Steven Madden, Ltd. (SHOO) 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

-32.3%

$29.45

vs $43.53 price

Levered DCF

$44.82

After debt service

Piotroski score

6 / 9

Average

Altman Z-score

5.81

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	66.1×	17.87×	17.95×	11.25×	19.12×	-153.57×	24.16×	20.17×
P/B	3.41×	3.57×	3.71×	2.92×	4.49×	3.58×	4.13×	3.23×
P/S	1.17×	1.33×	1.55×	1.14×	1.95×	2.31×	1.92×	1.58×
EV / EBITDA	26.93×	11.6×	12.81×	7.35×	13.45×	39.78×	16.32×	12.04×
Gross margin	41.1%	41.0%	42.0%	41.2%	41.1%	38.7%	38.4%	37.3%
Operating margin	2.7%	9.9%	10.8%	13.3%	13.1%	-2.6%	9.9%	10.5%
Net margin	1.8%	7.4%	8.7%	10.2%	10.2%	-1.5%	7.9%	7.8%
Current ratio	1.9×	2.16×	2.26×	2.63×	2.17×	2.96×	2.56×	3.13×
Debt / equity	0.56×	0.18×	0.17×	0.13×	0.14×	0.17×	0.21×	0×
Interest coverage	5.58×	0×	0×	0×	159.32×	0×	0×	0×
Dividend yield	2.1%	2.0%	2.1%	2.7%	1.3%	0.4%	1.4%	1.8%
Payout ratio	136.5%	36.0%	36.8%	30.5%	25.8%	-67.7%	34.3%	36.6%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	5.2%	20.0%	20.7%	26.0%	23.5%	-2.4%	17.1%	16.0%
Return on invested capital	3.0%	16.5%	16.6%	22.4%	20.4%	-2.1%	13.3%	15.0%
Return on assets	2.3%	12.0%	12.7%	17.2%	14.1%	-1.6%	11.1%	12.0%
Free cash flow yield	4.1%	5.7%	6.8%	10.3%	4.2%	1.4%	6.3%	5.4%
Earnings yield	1.5%	5.6%	5.6%	8.9%	5.2%	-0.7%	4.1%	5.0%
Enterprise value	$3.3B	$3B	$3B	$2.3B	$3.5B	$2.7B	$3.3B	$2.4B
Net debt / EBITDA	3.03×	-0.14×	-0.28×	-0.54×	-0.41×	-1.72×	-0.45×	-1×
Cash conversion cycle (days)	115	78	91	81	116	98	77	79