SHOOSTEVEN MADDEN, LTD.
Footwear, (no Rubber)
- Revenue
- $2.5B
- 11% YoY
- Operating margin
- 3.2%
- 68% YoY
- EBITDA
- $114M
- 53% YoY
- Market cap
- $3.2B
- Employees
- 6,300
- $400K revenue each
- Net debt / EBITDA
- 0.1×
- $12M net debt
- AI in 10-K
- 2.1
- mentions per 10K words
Takeover score 2 of 13
Fixable underperformance 1 of 7
- TSR below peersYes5 of 5 years3+ of last 5 years
- High CEO pay despite TSRNo$8M medianMedian CEO pay ≥ $15M while TSR trails
- Earnings not backed by cashNo363% of net incomeCash flow under 80% of net income
- Dilutive SBCNo1% of revenueOver 10% of revenue
- Payouts exceed cash flowNo46% of cash flowBuybacks + dividends over cash flow
- Goodwill-heavyNo14% of assetsOver 40% of assets
- Shareholder dissentNo92% lowest supportAny vote under 80% support
Buyer economics 1 of 4
- Low revenue per employeeNo$400K per employeeBottom quartile of its SIC industry
- Quiet on AINo2.1 per 10K words · 57th pctBottom quartile of AI mentions in 10-Ks
- Net cashNo0.1× EBITDA net debtMore cash than debt, positive EBITDA
- Buyout-sizedYes$3.2B market capMarket cap $500M–$5B
Catalysts 0 of 2
- Active 13DNo0 filingsActive-intent 13D in 18 months
- Net insider sellingNo−$4M netNet sales over $10M in 12 months
Financials
| Metric | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | YoY |
|---|---|---|---|---|---|---|
| Revenue | $1.9B | $2.1B | $2.0B | $2.3B | $2.5B | 11% |
| Operating income | $244M | $282M | $213M | $225M | $81M | 64% |
| Net income | $191M | $216M | $172M | $169M | $45M | 74% |
| Operating cash flow | $159M | $268M | $229M | $198M | $162M | 18% |
| Capex | $7M | $16M | $19M | $26M | $43M | 65% |
| Stock-based comp | $22M | $24M | $24M | $27M | $30M | 12% |
| Buybacks | $123M | $149M | $142M | $98M | $14M | 86% |
| Dividends | $49M | $66M | $63M | $61M | $61M | 0.1% |
Deal filings
None.
13D filers
| Filed | Filer | Form | Stake | Intent |
|---|---|---|---|---|
| Aug 17, 2023 | MADDEN STEVEN | SC 13D/A | 4.8% | Passive |
| Jun 15, 2020 | MADDEN STEVEN | SC 13D/A | 7.3% | Passive |
Insider trading
- Open-market buys, 12 mo
- $0 · 0
- Open-market sells, 12 mo
- $4M · 19
- Net
- −$4M
Pay vs performance
| Year | CEO total comp | Comp actually paid | TSR (indexed) | Peer TSR |
|---|---|---|---|---|
| FY2025 | $8M | $12M | 131 | 160 |
| FY2024 | $9M | $10M | 131 | 279 |
| FY2023 | $5M | $9M | 127 | 172 |
| FY2022 | $8M | $2M | 94 | 132 |
| FY2021 | $8M | $11M | 133 | 147 |