6M $54.6M $28.7M
Net income $121M $118M $129M $141M −$18.4M $193M $217M $174M $176M $49.0M
Diluted EPS $1.35 $1.36 $1.50 $1.69 −$0.23 $2.34 $2.77 $2.30 $2.35 $0.63
Diluted shares 0.09B 0.09B 0.09B 0.08B 0.08B 0.08B 0.08B 0.07B 0.07B 0.07B
Cash flow
Cash from operations $154M $158M $154M $234M $44.2M $160M $268M $229M $198M $162M
Capital expenditure $15.9M $14.8M $12.4M $18.3M $6.6M $6.6M $16.4M $19.5M $25.9M $42.7M
Free cash flow $138M $143M $142M $215M $37.6M $153M $252M $210M $172M $120M
Depreciation and amortization $21.1M $21.4M $22.5M $21.3M $17.4M $15.2M $20.6M $15.5M $20.0M $33.4M
Stock-based compensation $19.5M $20.8M $21.1M $23.2M $22.6M $22.3M $24.4M $24.1M $26.5M $29.6M
Acquisitions $0.0M $16.8M $0.0M $37.2M $0.0M $0.0M $0.0M $75.3M $14.0M $372M
Share buybacks $86.0M $99.4M $106M $102M $46.6M $123M $149M $142M $98.4M $13.5M
Dividends paid $0.0M $0.0M $47.3M $48.4M $12.5M $49.2M $66.0M $63.2M $61.0M $61.0M
Dividends and buybacks $86.0M $99.4M $153M $150M $59.0M $172M $215M $206M $159M $74.5M
Balance sheet
Cash and short-term investments $126M $181M $200M $264M $287M $264M $290M $220M $203M $112M
Total debt — — — — — — — — $0.0M $234M
Finance lease liabilities $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M
Current assets $529M $646M $703M $719M $698M $945M $844M $855M $895M $1.0B
Current liabilities $183M $207M $225M $281M $236M $435M $321M $378M $414M $526M
Inventory $120M $110M $137M $137M $101M $255M $229M $229M $258M $417M
Property and equipment, net $72.4M $71.5M $64.8M $65.5M $43.3M $35.8M $40.7M $47.2M $57.4M $116M
Total assets $961M $1.1B $1.1B $1.3B $1.1B $1.4B $1.3B $1.3B $1.4B $1.9B
Total liabilities $220M $248M $258M $437M $347M $535M $414M $500M $536M $1.0B
Shareholders' equity $741M $803M $806M $829M $777M $812M $832M $830M $848M $866M
Margins
Gross margin 37.3% 38.2% 38.2% 38.4% 38.7% 41.1% 41.2% 42.0% 41.0% 41.4%
Operating margin 12.1% 10.8% 10.3% 9.9% −2.6% 13.1% 13.3% 10.8% 9.9% 3.2%
EBITDA margin 13.6% 12.2% 11.7% 11.1% −1.2% 13.9% 14.2% 11.5% 10.7% 4.5%
Net margin 8.6% 7.5% 7.7% 7.9% −1.5% 10.3% 10.2% 8.8% 7.7% 1.9%
FCF margin 9.8% 9.1% 8.5% 12.1% 3.1% 8.2% 11.9% 10.6% 7.5% 4.7%
Returns
Return on capital — — — — — — — — — 6.0%
Return on capital employed 22.3% 20.9% 20.4% 19.2% −3.3% 26.7% 30.3% 22.4% 22.9% 6.8%
Return on equity 17.0% 15.3% 16.1% 17.3% −2.3% 24.2% 26.4% 21.0% 21.0% 5.7%
Return on assets 12.9% 11.7% 12.1% 12.0% −1.5% 15.4% 16.6% 13.4% 12.8% 3.0%
Growth
Revenue growth −0.4% 12.0% 7.1% 6.5% −32.8% 55.3% 13.7% −6.6% 15.2% 11.0%
Net income growth 7.1% −2.5% 9.5% 9.4% −113.0% — 12.9% −19.9% 1.1% −72.1%
EPS growth 9.5% 0.7% 10.3% 12.7% −113.6% — 18.4% −17.0% 2.2% −73.2%
FCF growth 18.2% 4.0% −0.9% 51.8% −82.5% 306.1% 64.6% −16.6% −17.9% −30.6%
Share count change −2.6% −2.9% −0.8% −2.9% −6.0% 3.8% −4.4% −4.5% −3.5% −1.1%
Financial health
Net debt / EBITDA — — — — — — — — −0.8x 1.1x
Debt / equity — — — — — — — — 0.0x 0.3x
Interest coverage 762.1x 7,074.3x 4,816.2x 7,072.6x −89.3x — — — — 6.9x
Current ratio 2.9x 3.1x 3.1x 2.6x 3.0x 2.2x 2.6x 2.3x 2.2x 1.9x
Quick ratio 2.2x 2.6x 2.5x 2.1x 2.5x 1.6x 1.9x 1.7x 1.5x 1.1x
Capital allocation
Capex / revenue 1.1% 0.9% 0.7% 1.0% 0.6% 0.4% 0.8% 1.0% 1.1% 1.7%
Stock comp / revenue 1.4% 1.3% 1.3% 1.3% 1.9% 1.2% 1.2% 1.2% 1.2% 1.2%
Payouts / FCF 62.5% 69.4% 108.0% 69.7% 156.8% 112.7% 85.4% 98.0% 92.6% 62.3%
Quality scores
Piotroski F-score — — — — — — — — — 6.0
Altman Z'' 10.5 10.7 11.0 8.5 8.5 8.7 10.4 9.2 9.2 5.9
Accruals ratio −3.5% −4.0% −2.4% −7.9% −5.2% 2.7% −3.9% −4.2% −1.6% −6.8%

Source: SEC EDGAR XBRL filings (CIK 0000913241). Data updated October 20, 2026. Quarterly fourth quarters are the full year minus the first nine months. For information only — not investment advice. Check the original filings before relying on any figure.

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