Rocky Brands, Inc. (RCKY) Stock

Rocky Brands, Inc. (RCKY) is a Consumer Discretionary stock trading at $45.02 (as of 2026-08-25), with a market capitalization of $337.25M and a trailing P/E of 14.3. Figures are sourced from first-party U.S. SEC EDGAR filings and market data.

Rocky Brands, Inc. designs, manufactures, and markets footwear and apparel under brand names including Rocky, Georgia Boot, Durango, Lehigh, Muck, XTRATUF, Servus, NEOS, Ranger, and licensed Michelin products. It sells through Wholesale, Retail, and Contract Manufacturing channels, distributing in the U.S., Canada, and internationally to retailers, consumers, and customers that contract for specific production.

Understand Rocky Brands, Inc.: how it makes money

Rocky Brands designs and sells work and safety footwear (wedges, steel-toe boots, work pants) under brands like Georgia Boot, XTRATUF, Muck, and Durango, earning most revenue through wholesale distribution. The mix leans heavily on third-party retail doors, with e-commerce and contract manufacturing as smaller supplements.

Profits scale by landing new SKUs across roughly 10,000 third-party retail doors, so growth is a function of door penetration and unit pricing rather than owning stores.

Business quality (Mixed): Mixed: 12% revenue growth and a 51% gross margin are solid for workwear, but a 17% operating margin and a P/E of 14.3x (6% below the apparel peer set) signal a business that is adequate, not exceptional.

Valuation: At 14× earnings, RCKY trades in line with the Apparel average (15×).

Bull case

XTRATUF order book at all-time high: Management flagged the largest second-half pre-book order set in XTRATUF's history, showing the brand's growth bench still has room to run through the year.
Georgia Boot keeps adding doors: The best-selling Georgia Boot wedge landed more than 500 new retail doors, deepening distribution in a category where shelf presence drives volume.
Trades at a discount to peers: Rocky screens at 14.3x earnings versus the 15.3x apparel industry average, a 6% valuation gap that narrows downside risk if the 12% revenue growth persists.

Bear case

Oil-linked input costs climbing: Management cited a roughly 5% to 6% increase in product costs from oil-linked components, a structural headwind to gross margin if crude stays elevated.
Tariff and freight headwinds stack: Sourcing changes and expedited freight are expected to create a $3 million headwind this year, while broader tariff uncertainty could add further cost pressure on imported components.

Valuation — source: SEC EDGAR (first-party)
Price	$45.02
Market Cap	$337.25M
P/E Ratio	14.3
EV / EBITDA	8.2
Price / Book	1.28
Price / Sales	0.69
FCF Yield	-0.2%
DCF Value (model)	$31.79
DCF Upside vs Price	-29.4%

Profitability & Growth — source: SEC EDGAR
Revenue (TTM)	$481.98M
Net Margin	4.6%
Revenue Growth (YoY)	6.2%
EPS Growth (YoY)	94.8%
FCF Growth (YoY)	-79.8%

Financial Health — source: SEC EDGAR
Altman Z-Score	3.12 (safe)
Piotroski F-Score	7/9 (strong)

Valuation vs Sector & Industry
Stock P/E	14.3
Sector P/E (Consumer Discretionary)	20.8
Industry P/E (Apparel)	15.3
vs Sector	-31.4%
vs Industry	-6.4%

Smart-Money Activity — SEC Form 4 / 13F / Congressional disclosures
Top Institutional Holder	DIMENSIONAL FUND ADVISORS LP ($19.57M)
Institutional Holders Tracked	10

Company
Sector	Consumer Discretionary
Industry	Apparel
CEO	Jason S. Brooks
Employees	2,530
Country	US
IPO Date	1993-02-03

Related Companies (Apparel; 8 comparable apparel companies)

Data as of 2026-08-25.

Figures sourced from U.S. Securities and Exchange Commission (SEC EDGAR) filings and market data. Not personalized investment advice.