STEVEN MADDEN, LTD. financial statements

Income statement, balance sheet and cash flow statement for the last 10 fiscal years, taken from the XBRL data STEVEN MADDEN, LTD. 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	1,400	1,567	1,678	1,787	1,202	1,866	2,122	1,982	2,283	2,534
Cost of revenue	878	968	1,038	1,101	737	1,099	1,248	1,149	1,346	1,485
Gross profit	522	599	640	686	465	767	874	832	937	1,049
Operating expenses	365	428	467	503	415
Operating income	169	170	173	177	-31.6	244	282	213	225	80.8
Other non-operating income	-0.66	-0.01
Pre-tax income	171	172	177	181	-30	242	282	221	230	77.7
Income tax	49.7	53.2	46.8	39.5	-11.7	49.6	65.1	46.6	54.6	28.7
Net income to minority interests	0.36	1.19	1.36	0.41	0.12		1.16	2.42	6.51	4.36
Net income	121	118	129	141	-18.4	192	217	174	176	49
EBITDA	190	191	196	198	-14.2	259	302	229	245	114
EPS, basic	1.41	1.43	1.58	1.78	-0.23	2.43	2.84	2.34	2.38	0.63
EPS, diluted	1.35	1.36	1.50	1.69	-0.23	2.34	2.77	2.30	2.35	0.63
Shares, diluted (weighted)	89.3	86.7	86.1	83.6	78.6	81.6	78.1	74.6	72	71.2
Dividend per share	0.00	0.00	0.53	0.57	0.15	0.60	0.84	0.84	0.84	0.84

Balance sheet

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Cash and equivalents	126	181	200	264	248	219	275	205	190	112
Short-term investments					39.3	44	15.1	15.2	13.5	0
Receivables	144	201	241	216	8.94	12.3	7.72	4.83	4.67	7.12
Inventory	120	110	137	137	101	255	229	229	258	417
Other current assets	26.4	19.5	23.4	22.1	17.4	20.8	23	29	34.5	46.8
Total current assets	529	646	703	719	698	945	844	855	895	1,001
Property, plant and equipment	72.4	71.5	64.8	65.5	43.3	35.8	40.7	47.2	57.4	116
Lease right-of-use assets			0	156	101	85.4	90.3	123	140	236
Goodwill	136	149	148	171	168	168	168	180	184	255
Intangible assets	144	151	143	163	115	112	101	126	113	281
Other non-current assets	4.71	2.12	1.97	2.95	4.82	4.18	12.1	16.3	22.2	22.8
Total assets	961	1,057	1,073	1,279	1,138	1,356	1,258	1,348	1,412	1,914
Accounts payable	80.6	67	79.8	61.7	73.9	137	131	161	207	197
Accrued liabilities	86.6	121	131	170	118	243	139	155	142	259
Short-term debt									0	0
Total current liabilities	183	207	225	281	236	435	321	378	414	526
Long-term debt									0	234
Lease liabilities			0	133	98.6	80.1	79.1	98.5	110	193
Total liabilities	220	248	258	437	347	535	414	500	536	1,010
Total debt									0	234
Paid-in capital	353	391	425	454	478	496	520	586	614	654
Retained earnings	1,018	1,136	1,218	1,310	1,280	1,421	1,571	1,680	1,788	1,772
Treasury stock	-599	-698	-804	-906	-952	-1,075	-1,224	-1,407	-1,506	-1,529
Other comprehensive income	-31.8	-25.6	-32.6	-30.4	-29.2	-29.5	-35.7	-29	-48.3	-29.5
Shareholders' equity	741	803	806	829	777	812	832	830	848	866
Minority interests	0.21	6.11	8.87	12.7	13.8	8.44	12.3	18.4	28.3	37.6
Total equity	741	809	815	841	790	821	844	848	876	904
Total liabilities and equity	961	1,057	1,073	1,279	1,138	1,356	1,258	1,348	1,412	1,914
Shares outstanding	90.6	88	85.7	83.5	82.6	80.6	76.8	73.7	72.2	72.7

