Tearsheet

Steven Madden (SHOO)

Market Price (5/13/2026): $38.57 | Market Cap: $2.7 Bil
Sector: Consumer Discretionary | Industry: Footwear

Steven Madden (SHOO)

Market Price (5/13/2026): $38.57
Market Cap: $2.7 Bil
Sector: Consumer Discretionary
Industry: Footwear

Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.

Strong revenue growth
Rev Chg LTMRevenue Change % Last Twelve Months (LTM) is 15%

Attractive yield
Dividend Yield is 2.2%

Low stock price volatility
Vol 12M is 48%

Megatrend and thematic drivers
Megatrends include E-commerce & Digital Retail, and Social Media & Creator Economy. Themes include Direct-to-Consumer Brands, and Creator Economy Monetization.

Weak multi-year price returns
2Y Excs Rtn is -43%, 3Y Excs Rtn is -53%

Key risks
SHOO key risks include [1] its significant sourcing concentration in tariff-sensitive regions like China and [2] its heavy dependence on a disrupted wholesale channel impacted by department store failures.

0	Strong revenue growth Rev Chg LTMRevenue Change % Last Twelve Months (LTM) is 15%
1	Attractive yield Dividend Yield is 2.2%
2	Low stock price volatility Vol 12M is 48%
3	Megatrend and thematic drivers Megatrends include E-commerce & Digital Retail, and Social Media & Creator Economy. Themes include Direct-to-Consumer Brands, and Creator Economy Monetization.
4	Weak multi-year price returns 2Y Excs Rtn is -43%, 3Y Excs Rtn is -53%
5	Key risks SHOO key risks include [1] its significant sourcing concentration in tariff-sensitive regions like China and [2] its heavy dependence on a disrupted wholesale channel impacted by department store failures.

Valuation, Metrics & Events

	5/13/26	2025	2024	2023	2022
Share Price CYE	$38.57	$41.64	$42.52	$42.00	$31.96
Market Cap CYE ($ Bil)	2.7	3.0	3.0	3.0	2.4
Total Debt ($ Bil)	0.5	0.5	0.2	0.1	0.1
Total Cash ($ Bil)	0.1	0.1	0.2	0.2	0.3
Enterprise Value ($ Bil)	3.2	3.5	3.2	3.1	2.5
Valuation Ratios
P/S TTM	1.0	1.2	1.3	1.5	1.1
P/EBIT TTM	21.4	37.5	12.6	13.8	8.3
P/E TTM	36.1	66.1	17.7	17.7	11.0
P/FCF TTM	31.6	24.7	17.4	14.5	9.6
Sector Ratios
P/S TTM (Sector)	0.8	0.9	0.9	0.9	0.8
P/EBIT TTM (Sector)	8.3	7.8	8.2	7.7	5.6
P/E TTM (Sector)	11.8	11.3	11.1	10.2	7.6
P/FCF TTM (Sector)	9.7	11.3	12.1	9.3	6.2

	5/13/26	2025	2024
Share Price CYE	$38.57	$41.64	$42.52
Market Cap CYE ($ Bil)	2.7	3.0	3.0
Total Debt ($ Bil)	0.5	0.5	0.2
Total Cash ($ Bil)	0.1	0.1	0.2
Enterprise Value ($ Bil)	3.2	3.5	3.2
Valuation Ratios
P/S TTM	1.0	1.2	1.3
P/EBIT TTM	21.4	37.5	12.6
P/E TTM	36.1	66.1	17.7
P/FCF TTM	31.6	24.7	17.4
Sector Ratios
P/S TTM (Sector)	0.8	0.9	0.9
P/EBIT TTM (Sector)	8.3	7.8	8.2
P/E TTM (Sector)	11.8	11.3	11.1
P/FCF TTM (Sector)	9.7	11.3	12.1

	SHOO	S&P 500
REVENUE GROWTH	GOOD
Rev LTM ($ Bil)	2.6
Rev Chg Q	18.0%	8.7%
Rev Chg LTM	15.3%	7.4%
Rev Chg 3Y Avg	9.3%	5.8%
PROFITABILITY	VERY POOR
Op Inc LTM ($ Bil)	0.1
CFO LTM ($ Bil)	0.1
Net Inc LTM ($ Bil)	0.1
Op Mgn LTM	5.0%	18.4%
CFO/Rev LTM	4.8%	21.0%
Net Inc Mgn	2.9%	13.0%
VALUATION	HIGH
P/S	1.0	3.2
P/CFO	21.8	15.0
P/FCF	31.6	19.2
P/E	36.1	23.5
STABILITY	GOOD
Debt/Equity	0.20	0.22
Cash/Assets	0.04	0.07

AI Analysis | Feedback

Metric	Value	Date	Source
Company-Operated Brick-and-Mortar Retail Stores	397	9302025	Link
Company-Operated Outlets	99	9302025	Link
E-commerce Websites	7	9302025	Link
Company-Operated Concessions in International Markets	133	9302025	Link

Upcoming
6/08/2026	Dividend	Amount: $0.21 Payment On: 6/19/2026
7/29/2026	Earnings Release	Rev: $632 Mil (E) EPS: $0.31 (E)

Price Chart

Return (1M):

Why The Stock Moved

Qualitative Assessment

AI Analysis | Feedback

Steven Madden (SHOO) stock has lost about 10% since 1/31/2026 because of the following key factors:

1. Adjusted Q1 2026 Earnings Decline Despite Revenue Growth. Steven Madden reported an 18% increase in Q1 2026 revenue to $653.1 million, exceeding analyst estimates. However, adjusted diluted earnings per share (EPS) decreased to $0.45 from $0.60 in Q1 2025. This decline was primarily driven by higher operating expenses, including costs associated with the Kurt Geiger acquisition, normalized incentives, and increased warehouse expenditures.

2. Weakness in Wholesale Organic Revenue. The company's wholesale business, excluding the contribution from the Kurt Geiger acquisition, experienced an 8.2% decline in revenue. Specifically, wholesale footwear revenue, excluding Kurt Geiger, saw a more significant decrease of 12%. This indicates underlying softness in a key segment of Steven Madden's traditional business, particularly in private label offerings and Steven Madden handbags.

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Stock Movement Drivers

Fundamental Drivers

The -11.6% change in SHOO stock from 1/31/2026 to 5/12/2026 was primarily driven by a -34.4% change in the company's P/E Multiple.

(LTM values as of)	1312026	5122026	Change
Stock Price ($)	43.61	38.55	-11.6%
Change Contribution By:
Total Revenues ($ Mil)	2,363	2,634	11.5%
Net Income Margin (%)	2.4%	2.9%	21.3%
P/E Multiple	55.0	36.1	-34.4%
Shares Outstanding (Mil)	71	71	-0.4%
Cumulative Contribution			-11.6%

LTM = Last Twelve Months as of date shown

Market Drivers

1/31/2026 to 5/12/2026

	Return	Correlation
SHOO	-11.6%
Market (SPY)	7.0%	61.0%
Sector (XLY)	-2.2%	63.3%

Fundamental Drivers

The 14.9% change in SHOO stock from 10/31/2025 to 5/12/2026 was primarily driven by a 38.1% change in the company's P/E Multiple.

(LTM values as of)	10312025	5122026	Change
Stock Price ($)	33.54	38.55	14.9%
Change Contribution By:
Total Revenues ($ Mil)	2,320	2,634	13.5%
Net Income Margin (%)	3.9%	2.9%	-26.4%
P/E Multiple	26.1	36.1	38.1%
Shares Outstanding (Mil)	71	71	-0.4%
Cumulative Contribution			14.9%

LTM = Last Twelve Months as of date shown

Market Drivers

10/31/2025 to 5/12/2026

	Return	Correlation
SHOO	14.9%
Market (SPY)	8.8%	47.1%
Sector (XLY)	-1.0%	53.4%

Fundamental Drivers

The 88.4% change in SHOO stock from 4/30/2025 to 5/12/2026 was primarily driven by a 323.2% change in the company's P/E Multiple.

(LTM values as of)	4302025	5122026	Change
Stock Price ($)	20.46	38.55	88.4%
Change Contribution By:
Total Revenues ($ Mil)	2,283	2,634	15.4%
Net Income Margin (%)	7.4%	2.9%	-61.1%
P/E Multiple	8.5	36.1	323.2%
Shares Outstanding (Mil)	71	71	-0.9%
Cumulative Contribution			88.4%

LTM = Last Twelve Months as of date shown

Market Drivers

4/30/2025 to 5/12/2026

	Return	Correlation
SHOO	88.4%
Market (SPY)	34.6%	52.6%
Sector (XLY)	20.9%	57.2%

Fundamental Drivers

The 18.1% change in SHOO stock from 4/30/2023 to 5/12/2026 was primarily driven by a 219.6% change in the company's P/E Multiple.

