At a glance
Wolverine World Wide Inc is worth $1.61B, about 17 times its fiscal 2025 earnings. Revenue grew 6.8% to $1.87B in fiscal 2025, with 5.1% kept as profit; over 5 years it has grown 0.9% a year. It pays a 2.04% dividend yield, and returned $300.1M to shareholders in dividends and buybacks over FY2021–FY2025. The stock returned −19.4% over the past year with dividends reinvested and −7.4% a year over five years, against +11.5% and +11.7% for the S&P 500. At its worst it fell 57.6% in the 2020 crash (S&P 500: 33.7%) and 47.4% in the 2022 bear market (S&P 500: 24.5%), and was back at its earlier high 9 months and 34 months after the lows.
The business in plain English
Wolverine World Wide designs and markets footwear and apparel. Its brands include Merrell, Saucony, Sweaty Betty, Chaco, Wolverine, Bates and HYTEST. It also sells Cat and Harley-Davidson footwear under license from those companies. Outside factories, mainly in the Asia Pacific region, make most of its products to its designs. The company sells to retailers such as outdoor, running and sporting goods stores, which is called wholesale. It also sells directly to shoppers through its own websites and stores. In regions such as Latin America and the Middle East, it works through distributors, licensees and joint ventures.
The Active Group is by far the largest part of the business. It includes Merrell hiking shoes, Saucony running shoes, Sweaty Betty women's activewear and Chaco outdoor footwear. The group brought in $1.41 billion, or 75.1% of the $1.87 billion in revenue for the fiscal year ended January 3, 2026. The Work Group made up 22.5%. It includes Wolverine and Cat work boots, Bates uniform boots for police and firefighters, Harley-Davidson footwear and HYTEST safety footwear. Everything else, including the Hush Puppies and Stride Rite licensing businesses, was 2.4%.
The United States accounted for 47.8% of revenue, Europe 32.1%, Asia Pacific 9.7%, Latin America 6% and Canada 4.4%. The company has fewer brands than it once did. It sold Keds and its leather business in 2023 and Sperry in January 2024. Revenue in fiscal 2022, before those sales, was $2.68 billion.
Price history
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WWW -19.4% over the year to Oct 28, 2026, total return with dividends reinvested.
How it makes money
By business segment
| Active Group | $1.41B | 75.1% |
| Work Group | $422.2M | 22.5% |
| Other Operating Segment | $44.3M | 2.4% |
By geography
| United States | $896.2M | 47.8% |
| Europe | $601.5M | 32.1% |
| Asia Pacific | $181.7M | 9.7% |
| Latin America | $111.7M | 6% |
| CANADA | $83.2M | 4.4% |
Latest results
- In Q2 FY2026 (ended Jul 4, 2026), revenue was $506.4M, up 6.8% from a year earlier, and net income was $31.2M (+16.4%).
- For fiscal 2025, revenue was $1.87B (+6.8% year over year; +0.9% a year from FY2020 to FY2025) with a 5.1% net margin.
Financial health check
| Revenue growth a year (FY2020–FY2025) | +0.9% watch |
|---|---|
| Operating margin | 8% watch |
| Free cash flow margin | 6.7% watch |
| Return on equity (FY2025) | 23.5% good |
| Return on assets (FY2025) | 5.6% watch |
| Net cash (cash minus debt) | $-442.6M weak |
| Fiscal year | Revenue | Net income | Free cash flow |
|---|---|---|---|
| FY2020 | $1.79B | $-136.9M | $298.8M |
| FY2021 | $2.41B | $68.6M | $69.2M |
| FY2022 | $2.68B | $-188.3M | $-215.4M |
| FY2023 | $2.24B | $-38.5M | $107.2M |
| FY2024 | $1.75B | $45.2M | $159.9M |
| FY2025 | $1.87B | $95.8M | $125.5M |
Valuation snapshot
| Market value | $1.61B |
|---|---|
| P/E ratio | 17.2 |
| Dividend yield | 2.04% |
Rank among 1514 US companies
Market value at each year end
Wolverine World Wide’s market value went from $2.17B at the end of 2016 to $1.61B on Oct 28, 2026, down 26%; since the end of 2025 it is up 8%.
