Stock Analysis

Stock Analysis · Steven Madden Ltd (SHOO)

Overview

Steven Madden, Ltd. designs, sources, markets, and sells fashion-focused footwear, accessories, and apparel under the Steve Madden brand and other owned and licensed brands. The company uses a mix of wholesale distribution (selling to department stores, specialty retailers, and online partners) and direct-to-consumer channels (its own stores and e-commerce), with products typically positioned around trend-driven styles at accessible price points.

Revenue is generally generated through a combination of product categories and selling channels, with footwear as the core business and accessories/apparel as complementary lines. In its SEC filings, the company commonly discusses its business through operating segments such as Wholesale and Direct-to-Consumer, and it may also break out licensing activity where applicable (percentages vary by period and are not provided in the figures shown here).

Footwear (core product line; includes women’s, men’s, and kids categories)
Accessories & apparel (handbags, small leather goods, belts, and select apparel)
Licensing and other (where applicable, based on brand licensing arrangements)

The simplified picture is that Steven Madden earns money by creating and merchandising product designs, efficiently sourcing production, and then distributing those products through wholesale partners and its own retail and digital channels.

From 2021 to 2024, total revenue increased from about $1.87B to about $2.28B. Over the same period, selling, general, and administrative expenses rose in dollar terms (from about $348M to about $464M), and net income was lower in 2024 than in 2021–2022 (about $169M in 2024 vs. about $191M in 2021 and $216M in 2022). This suggests that while the company grew sales over the period, profitability did not rise in a straight line, reflecting the reality that fashion retail and wholesale can be sensitive to promotions, product mix, and operating cost pressure.

Key Figures

Metric	Value	Industry ⓘ
Date	Feb 23, 2026
Context
Sector	Consumer Cyclical
Industry	Footwear & Accessories
Market Cap ⓘ	$2.90B
Beta ⓘ	1.11
Fundamental
P/E Ratio ⓘ	51.14	29.80
Profit Margin ⓘ	2.38%	5.43%
Revenue Growth ⓘ	6.90%	6.90%
Debt to Equity ⓘ	63.50%	63.50%
PEG ⓘ	1.83
Free Cash Flow ⓘ	$133.13M

At the latest snapshot, Steven Madden’s market capitalization is about $2.9B and its beta is 1.11, which typically indicates price moves somewhat similar to (and slightly more volatile than) the broader market.

On profitability, the company’s profit margin is about 2.38% versus an industry median near 5.43%. On growth, the company’s year-over-year revenue growth is about 6.9%, in line with the industry median shown. Free cash flow over the last twelve months is about $133M, which matters because cash flow can be used for reinvestment, share repurchases, or strengthening the balance sheet.

Growth (Medium)

Steven Madden operates in footwear and accessories, a large and mature consumer category that tends to grow with population, income, and fashion cycles rather than through rapid structural expansion. That means long-term growth often depends on brand strength, product relevance, distribution reach, and execution (inventory discipline, pricing, and marketing), rather than a single technology-like adoption curve.

The company’s strategy—maintaining a broad distribution network while expanding direct-to-consumer (stores and e-commerce) and extending accessories—can support growth by diversifying where sales come from and by capturing more of the retail margin when selling directly. Direct-to-consumer can also provide better control over brand presentation and more immediate feedback on trends, though it also brings higher operating costs (rent, labor, fulfillment) than pure wholesale.

Revenue growth has been uneven quarter-to-quarter over the last several years, including periods of negative year-over-year comparisons and later re-acceleration. More recently, the chart ends around mid-to-late 2025 with growth returning to mid-single digits (about 6–7%), which is consistent with a steadier, mature-category pace rather than hyper-growth.

Free cash flow has remained positive across the periods shown, but it declined from a peak around 2023 (about $258M) to about $163M in 2025, with the latest twelve-month figure listed as about $133M. For a consumer brand business, sustained positive free cash flow is a constructive sign, but the downtrend can indicate a tougher operating environment, higher working-capital needs (such as inventory), or margin pressure.