(LTM values as of)	4302023	5122026	Change
Stock Price ($)	32.65	38.55	18.1%
Change Contribution By:
Total Revenues ($ Mil)	2,122	2,634	24.1%
Net Income Margin (%)	10.2%	2.9%	-71.6%
P/E Multiple	11.3	36.1	219.6%
Shares Outstanding (Mil)	75	71	5.0%
Cumulative Contribution			18.1%

LTM = Last Twelve Months as of date shown

Market Drivers

4/30/2023 to 5/12/2026

	Return	Correlation
SHOO	18.1%
Market (SPY)	84.4%	48.0%
Sector (XLY)	64.0%	52.1%

Return vs. Risk

Price Returns Compared

	2021	2022	2023	2024	2025	2026	Total [1]
Returns
SHOO Return	33%	-30%	35%	3%	1%	-6%	24%
Peers Return	55%	-7%	14%	21%	-5%	0%	91%
S&P 500 Return	27%	-19%	24%	23%	16%	8%	97%
Monthly Win Rates [3]
SHOO Win Rate	67%	33%	67%	42%	58%	60%
Peers Win Rate	68%	47%	55%	53%	47%	40%
S&P 500 Win Rate	75%	42%	67%	75%	67%	60%
Max Drawdowns [4]
SHOO Max Drawdown	-5%	-42%	-4%	-8%	-54%	-24%
Peers Max Drawdown	-4%	-35%	-31%	-25%	-45%	-14%
S&P 500 Max Drawdown	-1%	-25%	-1%	-2%	-15%	-7%

[1] Cumulative total returns since the beginning of 2021
[2] Peers: CAL, GCO, TPR, CPRI, DECK. See SHOO Returns vs. Peers.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2026 data is for the year up to 5/12/2026 (YTD)

Event	SHOO	S&P 500
2025 US Tariff Shock
% Loss	-49.9%	-18.8%
% Gain to Breakeven	99.7%	23.1%
Time to Breakeven	209 days	79 days
2023 SVB Regional Banking Crisis
% Loss	-11.4%	-6.7%
% Gain to Breakeven	12.9%	7.1%
Time to Breakeven	22 days	31 days
2022 Inflation Shock & Fed Tightening
% Loss	-41.7%	-24.5%
% Gain to Breakeven	71.7%	32.4%
Time to Breakeven	609 days	427 days
2020 COVID-19 Crash
% Loss	-52.3%	-33.7%
% Gain to Breakeven	109.6%	50.9%
Time to Breakeven	299 days	140 days
2015-2016 China Devaluation / Global Growth Scare
% Loss	-29.6%	-12.2%
% Gain to Breakeven	42.1%	13.9%
Time to Breakeven	553 days	62 days
2014-2016 Oil Price Collapse
% Loss	-16.0%	-6.8%
% Gain to Breakeven	19.1%	7.3%
Time to Breakeven	29 days	15 days

Compare to CAL, GCO, TPR, CPRI, DECK

In The Past

Steven Madden's stock fell -49.9% during the 2025 US Tariff Shock. Such a loss loss requires a 99.7% gain to breakeven.

Preserve Wealth

Limiting losses and compounding gains is essential to preserving wealth.

Asset Allocation

Actively managed asset allocation strategies protect wealth. Learn more.

Event	SHOO	S&P 500
2025 US Tariff Shock
% Loss	-49.9%	-18.8%
% Gain to Breakeven	99.7%	23.1%
Time to Breakeven	209 days	79 days
2022 Inflation Shock & Fed Tightening
% Loss	-41.7%	-24.5%
% Gain to Breakeven	71.7%	32.4%
Time to Breakeven	609 days	427 days
2020 COVID-19 Crash
% Loss	-52.3%	-33.7%
% Gain to Breakeven	109.6%	50.9%
Time to Breakeven	299 days	140 days
2015-2016 China Devaluation / Global Growth Scare
% Loss	-29.6%	-12.2%
% Gain to Breakeven	42.1%	13.9%
Time to Breakeven	553 days	62 days
2011 US Debt Ceiling Crisis & European Contagion
% Loss	-29.5%	-17.9%
% Gain to Breakeven	41.8%	21.8%
Time to Breakeven	114 days	123 days
2008-2009 Global Financial Crisis
% Loss	-33.8%	-53.4%
% Gain to Breakeven	51.1%	114.4%
Time to Breakeven	25 days	1085 days
Summer 2007 Credit Crunch
% Loss	-43.9%	-8.6%
% Gain to Breakeven	78.2%	9.5%
Time to Breakeven	684 days	47 days

Compare to CAL, GCO, TPR, CPRI, DECK

In The Past

Steven Madden's stock fell -49.9% during the 2025 US Tariff Shock. Such a loss loss requires a 99.7% gain to breakeven.

Preserve Wealth

Limiting losses and compounding gains is essential to preserving wealth.

Asset Allocation

Actively managed asset allocation strategies protect wealth. Learn more.

About Steven Madden (SHOO)

Business Description Analogies Products Customers Suppliers Management Key Risks Emerging Threats Market Size Revenue Drivers Capital Allocation

Steven Madden, Ltd. designs, sources, markets, and sells fashion-forward branded and private label footwear, accessories, and apparel for women, men, and children in the United States and internationally. Its Wholesale Footwear segment provides footwear under the Steve Madden, Steven by Steve Madden, Madden Girl, BB Dakota, Dolce Vita, DV Dolce Vita, Betsey Johnson, GREATS, Blondo, Anne Klein, Mad Love, Superga, Madden NYC, and COOL Planet brands, as well as private label footwear. The company's Wholesale Accessories/Apparel segment offers handbags, apparel, small leather goods, belts, soft accessories, fashion scarves, wraps, gifting, and other accessories under the Steve Madden, BB Dakota, Anne Klein, Betsey Johnson, Cejon, Madden NYC, and Dolce Vita brands, as well as private label handbag and accessories to department stores, mass merchants, off-price retailers, online retailers, specialty stores, and independent stores. Its Direct-to-Consumer segment operates Steve Madden and Superga full-price retail stores, Steve Madden outlet stores, and Steve Madden shop-in-shops, as well as digital e-commerce websites, including SteveMadden.com, DolceVita.com, betseyjohnson.com, Blondo.com, GREATS.com, and Superga-USA.com. The company's Licensing segment licenses its Steve Madden, Madden Girl, and Betsey Johnson trademarks. Its First Cost segment operates as a buying agent for footwear products under private labels for national chains, specialty retailers, and value-priced retailers. As of December 31, 2021, it owned and operated 214 brick-and-mortar retail stores that included 147 Steve Madden full-price stores, 66 Steve Madden outlet stores, and 1 Superga store, as well as 6 e-commerce websites. Steven Madden, Ltd. was incorporated in 1990 and is headquartered in Long Island City, New York.

AI Analysis | Feedback

Here are 1-3 brief analogies to describe Steven Madden:

Steven Madden is like a fashion-focused VF Corp (owner of Vans, Timberland) but specializing in a diverse portfolio of trendy footwear and accessory brands.
Think of Steven Madden as the H&M or Zara for footwear and accessories, but it's a house of popular, fast-fashion brands that sells both to other retailers and through its own stores.
Steven Madden is a more accessible version of a multi-brand fashion house like Tapestry (Coach, Kate Spade), focusing on trendy footwear and accessories.

AI Analysis | Feedback

Footwear: The company designs, sources, markets, and sells fashion-forward branded and private label footwear for women, men, and children.
Accessories & Apparel: Steven Madden offers a range of handbags, apparel, small leather goods, belts, soft accessories, and other fashion items under various brands and private labels.
Retail Sales: The company operates full-price and outlet retail stores, as well as digital e-commerce websites, to sell its branded products directly to consumers.
Trademark Licensing: Steven Madden licenses its major trademarks, such as Steve Madden, Madden Girl, and Betsey Johnson, to other companies.
Buying Agent Services: The company acts as a buying agent for private label footwear products for national chains, specialty retailers, and value-priced retailers.

AI Analysis | Feedback

Steven Madden, Ltd. (SHOO) serves a diverse customer base through both business-to-business (B2B) and direct-to-consumer (B2C) channels. Given the detailed description of its extensive wholesale operations for both branded and private label products across various retail formats, a significant portion of its sales are made to other companies.

The major business-to-business (B2B) customer categories for Steven Madden include:

Department stores
Mass merchants
Off-price retailers
Online retailers (other companies that sell online)
Specialty stores
Independent stores
National chains (as clients for its First Cost segment)
Value-priced retailers (as clients for its First Cost segment)

The background information provided does not list specific names of public customer companies (e.g., "Macy's," "Target") along with their stock symbols, but rather categorizes the types of retailers it serves.

