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Relative to Consumer Discretionary Sector Median (N=442)
Metric
RCKY
Benchmark
P/E Ratio
14.4x
-41%
EV/EBITDA
11.3x
+130%
Price / Book
1.2x
Implied Value Audit
FAIR VALUE
Implied Fair Value (vs Sector)
-14.5%
$37.36Spot: $43.70
Spot
Implied
-50% Delta+50% Delta
Relative valuation derived from Consumer Discretionary sector median benchmarks. Model weights: EV/EBITDA (40%), P/B (35%), P/S (25%). Multiples adjusted for extreme outliers and non-recurring volatility.
Auditing capital efficiency...
Quality Profile Audit
Score: 50GRADE C+
Composite assessment of profitability, capital efficiency, and financial strength. Top-tier entities demonstrate sustainable cash flow generation.
Return on Equity
Profit generated per dollar of shareholder equity
8.3%
Sector: 6.2%
Dividend Analysis audit
INCOME
2.08%
Trailing Yield
$2.08
Per $100 Invested
Solid dividend yield for income-focused strategies.
Est. Payout Ratio
30%SAFE
Analyst Projections
Analyst Consensus
Unlock Valuation Tools
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Based on our 6-factor quantitative model, ROCKY BRANDS, INC. (RCKY) receives a "Hold" rating with a composite score of 52.9/100, ranked #476 out of 4446 stocks. Key factor scores: Quality 50/100, Value 70/100, Momentum 72/100. This is quantitative analysis only — not investment advice.
ROCKY BRANDS, INC. (RCKY) Stock Analysis — April 2026 Rating, Price, and Forecast
Company Overview — What Does ROCKY BRANDS, INC. Do?
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. ROCKY BRANDS, INC. (RCKY) is classified as a micro-cap stock in the Consumer Discretionary sector, specifically within the Apparel industry. The company is led by CEO Jason S. Brooks and employs approximately 2,820 people, headquartered in NELSONVILLE, Ohio. With a market capitalization of $291M, RCKY is one of the notable companies in the Consumer Discretionary sector.
ROCKY BRANDS, INC. (RCKY) Stock Rating — Hold (April 2026)
As of April 2026, ROCKY BRANDS, INC. receives a Hold rating with a composite score of 52.9/100 and 3 out of 5 stars from the Blank Capital Research quantitative model.RCKY ranks #476 out of 4,446 stocks in our coverage universe. Within the Consumer Discretionary sector, ROCKY BRANDS, INC. ranks #28 of 442 stocks, placing it in the top 10% of its Consumer Discretionary peers. The rating is generated by a multi-factor model that weighs quality (30%), momentum (25%), value (15%), investment (10%), stability (10%), and short interest (10%).
RCKY Stock Price and 52-Week Range
ROCKY BRANDS, INC. (RCKY) currently trades at $43.70. The 52-week high for RCKY is $48.70, which means the stock is currently trading -10.3% from its annual peak. The 52-week low is $11.93, putting the stock 266.3% above its annual trough. Recent trading volume was 0 shares, suggesting relatively thin trading activity.
Is RCKY Overvalued or Undervalued? — Valuation Analysis
ROCKY BRANDS, INC. (RCKY) carries a value factor score of 70/100 in the Blank Capital model, suggesting the stock trades at a meaningful discount to its fundamental earning power. The trailing price-to-earnings ratio is 14.39x, compared to the Consumer Discretionary sector average of 24.47x — a discount of 41%. The price-to-book ratio stands at 1.20x, versus the sector average of 1.99x. The price-to-sales ratio is 0.66x, compared to 0.27x for the average Consumer Discretionary stock. On an enterprise value basis, RCKY trades at 11.29x EV/EBITDA, versus 4.91x for the sector.
Based on these multiples, ROCKY BRANDS, INC. appears attractively valued relative to both its sector peers and the broader market. Value-oriented investors may find the current entry point compelling, particularly if the company's fundamental quality metrics also score well.
ROCKY BRANDS, INC. Profitability — ROE, Margins, and Quality Score
ROCKY BRANDS, INC. (RCKY) earns a quality factor score of 50/100, indicating solid business quality with consistent operational execution. The return on equity (ROE) is 8.3%, compared to the Consumer Discretionary sector average of 6.2%, which is below typical expectations for high-quality companies. Return on assets (ROA) comes in at 4.4% versus the sector average of 2.5%.
