Loading financials from SEC filings…
Footwear & accessories · Consumer Cyclical · Fiscal year ends Dec 31
Steven Madden reported revenue of $2.5B in the fiscal year ended Dec 2025, up 11.0% from the year before. Operating income was $81M, an operating margin of 3.2%, and net income was $49M. Operating cash flow of $162M less capital expenditure of $43M left free cash flow of $120M. Net debt was $122M.
Ranks among the 7 footwear & accessories companies we cover (1st = best; for debt, the least indebted). Green = top third, red = bottom third.
Last 5 fiscal years
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue | 1,854 | 2,111 | 1,971 | 2,272 | 2,522 |
| Cost of revenue | 1,099 | 1,248 | 1,149 | 1,346 | 1,485 |
| Gross profit | 767 | 874 | 832 | 937 | 1,049 |
| Operating income | 244 | 282 | 213 | 225 | 80.8 |
| Net interest incomeBanks | −1.5 | 0.7 | 7.4 | 5.5 | −12.3 |
| Pre-tax income | 242 | 282 | 221 | 230 | 77.7 |
| Income tax | 49.6 | 65.1 | 46.6 | 54.6 | 28.7 |
| Net income | 192 | 217 | 174 | 176 | 49.0 |
| Diluted EPS | 2.34 | 2.77 | 2.30 | 2.35 | 0.63 |
| Diluted shares | 81.6 | 78.1 | 74.6 | 72.0 | 71.2 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Cash & equivalents | 219 | 275 | 205 | 190 | 112 |
| Receivables | 12.3 | 7.7 | 4.8 | 4.7 | 7.1 |
| Inventory | 255 | 229 | 229 | 258 | 417 |
| Current assets | 945 | 844 | 855 | 895 | 1,001 |
| Net PP&E | 35.8 | 40.7 | 47.2 | 57.4 | 116 |
| Goodwill | 168 | 168 | 180 | 184 | 255 |
| Total assets | 1,356 | 1,258 | 1,348 | 1,412 | 1,914 |
| Payables | 137 | 131 | 161 | 207 | 197 |
| Current liabilities | 435 | 321 | 378 | 414 | 526 |
| Short-term debt | – | – | – | 0.0 | 0.0 |
| Long-term debt | – | – | – | 0.0 | 234 |
| Total liabilities | 535 | 414 | 500 | 536 | 1,010 |
| Shareholders' equity | 812 | 832 | 830 | 848 | 866 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Operating cash flow | 159 | 268 | 229 | 198 | 162 |
| Capital expenditure | 6.6 | 16.4 | 19.5 | 25.9 | 42.7 |
| Free cash flow | 153 | 252 | 210 | 172 | 120 |
| Depreciation & amortisation | 15.2 | 20.6 | 15.5 | 20.0 | 33.4 |
| Stock-based compensation | 22.3 | 24.4 | 24.1 | 26.5 | 29.6 |
| Acquisitions | 0.0 | – | 75.3 | 14.0 | 372 |
| Share buybacks | 123 | 149 | 142 | 98.4 | 13.5 |
| Dividends paid | 49.2 | 66.0 | 63.2 | 61.0 | 61.0 |
| Dividend per share | 0.60 | 0.84 | 0.84 | 0.84 | 0.84 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue growth (YoY) | – | 13.9% | −6.6% | 15.3% | 11.0% |
| Operating income growth (YoY) | – | 15.6% | −24.3% | 5.5% | −64.1% |
| EPS growth (YoY) | – | 18.4% | −17.0% | 2.2% | −73.2% |
| Gross margin | 41.4% | 41.4% | 42.2% | 41.2% | 41.6% |
| Operating margin | 13.1% | 13.3% | 10.8% | 9.9% | 3.2% |
| Net margin | 10.4% | 10.3% | 8.8% | 7.7% | 1.9% |
| Return on equityBlank when equity is negative | 23.7% | 26.1% | 21.0% | 20.8% | 5.7% |
| ROCEEBIT ÷ (assets − current liabilities) | 26.5% | 30.1% | 22.0% | 22.5% | 5.8% |
| Free cash flow margin | 8.2% | 11.9% | 10.6% | 7.6% | 4.7% |
| Cash conversion (CFO ÷ net income) | 0.83x | 1.23x | 1.32x | 1.13x | 3.31x |
| Receivable days | 2 | 1 | 1 | 1 | 1 |
| Inventory days | 85 | 67 | 73 | 70 | 103 |
| Payable days | 45 | 38 | 51 | 56 | 48 |
| Debt ÷ equity | – | – | – | 0.00x | 0.27x |
| Net debtDebt − cash & equivalents; excludes investments; negative = net cash | – | – | – | −190 | 122 |
| Current ratio | 2.17x | 2.63x | 2.26x | 2.16x | 1.90x |
Standardised figures from the company's XBRL filings with the SEC (10-K, 10-Q). Line items follow US GAAP tags, so a company's own statement layout may differ and some lines show “–” where the company does not report that item. Ratios are calculated from these figures. For education only; not investment advice or a recommendation.