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RCKY

Rocky BrandsNasdaqGS:RCKY Stock Report

Last Price

US$43.17

Market Cap

US$315.1m

7D

-5.9%

1Y

37.5%

Updated

16 Jan, 2022

Data

Company Financials +
RCKY fundamental analysis
Snowflake Score
Valuation0/6
Future Growth1/6
Past Performance1/6
Financial Health2/6
Dividends2/6

RCKY Stock Overview

Rocky Brands, Inc. designs, manufactures, and markets footwear and apparel under the Rocky, Georgia Boot, Durango, Lehigh, and licensed Michelin brand names in the United States, Canada, and internationally.

Price History & Performance

Summary of all time highs, changes and price drops for Rocky Brands
Historical stock prices
Current Share PriceUS$43.17
52 Week HighUS$69.00
52 Week LowUS$28.14
Beta0.71
1 Month Change16.55%
3 Month Change-16.01%
1 Year Change37.48%
3 Year Change50.84%
5 Year Change252.41%
Change since IPO259.75%

Recent News & Updates

Dec 15

Rocky Brands: Recent Sell-Off Has Created Prime Entry Point

Due to its recent acquisition of Honeywell International's footwear business, the company encountered unexpected fulfillment issues which caused a miss in sales expectations. Demand for RCKY’s products has remained strong and unfulfilled open orders have not been cancelled. We believe RCKY is undervalued through a conservative 15x P/E ratio blended with our DCF valuation.

Nov 19
Rocky Brands' (NASDAQ:RCKY) Upcoming Dividend Will Be Larger Than Last Year's

Rocky Brands' (NASDAQ:RCKY) Upcoming Dividend Will Be Larger Than Last Year's

Rocky Brands, Inc.'s ( NASDAQ:RCKY ) dividend will be increasing to US$0.15 on 16th of December. This will take the...

Nov 04

Revenues +61%, P/E Of 7.6x, Temporary Product Fulfillment Issues Impact Quarter

3Q21 net sales up 61.4% YoY but adjusted net income down 67.3% YoY. Demand for their brands is robust. Temporary issues with product fulfillment issues resulted in an impact on financials. Adjusted gross margins fell 30bps YoY. Stock up 82% since our initial recommendation in August 2020, and we still expect an upside of 134%.

Shareholder Returns

RCKYUS LuxuryUS Market
7D-5.9%-5.1%-0.5%
1Y37.5%4.2%13.7%

Return vs Industry: RCKY exceeded the US Luxury industry which returned 4.2% over the past year.

Return vs Market: RCKY exceeded the US Market which returned 13.7% over the past year.

Price Volatility

Is RCKY's price volatile compared to industry and market?
RCKY volatility
RCKY Average Weekly Movement8.2%
Luxury Industry Average Movement5.9%
Market Average Movement6.6%
10% most volatile stocks in US Market15.9%
10% least volatile stocks in US Market2.4%

Stable Share Price: RCKY is not significantly more volatile than the rest of US stocks over the past 3 months, typically moving +/- 8% a week.

Volatility Over Time: RCKY's weekly volatility (8%) has been stable over the past year.

About the Company

FoundedEmployeesCEOWebsite
19321,990Jason Brookshttps://www.rockybrands.com

Rocky Brands, Inc. designs, manufactures, and markets footwear and apparel under the Rocky, Georgia Boot, Durango, Lehigh, and licensed Michelin brand names in the United States, Canada, and internationally. It operates through three segments: Wholesale, Retail, and Military. 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.

Rocky Brands Fundamentals Summary

How do Rocky Brands's earnings and revenue compare to its market cap?
RCKY fundamental statistics
Market CapUS$315.15m
Earnings (TTM)US$17.74m
Revenue (TTM)US$432.39m

17.8x

P/E Ratio

0.7x

P/S Ratio

Earnings & Revenue

Key profitability statistics from the latest earnings report
RCKY income statement (TTM)
RevenueUS$432.39m
Cost of RevenueUS$262.82m
Gross ProfitUS$169.58m
ExpensesUS$151.84m
EarningsUS$17.74m

Last Reported Earnings

Sep 30, 2021

Next Earnings Date

n/a

Earnings per share (EPS)2.43
Gross Margin39.22%
Net Profit Margin4.10%
Debt/Equity Ratio128.3%

How did RCKY perform over the long term?

See historical performance and comparison

Dividends

1.4%

Current Dividend Yield

24%

Payout Ratio

Valuation

Is Rocky Brands undervalued compared to its fair value and its price relative to the market?

17.77x

Price to Earnings (PE) ratio


Share Price vs. Fair Value

Below Fair Value: RCKY ($43.17) is trading above our estimate of fair value ($12.24)

Significantly Below Fair Value: RCKY is trading above our estimate of fair value.


Price To Earnings Ratio

PE vs Industry: RCKY is poor value based on its PE Ratio (17.8x) compared to the US Luxury industry average (16.9x).

PE vs Market: RCKY is poor value based on its PE Ratio (17.8x) compared to the US market (17.4x).


Price to Earnings Growth Ratio

PEG Ratio: Insufficient data to calculate RCKY's PEG Ratio to determine if it is good value.


Price to Book Ratio

PB vs Industry: RCKY's PB Ratio (1.7x) is in line with the US Luxury industry average.


Future Growth

How is Rocky Brands forecast to perform in the next 1 to 3 years based on estimates from 3 analysts?

