olivLaw · US equity research
Weyco Group, Inc. WEYS
Wholesale-Apparel, Piece Goods & Notions · SIC 5130 · Vertical: Wholesale — nondurable goods (SIC 51xx)
Weyco Group designs, markets and distributes quality footwear, principally for men, under the Florsheim, Nunn Bush, Stacy Adams and BOGS brands. After a difficult 2025 marked by tariffs, the second quarter of 2026 showed a visible sales recovery alongside tariff refunds, so the trajectory of margins remains one to watch.
The AI analysis may be outdated: new filings came after its sources (see the «AI analysis» section).
At the close of 04 Nov 2026, Weyco Group, Inc. (WEYS) stock was 64.59 USD (+23.55% on the day), with market capitalisation 616.9 m USD, P/E 17.8 on diluted EPS of 3.63 USD over the last 12 months, dividend yield 4.78%, beta 1.12, 52-week range 27.68–64.59 USD. Latest reported quarter (Q2 2026): revenue of 62.2 m USD (+6.9% YoY), net income of 13.3 m USD (+490.2% YoY), diluted EPS 1.39 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)
- 81.7
- overbought (≥ 70)
- Bollinger (20, 2)
- 46.77 – 58.29
- above the upper band · %B 1.55 · band width 21.9%
- SMA 50 / 200
- 48.79 / 38.95
- uptrend (price > SMA50 > SMA200)
- MACD (12, 26, 9)
- 2.02 / 1.35
- 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 | +28.7% | −1.1% | +29.8 pp | — |
| 3 months | +47.1% | −0.5% | +47.6 pp | — |
| 6 months | +99.8% | +4.4% | +95.4 pp | — |
| Year to date | +111.1% | +12.3% | +98.8 pp | — |
| 1 year | +129.0% | +13.5% | +115.5 pp | −1.2% |
| 3 years | +137.9% | +76.4% | +61.5 pp | −2.1% |
| 5 years | +175.4% | +63.7% | +111.8 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 | 74.3 m | 80.5 m | 68.0 m | 58.2 m | 73.1 m | 76.8 m | 68.0 m | 62.2 m |
| Cost of revenue | 41.4 m | 41.9 m | 37.7 m | 33.0 m | 43.3 m | 43.0 m | 37.9 m | 18.4 m |
| Gross profit | 32.9 m | 38.5 m | 30.4 m | 25.2 m | 29.8 m | 33.8 m | 30.1 m | 43.8 m |
| SG&A | 22.7 m | 27.0 m | 23.3 m | 21.3 m | 21.7 m | 23.6 m | 22.6 m | 26.8 m |
| Operating income | 10.2 m | 11.5 m | 7.0 m | 3.9 m | 8.1 m | 10.2 m | 7.5 m | 17.0 m |
| Depreciation & amortisation | 710.0 k | 436.0 k | 597.0 k | 737.0 k | 723.0 k | 824.0 k | 683.0 k | 651.0 k |
| Interest expense | 15.0 k | 0 | 1.0 k | 1.0 k | 0 ≈ | 0 | 4.0 k | 0 ≈ |
| Pre-tax income | 10.9 m | 12.4 m | 7.5 m | 4.6 m | 8.9 m | 10.9 m | 8.3 m | 18.6 m |
| Income tax | 2.8 m | 2.4 m | 2.0 m | 2.4 m | 2.4 m | 2.2 m | 2.2 m | 5.3 m |
| Net income | 8.1 m | 10.0 m | 5.5 m | 2.3 m | 6.6 m | 8.7 m | 6.1 m | 13.3 m |
| Diluted EPS | 0.84 | 1.03 ≈ | 0.57 | 0.24 | 0.69 | 0.91 ≈ | 0.64 | 1.39 |
| Operating cash flow | -374.0 k ≈ | 20.4 m | 4.1 m | 10.2 m ≈ | -1.1 m ≈ | 24.0 m | 17.4 m | 7.7 m ≈ |
| Capex | 556.0 k ≈ | 486.0 k | 417.0 k | 260.0 k ≈ | 213.0 k ≈ | 861.0 k | 554.0 k | 936.0 k ≈ |
| Dividends paid | 2.5 m ≈ | 74.0 k | 2.5 m | 2.6 m ≈ | 2.7 m ≈ | 1.0 k | 23.9 m | 2.6 m ≈ |
| Share repurchases | 53.0 k ≈ | 19.0 k | 732.0 k | 2.4 m ≈ | 930.0 k ≈ | 1.2 m | 34.0 k | 0 ≈ |
≈ 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 72 percentile of its own 36-quarter history (min 6.6, median 12.1, max 49.3; quarters with earnings only).
