Steven Madden, Ltd. (SHOO) Stock

Steven Madden, Ltd. (SHOO) is a Consumer Discretionary stock trading at $45.50 (as of 2026-08-25), with a market capitalization of $3.33B and a trailing P/E of 22.8. Figures are sourced from first-party U.S. SEC EDGAR filings and market data.

Steven Madden, Ltd. designs, sources, markets, and sells fashion-forward branded and private label footwear, accessories, and apparel for women, men, and children in the United States and internationally. Its Wholesale Footwear segment provides footwear under the Steve Madden, Steven by Steve Madden, Madden Girl, BB Dakota, Dolce Vita, DV Dolce Vita, Betsey Johnson, GREATS, Blondo, Anne Klein, Mad Love, Superga, Madden NYC, and COOL Planet brands, as well as private label footwear. The company's Wholesale Accessories/Apparel segment offers handbags, apparel, small leather goods, belts, soft accessories, fashion scarves, wraps, gifting, and other accessories under the Steve Madden, BB Dakota, Anne Klein, Betsey Johnson, Cejon, Madden NYC, and Dolce Vita brands, as well as private label handbag and accessories to department stores, mass merchants, off-price retailers, online retailers, specialty stores, and independent stores. Its Direct-to-Consumer segment operates Steve Madden and Superga full-price retail stores, Steve Madden outlet stores, and Steve Madden shop-in-shops, as well as digital e-commerce websites, including SteveMadden.com, DolceVita.com, betseyjohnson.com, Blondo.com, GREATS.com, and Superga-USA.com. The company's Licensing segment licenses its Steve Madden, Madden Girl, and Betsey Johnson trademarks. Its First Cost segment operates as a buying agent for footwear products under private labels for national chains, specialty retailers, and value-priced retailers. As of December 31, 2021, it owned and operated 214 brick-and-mortar retail stores that included 147 Steve Madden full-price stores, 66 Steve Madden outlet stores, and 1 Superga store, as well as 6 e-commerce websites. Steven Madden, Ltd. was incorporated in 1990 and is headquartered in Long Island City, New York.

Understand Steven Madden, Ltd.: how it makes money

Steven Madden designs and sells fashion footwear, accessories, and apparel under dozens of owned and licensed brands to wholesalers, retailers, and consumers. Wholesale accounts for roughly 63% of revenue, with a growing direct-to-consumer channel (30%) driven by its own stores, outlets, and e-commerce.

Steven Madden's profit is the spread between low-cost overseas sourcing and fashion-brand pricing, but at roughly 6% operating margin that spread is narrow enough for a single tariff hike or air-freight spike to consume most of it.

Revenue by segment (latest quarter)
Wholesale$0.4B
Direct-to-Consumer$0.2B
Other$0.1B

Business quality (Mixed): Broad brand portfolio and a 46% gross margin show real pricing power, but the 6% operating margin means the company converts very little of that gross profit into bottom-line returns, and 15% ROE only gives back capital at a modest pace.

Valuation: At 23× earnings, SHOO trades 49% above the Apparel average (15×).

Bull case

  • Kurt Geiger proves DTC scaling: Kurt Geiger stores delivered 12% comparable sales growth with strong four-wall profitability, validating the international DTC expansion that is the company's fastest-growing channel.
  • Branded wholesale reorders signal demand: Branded wholesale grew 20% in Q2 with reorders and strong sell-throughs, suggesting the core Steve Madden brand is pulling through a soft fashion environment.
  • Balance sheet gives optionality: Net debt fell to $30.1 million after tariff refunds were directed to repayment, leaving meaningful headroom to fund store expansion or absorb another cost shock.

Bear case

  • Private-label decline is persistent: Management expects private-label sales to remain down mid-to-high teens for the full year, meaning a meaningful slice of wholesale volume is structurally shrinking and not fully offset by branded growth.
  • Tariffs and freight squeeze margins: Q4 guidance assumes 15% tariffs despite currently announced rates, and higher air-freight costs are already pressuring the second half, targeting the already-thin 6% operating margin from two directions at once.
  • Premium valuation prices in perfection: At a P/E of 22.8x versus the apparel industry average of 15.3x, the stock trades 49% above peers, leaving little cushion for a fashion misstep or a further tariff escalation.
Valuation — source: SEC EDGAR (first-party)
Price$45.50
Market Cap$3.33B
P/E Ratio22.8
EV / EBITDA14.2
Price / Book3.43
Price / Sales1.21
FCF Yield6.7%
DCF Value (model)$4.07
DCF Upside vs Price-91.1%
Profitability & Growth — source: SEC EDGAR
Revenue (TTM)$2.53B
Net Margin1.9%
Revenue Growth (YoY)19.1%
EPS Growth (YoY)-169.6%
FCF Growth (YoY)233.5%
Financial Health — source: SEC EDGAR
Altman Z-Score5.03 (safe)
Piotroski F-Score4/9 (moderate)
Valuation vs Sector & Industry
Stock P/E22.8
Sector P/E (Consumer Discretionary)20.8
Industry P/E (Apparel)15.3
vs Sector9.6%
vs Industry49.5%
Smart-Money Activity — SEC Form 4 / 13F / Congressional disclosures
Top Institutional HolderBlackRock, Inc. ($366.35M)
Institutional Holders Tracked10
Company
SectorConsumer Discretionary
IndustryApparel
CEOEdward R. Rosenfeld
Employees3,500
CountryUS
IPO Date1993-12-13

Related Companies (Apparel; 8 comparable apparel companies)

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  • Kontoor Brands, Inc. (KTB)
  • Vera Bradley, Inc. (VRA)
  • Columbia Sportswear Company (COLM)
  • Crocs, Inc. (CROX)
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SHOO earnings history · SHOO institutional & insider holders · SHOO KPIs & operating metrics · SHOO financials · SHOO investor presentations & press releases · SHOO SEC filings · SHOO peers · Congress trades · Insider trades · Short interest · Stock screener

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.