olivLaw · US equity research
Steven Madden, Ltd. SHOO
Footwear, (No Rubber) · SIC 3140 · Vertical: Leather products (SIC 31xx)
Steven Madden, Ltd. designs, sources and markets fashion footwear, accessories and apparel under its own brands and private label, through wholesale and direct-to-consumer channels. Revenue grew in fiscal 2025 and again in the second quarter of 2026, helped by the Kurt Geiger acquisition, and total revenue reached 2.534 billion USD.
At the close of 04 Nov 2026, Steven Madden, Ltd. (SHOO) stock was 46.98 USD (+6.70% on the day), with market capitalisation 3.4 bn USD, P/E 22.9 on diluted EPS of 2.05 USD over the last 12 months, dividend yield 1.79%, beta 1.45, 52-week range 31.37–49.07 USD. Latest reported quarter (Q2 2026): revenue of 665.9 m USD (+19.1% YoY), net income of 27.7 m USD, diluted EPS 0.38 USD.
Data as of · AI analysis dated · Source: SEC filings and closing prices, computed by olivLaw.
Price history
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Technical reading
- RSI (14)
- 62.9
- strong (55–70)
- Bollinger (20, 2)
- 42.21 – 46.56
- above the upper band · %B 1.10 · band width 9.8%
- SMA 50 / 200
- 43.92 / 41.34
- uptrend (price > SMA50 > SMA200)
- MACD (12, 26, 9)
- 0.05 / -0.09
- MACD above signal
Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).
Performance
| Company | S&P 500 | vs S&P 500 | Vertical median | |
|---|---|---|---|---|
| 1 month | +2.8% | −1.1% | +3.9 pp | — |
| 3 months | −4.3% | −0.5% | −3.8 pp | — |
| 6 months | +17.4% | +4.4% | +13.0 pp | — |
| Year to date | +12.8% | +12.3% | +0.5 pp | — |
| 1 year | +43.1% | +13.5% | +29.5 pp | +14.7% |
| 3 years | +35.4% | +76.4% | −41.0 pp | −9.5% |
| 5 years | −5.6% | +63.7% | −69.3 pp | — |
Price returns, dividends excluded.
Quarterly results
Latest quarter: Q2 2026 · 30 Jun 2026
Quarterly margins
Quarterly statements · USD
| Fiscal year | Q3 '24 | Q4 '24 | Q1 '25 | Q2 '25 | Q3 '25 | Q4 '25 | Q1 '26 | Q2 '26 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 624.7 m | 582.3 m | 553.5 m | 559.0 m | 667.9 m | 753.7 m | 653.1 m | 665.9 m |
| Cost of revenue | 365.1 m | 346.9 m | 327.3 m | 333.0 m | 390.5 m | 433.9 m | 295.7 m | 356.2 m |
| Gross profit | 259.5 m | 235.4 m | 226.3 m | 226.0 m | 277.4 m | 319.8 m | 357.4 m | 309.7 m |
| Operating income | 74.6 m | 46.7 m | 53.5 m | -40.3 m | 31.4 m | 36.2 m | 98.7 m | 39.3 m |
| Depreciation & amortisation | 5.2 m | 5.3 m | 5.3 m | 8.7 m | 11.2 m | 8.3 m | 9.4 m | 9.2 m |
| Pre-tax income | 76.0 m | 48.0 m | 54.3 m | -34.8 m | 26.4 m | 31.7 m | 95.1 m | 38.1 m |
| Income tax | 19.4 m | 10.2 m | 13.1 m | 3.9 m | 4.6 m | 7.1 m | 23.5 m | 10.1 m |
| Net income | 55.3 m | 41.3 m | 40.4 m | -39.5 m | 20.5 m | 27.5 m | 71.8 m | 27.7 m |
| Diluted EPS | 0.77 | 0.58 ≈ | 0.57 | -0.56 | 0.29 | 0.38 ≈ | 1.00 | 0.38 |
| Operating cash flow | 444.0 k ≈ | 103.9 m | -18.8 m | 66.5 m ≈ | 23.4 m ≈ | 91.1 m | -55.3 m | 204.6 m ≈ |
| Capex | 7.4 m ≈ | 9.3 m | 9.8 m | 7.7 m ≈ | 14.8 m ≈ | 10.3 m | 5.9 m | 8.5 m ≈ |
| Dividends paid | 15.2 m ≈ | 15.2 m | 15.2 m | 15.2 m ≈ | 15.3 m ≈ | 15.3 m | 15.3 m | 15.4 m ≈ |
| Share repurchases | 20.2 m ≈ | 2.6 m | 7.8 m | 428.0 k ≈ | 169.0 k ≈ | 5.2 m | 7.4 m | 985.0 k ≈ |
≈ derived quarter (cumulative difference / share-days average)
E/P over time
E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.