Fiscal years
| Fiscal year | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 298.4 m | 304.0 m | 195.4 m | 267.6 m | 351.7 m | 318.0 m | 290.3 m | 276.2 m |
| Revenue YoY | +5.2% | +1.9% | −35.7% | +37.0% | +31.4% | −9.6% | −8.7% | −4.9% |
| Net income | 20.5 m | 20.9 m | -8.5 m | 20.6 m | 29.5 m | 30.2 m | 30.3 m | 23.1 m |
| Net income YoY | +24.2% | +1.9% | −140.6% | unavailable | +43.7% | +2.2% | +0.4% | −23.9% |
| Diluted EPS | 1.97 | 2.10 | -0.87 | 2.12 | 3.07 | 3.17 | 3.16 | 2.41 |
| Diluted EPS YoY | +23.1% | +6.6% | −141.4% | unavailable | +44.8% | +3.3% | −0.3% | −23.7% |
| net % | 6.9% | 6.9% | -4.3% | 7.7% | 8.4% | 9.5% | 10.4% | 8.4% |
| Free cash flow | 11.6 m | 2.0 m | 36.6 m | 5.4 m | -32.2 m | 95.3 m | 36.3 m | 35.5 m |
Reported results vs expectations
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Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 96.0 m USD
- Financial debt
- unavailable USD
- Net debt
- unavailable USD
- Equity
- 239.6 m USD
- Total assets
- 319.7 m USD
- Debt / equity
- unavailable
- Current ratio
- 4.22x
- ROE
- 9.5%
- ROA
- 7.2%
- FCF margin
- 12.9%
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 | 195.4 m | 267.6 m | 351.7 m | 318.0 m | 290.3 m | 276.2 m | SEC (XBRL)· 13 Mar 2026verified |
| Cost of revenue | 116.8 m | 160.2 m | 207.3 m | 175.2 m | 158.8 m | 156.9 m | SEC (XBRL)· 13 Mar 2026verified |
| Gross profit | 78.6 m | 107.4 m | 144.4 m | 142.9 m | 131.5 m | 119.2 m | SEC (XBRL)· 13 Mar 2026verified |
| SG&A | 86.2 m | 81.7 m | 104.0 m | 101.9 m | 94.9 m | 90.1 m | SEC (XBRL)· 13 Mar 2026verified |
| Operating income | -7.6 m | 25.7 m | 40.4 m | 41.0 m | 36.6 m | 29.2 m | SEC (XBRL)· 13 Mar 2026verified |
| Depreciation & amortisation | — | — | — | — | 2.5 m | 2.9 m | SEC (XBRL)· 13 Mar 2026verified |
| EBITDA | — | — | — | — | 39.1 m ≈ | 32.1 m ≈ | SEC (XBRL)· 13 Mar 2026derived |
| Interest expense | 79.0 k | 81.0 k | 710.0 k | 529.0 k | 15.0 k | 2.0 k | SEC (XBRL)· 13 Mar 2026verified |
| Pre-tax income | -7.1 m | 27.3 m | 39.7 m | 40.9 m | 39.8 m | 32.0 m | SEC (XBRL)· 13 Mar 2026verified |
| Income tax | 1.4 m | 6.8 m | 10.2 m | 10.7 m | 9.5 m | 9.0 m | SEC (XBRL)· 13 Mar 2026verified |
| Net income | -8.5 m | 20.6 m | 29.5 m | 30.2 m | 30.3 m | 23.1 m | SEC (XBRL)· 13 Mar 2026verified |
| Diluted EPS | -0.87 | 2.12 | 3.07 | 3.17 | 3.16 | 2.41 | SEC (XBRL)· 13 Mar 2026verified |
| Weighted average diluted shares | 9.8 m | 9.7 m | 9.6 m | 9.5 m | 9.6 m | 9.6 m | SEC (XBRL)· 13 Mar 2026verified |
