WWWWOLVERINE WORLD WIDE INC /DE/

Footwear, (no Rubber)

Revenue: $1.9B; 6.8% YoY
Operating margin: 8.0%; 44% YoY
EBITDA: $176M; 42% YoY
Market cap: $1.7B
Employees: —
Net debt / EBITDA: 3.7×; $658M net debt
AI in 10-K: 2.2; mentions per 10K words

Takeover score 1 of 13

Fixable underperformance 0 of 7

TSR below peersNo
—
3+ of last 5 years
High CEO pay despite TSRNo
—
Median CEO pay ≥ $15M while TSR trails
Earnings not backed by cashNo
146% of net income
Cash flow under 80% of net income
Dilutive SBCNo
1% of revenue
Over 10% of revenue
Payouts exceed cash flowNo
34% of cash flow
Buybacks + dividends over cash flow
Goodwill-heavyNo
25% of assets
Over 40% of assets
Shareholder dissentNo
97% lowest support
Any vote under 80% support

Buyer economics 1 of 4

Low revenue per employeeNo
—
Bottom quartile of its SIC industry
Quiet on AINo
2.2 per 10K words · 58th pct
Bottom quartile of AI mentions in 10-Ks
Net cashNo
3.7× EBITDA net debt
More cash than debt, positive EBITDA
Buyout-sizedYes
$1.7B market cap
Market cap $500M–$5B

Catalysts 0 of 2

Active 13DNo
0 filings
Active-intent 13D in 18 months
Net insider sellingNo
−$763K net
Net sales over $10M in 12 months

Financials

Metric	FY2022	FY2023	FY2024	FY2026	YoY	Trend
Revenue	$2.7B	$2.2B	$1.8B	$1.9B	6.8%
Operating income	−$208M	−$67M	$98M	$150M	54%
Net income	−$188M	−$39M	$45M	$96M	112%
Operating cash flow	−$179M	$122M	$180M	$140M	22%
Capex	$37M	$15M	$20M	$15M	28%
Stock-based comp	$33M	$15M	$19M	$24M	28%
Buybacks	$81M	$0	$0	$15M
Dividends	$33M	$33M	$33M	$33M	2.5%

Deal filings

None.

13D filers

None on file.

Insider trading

Open-market buys, 12 mo: $525K · 3
Open-market sells, 12 mo: $1M · 4
Net: −$763K

Pay vs performance

No pay-versus-performance disclosure yet.