1.20%
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-38.82%
-9.59%
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Company Description

Rocky Brands, Inc.designs, manufactures, and markets footwear and apparel under the Rocky, Georgia Boot, Durango, Lehigh, Muck, XTRATUF, Servus, NEOS, Ranger, and licensed Michelin brand names in the United States, Canada, and internationally.It operates through Wholesale, Retail, and Contract Manufacturing segments.


The Wholesale segment offers products in approximately 10,000 retail locations through a range of distribution channels comprising sporting goods stores, outdoor retailers, independent shoe retailers, hardware stores, catalogs, mass merchants, uniform stores, farm store chains, specialty safety stores, and specialty and online retailers.The Retail segment sells its products directly to consumers through its e-commerce websites, including rockyboots.com, georgiaboot.com, durangoboot.com, lehighoutfitters.com, lehighsafetyshoes.com, slipgrips.com,muckbootcompany.com,xtratuf.com, and Rocky outlet store in Nelsonville, Ohio, and retail stores.The Contract Manufacturing segment include private label sales and any sales to customers which are contracted to manufacture a specific footwear product for a customer and include sales to the U.S. Military.


It serves industrial and construction workers, as well as workers in the hospitality industry, such as restaurants or hotels; farmers and ranchers; consumers enamored with western influenced fashion; commercial military personnel; hunting, fishing, camping, and hiking enthusiasts; law enforcement, security personnel, and postal employees; and for the U.S. military personnel.Rocky Brands, Inc.was founded in 1932 and is headquartered in Nelsonville, Ohio.

Market Data

Last Price 23.58
Change Percentage 1.20%
Open 23.04
Previous Close 23.3
Market Cap ( Millions) 176
Volume 27687
Year High 40.14
Year Low 19.65
M A 50 23.66
M A 200 28.97

Financial Ratios

FCF Yield 37.93%
Dividend Yield 2.63%
ROE 5.90%
Debt / Equity 68.91%
Net Debt / EBIDTA 321.10%
Price To Book 0.77
Price Earnings Ratio 13.21
Price To FCF 2.64
Price To sales 0.39
EV / EBITDA 6.89

Business Breakdown

Expected Mid-Term Growth

Segment nΒ°1 -> Wholesale

Expected Growth : 1.8 %

What the company do ?

Wholesale from Rocky Brands, Inc. refers to the business segment that distributes footwear, apparel, and accessories to retailers and distributors.

Why we expect these perspectives ?

Rocky Brands, Inc.'s wholesale segment growth of 1.8% is driven by increasing demand for outdoor and work footwear, expansion into new channels, and strategic partnerships. Additionally, the company's focus on innovative products, such as waterproof and insulated footwear, has contributed to the growth. Furthermore, the company's efforts to strengthen its distribution network and improve operational efficiency have also supported the segment's growth.

Segment nΒ°2 -> Retail

Expected Growth : 2.2 %

What the company do ?

Rocky Brands, Inc.'s Retail segment operates retail stores and e-commerce platforms, offering outdoor, work, and western-style footwear, apparel, and accessories.

Why we expect these perspectives ?

Rocky Brands, Inc.'s 2.2% retail growth is driven by increasing demand for outdoor and work footwear, expansion of e-commerce channels, and strategic partnerships with key retailers. Additionally, the company's focus on innovative products, such as waterproof and insulated footwear, has contributed to its growth in the retail segment.

Segment nΒ°3 -> Contract Manufacturing

Expected Growth : 1.9 %

What the company do ?

Rocky Brands, Inc.'s contract manufacturing involves partnering with companies to design, produce, and distribute high-quality footwear and apparel products, leveraging their expertise and resources.

Why we expect these perspectives ?

Rocky Brands, Inc.'s 1.9% growth in Contract Manufacturing is driven by increasing demand for outdoor and work footwear, strategic partnerships, and capacity expansions. Additionally, the company's focus on operational efficiency, cost savings, and investments in technology have contributed to the growth. Furthermore, the trend towards outsourcing manufacturing to specialized partners has also boosted the segment's performance.

Rocky Brands, Inc. Products

Product Range What is it ?
Work Boots High-quality, durable boots designed for workers in various industries such as construction, manufacturing, and outdoor occupations.
Outdoor Apparel Waterproof and breathable clothing designed for outdoor enthusiasts, including jackets, pants, and shirts.
Military Boots Tactical boots designed for military personnel, law enforcement, and first responders.
Western Boots Handcrafted boots with a focus on style, comfort, and durability, inspired by traditional Western designs.
Hunting Boots Waterproof and insulated boots designed for hunters and outdoor enthusiasts, providing warmth and protection in harsh environments.
Work Apparel Durable and comfortable clothing designed for workers in various industries, including flame-resistant and high-visibility apparel.

Rocky Brands, Inc.'s Porter Forces

The threat of substitutes for Rocky Brands, Inc. is medium due to the presence of alternative footwear and apparel brands in the market. However, the company's strong brand recognition and quality products help to mitigate this threat.

The bargaining power of customers is low for Rocky Brands, Inc. due to the company's strong brand portfolio and wide distribution network, which reduces the dependence on individual customers.

The bargaining power of suppliers is medium for Rocky Brands, Inc. due to the presence of multiple suppliers in the market. However, the company's large scale of operations and long-term relationships with suppliers help to mitigate this threat.

The threat of new entrants is low for Rocky Brands, Inc. due to the high barriers to entry in the footwear and apparel industry, including significant capital requirements and established distribution networks.

The intensity of rivalry is high for Rocky Brands, Inc. due to the presence of several established players in the footwear and apparel industry, leading to intense competition for market share.

Capital Structure

Value
Debt Weight 44.02%
Debt Cost 13.75%
Equity Weight 55.98%
Equity Cost 13.75%
WACC 13.75%
Leverage 78.62%

Historical Valuation

Price/Earnings Ratio

Margin Valuation

Peers Valuation

Competitors

Company Rational
CAL Caleres, Inc. engages in the retail and wholesale of footwear in the United States, Canada, China, and Guam. It operates through Famous Footwear and Brand Portfolio segments. The company offers …
WWW Wolverine World Wide, Inc. designs, manufactures, sources, markets, licenses, and distributes footwear, apparel, and accessories in the United States, Europe, the Middle East, Africa, the Asia Pacific, Canada and Latin …
WEYS Weyco Group, Inc. designs and distributes footwear for men, women, and children. It operates through two segments, North American Wholesale Operations and North American Retail Operations. The company offers mid-priced …
BKE The Buckle, Inc. operates as a retailer of casual apparel, footwear, and accessories for young men and women in the United States. It markets a selection of brand name casual …
VRA Vera Bradley, Inc., together with its subsidiaries, designs, manufactures, and sells women's handbags, luggage and travel items, fashion and home accessories, and gifts. It operates through three segments: Vera Bradley …

Peers Metrics

DCF BETA

Parameters

Short Term Growth
Short term Time
Long-Term Growth
WACC
Target Price
23.58$
Current Price
23.58$
Potential
-0.00%

Expected Cash-Flows

Scoring Insights

ValueQualityYieldMomentumVolatilityGrowth
Company A-Score: 6.80Peer Group Average: 6.80Leader: 7.30

Peers Group Analysis

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