olivLaw · US equity research
Rocky Brands, Inc. RCKY
Footwear, (No Rubber) · SIC 3140 · Vertical: Leather products (SIC 31xx)
Rocky Brands designs, manufactures and markets premium footwear and apparel under brands including Muck, XTRATUF, Rocky, Durango, Georgia Boot and Lehigh. Net sales reached 482.0 million USD in fiscal 2025, and in the second quarter of 2026 they grew 12.0%, supported by the Retail segment and the recognition of IEEPA tariff refunds.
The AI analysis may be outdated: new filings came after its sources (see the «AI analysis» section).
At the close of 04 Nov 2026, Rocky Brands, Inc. (RCKY) stock was 54.60 USD (+4.78% on the day), with market capitalisation 411.2 m USD, P/E 12.0 on diluted EPS of 4.55 USD over the last 12 months, dividend yield 1.19%, beta 1.15, 52-week range 28.67–54.60 USD. Latest reported quarter (Q3 2026): revenue of 138.8 m USD (+13.3% YoY), net income of 12.8 m USD (+78.1% YoY), diluted EPS 1.69 USD.
Data as of · AI analysis dated · Source: SEC filings and closing prices, computed by olivLaw.
Price history
Loading chart…
Technical reading
- RSI (14)
- 74.8
- overbought (≥ 70)
- Bollinger (20, 2)
- 42.11 – 52.77
- above the upper band · %B 1.17 · band width 22.5%
- SMA 50 / 200
- 45.76 / 41.47
- uptrend (price > SMA50 > SMA200)
- MACD (12, 26, 9)
- 1.74 / 0.98
- 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 | +18.3% | −1.1% | +19.4 pp | — |
| 3 months | +9.3% | −0.5% | +9.8 pp | — |
| 6 months | +50.7% | +4.4% | +46.3 pp | — |
| Year to date | +86.2% | +12.3% | +73.8 pp | — |
| 1 year | +91.4% | +13.5% | +77.8 pp | +12.4% |
| 3 years | +164.2% | +76.4% | +87.7 pp | −9.5% |
| 5 years | +30.2% | +63.7% | −33.4 pp | — |
Price returns, dividends excluded.
Quarterly results
Latest quarter: Q3 2026 · 30 Sept 2026
Quarterly margins
Quarterly statements · USD
| Fiscal year | Q4 '24 | Q1 '25 | Q2 '25 | Q3 '25 | Q4 '25 | Q1 '26 | Q2 '26 | Q3 '26 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 128.1 m | 114.1 m | 105.6 m | 122.5 m | 139.7 m | 124.4 m | 118.4 m | 138.8 m |
| Cost of revenue | 74.9 m | 67.1 m | 62.4 m | 73.3 m | 82.0 m | 79.0 m | 57.6 m | 76.3 m |
| Gross profit | 53.2 m | 47.0 m | 43.3 m | 49.3 m | 57.7 m | 45.4 m | 60.8 m | 62.5 m |
| Operating income | 8.5 m | 8.7 m | 7.2 m | 11.7 m | 9.6 m | 3.6 m | 19.7 m | 18.2 m |
| Depreciation & amortisation | 2.4 m | 2.4 m | 2.4 m ≈ | 2.5 m ≈ | 2.5 m | 2.5 m | 2.4 m ≈ | 2.4 m ≈ |
| Pre-tax income | 5.5 m | 6.4 m | 4.6 m | 9.2 m | 7.0 m | 1.6 m | 17.7 m | 16.4 m |
| Income tax | 660.0 k | 1.4 m | 1.0 m | 2.0 m | 438.0 k | 342.0 k | 3.8 m | 3.5 m |
| Net income | 4.8 m | 4.9 m | 3.6 m | 7.2 m | 6.5 m | 1.3 m | 13.9 m | 12.8 m |
| Diluted EPS | 0.64 ≈ | 0.66 | 0.48 | 0.96 | 0.86 ≈ | 0.17 | 1.83 | 1.69 |
| Operating cash flow | 24.4 m | 1.2 m | 812.0 k ≈ | -3.3 m ≈ | 17.6 m | 1.9 m | 7.8 m ≈ | 8.5 m ≈ |
| Capex | 1.5 m | 701.0 k | 3.2 m ≈ | 1.8 m ≈ | 867.0 k | 1.1 m | 3.7 m ≈ | 2.2 m ≈ |
| Dividends paid | 1.2 m | 1.2 m | 1.2 m ≈ | 1.2 m ≈ | 1.2 m | 1.2 m | 1.3 m ≈ | 1.3 m ≈ |
| Share repurchases | 0 | 201.0 k | 0 ≈ | 0 ≈ | 0 | 0 | 2.0 m ≈ | 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 34 percentile of its own 38-quarter history (min 5.6, median 13.3, max 36.4; quarters with earnings only).
