Steven Madden, Ltd.
- Open
- 41.90
- Day high
- 42.41
- Day low
- 41.58
- Prev close
- 41.44
- Volume
- 1.2M
- Mkt cap
- $3.1B
- P/E (TTM)
- 20.8
- EPS (TTM)
- $2.02
- P/B
- 3.3
- P/S
- 1.1
- Yield
- 1.00%
- Per share
- $0.42
- ▼Insiders net selling -$1.7M over the last 3 months (0 open-market buys, 9 sales)
- 🏛Institutions accumulating (13F)
Steven Madden, Ltd. (SHOO) is a Consumer Cyclical company listed on NASDAQ. The stock is up 45% over the past year. Over the trailing 3 months, insiders filed 0 open-market buys and 9 sales (SEC Form 4). Drillr has 1 published research article covering SHOO.
Steven Madden, Ltd. (SHOO) financials & analyst ratings
Fundamentals (TTM)
Analyst consensus · 6 analysts
Source: exchange market data + company filings. Figures are trailing-twelve-month or as most recently reported. For informational purposes only — not investment advice.
SHOO earnings date, history & EPS estimates
| Report date | EPS est | EPS actual | Surprise | Revenue | Rev. surprise |
|---|---|---|---|---|---|
| Jul 30, 2026 | $0.32 | $0.44 | +37.1% | $663M | +4.3% |
| May 6, 2026 | $0.42 | $0.45 | +7.1% | $650M | +0.5% |
| Feb 25, 2026 | $0.46 | $0.48 | +4.3% | $754M | +16.7% |
| Nov 5, 2025 | $0.44 | $0.43 | -2.3% | $668M | -11.9% |
| Jul 30, 2025 | $0.24 | $0.20 | -16.7% | $559M | -20.1% |
| Feb 26, 2025 | $0.53 | $0.55 | +3.8% | $582M | +5.8% |
| Nov 7, 2024 | $0.89 | $0.91 | +2.2% | $621M | +12.2% |
| Jul 31, 2024 | $0.53 | $0.57 | +7.5% | $524M | -13.5% |
| May 1, 2024 | $0.56 | $0.65 | +16.1% | $552M | +5.0% |
| Feb 28, 2024 | $0.57 | $0.61 | +7.0% | $520M | +1.5% |
| Aug 2, 2023 | $0.46 | $0.47 | +2.2% | $445M | -2.6% |
| Feb 23, 2023 | $0.45 | $0.42 | -6.7% | $471M | +2.6% |
SHOO insider trading activity (SEC Form 4)
| Date | Insider | Type | Shares | Price |
|---|---|---|---|---|
| Aug 5, 2026 | KLIPPER MITCHELL Sdirector | Sell | 3,918 | $48.54 |
| Aug 5, 2026 | Reed Arian Simonedirector | Sell | 1,250 | $48.76 |
| Aug 5, 2026 | VARELA AMELIAdirector, officer: President | Sell | 15,000 | $48.59 |
| Aug 4, 2026 | Davis Peter Allandirector | Sell | 525 | $48.30 |
| Aug 4, 2026 | Ferrara Aldirector | Sell | 3,918 | $48.26 |
| Aug 3, 2026 | Keith Lisaofficer: EVP, Gen. Counsel, Secretary | Tax | 581 | $46.08 |
| Jun 16, 2026 | Reed Arian Simonedirector | Sell | 1,100 | $45.38 |
| Jun 16, 2026 | MIGLIORINI PETERdirector | Sell | 4,000 | $45.30 |
| Jun 10, 2026 | Ciglar Christinaofficer: Chief Product Officer | Sell | 5,147 | $44.74 |
| Jun 4, 2026 | Reed Arian Simonedirector | Sell | 475 | $43.82 |
| May 26, 2026 | Davis Peter Allandirector | Sell | 3,030 | $41.98 |
| May 21, 2026 | MIGLIORINI PETERdirector | Grant | 2,964 | — |
| May 21, 2026 | Kumar Maria Teresadirector | Grant | 2,964 | — |
| May 21, 2026 | Reed Arian Simonedirector | Sell | 648 | $39.97 |
| May 21, 2026 | LYNCH ROSE PEABODYdirector | Grant | 2,964 | — |
Source: SHOO SEC Form 4 filings, latest Aug 5, 2026. For informational purposes only — not investment advice.