| Dividend per share | 0.96 | 0.96 | 0.96 | 0.99 | 3.03 | 3.07 | SEC (XBRL)· 13 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 | 32.5 m | 19.7 m | 16.9 m | 69.3 m | 71.0 m | 96.0 m | SEC (XBRL)· 13 Mar 2026verified |
| Receivables | 34.6 m | 53.3 m | 53.3 m | 39.3 m | 37.5 m | 38.9 m | SEC (XBRL)· 13 Mar 2026verified |
| Inventories | 59.0 m | 71.0 m | 128.0 m | 74.9 m | 74.0 m | 65.9 m | SEC (XBRL)· 13 Mar 2026verified |
| Current assets | 134.3 m | 157.2 m | 206.5 m | 190.1 m | 209.4 m | 205.4 m | SEC (XBRL)· 13 Mar 2026verified |
| Property, plant & equipment, net | 30.8 m | 29.2 m | 28.8 m | 29.5 m | 28.2 m | 27.4 m | SEC (XBRL)· 13 Mar 2026verified |
| Goodwill | 11.1 m | 12.3 m | 12.3 m | 12.3 m | 12.3 m | 12.3 m | SEC (XBRL)· 13 Mar 2026verified |
| Intangibles (excl. goodwill) | 1.2 m | 972.0 k | 739.0 k | 506.0 k | 273.0 k | 39.0 k | SEC (XBRL)· 13 Mar 2026verified |
| Total assets | 256.7 m | 277.7 m | 326.6 m | 309.3 m | 324.1 m | 319.7 m | SEC (XBRL)· 13 Mar 2026verified |
| Accounts payable | 8.4 m | 19.2 m | 14.9 m | 8.8 m | 8.4 m | 11.2 m | SEC (XBRL)· 13 Mar 2026verified |
| Short-term debt | 0 | — | 31.1 m | — | — | — | SEC (XBRL)· 13 Mar 2023verified |
| Current liabilities | 24.3 m | 34.5 m | 67.5 m | 29.6 m | 47.3 m | 48.6 m | SEC (XBRL)· 13 Mar 2026verified |
| Total liabilities | 68.8 m | 76.3 m | 102.7 m | 64.8 m | 78.5 m | 80.1 m | SEC (XBRL)· 13 Mar 2026verified |
| Equity | 187.9 m | 201.4 m | 223.9 m | 244.5 m | 245.6 m | 239.6 m | SEC (XBRL)· 13 Mar 2026verified |
Cash flow · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Operating cash flow | 40.0 m | 6.4 m | -29.9 m | 98.6 m | 37.7 m | 37.3 m | SEC (XBRL)· 13 Mar 2026verified |
| Capex | 3.4 m | 1.0 m | 2.3 m | 3.3 m | 1.4 m | 1.8 m | SEC (XBRL)· 13 Mar 2026verified |
| Free cash flow | 36.6 m ≈ | 5.4 m ≈ | -32.2 m ≈ | 95.3 m ≈ | 36.3 m ≈ | 35.5 m ≈ | SEC (XBRL)· 13 Mar 2026derived |
| Investing cash flow | 3.2 m | -7.0 m | 7.4 m | -1.2 m | -1.2 m | -242.0 k | SEC (XBRL)· 13 Mar 2026verified |
| Financing cash flow | -20.9 m | -11.9 m | 20.3 m | -45.3 m | -32.2 m | -13.2 m | SEC (XBRL)· 13 Mar 2026verified |
| Dividends paid | 11.8 m | 9.3 m | 7.0 m | 9.3 m | 9.7 m | 7.7 m | SEC (XBRL)· 13 Mar 2026verified |
| Share repurchases | 2.1 m | 2.5 m | 4.2 m | 4.3 m | 586.0 k | 5.3 m | SEC (XBRL)· 13 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: 66 / 100
A scoring methodology on indicators and valuation, not investment advice.
