Recent News
May 18, 2026 — Board declared a quarterly cash dividend of $0.17 per share, payable June 15, 2026, to shareholders of record June 1, 2026. May 7–15, 2026 — Pomerantz LLP issued an investor alert announcing an investigation into Rocky Brands related to the company’s tariff disclosures and forward-looking statements.
Technical Analysis
Directional indicators (ADX / DI+ / DI-): ADX reads 17.26, indicating a lack of strong trend. DI+ at 23.28 shows a dip-and-reversal, which signals bullish directional pressure; DI- at 18.59 is decreasing, reinforcing the bullish directional read despite low trend strength.
MACD: MACD stands positive at 0.43 with an increasing MACD_trend and a signal near zero; the MACD currently sits above its signal line, consistent with accelerating bullish momentum and recent upward momentum shifts.
MRO (Momentum/Regression Oscillator): MRO at 20.16 with a dip-and-reversal indicates the price trades above the model target and carries moderate mean-reversion potential; this implies upside momentum may face pressure to consolidate after short-term gains.
RSI: RSI at 54.27 with a dip-and-reversal sits in neutral-to-constructive territory, supporting further upside without immediate overbought risk.
Price vs. Moving Averages and Other overlays: Last close $40.03 sits above the 12-day EMA ($38.59), 20-day average ($38.51), 50-day average ($38.61) and 200-day average ($33.74), with the 12-day EMA trending up; Bollinger upper bands near $39.63–$40.76 place current price at or slightly above the 1x band but below the 2x band. Ichimoku short-term lines (Tenkan $38.05 / Kijun $36.24) and a SuperTrend lower support at $36.74 align to provide logical technical support levels. Volume currently runs below 10-, 50- and 200-day averages, which may limit immediate breakout conviction until participation rises.
Fundamental Analysis
Top-line and margins: Total revenue $124.40M. YoY revenue growth essentially flat at +0.40% while QoQ revenue change reads -178.21% (seasonal quarter-to-quarter dynamics reflected in the supplied figure). Gross margin 36.522% declined 11.37% YoY and 11.60% QoQ, reflecting tariff-related cost pressure disclosed by management. Operating (EBIT) margin equals 2.922%; that margin fell approximately 57.43% quarter-over-quarter and about 61.71% year-over-year, and sits below the industry peer mean of 10.987% and below the industry peer median of 4.903%.
Profitability and EPS: EBIT $3,635,000 and EBITDA $6,115,000. Reported EPS $0.24 missed the $0.27 estimate by $0.03, an EPS surprise ratio of -11.11%. Trailing PE stands at 164.06, above the industry peer mean (~119.97) and median (~106.89), while forward PE falls to 36.26, implying market expectations for earnings normalization.
Cash flow and capital structure: Operating cash flow $1,886,000 and free cash flow $744,000 produce a free cash flow yield near 0.25%, below the industry peer mean (~1.03%). Net debt about $120.49M with debt-to-EBITDA of 21.3x indicates leverage materially elevated versus typical coverage multiples. Current ratio 2.90 and quick ratio 1.02 provide liquidity cushion; cash conversion cycle ~191.8 days sits meaningfully above the industry peer mean (~100.6 days), reflecting inventory intensity and longer working-capital cycles.
Valuation context: Price-to-book near 1.18 sits well below the industry peer mean (~5.34) and median (~6.24), while enterprise multiple (~69.59) remains below the industry peer mean (~80.93). Forward EPS ($1.0225) and forward PE (36.26) compress the trailing multiple, supporting the view that market pricing anticipates improving earnings. The current WMDST valuation: under-valued.
