Forensic Analysis · General / Diversified · as of Nov 11, 2026

Caleres Inc (CAL)

A forensic read on Caleres Inc built from its complete SEC filings — financial-health screens, earnings quality, red flags and a price-aware rating. Reproducible math, not opinion.

C · Mixed — selective

Forensic grade

Grey Zone

Financial health

1.2

Distress distance

Clean

Earnings quality

Forensic signals

-1.1%

ROE

1.3%

Revenue growth

This free snapshot doesn't read filing or proxy text, so the auditor-quality and governance checks that can lower a grade were not evaluated (auditor quality, say on pay, board independence, going concern). Those checks only ever lower a grade, so the full analysis can land below the grade above but never above it — treat it as the most favourable reading, not the settled one.

Caleres Inc earns a C (Mixed — selective) forensic quality grade, and its balance-sheet distress test reads 1.2, placing it in the Grey zone. 1 forensic signal was flagged in its latest SEC filings, led by return on invested capital.

What the filings flag

0.5%

FY2026

Return on invested capital. Return on invested capital is 0.5% in the latest fiscal year and slipping across FY2024–FY2026 from 16.8%. After-tax operating profit was $175M in FY2024 and $5M in FY2026, with operating income at 6.9% of revenue in FY2024, 5.5% in FY2025 and 0.2% in FY2026. The capital base behind it went from $1.0B in FY2024 to $1.1B in FY2026 (+6%), while the revenue it carried went from $2.8B to $2.8B. Across FY2025–FY2026, $228M went into capital expenditure and acquisitions against $89M of depreciation. The base is struck net of amortisation, write-downs and the current liabilities that fund it, so it moved by less than that spending net of the wear, and this row does not say which of those absorbed the difference. FY2026's operating profit carried a $21M restructuring charge that alone took about 1.5 points off that year's return, so about 1.5 of the 16.3-point fall across FY2024–FY2026 is that charge landing in the latest year rather than the capital earning less.

Key fundamentals

Latest Revenue$2.76B

Revenue Growth YoY+1.3%

Revenue CAGR (2yr)-1.1%

Net Margin-0.2%

Free Cash Flow$35.3M

Return on Equity-1.1%

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Data from SEC EDGAR public filings · metrics as of Nov 11, 2026. Forensic signals flag probability, not certainty.

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