ROCKY BRANDS, INC. financial statements

Income statement, balance sheet and cash flow statement for the last 10 fiscal years, taken from the XBRL data ROCKY BRANDS, INC. files with the SEC in its annual reports.

In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.

Income statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Revenue	260	253	253	270	277	514	615	462	454	482
Cost of revenue	184	172	166	173	173	320	390	283	275	285
Gross profit	76.7	80.8	87	97.7	105	195	225	179	179	197
Selling, general and administrative	75.6	68.9
Operating expenses	79.8	68.9	69	75.6	77.6	159	181	143	148	160
Operating income	-3.06	11.8	18.1	22.1	27.2	36	44	35.4	31.1	37.2
Interest expense	0.62	0.39			0.2	10.6	18.3	22.7	17	10
Other non-operating income	-0.56	-2.47	-0.16	0.15	-0.21	-10.6	-18.3	-21.2	-17	-10
Pre-tax income	-3.62	9.36	17.9	22.2	27	25.4	25.8	14.2	14.1	27.2
Income tax	-1.48	-0.23	3.35	4.77	6	4.81	5.3	3.73	2.67	4.91
Net income	-2.14	9.59	14.6	17.5	21	20.6	20.5	10.4	11.4	22.3
EBITDA	4.66	18.3	23.4	27.1	32.4	47.3	56.4	46.3	41.3	47
EPS, basic	-0.29	1.29	1.96	2.36	2.87	2.82	2.80	1.42	1.53	2.98
EPS, diluted	-0.29	1.29	1.95	2.35	2.86	2.77	2.78	1.41	1.52	2.96
Shares, basic (weighted)	7.51	7.43	7.41	7.39	7.3	7.28	7.32	7.36	7.44	7.47
Shares, diluted (weighted)	7.51	7.45	7.46	7.44	7.34	7.41	7.37	7.38	7.48	7.53
Dividend per share		0.11	0.47	0.54	0.56	0.59	0.62	0.62	0.62	0.62

Balance sheet

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Cash and equivalents	3.68	3.68	10.2	15.5	28.4	5.91	5.72	4.47	3.72	2.9
Receivables	40.8	45	43.3	45.6	48	127	95	77	72	77.1
Inventory	69.2	65.6	72.8	76.7	77.6	232	235	169	167	181
Other current assets	2.35	2.2	1.89	3.03	3.71	4.51	4.07	3.36	3.01	3.62
Total current assets	119	119	131	146	163	375	341	258	246	271
Property, plant and equipment	26.5	23.8	23.1	27.4	33.8	60	57.4	52	49.7	49.9
Lease right-of-use assets				1.74	1.57	11.4	11	7.81	6.03	4.18
Goodwill					0	50.2	50.2	47.8	47.8	47.8
Intangible assets	33.4	30.3	30.3	30.2	30.2	126	122	113	106	103
Other non-current assets	0.23	0.2	0.15	0.29	0.37	0.92	0.94	0.97	1.5	1.79
Total assets	179	173	185	206	229	625	582	479	457	477
Accounts payable	11.6	13	13.5	15.8	20.1	115	69.7	49.8	58.1	53
Accrued liabilities	1.38	1.3	1.42	1.7	4.46	3.67	1.25	18.1	3.22	5.34
Deferred revenue			2.6	4.75	5.58	1.06	0	0.93	0	0
Short-term debt					0	3.25	3.25	2.65	8.36	8.36
Total current liabilities	17.7	20	25	31.5	40	140	96.3	71.5	90.4	96.1
Long-term debt	14.6	2.2			0	267	254	170	120	114
Lease liabilities				1.16	0.94	8.81	8.22	5.46	3.54	1.73
Other non-current liabilities	0.18	0.15	0.12	0.2	0.22	0.52	0.59	0.72	0.71	0.88
Total liabilities	43.8	32.4	33.1	41.2	49.6	427	367	256	225	225
Total debt	14.6	2.2			0	270	257	173	129	123
Paid-in capital									73.9	76.1
Retained earnings	65.8			96.7	114	130	146	152	158	176
Shareholders' equity	135	141	152	165	180	198	215	224	232	252
Total equity	135	141	152	165	180	198	215	224	232	252
Total liabilities and equity	179	173	185	206	229	625	582	479	457	477
Shares outstanding	7.42	7.4	7.37	7.35	7.25	7.3	7.34	7.41	7.45	7.51