MOST-RECENT QUARTERLY REPORT
| REPORT PERIOD ENDING: | 2026-03-31 |
| REPORT DATE: | 2026-04-28 |
| NEXT REPORT DATE: | 2026-07-28 |
| CASH FLOW | Begin Period Cash Flow | $ 2.9 M |
| Operating Cash Flow | $ 1.9 M | |
| Capital Expenditures | $ -1.14 M | |
| Change In Working Capital | $ -3.57 M | |
| Dividends Paid | $ -1.17 M | |
| Cash Flow Delta | $ -1.24 M | |
| End Period Cash Flow | $ 1.7 M | |
| INCOME STATEMENT | REVENUE | |
| Total Revenue | $ 124.4 M | |
| Forward Revenue | $ 190.4 M | |
| COSTS | ||
| Cost Of Revenue | $ 79.0 M | |
| Depreciation | $ 2.5 M | |
| Depreciation and Amortization | $ 2.5 M | |
| Research and Development | — | |
| Total Operating Expenses | $ 120.8 M | |
| PROFITABILITY | ||
| Gross Profit | $ 45.4 M | |
| EBITDA | $ 6.1 M | |
| EBIT | $ 3.6 M | |
| Operating Income | $ 3.6 M | |
| Interest Income | — | |
| Interest Expense | $ 2.0 M | |
| Net Interest Income | $ -2.03 M | |
| Income Before Tax | $ 1.6 M | |
| Tax Provision | $ 342.0 K | |
| Tax Rate | 21.4 % | |
| Net Income | $ 1.3 M | |
| Net Income From Continuing Operations | $ 1.3 M | |
| EARNINGS | ||
| EPS Estimate | $ 0.27 | |
| EPS Actual | $ 0.24 | |
| EPS Difference | $ -0.03 | |
| EPS Surprise | -11.111 % | |
| Forward EPS | $ 1.02 | |
| BALANCE SHEET | ASSETS | |
| Total Assets | $ 477.2 M | |
| Intangible Assets | $ 150.2 M | |
| Net Tangible Assets | $ 102.4 M | |
| Total Current Assets | $ 266.8 M | |
| Cash and Short-Term Investments | $ 1.7 M | |
| Cash | $ 1.7 M | |
| Net Receivables | $ 81.6 M | |
| Inventory | $ 172.6 M | |
| Long-Term Investments | $ 1.9 M | |
| LIABILITIES | ||
| Accounts Payable | $ 60.7 M | |
| Short-Term Debt | $ 8.4 M | |
| Total Current Liabilities | $ 91.9 M | |
| Net Debt | $ 120.5 M | |
| Total Debt | $ 130.5 M | |
| Total Liabilities | $ 224.6 M | |
| EQUITY | ||
| Total Equity | $ 252.5 M | |
| Retained Earnings | $ 176.1 M | |
| VALUATION & PER-SHARE METRICS | EQUITY & PER-SHARE METRICS | |
| Book Value Per-Share | $ 33.51 | |
| Shares Outstanding | 7.536 M | |
| Revenue Per-Share | $ 16.51 | |
| VALUATION | Market Capitalization | $ 296.7 M |
| Enterprise Value | $ 425.6 M | |
| Enterprise Multiple | 69.592 | |
| Enterprise Multiple QoQ | 133.426 % | |
| Enterprise Multiple YoY | 191.66 % | |
| Enterprise Multiple IPRWA | high: 118.416 mean: 80.932 median: 75.879 RCKY: 69.592 low: -118.647 |
|
| EV/R | 3.421 | |
| CAPITAL STRUCTURE | ||
| Asset To Equity | 1.89 | |
| Asset To Liability | 2.124 | |
| Debt To Capital | 0.341 | |
| Debt To Assets | 0.273 | |
| Debt To Assets QoQ | 2.782 % | |
| Debt To Assets YoY | -4.662 % | |
| Debt To Assets IPRWA | high: 0.607 mean: 0.33 median: 0.302 RCKY: 0.273 low: 0.033 |
|
| Debt To Equity | 0.517 | |
| Debt To Equity QoQ | 2.534 % | |
| Debt To Equity YoY | -9.117 % | |
| Debt To Equity IPRWA | high: 2.863 median: 0.793 mean: 0.736 RCKY: 0.517 low: 0.04 |