Today's P/E sits at the 78 percentile of its own 37-quarter history (min 8.4, median 19.0, max 155.3; quarters with earnings only).
Fiscal years
| Fiscal year | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 1.7 bn | 1.8 bn | 1.2 bn | 1.9 bn | 2.1 bn | 2.0 bn | 2.3 bn | 2.5 bn |
| Revenue YoY | +7.1% | +6.5% | −32.8% | +55.3% | +13.7% | −6.6% | +15.2% | +11.0% |
| Net income | 129.1 m | 141.3 m | -18.4 m | 192.5 m | 217.2 m | 174.0 m | 175.9 m | 49.0 m |
| Net income YoY | +9.5% | +9.4% | −113.0% | unavailable | +12.9% | −19.9% | +1.1% | −72.1% |
| Diluted EPS | 1.50 | 1.69 | -0.23 | 2.34 | 2.77 | 2.30 | 2.35 | 0.63 |
| Diluted EPS YoY | +10.3% | +12.7% | −113.6% | unavailable | +18.4% | −17.0% | +2.2% | −73.2% |
| net % | 7.7% | 7.9% | -1.5% | 10.3% | 10.2% | 8.8% | 7.7% | 1.9% |
| Free cash flow | 141.9 m | 215.5 m | 37.6 m | 152.9 m | 251.5 m | 209.8 m | 172.2 m | 119.5 m |
Reported results vs expectations
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Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 112.4 m USD
- Financial debt
- 234.2 m USD
- Net debt
- 121.7 m USD
- Equity
- 904.0 m USD
- Total assets
- 1.9 bn USD
- Debt / equity
- 0.26x
- Current ratio
- 1.90x
- ROE
- 5.5%
- ROA
- 2.9%
- FCF margin
- 4.7%
Financial statements (source on every figure)
Revenue and net income (USD)
Margins
Income statement · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Revenue | 1.2 bn | 1.9 bn | 2.1 bn | 2.0 bn | 2.3 bn | 2.5 bn | SEC (XBRL)· 02 Mar 2026verified |
| Cost of revenue | 737.3 m | 1.1 bn | 1.2 bn | 1.1 bn | 1.3 bn | 1.5 bn | SEC (XBRL)· 02 Mar 2026verified |
| Gross profit | 464.5 m | 767.5 m | 873.8 m | 832.4 m | 936.9 m | 1.0 bn | SEC (XBRL)· 02 Mar 2026verified |
| Operating income | -31.6 m | 243.6 m | 281.6 m | 213.2 m | 224.9 m | 80.8 m | SEC (XBRL)· 02 Mar 2026verified |
| Depreciation & amortisation | 17.4 m | 15.2 m | 20.6 m | 15.5 m | 20.0 m | 33.4 m | SEC (XBRL)· 02 Mar 2026verified |
| EBITDA | -14.2 m ≈ | 258.8 m ≈ | 302.2 m ≈ | 228.7 m ≈ | 244.9 m ≈ | 114.2 m ≈ | SEC (XBRL)· 02 Mar 2026derived |
| Pre-tax income | -30.0 m | 242.1 m | 282.3 m | 220.6 m | 230.5 m | 77.7 m | SEC (XBRL)· 02 Mar 2026verified |
| Income tax | -11.7 m | 49.6 m | 65.1 m | 46.6 m | 54.6 m | 28.7 m | SEC (XBRL)· 02 Mar 2026verified |
| Net income | -18.4 m | 192.5 m | 217.2 m | 174.0 m | 175.9 m | 49.0 m | SEC (XBRL)· 02 Mar 2026verified |
| Diluted EPS | -0.23 | 2.34 | 2.77 | 2.30 | 2.35 | 0.63 | SEC (XBRL)· 02 Mar 2026verified |
| Weighted average diluted shares | 78.6 m | 81.6 m | 78.1 m | 74.6 m | 72.0 m | 71.2 m | SEC (XBRL)· 02 Mar 2026verified |
| Dividend per share | 0.15 | 0.60 | 0.84 | 0.84 | 0.84 | 0.84 | SEC (XBRL)· 02 Mar 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating income + Depreciation & amortisation.
