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1. Company Snapshot

1.a. Company Description

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.

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1.b. Last Insights on SHOO

Steven Madden, Ltd.'s recent performance was negatively impacted by persistent margin pressures, decline in private label sales, and ongoing tariff uncertainty. Despite strong Q4 2025 top-line results, driven by the Kurt Geiger acquisition, the company's profitability was affected. Additionally, with 40% of production still exposed to China, tariff risks remain a concern. According to MarketBeat.com, analysts have a "Moderate Buy" rating on the stock, with a consensus price target implying a fair valuation. The company's Q4 earnings beat was overshadowed by these concerns, leading to a cautious outlook.

1.c. Company Highlights

2. Steven Madden's Q4 2025 Earnings: A Strong Performance Driven by Kurt Geiger

Steven Madden, Ltd.'s fourth quarter 2025 revenue was $753.7 million, a 29.4% increase from 2024, driven primarily by the acquisition of Kurt Geiger. Excluding Kurt Geiger, revenue decreased 1.4%. The company's wholesale revenue was $433.3 million, up 7.5% from 2024, while direct-to-consumer revenue increased 79.9%, primarily due to Kurt Geiger. For the full year 2025, total revenue increased 11% to $2.5 billion. Net income attributable to Steven Madden, Ltd. was $120.9 million, or $1.70 per diluted share, compared to $192.4 million, or $2.67 per diluted share in 2024. The actual EPS for Q4 was $0.48, beating estimates of $0.46. The company's gross margin was 43.8% in Q4 2025, and operating expenses were $278.9 million.

Publication Date: Mar -01

📋 Highlights
  • Revenue Growth Driven by Acquisitions:: Q4 2025 revenue surged 29.4% to $753.7M, with Kurt Geiger contributing significantly (79.9% DTC growth), while core revenue fell 1.4% without it.
  • Full-Year Revenue and Profit Decline:: 2025 total revenue rose 11% to $2.5B, but net income dropped 37.2% to $120.9M ($1.70/share) from $192.4M ($2.67/share) in 2024.
  • 2026 Guidance and Tariff Uncertainty:: Revenue growth projected at 9–11% for 2026, but earnings guidance withheld due to tariff risks, with private label revenue expected to decline ~20%.
  • Strong DTC and Branded Business Recovery:: Q4 DTC revenue jumped 79.9%, driven by Kurt Geiger, while branded wholesale footwear and accessories showed mid-to-high single-digit growth expectations.
  • Financial Position and Strategic Shifts:: Company holds $112.4M in cash and $234.2M in debt, with $60M–$70M private label declines expected, offset by apparel growth and store expansion plans for Kurt Geiger.

Revenue Guidance and Outlook

The company expects revenue for 2026 to increase 9% to 11%, with Q1 revenue expected to increase 15% to 17%. The company did not provide earnings guidance due to uncertainty related to tariffs. Private label revenue, which was $355 million in 2025, is expected to decline nearly 20% in 2026. The off-price business is recovering and is expected to see nice growth in 2026, but will still be below 2024 levels.

Segment Performance

In terms of segments, branded wholesale footwear and wholesale accessories, excluding Kurt Geiger, are expected to show mid- to high-single-digit growth, with private label down significantly. Direct-to-consumer (DTC) business is expected to grow around 7.5% at the midpoint. Kurt Geiger is expected to be up 50% on a reported basis and high single-digit growth on a pro forma basis, with brands growing in low double digits.

Valuation Metrics

With a P/E Ratio of 57.29 and an EV/EBITDA of 26.93, the market is pricing in significant growth expectations. The company's ROE is 5.21%, and ROIC is 3.52%. The Net Debt / EBITDA ratio is 1.73, indicating a manageable debt level. Analysts estimate next year's revenue growth at 5.9%, which is lower than the company's guidance of 9-11%.

3. NewsRoom

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Steven Madden Wants To Return To Organic Growth, And Pricing Remains Aggressive

Feb -26

Source: seekingalpha.com

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Steven Madden Slides On Tariff Uncertainty Despite EPS Beat

Feb -25

Source: benzinga.com

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Steven Madden (SHOO) Reports Q4 Earnings: What Key Metrics Have to Say

Feb -25

Source: zacks.com

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Steve Madden won't give profit guidance as planned due to Supreme Court tariff ruling

Feb -25

Source: marketwatch.com

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Steven Madden (SHOO) Q4 Earnings and Revenues Surpass Estimates

Feb -25

Source: zacks.com

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SHOO Q4 Earnings Top Estimates, Revenues Jump Y/Y on Kurt Geiger Boost