In addition to these business customers, Steven Madden also sells directly to individual consumers (B2C) through its Direct-to-Consumer segment. This includes its network of owned and operated Steve Madden and Superga full-price retail stores, Steve Madden outlet stores, Steve Madden shop-in-shops, and e-commerce websites (e.g., SteveMadden.com, DolceVita.com, betseyjohnson.com, Blondo.com, GREATS.com, and Superga-USA.com).

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Edward R. Rosenfeld, Chairman of the Board and Chief Executive Officer

Mr. Rosenfeld has served as Chairman of the Board and Chief Executive Officer since August 2008 and has been a director of Steven Madden since February 2008. He joined the executive management team in May 2005. Mr. Rosenfeld possesses more than two decades of experience focused on the retail, apparel, and footwear industries. His background in finance and analytical skills were gained through his years as a Vice President with Peter J. Solomon Company, an investment banking boutique, where he specialized in mergers and acquisitions in the retail, apparel, and footwear sectors. He also serves as a director and member of the Audit & Risk Management Committee of PVH Corp.

Zine Mazouzi, Chief Financial Officer and Executive Vice President of Operations

Mr. Mazouzi has served as Chief Financial Officer since January 1, 2021, and Executive Vice President of Operations since January 1, 2024. Prior to these roles, he was Chief Accounting Officer and Senior Vice President—Finance and Operations from January 2019. Mr. Mazouzi has over 20 years of experience in the footwear industry. Before joining Steven Madden, he held various senior positions at Sears Holdings, including Chief Financial Officer of Sears Footwear Group (2016-2017), Head of the Footwear Group (2017-2018), and Head of the Footwear, Home and Jewelry Groups (2018). Earlier in his career, he served as Chief Financial Officer at Nine West Group from 2014 to 2015.

Amelia Newton Varela, President

Ms. Varela has been President of Steven Madden since September 2015 and a director since 2016. Her previous roles include Executive Vice President of Wholesale (since April 2008) and Executive Vice President of Wholesale Footwear (November 2004 to April 2008). She began her career with the company in 1998 as an Account Executive for Steve Madden Women's Wholesale Division.

Steven Madden, Founder and Creative & Design Chief

Mr. Madden founded Steven Madden, Ltd. in 1990 by selling shoes out of the trunk of his car with an initial investment of $1,100. He was the principal owner and creative force during the company's formative years (1990–1993). In 2002, he was convicted of stock manipulation, money laundering, and securities fraud, leading to his resignation as CEO and from the board of directors. After his release from prison in 2005, he resumed his role as Creative and Design Chief, continuing to guide the company's creative strategy.

Lisa Keith, Executive Vice President, General Counsel and Secretary

Ms. Keith was appointed as the Company's General Counsel in November 2019. She joined Steve Madden's Legal Department in May 2017 and previously served as Vice President and Deputy General Counsel.

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AI Analysis | Feedback

The key risks to Steven Madden's business, trading under the symbol SHOO, stem from the dynamic nature of the fashion industry, global supply chain dependencies, and intense market competition.

Reliance on Rapidly Changing Fashion Trends and Consumer Preferences: As a "fashion-forward" company, Steven Madden's success is highly dependent on its ability to anticipate, identify, and respond quickly to evolving consumer tastes and fashion trends. A failure to accurately predict these trends can lead to excess inventory, increased markdowns, and decreased sales, significantly impacting financial performance.
Supply Chain Disruptions and Geopolitical Risks, Including Tariffs: Steven Madden heavily relies on foreign manufacturing, particularly from regions like China. This reliance exposes the company to risks such as supply chain disruptions, geopolitical tensions, and changes in international trade policies, including the imposition of tariffs. Tariff uncertainty has been identified as a material risk, impacting profitability and necessitating costly restructuring efforts for supply chain diversification.
Highly Competitive Industry and Wholesale Channel Concentration: The fashion industry is characterized by low barriers to entry and intense competition from both established players and new entrants, which can lead to pricing pressures and a loss of market share. Furthermore, a substantial portion of Steven Madden's revenue is generated through its wholesale channels. Challenges in this segment, such as conservative ordering by wholesale customers or broader retail industry restructuring, can directly impact the company's sales and profitability.

AI Analysis | Feedback

The rise of hyper-fast fashion e-commerce platforms (e.g., Shein, Temu) that leverage sophisticated AI/data analytics for real-time trend identification, direct-from-manufacturer sourcing, and ultra-rapid production and distribution cycles. These platforms offer vast selections of trendy, low-cost footwear and accessories, bypassing traditional design, wholesale, and retail models, and can bring new products to market with unmatched speed. This fundamentally challenges Steven Madden's ability to compete on speed-to-market, price, and trend responsiveness within its "fashion-forward" segments, potentially eroding market share and brand relevance.

AI Analysis | Feedback

For Steven Madden (SHOO), the addressable markets for their main products and services are as follows:

Footwear:
- The global footwear market size was estimated at USD 476.83 billion in 2025.
- The United States footwear market size was valued at USD 97.16 billion in 2025.
Handbags:
- The global handbag market size is expected to increase from US$ 67.9 billion in 2025.
- The U.S. handbag market size was estimated at USD 14,262.8 million (USD 14.26 billion) in 2024.
Apparel:
- The global apparel market is valued at USD 1.84 trillion in 2025.
- The United States apparel market is valued at USD 365.70 billion in 2025.

AI Analysis | Feedback

The following are key drivers expected to contribute to Steven Madden's (SHOO) revenue growth over the next 2-3 years: * **Continued Momentum in the Core Steve Madden Footwear Business:** The company anticipates mid- to high-single-digit revenue growth for its flagship Steve Madden brand in 2026, building on a significant acceleration in demand for women's footwear that began in the latter half of 2025 and continued into early 2026. This growth is attributed to compelling product assortments that have resonated with consumers and effective marketing strategies. * **Growth and Synergy from the Kurt Geiger Acquisition:** The acquisition of the Kurt Geiger brand has been a significant contributor to revenue, achieving 11% growth in 2025, with similar growth rates projected for 2026. The successful integration and strong momentum of Kurt Geiger, particularly in handbags, are expected to continue driving revenue, including through international expansion. * **Expansion and Category Diversification of the Dolce Vita Brand:** Dolce Vita, identified as one of the company's fastest-growing brands, is projected to achieve high single-digit revenue growth in 2026. This growth is expected to be fueled by both international market expansion and its increasing traction in adjacent product categories, such as handbags. * **Strategic Direct-to-Consumer (DTC) Channel Growth:** Steven Madden's direct-to-consumer segment demonstrated substantial growth in Q4 2025, and the company is focused on scaling this channel. Efforts include leveraging digital e-commerce websites and enhancing the customer experience to deepen connections with Gen Z and millennial consumers. * **International Market Expansion:** Steven Madden is actively pursuing international expansion across its key brands. Management is targeting high-single-digit international revenue growth for 2024–2026. Specific initiatives include growing the Steve Madden brand in the UK, expanding Kurt Geiger into various international markets, and building Dolce Vita's presence globally.

AI Analysis | Feedback

Share Repurchases

The Board of Directors reinstated the repurchase of common stock on February 24, 2021.
In May 2023, the Board approved an increase in the share repurchase authorization by approximately $189,900, bringing the total authorization to $250,000.
Steven Madden repurchased shares for approximately $90,153 in 2024 and did not repurchase any shares in the open market in 2025.

Share Issuance

The company's shares outstanding (weighted average) decreased from $78.4 million in 2021 to $70.9 million in 2025, indicating a net reduction in shares.
Steven Madden spent $13.5 million in 2025 on shares acquired through the net settlement of employees' stock awards.

Outbound Investments

In May 2025, Steven Madden acquired the Kurt Geiger business, which was financed by a senior secured credit facility.
The company acquired the ATM Collection in November 2024, expanding its offerings in elevated basics apparel.

Capital Expenditures

Capital expenditures for the full year 2025 were $42.6 million.
Capital expenditures for the full year 2024 were $25.9 million.