Balance sheet · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Cash | 247.9 m | 219.5 m | 274.7 m | 204.6 m | 189.9 m | 112.4 m | SEC (XBRL)· 02 Mar 2026verified |
| Receivables | 8.9 m | 12.3 m | 7.7 m | 4.8 m | 4.7 m | 7.1 m | SEC (XBRL)· 08 May 2026verified |
| Inventories | 101.4 m | 255.2 m | 228.8 m | 229.0 m | 257.6 m | 417.0 m | SEC (XBRL)· 02 Mar 2026verified |
| Current assets | 698.2 m | 944.7 m | 843.6 m | 854.8 m | 894.7 m | 1.0 bn | SEC (XBRL)· 02 Mar 2026verified |
| Property, plant & equipment, net | 43.3 m | 35.8 m | 40.7 m | 47.2 m | 57.4 m | 115.8 m | SEC (XBRL)· 02 Mar 2026verified |
| Goodwill | 168.3 m | 168.0 m | 168.1 m | 180.0 m | 183.7 m | 254.5 m | SEC (XBRL)· 02 Mar 2026verified |
| Intangibles (excl. goodwill) | 115.2 m | 112.1 m | 101.2 m | 126.3 m | 113.4 m | 281.4 m | SEC (XBRL)· 02 Mar 2026verified |
| Total assets | 1.1 bn | 1.4 bn | 1.3 bn | 1.3 bn | 1.4 bn | 1.9 bn | SEC (XBRL)· 02 Mar 2026verified |
| Accounts payable | 73.9 m | 136.8 m | 130.5 m | 161.1 m | 206.9 m | 197.2 m | SEC (XBRL)· 02 Mar 2026verified |
| Short-term debt | — | — | — | — | 0 | 0 | SEC (XBRL)· 31 Jul 2026verified |
| Long-term debt | — | — | — | — | 0 | 234.2 m | SEC (XBRL)· 02 Mar 2026verified |
| Current liabilities | 235.9 m | 435.2 m | 320.9 m | 377.6 m | 413.7 m | 525.7 m | SEC (XBRL)· 02 Mar 2026verified |
| Total liabilities | 347.4 m | 535.0 m | 414.1 m | 499.9 m | 535.8 m | 1.0 bn | SEC (XBRL)· 02 Mar 2026verified |
| Equity | 790.4 m | 820.5 m | 843.9 m | 848.0 m | 876.0 m | 904.0 m | SEC (XBRL)· 02 Mar 2026verified |
Cash flow · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Operating cash flow | 44.2 m | 159.5 m | 267.9 m | 229.2 m | 198.1 m | 162.2 m | SEC (XBRL)· 02 Mar 2026verified |
| Capex | 6.6 m | 6.6 m | 16.4 m | 19.5 m | 25.9 m | 42.7 m | SEC (XBRL)· 02 Mar 2026verified |
| Free cash flow | 37.6 m ≈ | 152.9 m ≈ | 251.5 m ≈ | 209.8 m ≈ | 172.2 m ≈ | 119.5 m ≈ | SEC (XBRL)· 02 Mar 2026derived |
| Investing cash flow | -4.9 m | -3.2 m | 5.5 m | -99.9 m | -39.5 m | -400.9 m | SEC (XBRL)· 02 Mar 2026verified |
| Financing cash flow | -57.1 m | -184.7 m | -215.8 m | -200.9 m | -167.9 m | 157.1 m | SEC (XBRL)· 02 Mar 2026verified |
| Dividends paid | 12.5 m | 49.2 m | 66.0 m | 63.2 m | 61.0 m | 61.0 m | SEC (XBRL)· 02 Mar 2026verified |
| Share repurchases | 46.6 m | 123.2 m | 148.9 m | 142.3 m | 98.4 m | 13.5 m | SEC (XBRL)· 02 Mar 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating cash flow − Capex.