Closing price
04 Nov 2026Source: olivLaw, closing series
Market cap: 616.9 m USD
Key indicators
Coverage and freshness
Score by group
- Valuation78
- Returns75
- Quality99
- Balance sheet100
- Growth0
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: 36.85 – 126.97 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 · net debt missing: EV cannot be bridged to equity (missing debt is not zero)
- Peers: EV/EBITDAunavailable · net debt missing: EV cannot be bridged to equity (missing debt is not zero)
- Peers: P/E36.85 – 126.97 (Mid 74.42)19 companies used · median multiple 20.5x · quartiles 10.1x – 34.9xANDE, CAH, CAPL, CENT, CHEF, COR, DIT, DPZ, EDUC, GLP, HLF, HWKN, MCK, PFGC, RAVE, SEB, SYY, UNFI, USFD
- Dividend discount (DDM)40.34 – 54.25 (Mid 46.28)
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 66/100
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | unavailable | unavailable | — |
| Net margin · Quality | 12.4% | 97 (vs peers) | 9% |
| FCF conversion · Quality | 131.1% | 100 (on a fixed band) | 9% |
| Revenue CAGR 3Y · Growth | -7.7% | 0 (on a fixed band) | 12% |
| EPS CAGR 3Y · Growth | -7.8% | 0 (on a fixed band) | 12% |
| Net debt / EBITDA · Balance sheet | unavailable | unavailable | — |
| Interest coverage · Balance sheet | 10,693.0x | 100 (on a fixed band) | 9% |
| Current ratio · Balance sheet | 7.5x | 100 (on a fixed band) | 6% |
| P/E (TTM) · Valuation | 17.8x | 67 (vs peers) | 15% |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | 7.4% | 92 (on a fixed band) | 12% |
| Shareholder yield (distributions) · Returns | 5.1% | 73 (on a fixed band) | 9% |
| Payout ratio (FCF) · Returns | 64.3% | 80 (on a fixed band) | 6% |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet100/100 · 2/3 factors with a value
- Growth0/100 · 2/2 factors with a value
- Quality99/100 · 2/3 factors with a value
- Returns75/100 · 2/2 factors with a value
- Valuation78/100 · 2/3 factors with a value
Memo
WEYCO GROUP, INC. (WEYS). Latest full fiscal year: 2025; data up to 2026-06-30.
Figures computed from the financial statements: revenue 276.2 m USD in 2025; YoY growth -4.9%; net margin 12.4%; ROE 13.8%.
The estimated value range is 38.60–90.61 USD per share (median of 2 methods, agreement: high); assumptions are illustrative. Against the central value of 60.35 USD, the price of 64.59 USD leaves a potential of -6.6% (value / price − 1) and a margin of safety of -7.0% (1 − price / value). The range is the median of the methods' low, central and high values, not a probability interval.
olivLaw score 66/100, methodological classification: neutral profile (score, margin of safety and method agreement together; not a judgement of the right price). Not investment advice.
