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Rocky Brands

RCKY
53
Apparel - Footwear & Accessories · Consumer Cyclical
Price
$46.79
+0.41 (+0.88%)
Market Cap
$352.9M
Exchange
NASDAQ
Winston Score
53
Winston is curious
Mixed quality — meaningful strengths and weaknesses.
Data as of Aug 23, 2026 · filings through Jun 30, 2026
How the score breaks down
Quality
Good
Growth
Good
Cash Flow
Mixed
Stability
Good
Valuation
Strong
Dividends
Weak

Share count rising — dilution

+1.6% over 4y

The company has issued more shares over this period, which dilutes each existing shareholder’s stake.

Diluted shares outstanding: 7.4M (2021) → 7.5M (2025)

Winston Score History

The full picture

Rocky Brands makes work boots, outdoor boots, and western-style footwear. Its brands include Rocky, Georgia Boot, Durango, and Lehigh, which are sold to workers in industries like construction, farming, and law enforcement, as well as outdoor enthusiasts. The company is a mid-sized American footwear maker focused on durable, purpose-built boots rather than fashion or athletic shoes.

Rocky Brands earns money by selling boots and shoes through wholesale channels to retailers, as well as directly to consumers online and through its Lehigh CustomFit program, which delivers work footwear directly to employees at job sites. The company operates primarily in the United States, with some international sales, and generates roughly $500 million in annual revenue. Its brand loyalty among tradespeople and niche focus on protective footwear provide some competitive insulation, but the business faces ongoing risk from rising input costs, competition from larger footwear companies, and shifts in consumer spending during economic slowdowns.

Growth Profile

When traditional metrics don't capture the full picture, these are the signals growth stock investors use instead.

Revenue Growth

+12.0% YoY

YoY Growth Rate

Steady revenue growth

EPS Growth

+283.3% YoY

YoY Growth Rate

EPS growth accelerating

R&D Spend

$0/ year

0.0% of revenue

Below sector average (4%)

Research and development spending

Insider Activity

7.2%ownership

Rising

Insiders increasing their stake — aligned with shareholders

Cash Position

Cash flow positive

$3M cash & investments

Quarterly Free Cash Flow

↑ Burn rate improving

Company generates more cash than it spends — no dilution risk from fundraising

Growth + cash flow

Rocky Brands is a rare growth stock that's already generating positive cash flow while growing at 12%. The Winston Score doesn't fully credit this transition from "burner" to "earner."

The Winston Score above measures business quality today. Growth stocks often score lower because they invest in the future rather than maximising current profits. These metrics show what matters most for evaluating that future.

Score breakdown

Every number that matters to educated investors.

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Quality

Profit per sale
Gross Margin
51.4%
Healthy — 51.4% gross margin
Profit after running costs
Operating Margin
16.6%
Healthy — 16.6% operating margin
Return on the money invested
ROCE
11.6%
Below par — 11.6% return on capital

ROIC between 5% and 15%. They earn 5 to 15 cents back per year on every dollar invested.

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Growth

Sales growth
Sales YoY
+9.2%
Steady sales growth (+9.2% YoY)
Profit growth
EPS YoY
+54.2%
Earnings growing fast (+54.2% YoY)

Earnings growing 25%+ a year. The compounder zone.

How steady the profit is
EPS Consistency
5/8 quarters
Mixed — about half the quarters showed growth

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Cash Flow

Profit that turns into cash
Cash Conversion
59%
Weak — only 59% of profit becomes cash
Spare cash per sale
FCF Margin
2.0%
Thin free cash flow (2.0%)

FCF margin between 0% and 10%. Some cash from sales, but not a lot.

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Stability

What it owes vs what it owns
Debt / Equity
0.46
Conservative — low debt load (0.46)
Covers its interest
Interest Cover
2.36x
Tight — interest eats into profit (2.4x)

Interest coverage between 1 and 3. Profits cover interest, but with little room to spare.

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Valuation

Price vs profit
P/E Ratio (TTM)
12.2x
Attractive valuation — P/E 12.2

P/E in the normal range. Price is roughly $15 for every $1 of yearly profit.

Cheaper or dearer next year
P/E vs Forward
+2.0
GROWING
Earnings expected to grow — slightly cheaper on forward P/E

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Dividends

Dividend
Dividend Yield
1.26%
Small dividend — 1.26% yield

Modest yield. The bulk of any return needs to come from price appreciation.

Dividend record
Dividend Growth
+2.4%
Dividend flat

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