Computed indicators
Growth
Profitability
Returns
Balance sheet
Liquidity
Cash
Efficiency
Market and valuation
1 indicators that do not apply to the sector.
Valuation
olivLaw classification
Score: 51 / 100
A scoring methodology on indicators and valuation, not investment advice.
Closing price
04 Nov 2026Source: olivLaw, closing series
Market cap: 3.4 bn USD
Key indicators
Coverage and freshness
Score by group
- Valuation46
- Returns59
- Quality72
- Balance sheet92
- Growth25
Estimated value range
The combined range = the median of the valid methods' low, central and high values; it is not a probability interval and does not cover every result. Envelope of all methods: 11.04 – 35.41 USD.
Valuation assumptions are editorial choices, not measured; beta is not measured.
Method ranges (USD per share)
— — Mid · ▏ Price
Valuation methods
- DCF (discounted cash flow)unavailable · the reported interest expense is far older than the latest period (the filer changed its XBRL tag): a stale figure is not used
- Peers: EV/EBITDAunavailable · net debt missing: EV cannot be bridged to equity (missing debt is not zero)
- Peers: P/E24.55 – 35.41 (Mid 24.66)5 companies used · median multiple 12.0x · quartiles 12.0x – 17.2xCAL, CPRI, RCKY, TPR, WWW
- Dividend discount (DDM)11.04 – 14.84 (Mid 12.66)
Classification (SIC) comparables group by industry code, not by economic activity; the direct group is an editorial selection by activity. Members' multiples are on their own trailing twelve months, at their own latest close.
Assumptions (illustrative, editorial)
- Risk-free rate
- 4.3%
- Equity risk premium
- 5.0%
- Beta (default)
- 1.00
- Cost of equity
- 9.3%
- Terminal growth
- 2.5%
Factor scorecard
Neutral profile · Score 51/100
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | unavailable | unavailable | — |
| Net margin · Quality | 5.4% | 44 (vs peers) | 10% |
| FCF conversion · Quality | 151.9% | 100 (on a fixed band) | 10% |
| Revenue CAGR 3Y · Growth | 6.1% | 51 (on a fixed band) | 13% |
| EPS CAGR 3Y · Growth | -39.0% | 0 (on a fixed band) | 13% |
| Net debt / EBITDA · Balance sheet | unavailable | unavailable | — |
| Interest coverage · Balance sheet | unavailable | unavailable | — |
| Current ratio · Balance sheet | 1.9x | 92 (on a fixed band) | 7% |
| P/E (TTM) · Valuation | 22.9x | 17 (vs peers) | 17% |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | 6.5% | 82 (on a fixed band) | 13% |
| Shareholder yield (distributions) · Returns | 2.2% | 31 (on a fixed band) | 10% |
| Payout ratio (FCF) · Returns | 27.3% | 100 (on a fixed band) | 7% |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet· partial92/100 · 1/3 factors with a value
- Growth25/100 · 2/2 factors with a value
- Quality72/100 · 2/3 factors with a value
- Returns59/100 · 2/2 factors with a value
- Valuation46/100 · 2/3 factors with a value
A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.
