At a glance
Steven Madden Ltd is worth $3.12B, about 68 times its fiscal 2025 earnings. Revenue grew 11.0% to $2.53B in fiscal 2025, with 1.9% kept as profit; over 5 years it has grown 16.1% a year. It pays a 1.97% dividend yield, and returned $826.7M to shareholders in dividends and buybacks over FY2021–FY2025. The stock returned +24.7% over the past year with dividends reinvested and +1.1% a year over five years, against +11.5% and +11.7% for the S&P 500. At its worst it fell 52.5% in the 2020 crash (S&P 500: 33.7%) and 41.9% in the 2022 bear market (S&P 500: 24.5%), and was back at its earlier high 10 months and 20 months after the lows.
The business in plain English
Steven Madden, Ltd. designs and markets trend-driven shoes, handbags, accessories and clothing at accessible prices. Its brands include Steve Madden, Kurt Geiger, Dolce Vita, Betsey Johnson, Blondo, Carvela and ATM. It also sells Anne Klein products under a license from WHP Global. It supplies private-label goods too, which are sold under a retailer's own name. The company owns no factories. Independent manufacturers in China, Cambodia, Vietnam, Mexico, Brazil, India, Bangladesh, Italy and other countries make its products.
Wholesale means selling in bulk to other businesses, such as department stores, off-price chains, shoe chains, mass merchants and online retailers. It produced about two-thirds of the company's $2.53 billion in revenue in 2025. Wholesale footwear brought in 40.9% and wholesale handbags, accessories and apparel brought in 25.3%. Direct-to-consumer sales made up 33.4%. These come through the company's own stores, websites and concessions, which are counters it runs inside department stores. Licensing its brand names to other companies added 0.5%. Its stores and websites also test new styles before they are released more widely.
About 66% of 2025 revenue came from the US and 34% came from other countries. In May 2025 the company acquired London-based Kurt Geiger, which added the Kurt Geiger and Carvela brands. As of December 31, 2025, it ran 399 stores, plus 133 concessions in international markets. Joint ventures and distributors cover other regions.
Price history
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SHOO +24.7% over the year to Oct 28, 2026, total return with dividends reinvested.
How it makes money
By geography
| Domestic | $1.68B | 66.2% |
| International | $856.0M | 33.8% |
Latest results
- In Q2 FY2026 (ended Jun 30, 2026), revenue was $665.9M, up 19.1% from a year earlier, and net income was $27.7M.
- For fiscal 2025, revenue was $2.53B (+11.0% year over year; +16.1% a year from FY2020 to FY2025) with a 1.9% net margin.
Financial health check
| Revenue growth a year (FY2020–FY2025) | +16.1% good |
|---|---|
| Operating margin | 3.2% weak |
| Free cash flow margin | 4.7% watch |
| Return on equity (FY2025) | 5.7% weak |
| Return on assets (FY2025) | 2.6% weak |
| Net cash (cash minus debt) | $-124.8M weak |
| Fiscal year | Revenue | Net income | Free cash flow |
|---|---|---|---|
| FY2020 | $1.20B | $-18.4M | $37.6M |
| FY2021 | $1.87B | $192.5M | $152.9M |
| FY2022 | $2.12B | $217.2M | $251.5M |
| FY2023 | $1.98B | $174.0M | $209.8M |
| FY2024 | $2.28B | $175.9M | $172.2M |
| FY2025 | $2.53B | $49.0M | $119.5M |
Valuation snapshot
| Market value | $3.12B |
|---|---|
| P/E ratio | 67.7 |
| Dividend yield | 1.97% |
Rank among 1514 US companies
Market value at each year end
Steven Madden Ltd’s market value went from $2.17B at the end of 2016 to $3.12B on Oct 28, 2026, up 44%; since the end of 2025 it is up 3%.
