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what it is
Steven Madden sells shoes, bags, and apparel through wholesale partners, its own stores, and its own websites.
how it gets paid
Last year Steven Madden made $2.5B in revenue. Footwear was the main engine at $1.63B, or 65% of sales.
why it's growing
Revenue grew 11.0% last year. Gross margin was 41.2%, because revenue growth without margin support is how you end up selling more and earning less.
what just happened
Adjusted EPS came in around **$0.48** versus a **$0.42** estimate, while **GAAP** EPS in the filing line on this page is **$0.30**—same quarter, different measure. Revenue printed **~$1.8B** on acquisition help.
At a glance
B+ balance sheet — decent shape, but not bulletproof
25/100 earnings predictability — expect surprises
26.5x trailing p/e — priced about right
1.9% dividend yield — cash in your pocket every quarter
18.5% return on capital — solid for apparel, not elite
xvary composite: 62/100 — average
What they do
Steven Madden sells shoes, bags, and apparel through wholesale partners, its own stores, and its own websites.
This company wins because it sits where fashion and distribution meet. You get trend-driven brands plus shelf space in stores, 397 company-operated locations, 133 international concessions, and seven e-commerce sites. Scale → more places to sell product → so what: when a style works, Steven Madden can push it across multiple channels fast.
How they make money
$2.5B
annual revenue · their business grew +11.0% last year
Footwear
$1.63B
Accessories and Apparel
$0.50B
Direct-to-Consumer
$0.38B
The products that matter
fashion footwear and accessories portfolio
Core brands
$2.5B annual revenue
this is the whole business today. the portfolio produced $2.5B in sales last year at roughly **7.5% net margin** (aligned to the financial health line below)—so every markdown still matters.
profit sensitivity
acquired premium accessories brand
Kurt Geiger
$135.5M september-quarter sales
kurt geiger added $135.5M in sales in the september quarter, and management wants it to become a $1B brand. that's the growth story inside the story.
integration bet
wholesale and distribution channel
Wholesale relationships
$664M quarterly revenue
quarterly revenue reached $664M, but management commentary points to wholesale weakness. if department stores slow down, inventories and markdowns can do the rest.
channel risk
Key numbers
18.5%
return on capital
Return on capital → profit earned on money invested → so what: every $1 put into the business produces about $0.19 in operating return, which is strong for apparel.
26.5x
trailing p/e
P/E → years of earnings you are paying for → so what: you are not buying this like a bargain retailer.
$294M
long-term debt
Long-term debt → money owed over many years → so what: debt is only 8% of capital, so the balance sheet looks usable, not cornered.
10.5%
operating margin
Operating margin → profit after running the business, before interest and taxes → so what: Steven Madden keeps about $10.50 from every $100 of sales.
Financial health
B+
strength
- balance sheet grade B+ — solid but not elite
- risk rank 3 — safer than 50% of stocks
- price stability 50 / 100
- long-term debt $294M (8% of capital)
- net profit margin 7.5% — keeps 8 cents of every dollar in revenue
- return on equity 19% — $0.19 profit for every $1 investors have put in
B+ — functional but not a standout on the balance sheet.
Total return vs. market
You invested $10,000 in SHOO 3 years ago → it's now worth $15,260.
The index would have given you $14,770.
source: institutional data · total return
What just happened
beat estimates
Adjusted EPS printed ~$0.48 vs a $0.42 estimate; GAAP EPS in the filing row below is $0.30. Revenue hit ~$1.8B with acquisition help.
vs. prior year revenue growth is huge after Kurt Geiger—treat **167%** as acquisition-skewed, not organic steady state. The spread between **~$0.48** adjusted and **$0.30** GAAP is the profitability story in one glance.
$1.8B
quarterly revenue
$0.30
GAAP EPS
41.2%
gross margin
the number that mattered
Gross margin was 41.2%, because revenue growth without margin support is how you end up selling more and earning less.
-
steve madden likely continued its streak of mixed financial results in the final stanza of 2025.