Fiscal years
| Fiscal year | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 252.7 m | 270.4 m | 277.3 m | 514.2 m | 615.5 m | 461.8 m | 453.8 m | 482.0 m |
| Revenue YoY | −0.2% | +7.0% | +2.6% | +85.4% | +19.7% | −25.0% | −1.7% | +6.2% |
| Net income | 14.6 m | 17.5 m | 21.0 m | 20.6 m | 20.5 m | 10.4 m | 11.4 m | 22.3 m |
| Net income YoY | +51.8% | +20.0% | +20.1% | −1.9% | −0.5% | −49.1% | +9.2% | +95.6% |
| Diluted EPS | 1.95 | 2.35 | 2.86 | 2.77 | 2.78 | 1.41 | 1.52 | 2.96 |
| Diluted EPS YoY | +51.2% | +20.5% | +21.7% | −3.1% | +0.4% | −49.3% | +7.8% | +94.7% |
| net % | 5.8% | 6.5% | 7.6% | 4.0% | 3.3% | 2.3% | 2.5% | 4.6% |
| Free cash flow | 13.3 m | 10.4 m | 19.7 m | -75.9 m | 12.4 m | 69.7 m | 48.1 m | 9.7 m |
Reported results vs expectations
Loading…
Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 2.9 m USD
- Financial debt
- 122.6 m USD
- Net debt
- 119.7 m USD
- Equity
- 252.1 m USD
- Total assets
- 477.5 m USD
- Debt / equity
- 0.49x
- Current ratio
- 2.82x
- ROE
- 9.2%
- ROA
- 4.8%
- FCF margin
- 2.0%
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 | 277.3 m | 514.2 m | 615.5 m | 461.8 m | 453.8 m | 482.0 m | SEC (XBRL)· 11 Mar 2026verified |
| Cost of revenue | 172.6 m | 319.7 m | 390.3 m | 283.2 m | 274.8 m | 284.7 m | SEC (XBRL)· 11 Mar 2026verified |
| Gross profit | 104.7 m | 194.5 m | 225.2 m | 178.6 m | 179.0 m | 197.3 m | SEC (XBRL)· 11 Mar 2026verified |
| Operating income | 27.2 m | 36.0 m | 44.0 m | 35.4 m | 31.1 m | 37.2 m | SEC (XBRL)· 11 Mar 2026verified |
| Depreciation & amortisation | 5.2 m | 11.3 m | 12.3 m | 10.9 m | 10.3 m | 9.8 m | SEC (XBRL)· 11 Mar 2026verified |
| EBITDA | 32.4 m ≈ | 47.3 m ≈ | 56.4 m ≈ | 46.3 m ≈ | 41.3 m ≈ | 47.0 m ≈ | SEC (XBRL)· 11 Mar 2026derived |
| Interest expense | 200.0 k | 10.6 m | 18.3 m | 22.7 m | 17.0 m | 10.0 m | SEC (XBRL)· 11 Mar 2026verified |
| Pre-tax income | 27.0 m | 25.4 m | 25.8 m | 14.2 m | 14.1 m | 27.2 m | SEC (XBRL)· 11 Mar 2026verified |
| Income tax | 6.0 m | 4.8 m | 5.3 m | 3.7 m | 2.7 m | 4.9 m | SEC (XBRL)· 11 Mar 2026verified |
| Net income | 21.0 m | 20.6 m | 20.5 m | 10.4 m | 11.4 m | 22.3 m | SEC (XBRL)· 11 Mar 2026verified |
| Diluted EPS | 2.86 | 2.77 | 2.78 | 1.41 | 1.52 | 2.96 | SEC (XBRL)· 11 Mar 2026verified |
| Weighted average diluted shares | 7.3 m | 7.4 m | 7.4 m | 7.4 m | 7.5 m | 7.5 m | SEC (XBRL)· 11 Mar 2026verified |
| Dividend per share | 0.56 | 0.59 | 0.62 | 0.62 | 0.62 | 0.62 | SEC (XBRL)· 11 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 | 28.4 m | 5.9 m | 5.7 m | 4.5 m | 3.7 m | 2.9 m | SEC (XBRL)· 11 Mar 2026verified |
