Forensic Analysis · General / Diversified · as of Jun 28, 2026
ROCKY BRANDS, INC. (RCKY)
A forensic read on ROCKY BRANDS, 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
Safe
Financial health
5.3
Altman Z-score
Clean
Earnings quality
4
Forensic signals
16.8
P / E (ttm)
7.5%
ROE
$311M
Market cap
1.68%
Dividend yield
ROCKY BRANDS, INC. earns a C (Mixed — selective) forensic quality grade, and its Altman Z-score is 5.3, placing it in the Safe zone. 4 forensic signals were flagged in its latest SEC filings, led by inventory days.
What the filings flag
232dInventory days.Days inventory outstanding moved from 221 to 232 FY2024→FY2025 (against cost of goods sold; inventory +9% vs +4% in cost of sales). Inventory is building a little faster than sales — watch for markdowns.
8%Return on invested capital.Return on invested capital is 8% and steady — around its ~9% cost of capital, so growth is roughly value-neutral — watch the trend.
+0.7%/yrShare-count dilution.Diluted share count changed +2% over the last 3 years to FY2025 (+0.7%/yr). Roughly flat — buybacks are about offsetting stock comp, not shrinking the count. Per-share value isn't being meaningfully helped or hurt by the count.
0% of revStock-based comp load.Stock-based compensation ran 0% of revenue and 17% of free cash flow in FY2025 — about $0.21 per diluted share. Meaningful — reported free cash flow flatters the economics, since SBC is a real cost paid in shares.
Key fundamentals
Net Margin4.6%
Debt / Equity0.49x
Free Cash Flow$9.7M
Latest Revenue$482.0M
Return on Equity8.8%
Revenue Growth YoY+6.2%
Go deeper — free with an account
The forensic grade and screens above are free — no account needed. An account adds the full interactive deep-dive on ROCKY BRANDS, INC.:
🔒The written investment read — what the numbers mean, in plain English
🔒Ask anything about RCKY's filings — AI Q&A across the 10-K, 10-Qs & 8-Ks
🔒Interactive valuation — reverse-DCF sliders, Monte Carlo & scenario stress
🔒Calibrated 12-month price forecast, with the math shown