Interactive Breakdown

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Better Bets vs. Steven Madden (SHOO)

INDUSTRY: Footwear

Higher Rev Chg 3Y Avg | Lower P/Op Inc (Values for SHOO: 9.3% | 20.8x)

DECK (14.7% | 10.7x)

Deckers Outdoor

Higher Rev Chg LTM (Value for SHOO: 15.3%)

FWDI (79.7%)

Forward Industries

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ONON (30.5%)

AREB (18.7%)

American Rebel

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Deckers Outdoor

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Forward Industries

Higher Op Mgn LTM (Value for SHOO: 5.0%)

BIRK (26.1%)

Birkenstock

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Deckers Outdoor

CROX (21.5%)

Crocs

ONON (13.4%)

WWW (7.9%)

Wolverine World Wide

Higher CFO/Rev LTM (Value for SHOO: 4.8%)

DECK (18.8%)

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Wolverine World Wide

Higher FCF/Rev LTM (Value for SHOO: 3.3%)

DECK (17.3%)

Deckers Outdoor

CROX (16.0%)

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Wolverine World Wide

Higher Total Yield (Value for SHOO: 5.0%)

WEYS (16.9%)

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RCKY (9.4%)

Rocky Brands

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SECTOR: Consumer Discretionary

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Norwegian Cruise Line

LAD (10.0% | 0.2x)

Lithia Motors

EAT (12.2% | 1.0x)

Brinker International

Higher Rev Chg 3Y Avg | Lower P/Op Inc (Values for SHOO: 9.3% | 20.8x)

BKNG (15.2% | 13.4x)

Booking

RCL (20.5% | 13.6x)

Royal Caribbean

LVS (44.9% | 10.2x)

Las Vegas Sands

CCL (23.1% | 7.5x)

Carnival Corporation

QSR (13.2% | 10.6x)

Restaurant Brands International

Higher Rev Chg LTM (Value for SHOO: 15.3%)

CVNA (51.7%)

Carvana

MELI (39.1%)

MercadoLibre

DASH (31.0%)

DoorDash

VIK (21.9%)

Viking

GRMN (15.7%)

Garmin

Higher Rev Chg 3Y Avg (Value for SHOO: 9.3%)

MELI (38.9%)

MercadoLibre

BKNG (15.2%)

Booking

ABNB (13.3%)

Airbnb

AMZN (12.3%)

Amazon.com

HLT (9.6%)

Hilton Worldwide

Higher Op Mgn LTM (Value for SHOO: 5.0%)

MCD (46.0%)

McDonald's

HD (13.0%)

Home Depot

TJX (11.9%)

TJX Companies

AMZN (11.5%)

Amazon.com

TSLA (5.4%)

Tesla

Higher CFO/Rev LTM (Value for SHOO: 4.8%)

MCD (38.4%)

McDonald's

AMZN (20.0%)

Amazon.com

TSLA (16.9%)

Tesla

TJX (11.4%)

TJX Companies

HD (10.6%)

Home Depot

Higher FCF/Rev LTM (Value for SHOO: 3.3%)

BKNG (32.6%)

Booking

MCD (25.6%)

McDonald's

HD (8.4%)

Home Depot

TJX (8.1%)

TJX Companies

TSLA (7.2%)

Tesla

Higher Total Yield (Value for SHOO: 5.0%)

HD (7.7%)

Home Depot

LOW (7.4%)

Lowe's Companies

RCL (7.1%)

Royal Caribbean

MCD (7.1%)

McDonald's

BKNG (5.9%)

Booking

All Other Sectors

Higher Rev Chg 3Y Avg | Lower P/S (Values for SHOO: 9.3% | 1.0x)

UNH (10.2% | 0.8x)

UnitedHealth

MCK (13.4% | 0.2x)

McKesson

CI (15.2% | 0.3x)

Cigna

COR (9.9% | 0.2x)

Cencora

CBRE (11.0% | 1.0x)

CBRE

Higher Rev Chg 3Y Avg | Lower P/Op Inc (Values for SHOO: 9.3% | 20.8x)

MSFT (15.3% | 20.3x)

Microsoft

META (22.4% | 17.2x)

Meta Platforms

V (11.6% | 20.5x)

Visa

UNH (10.2% | 19.1x)

UnitedHealth

AMGN (12.5% | 17.2x)

Amgen

Higher Rev Chg LTM (Value for SHOO: 15.3%)

NVDA (65.5%)

NVIDIA

META (26.2%)

Meta Platforms

AVGO (25.2%)

Broadcom

MSFT (17.9%)

Microsoft

GOOGL (17.5%)

Alphabet

Higher Rev Chg 3Y Avg (Value for SHOO: 9.3%)

NVDA (101.8%)

NVIDIA

AVGO (26.2%)

Broadcom

META (22.4%)

Meta Platforms

MSFT (15.3%)

Microsoft

GOOGL (14.1%)

Alphabet

Higher Op Mgn LTM (Value for SHOO: 5.0%)

NVDA (60.4%)

NVIDIA

MSFT (46.8%)

Microsoft

AVGO (41.5%)

Broadcom

GOOGL (32.7%)

Alphabet

AAPL (32.6%)

Apple

Higher CFO/Rev LTM (Value for SHOO: 4.8%)

MSFT (53.5%)

Microsoft

NVDA (47.6%)

NVIDIA

AVGO (43.5%)

Broadcom

GOOGL (41.3%)

Alphabet

AAPL (31.1%)

Apple

Higher FCF/Rev LTM (Value for SHOO: 3.3%)

NVDA (44.8%)

NVIDIA

AVGO (42.3%)

Broadcom

AAPL (28.6%)

Apple

MSFT (22.9%)

Microsoft

GOOGL (15.2%)

Alphabet

Higher Total Yield (Value for SHOO: 5.0%)

BAC (8.6%)

Bank of America

JPM (7.1%)

JPMorgan Chase

BRK-B (6.9%)

Berkshire Hathaway

XOM (6.7%)

Exxon Mobil

JNJ (6.2%)

Johnson & Johnson

Best Bets in Consumer Discretionary

What You Pay

P/EBIT (Value for SHOO: 21.4x)

ABNB (31.3x)

Airbnb

DUOL (31.7x)

Duolingo

BKNG (14.0x)

Booking

ETSY (13.3x)

Etsy

PRDO (9.3x)

Perdoceo Education

LOPE (13.7x)

Grand Canyon Education

MCRI (15.1x)

Monarch Casino & Resort

GRMN (23.1x)

Garmin

DECK (10.2x)

Deckers Outdoor

ALSN (11.9x)

Allison Transmission

P/E (Value for SHOO: 36.1x)

ABNB (32.2x)

Airbnb

DUOL (11.7x)

Duolingo

BKNG (20.6x)

Booking

ETSY (19.4x)

Etsy

PRDO (12.9x)

Perdoceo Education

LOPE (19.6x)

Grand Canyon Education

MCRI (18.9x)

Monarch Casino & Resort

GRMN (26.3x)

Garmin

DECK (13.1x)

Deckers Outdoor

ALSN (18.3x)

Allison Transmission

What You Get

Rev Chg 3Y Avg (Value for SHOO: 9.3%)

ABNB (13.3%)

Airbnb

DUOL (39.6%)

Duolingo

BKNG (15.2%)

Booking

ETSY (2.9%)

Etsy

PRDO (6.8%)

Perdoceo Education

LOPE (7.1%)

Grand Canyon Education

MCRI (4.6%)

Monarch Casino & Resort

GRMN (15.6%)

Garmin

DECK (14.7%)

Deckers Outdoor

ALSN (8.9%)

Allison Transmission

Rev Chg LTM (Value for SHOO: 15.3%)

ABNB (12.6%)

Airbnb

DUOL (35.5%)

Duolingo

BKNG (15.0%)

Booking

ETSY (3.2%)

Etsy

PRDO (17.7%)

Perdoceo Education

LOPE (7.4%)

Grand Canyon Education

MCRI (5.8%)

Monarch Casino & Resort

GRMN (15.7%)

Garmin

DECK (9.2%)

Deckers Outdoor

ALSN (14.0%)

Allison Transmission

Rev Chg Q (Value for SHOO: 18.0%)

ABNB (17.9%)

Airbnb

DUOL (26.5%)

Duolingo

BKNG (16.2%)

Booking

ETSY (3.1%)

Etsy

PRDO (4.1%)

Perdoceo Education

LOPE (6.7%)

Grand Canyon Education

MCRI (8.9%)

Monarch Casino & Resort

GRMN (14.2%)

Garmin

DECK (7.1%)

Deckers Outdoor

ALSN (83.6%)

Allison Transmission

FCF/Rev 3Y Avg (Value for SHOO: 6.8%)

ABNB (38.7%)

Airbnb

DUOL (35.0%)

Duolingo

BKNG (32.9%)

Booking

ETSY (24.3%)

Etsy

PRDO (23.9%)

Perdoceo Education

LOPE (22.6%)

Grand Canyon Education

MCRI (21.4%)

Monarch Casino & Resort

GRMN (21.0%)

Garmin

DECK (20.8%)

Deckers Outdoor

ALSN (19.4%)

Allison Transmission

[1] Choosing top 10 best bets from each sector quarterly is an alpha producing strategy vs sector benchmark
[2] Historical annualized return of 14%, alpha of 2.9%, and sharpe of 0.61

Latest Trefis Analyses

	Title	Date
0	DASHBOARDS
1	Steven Madden Earnings Notes	12/27/2025
2	Would You Still Hold Steven Madden Stock If It Fell 30%?	10/17/2025
3	Better Bet Than SHOO Stock: Pay Less Than Steven Madden To Get More From DECK	08/20/2025
4	SHOO Dip Buy Analysis	07/10/2025
5	Day 6 of Loss Streak for Steven Madden Stock with -24% Return (vs. -31% YTD) [3/5/2025]	03/05/2025
6	Steven Madden (SHOO) Operating Cash Flow Comparison	02/17/2025
7	Steven Madden (SHOO) Net Income Comparison	02/16/2025
8	Steven Madden (SHOO) Operating Income Comparison	02/15/2025
9	ARTICLES
10	Better Bet Than Steven Madden Stock: Pay Less To Get More From DECK	08/20/2025

	Title
0	DASHBOARDS
1	Steven Madden Earnings Notes
2	Would You Still Hold Steven Madden Stock If It Fell 30%?
3	Better Bet Than SHOO Stock: Pay Less Than Steven Madden To Get More From DECK
4	SHOO Dip Buy Analysis
5	Day 6 of Loss Streak for Steven Madden Stock with -24% Return (vs. -31% YTD) [3/5/2025]
6	Steven Madden (SHOO) Operating Cash Flow Comparison
7	Steven Madden (SHOO) Net Income Comparison
8	Steven Madden (SHOO) Operating Income Comparison
9	ARTICLES
10	Better Bet Than Steven Madden Stock: Pay Less To Get More From DECK

Trade Ideas

Select ideas related to SHOO.