| Receivables | 48.0 m | 126.8 m | 95.0 m | 77.0 m | 72.0 m | 77.1 m | SEC (XBRL)· 11 Mar 2026verified |
| Inventories | 77.6 m | 232.5 m | 235.4 m | 169.2 m | 166.7 m | 181.1 m | SEC (XBRL)· 11 Mar 2026verified |
| Current assets | 163.2 m | 375.3 m | 341.0 m | 258.2 m | 246.4 m | 270.7 m | SEC (XBRL)· 11 Mar 2026verified |
| Property, plant & equipment, net | 33.8 m | 60.0 m | 57.4 m | 52.0 m | 49.7 m | 49.9 m | SEC (XBRL)· 11 Mar 2026verified |
| Goodwill | 0 | 50.2 m | 50.2 m | 47.8 m | 47.8 m | 47.8 m | SEC (XBRL)· 11 Mar 2026verified |
| Intangibles (excl. goodwill) | 30.2 m | 126.3 m | 121.8 m | 112.6 m | 105.8 m | 103.0 m | SEC (XBRL)· 11 Mar 2026verified |
| Total assets | 229.1 m | 624.6 m | 582.4 m | 479.4 m | 457.3 m | 477.5 m | SEC (XBRL)· 11 Mar 2026verified |
| Accounts payable | 20.1 m | 114.6 m | 69.7 m | 49.8 m | 58.1 m | 53.0 m | SEC (XBRL)· 11 Mar 2026verified |
| Short-term debt | 0 | 3.3 m | 3.3 m | 2.7 m | 8.4 m | 8.4 m | SEC (XBRL)· 11 Mar 2026verified |
| Long-term debt | 0 | 266.8 m | 253.6 m | 170.5 m | 120.4 m | 114.3 m | SEC (XBRL)· 11 Mar 2026verified |
| Current liabilities | 40.0 m | 140.1 m | 96.3 m | 71.5 m | 90.4 m | 96.1 m | SEC (XBRL)· 11 Mar 2026verified |
| Total liabilities | 49.6 m | 426.7 m | 366.9 m | 255.8 m | 225.1 m | 225.4 m | SEC (XBRL)· 11 Mar 2026verified |
| Equity | 179.5 m † | 197.9 m † | 215.5 m † | 223.6 m † | 232.2 m † | 252.1 m † | SEC (XBRL)· 11 Mar 2026verified |
† equity attributable to the parent's shareholders: in these years the issuer no longer reports the total including non-controlling interests.
Cash flow · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Operating cash flow | 31.4 m | -54.9 m | 19.1 m | 73.6 m | 52.8 m | 16.3 m | SEC (XBRL)· 11 Mar 2026verified |
| Capex | 11.7 m | 21.1 m | 6.7 m | 3.9 m | 4.7 m | 6.6 m | SEC (XBRL)· 11 Mar 2026verified |
| Free cash flow | 19.7 m ≈ | -75.9 m ≈ | 12.4 m ≈ | 69.7 m ≈ | 48.1 m ≈ | 9.7 m ≈ | SEC (XBRL)· 11 Mar 2026derived |
| Investing cash flow | -11.7 m | -233.5 m | -1.2 m | 13.4 m | -3.0 m | -6.2 m | SEC (XBRL)· 11 Mar 2026verified |
| Financing cash flow | -6.9 m | 265.9 m | -18.1 m | -88.2 m | -50.6 m | -10.9 m | SEC (XBRL)· 11 Mar 2026verified |
| Dividends paid | 4.1 m | 4.3 m | 4.5 m | 4.6 m | 4.6 m | 4.6 m | SEC (XBRL)· 11 Mar 2026verified |
| Share repurchases | 2.9 m | 0 | 0 | — | 0 | 201.0 k | SEC (XBRL)· 11 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: 54 / 100
A scoring methodology on indicators and valuation, not investment advice.