Memo
STEVEN MADDEN, LTD. (SHOO). Latest full fiscal year: 2025; data up to 2026-06-30.
Figures computed from the financial statements: revenue 2.5 bn USD in 2025; YoY growth 11.0%; net margin 5.4%; ROE 16.7%.
The estimated value range is 17.79–25.13 USD per share (median of 2 methods, agreement: low); assumptions are illustrative. Against the central value of 18.66 USD, the price of 46.98 USD leaves a potential of -60.3% (value / price − 1) and a margin of safety of -151.7% (1 − price / value). The range is the median of the methods' low, central and high values, not a probability interval.
olivLaw score 51/100, methodological classification: neutral profile (score, margin of safety and method agreement together; not a judgement of the right price). Groups assessed only in part: balance. Not investment advice.
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- FCF conversion: 151.9%
- Current ratio: 1.9x
- FCF yield: 6.5%
- Payout ratio (FCF): 27.3%
What contradicts it
- EPS CAGR 3Y: -39.0%
- P/E (TTM): 22.9x
- The price is above the estimated value range
- The valuation methods diverge
Not assessed (insufficient data or a ratio without meaning): ROIC, Net debt / EBITDA, Interest coverage, EV/EBITDA.
Versus the vertical median
Leather products (SIC 31xx) · same major group (2-digit SIC) · compared with 9 companies
Multiples and returns vs the median
Price rebased to 100 (monthly, 5 years)
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| TPRTapestry, Inc. | 25.0 bn | 17.2 | 197.1% | 19.1% | +14.2% | +15% / +296% |
| SHOOSteven Madden, Ltd. | 3.4 bn | 22.9 | 16.7% | 5.4% | +11.0% | +43% / +35% |
| CPRICapri Holdings Limited | 2.2 bn | 12.0 | — | 6.1% | −4.1% | −16% / −56% |
| WWWWolverine World Wide, Inc. | 1.9 bn | 18.2 | 27.1% | 5.5% | unavailable | +45% / +174% |
| CALCaleres, Inc | 507.6 m | 9.9 | 8.2% | 1.8% | +1.3% | +26% / −52% |
| RCKYRocky Brands, Inc. | 411.2 m | 12.0 | 13.2% | 6.6% | +6.2% | +80% / +89% |
| VRAVera Bradley, Inc. | 216.0 m | — | -7.4% | -3.7% | −15.4% | +165% / +0% |
| TLFTandy Leather Factory, Inc | 18.6 m | — | -3.2% | -2.1% | +2.6% | −17% / −45% |
| FMFCKandal M Venture Limited | — | 366.0 | 76.7% | 1.2% | +23.0% | −85% / unavailable |
| BIRKBirkenstock Holding plc | — | — | 13.0% | 16.6% | +16.2% | −14% / −19% |
1- and 3-year price returns: for SHOO from daily closes (the same as the performance table), for the other companies from month-end closes.
olivLaw engine forecast
The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.
The engine has no published run for this company yet.
Valuation scenarios (editable assumptions)
Illustrative scenarios
Illustrative: not forecasts and without probabilities. Each case is one coherent set of assumptions, computed on today's figures.
Estimated price (USD)
| Estimated price | Bear | Base | Bull |
|---|---|---|---|
| 1 years | 27.70 Total return -40% · Per year -40% | 48.94 Total return 6% · Per year 6% | 73.67 Total return 59% · Per year 59% |
| 3 years | 27.76 Total return -37% · Per year -14% | 55.09 Total return 23% · Per year 7% | 90.93 Total return 101% · Per year 26% |
| 5 years | 27.81 Total return -34% · Per year -8% | 62.01 Total return 43% · Per year 7% | 112.22 Total return 153% · Per year 20% |
- Exit P/E± 13.77
- Net margin± 9.64
- Annual revenue growth± 7.79
- Annual dilution± 0.81
AI analysis
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
In brief
Steven Madden, Ltd. designs, sources and markets fashion footwear, accessories and apparel under its own brands and private label, through wholesale and direct-to-consumer channels. Revenue grew in fiscal 2025 and again in the second quarter of 2026, helped by the Kurt Geiger acquisition, and total revenue reached 2.534 billion USD 12.
