Caleres, Inc. (CAL) Valuation

Valuation

Model-based estimates, not advice. The DCF is the discounted-cash-flow value per share; compare it with the price, not as a target.

DCF fair value

+379.7%

$66.48

vs $13.86 price

Levered DCF

$30.84

After debt service

Piotroski score

7 / 9

Strong

Altman Z-score

2.01

Grey zone

Rating

A-

Overall 4 / 5

Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
P/E	-55.55×	5.91×	6.65×	5.04×	6.43×	-1.28×	11.11×	-227.77×
P/B	0.66×	1.02×	1.95×	2.09×	2.66×	2.81×	1.08×	1.95×
P/S	0.14×	0.22×	0.39×	0.3×	0.31×	0.27×	0.24×	0.44×
EV / EBITDA	17.77×	6.86×	7.16×	6.27×	6.57×	-3.91×	10.96×	23.12×
Gross margin	43.0%	44.9%	44.8%	43.3%	44.2%	37.2%	40.5%	40.8%
Operating margin	1.1%	5.5%	7.1%	7.2%	7.4%	-4.8%	2.1%	0.0%
Net margin	-0.3%	3.9%	5.8%	6.1%	4.9%	-20.7%	2.1%	-0.2%
Current ratio	1.02×	1.1×	1.06×	0.91×	0.82×	0.86×	1.04×	1.14×
Debt / equity	1.48×	1.38×	1.33×	2.11×	2.74×	5.6×	1.9×	0.84×
Interest coverage	1.57×	10.74×	10.41×	15.03×	6.65×	-2.12×	1.84×	0.02×
Dividend yield	2.4%	1.6%	0.9%	1.2%	1.3%	1.9%	1.6%	1.0%
Payout ratio	-133.9%	9.0%	6.1%	5.6%	7.8%	-2.5%	18.4%	-220.2%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	-1.2%	17.9%	29.2%	43.2%	43.0%	-219.2%	9.6%	-0.9%
Return on invested capital	1.5%	7.9%	14.1%	13.2%	12.1%	-6.4%	2.8%	0.0%
Return on assets	-0.4%	5.7%	9.1%	9.9%	7.4%	-23.5%	2.6%	-0.3%
Free cash flow yield	8.1%	9.1%	13.8%	7.0%	17.0%	18.5%	17.3%	5.1%
Earnings yield	-1.8%	17.5%	15.0%	20.7%	16.2%	-78.1%	8.9%	-0.4%
Enterprise value	$1.3B	$1.4B	$1.8B	$1.7B	$1.7B	$1.6B	$1.9B	$1.7B
Net debt / EBITDA	12.16×	3.88×	2.86×	3.09×	3.27×	-2.53×	6.89×	6.68×
Cash conversion cycle (days)	117	103	88	94	83	79	94	104