Rocky Brands
RCKY Small CapConsumer Cyclical · Footwear & Accessories
Updated: Aug 20, 2026, 22:20 UTC
Price Chart
Key Metrics
Valuation Analysis
About the Company
Rocky Brands, Inc. designs, manufactures, and markets footwear and apparel in the United States, Canada, the United Kingdom, and internationally. It operates through Wholesale, Retail, and Contract Manufacturing segments. The Wholesale segment offers products, which includes sporting goods stores, outdoor retailers, independent shoe retailers, hardware stores, mass merchants, uniform stores, farm store chains, specialty safety stores, specialty retailers, and online retailers in retail locations through a range of distribution channels. Its Retail segment sells its products direct sales to consumers through its websites comprising rockyboots.com, georgiaboot.com, durangoboot.com, muckbootcompany.com, xtratuf.com, lehighoutfitters.com, lehighsafetyshoes.com, and slipgrips.com; and third-par
Rocky Brands Stock at a Glance
Rocky Brands (RCKY) is currently trading at $46.38 with a market capitalization of $347.3M. The trailing P/E ratio stands at 12.17x, with a forward P/E of 11.04x. The 52-week range spans from $25.87 to $53.01; the current price is 12.5% below the yearly high. Year-over-year revenue growth stands at +12.0%. The net profit margin stands at 5.72%.
💰 Dividend
Rocky Brands pays an annual dividend of $0.68 per share, representing a yield of 1.47%. The payout ratio stands at 16.67%.
📊 Analyst Rating
1 analysts rate Rocky Brands (RCKY) on consensus: None. The average price target is $56.00, implying +20.74% from the current price. Analyst price targets range from $56.00 to $56.00.
Rocky Brands: The Investment Case in Detail
Rocky Brands (RCKY) operates in the Consumer Cyclical — specifically Footwear & Accessories — and is headquartered in United States. Below is a structured read of the investment case built directly from the latest fundamentals, valuation multiples, analyst positioning and smart-money flows. Each section translates raw numbers into the investment logic they imply, so you can decide whether the risk/reward fits your portfolio.
The Bull Case
Revenue is growing at a healthy 12% pace year-over-year, suggesting the business model continues to find new customers and pricing power. Earnings growth of 281.3% is outpacing revenue, a sign of operational leverage — fixed costs are being absorbed across a larger base. The combination of a 42.22% gross margin and 17.56% operating margin shows the business converts revenue into profit efficiently — a hallmark of competitive moat.
The Bear Case
With a beta near 2.38, the share price moves sharply more than the broader market — drawdowns in market corrections can be unusually severe and require strong nerves.
Valuation in Context
The PEG ratio at 1.17 sits in the reasonable zone — the price tag is roughly aligned with the company's growth profile, neither punishing nor euphoric. The EV/EBITDA multiple of 8.62x is below the historical equity-market average — strategic acquirers would find the cash-flow profile attractive at this level.
What to Watch Next
- The analyst consensus price target implies 20.74% upside — if the next two quarters confirm the underlying thesis, target hikes typically follow.
Investment Thesis: Strengths & Weaknesses
- Currently flagged as undervalued
- Solid balance sheet with low debt (D/E 49.31)
- Positive free cash flow
- –High volatility (Beta 2.38)
Technical Snapshot
Price trades above both the 50- and 200-day moving averages, with 50d above 200d — a classic bullish setup (golden-cross alignment).
Risk Profile
The data points to above-average price swings.
Trading Data
💵 Dividend Info
Related Stocks in the Same Sector
Rocky Brands at 33 dollars: work boots, hunting boots, and military contracts at 8x forward earnings
The Real Story
Rocky Brands owns three boot families: Rocky (work and hunting boots — Carhartt-adjacent customer), Georgia Boot (steel-toe work boots for construction and oil-and-gas), and Durango (Western boots for ranchers and rodeo culture). It also has a smaller military contract business and a slim retail operation. About 80 percent of revenue is wholesale through Tractor Supply, Boot Barn, Cabela's, Bass Pro, hardware stores and farm-and-ranch chains.
The market hates RCKY because it is a small-cap consumer cyclical with high beta (2.39) and the entire Carhartt/work-wear category has been weak since 2023. Forward P/E 8.2 prices in a continued slump. But two things are underrated: management has been paying down the debt from the 2021 Honeywell Safety acquisition (now 1.4x net leverage from over 3x), and Tractor Supply's continued strength in rural America is a structural tailwind.
What Smart Money Thinks
Mike Brooks family (founders) controls ~12 percent. CEO Jason Brooks (son of founder) is on the board and aligned. No mega-fund 13F whale. Some small-cap value funds — Diamond Hill, Heartland — held positions through the 2024 lows.
Explore the BMI Smart-Money Tracker →
📈 The 3 Real Bull Points
📉 The 3 Real Bear Points
Valuation in Context
At 33.72 USD with EPS 2.47 the trailing P/E is 13.7 and forward P/E is 8.2 — clearly undervalued versus footwear peer median of 14 to 16x. EV/EBITDA 9.1 reflects the still-elevated debt. Once net leverage falls below 1x (likely 2027), the multiple should re-rate toward 12 to 14x forward earnings.
🗓️ Next 3 Catalyst Dates
- :
- :
- :
💬 Daniel's Take
RCKY is the kind of small-cap consumer cyclical I find appealing when the discount is meaningful and management has a credible deleveraging path. Forward P/E 8.2 with a clean balance sheet trajectory and a strong rural-America tailwind is asymmetric. I size 1 to 2 percent in a value-cyclical sleeve. Risk is consumer recession; reward is multiple expansion plus debt-paydown equity transfer. Beta is high — manage position sizing accordingly.
Sources (3)
Disclaimer: This article is not investment advice. Investing in stocks carries risks, including total loss.
More Consumer Cyclical stocks
Top peers in the same sector — ranked by market cap.
Where can I buy Rocky Brands?
Compare top-rated brokers — low fees, trusted providers, fully regulated.
📊 Prefer a fund over a single stock? Compare ETFs:
Live Market Data
Real-time chart, financials, earnings, analysts, insider trades, events & news