Cash flow statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Net income	-2.14	9.59	14.6	17.5	21	20.6	20.5	10.4	11.4	22.3
Depreciation and amortization	7.72	6.51	5.38	5.04	5.24	11.3	12.3	10.9	10.3	9.85
Stock-based compensation	0.36	0.36	0.59	0.66	0.78	1.27	1.23	1.24	1.29	1.62
Deferred income tax	-0.6	-3.64	0.62	0.33	0.16	2.02	-2.21	-0.53	2.57	2.34
Change in receivables	3.27	-6.08	2.17	-4.55	-2.73	-42.2	28.2	18.2	2.57	-9.98
Change in inventory	7.82	4.05	-7.2	-3.91	-0.85	-114	-4.99	60	2.5	-14.4
Change in payables	2.35	1.36	0.06	0.46	4.46	78.6	-45.9	-21.2	7.75	-5.97
Cash from operations	21.3	17.1	17.6	18.1	31.4	-54.9	19.1	73.6	52.8	16.3
Capital expenditures	-5.91	-4.31	-4.24	-7.72	-11.7	-21.1	-6.7	-3.92	-4.66	-6.58
Acquisitions					0	-212	0	0
Cash from investing	-5.86	-1.58	-4.22	-7.7	-11.7	-233	-1.23	13.4	-2.96	-6.2
Debt issued					0	130	0	0	50	0
Debt repaid					0	-2.44	-11.2	-38.4	-94.3	-8.36
Stock issued		0.01	0.14	0.44	0.14	0.83	0.46	0.98	0.6	0.81
Share buybacks	-1.95	-0.69	-1.31	-1.5	-2.94	0	0		0	-0.2
Dividends paid	-3.3	-3.27	-3.48	-3.99	-4.09	-4.3	-4.54	-4.57	-4.61	-4.63
Cash from financing	-14.4	-16.3	-6.86	-5.04	-6.9	266	-18.1	-88.2	-50.6	-10.9
Net change in cash	1.07	-0.8	6.49	5.35	12.8	-22.4	-0.19	-1.25	-0.75	-0.82
Free cash flow	15.4	12.8	13.3	10.4	19.7	-75.9	12.4	69.7	48.1	9.72
Interest paid	0.61	0.42	0.19	0.12	0.15	7.93	17.5	13.3	16.2	9.36
Income taxes paid	0.34	1.73	3.59	5.33	4.67	8.64	1.93	6.66	-1.9	4.21

Key metrics

Worked out from the statements above. Latest values use the trailing twelve months to September 30, 2026; growth uses fiscal years. Valuation uses the share price of $53.54 on November 10, 2026.

Profitability

Metric	Value	How it is calculated
Gross margin	43.4%	Gross profit / revenue.
Operating margin	9.8%	Operating income / revenue.
EBITDA margin	11.7%	EBITDA (operating income + depreciation and amortization) / revenue.
Pre-tax margin	8.2%	Pre-tax income / revenue.
Net margin	6.6%	Net income / revenue.
FCF margin	5.3%	Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin	6.9%	Cash from operations / revenue.
Effective tax rate	19.0%	Income tax / pre-tax income, when pre-tax income is positive.
Return on equity (ROE)	12.5%	Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)	6.7%	Net income / average total assets.
Return on invested capital (ROIC)	10.6%	Approximation: operating income x (1 - tax rate) / average (total debt + equity - cash). Tax rate is the effective rate when between 0% and 50%, else 21%.
Stock-based pay / revenue	0.3%	Stock-based compensation (from the cash flow statement) / revenue.
Capex / revenue	1.5%	Capital expenditures / revenue.
D&A / revenue	1.9%	Depreciation and amortization / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	6.2%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	-7.8%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y	11.7%	Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Gross profit growth, 1y	10.2%	Gross profit vs the same period a year earlier. Only from a positive base.
Gross profit CAGR, 3y	-4.3%	Compound annual growth of gross profit over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Gross profit CAGR, 5y	13.5%	Compound annual growth of gross profit over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating income growth, 1y	19.7%	Operating income vs the same period a year earlier. Only from a positive base.
Operating income CAGR, 3y	-5.5%	Compound annual growth of operating income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating income CAGR, 5y	6.5%	Compound annual growth of operating income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EBITDA growth, 1y	13.8%	EBITDA vs the same period a year earlier. Only from a positive base.
EBITDA CAGR, 3y	-5.9%	Compound annual growth of ebitda over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EBITDA CAGR, 5y	7.7%	Compound annual growth of ebitda over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Net income growth, 1y	95.6%	Net income vs the same period a year earlier. Only from a positive base.
Net income CAGR, 3y	2.9%	Compound annual growth of net income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Net income CAGR, 5y	1.2%	Compound annual growth of net income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EPS growth, 1y	94.7%	EPS vs the same period a year earlier. Only from a positive base.
EPS CAGR, 3y	2.1%	Compound annual growth of eps over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EPS CAGR, 5y	0.7%	Compound annual growth of eps over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating cash flow growth, 1y	-69.1%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Operating cash flow CAGR, 3y	-5.2%	Compound annual growth of operating cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating cash flow CAGR, 5y	-12.3%	Compound annual growth of operating cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Free cash flow growth, 1y	-79.8%	Free cash flow vs the same period a year earlier. Only from a positive base.
Free cash flow CAGR, 3y	-7.8%	Compound annual growth of free cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Free cash flow CAGR, 5y	-13.2%	Compound annual growth of free cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Dividend per share growth, 1y	0.0%	Dividend per share vs the same period a year earlier. Only from a positive base.
Dividend per share CAGR, 3y	0.0%	Compound annual growth of dividend per share over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Dividend per share CAGR, 5y	2.1%	Compound annual growth of dividend per share over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Book value growth, 1y	8.6%	Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y	5.4%	Compound annual growth of book value over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Book value CAGR, 5y	7.0%	Compound annual growth of book value over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Total assets growth, 1y	4.4%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	-6.4%	Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets CAGR, 5y	15.8%	Compound annual growth of total assets over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Share count change, 1y	0.7%	Change in diluted weighted shares vs a year earlier. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 3y	0.7%	Change in diluted weighted shares, per year over 3 years. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 5y	0.5%	Change in diluted weighted shares, per year over 5 years. Negative means buybacks shrank the share count; positive means dilution.