See the full SHOO insider & 13F page →Steven Madden, Ltd. company profile
Overview
Steven Madden, Ltd. (NASDAQ:SHOO) is a fashion footwear and accessories company founded in 1990 and headquartered in Long Island City, New York. The company went public in 1993 and has grown from a single brand focused on women's footwear into a diversified fashion house operating multiple brands across footwear, accessories, and apparel for women, men, and children. Steven Madden operates through five main business segments: Wholesale Footwear, Wholesale Accessories/Apparel, Direct-to-Consumer retail, Licensing, and First Cost (private label manufacturing services). The company has expanded internationally and now operates in over 100 countries through various distribution channels including owned retail stores, e-commerce websites, and wholesale partnerships with major retailers.
Business
Steven Madden operates in the fashion footwear and accessories industry, designing, sourcing, marketing, and selling trend-driven products primarily targeting fashion-conscious consumers. The company's business spans five distinct segments: Wholesale Footwear (approximately 50% of revenue) encompasses the company's core business of designing and selling branded footwear to retailers. Key brands include Steve Madden (the flagship brand known for trendy women's shoes), Steven by Steve Madden (a more sophisticated line), Madden Girl (value-priced younger demographic), Dolce Vita (contemporary lifestyle brand), Betsey Johnson (licensed footwear), GREATS (premium sneakers), Blondo (waterproof footwear), and Anne Klein. The segment also includes private label footwear manufacturing for other retailers. Wholesale Accessories and Apparel (approximately 30% of revenue) has become increasingly important, offering handbags, small leather goods, belts, apparel, and fashion accessories under various brand names. This segment has shown strong growth, particularly the handbag business which crossed $300 million in revenue. The Almost Famous acquisition in women's apparel has significantly contributed to this segment's expansion. Direct-to-Consumer (approximately 20% of revenue) operates through both physical retail stores and e-commerce platforms. The company operates over 200 brick-and-mortar stores including Steve Madden full-price stores, outlet locations, and shop-in-shops, plus multiple e-commerce websites including SteveMadden.com, DolceVita.com, and others. Licensing generates royalty income by licensing the Steve Madden, Madden Girl, and Betsey Johnson trademarks to third parties for various product categories. First Cost operates as a buying agent and private label manufacturer, helping other retailers source footwear products, leveraging the company's manufacturing relationships and expertise.
Revenue model
Steven Madden generates revenue through multiple business models across its segments. The wholesale business operates on a traditional wholesale model, designing products and selling them to retailers such as department stores (Macy's, Nordstrom), specialty retailers, off-price chains, and online retailers at wholesale prices typically 50-60% below retail. The company's customers include major national chains, independent boutiques, and e-commerce platforms. The Direct-to-Consumer segment captures full retail margins by selling directly to consumers through company-owned stores and e-commerce websites. This channel provides higher gross margins (typically 60-70%) compared to wholesale but requires significant investment in retail operations, inventory, and marketing. The licensing business generates high-margin royalty income with minimal capital investment, typically earning 5-10% royalties on licensed products sold by partners. The First Cost segment earns commissions and service fees as a buying agent and private label manufacturer. Several factors influence the company's margins and profitability. Positive margin drivers include successful product innovation and trend forecasting, international expansion into higher-margin markets, growth in the accessories and apparel categories which typically carry higher margins than footwear, and expansion of direct-to-consumer sales. Negative margin pressures come from increased tariffs on Chinese imports (the company historically sourced about 70% of products from China), rising labor and material costs, promotional pricing pressure from wholesale customers, supply chain disruptions requiring expedited shipping, and competitive pressure in the fashion retail environment. The company is actively mitigating tariff exposure by diversifying production to countries like Cambodia, Vietnam, Mexico, and Brazil, while selectively raising prices and negotiating cost concessions with suppliers.