Closing price
04 Nov 2026Source: olivLaw, closing series
Market cap: 411.2 m USD
Key indicators
Coverage and freshness
Score by group
- Balance sheet67
- Valuation69
- Quality59
- Growth7
- Returns54
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: 41.91 – 98.05 USD.
Methods computed but outside the aggregate range: Dividend discount (DDM) (a small share of earnings is paid as dividends (capital returns through buybacks): the dividend model does not describe the value and stays outside the aggregate).
Valuation assumptions are editorial choices, not measured; beta is not measured.
Method ranges (USD per share)
— — Mid · ▏ Price
Valuation methods
- DCF (discounted cash flow)41.91 – 77.82 (Mid 55.27)WACC 8.3% · starting FCFF 36.0 m USD · terminal value share of EV 75%The WACC × g sensitivity gives the method's bounds; these are not probabilities.Reverse DCF: starting growth implied by the price (fading linearly to terminal growth, everything else fixed): -5.4%
- Peers: EV/EBITDA84.81 – 98.05 (Mid 87.87)3 companies used · median multiple 12.7x · quartiles 12.3x – 14.0xCPRI, TPR, WWW
- Peers: P/E54.35 – 82.68 (Mid 78.40)5 companies used · median multiple 17.2x · quartiles 12.0x – 18.2xCAL, CPRI, SHOO, TPR, WWW
- Dividend discount (DDM)outside the aggregate8.15 – 10.96 (Mid 9.35)a small share of earnings is paid as dividends (capital returns through buybacks): the dividend model does not describe the value and stays outside the aggregate
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 54/100
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | 10.7% | 40 (vs peers) | 10% |
| Net margin · Quality | 6.6% | 78 (vs peers) | 6% |
| FCF conversion · Quality | 80.8% | 73 (on a fixed band) | 6% |
| Revenue CAGR 3Y · Growth | -7.8% | 0 (on a fixed band) | 8% |
| EPS CAGR 3Y · Growth | 2.1% | 14 (on a fixed band) | 8% |
| Net debt / EBITDA · Balance sheet | 1.9x | 60 (vs peers) | 10% |
| Interest coverage · Balance sheet | 5.1x | 56 (on a fixed band) | 6% |
| Current ratio · Balance sheet | 2.7x | 100 (on a fixed band) | 4% |
| P/E (TTM) · Valuation | 12.0x | 67 (vs peers) | 10% |
| EV/EBITDA · Valuation | 8.6x | 58 (on a fixed band) | 10% |
| FCF yield · Valuation | 6.8% | 85 (on a fixed band) | 8% |
| Shareholder yield (distributions) · Returns | 1.7% | 24 (on a fixed band) | 6% |
| Payout ratio (FCF) · Returns | 17.5% | 100 (on a fixed band) | 4% |
Score groups
- Balance sheet67/100 · 3/3 factors with a value
- Growth7/100 · 2/2 factors with a value
- Quality59/100 · 3/3 factors with a value
- Returns54/100 · 2/2 factors with a value
- Valuation69/100 · 3/3 factors with a value
Memo
ROCKY BRANDS, INC. (RCKY). Latest full fiscal year: 2025; data up to 2026-09-30.
Figures computed from the financial statements: revenue 482.0 m USD in 2025; YoY growth 6.2%; net margin 6.6%; ROE 13.2%; net debt/EBITDA 1.9x.