Unique Key	Date	Ticker	Company	Category	Trade Strategy	6M Fwd Rtn	12M Fwd Rtn	12M Max DD
FUN_4302026_Short_Squeeze	04302026	FUN	Six Flags Entertainment	Special	Short Squeeze PotentialShort Squeeze Potential Has potential for a short squeeze. High short interest, rising short interest and high debt.	0.0%	0.0%	0.0%
MGM_4242026_Insider_Buying_GTE_1Mil_EBITp+DE_V2	04242026	MGM	MGM Resorts International	Insider	Insider Buys \| Low D/EStrong Insider Buying Companies with strong insider buying in the last 1 month, positive operating income and reasonable debt / market cap	-1.5%	-1.5%	-1.5%
WEN_4242026_Short_Squeeze	04242026	WEN	Wendy's	Special	Short Squeeze PotentialShort Squeeze Potential Has potential for a short squeeze. High short interest, rising short interest and high debt.	-2.5%	-2.5%	-5.3%
WHR_4102026_Short_Squeeze	04102026	WHR	Whirlpool	Special	Short Squeeze PotentialShort Squeeze Potential Has potential for a short squeeze. High short interest, rising short interest and high debt.	-0.8%	-0.8%	-4.8%
SKY_4022026_Dip_Buyer_FCFYield	04022026	SKY	Champion Homes	Dip Buy	DB \| FCFY OPMDip Buy with High FCF Yield and High Margin Buying dips for companies with high FCF yield and meaningfully high operating margin	3.1%	3.1%	-1.2%
SHOO_2282025_Dip_Buyer_ValueBuy	02282025	SHOO	Steven Madden	Dip Buy	DB \| P/E OPMDip Buy with Low PE and High Margin Buying dips for companies with tame PE and meaningfully high operating margin	-10.0%	13.1%	-40.0%
SHOO_7312022_Dip_Buyer_ValueBuy	07312022	SHOO	Steven Madden	Dip Buy	DB \| P/E OPMDip Buy with Low PE and High Margin Buying dips for companies with tame PE and meaningfully high operating margin	13.2%	8.1%	-15.3%

Recent Active Movers

Top Gainers

Ticker	Company	Mkt Cap (B)	1D Rtn	YTD Rtn
VSTS	Vestis	1.6	29.0%	79.9%
PACS	PACS	6.4	28.6%	6.8%
VPG	Vishay Precision	1.1	28.5%	122.3%
AEVA	Aeva Technologies	1.2	22.9%	43.8%
PLSE	Pulse Biosciences	1.6	22.1%	69.7%
SIBN	SI-BONE	0.6	19.7%	-29.5%
RAL	Ralliant	6.7	19.4%	16.3%
WEN	Wendy's	1.5	16.9%	-3.4%
EIKN	Eikon Therapeutics	0.6	15.9%	-23.1%
QUBT	Quantum Computing	2.6	15.7%	14.8%

Top Losers

Ticker	Company	Mkt Cap (B)	1D Rtn	YTD Rtn
PSIX	Power Solutions International	0.9	-39.2%	-33.5%
GTM	ZoomInfo Technologies	1.3	-32.8%	-60.1%
MVST	Microvast	0.5	-30.2%	-49.6%
HROW	Harrow	1.1	-23.7%	-40.8%
UAA	Under Armour	2.1	-17.0%	1.2%
UA	Under Armour	2.1	-16.7%	2.1%
VIA	Via Transportation	1.1	-16.6%	-51.3%
CBLL	CeriBell	0.6	-16.5%	-23.6%
FLNC	Fluence Energy	2.8	-15.7%	7.6%
NVTS	Navitas Semiconductor	4.3	-15.0%	169.6%

Top Gainers

Ticker	Company	Mkt Cap (B)	1W Rtn	YTD Rtn
INOD	Innodata	3.0	101.8%	80.7%
FLNC	Fluence Energy	2.8	67.7%	7.6%
XMTR	Xometry	4.3	51.4%	41.1%
RKLB	Rocket Lab	67.4	49.3%	68.5%
POET	POET Technologies	1.7	49.1%	116.9%
WEST	Westrock Coffee	0.8	48.6%	112.5%
WOLF	Wolfspeed	1.5	46.7%	208.6%
LXRX	Lexicon Pharmaceuticals	0.9	46.1%	109.6%
FLEX	Flex	51.5	44.8%	131.2%
BLMN	Bloomin Brands	0.7	44.4%	34.8%

Top Losers

Ticker	Company	Mkt Cap (B)	1W Rtn	YTD Rtn
TRDA	Entrada Therapeutics	0.3	-54.8%	-30.7%
FWRD	Forward Air	0.3	-46.1%	-63.3%
PSIX	Power Solutions International	0.9	-45.0%	-33.5%
PRIM	Primoris Services	6.1	-44.2%	-8.7%
FSLY	Fastly	2.9	-41.2%	86.9%
GTM	ZoomInfo Technologies	1.3	-38.1%	-60.1%
KVYO	Klaviyo	4.4	-38.1%	-55.5%
LMB	Limbach	0.8	-36.6%	-7.1%
AORT	Artivion	1.1	-35.7%	-49.4%
PAHC	Phibro Animal Health	1.5	-35.0%	-1.9%

Top Gainers

Ticker	Company	Mkt Cap (B)	1M Rtn	YTD Rtn
MXL	MaxLinear	8.1	331.4%	427.4%
BAND	Bandwidth	1.5	192.2%	220.0%
FCEL	FuelCell Energy	0.8	150.2%	133.8%
INOD	Innodata	3.0	136.1%	80.7%
WOLF	Wolfspeed	1.5	122.4%	208.6%
XMTR	Xometry	4.3	96.9%	41.1%
NVTS	Navitas Semiconductor	4.3	96.0%	169.6%
HPP	Hudson Pacific Properties	0.8	95.4%	10.2%
DOCN	DigitalOcean	14.3	95.0%	223.6%
KOPN	Kopin	1.0	91.1%	128.6%

Top Losers

Ticker	Company	Mkt Cap (B)	1M Rtn	YTD Rtn
EMBC	Embecta	0.2	-63.2%	-70.9%
CAR	Avis Budget	5.3	-59.4%	17.3%
FWRD	Forward Air	0.3	-52.4%	-63.3%
PSIX	Power Solutions International	0.9	-51.3%	-33.5%
TRDA	Entrada Therapeutics	0.3	-48.7%	-30.7%
CABO	Cable One	0.3	-48.1%	-55.3%
ULH	Universal Logistics	0.3	-44.2%	-19.3%
TMDX	TransMedics	2.2	-43.6%	-47.4%
AORT	Artivion	1.1	-40.1%	-49.4%
VISN	Vistance Networks	2.6	-39.0%	-36.2%

Peer Comparisons

Peers to compare with:

Financials

	SHOO	CAL	GCO	TPR	CPRI	DECK	Median
Name	Steven M.	Caleres	Genesco	Tapestry	Capri	Deckers .
Mkt Price	38.55	11.36	31.71	131.73	17.34	94.89	35.13
Mkt Cap	2.7	0.4	0.3	26.7	2.1	13.7	2.4
Rev LTM	2,634	2,758	2,436	7,851	4,326	5,375	3,542
Op Inc LTM	132	27	25	1,743	6	1,280	79
FCF LTM	87	35	84	1,755	-134	929	85
FCF 3Y Avg	152	80	55	1,317	156	985	154
CFO LTM	126	103	146	1,903	-19	1,013	136
CFO 3Y Avg	182	136	109	1,443	296	1,074	239