Show as a table
| Year end | Market value | Change |
|---|---|---|
| Oct 28, 2026 | $3.12B | +3.2% |
| 2025 | $3.03B | -1.4% |
| 2024 | $3.07B | -2.0% |
| 2023 | $3.13B | +25.9% |
| 2022 | $2.49B | -34.2% |
| 2021 | $3.78B | +28.7% |
| 2020 | $2.94B | -18.8% |
| 2019 | $3.62B | +35.6% |
| 2018 | $2.67B | -3.3% |
| 2017 | $2.76B | +27.4% |
| 2016 | $2.17B |
Price behavior
| YTD | 1 yr | 3 yr | 5 yr | 10 yr | |
|---|---|---|---|---|---|
| SHOO price data to Oct 28, 2026 | +4.1% | +24.7% | +12.9% | +1.1% | +8.3% |
Show as a table
| Year | Price data |
|---|---|
| 2026 (to date) | +4.1% |
| 2025 | +0.6% |
| 2024 | +3.2% |
| 2023 | +34.6% |
| 2022 | -29.5% |
| 2021 | +33.5% |
| 2020 | -17.3% |
| 2019 | +44.4% |
| 2018 | -1.2% |
| 2017 | +30.6% |
| 2016 | +18.3% |
| 2015 | -5.1% |
| 2014 | -13.0% |
| 2013 | +29.8% |
| 2012 | +22.5% |
| 2011 | +24.0% |
| 2010 | +51.8% |
| 2009 | +93.4% |
| 2008 | +6.6% |
| 2007 | -43.0% |
| 2006 | +84.9% |
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Lost 24.6% over that stretch · deepest drop along the way 52.2%, back to its old high 1.6 months after the low |
|---|---|
| 2020 COVID crash stocks fell Feb 19, 2020 – Mar 23, 2020 | Lost 41.5% over that stretch · deepest drop along the way 52.5%, back to its old high 9.8 months after the low |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Lost 40.1% over that stretch · deepest drop along the way 41.9%, back to its old high 20 months after the low |
Insider activity
Form 4 filings from 2025-10-29 to 2026-10-29 (25 read): 0 open-market purchases and 13 sales ($2.4M).
| Date | Insider | Type | Value |
|---|---|---|---|
| Aug 5, 2026 | Amelia Varela President, Director | sell | $729K |
| Jun 3, 2026 | Amelia Varela President, Director | sell | $434K |
| Jun 9, 2026 | Christina Ciglar Chief Product Officer | sell | $230K |
| Aug 5, 2026 | Mitchell S Klipper Director | sell | $190K |
| Aug 4, 2026 | Al Ferrara Director | sell | $189K |
Who owns it
Large shareholders (13G filings)
| BlackRock, Inc. | 14.9% | Mar 31, 2025 |
| FMR LLC | 10.4% | Sep 30, 2026 |
| Vanguard Portfolio Management | 6.11% | Mar 31, 2026 |
| Vanguard Capital Management | 5.21% | Mar 31, 2026 |
| Macquarie Group Limited | 4.56% | Sep 30, 2025 |
| Wellington Management Group LLP | 4% | Jun 30, 2025 |
ETFs with the most weight in SHOO
| DEEP Acquirers Small and Micro Deep Value ETF | 0.93% |
| MYLD Cambria Micro and SmallCap Shareholder Yield ETF | 0.87% |
| GRPZ Invesco S&P SmallCap 600 GARP ETF | 0.85% |
| CSB VictoryShares US Small Cap High Dividend Volatility Wtd ETF | 0.75% |
| JPSV JPMorgan Active Small Cap Value ETF | 0.71% |
| FSGS First Trust SMID Growth Strength ETF | 0.62% |
| FSCS First Trust SMID Capital Strength ETF | 0.59% |
| DGRS WisdomTree US Smallcap Quality Dividend Growth Fund | 0.53% |
What could go wrong
- The Kurt Geiger deal may disappoint. Steven Madden acquired London-based Kurt Geiger in May 2025. If combining the businesses goes poorly, growth could suffer. The company may also have to write down goodwill, the premium it paid above the assets' value.
- New debt from the acquisition. The company took on debt in connection with the Kurt Geiger deal. Total debt was about $125 million as of June 30, 2026. Debt limits flexibility and exposes the company to rising interest rates.