-
we anticipate sales soared 28% vs. prior year, to about $743 million, thanks to the acquisition of kurt geiger, which was completed earlier in 2025.in fact, that brand contributed about $135.5 million in sales for the september quarter, offsetting wholesale weakness. nonetheless, operating margins ought to be damaged from its ongoing initiative of moving factories away from china and into mexico and vietnam. moreover, integration costs and interest payments from the aforementioned kurt geiger purchase further erode bottom-line prospects. as such, unfavorable vs. prior year share-earnings comparisons in the fourth quarter, and for the year as a whole, are likely.
-
bottom-line performance may begin to perk up in mid-2026.as kurt geiger fully integrates, steve madden can use its massive u.s. distribution to put kurt geiger bags into just about every department store.
-
to wit, leadership stated that it aims to make that a $1 billion brand.however, weakness in the wholesale category is concerning, as this could lead to price markdowns amid inventory buildup—weakening margin performance. and while the company has a notable amount of debt for the first time in decades, steve madden’s strong cash flow might allow it to pay off debt earlier than expected—saving on interest payments.
-
the long-term outlook is favorable.
source: company earnings report, 2026
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What could go wrong
the top risk is wholesale weakness forcing markdowns into an already thin margin structure.
med
wholesale slowdown and inventory pressure
management commentary already points to weakness in wholesale. if orders soften and inventory backs up, markdowns can do the damage from there.
At a ~7.5% net margin (per financial health on this page), there is not much cushion. the last full year already showed how quickly earnings can compress, with EPS falling to $1.65 from $2.67.
med
kurt geiger integration
the acquisition added $135.5M in september-quarter sales and comes with a stated ambition to build a $1B brand. that is the upside case and the execution burden in the same sentence.
If integration costs linger or cross-selling does not show up, SHOO gets the revenue boost without the earnings leverage investors are paying for.
med
factory shift away from china
moving production into mexico and vietnam reduces concentration risk, but transitions like this rarely look elegant in the quarter they happen.
This matters because one recent quarter printed ~8.0% net margin while the trailing net margin on the health panel is ~7.5%—a few points of friction in sourcing, freight, or product timing can still bite.
med
legal disputes with competitors
the company is dealing with claims involving competitors including Nike and Wolverine World Wide. the page data is thin on precise exposure, which means you should treat this as an overhang, not a modeled line item.
Thin disclosure is the problem here. when the numbers are unclear, the range of outcomes gets wider, and consumer names rarely get premium multiples for uncertainty.
With a ~7.5% net margin on the health readout, $294M of long-term debt, and full-year EPS already down 38%, SHOO does not have a wide margin of error if wholesale softness and integration costs overlap.
source: institutional data · regulatory filings · risk analysis
Pay attention to
trend
earnings versus revenue
revenue grew 11% last year while full-year EPS fell 38%. if that gap stays wide, the growth story gets harder to sell.
metric
kurt geiger contribution
$135.5M in september-quarter sales is your baseline. you want to see that brand add profit, not just headline revenue.
risk
wholesale markdown pressure
with a ~7.5% net margin on this page’s health line, a little channel weakness still goes a long way. watch inventory commentary and margin language closely.
calendar
2026 guidance versus the $3B revenue estimate
the street is looking for $3B in revenue and $2.30 in EPS. the next guide tells you whether that recovery is real or just a spreadsheet habit.
Analyst rankings
short-term outlook
top 20%
momentum score 2 — in human-speak, analysts think SHOO can outperform most stocks over the next year.
risk profile
average
stability score 3 — this is a middle-of-the-pack risk profile, not a bunker stock and not a cliff edge either.
chart momentum
top 20%
technical score 2 — the tape has been better than the business quality would suggest. welcome to expectations.
earnings predictability
25 / 100
earnings predictability is low. translation: this company has a habit of making the model look too tidy.
source: institutional data
Institutional activity
127 buyers vs. 139 sellers in 3q2025. total institutional holdings: 85.4M shares.
source: institutional data
Price targets
3-5 year target range
$29
$68
$44
current price
$49
target midpoint · +12% from current · 3-5yr range top: $68 per bar endpoints (~+55% vs ~$44)
Want the deeper analysis?
The full deep dive: dcf model, scenario analysis, competitive moat breakdown, and quarterly tracking — everything on this page, taken further.
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