Cash flow statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Net income	121	119	130	142	-18.3	192	217	174	176	49
Depreciation and amortization	21.1	21.4	22.5	21.3	17.4	15.2	20.6	15.5	20	33.4
Stock-based compensation	19.5	20.8	21.1	23.2	22.6	22.3	24.4	24.1	26.5	29.6
Deferred income tax	-7.26	-20.2	-2.82	5.14	-8.35	1.28	3.6	6.11	-4.7	-4.67
Change in receivables	-13.6	22.7	4.97	-17.8	13.1	-0.58	-9.68	-1.31	-6.95	-10.6
Change in inventory	-17.7	21.1	-26.9	8.44	35.5	-154	29.1	25.3	-30.6	4.43
Change in payables	15.3	9.5	21.2	11	-34.2	186	-109	7.05	37.3	9.89
Cash from operations	154	158	154	234	44.2	159	268	229	198	162
Capital expenditures	-15.9	-14.8	-12.5	-18.3	-6.56	-6.61	-16.4	-19.5	-25.9	-42.7
Acquisitions	0	-16.8	0	-37.2	0	0	0	-75.3	-14	-372
Purchases of investments				-67.9	-73.8	-68.5	-45.1	-25.7	-21.4	0
Sales and maturities of investments	52.2	79.1	101	95.7	75.5	63.9	74	25.9	22.1
Cash from investing	-3.88	-13.4	11.1	-27.7	-4.88	-3.21	5.52	-99.9	-39.5	-401
Debt issued								0	0	468
Debt repaid								0	0	-228
Stock issued	10.7	16.4	13	6.21	1.61	9.73	0.6	1.21	1.61	0.03
Share buybacks	-86	-99.4	-106	-102	-46.6	-123	-149	-142	-98.4	-13.5
Dividends paid	0	0	-47.3	-48.4	-12.5	-49.2	-66	-63.2	-61	-61
Cash from financing	-95.5	-90.3	-146	-142	-57.1	-185	-216	-201	-168	157
Exchange rate effect	-0.57	0.92	-0.81	0.22	1.52	0.04	-2.36	1.52	-5.41	4.07
Net change in cash	53.7	55.1	18.8	64.1	-16.2	-28.4	55.2	-70.1	-14.7	-77.5
Free cash flow	138	143	142	215	37.6	153	252	210	172	120
Interest paid	0.22	0.02	0.04	0.03	0.35	0	0	0	0	11.7
Income taxes paid	55.4	62	37.1	29.6	5.15	46.8	65.4	45.5	51.1	46.3

Key metrics

Worked out from the statements above. Latest values use the trailing twelve months to June 30, 2026; growth uses fiscal years. Valuation uses the share price of $45.06 on September 25, 2026.