Growth & Margins

	SHOO	CAL	GCO	TPR	CPRI	DECK	Median
Name	Steven M.	Caleres	Genesco	Tapestry	Capri	Deckers .
Rev Chg LTM	15.3%	1.3%	4.8%	14.1%	7.7%	9.2%	8.4%
Rev Chg 3Y Avg	9.3%	-2.4%	0.8%	5.8%	-8.3%	14.7%	3.3%
Rev Chg Q	18.0%	8.7%	7.2%	21.2%	-4.0%	7.1%	8.0%
QoQ Delta Rev Chg LTM	3.9%	2.1%	2.3%	4.5%	-1.0%	2.5%	2.4%
Op Inc Chg LTM	-42.0%	-82.6%	47.9%	41.3%	-96.4%	11.4%	-15.3%
Op Inc Chg 3Y Avg	-15.3%	-37.3%	-10.7%	16.2%	-70.2%	27.4%	-13.0%
Op Mgn LTM	5.0%	1.0%	1.0%	22.2%	0.1%	23.8%	3.0%
Op Mgn 3Y Avg	8.7%	4.6%	0.8%	19.2%	4.1%	22.9%	6.7%
QoQ Delta Op Mgn LTM	1.8%	-1.2%	0.3%	1.3%	-1.1%	0.3%	0.3%
CFO/Rev LTM	4.8%	3.7%	6.0%	24.2%	-0.4%	18.8%	5.4%
CFO/Rev 3Y Avg	8.1%	4.9%	4.6%	20.0%	6.5%	22.7%	7.3%
FCF/Rev LTM	3.3%	1.3%	3.4%	22.4%	-3.1%	17.3%	3.4%
FCF/Rev 3Y Avg	6.8%	2.9%	2.3%	18.3%	3.5%	20.8%	5.2%

Valuation

	SHOO	CAL	GCO	TPR	CPRI	DECK	Median
Name	Steven M.	Caleres	Genesco	Tapestry	Capri	Deckers .
Mkt Cap	2.7	0.4	0.3	26.7	2.1	13.7	2.4
P/S	1.0	0.1	0.1	3.4	0.5	2.5	0.8
P/Op Inc	20.8	13.6	12.9	15.3	346.4	10.7	14.4
P/EBIT	21.4	59.2	18.9	29.8	346.4	10.2	25.6
P/E	36.1	-55.2	24.7	40.2	-4.1	13.1	18.9
P/CFO	21.8	3.6	2.2	14.0	-109.4	13.5	8.5
Total Yield	5.0%	0.7%	4.0%	3.7%	-24.3%	7.6%	3.9%
Dividend Yield	2.2%	2.6%	0.0%	1.2%	0.0%	0.0%	0.6%
FCF Yield 3Y Avg	6.3%	10.2%	19.9%	8.1%	4.8%	5.1%	7.2%
D/E	0.2	2.4	1.6	0.1	0.6	0.0	0.4
Net D/E	0.2	2.3	1.3	0.1	0.6	-0.1	0.4

Returns

	SHOO	CAL	GCO	TPR	CPRI	DECK	Median
Name	Steven M.	Caleres	Genesco	Tapestry	Capri	Deckers .
1M Rtn	1.6%	-9.3%	-0.2%	-12.4%	-12.8%	-12.0%	-10.6%
3M Rtn	5.0%	-5.9%	10.4%	-13.8%	-14.1%	-17.9%	-9.8%
6M Rtn	0.3%	1.8%	1.3%	29.9%	-20.1%	14.7%	1.6%
12M Rtn	49.8%	-33.3%	33.3%	61.7%	-6.0%	-24.7%	13.6%
3Y Rtn	26.1%	-48.0%	4.1%	245.4%	-55.8%	16.1%	10.1%
1M Excs Rtn	-5.0%	-19.3%	-10.4%	-19.6%	-21.1%	-19.7%	-19.5%
3M Excs Rtn	-1.6%	-12.5%	3.8%	-20.4%	-20.7%	-24.5%	-16.5%
6M Excs Rtn	-8.0%	-8.3%	-8.8%	17.9%	-31.6%	6.1%	-8.1%
12M Excs Rtn	41.4%	-53.7%	19.3%	40.5%	-28.0%	-52.4%	-4.4%
3Y Excs Rtn	-52.7%	-127.3%	-79.7%	186.1%	-133.7%	-61.6%	-70.7%

Comparison Analyses

	Title
0	CROX Looks Stronger Than SHOO With 45% Return Potential
1	SKX Looks Stronger Than SHOO With 31% Return Potential
2	Steven Madden vs. Deckers Outdoor: With Return Forecast Of 8.8%, Steven Madden Is A Better Bet
3	Steven Madden vs. Caleres: With Return Forecast Of 75,066%, Caleres Is A Better Bet
4	Steven Madden vs. Veeva Systems: With Return Forecast Of 57%, Veeva Systems Is A Better Bet
5	Steven Madden vs. Ansys: With Return Forecast Of 35%, Ansys Is A Better Bet
6	Steven Madden vs. MSCI: With Return Forecast Of 20%, Steven Madden Is A Better Bet
7	Steven Madden vs Ryder System: Similar Market Cap; Which Stock Is A Better Bet?
8	Steven Madden vs CarGurus: Similar Market Cap; Which Stock Is A Better Bet?
9	Steven Madden vs Casella Waste Systems: Similar Market Cap; Which Stock Is A Better Bet?

FDIC Bank Data

Bank Capital

null

Bank Deposits

null

Bank Assets

null

Bank Loans

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FDA Approved Drugs Data

Expand for Morenull

Financials

Annual
Quarterly

$ Mil \| FY: 12/31	LTM	2025	2024	2023	2022	2021	2020
Period End	3/31/2026	12/31/2025	12/31/2024	12/31/2023	12/31/2022	12/31/2021	12/31/2020
Filing Date	5/8/2026	3/2/2026	3/3/2025	3/4/2024	3/1/2023	3/1/2022	3/16/2021
Key Financials
Total Revenue	2,634	2,534	2,283	1,982	2,122	1,866	1,202
EBITDA	166	123	258	235	308	263	67
Operating Income	132	81	238	220	287	248	50
Net Income	76	45	169	172	216	191	-18
EPS	1.07	0.63	2.38	2.34	2.84	2.43	-0.23
Growth Rates
Total Revenue Growth	15.3%	11.0%	15.2%	-6.6%	13.7%	55.3%	-32.8%
EBITDA Growth	-32.9%	-52.1%	9.7%	-23.6%	17.2%	292.8%	-67.2%
Operating Income Growth	-42.0%	-65.8%	8.3%	-23.6%	16.1%	399.7%	-72.9%
Net Income Growth	-54.1%	-73.6%	-1.3%	-20.6%	13.3%	1136.5%	-113.0%
Margins
EBITDA Margin	6.3%	4.9%	11.3%	11.9%	14.5%	14.1%	5.6%
Operating Income Margin	5.0%	3.2%	10.4%	11.1%	13.5%	13.3%	4.1%
Net Income Margin	2.9%	1.8%	7.4%	8.7%	10.2%	10.2%	-1.5%
Cash & Debt
Total Cash	77	112	203	220	290	264	287
Total Debt	540	486	153	139	109	111	133
Net Debt / (Cash)	463	374	-50	-81	-181	-153	-154
Cash Flows
Net Cash from Operations	126	162	198	229	268	159	44
Free Cash from Operations	87	120	172	210	250	153	38
Returns to Shareholders
Dividends	61	61	61	63	66	49	12
Share Repurchases	13	14	98	142	149	123	47