The estimated value range is 54.35–82.68 USD per share (median of 3 methods, agreement: medium); assumptions are illustrative. Against the central value of 78.40 USD, the price of 54.60 USD leaves a potential of 43.6% (value / price − 1) and a margin of safety of 30.4% (1 − price / value). The range is the median of the methods' low, central and high values, not a probability interval.
olivLaw score 54/100, 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: 6.6%
- FCF conversion: 80.8%
- Current ratio: 2.7x
- FCF yield: 6.8%
- Payout ratio (FCF): 17.5%
What contradicts it
- Revenue CAGR 3Y: -7.8%
- EPS CAGR 3Y: 2.1%
- Shareholder yield (distributions): 1.7%
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% | +12% / +24% |
| 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% | +91% / +164% |
| 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 RCKY 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 | 29.40 Total return -45% · Per year -45% | 52.24 Total return -3% · Per year -3% | 79.05 Total return 46% · Per year 46% |
| 3 years | 23.35 Total return -55% · Per year -23% | 47.15 Total return -10% · Per year -4% | 79.05 Total return 49% · Per year 14% |
| 5 years | 18.54 Total return -63% · Per year -18% | 42.55 Total return -17% · Per year -4% | 79.05 Total return 52% · Per year 9% |
- Exit P/E± 11.79
- Net margin± 8.25
- Annual revenue growth± 7.45
- Annual dilution± 0.69
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 04 Aug 2026; since then the company filed 10-Q (03 Nov 2026), 8-K (27 Oct 2026 · results).
In brief
Rocky Brands designs, manufactures and markets premium footwear and apparel under brands including Muck, XTRATUF, Rocky, Durango, Georgia Boot and Lehigh. Net sales reached 482.0 million USD in fiscal 2025, and in the second quarter of 2026 they grew 12.0%, supported by the Retail segment and the recognition of IEEPA tariff refunds.
SWOT
Strengths
- A portfolio of recognized brands with a long history in work, outdoor and western niches.
- Solid growth in the Retail segment and higher gross margins in recent periods.
- Long-term relationships with retailers and a well-established Lehigh CustomFit business model.
Weaknesses
- High dependence on production outside the United States and on suppliers that do not always have long-term contracts.
- Pronounced seasonality, which concentrates sales and inventory in certain periods.
- Considerable debt and credit restrictions that limit financial flexibility.
Opportunities
- Extending brands into new product markets and regions, including through international distributors.
- Growth in online sales and third-party platforms, if marketing investments prove effective.
- Recovery of tariffs paid, which could support margins if refunds are received in full.
Threats
- Frequent changes in tariffs and trade policies could raise import costs.
- Competition from larger companies with superior financial and distribution resources.
- Atypical weather and climate change could affect sales of outdoor products.
Risks
- Dependence on offshore productionhigh
Most products are manufactured outside the continental United States, exposing the company to tariffs, exchange rates, political instability and logistics disruption.
- Tariff uncertaintyhigh
Tariffs can be changed, suspended or replaced at any time, and the effect on costs depends on the company's ability to pass them on in prices or change its sources.
- Indebtedness and credit restrictionsmedium
Credit facilities include restrictive covenants and fixed-charge coverage requirements, and failure to comply could trigger an event of default.
- Customer credit riskmedium
A wholesale customer's bankruptcy led to a write-off of receivables, showing that the loss of a major customer can affect results.
- Seasonality and weathermedium
Sales of outdoor products depend on cold or wet weather, and a mild season can leave hard-to-sell inventory and lead to markdowns.
Investment thesis
What would need to be true (bull case)
- Sales growth in the second quarter of 2026, supported by all segments, shows that demand for the company's brands remains robust.
- The Retail segment, with higher margins, is growing faster than the rest of the business and could improve profitability over the medium term.
- The IEEPA tariff refunds and the reduction of total debt could strengthen the balance sheet if the outstanding amounts are collected.
What would break the thesis
- Second-quarter earnings include a tariff refund benefit that will not repeat automatically, so the result may not be sustainable.
- The tariff environment remains unstable, and changes in trade policy could reduce margins if the company cannot offset the costs.
- Operating expenses have risen as a share of sales, and logistics and marketing costs for Retail could limit the benefits of growth.