Profitability

Metric	Value	How it is calculated
Gross margin	46.1%	Gross profit / revenue.
Operating margin	7.5%	Operating income / revenue.
EBITDA margin	8.9%	EBITDA (operating income + depreciation and amortization) / revenue.
Pre-tax margin	7.0%	Pre-tax income / revenue.
Net margin	5.4%	Net income / revenue.
FCF margin	8.2%	Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin	9.6%	Cash from operations / revenue.
Effective tax rate	23.7%	Income tax / pre-tax income, when pre-tax income is positive.
Return on equity (ROE)	15.7%	Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)	8.0%	Net income / average total assets.
Return on invested capital (ROIC)	14.7%	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	1.1%	Stock-based compensation (from the cash flow statement) / revenue.
Capex / revenue	1.4%	Capital expenditures / revenue.
D&A / revenue	1.4%	Depreciation and amortization / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	11.0%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	6.1%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y	16.1%	Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Gross profit growth, 1y	12.0%	Gross profit vs the same period a year earlier. Only from a positive base.
Gross profit CAGR, 3y	6.3%	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	17.7%	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	-64.1%	Operating income vs the same period a year earlier. Only from a positive base.
Operating income CAGR, 3y	-34.1%	Compound annual growth of operating income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EBITDA growth, 1y	-53.4%	EBITDA vs the same period a year earlier. Only from a positive base.
EBITDA CAGR, 3y	-27.7%	Compound annual growth of ebitda over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Net income growth, 1y	-72.1%	Net income vs the same period a year earlier. Only from a positive base.
Net income CAGR, 3y	-39.1%	Compound annual growth of net income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EPS growth, 1y	-73.2%	EPS vs the same period a year earlier. Only from a positive base.
EPS CAGR, 3y	-39.0%	Compound annual growth of eps over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating cash flow growth, 1y	-18.1%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Operating cash flow CAGR, 3y	-15.4%	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	29.7%	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	-30.6%	Free cash flow vs the same period a year earlier. Only from a positive base.
Free cash flow CAGR, 3y	-22.0%	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	26.0%	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	41.1%	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	2.2%	Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y	1.4%	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	2.2%	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	35.6%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	15.0%	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	11.0%	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	-1.1%	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	-3.0%	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	-2.0%	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	1.91x	Current assets / current liabilities.
Debt / equity	0.13x	Total debt / shareholders' equity. Not shown when equity is negative.
Debt / assets	6.8%	Total debt / total assets.
Liabilities / assets	47.1%	Total liabilities / total assets.
Working capital	$441.9M	Current assets - current liabilities.
Goodwill and intangibles / assets	28.9%	(Goodwill + intangible assets) / total assets.
Tangible book value	$408.4M	Shareholders' equity - goodwill - intangible assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	1.49x	Revenue / average total assets.
Fixed asset turnover	24.1x	Revenue / average property, plant and equipment.
Inventory turnover	3.91x	Cost of revenue / average inventory.
Days inventory	93 days	365 x average inventory / cost of revenue.
Receivables turnover	337x	Revenue / average receivables.
Days sales outstanding	1 days	365 x average receivables / revenue.
Days payables	50 days	365 x average accounts payable / cost of revenue.
Cash conversion cycle	44 days	Days inventory + days sales outstanding - days payables.
FCF conversion	151.9%	Free cash flow / net income, when net income is positive.
Capex / operating cash flow	15.0%	Capital expenditures / cash from operations, when that is positive.

Per share

Metric	Value	How it is calculated
EPS, diluted	$2.05	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	$37.98	Revenue / diluted weighted shares.
FCF per share	$3.11	Free cash flow / diluted weighted shares.
Operating cash flow per share	$3.66	Cash from operations / diluted weighted shares.
Book value per share	$12.84	Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Tangible book per share	$5.58	Tangible book value / shares outstanding.
Payout ratio	41.4%	Dividends paid / net income, when net income is positive.
Dividends / FCF	27.3%	Dividends paid / free cash flow, when free cash flow is positive.
Buybacks / FCF	6.1%	Share buybacks / free cash flow, when free cash flow is positive.

Valuation

Metric	Value	How it is calculated
Market cap	$3.30B	Share price x shares outstanding.
Enterprise value	$3.42B	Market cap + total debt - cash - short-term investments.
P/E	22.3x	Market cap / net income. Only when net income is positive.
P/S	1.20x	Market cap / revenue.
P/B	3.51x	Market cap / shareholders' equity. Only when equity is positive.
Price / tangible book	8.07x	Market cap / tangible book value, when positive.
P/FCF	14.7x	Market cap / free cash flow. Only when free cash flow is positive.
P/OCF	12.5x	Market cap / cash from operations, when positive.
EV/Sales	1.25x	Enterprise value / revenue.
EV/EBIT	16.6x	Enterprise value / operating income, when both are positive.
EV/EBITDA	14.0x	Enterprise value / EBITDA, when both are positive.
EV/FCF	15.3x	Enterprise value / free cash flow, when both are positive.
FCF yield	6.8%	Free cash flow / market cap.
Earnings yield	4.5%	Net income / market cap (the inverse of P/E).
Dividend yield	1.9%	Dividends paid over the period / market cap.
Shareholder yield	2.3%	(Dividends paid + share buybacks) / market cap.

What was STEVEN MADDEN, LTD.'s revenue in fiscal 2025?

STEVEN MADDEN, LTD. reported revenue of $2.53B for fiscal 2025, 11% higher than the year before.

Was STEVEN MADDEN, LTD. profitable in fiscal 2025?

Yes. Net income was $49.0M, a net margin of 1.9%.

How much free cash flow did STEVEN MADDEN, LTD. generate in fiscal 2025?

Cash from operations of $162.2M minus capital expenditures of $42.7M left free cash flow of $119.5M.

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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