Competitive moat
Steven Madden's competitive moat is moderate but not particularly strong, relying primarily on brand recognition, design capabilities, and operational scale rather than structural advantages. The company's primary moat comes from its brand equity, particularly the Steve Madden brand which has achieved significant recognition among fashion-conscious consumers, especially younger demographics. The brand is associated with trendy, accessible fashion footwear and has built loyalty through consistent product innovation and marketing. The company's design and trend forecasting capabilities provide some competitive advantage, as fashion is a hits-driven business where success depends on anticipating and quickly responding to consumer trends. Steven Madden has demonstrated ability to identify and capitalize on fashion trends, from platform shoes in the 1990s to current trends like tall shaft boots and soccer-inspired sneakers. Operational scale and supplier relationships provide cost advantages and manufacturing flexibility, particularly important as the company diversifies production away from China. The company's size allows it to negotiate better terms with suppliers and maintain relationships across multiple countries. However, the moat faces significant challenges. The fashion industry is highly competitive with low barriers to entry, constant threat from new brands, and rapidly changing consumer preferences. Fast fashion retailers like Zara, H&M, and online players can quickly copy successful designs at lower prices. Private label programs by major retailers represent both an opportunity and a threat, as retailers may choose to develop their own footwear lines. E-commerce disruption has lowered distribution barriers, allowing new brands to reach consumers directly. The company's dependence on wholesale customers also creates vulnerability to retailer consolidation and changing retail dynamics. Overall, while Steven Madden has built a solid market position, the moat is not particularly wide or defensible against determined competition.
Risks & safety
Steven Madden demonstrates a strong financial position with solid margins of safety across multiple metrics: • Cash and liquidity: $145 million in cash and short-term investments with minimal debt ($47 million), providing substantial financial flexibility • Current ratio: 2.25x indicating strong short-term liquidity to meet obligations • Debt levels: Very low debt-to-equity ratio of 5.2%, minimal solvency risk • Cash flow: Strong historical free cash flow generation ($172 million in 2024), though Q1 2025 showed temporary negative free cash flow of -$29 million due to inventory build-up • Valuation metrics: Trading at reasonable multiples with P/E of 11.7x, EV/EBITDA of 8.2x, and price-to-book of 2.2x • Profitability: Consistent profitability with net margins around 7-9% and ROE of 4.6% (though down from historical levels) • Working capital: Current assets of $886 million vs current liabilities of $395 million provides substantial cushion • Other considerations: Strong brand portfolio, diversified revenue streams, and management's proactive approach to supply chain risks enhance overall safety profile
Recent development
Over the past few years, Steven Madden has executed several key strategic initiatives to diversify and expand its business beyond its traditional U.S. wholesale footwear focus. International expansion has been a major priority, with the company forming joint ventures in Latin America, Southeastern Europe, Singapore, Malaysia, and Australia, transitioning from distributor relationships to direct ownership models. International revenue has grown consistently, reaching 19% of total revenue and showing double-digit growth rates. Category diversification beyond footwear has been highly successful, with the accessories and apparel segment growing from under $300 million to over $400 million in recent years. The handbag business has been particularly strong, crossing $300 million in revenue with 31% growth. The 2023 acquisition of Almost Famous, a women's apparel brand, significantly boosted the accessories and apparel segment, contributing approximately $45 million in revenue. The company has been strengthening its direct-to-consumer capabilities, with DTC revenue exceeding $500 million and growing 9% in 2024. This includes both physical retail expansion internationally and enhanced e-commerce capabilities across multiple brand websites. Most recently, Steven Madden announced the acquisition of Kurt Geiger, a premium British footwear and accessories brand, for £289 million. Kurt Geiger generates approximately £400 million in annual revenue and provides significant opportunities for U.S. market expansion, digital growth, and international expansion. This represents the company's largest acquisition and a major step in its international and premium positioning strategy. In response to tariff pressures, the company has been rapidly diversifying its supply chain away from China, reducing Chinese sourcing from about 70% to an expected mid-single digits by Spring 2026. This involves building new supplier relationships in Cambodia, Vietnam, Mexico, and Brazil while implementing workforce reductions to achieve $12 million in annual cost savings.
SHOO company profile · for informational purposes only — not investment advice.
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