|
| PRICE-BASED VALUATION | ||
| Price To Book (P/B) | 1.175 | |
| Price To Book QoQ | 25.088 % | |
| Price To Book YoY | 108.939 % | |
| Price To Book IPRWA | high: 11.068 median: 6.241 mean: 5.345 RCKY: 1.175 low: 0.55 |
|
| Price To Earnings (P/E) | 164.061 | |
| Price To Earnings QoQ | 388.774 % | |
| Price To Earnings YoY | 572.666 % | |
| Price To Earnings IPRWA | high: 169.783 RCKY: 164.061 mean: 119.967 median: 106.895 low: -4.373 |
|
| PE/G Ratio | -2.203 | |
| Price To Sales (P/S) | 2.385 | |
| Price To Sales QoQ | 40.742 % | |
| Price To Sales YoY | 104.838 % | |
| Price To Sales IPRWA | high: 30.096 mean: 9.055 median: 7.797 RCKY: 2.385 low: 0.4 |
|
| FORWARD MULTIPLES | ||
| Forward P/E | 36.263 | |
| Forward PE/G | -0.487 | |
| Forward P/S | 1.559 | |
| EFFICIENCY | OPERATIONAL | |
| Operating Leverage | 5.665 | |
| ASSET & SALES | ||
| Asset Turnover Ratio | 0.261 | |
| Asset Turnover Ratio QoQ | -9.394 % | |
| Asset Turnover Ratio YoY | 5.724 % | |
| Asset Turnover Ratio IPRWA | high: 0.444 median: 0.301 mean: 0.298 RCKY: 0.261 low: 0.029 |
|
| Receivables Turnover | 1.568 | |
| Receivables Turnover Ratio QoQ | -10.419 % | |
| Receivables Turnover Ratio YoY | 0.657 % | |
| Receivables Turnover Ratio IPRWA | high: 7.241 mean: 2.861 median: 2.031 RCKY: 1.568 low: 1.179 |
|
| Inventory Turnover | 0.446 | |
| Inventory Turnover Ratio QoQ | 2.022 % | |
| Inventory Turnover Ratio YoY | 13.9 % | |
| Inventory Turnover Ratio IPRWA | high: 0.965 median: 0.887 mean: 0.76 RCKY: 0.446 low: 0.371 |
|
| Days Sales Outstanding (DSO) | 58.186 | |
| CASH CYCLE | ||
| Cash Conversion Cycle Days (CCC) | 191.784 | |
| Cash Conversion Cycle Days QoQ | -9.996 % | |
| Cash Conversion Cycle Days YoY | -0.303 % | |
| Cash Conversion Cycle Days IPRWA | high: 224.067 RCKY: 191.784 mean: 100.62 median: 98.132 low: -4.201 |
|
| CAPITAL DEPLOYMENT | ||
| Cash Conversion Ratio | 0.712 | |
| CapEx To Revenue | -0.009 | |
| CapEx To Depreciation | -0.46 | |
| CAPITAL, LIQUIDITY & COVERAGE | CAPITAL STRUCTURE | |
| Total Capital | $ 366.3 M | |
| Net Invested Capital | $ 374.7 M | |
| Invested Capital | $ 374.7 M | |
| Net Tangible Assets | $ 102.4 M | |
| Net Working Capital | $ 174.8 M | |
| LIQUIDITY | ||
| Cash Ratio | 0.018 | |
| Current Ratio | 2.902 | |
| Current Ratio QoQ | 3.046 % | |
| Current Ratio YoY | 10.031 % | |
| Current Ratio IPRWA | high: 4.575 RCKY: 2.902 mean: 2.256 median: 2.139 low: 0.249 |
|
| Quick Ratio | 1.024 | |
| Quick Ratio QoQ | 9.875 % | |
| Quick Ratio YoY | 20.745 % | |
| Quick Ratio IPRWA | high: 5.985 mean: 1.542 median: 1.448 RCKY: 1.024 low: 0.142 |
|
| COVERAGE & LEVERAGE | ||
| Debt To EBITDA | 21.337 | |
| Cost Of Debt | 1.844 % | |
| Interest Coverage Ratio | 1.787 | |
| Interest Coverage Ratio QoQ | -50.803 % | |
| Interest Coverage Ratio YoY | -51.637 % | |
