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Steven Madden

SHOO on Nasdaq. Steven Madden sells footwear, accessories and apparel to retailers and consumers worldwide. Market value $3.3bn.

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Price checks use the past 12 months to June 2026. Quality checks use five annual reports, the latest for the year to December 2025.

Should I look at this?

Worth a closer look

Why it could be worth it

What to watch out for

Read what could go wrong

This is not advice. Check the numbers below.

Compare with another stock

Cash yield
past 12 months to June 2026
6.7%high

For every $100 of what the whole company costs, it produced $6.72 of spare cash in the past 12 months. A savings account pays about $4.

Price to profit
past 12 months to June 2026
16.8×full

You pay 16.8 years of operating profit for the business. The average large US company costs around 18.

Return on capital
five annual reports to December 2025
n/a

The filings do not give us enough to work this out.

Quality score: 84 of 100. Price score: 82 of 100. Our list needs 70 on quality and 60 on price.

$45.58 a share, 45% above its 1-year low

Over the past year the price has ranged from $31.33 to $49.70.

Dividend: 1.8% a year

Paid every year for at least 5 years

Prices from Tuesday’s close (6 October).

Five years of cash, in billions

0.2
0.3
0.2
0.2
0.1
0.2
2021202220232024202512 monthsto Jun '26

Spare cash swings from quarter to quarter here: $224 million in the past 12 months, $120 million in the year to December 2025.

Revenue
$1.9bn$2.1bn$2.0bn$2.3bn$2.5bn
Operating margin
13.1%13.3%10.8%9.9%3.2%
Debt to equity
n/an/an/a0.000.27
Shares outstanding
0.08bn0.07bn0.07bn0.07bn0.07bn

Health checks

  • Free cash flow positive5 of 5 years
  • Accounting looks honest (Beneish)Not enough data
  • Financial strength (Piotroski)5 of 9
  • Profit backed by cash (accruals)Yes
  • Debt0.27× equity
  • Revenue growth, five yearsStrong, 16.1% a year
  • Buying back its own sharesYes, 6% fewer since 2021

The quarter to June 2026

How the business did, compared with the same quarter a year earlier.

  • Sales: $666 million last quarter, up 19% on a year ago.
  • Profit: $28 million, after a loss of $39 million a year ago.
  • It keeps 8 cents of each $1 of sales as operating profit, up from 6 cents a year earlier.
  • Spare cash over the past 12 months: $224 million, up from $118 million.
  • 2% more shares than a year ago. Each share owns a bit less of the company.
  • Sales grew on a year ago in each of the last 4 quarters.
Sales by quarter
Sales by quarter
Quarter toAmount
September 2024$625m
December 2024$582m
March 2025$554m
June 2025$559m
September 2025$668m
December 2025$754m
March 2026$653m
June 2026$666m
Profit by quarter
Profit by quarter
Quarter toAmount
September 2024$55m
December 2024$38m
March 2025$40m
June 2025-$39m
September 2025$21m
December 2025$25m
March 2026$72m
June 2026$28m

From the company's quarterly reports to the SEC.

Dates

Next results (estimated)
n/a
Last annual report (10-K)
2 March 2026
Next quarterly (estimated, 10-Q)
30 October 2026

Who owns it

3 long-term investors we follow own it, down from 4 last quarter. 300 funds in all.

Jun '25
Dec '25
Jun '26

Sold out this quarter

Largest holders overall

From 13F filings for the quarter ended 30 June 2026.

Big holders and activists

6 investors own more than 5%.

From Schedule 13D and 13G filings: anyone owning more than 5% must file one.

What insiders did

No insider bought shares on the open market in the last 12 months. 9 sold $4m.