SWOT
Strengths
- A portfolio of well-known brands recognized for trend-right design, supported by a test-and-react model across stores and e-commerce 1.
- Sustained revenue growth into 2026 and a raised outlook from management after a strong quarter 3.
- A direct-to-consumer channel with higher gross margins than wholesale that is growing at an accelerating pace 3.
Weaknesses
- Heavy reliance on the main brand and on the founder-designer, whose loss could seriously disrupt the business 1.
- Exposure to a few large wholesale customers without long-term contracts, which could reduce sales if they cut orders 1.
- Higher indebtedness after the Kurt Geiger acquisition and significant goodwill, which could lead to impairment if conditions worsen 2.
Opportunities
- International expansion, which management calls its largest long-term growth initiative, particularly through joint ventures 1.
- Growth in non-footwear categories such as handbags, accessories and apparel 1.
- Integrating Kurt Geiger and digital channels could generate synergies and widen the customer base 13.
Risks
- Shifts in fashion preferenceshigh
If trend forecasts prove wrong, inventory could become excessive and the brand could lose appeal 1.
- Kurt Geiger integrationhigh
Integrating the operations, systems and personnel of Kurt Geiger could prove difficult, and synergies could fall short of expectations 12.
- Debt and goodwillmedium
Debt taken on for the acquisition and substantial intangible assets could lead to impairment if the business environment deteriorates 2.
- Trade policymedium
Changes in tariff policy and retaliatory trade measures could affect margins and the supply chain 12.
- Dependence on large customerslow
A decision by a major customer to reduce purchases could significantly affect wholesale sales 1.
Investment thesis
What would need to be true (bull case)
- Revenue growth accelerated in the second quarter of 2026 and the revenue outlook was raised, which could point to durable commercial momentum 3.
- The higher-margin direct-to-consumer channel is growing quickly, and digital and international expansion could improve profitability 13.
- The tariff impact appears smaller in 2026, which, if confirmed, could support margins 3.
What would break the thesis
- Net income attributable to shareholders fell sharply in 2025, and profitability could stay under pressure if the Kurt Geiger integration does not go to plan 1.
- The company depends on a category with volatile demand and on a brand tied to its founder, which could amplify succession risk 1.
- An uncertain macro environment, high interest rates and trade tensions could reduce discretionary spending and pressure margins 1.
What to watch
- Gross margin trend in wholesale and the cost impact of tariffsQ3 2026
- Kurt Geiger integration and its contribution to revenue and profit2026
- Delivery against the 2026 GAAP and adjusted diluted EPS guidancenext 10-K
- Debt level and goodwill after the acquisitionQ3 2026
Products, market & competition
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
The business
Steven Madden, Ltd. and its subsidiaries design, source and market fashion-forward branded and private label footwear, accessories and apparel 1. Products are distributed through wholesale to department stores, mass merchants, online retailers and clubs in the United States, the United Kingdom, Europe, Canada and Mexico, and through joint ventures in several international regions 1. The company does not own foreign factories; products are made by independent manufacturers, mainly in China, Cambodia, Vietnam and Mexico 1. The direct-to-consumer channel includes company stores, international concessions and e-commerce platforms 1.
At the end of 2025 the company operated 399 brick-and-mortar stores and seven e-commerce platforms, up from 291 stores and five platforms at the end of 2024 1. The Kurt Geiger acquisition, completed in May 2025, added the Kurt Geiger London and Carvela brands along with their stores and concessions 13. The stated strategy rests on trend-right product, test-and-react selling, and international expansion 1.
At the end of the second quarter of 2026 the company had 382 Company-operated stores, including 92 outlets, eight e-commerce websites and 164 international concessions 3. Management attributes growth mainly to the Steve Madden brand and has raised its 2026 revenue outlook 3.