| Interest Coverage Ratio IPRWA | high: 96.867 mean: 4.686 RCKY: 1.787 median: -8.254 low: -91.0 |
|
| Operating Cash Flow Ratio | 0.168 | |
| TIMING / LIQUIDITY | ||
| Days Payables Outstanding (DPO) | 63.263 | |
| DIVIDENDS | ||
| Dividend Coverage Ratio | 1.077 | |
| Dividend Payout Ratio | 0.929 | |
| Dividend Rate | $ 0.16 | |
| Dividend Yield | 0.004 | |
| PERFORMANCE | GROWTH | |
| Asset Growth Rate | -0.062 % | |
| Revenue Growth | -10.962 % | |
| Revenue Growth QoQ | -178.205 % | |
| Revenue Growth YoY | 0.403 % | |
| Revenue Growth IPRWA | high: 41.891 % mean: -6.531 % median: -9.238 % RCKY: -10.962 % low: -42.818 % |
|
| Earnings Growth | -74.468 % | |
| Earnings Growth QoQ | 752.232 % | |
| Earnings Growth YoY | 92.648 % | |
| Earnings Growth IPRWA | high: 93.436 % mean: -18.344 % median: -33.962 % RCKY: -74.468 % low: -130.0 % |
|
| MARGINS | ||
| Gross Margin | 36.522 % | |
| Gross Margin QoQ | -11.603 % | |
| Gross Margin YoY | -11.374 % | |
| Gross Margin IPRWA | high: 76.877 % mean: 50.621 % median: 43.146 % RCKY: 36.522 % low: 3.448 % |
|
| EBIT Margin | 2.922 % | |
| EBIT Margin QoQ | -57.43 % | |
| EBIT Margin YoY | -61.714 % | |
| EBIT Margin IPRWA | high: 22.342 % mean: 10.987 % median: 4.903 % RCKY: 2.922 % low: -164.685 % |
|
| Return On Sales (ROS) | 2.922 % | |
| Return On Sales QoQ | -57.43 % | |
| Return On Sales YoY | -61.714 % | |
| Return On Sales IPRWA | high: 22.311 % mean: 10.76 % median: 5.12 % RCKY: 2.922 % low: -208.699 % |
|
| CASH FLOW | ||
| Free Cash Flow (FCF) | $ 744.0 K | |
| Free Cash Flow Yield | 0.251 % | |
| Free Cash Flow Yield QoQ | -96.445 % | |
| Free Cash Flow Yield YoY | -36.935 % | |
| Free Cash Flow Yield IPRWA | high: 23.646 % mean: 1.032 % median: 0.323 % RCKY: 0.251 % low: -12.198 % |
|
| Free Cash Growth | -95.55 % | |
| Free Cash Growth QoQ | -77.448 % | |
| Free Cash Growth YoY | -2.191 % | |
| Free Cash Growth IPRWA | high: 410.499 % median: -29.485 % mean: -74.828 % RCKY: -95.55 % low: -734.195 % |
|
| Free Cash To Net Income | 0.591 | |
| Cash Flow Margin | 12.432 % | |
| Cash Flow To Earnings | 12.284 | |
| VALUE & RETURNS | ||
| Economic Value Added | $ 0.03 | |
| Return On Assets (ROA) | 0.264 % | |
| Return On Assets QoQ | -80.313 % | |
| Return On Assets YoY | -75.281 % | |
| Return On Assets IPRWA | high: 7.152 % mean: 2.773 % median: 1.389 % RCKY: 0.264 % low: -6.605 % |
|
| Return On Capital Employed (ROCE) | 0.944 % | |
| Return On Equity (ROE) | 0.005 | |
| Return On Equity QoQ | -80.681 % | |
| Return On Equity YoY | -76.147 % | |
| Return On Equity IPRWA | high: 0.149 mean: 0.049 median: 0.037 RCKY: 0.005 low: -0.276 |
|
| DuPont ROE | 0.499 % | |
| Return On Invested Capital (ROIC) | 0.763 % | |
| Return On Invested Capital QoQ | -68.182 % | |
| Return On Invested Capital YoY | -58.912 % | |
| Return On Invested Capital IPRWA | high: 11.814 % mean: 5.004 % median: 2.0 % RCKY: 0.763 % low: -4.05 % |
|