  • VARELA AMELIA
    President, Director
    Sold
    Date
    5 August 2026
    Shares
    15,000
    Price
    $48.59
    Value
    $728,801
  • Reed Arian Simone
    Director
    Sold
    Date
    5 August 2026
    Shares
    1,250
    Price
    $48.76
    Value
    $60,950
  • KLIPPER MITCHELL S
    Director
    Sold
    Date
    5 August 2026
    Shares
    3,918
    Price
    $48.54
    Value
    $190,186
  • Ferrara Al
    Director
    Sold
    Date
    4 August 2026
    Shares
    3,918
    Price
    $48.26
    Value
    $189,083
  • Davis Peter Allan
    Director
    Sold
    Date
    4 August 2026
    Shares
    525
    Price
    $48.30
    Value
    $25,360
  • MIGLIORINI PETER
    Director
    Sold
    Date
    15 June 2026
    Shares
    4,000
    Price
    $45.30
    Value
    $181,200
  • Reed Arian Simone
    Director
    Sold
    Date
    15 June 2026
    Shares
    1,100
    Price
    $45.38
    Value
    $49,918
  • Ciglar Christina
    Chief Product Officer
    Sold
    Date
    9 June 2026
    Shares
    5,147
    Price
    $44.74
    Value
    $230,277
  • Reed Arian Simone
    Director
    Sold
    Date
    4 June 2026
    Shares
    475
    Price
    $43.82
    Value
    $20,815
  • VARELA AMELIA
    President, Director
    Sold
    Date
    3 June 2026
    Shares
    10,000
    Price
    $43.45
    Value
    $434,500

From Form 4 filings: insiders must report trades in their own company's shares within two days.

What could go wrong

Cheap for a reason is the question the numbers cannot answer.

Whether the price already reflects the risks is what the deep dive is for.

What changed in the risks this year

Companies must list what could hurt them each year. These are the parts that changed since last year’s report.

  • We have incurred indebtedness in connection with our acquisition of Kurt Geiger, which could limit our operational and financial flexibility, expose us to interest rate risk, and adversely affect our business, financial condition, and results of operations.

    Our increased debt levels require us to dedicate a portion of our cash flow to the repayment of principal and interest, which reduces funds available for working capital, capital expenditures, share repurchases, dividends, acquisitions, and other general corporate purposes. In addition, these credit facilities bear interest at variable rates that are subject to market fluctuations. An increase in interest rates would increase our interest exposure and reduce our net income and cash flow.
    Read more

  • We have incurred indebtedness in connection with our acquisition of Kurt Geiger, which could limit our operational and financial flexibility, expose us to interest rate risk, and adversely affect our business, financial condition, and results of operations.

    Could happen
    Our credit agreement also includes covenants that impose certain operating and financial restrictions. Failure to comply with these covenants could result in an event of default, which, if not cured or waived, could permit acceleration of the outstanding debt and enforcement of security interests in our assets. As of December 31, 2025, we were in compliance with all financial and non-financial covenants under our credit agreement.
    Read more

  • Risks related to the deployment of artificial intelligence and machine learning could adversely impact our operations and financial condition.

    Could happen
    • Data Integrity: AI outputs are only as reliable as the underlying data. Inaccurate or biased data sets could lead to suboptimal business decisions, such as inventory stockouts or inaccurate demand forecasting, materially impacting our gross margins.

  • We have recorded goodwill and identifiable intangible assets in connection with our acquisition of Kurt Geiger, which could become impaired and adversely affect our financial results.

    Could happen
    As part of our preliminary purchase price allocation in connection with the acquisition of Kurt Geiger, we recorded over $240,000 in goodwill and identifiable intangible assets on our Consolidated Balance Sheet. Under U.S. GAAP, we are required to test goodwill and indefinite-lived intangible assets at least annually for impairment, or more frequently if events or changes in circumstances indicate that they may be impaired. Intangible assets with finite lives are amortized over their useful lives and are subject to impairment testing if there are indicators of impairment.
    Read more

  • We have incurred indebtedness in connection with our acquisition of Kurt Geiger, which could limit our operational and financial flexibility, expose us to interest rate risk, and adversely affect our business, financial condition, and results of operations.

    Could happen
    In connection with the financing of our acquisition of Kurt Geiger, we entered into a senior secured credit facility effective May 6, 2025, consisting of a $300,000 term loan and a $250,000 revolving credit facility. As of December 31, 2025, we had outstanding borrowings of $240,000 under the term loan and no borrowings under the revolving credit facility. Prior to this acquisition, we had no amounts outstanding under our previous revolving credit facility and operated with a comparatively lower level of financial leverage.
    Read more

Read it in the annual report

The deep dive

Everything above is arithmetic on public filings. The deep dive reads the last ten years of annual reports, the proxy statements, and the earnings calls, then argues the case the way Buffett, Klarman, and Hohn would, and checks every claim against the source.

  • What the business is worth, as a range, and the margin of safety at today’s price
  • Prices to start buying, buy, and buy hard
  • The three things that would make this a mistake
  • Every number footnoted to the filing it came from
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What a finished deep dive looks like

Not advice. Numbers on this page come from SEC filings and are updated each night; prices are updated again after the US market closes. The five-year figures are rounded.