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Steven Madden, Ltd. and its subsidiaries design, source, and market fashion-forward branded and private label footwear, accessories, and apparel. We distribute our products through the wholesale channel to department stores, mass merchants, off-price retailers, shoe chains, online retailers, national chains, specialty retailers, independent stores, and clubs throughout the United States, the Un…
Operating margin is thin at 3.19%. Limited cushion if revenue slows or costs rise, not the profile of a wide-moat business.
Revenue grew 11.0%, still solid. Margins contracted 6.7pp, which offsets some of the top-line progress.
Free cash flow declined 31% versus the prior year, cash generation momentum has weakened. ROIC dropped from 17.30% to 4.43%, capital efficiency is deteriorating.
Profitability & Returns
Revenue (TTM)
$2.63B
▲ +11.0% YoY
Net Income (TTM)
$80M
▼ -72.1% YoY
Op. Margin
4.78%
▼ -6.7pp YoY
ROIC
6.24%
▼ -12.9pp YoY
Cash Flow & Balance Sheet
FCF (TTM)
$87M
▼ -30.6% YoY
Op. Cash Flow (TTM)
$126M
▼ -18.1% YoY
Net Debt
$374M
Cash & Equiv.
$112M
5Y CAGR: +16.1%
5Y CAGR: +26.0%
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