12.5%

Forecasted annual revenue growth


Earnings and Revenue Growth Forecasts


Analyst Future Growth Forecasts

Earnings vs Savings Rate: Insufficient data to determine if RCKY's forecast earnings growth is above the savings rate (2%).

Earnings vs Market: Insufficient data to determine if RCKY's earnings are forecast to grow faster than the US market

High Growth Earnings: Insufficient data to determine if earnings are expected to grow significantly over the next 3 years.

Revenue vs Market: RCKY's revenue (12.5% per year) is forecast to grow faster than the US market (9.3% per year).

High Growth Revenue: RCKY's revenue (12.5% per year) is forecast to grow slower than 20% per year.


Earnings per Share Growth Forecasts


Future Return on Equity

Future ROE: Insufficient data to determine if RCKY's Return on Equity is forecast to be high in 3 years time


Past Performance

How has Rocky Brands performed over the past 5 years?

35.4%

Historical annual earnings growth


Earnings and Revenue History

Quality Earnings: RCKY has a large one-off loss of $13.2M impacting its September 30 2021 financial results.

Growing Profit Margin: RCKY's current net profit margins (4.1%) are lower than last year (6.2%).


Past Earnings Growth Analysis

Earnings Trend: RCKY has become profitable over the past 5 years, growing earnings by 35.4% per year.

Accelerating Growth: RCKY's earnings growth over the past year (8.6%) is below its 5-year average (35.4% per year).

Earnings vs Industry: RCKY earnings growth over the past year (8.6%) underperformed the Luxury industry 57.1%.


Return on Equity

High ROE: RCKY's Return on Equity (9.5%) is considered low.


Financial Health

How is Rocky Brands's financial position?


Financial Position Analysis

Short Term Liabilities: RCKY's short term assets ($309.6M) exceed its short term liabilities ($114.4M).

Long Term Liabilities: RCKY's short term assets ($309.6M) exceed its long term liabilities ($246.4M).


Debt to Equity History and Analysis

Debt Level: RCKY's net debt to equity ratio (121.4%) is considered high.

Reducing Debt: RCKY's debt to equity ratio has increased from 22.5% to 128.3% over the past 5 years.

Debt Coverage: RCKY's operating cash flow is negative, therefore debt is not well covered.

Interest Coverage: Insufficient data to determine if RCKY's interest payments on its debt are well covered by EBIT.


Balance Sheet


Dividend

What is Rocky Brands's current dividend yield, its reliability and sustainability?

1.44%

Current Dividend Yield


Dividend Yield vs Market

Notable Dividend: RCKY's dividend (1.44%) is higher than the bottom 25% of dividend payers in the US market (1.32%).

High Dividend: RCKY's dividend (1.44%) is low compared to the top 25% of dividend payers in the US market (3.44%).


Stability and Growth of Payments

Stable Dividend: Whilst dividend payments have been stable, RCKY has been paying a dividend for less than 10 years.

Growing Dividend: RCKY's dividend payments have increased, but the company has only paid a dividend for 9 years.


Current Payout to Shareholders

Dividend Coverage: With its low payout ratio (23.6%), RCKY's dividend payments are well covered by earnings.


Future Payout to Shareholders

Future Dividend Coverage: Insufficient data to determine if a dividend will be paid in 3 years and that it will be covered by earnings.


Next Steps

Management

How experienced are the management team and are they aligned to shareholders interests?

6.4yrs

Average management tenure


CEO

Jason Brooks (49 yo)

4.67yrs

Tenure

US$697,129

Compensation

Mr. Jason S. Brooks has been Chief Executive Officer and President of Rocky Brands, Inc. since May 19, 2017. Mr. Brooks served as President of Core Brands - Rocky Brands US, LLC at Rocky Brands, Inc. from...


CEO Compensation Analysis

Compensation vs Market: Jason's total compensation ($USD697.13K) is below average for companies of similar size in the US market ($USD1.68M).

Compensation vs Earnings: Jason's compensation has increased by more than 20% in the past year.


Leadership Team

Experienced Management: RCKY's management team is seasoned and experienced (6.4 years average tenure).


Board Members

Experienced Board: RCKY's board of directors are seasoned and experienced ( 18 years average tenure).


Ownership

Who are the major shareholders and have insiders been buying or selling?


Insider Trading Volume

Insider Buying: Insufficient data to determine if insiders have bought more shares than they have sold in the past 3 months.


Recent Insider Transactions

Ownership Breakdown

Dilution of Shares: Shareholders have not been meaningfully diluted in the past year.


Top Shareholders

Company Information

Rocky Brands, Inc.'s employee growth, exchange listings and data sources


Key Information

  • Name: Rocky Brands, Inc.
  • Ticker: RCKY
  • Exchange: NasdaqGS
  • Founded: 1932
  • Industry: Footwear
  • Sector: Consumer Durables
  • Implied Market Cap: US$315.150m
  • Shares outstanding: 7.30m
  • Website: https://www.rockybrands.com

Number of Employees


Location

  • Rocky Brands, Inc.
  • 39 East Canal Street
  • Nelsonville
  • Ohio
  • 45764
  • United States

Listings


Company Analysis and Financial Data Status

All financial data provided by Standard & Poor's Capital IQ.
DataLast Updated (UTC time)
Company Analysis2022/01/16 23:21
End of Day Share Price2022/01/14 00:00
Earnings2021/09/30
Annual Earnings2020/12/31


Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more here.