4 models fit Rocky Brands Inc. Common Stock and they partly agree: 2 of 4 land within 15% of the average.
Two or more of our models back this value.
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Valued as a cyclical company: P/E comparison, EV/EBITDA comparison, Discounted cash flow, and Graham number.
ACCE opinionRocky Brands Inc. Common Stock (RCKY)
Fair value (4 models)
$41.99
ACCE price target
$46.80
Rating
Overvalued
Horizon
12 months
Fair value published on 20 Oct 2026, 15:04 CEST; previously $47.35 since 11 Oct 2026, 00:00 CEST.
ACCE price target published on 15 Oct 2026, 00:00 CEST.
Price used: $46.84 at the close on 23 Oct 2026, 22:00 CEST.
Models: Discounted cash flow, P/E comparison, EV/EBITDA comparison, and Graham number.
Fair value: the average of the applicable valuation models (discounted cash flow, multiples, residual income, dividend discount, shareholder yield), each run on the latest financial statements and the market price shown. Opinion columns (fair value, target, rating) are shown apart from the data. Full methodology: acceinvestments.com/data/how-we-value-stocks
Conflicts of interest: The author holds no personal position in this security. General statement
Produced by ACCE Investments (acceinvestments.com)
Data
Price vs fair value
11.5% above
-10.3% to fair value
ACCE score
71
out of 100
Analysts
0% buy
2 covering
P/E
12.1x
forward 11.7x
1-year return
+59.2%
Dividend yield
1.37%
Rocky Brands Inc. Common Stock in four questions
Plain answers, details below
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Overview
ACCE thesis
Rocky Brands designs and sells footwear under the Rocky, Georgia Boot, Muck and XTRATUF names, spanning work boots, outdoor and rain footwear, and military and public-safety boots sold through wholesale accounts, its own e-commerce, and retail partners. Its edge is a portfolio of established work and outdoor brands with dependable distribution to specialty and mass channels, a franchise that tends to hold share through soft consumer cycles. Revenue grew 12.0% and the stock trades at 12.0x trailing and 11.7x forward earnings, so the market is not pricing in much of the recent top-line momentum. Operating margin of 2.4% is thin against a 38.7% gross margin, which means the earnings line is highly sensitive to SG&A and any further gross margin slippage, so a deeper look should start with whether that gap closes. The 11.5% ROE and a 71/100 score put it on the list for further work, not on the strength of the multiple alone.
⚠ Investor warnings · 1 flagAI-assisted·How I use AI
moderate
Thin operating margin
Operating margin is only 2.4% against a 38.7% gross margin, so most gross profit is absorbed by costs and the +281.3% earnings jump rests on a small base.
AI research notes
AI-assisted·How I use AIWritten Oct 18, 2026 · figures from 2026-06-30 · prices to Oct 23, 2026
Why it could do well
Revenue grew 12.0% year over year, and the five-year average is 11.7% per year, showing sustained expansion.
The stock trades at a forward P/E of 11.7x against a sector median of 17.8x, a clear valuation discount to peers.
Analysts' mean price target is $50.00, which is 9.1% above the current share price.
Why it could disappoint
Return on invested capital is only 4.8%, weak for a business that is still growing its revenue.
Free cash flow over the last twelve months was $10M, a yield of just 2.8% at today's price.
None of the two covering analysts rate the stock Buy or Strong Buy, so the Street is not pushing for ownership.
Each chip shows the exact figure and where it comes from. A claim without a source is not published.
Next results
Oct 27, 2026
We update the fair value about 2 days after the results, once the new figures are filed.Add to calendarGoogle
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Valuation
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Where RCKY's valuation models land
Price
$46.84
Model fair value
$41.99
Model range
$23.33 to $50.86
Fair value $41.99
Price $46.84
The price sits inside the model range.
Model
Fair value
Upside
Discounted cash flow
EV/EBITDA comparison
Graham number
P/E comparison
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Quality
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