- Tariffs have already hurt results. The company relies on independent factories in China, Cambodia, Vietnam and other countries and has no long-term contracts with them. Its annual report says tariffs and trade wars have already significantly harmed the business.
- Heavy reliance on founder Steven Madden. Founder Steven Madden, the Creative and Design Chief, has driven the company's success for more than a quarter century. A long or permanent loss of the founder's services could severely disrupt the business.
- Fashion trends can turn quickly. Success depends on spotting trends early. A misjudged season can leave unsold inventory, force payments to retailers to cover markdowns, and hurt brand image. Barriers to entry are low, so competition is intense.
- Dependence on big retail customers. About two-thirds of 2025 sales went to wholesale customers such as department stores, mostly on credit. Store closures, bankruptcies or mergers among these retailers could cut orders and leave bills unpaid.
Recent events
- Quarterly results released; Executive or board change; Other company announcement
- Shareholder vote results
- Quarterly results released; Other company announcement
- Quarterly results released; Other company announcement
- Executive or board change
- Quarterly results released; Other company announcement
For income and retirement investors
Steven Madden, Ltd. pays a dividend, but it has stopped growing. Dividends per share rose from $0.15 in 2020 to $0.84 in 2022 and stayed at that level through 2025, so there is no streak of increases. The yield was 1.97% as of October 28, 2026. In 2025, profit fell 72%, and dividends came to 124% of earnings, which is more than the company earned. They took 51% of free cash flow, which is the cash left after running and investing in the business. Buybacks totaled $526 million from 2021 to 2025 but shrank to $13.5 million in 2025. The share count fell 10.7% from July 2021 to July 2026.
The shares fell hard in past downturns. They dropped about 52% in both the 2008 crisis and the 2020 COVID crash, and 42% in the 2022 bear market. They recovered within two months of the 2009 low, about 10 months after the 2020 low and 20 months after the 2022 low. A single stock carries more risk than a diversified fund.
Questions investors ask
How does Steve Madden make money?
Mostly through wholesale, which means selling shoes, handbags and clothing in bulk to retailers such as department stores, off-price chains, mass merchants and online stores. In 2025, wholesale footwear produced 40.9% of the $2.53 billion in revenue and wholesale handbags, accessories and apparel produced 25.3%. The company's own stores, outlets, concessions and websites brought in 33.4%. Licensing its brand names to other companies added 0.5%. About 66% of 2025 revenue came from the US.
What brands does Steve Madden own?
Steven Madden, Ltd. owns the Steve Madden, Kurt Geiger, Dolce Vita, Betsey Johnson, Blondo, Carvela and ATM brands. It added Kurt Geiger and Carvela in May 2025 by acquiring their parent company. It added ATM, a basics apparel brand, in November 2024. It sells Anne Klein footwear and accessories under a license from WHP Global, so it uses that name without owning it. It also supplies private-label products sold under retailers' own names.
Does Steve Madden raise its dividend every year?
No. Dividends per share were $0.84 in each year from 2022 through 2025, after rising from $0.15 in 2020 and $0.60 in 2021. The yield was 1.97% as of October 28, 2026. In 2025, net income fell 72% to about $49 million. Dividends equaled 124% of earnings but only about 51% of free cash flow, which is the cash left after running and investing in the business. Over time, a company's dividend depends on its profits.
Where are Steve Madden shoes made?
Abroad, in factories the company does not own. It uses agents and its own sourcing offices to work with independent manufacturers in China, Cambodia, Vietnam, Mexico, Brazil, India, Bangladesh, Italy and other countries. It has no long-term supply contracts. The company says enough alternative suppliers exist. This setup also exposes it to trade policy. Its annual report for 2025 says tariffs and trade wars have already significantly harmed its business.
How has Steve Madden stock performed?
Unevenly. As of October 28, 2026, the share price had risen 24.7% over one year. Over longer periods it rose only 1.1% a year over five years and 8.3% a year over ten years. The stock has been volatile. Its worst peak-to-trough fall in the year to that date was 31.7%. Its largest fall in about 21 years of price history was 68.4%. Its one-year beta of 1.45 means its swings have been larger than the overall market's.