What to watch
- Collection of IEEPA refunds and their effect on cost of goods soldQ3 2026
- Growth rate of the Retail segment and gross margin once the refund effect fadesQ3 2026
- Trends in inventory and total debt, especially the asset-backed credit facilitynext 10-Q
- Company guidance for second-half sales, following strong Wholesale bookings2026
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 04 Aug 2026; since then the company filed 10-Q (03 Nov 2026), 8-K (27 Oct 2026 · results).
The business
The company organizes its brand portfolio into three reportable segments: Wholesale, Retail and Contract Manufacturing. The Wholesale segment distributes products through sporting goods stores, outdoor retailers, independent shoe stores, hardware stores, mass merchants and specialty safety stores in the United States, Canada and several international markets, such as Europe. The Retail segment covers direct sales to consumers through the Lehigh CustomFit business-to-business platform, e-commerce websites, third-party marketplaces and the Rocky Outdoor Gear Store in Nelsonville, Ohio. Contract Manufacturing covers contracts with the U.S. Military and private label orders, which depend on winning bids.
Products are grouped into six product lines: work, outdoor, western, duty, commercial military and military. Suggested retail prices range from 45.00 USD for value products to 680.00 USD for premium products, and the range also includes apparel and accessories as part of a head-to-toe outfitting strategy.
Sales are seasonal, because orders for outdoor products are typically placed from January through April, and sales are highest in the last two quarters of the year. The Retail segment is growing faster than the others, mainly due to sales on the company's own websites and third-party platforms.
Segments
Contract Manufacturing
Contract Manufacturing includes contracts with the U.S. Military and private label production; sales depend on winning bids and rose in the second quarter of 2026, but it remains the smallest segment.
Market context
The company is active in work, outdoor and western footwear markets, selling through specialty retailers and digital channels. Most products are made in Vietnam, China, the Dominican Republic, Cambodia, Puerto Rico, India and Mexico, which exposes the company to tariffs and international trade risks.
Demand depends on weather and consumer preferences, and a mild season in cold regions could weigh on outdoor product sales. On the cost side, raw materials such as leather, Cordura nylon and soling materials, as well as shipping on Pacific and Caribbean routes, affect margins.
Trends
- IEEPA tariff refundsmixed
After the February 2026 Supreme Court ruling, the company is eligible for refunds of tariffs paid, and in the second quarter of 2026 it recognized an 18.0 million USD benefit in cost of goods sold. The effect is favorable in the short term, but uncertainty over future tariffs remains high.
- Growth in direct-to-consumer salestailwind
Sales on the company's own websites and marketplaces, along with the expansion of Lehigh CustomFit, support growth in the Retail segment, which carries higher gross margins than Wholesale and Contract Manufacturing.
- Tariff pressure and trade instabilityheadwind
Frequently changing tariffs and the risk of new trade measures could raise import costs, and the company may need to adjust prices or sourcing locations.
- Marketing and logistics costs in Retailheadwind
Growth in direct sales has increased logistics and selling costs, and pressure on operating expenses could continue if the Retail share keeps rising.
Competitive position
The footwear and apparel industry is intensely competitive, and several competitors have significantly greater financial, technological and distribution resources than the company. Success depends on quality, design, price and timely delivery of products.
The company differentiates itself through its brand portfolio, which is recognized in work and outdoor niches, through product innovation and through long-term retailer relationships, without being in the position of the largest players in the sector.
- Larger competitors with greater financial resources
The annual report notes that some competitors have significantly greater resources in finance, technology, manufacturing and distribution, without naming them in the analyzed sources.
- Outdoor and sporting goods retailers
These retailers are sales channels and customers of the company, but they can also compete through their own private brands.
- E-commerce platforms and marketplaces
Online marketplaces are sales channels for the company, but they also intensify price competition in the same footwear segment.
- Makers of protective and work footwear
Lehigh and Georgia Boot compete with other producers of safety and work footwear for contracts with industrial companies.
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.