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- Net margin: 12.4%
- FCF conversion: 131.1%
- Interest coverage: 10,693.0x
- Current ratio: 7.5x
- FCF yield: 7.4%
- Shareholder yield (distributions): 5.1%
- Payout ratio (FCF): 64.3%
What contradicts it
- Revenue CAGR 3Y: -7.7%
- EPS CAGR 3Y: -7.8%
Not assessed (insufficient data or a ratio without meaning): ROIC, Net debt / EBITDA, EV/EBITDA.
Versus the vertical median
Wholesale — nondurable goods (SIC 51xx) · same major group (2-digit SIC) · compared with 39 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 | |
|---|---|---|---|---|---|---|
| MCKMcKESSON CORPORATION | 123.5 bn | 27.5 | — | 1.1% | +12.4% | +21% / +127% |
| CORCencora, Inc. | 67.6 bn | 26.3 | 104.3% | 0.8% | +9.3% | −4% / +74% |
| CAHCardinal Health, Inc. | 60.9 bn | 36.2 | — | 0.7% | +14.2% | +23% / +145% |
| SYYSysco Corporation | 37.9 bn | 20.5 | 59.1% | 2.1% | +3.9% | +1% / +7% |
| USFDUs Foods Holding Corp. | 23.8 bn | 33.8 | 16.4% | 1.8% | +4.1% | +40% / +151% |
| PFGCPerformance Food Group Company | 17.3 bn | 43.7 | 8.2% | 0.6% | +7.2% | +13% / +68% |
| DPZDomino’s Pizza, Inc. | 11.2 bn | 19.3 | — | 11.9% | +5.0% | −19% / −13% |
| CHEFChefs’ Warehouse, Inc. | 4.6 bn | 46.5 | 16.2% | 2.3% | +9.4% | +74% / +297% |
| ASHAshland Inc. | 3.5 bn | 126.3 | 2.8% | 2.8% | −13.7% | +44% / −4% |
| SEBSeaboard Corporation | 3.3 bn | 5.9 | 10.7% | 5.3% | +7.1% | −26% / −2% |
| HWKNHawkins, Inc. | 3.2 bn | 37.9 | 16.0% | 7.5% | +11.2% | +20% / +154% |
| UNFIUnited Natural Foods, Inc. | 2.9 bn | 36.0 | 5.3% | 0.3% | −2.0% | +29% / +232% |
| VSTSVestis Corp | 2.0 bn | — | -0.6% | -0.2% | −2.5% | +128% / −19% |
| ANDEAndersons, Inc. | 1.9 bn | 9.3 | 16.1% | 1.8% | −2.2% | +7% / +11% |
| HLFHerbalife Ltd. | 1.6 bn | 9.1 | — | 3.4% | +0.9% | +20% / +19% |
| GLPGlobal Partners LP | 1.5 bn | 7.6 | — | 0.9% | +8.1% | −1% / +19% |
| UVVUniversal Corporation | 990.8 m | — | -0.2% | -0.1% | −1.3% | −25% / −29% |
| CAPLCrossamerica Partners LP | 773.8 m | 16.1 | — | 1.2% | −10.6% | −1% / −15% |
| WEYSWeyco Group, Inc. | 616.9 m | 17.8 | 13.8% | 12.4% | −4.9% | +129% / +138% |
| MGPIMgp Ingredients, Inc. | 364.2 m | — | -34.5% | -51.4% | −23.8% | −25% / −80% |
| NUSNu Skin Enterprises, Inc. | 242.9 m | — | -32.5% | -15.7% | −14.3% | −50% / −71% |
| PTLEPTL Limited | 121.4 m | — | -24.8% | -1.6% | −27.0% | −30% / unavailable |
| BANLCbl International Limited | 80.0 m | — | -14.0% | -0.6% | −9.1% | −48% / −86% |
| MMLPMartin Midstream Partners L.P. | 77.1 m | — | — | -1.4% | +1.2% | −25% / −24% |
| DITAmcon Distributing Co | 59.4 m | 33.1 | 1.6% | 0.1% | +3.9% | −19% / −48% |
1- and 3-year price returns: for WEYS 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 | 34.54 Total return -43% · Per year -43% | 61.36 Total return -0% · Per year -0% | 92.85 Total return 49% · Per year 49% |
| 3 years | 27.42 Total return -48% · Per year -20% | 55.38 Total return -1% · Per year -0% | 92.85 Total return 60% · Per year 17% |
| 5 years | 21.77 Total return -53% · Per year -14% | 49.98 Total return -2% · Per year -0% | 92.85 Total return 71% · Per year 11% |
- Exit P/E± 13.85
- Net margin± 9.69
- Annual revenue growth± 8.75
- 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.