On a margin basis, ROCKY BRANDS, INC. reports gross margins of 40.1%, compared to 36.9% for the sector. The operating margin is 8.2% (sector: 3.8%). Net profit margin stands at 4.6%, versus 2.1% for the average Consumer Discretionary stock. Revenue growth is running at 24.7% on a trailing basis, compared to 3.3% for the sector. The overall profitability profile is adequate, though there may be room for margin expansion.
RCKY Debt, Balance Sheet, and Financial Health
ROCKY BRANDS, INC. has a debt-to-equity ratio of 49.0%, compared to the Consumer Discretionary sector average of 89.0%. The low leverage indicates a conservative balance sheet with significant financial flexibility. The current ratio is 2.82x, indicating strong short-term liquidity. Total debt on the balance sheet is $123M. Cash and equivalents stand at $3M.
RCKY has a beta of 1.73, meaning it is more volatile than the broader market — a $10,000 investment in RCKY would be expected to move 73.2% more than the S&P 500 on any given day. The stability factor score for ROCKY BRANDS, INC. is 44/100, reflecting average volatility within the normal range for its sector.
ROCKY BRANDS, INC. Revenue and Earnings History — Quarterly Trend
In TTM 2026, ROCKY BRANDS, INC. reported revenue of $457M and earnings per share (EPS) of $2.98. Net income for the quarter was $21M. Gross margin was 40.1%. Operating income came in at $38M.
In FY 2025, ROCKY BRANDS, INC. reported revenue of $482M and earnings per share (EPS) of $2.98. Net income for the quarter was $22M. Gross margin was 40.9%. Revenue grew 6.2% year-over-year compared to FY 2024. Operating income came in at $37M.
In Q3 2025, ROCKY BRANDS, INC. reported revenue of $123M and earnings per share (EPS) of $0.96. Net income for the quarter was $7M. Gross margin was 40.2%. Revenue grew 7.0% year-over-year compared to Q3 2024. Operating income came in at $12M.
In Q2 2025, ROCKY BRANDS, INC. reported revenue of $106M and earnings per share (EPS) of $0.48. Net income for the quarter was $4M. Gross margin was 41.0%. Revenue grew 7.5% year-over-year compared to Q2 2024. Operating income came in at $7M.
Over the past 8 quarters, ROCKY BRANDS, INC. has demonstrated a growth trajectory, with revenue expanding from $98M to $457M. Investors analyzing RCKY stock should weigh these quarterly trends alongside the valuation and quality metrics discussed above.
RCKY Dividend Yield and Income Analysis
ROCKY BRANDS, INC. (RCKY) currently pays a dividend yield of 2.1%. At this yield, a $10,000 investment in RCKY stock would generate approximately $$208.00 in annual dividend income.
RCKY Momentum and Technical Analysis Profile
ROCKY BRANDS, INC. (RCKY) has a momentum factor score of 72/100, indicating strong price momentum with the stock outperforming the majority of the market over recent periods. Stocks with high momentum scores have historically tended to continue their outperformance in the near term. The investment factor score is 25/100, which measures capital allocation efficiency and asset growth patterns. The short interest score of 24/100 signals elevated short interest, which can indicate bearish sentiment among institutional investors.
RCKY vs Competitors — Consumer Discretionary Sector Ranking and Peer Comparison
Comparing RCKY against the S&P 500 benchmark is also instructive for understanding relative performance. Investors can view the full RCKY vs S&P 500 (SPY) comparison to assess how ROCKY BRANDS, INC. stacks up against the broader market across all factor dimensions.
RCKY Next Earnings Date
No upcoming earnings date has been announced for ROCKY BRANDS, INC. (RCKY) at this time. Check the earnings calendar for the latest scheduling updates across all stocks in our coverage universe.
Should You Buy RCKY? — Investment Thesis Summary
ROCKY BRANDS, INC. presents a balanced picture with arguments on both sides. The value score of 70/100 suggests attractive pricing relative to fundamentals. Price momentum is positive at 72/100, suggesting the trend favors buyers.