Segments
Wholesale Footwear
The wholesale footwear segment represented 40.9% of total revenue in 2025, selling brands such as Steve Madden, Kurt Geiger, Dolce Vita, Betsey Johnson, Blondo, Carvela and Anne Klein, plus private label 1.
Wholesale Accessories/Apparel
The wholesale accessories and apparel segment represented 25.3% of total revenue in 2025 and includes handbags, apparel, small leather goods and accessories under brands such as Steve Madden, ATM and Anne Klein 1.
Market context
The fashion footwear and accessories market is described by the company as highly competitive, with low barriers to entry and many new and established competitors 1. Rapid shifts in consumer preferences and retail channels, including the growth of online shopping, shape both demand and relationships with customers 1.
The macroeconomic backdrop is described as uncertain, with tariffs, geopolitical tensions and interest rates that remain elevated relative to prior years, all weighing on discretionary spending 1. The company notes a shift in retail toward omnichannel shopping, which favours its digital investments 1.
Trends
- Growth of direct-to-consumertailwind
Direct sales through stores and e-commerce are growing faster than wholesale, and management emphasizes digital, personalization and marketing 13. If this trend holds, the channel's higher gross margins could support results.
- Changing shopping behaviourheadwind
The move of shoppers toward online and mobile channels is reducing traffic in malls and outlet centres and may pressure wholesale customers with physical stores 1.
- Tariffs and trade policymixed
Tariffs on imports from China, Cambodia, Vietnam and Brazil were announced, postponed or adjusted, and the lack of clarity led the company to diversify its supplier base 1. Management notes a smaller negative tariff impact in 2026 3.
- Interest rates and consumer spendingmixed
Interest rates have recently fallen in the United States and other markets but remain high compared with prior years, affecting credit and discretionary spending 1.
Competitive position
The company competes with specialty footwear and accessories companies and with diversified product lines, some of which have greater financial and marketing resources 1. According to the company, the key success factors are brand strength, trend-driven styling, product quality, value, speed to market and the use of digital data 1.
- Specialty footwear and fashion accessories companies
The sources do not name individual competitors; the company describes the general category of specialty footwear, accessories and apparel rivals 1.
- Companies with diversified product lines
The company refers to competitors with broad portfolios without naming them in the texts provided 1.
- Retailers that are also customers
Retailers such as Nordstrom, Macy's and Amazon are both wholesale customers and, in effect, competitors for the consumer's spending 1.
- New online entrants
The sources mention a steady arrival of new competitors, encouraged by online commerce and low barriers to entry 1.
Links, dependencies and risks
Who the company is tied to, from its own SEC filings (customers, suppliers, production, partners, competitors, countries, regulation), from the 5 %+ holders' statements (13D/13G) and from what other companies say about it. Click a node for its evidence; on a listed company the graph moves to it.
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News & filings
In the press
- UFC Welterweight Champ Makhachev shoo-in to win title defense, his trainer saysTASS (RU, EN) · 13 Aug 2026 · EN
SEC filings
- Quarterly report31 Jul 2026
- Current report30 Jul 2026Results of operations · Departure or appointment of officers · Other events · Financial statements and exhibits
- Current report21 May 2026Shareholder vote
- Quarterly report08 May 2026
- Current report06 May 2026Results of operations · Other events · Financial statements and exhibits
- Proxy statement06 Apr 2026
- Annual report02 Mar 2026
- Current report25 Feb 2026Results of operations · Other events · Financial statements and exhibits
- Current report09 Jan 2026Departure or appointment of officers · Financial statements and exhibits
- Quarterly report10 Nov 2025
Sources
- [1] Form 10-K, fiscal year ended 2025-12-31 · SEC / Steven Madden, Ltd. · 02 Mar 2026
- [2] Form 10-Q, quarter ended 2026-06-30 · SEC / Steven Madden, Ltd. · 31 Jul 2026
- [3] Form 8-K, results release (exhibit 99.1) · SEC / Steven Madden, Ltd. · 30 Jul 2026
Figures computed by olivLaw from SEC filings and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.