Loading the links…
News & filings
In the press
- Canada stops using 'avalanche dogs' for rescues in Rocky Mountains, stirring outrageBBC World News · 30 Oct 2026 · EN
- Rocky Linux Creator Built a New "Not Linux" Kernel in 11 Days Using AIIt's FOSS · 27 Oct 2026 · EN
- Are 'mega-Earths' real? Stellar activity may explain these oversized rocky worldsPhys.org · 22 Oct 2026 · EN
- Live updates: Trump-Zelensky relationship rocky over Russia sanctions, Starlink; Obama campaigns in Michigan, OhioThe Hill · 17 Oct 2026 · EN
- White House press secretary Katie Zacharia is leaving the job after rocky startSurge — GDELT DOC · 16 Oct 2026 · RO
- Zacharia’s first spin at White House podium draws rocky reviewsThe Hill · 13 Oct 2026 · EN
- A 2,623-year temperature reconstruction from the Colorado Rocky Mountains reveals warm and cool droughtsPNAS · 05 Oct 2026 · EN
- OpenCourant: Rocky Linux Developers Create Community Fork Of OpenRadiossPhoronix · 04 Oct 2026 · EN
- Tesla’s Cybercab had a rocky first month in Austin. Now comes the hard part: expandingCNBC — Top News · 03 Oct 2026 · EN
- The rocky road to a new permitting lawAxios · 01 Oct 2026 · EN
- Windy weddings and rocky cruises: How East Coasters are braving the nor'easter this weekendNPR News · 26 Sept 2026 · EN
- Japan’s newest party gets off to rocky start with zero percent support rateThe Japan Times · 25 Sept 2026 · EN
- $25 Kalshi Code ROCKY Now Live for Liberty vs . Coastal Carolina Tonight | Rocky Top Insider Kalshi Promo Code ROCKY : Get $25 Bonus for Liberty vs . Coastal CarolinaSurge — GDELT DOC · 24 Sept 2026 · RO
- Polymarket Promo Code ROCKY Unlocks $50 Bonus for Liberty vs . Coastal Carolina Tonight | Rocky Top Insider Polymarket Promo Code ROCKY : $50 Bonus for Liberty vs . Coastal CarolinaSurge — GDELT DOC · 24 Sept 2026 · RO
- Nene's rocky road to stardomBangkok Post · 24 Sept 2026 · EN
- 9 cool hotels for leaf peeping, from Central Park to the Rocky MountainsThe Points Guy · 22 Sept 2026 · EN
- 3 Reasons CRISPR Therapeutics Stock Is Still a Buy After a Rocky 2026Yahoo Finance — News · 20 Sept 2026 · EN
- Venus ate its moon: How Earth's 'twin' could have swallowed a rocky satellitePhys.org · 20 Sept 2026 · EN
- Live updates: Relationship with Canada still rocky ahead of UN General Assembly; AI companies hit with new lawsuitThe Hill · 19 Sept 2026 · EN
- Rocky Star primăvară-vară 2027 la London Fashion Week: cât de departe poate călători tradiția indiană?G4Media · 18 Sept 2026 · RO
The latest news item in our archive is from 30 Oct 2026; the newest SEC filing is from 03 Nov 2026. The press archive comes from the RSS feeds we follow and does not necessarily cover the latest event — the filings alongside do.
SEC filings
- Quarterly report03 Nov 2026
- Current report27 Oct 2026Results of operations · Financial statements and exhibits
- Quarterly report04 Aug 2026
- Current report28 Jul 2026Results of operations · Financial statements and exhibits
- Current report05 Jun 2026Shareholder vote
- Current report18 May 2026Other events · Financial statements and exhibits
- Quarterly report05 May 2026
- Proxy statement28 Apr 2026
- Current report28 Apr 2026Results of operations · Financial statements and exhibits
- Annual report11 Mar 2026
Sources
- [1] Form 10-K, fiscal year ended 2025-12-31 · SEC / Rocky Brands, Inc. · 11 Mar 2026
- [2] Form 10-Q, quarter ended 2026-06-30 · SEC / Rocky Brands, Inc. · 04 Aug 2026
- [3] Form 8-K, results release (exhibit 99.1) · SEC / Rocky Brands, Inc. · 28 Jul 2026
Figures computed by olivLaw from SEC filings and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.