In summary, ROCKY BRANDS, INC. (RCKY) earns a Hold rating with a composite score of 52.9/100 as of April 2026. The rating is derived from the Blank Capital Research methodology, which combines six factor dimensions into a single quantitative ranking. Investors should consider these quantitative signals alongside their own fundamental research, risk tolerance, and investment time horizon before making buy or sell decisions on RCKY stock.
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Institutional Research Dossier
ROCKY BRANDS, INC. (RCKY) Deep Dive Analysis
Published on March 24, 2026
Action RatingHold
Sections
Executive Summary
ROCKY BRANDS, INC. (RCKY) is rated as a Buy by our proprietary equity research model, with a Composite Score of 53.3 out of 100, ranking it 59th out of 4,446 companies in the consumer discretionary sector. The core reason for the Buy rating is the company's strong value and momentum scores, which suggest the stock is currently undervalued and exhibiting positive price and earnings revisions. The most critical takeaway is that Rocky Brands possesses a relatively strong competitive position in its target markets, driven by its diverse portfolio of well-known and trusted footwear and apparel brands.
Business Strategy & Overview
Rocky Brands, Inc. is a leading designer, manufacturer, and marketer of footwear and apparel products sold under a portfolio of well-recognized brand names, including Rocky, Georgia Boot, Durango, Lehigh, Muck, XTRATUF, Servus, NEOS, Ranger, and the licensed Michelin brand. The company operates through three primary business segments: Wholesale, Retail, and Contract Manufacturing. The Wholesale segment accounts for the majority of revenue and sells products to approximately 10,000 retail locations across a diverse range of distribution channels, including sporting goods stores, outdoor retailers, independent shoe stores, hardware stores, and more. The Retail segment encompasses the company's e-commerce platforms and a single outlet store, allowing Rocky Brands to connect directly with consumers. The Contract Manufacturing segment includes private label sales and sales to the U.S. military.
Rocky Brands' product portfolio spans work, outdoor, western, duty, and military footwear and apparel, catering to a wide range of end-users, including industrial and construction workers, farmers and ranchers, outdoor enthusiasts, law enforcement personnel, and the U.S. military. This diversification across end-markets and product categories helps mitigate risk and provides multiple avenues for growth.
The company's strategic focus is on expanding its brand portfolio, driving digital/e-commerce growth, and optimizing its supply chain and manufacturing capabilities. Recent acquisitions, such as the 2020 purchase of the XTRATUF, Servus, Neos, and Muck Boot brands, have broadened Rocky Brands' reach and added complementary products to its lineup.
Execution Benchmarks audit
Revenue Growth
YOY expansion rate
24.7%
Sector: 3.3%
+650% VS SCTR
Economic Moat Analysis
Rocky Brands possesses a narrow economic moat, derived primarily from its portfolio of well-established, trusted brands and its diversified product and customer base. The company's brands, such as Rocky, Georgia Boot, and Durango, have been built over decades and enjoy strong brand loyalty among their respective target consumers. This brand equity creates a degree of pricing power and customer stickiness, as these brands are often the preferred choice for their intended end-users.
The company's diversification across work, outdoor, western, duty, and military footwear and apparel also contributes to its moat. This diversification reduces the company's reliance on any single product category or customer segment, providing stability and resilience. Additionally, Rocky Brands' long-standing relationships with its wholesale partners and the specialized nature of some of its product offerings, such as military and work boots, create moderate switching costs for its customers.
However, the company faces competition from larger, more diversified competitors, such as Wolverine World Wide and VF Corporation, as well as private-label offerings from major retailers. While Rocky Brands has been able to maintain its market share in its core product categories, the potential for new entrants and the commoditization of certain product segments pose threats to the company's moat.
Financial Health & Profitability
Rocky Brands has demonstrated solid financial performance in recent years, with strong revenue growth and improving profitability. Over the past three fiscal years, the company has grown its revenue at an impressive rate of 24.7%, significantly outpacing the 3.2% average growth in the consumer discretionary sector. This top-line growth has been driven by the successful integration of recent acquisitions, such as the XTRATUF, Servus, Neos, and Muck Boot brands, as well as organic growth in the company's core product categories.
Rocky Brands' profitability metrics also compare favorably to its sector peers. The company's gross margin of 40.1% is significantly higher than the sector average of 36.9%, and its operating margin of 8.2% is more than double the 3.8% sector average. However, the company's return on equity (ROE) of 8.4% is below the sector average of 5.8%, indicating that it could be more efficiently allocating its capital.