Show as a table
| Year end | Market value | Change |
|---|---|---|
| Oct 28, 2026 | $1.61B | +7.9% |
| 2025 | $1.49B | -16.3% |
| 2024 | $1.78B | +151.4% |
| 2023 | $707.0M | -17.9% |
| 2022 | $860.8M | -63.7% |
| 2021 | $2.37B | -7.5% |
| 2020 | $2.56B | -6.0% |
| 2019 | $2.73B | -9.8% |
| 2018 | $3.02B | -0.8% |
| 2017 | $3.05B | +40.9% |
| 2016 | $2.17B |
Price behavior
| YTD | 1 yr | 3 yr | 5 yr | 10 yr | |
|---|---|---|---|---|---|
| WWW price data to Oct 28, 2026 | +10.3% | -19.4% | +37.8% | -7.4% | +1.0% |
Show as a table
| Year | Price data |
|---|---|
| 2026 (to date) | +10.3% |
| 2025 | -16.6% |
| 2024 | +155.4% |
| 2023 | -15.7% |
| 2022 | -61.1% |
| 2021 | -6.7% |
| 2020 | -5.7% |
| 2019 | +7.2% |
| 2018 | +1.0% |
| 2017 | +46.5% |
| 2016 | +32.9% |
| 2015 | -42.2% |
| 2014 | -12.5% |
| 2013 | +67.2% |
| 2012 | +16.4% |
| 2011 | +13.2% |
| 2010 | +18.9% |
| 2009 | +32.0% |
| 2008 | -12.7% |
| 2007 | -12.9% |
| 2006 | +28.2% |
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Lost 50.5% over that stretch · deepest drop along the way 56.4%, back to its old high 12.9 months after the low |
|---|---|
| 2020 COVID crash stocks fell Feb 19, 2020 – Mar 23, 2020 | Lost 54.6% over that stretch · deepest drop along the way 57.6%, back to its old high 8.7 months after the low |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Lost 46.9% over that stretch · deepest drop along the way 47.4%, back to its old high 33.9 months after the low |
Insider activity
Form 4 filings from 2025-10-29 to 2026-10-29 (25 read): 0 open-market purchases and 3 sales ($1.0M), 2 of them under pre-arranged 10b5-1 trading plans.
| Date | Insider | Type | Value |
|---|---|---|---|
| Sep 1, 2026 | Jeffrey M Boromisa Director | sell (plan) | $490K |
| Jul 13, 2026 | Jeffrey M Boromisa Director | sell (plan) | $454K |
| May 21, 2026 | Brenda J Lauderback Director | sell | $87K |
Who owns it
Large shareholders (13G filings)
| FMR LLC | 14.8% | Dec 31, 2025 |
| BlackRock, Inc. | 14.7% | Mar 31, 2025 |
| EARNEST PARTNERS LLC | 6.5% | Jun 30, 2026 |
| Vanguard Portfolio Management | 5.99% | Mar 31, 2026 |
| Callodine Capital Management, LP | 5.96% | Mar 31, 2026 |
| Wellington Management Group LLP | 5.3% | Mar 31, 2026 |
| Vanguard Capital Management | 5.09% | Mar 31, 2026 |
| Point72 Asset Management, L.P. | 1.5% | Dec 31, 2025 |
ETFs with the most weight in WWW
| FSCC Federated Hermes MDT Small Cap Core ETF | 0.45% |
| XSMO Invesco S&P SmallCap Momentum ETF | 0.36% |
| CALF Pacer US Small Cap Cash Cows ETF | 0.2% |
| JPSE JPMorgan Diversified Return U.S. Small Cap Equity ETF | 0.19% |
| HEJD VictoryShares Hedged Equity Income ETF | 0.14% |
| AVSC Avantis U.S Small Cap Equity ETF | 0.14% |
| RWJ Invesco S&P SmallCap 600 Revenue ETF | 0.13% |
| PRFZ Invesco RAFI US 1500 Small-Mid ETF | 0.13% |
What could go wrong
- Brands could fall out of fashion. The Active Group, which includes Merrell, Saucony and Sweaty Betty, made 75.1% of revenue. If tastes shift and these brands start to look dated, sales could drop, leaving extra inventory and thinner margins.
