Rocky Brands, Inc. (RCKY) 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

-61.8%

$19.55

vs $51.22 price

Levered DCF

$0.48

After debt service

Piotroski score

6 / 9

Average

Altman Z-score

3.29

Safe 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	9.84×	14.9×	21.25×	8.44×	14.11×	9.78×	12.47×	13.27×
P/B	0.87×	0.73×	0.99×	0.8×	1.47×	1.14×	1.32×	1.27×
P/S	0.45×	0.37×	0.48×	0.28×	0.56×	0.74×	0.8×	0.76×
EV / EBITDA	7.3×	7.28×	8.62×	7.72×	11.9×	5.5×	7.67×	7.79×
Gross margin	40.9%	39.4%	38.7%	36.6%	37.8%	37.8%	35.9%	34.4%
Operating margin	7.7%	6.8%	7.7%	7.2%	7.0%	9.8%	8.2%	7.1%
Net margin	4.6%	2.5%	2.3%	3.3%	4.0%	7.6%	6.5%	5.8%
Current ratio	2.82×	2.73×	3.61×	3.54×	2.68×	4.08×	4.63×	5.24×
Debt / equity	0.5×	0.58×	0.81×	1.24×	1.41×	0.01×	0.01×	0×
Interest coverage	3.72×	1.83×	1.67×	2.41×	3.39×	132.54×	0×	111.49×
Dividend yield	2.1%	2.7%	2.1%	2.6%	1.5%	2.0%	1.8%	1.8%
Payout ratio	20.8%	40.5%	43.8%	22.2%	20.9%	19.5%	22.8%	23.9%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	8.8%	4.9%	4.7%	9.5%	10.4%	11.7%	10.6%	9.6%
Return on invested capital	7.8%	6.7%	6.3%	7.0%	6.0%	11.1%	9.9%	9.2%
Return on assets	4.7%	2.5%	2.2%	3.5%	3.3%	9.1%	8.5%	7.9%
Free cash flow yield	4.4%	28.4%	31.3%	7.2%	-26.2%	9.6%	4.8%	6.9%
Earnings yield	10.2%	6.7%	4.7%	11.8%	7.1%	10.2%	8.0%	7.6%
Enterprise value	$343.3M	$300.9M	$399M	$435.3M	$562.8M	$178.2M	$203.6M	$182.5M
Net debt / EBITDA	2.64×	3.18×	3.82×	4.66×	5.77×	-0.83×	-0.52×	-0.43×
Cash conversion cycle (days)	226	203	218	212	229	192	197	197