The company's balance sheet is moderately leveraged, with a debt-to-equity ratio of 49.0%, which is lower than the sector average of 91.0%. Rocky Brands' current ratio of 2.82 suggests that it has sufficient liquidity to meet its short-term obligations. However, the absence of free cash flow data in the provided information makes it difficult to assess the company's overall cash flow generation and capital allocation decisions.
Valuation Assessment
Based on the available valuation metrics, Rocky Brands appears to be trading at a significant discount to its peers in the consumer discretionary sector. The company's P/E ratio of 13.1x is less than half the sector average of 28.0x, and its EV/EBITDA multiple of 2.8x is also well below the sector's 5.3x. This suggests that the stock is currently undervalued relative to the company's earnings and cash flow-generating potential.
However, it's important to note that the lack of free cash flow data makes it difficult to assess the company's true valuation using more reliable metrics, such as FCF yield. Additionally, the company's relatively low Investment and Stability scores in the BCR proprietary model (25/100 and 30/100, respectively) indicate that there may be concerns around its long-term growth potential and the sustainability of its financial performance.
Overall, while the company's current valuation appears attractive based on traditional metrics, a more comprehensive analysis of its cash flow generation, capital allocation, and long-term growth prospects would be necessary to determine if the stock is truly a bargain or if the market is correctly pricing in the risks and uncertainties facing the business.
Risk & Uncertainty
One of the primary risks facing Rocky Brands is the highly competitive and fragmented nature of the footwear and apparel industry. The company competes with larger, more diversified players, as well as private-label offerings from major retailers, which could pressure margins and market share. Additionally, the company's reliance on a network of wholesale partners and distributors exposes it to the risk of changes in consumer preferences or purchasing patterns at the retail level.
Another key risk is Rocky Brands' moderate level of financial leverage, with a debt-to-equity ratio of 49.0%. While this leverage is lower than the sector average, it still makes the company vulnerable to changes in interest rates and potential economic downturns, which could strain its balance sheet and cash flow generation.
Finally, the company's recent acquisitions, while providing opportunities for growth and diversification, also introduce integration and execution risks that could impact the company's financial performance and long-term strategic positioning. Any missteps in the integration or failure to realize the expected synergies from these acquisitions could undermine the company's competitive advantages.
Bulls Say / Bears Say
The Bull Case
BULL VIEWRocky Brands' diverse portfolio of well-recognized and trusted brands, such as Rocky, Georgia Boot, and Durango, provides the company with a strong competitive position and pricing power in its target markets.
BULL VIEWThe company's strategic focus on expanding its brand offerings, driving digital/e-commerce growth, and optimizing its supply chain and manufacturing capabilities positions it well for continued long-term success.
The Bear Case
BEAR VIEWThe highly competitive and fragmented nature of the footwear and apparel industry, along with the threat of private-label offerings from major retailers, could erode Rocky Brands' market share and profitability.
BEAR VIEWThe company's moderate financial leverage and reliance on wholesale partnerships make it vulnerable to changes in interest rates, economic conditions, and consumer preferences, which could strain its balance sheet and cash flow generation.
About the Author
Marques Blank
Founder & Chief Investment Officer, Blank Capital
Marques brings 15 years of institutional finance and investing experience, having overseen financial planning for a $1.6B defense business unit. He developed the proprietary 6-factor quantitative model used to score RCKY and 4,400+ other equities.
ROCKY BRANDS, INC. exhibits a 48% valuation premium relative to institutional benchmarks. This represents a potential valuation overextension based on current multiples.
Return on Assets
Efficiency of asset utilization
4.4%
Sector: 2.5%
Gross Margin
Pricing power and cost efficiency
40.1%
Sector: 36.9%
Operating Margin
Core business profitability
8.2%
Sector: 3.8%
Net Margin
Bottom-line profitability
4.6%
Sector: 2.1%
Factor Methodology
The Quality factor evaluates the persistence and magnitude of cash flows. Companies with scores >70 exhibit superior competitive moats and financial resilience through economic cycles.
Sector Avg Yield0.00%
Yield Delta—
Income Projection audit
A $10,000 investment would generate approximately $208 annually in dividends at the current trailing rate.
