Start here if you're new
what it is
Rocky Brands makes and sells boots and apparel for work, outdoor, western, duty, military, and everyday use.
how it gets paid
Last year Rocky Brands made $482M in revenue. work was the main engine at $168.7M, or 35% of sales.
why it's growing
Revenue grew 6.2% last year. Gross margin at 40.9% matters most because a 150 basis point gain versus 39.4% says Rocky is selling cleaner.
what just happened
Rocky’s latest quarter showed $139.7M in revenue and EPS of $0.96, with margin moving the story more than sales.
At a glance
C+ balance sheet — struggling to keep the lights on
55/100 earnings predictability — expect surprises
10.9x trailing p/e — the market's not buying it — or you found a deal
1.5% dividend yield — cash in your pocket every quarter
5.3% return on capital — nothing to write home about
xvary composite: 36/100 — weak
What they do
Rocky Brands makes and sells boots and apparel for work, outdoor, western, duty, military, and everyday use.
Rocky wins by being where the buyer already shops. Its wholesale network reaches more than 10,000 retail store locations across the U.S. and Canada, so your next pair of work boots is already on a shelf before you search online. Brand portfolio → multiple labels for different jobs and lifestyles → so what: one company can sell to work, western, duty, and outdoor buyers without betting everything on one trend.
How they make money
$482M
annual revenue · their business grew +6.2% last year
work
$168.7M
outdoor
$106.0M
western
$77.1M
duty
$57.8M
commercial military
$48.2M
lifestyle
$24.2M
The products that matter
outdoor and commercial footwear
XTRATUF
retail-led growth driver
XTRATUF helped power a retail segment that reached $194M in annual sales and grew 30.8% in the latest quarter.
30.8% growth
work and duty footwear
Work Boots
$288M wholesale channel
Wholesale still brings in about $288M of sales, but gross margin there was 37.5%, well below retail's 43.6%.
60% of sales
uniform and professional gear
Duty Gear
disclosure is thin
This business serves professional buyers, but the snapshot does not break out revenue. That's the point — you are relying on brand breadth without segment-level proof.
watch demand
Key numbers
10.9x
trailing p/e
P/E → stock price divided by past profit → so what: you are paying 10.9 times trailing earnings for a company that just posted $482M in annual sales.
10.1%
operating margin
Operating margin → profit left after running the business → so what: Rocky keeps about 10 cents from each sales dollar before interest and taxes.
$133M
long-term debt
Long-term debt → money owed over years → so what: debt equals 29% of capital, which limits flexibility if boot demand cools.
1.5%
dividend yield
Dividend yield → cash payout relative to stock price → so what: you get a small income check while waiting for the turnaround to prove itself.
Financial health
C+
strength
- balance sheet grade C+ — weak — may struggle to fund operations
- risk rank 5 — safer than 5% of stocks
- price stability 10 / 100
- long-term debt $133M (29% of capital)
C+ — below average. watch for debt servicing and cash burn.
Total return vs. market
Return history isn't available for RCKY right now.
source: institutional data · return history unavailable
What just happened
beat estimates
Rocky’s latest quarter showed $139.7M in revenue and EPS of $0.96, with margin moving the story more than sales.
Gross margin reached 40.9%, up from 39.4% a year earlier, according to the 2025 earnings release. Quiet part out loud: for a boot maker this size, better pricing and cleaner inventory matter more than heroic revenue growth.
$139.7M
revenue
$0.96
eps
40.9%
gross margin
the number that mattered
Gross margin at 40.9% matters most because a 150 basis point gain versus 39.4% says Rocky is selling cleaner, not just selling more.
source: company earnings report, 2026
Get this snapshot in your inbox
This page, delivered free — plus weekly updates when the numbers change. plain english, no spam.
weekly updates
earnings alerts
plain english
no spam
What could go wrong
The top risk is wholesale demand staying soft while inventory keeps building.
high
wholesale stays weak
Wholesale sales fell 1.5% and still represent about $288M of annual revenue. If that channel keeps shrinking, retail has to run even faster just to keep total sales moving.
exposes roughly 60% of current revenue mix
high
inventory overhang
Inventory reached $193.6M, up 12.7% from last year. That is a lot of cash tied up in boxes for a company worth about $321M in the market.
$193.6M of inventory is the pressure point
med
margin improvement reverses
Retail gross margin was 43.6% versus 37.5% for wholesale, and total gross margin reached 40.9%. If mix shifts back or promotions rise, the recent margin progress fades quickly.
a few points of gross margin matter more here than a few points of revenue growth
med
balance sheet leaves less room for error
The balance sheet is graded C+, long-term debt is $133M, and price stability is 10 out of 100. That is not the profile you want if demand softens for more than a quarter or two.
$133M of debt amplifies execution mistakes
$288M of revenue still runs through wholesale, inventory sits at $193.6M, and long-term debt is $133M. Rocky does not have much room for a bad season.
source: institutional data · regulatory filings · risk analysis
Pay attention to
earnings
Q1 2026 earnings report
Scheduled for May 5, 2026. The first question is simple: did wholesale stabilize, or is retail still doing all the work.
inventory
inventory at $193.6M
You want this number moving down, not becoming the permanent cost of chasing growth.
mix shift
retail versus wholesale
Retail grew 30.8% while wholesale fell 1.5%. If that gap narrows the wrong way, the margin story weakens with it.
capital
$7.5M buyback authorization
Helpful if free cash flow holds up. Less helpful if cash gets trapped in inventory and debt stays sticky.
Analyst rankings
earnings predictability
55 / 100
In human-speak, analysts do not view Rocky's earnings stream as especially stable.
risk rank
5
That means it screens as safer than only 5% of stocks in the dataset. You are not buying a bunker stock.
source: institutional data
Institutional activity
institutional ownership data for RCKY is being compiled.
source: institutional data
Price targets
3-5 year target range
n/a
n/a
$30
current price
n/a
target midpoint · n/a from current
Want the deeper analysis?
The full deep dive: dcf model, scenario analysis, competitive moat breakdown, and quarterly tracking — everything on this page, taken further.
see plans from $5/moThe deep dive