- Tariffs and reliance on Asian factories. Most products come from outside factories in Asia Pacific, with no long-term contracts. New U.S. tariffs, retaliation by other countries or tension with China could raise costs or delay shipments.
- Debt limits flexibility. Total debt was $601.1 million against $158.5 million of cash and investments as of July 4, 2026. The company warns that this debt could reduce its flexibility and raise its borrowing costs.
- Retailers could order less or pay late. The company depends on wholesale customers such as outdoor, running and sporting goods stores. If they cut orders, push for better terms or pay late, revenue and cash flow could suffer.
- Currency swings on overseas sales. Only 47.8% of revenue came from the U.S., and Europe supplied 32.1%. When the dollar strengthens, sales made in euros, pounds and other currencies are worth fewer dollars.
- Weak spending or unseasonable weather. Shoes and activewear are easy purchases to put off when budgets are tight. Weather matters too: a mild winter can hurt boot sales, and a cool summer can hurt sandal sales.
Recent events
- Executive or board change
- Quarterly results released
- Quarterly results released
- Shareholder vote results
- Quarterly results released
- Quarterly results released
For income and retirement investors
Wolverine World Wide pays a dividend, but the dividend has not grown. The regular dividend was $0.40 per share in every fiscal year from 2020 through 2025, so there is no streak of increases. A flat payment loses buying power as prices rise. The company kept paying it through net losses in fiscal 2020, 2022 and 2023. In fiscal 2025 the dividend took 34.8% of earnings and 26.5% of free cash flow, which is the cash left after running and investing in the business. The yield was 2.04% as of October 28, 2026. Buybacks totaled $135.4 million over fiscal 2021–2025, with none in 2023 or 2024, and the share count barely changed.
The shares fell hard in past downturns. They dropped 56.4% from April 2008 to March 2009, 57.6% in the 2020 COVID crash and 47.4% in the 2022 bear market. After the October 2022 low, it took almost 34 months to recover. Like any single stock, it carries more risk than a diversified fund.
Questions investors ask
How does Wolverine World Wide make money?
It designs footwear and apparel and sells them. Outside factories make most of the products. The company sells to retailers and distributors, and directly to shoppers online and in its own stores. The Active Group (Merrell, Saucony, Sweaty Betty and Chaco) produced 75.1% of the $1.87 billion in revenue for the fiscal year ended January 3, 2026. The Work Group (Wolverine, Cat, Bates, Harley-Davidson and HYTEST) supplied 22.5%. The company also licenses out brands such as Hush Puppies and Stride Rite.
Does Wolverine World Wide raise its dividend every year?
No. The regular dividend was $0.40 per share in every fiscal year from 2020 through 2025, with no increases. The company did keep paying it through net losses in fiscal 2020, 2022 and 2023. In fiscal 2025 the dividend took 34.8% of earnings and 26.5% of free cash flow. The dividend yield was 2.04% as of October 28, 2026.
Does Wolverine World Wide own Merrell and Saucony?
Yes. Both brands are in its Active Group, along with Sweaty Betty and Chaco. That group made 75.1% of revenue in the fiscal year ended January 3, 2026. The company does not own every brand it sells. It sells Cat and Harley-Davidson footwear under license from Caterpillar and Harley-Davidson. It sold Keds in February 2023 and Sperry in January 2024, and it licenses Hush Puppies and Stride Rite to other companies.
Is Wolverine World Wide profitable?
Yes, in its latest fiscal year. Net income was $95.8 million, or $1.14 per diluted share, in the year ended January 3, 2026. That was more than double the $45.2 million a year earlier. It followed net losses in fiscal 2020, 2022 and 2023. In the quarter ended July 4, 2026, revenue rose 6.8% and net income rose 16.4% to $31.2 million. The price-to-earnings ratio, based on fiscal 2025 earnings, was 17.2 as of October 28, 2026.
How much debt does Wolverine World Wide have?
About $601 million. Total debt was $601.1 million as of July 4, 2026, against $158.5 million in cash and investments. That leaves net debt of about $443 million. Shareholder equity was $449.2 million, and free cash flow for fiscal 2025 was $125.5 million. In its annual report (Form 10-K), the company says this level of debt could reduce its flexibility and increase its borrowing costs.