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We are a leading designer, manufacturer and marketer of premium quality footwear and apparel marketed under a portfolio of well recognized brand names, including The Original Muck Boot Company ("Muck"), XTRATUF, Rocky, Durango, Georgia Boot, Lehigh CustomFit ("Lehigh"), Ranger, and the licensed brand Michelin. Our brands have a long history of representing high quality, comfortable, functional,…
Operating margin is thin at 7.72%. Limited cushion if revenue slows or costs rise, not the profile of a wide-moat business.
Revenue grew 6.2%, steady but not accelerating. Free cash flow declined 80% despite revenue growth, conversion is weakening.
Free cash flow declined 80% versus the prior year, cash generation momentum has weakened. Net debt of $124M represents 12.8x FCF, leverage limits flexibility.
Profitability & Returns
Revenue (TTM)
$492M
▲ +6.2% YoY
Net Income (TTM)
$19M
▲ +95.6% YoY
Op. Margin
6.52%
▲ +0.9pp YoY
ROIC
7.43%
▲ +1.3pp YoY
Cash Flow & Balance Sheet
FCF (TTM)
$10M
▼ -79.8% YoY
Op. Cash Flow (TTM)
$17M
▼ -69.1% YoY
Net Debt
$129M
Cash & Equiv.
$2M
5Y CAGR: +11.7%
5Y CAGR: -13.2%
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