Possibly outdated: the newest document it read is from 07 Aug 2026; since then the company filed 8-K (03 Nov 2026 · results).
In brief
Weyco Group designs, markets and distributes quality footwear, principally for men, under the Florsheim, Nunn Bush, Stacy Adams and BOGS brands. After a difficult 2025 marked by tariffs, the second quarter of 2026 showed a visible sales recovery alongside tariff refunds, so the trajectory of margins remains one to watch.
SWOT
Strengths
- A portfolio of well-known brands, with Florsheim at a record level, and a customer base across thousands of stores in North America.
- Solid liquidity and no credit-line debt, which gives flexibility in difficult periods.
- Visible growth in the second quarter of 2026, supported by Florsheim and BOGS sales.
Weaknesses
- Heavy dependence on outside suppliers concentrated in China, which makes costs sensitive to tariffs.
- Margins were compressed in 2025, and quarterly results are strongly influenced by one-off refunds.
- Nunn Bush, Stacy Adams and BOGS declined in 2025, showing vulnerability in several segments.
Opportunities
- Growth in the company's own e-commerce and a more diversified supplier base could support margins over the medium term.
- If the fall 2026 rebound at BOGS is confirmed, the brand could return to sustained growth.
- Recovery of the remaining tariff refunds could bring a further benefit, though timing is uncertain.
Threats
- New tariffs or changes in trade policy could erase the gains and compress margins again.
- A decline in consumers' disposable income could reduce demand for moderate-priced footwear.
- Competition from private-label programs and e-commerce retailers could pressure prices.
Risks
- Trade tariffshigh
New tariffs introduced in July 2026 and uncertain trade policy can directly affect import costs and margins.
- Dependence on Chinese suppliershigh
Two Chinese suppliers each account for more than 10% of inventory purchases, and the absence of long-term contracts exposes the company to disruption.
- BOGS seasonalitymedium
BOGS sales depend on weather and northern winters, and climate change could reduce demand.
- Key executive dependencelow
The loss of one of the two top executives could disrupt strategy and operations.
Investment thesis
What would need to be true (bull case)
- If the growth at Florsheim and the BOGS recovery hold in the second half of the year, the company could move past the 2025 decline and sustain better results.
- A debt-free balance sheet and high liquidity give flexibility for investment in e-commerce and supplier diversification.
- Closing company stores and focusing on online sales could lower fixed costs and improve long-term margins.
What would break the thesis
- If the higher tariffs introduced in July 2026 spread, margins could return to the 2025 compression level, and the second-quarter results could look exceptional.
- Declines at Nunn Bush, Stacy Adams and BOGS show vulnerability, and private-label pressure could keep limiting growth in opening-price brands.
- Second-quarter earnings were boosted by one-off refunds, and without them underlying profitability could look weaker than it appears.
What to watch
- Fall 2026 orders at BOGS and the brand's recovery2026
- Refund timetable for the remaining tariff entries (Phase 3)next 10-K
- Effect of closing company stores on Retail sales2027
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.
Possibly outdated: the newest document it read is from 07 Aug 2026; since then the company filed 8-K (03 Nov 2026 · results).