Balance sheet health

Metric	Value	How it is calculated
Current ratio	2.70x	Current assets / current liabilities.
Quick ratio	0.88x	(Cash + short-term investments + receivables) / current liabilities.
Cash ratio	0.02x	(Cash + short-term investments) / current liabilities.
Debt / equity	0.42x	Total debt / shareholders' equity. Not shown when equity is negative.
Debt / assets	22.5%	Total debt / total assets.
Liabilities / assets	46.3%	Total liabilities / total assets.
Net debt	$113.7M	Total debt - cash - short-term investments. Negative means more cash than debt.
Net debt / EBITDA	1.87x	Net debt / EBITDA (twelve months), when EBITDA is positive.
Working capital	$192.3M	Current assets - current liabilities.
Goodwill and intangibles / assets	28.9%	(Goodwill + intangible assets) / total assets.
Tangible book value	$128.1M	Shareholders' equity - goodwill - intangible assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	1.01x	Revenue / average total assets.
Fixed asset turnover	9.96x	Revenue / average property, plant and equipment.
Inventory turnover	1.55x	Cost of revenue / average inventory.
Days inventory	235 days	365 x average inventory / cost of revenue.
Receivables turnover	5.37x	Revenue / average receivables.
Days sales outstanding	68 days	365 x average receivables / revenue.
Days payables	87 days	365 x average accounts payable / cost of revenue.
Cash conversion cycle	216 days	Days inventory + days sales outstanding - days payables.
FCF conversion	80.8%	Free cash flow / net income, when net income is positive.
Capex / operating cash flow	22.2%	Capital expenditures / cash from operations, when that is positive.

Per share

Metric	Value	How it is calculated
EPS, diluted	$4.53	Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS.
Revenue per share	$68.42	Revenue / diluted weighted shares.
FCF per share	$3.66	Free cash flow / diluted weighted shares.
Operating cash flow per share	$4.70	Cash from operations / diluted weighted shares.
Book value per share	$36.79	Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Tangible book per share	$17.02	Tangible book value / shares outstanding.
Cash per share	$0.30	(Cash + short-term investments) / shares outstanding.
Payout ratio	14.2%	Dividends paid / net income, when net income is positive.
Dividends / FCF	17.5%	Dividends paid / free cash flow, when free cash flow is positive.
Buybacks / FCF	7.1%	Share buybacks / free cash flow, when free cash flow is positive.

Valuation

Metric	Value	How it is calculated
Market cap	$401.1M	Share price x shares outstanding.
Enterprise value	$514.8M	Market cap + total debt - cash - short-term investments.
P/E	11.6x	Market cap / net income. Only when net income is positive.
P/S	0.77x	Market cap / revenue.
P/B	1.45x	Market cap / shareholders' equity. Only when equity is positive.
Price / tangible book	3.13x	Market cap / tangible book value, when positive.
P/FCF	14.4x	Market cap / free cash flow. Only when free cash flow is positive.
P/OCF	11.2x	Market cap / cash from operations, when positive.
EV/Sales	0.99x	Enterprise value / revenue.
EV/EBIT	10.1x	Enterprise value / operating income, when both are positive.
EV/EBITDA	8.45x	Enterprise value / EBITDA, when both are positive.
EV/FCF	18.5x	Enterprise value / free cash flow, when both are positive.
FCF yield	6.9%	Free cash flow / market cap.
Earnings yield	8.6%	Net income / market cap (the inverse of P/E).
Dividend yield	1.2%	Dividends paid over the period / market cap.
Shareholder yield	1.7%	(Dividends paid + share buybacks) / market cap.
PEG	5.50x	P/E / EPS growth per year over 3 years (in percent). Only when both are positive.

What was ROCKY BRANDS, INC.'s revenue in fiscal 2025?

ROCKY BRANDS, INC. reported revenue of $482.0M for fiscal 2025, 6.2% higher than the year before.

Was ROCKY BRANDS, INC. profitable in fiscal 2025?

Yes. Net income was $22.3M, a net margin of 4.6%.

How much free cash flow did ROCKY BRANDS, INC. generate in fiscal 2025?

Cash from operations of $16.3M minus capital expenditures of $6.6M left free cash flow of $9.7M.

Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.

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