$ Mil \| FY: 12/31	2026Q1	2025Q4	2025Q3	2025Q2	2025Q1	2024Q4	2024Q3	2024Q2	2024Q1	2023Q4	2023Q3	2023Q2
Period End	3/31/2026	12/31/2025	9/30/2025	6/30/2025	3/31/2025	12/31/2024	9/30/2024	6/30/2024	3/31/2024	12/31/2023	9/30/2023	6/30/2023
Filing Date	5/8/2026	3/2/2026	11/10/2025	8/5/2025	5/9/2025	3/3/2025	11/8/2024	8/1/2024	5/2/2024	3/4/2024	11/9/2023	8/4/2023
Key Financials Quarterly
Total Revenue	653	754	668	559	554	582	625	524	552	520	553	445
Ebitda	108	45	43	-29	54	49	86	58	65	51	87	48
Operating Income	99	39	31	-38	49	44	81	53	60	46	83	44
Net Income	72	23	21	-39	40	35	55	35	44	36	64	35
EPS	1.01	0.33	0.29	-0.56	0.57	0.49	0.78	0.50	0.61	0.50	0.88	0.47
Key Financials TTM
Total Revenue TTM	2,634	2,534	2,363	2,320	2,284	2,283	2,220	2,148	2,070	1,982	1,933	1,936
Ebitda TTM	166	112	117	160	248	258	260	261	250	235	235	232
Operating Income TTM	132	81	86	136	227	238	241	243	233	220	219	215
Net Income TTM	76	45	56	91	166	169	170	180	179	172	167	164
Growth Rates Quarterly
Total Revenue Growth	18.0%	29.4%	6.9%	6.8%	0.2%	12.0%	13.0%	17.6%	19.1%	10.4%	-0.7%	-16.8%
EBITDA Growth	99.2%	-9.4%	-50.4%	-150.0%	-16.2%	-3.3%	-1.0%	21.8%	29.8%	0.2%	3.5%	-32.0%
Operating Income Growth	102.3%	-11.1%	-61.1%	-170.8%	-18.5%	-5.6%	-2.5%	21.3%	29.2%	2.0%	5.1%	-32.5%
Net Income Growth	77.7%	-33.4%	-62.9%	-211.6%	-8.0%	-3.0%	-14.2%	2.5%	19.6%	12.9%	5.1%	-28.7%
Margins Quarterly
EBITDA Margin	16.6%	5.9%	6.4%	-5.2%	9.8%	8.4%	13.7%	11.1%	11.7%	9.8%	15.7%	10.8%
Operating Income Margin	15.2%	5.2%	4.7%	-6.8%	8.9%	7.5%	12.9%	10.2%	10.9%	8.9%	15.0%	9.9%
Net Income Margin	11.0%	3.1%	3.1%	-7.1%	7.3%	6.0%	8.8%	6.8%	8.0%	6.9%	11.7%	7.8%
Cash & Debt
Total Cash	77	112	109	112	147	203	150	192	143	220	206	274
Total Debt	540	486	540	539	166	153	162	158	143	139	128	133
Net Debt / (Cash)	463	374	431	427	19	-50	12	-34	-0	-81	-78	-142
Cash Flows Quarterly
FCF from Operations	-55	91	23	66	-19	104	0	110	-16	151	-5	96
Cash Flows TTM
FCF from Operations TTM	126	162	175	152	195	198	246	241	227	229	279	310
Returns to Shareholders Quarterly
Dividends	15	15	15	15	15	15	15	15	15	16	16	16
Share Repurchases	7	5	0	0	8	3	20	38	37	38	40	26
Return on Invested Capital (ROIC) Quarterly
ROIC	64.5%	32.4%	24.0%	-35.4%	782.9%	-	2000.4%	-	-	-	-	-
Return on Invested Capital (ROIC) TTM
ROIC TTM	19.0%	13.8%	13.3%	21.5%	909.3%	-	1566.8%	-	-	-	-	-

Segment Financials

Revenue by Segment

$ Mil	2025	2024	2023	2022	2021
Wholesale Footwear	1,059	1,048	1,195	1,022	714
Wholesale Accessories/Apparel	663	417	395	344	236
Direct-to- Consumer	550	506	522	488	239
Licensing	11	10	10	10	9
First Cost		0	1	2	4
Corporate costs			0
Total	2,283	1,982	2,122	1,866	1,202

Operating Income by Segment

$ Mil	2025	2024	2023	2022	2021
Wholesale Footwear	191	205	265	217	92
Wholesale Accessories/Apparel	90	61	30	27	-2
Direct-to- Consumer	31	30	68	75	-59
Licensing	9	8	8	8	6
Corporate costs	-97	-92	-89	-85	-71
First Cost		0	1	2	3
Total	225	213	282	244	-32

Price Behavior

Price Behavior

Market Price	$38.55
Market Cap ($ Bil)	2.7
First Trading Date	12/13/1993
Distance from 52W High	-16.1%
	50 Days	200 Days
DMA Price	$36.01	$36.01
DMA Trend	up	down
Distance from DMA	7.1%	7.0%
	3M	1YR
Volatility	42.4%	45.6%
Downside Capture	170.57	187.64
Upside Capture	145.67	181.30
Correlation (SPY)	59.3%	54.8%

SHOO Betas & Captures as of 4/30/2026

	1M	2M	3M	6M	1Y	3Y
Beta	1.93	1.76	1.98	1.54	2.08	1.26
Up Beta	1.92	1.95	1.81	1.53	2.56	1.26
Down Beta	1.47	1.40	2.35	1.63	1.78	1.07
Up Capture	150%	180%	170%	179%	347%	195%
Bmk +ve Days	15	22	31	66	141	428
Stock +ve Days	10	18	29	63	124	365
Down Capture	369%	175%	211%	136%	151%	109%
Bmk -ve Days	4	18	30	56	108	321
Stock -ve Days	12	25	35	61	125	382

[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively

Based On 1-Year Data

	Annualized Return	Annualized Volatility	Sharpe Ratio	Correlation with SHOO
SHOO	72.5%	47.8%	1.28	-
Sector ETF (XLY)	17.9%	18.7%	0.74	59.3%
Equity (SPY)	32.5%	12.4%	1.98	54.7%
Gold (GLD)	41.3%	26.9%	1.26	3.0%
Commodities (DBC)	50.3%	18.5%	2.06	-20.5%
Real Estate (VNQ)	12.8%	13.5%	0.65	38.2%
Bitcoin (BTCUSD)	-21.0%	41.7%	-0.46	28.2%

Smart multi-asset allocation framework can stack odds in your favor. Learn How

Based On 5-Year Data

	Annualized Return	Annualized Volatility	Sharpe Ratio	Correlation with SHOO
SHOO	0.3%	39.2%	0.11	-
Sector ETF (XLY)	7.0%	23.8%	0.25	57.2%
Equity (SPY)	13.7%	17.1%	0.63	54.1%
Gold (GLD)	21.0%	17.9%	0.95	4.4%
Commodities (DBC)	11.4%	19.4%	0.47	9.6%
Real Estate (VNQ)	3.9%	18.8%	0.11	45.1%
Bitcoin (BTCUSD)	7.2%	55.9%	0.34	21.7%

Smart multi-asset allocation framework can stack odds in your favor. Learn How

Based On 10-Year Data

	Annualized Return	Annualized Volatility	Sharpe Ratio	Correlation with SHOO
SHOO	11.2%	43.0%	0.39	-
Sector ETF (XLY)	12.7%	22.0%	0.53	51.4%
Equity (SPY)	15.5%	17.9%	0.74	47.3%
Gold (GLD)	13.4%	15.9%	0.70	0.6%
Commodities (DBC)	8.4%	17.9%	0.39	15.9%
Real Estate (VNQ)	5.6%	20.7%	0.24	41.2%
Bitcoin (BTCUSD)	68.2%	66.8%	1.07	13.5%

Smart multi-asset allocation framework can stack odds in your favor. Learn How

Short Interest

Short Interest: As Of Date	4302026
Short Interest: Shares Quantity	4.1 Mil
Short Interest: % Change Since 4152026	-1.5%
Average Daily Volume	1.0 Mil
Days-to-Cover Short Interest	4.1 days
Basic Shares Quantity	71.2 Mil
Short % of Basic Shares	5.8%

Returns Analyses

	Title
0	Would You Still Hold Steven Madden Stock If It Fell 30%?
1	Steven Madden Stock Return Comparison
2	Steven Madden (SHOO) Stock Movement Probability: AI Predicts SHOO Stock Price To Move Up 1% In A Week
3	Steven Madden Total Shareholder Return (TSR): -29.4% in 2022 and -8.1% 3-yr returns (below peer average)
4	Steven Madden (SHOO) Stock Return: AI Predicts SHOO Average and Excess Return After a Fall or Rise

Earnings Returns History

Expand for More

	Forward Returns
Earnings Date	1D Returns	5D Returns	21D Returns
5/6/2026	6.2%
2/25/2026	-4.1%	-4.0%	-8.5%
11/5/2025	13.6%	18.4%	33.6%
7/30/2025	-9.3%	-4.6%	11.6%
5/7/2025	16.3%	32.9%	22.6%
2/26/2025	-8.0%	-22.3%	-27.2%
11/7/2024	3.1%	0.1%	1.2%
7/31/2024	2.0%	-4.1%	-0.7%
...
SUMMARY STATS
# Positive	12	11	11
# Negative	9	9	9
Median Positive	4.8%	5.4%	11.6%
Median Negative	-3.0%	-4.1%	-5.2%
Max Positive	16.3%	32.9%	49.9%
Max Negative	-9.3%	-22.3%	-27.2%