The business
The company, incorporated in Wisconsin, operates two reportable segments: Wholesale, which sells footwear to shoe, department and specialty stores in the United States and Canada, and Retail, made up of e-commerce businesses and four company stores in the United States. About 78% of 2025 sales came from Wholesale and Retail represented 13% 1. Products are made by outside suppliers, mainly in China and India, which makes the supply chain sensitive to tariffs and freight.
Net sales fell 5% in 2025 to 276.2 million USD, and net earnings dropped to 23.1 million USD 1. In the first half of 2026 sales rose 3% to 130.2 million USD 2. The company decided to close its four U.S. stores at the end of their leases, which sharpens the focus on e-commerce 2.
The brand mix, with Florsheim as the main driver, reduces dependence on a single product, but margins depend heavily on import costs and U.S. tariff policy. The company carries no debt on its credit line, and liquidity remains one of the strongest parts of its financial profile 2.
Segments
Florsheim Australia
The Other segment covers retail and wholesale in Australia and South Africa. Sales were nearly flat in 2025 and rose slightly in local currency, but the unit still posted small operating losses and remains a work in progress 1.
Market context
The moderate-priced U.S. footwear market where the company sells most of its products is sensitive to consumers' disposable income and inflation. Consumers have increasingly favoured casual footwear over traditional dress shoes, and competition from private-label and licensed products has intensified 1.
The retail channel is concentrated, with large retailers able to cut inventory, and growth in online shopping reduces store traffic. The company raised prices by 10% from July 2025 to offset tariffs, though this step could reduce demand 1.
Trends
- Softer demand for dress shoesmixed
Consumers favour casual footwear, and dress-oriented brands such as Stacy Adams have been hit by reduced shelf space in stores. Florsheim, with hybrid and dress-casual lines, has nonetheless shown solid growth 12.
- E-commercetailwind
Growth in online shopping threatens partner store traffic but gives the company a direct channel to consumers, which management says it will expand. Closing the company's own stores confirms this direction 12.
- Weather and BOGS seasonalityheadwind
BOGS sales depend on winter and weather, and climate change could reduce demand for seasonal boots. The rebound in orders for fall 2026 is a positive but fragile signal 1.
Competitive position
The company competes with numerous footwear manufacturers, distributors and retailers, some of which are much larger and have substantially greater resources. The main competitive factors are brand recognition, price, quality and service 1.
Pressure also comes from retailers' private-label programs, which compete directly with opening-price brands such as Nunn Bush, while licensed and lower-priced brands limit the shelf space available for dress products 12.
- Retailer private-label programs
Store-owned brands that compete with opening-price brands, particularly Nunn Bush.
- Larger footwear manufacturers
Companies with substantially greater resources competing on brand, price and distribution in the same Wholesale channel.
- Rubber boot manufacturers
Many competitors in the rubber boot category, against which BOGS highlights its Seamless construction.
- E-commerce retailers
Online platforms that can reduce store traffic for partners and intensify price competition.
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
No news in our archive over the last 180 days.
SEC filings
- Current report03 Nov 2026Results of operations · Financial statements and exhibits
- Current report03 Nov 2026Other events · Financial statements and exhibits
- Current report24 Sept 2026Material agreement · Creation of a direct financial obligation · Financial statements and exhibits
- Quarterly report07 Aug 2026
- Current report04 Aug 2026Results of operations · Financial statements and exhibits
- Current report24 Jun 2026Termination of a material agreement
- Quarterly report07 May 2026
- Current report07 May 2026Shareholder vote
- Current report05 May 2026Results of operations · Financial statements and exhibits
- Proxy statement02 Apr 2026
Sources
- [1] Form 10-K, fiscal year ended 2025-12-31 · SEC / Weyco Group, Inc. · 13 Mar 2026
- [2] Form 10-Q, quarter ended 2026-06-30 · SEC / Weyco Group, Inc. · 07 Aug 2026
- [3] Form 8-K, results release (exhibit 99.1) · SEC / Weyco Group, Inc. · 04 Aug 2026
Figures computed by olivLaw from SEC filings and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.