Feb -25

Source: zacks.com

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Steven Madden, Ltd. (SHOO) Q4 2025 Earnings Call Transcript

Feb -25

Source: seekingalpha.com

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Steve Madden Announces Fourth Quarter and Full Year 2025 Results

Feb -25

Source: globenewswire.com

4. Business Breakdown

4.a. Revenues by Country

4.b. Revenues by Segment

5. Expected revenues mid-term growth (6.66%)

6. Segments

Wholesale Footwear

Expected Growth: 6.5%

Strong brand recognition, increasing online presence, and strategic expansion into new markets drive the 6.5% growth in wholesale footwear segment of Steven Madden, Ltd. Additionally, the company's focus on trendy and affordable products, effective inventory management, and efficient supply chain operations contribute to its growth momentum.

Direct-to-Consumer

Expected Growth: 8.0%

Strong e-commerce platform, effective social media marketing, and influencer partnerships drive Direct-to-Consumer growth for Steven Madden, Ltd. Additionally, the company's ability to offer trendy and affordable products, as well as its focus on customer experience and loyalty programs, contribute to the 8.0% growth rate.

Wholesale Accessories/ Apparel

Expected Growth: 5.5%

Steven Madden's 5.5% growth in Wholesale Accessories/Apparel is driven by increasing demand for fashion-forward, affordable products, particularly among younger consumers. Strong brand recognition, effective marketing strategies, and a diversified product portfolio also contribute to growth. Additionally, the company's ability to adapt to changing fashion trends and its strategic partnerships with major retailers support its expansion.

Licensing

Expected Growth: 4.0%

Strong brand recognition and increasing popularity of Steven Madden's fashion footwear, combined with strategic licensing agreements, drive 4.0% growth. Expanding product lines, entering new markets, and leveraging e-commerce platforms also contribute to this growth. Additionally, the company's ability to adapt to changing consumer preferences and trends supports its continued success.

7. Detailed Products

Private Label Footwear

Designs, sources, and markets private label footwear for major department stores and specialty retailers

Branded Footwear

Designs, sources, and markets branded footwear under its own brands, including Steve Madden, Dolce Vita, and others

Licensed Brands

Holds licenses to design, source, and market footwear for popular brands, such as Anne Klein and Karl Lagerfeld

Accessory Products

Designs, sources, and markets handbags, belts, and other accessories under its own brands and licensed brands

Wholesale Distribution

Distributes its products to major department stores, specialty retailers, and online retailers

Direct-to-Consumer

Sells its products directly to consumers through its e-commerce platform, retail stores, and outlet stores

8. Steven Madden, Ltd.'s Porter Forces

Forces Ranking

Threat Of Substitutes

The threat of substitutes for Steven Madden, Ltd. is medium due to the presence of alternative products in the market, such as clothing and accessories from other brands.

Bargaining Power Of Customers

The bargaining power of customers for Steven Madden, Ltd. is low due to the company's strong brand reputation and customer loyalty.

Bargaining Power Of Suppliers

The bargaining power of suppliers for Steven Madden, Ltd. is medium due to the company's dependence on a few key suppliers for raw materials.

Threat Of New Entrants

The threat of new entrants for Steven Madden, Ltd. is high due to the relatively low barriers to entry in the fashion industry.

Intensity Of Rivalry

The intensity of rivalry for Steven Madden, Ltd. is high due to the competitive nature of the fashion industry and the presence of several established brands.

9. SWOT Analysis

Strength

Weaknesses

Opportunities

Threats

10. Capital Structure

10.a. Balance Sheet

10.b. Weighted Average Cost of capital

Value
Debt Weight 14.34%
Debt Cost 6.75%
Equity Weight 85.66%
Equity Cost 9.72%
WACC 9.29%
Leverage 16.74%

11. Quality Control: Steven Madden, Ltd. passed 8 out of 9 key points

12.a Historical Valuation

12.b Price/Earnings Ratio

12.c Margin Valuation

12.d Peers Valuation

Peers Group Analysis

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Quality: 7.1

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Momentum: 8.5

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A-Score: 4.0/10

Value: 2.7

Growth: 5.2

Quality: 4.4

Yield: 4.0

Momentum: 3.5

Volatility: 4.3

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Peers Metrics

12.e Scoring Insights

12.f DCF BETA

Parameters

Short Term Growth

Short term Time

Long-Term Growth

WACC

Target Price

36.12$

Current Price

36.12$

Potential

-0.00%

Expected Cash-Flows