	Forward Returns
5/6/2026	6.2%
2/25/2026	-4.1%	-4.0%	-8.5%
11/5/2025	13.6%	18.4%	33.6%
7/30/2025	-9.3%	-4.6%	11.6%
5/7/2025	16.3%	32.9%	22.6%
2/26/2025	-8.0%	-22.3%	-27.2%
11/7/2024	3.1%	0.1%	1.2%
7/31/2024	2.0%	-4.1%	-0.7%
2/28/2024	-0.8%	-1.4%	-3.6%
11/8/2023	-0.1%	5.4%	14.4%
8/2/2023	3.4%	7.2%	5.1%
5/9/2023	2.2%	-0.2%	2.9%
2/23/2023	6.3%	8.2%	4.3%
11/2/2022	-0.8%	5.1%	16.3%
7/27/2022	-3.0%	-4.2%	-5.3%
2/25/2022	1.2%	-2.1%	-5.2%
11/3/2021	8.5%	12.7%	4.7%
7/28/2021	0.9%	0.0%	-4.2%
2/25/2021	-0.7%	-5.6%	-2.7%
10/27/2020	9.5%	4.7%	49.9%
5/28/2020	-4.0%	1.9%	-7.1%
SUMMARY STATS
# Positive	12	11	11
# Negative	9	9	9
Median Positive	4.8%	5.4%	11.6%
Median Negative	-3.0%	-4.1%	-5.2%
Max Positive	16.3%	32.9%	49.9%
Max Negative	-9.3%	-22.3%	-27.2%

SEC Filings

Expand for More

Report Date	Filing Date	Filing
03/31/2026	05/08/2026	10-Q
12/31/2025	03/02/2026	10-K
09/30/2025	11/10/2025	10-Q
06/30/2025	08/05/2025	10-Q
03/31/2025	05/09/2025	10-Q
12/31/2024	03/03/2025	10-K
09/30/2024	11/08/2024	10-Q
06/30/2024	08/01/2024	10-Q
03/31/2024	05/02/2024	10-Q
12/31/2023	03/04/2024	10-K
09/30/2023	11/09/2023	10-Q
06/30/2023	08/04/2023	10-Q
03/31/2023	05/10/2023	10-Q
12/31/2022	03/01/2023	10-K
09/30/2022	11/04/2022	10-Q
06/30/2022	07/29/2022	10-Q

Recent Forward Guidance [BETA]

Latest: Q1 2026 Earnings Reported 5/6/2026

Forward Guidance				Guidance Change
Metric	Low	Mid	High	% Chg	% Delta	Change	Prior
2026 Revenue Growth	10.0%	11.0%	12.0%	10.0%	1.0%	Raised	Guidance: 10.0% for 2026
2026 EPS	2.55	2.6	2.65
2026 Adjusted EPS	2	2.05	2.1

Prior: Q4 2025 Earnings Reported 2/25/2026

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Insider Activity

Expand for More

#	Owner	Title	Holding	Action	Filing Date	Price	Shares	Transacted Value	Value of Held Shares	Form
1	Reed, Arian Simone		Direct	Sell	3122026	33.44	3,600	120,374	291,072	Form
2	Reed, Arian Simone		Direct	Sell	12112025	44.80	2,712	121,498	551,264	Form
3	Varela, Amelia	President	Direct	Sell	12022025	42.59	15,000	638,838	8,280,064	Form
4	Mazouzi, Zine	Chief Financial Officer	Direct	Sell	11252025	42.21	12,473	526,477	2,744,027	Form
5	Keith, Lisa	EVP, Gen. Counsel, Secretary	Direct	Sell	11252025	42.05	2,500	105,133	1,091,785	Form

SHOO Trade Sentinel

Stock Conviction

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CONVICTION RATIONALE

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STOCK ARCHETYPE

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Looking for high-conviction positions with a better risk/reward profile? See what's currently in the Trefis High Quality Portfolio.

INVESTMENT THESIS

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Mechanism: null

Supporting Evidence:

PRIMARY RISK

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Mechanism: null

Supporting Evidence:

Key KPI Watchlist

KPI	Threshold	Rationale

Core Investment Debate

BULL VIEW

CORE TENSION

PREVAILING SENTIMENT

BEAR VIEW

Next 6 months: Risks and Catalysts

Timeline	Event & Metric To Watch

Key Events in Last 6 Months

Date	Event	Stock Impact

Risk Management

Position Sizing

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Diversification Alternatives

How Is The Market Pricing SHOO?

What will confirm the thesis

What will damage the thesis

Noise: Real but irrelevant to thesis

Repricing Catalyst

What SHOO Makes & Who Pays

TTM figures based on

SHOO Evolution: Price Return by Era

① Structure

② Volume / Momentum

③ Catalyst

Combined Score

0 / 12

1 Price Structure & Trend · ▾

2 Momentum ▾

3 Relative Strength vs. SPY ▾

4 Institutional Footprint & Volume ▾

5 Volatility ▾

6 Key Price Levels Range · Vol ▾

7 Earnings Reaction History ▾

8 How the Verdict Is Derived Three Pillars ▾

Pillar	Score
① Structure	0
② Vol / Mom	0
③ Catalyst	0

ℹ Bull Pillars: 0 · Bear Pillars: 0 · Combined Score: 0 →

External Quote Links

0	Y Finance	Barrons
1	TradingView	Morningstar
2	SeekingAlpha	ValueLine
3	Motley Fool	Robinhood
4	CNBC	Etrade
5	MarketWatch	Unusual Whales
6	YCharts	Perplexity Finance
7	FinViz

Prefer one of these to Trefis? Tell us why.

Steven Madden (SHOO)

Market Price (5/13/2026): $38.57 | Market Cap: $2.7 BilSector: Consumer Discretionary | Industry: Footwear

Steven Madden (SHOO)

Market Price (5/13/2026): $38.57Market Cap: $2.7 BilSector: Consumer DiscretionaryIndustry: Footwear

Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.

Valuation, Metrics & Events

Price Chart

Why The Stock Moved

Qualitative Assessment

Stock Movement Drivers

Fundamental Drivers

Market Drivers

Fundamental Drivers

Market Drivers

Fundamental Drivers

Market Drivers

Fundamental Drivers

Market Drivers

Return vs. Risk

Price Returns Compared

How Low Can It Go

In The Past

Preserve Wealth

Asset Allocation

In The Past

Preserve Wealth

Asset Allocation

About Steven Madden (SHOO)

Interactive Breakdown

Better Bets vs. Steven Madden (SHOO)

INDUSTRY: Footwear

Higher Rev Chg 3Y Avg | Lower P/Op Inc (Values for SHOO: 9.3% | 20.8x)

Higher Rev Chg LTM (Value for SHOO: 15.3%)

Higher Rev Chg 3Y Avg (Value for SHOO: 9.3%)

Higher Op Mgn LTM (Value for SHOO: 5.0%)

Higher CFO/Rev LTM (Value for SHOO: 4.8%)

Higher FCF/Rev LTM (Value for SHOO: 3.3%)

Higher Total Yield (Value for SHOO: 5.0%)

SECTOR: Consumer Discretionary

Higher Rev Chg 3Y Avg | Lower P/S (Values for SHOO: 9.3% | 1.0x)

Higher Rev Chg 3Y Avg | Lower P/Op Inc (Values for SHOO: 9.3% | 20.8x)

Higher Rev Chg LTM (Value for SHOO: 15.3%)

Higher Rev Chg 3Y Avg (Value for SHOO: 9.3%)

Higher Op Mgn LTM (Value for SHOO: 5.0%)

Higher CFO/Rev LTM (Value for SHOO: 4.8%)

Higher FCF/Rev LTM (Value for SHOO: 3.3%)

Higher Total Yield (Value for SHOO: 5.0%)

All Other Sectors

Higher Rev Chg 3Y Avg | Lower P/S (Values for SHOO: 9.3% | 1.0x)

Higher Rev Chg 3Y Avg | Lower P/Op Inc (Values for SHOO: 9.3% | 20.8x)

Higher Rev Chg LTM (Value for SHOO: 15.3%)

Higher Rev Chg 3Y Avg (Value for SHOO: 9.3%)

Higher Op Mgn LTM (Value for SHOO: 5.0%)

Higher CFO/Rev LTM (Value for SHOO: 4.8%)

Higher FCF/Rev LTM (Value for SHOO: 3.3%)

Higher Total Yield (Value for SHOO: 5.0%)

Best Bets in Consumer Discretionary

P/EBIT (Value for SHOO: 21.4x)

P/E (Value for SHOO: 36.1x)

Rev Chg 3Y Avg (Value for SHOO: 9.3%)

Rev Chg LTM (Value for SHOO: 15.3%)

Rev Chg Q (Value for SHOO: 18.0%)

FCF/Rev 3Y Avg (Value for SHOO: 6.8%)

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Market Price (5/13/2026): $38.57 | Market Cap: $2.7 Bil
Sector: Consumer Discretionary | Industry: Footwear

Market Price (5/13/2026): $38.57
Market Cap: $2.7 Bil
Sector: Consumer Discretionary
Industry: Footwear