One-glance verdict
Overvalued
$13.20 our estimate vs market $19.79
Wall Street consensus: $24.30 (84.2% higher than our fair-value estimate)
50% above our estimate, beyond the bull case
Fundamentals snapshot
Wolverine World Wide, Inc.
WWW · NYQ · Consumer Cyclical · Footwear & Accessories
Current price
$19.79
52-week range
$13.47 - $27.73
Market cap
$1.62B
Balance sheet
Stretched
4.58x Stretched
Net debt $586.90M. Interest coverage shows how many times profit covers the interest bill.
What stands out
3 Rewards
1 Risk
3 rewards · 1 risks
- Reward Revenue grew 4.1% last year.
- Reward Returns 27.6% on equity, ahead of 50% of its peers.
- Reward Free cash flow was positive in 9/10 years.
- Risk Insider ownership is only 1.4% (peer median: 3.1%).
What this company does
Wolverine World Wide, Inc.
Wolverine World Wide, Inc. makes and sells shoes, clothing, and accessories like Merrell hiking boots and Hush Puppies casual shoes. Most of their money comes from selling these products through various stores and their own websites. Understanding how much money they keep after paying for making and selling their stuff, known as their operating margin (the percent of each sales dollar left after day-to-day business costs), is important to see if they are running their business efficiently.
What it actually does
Wolverine World Wide, Inc. designs, makes, sources, and sells footwear, apparel, and accessories. Think of them as a company that creates and manages many different shoe and clothing brands that you might see in stores or online. They sell these products globally through various channels, including department stores, specialty retailers, their own websites, and physical stores. Their business model relies on building strong brand recognition and creating desirable products for different types of customers.
Active Group
The Active Group is a major part of Wolverine World Wide, focusing on brands that cater to outdoor activities, athletic pursuits, and general active lifestyles. This segment includes well-known names like Merrell, which is popular for hiking and trail running shoes, and Saucony, known for its performance running footwear. It also includes Chaco, famous for its durable sandals, and Sweaty Betty, a brand offering women's activewear. These brands aim to provide comfortable and functional products for people who enjoy being active, whether they're hitting the trails, running a marathon, or just living an active day.
Work Group
The Work Group is Wolverine's segment dedicated to footwear and apparel designed for demanding jobs and occupational needs. This includes brands like Wolverine itself, which is known for its durable work boots, and Bates, which provides footwear for military and law enforcement. This segment also manages licensed brands such as Cat Footwear, which offers work boots and apparel inspired by Caterpillar machinery. The focus here is on creating tough, reliable products that can withstand challenging work environments and provide safety and comfort for professionals.
What management is betting on now
Wolverine's current strategy centers on simplifying its brand portfolio and focusing on its most promising brands, particularly in the Active Group like Merrell and Saucony. Management is aiming to improve profitability by controlling costs more effectively and increasing sales of products at full price, rather than relying on discounts. They are also investing in their direct-to-consumer (D2C) channels, which means selling more products directly to customers through their own websites and stores, to build stronger customer relationships and potentially achieve higher profit margins. The company is also working to strengthen its financial position by managing debt and returning value to shareholders through share repurchases.
Price history
How the share price has moved
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Earnings history
Last 8 quarters — what happened
Click any quarter to read the call summary and what the numbers say.
FY2025 Q3
$104.10M
FY2025 Q4
$74.40M
FY2026 Q1
$-91.40M
FY2026 Q2
$41.20M
FY2026 Q3
$30.10M
FY2026 Q4
$145.60M
FY2027 Q1
$-84.90M
FY2027 Q2
$84.20M
Revenue
$506.40M
Net income
$31.20M
Diluted EPS
0.37
Operating cash flow
$86.60M
Free cash flow
$84.20M
Fetching…
Sources
Revenue
$457.60M
Net income
$20.20M
Diluted EPS
0.24
Operating cash flow
$-83.20M
Free cash flow
$-84.90M
Fetching…
Sources
Revenue
$517.50M
Net income
$32.80M
Diluted EPS
0.39
Operating cash flow
$146.20M
Free cash flow
$145.60M
Fetching…
Sources
Revenue
$470.30M
Net income
$25.10M
Diluted EPS
0.30
Operating cash flow
$33.00M
Free cash flow
$30.10M
Fetching…
Sources
Revenue
$474.20M
Net income
$26.80M
Diluted EPS
0.32
Operating cash flow
$44.60M
Free cash flow
$41.20M
Fetching…
Sources
Revenue
$412.30M
Net income
$11.10M
Diluted EPS
0.13
Operating cash flow
$-83.80M
Free cash flow
$-91.40M
Fetching…
Sources
Revenue
$494.70M
Net income
$24.60M
Diluted EPS
0.32
Operating cash flow
$82.40M
Free cash flow
$74.40M
Fetching…
Sources
Revenue
$440.20M
Net income
$23.60M
Diluted EPS
0.28
Operating cash flow
$108.20M
Free cash flow
$104.10M
Fetching…
Sources
Is it cheap or expensive?
Fair value $13.20 vs current price $19.79
Wall Street consensus is the average analyst price target: $24.30 (84.2% higher than our fair-value estimate).
Our most-likely fair value is $13.20 a share — about 33.3% below today's price of $19.79, so the stock currently looks expensive (overvalued).
Is it drowning in debt?
Stretched
Net debt $586.9M. Interest coverage 4.6x.
Net debt
$586.90M
Interest coverage
4.58x
Wolverine World Wide, Inc.'s profit covers its interest bill about 4.6 times over. which is stronger than most peers shown here.
Stretched
Worse cushion
Baseline
Better cushion
WWW
BASELINE
Wolverine World Wide, Inc.
Total debt $745.40M Interest coverage 4.58x This is the baseline the peer rows are being compared against.
Total debt $472.33M Interest coverage 499.17x +10,801% vs WWW Carries about 109.0x more debt cushion than WWW.
Total debt $1.69B Interest coverage 10.05x +120% vs WWW Carries about 2.2x more debt cushion than WWW.
Total debt $377.14M Interest coverage 6.60x +44% vs WWW Carries about 1.4x more debt cushion than WWW.
Total debt $130.01M Interest coverage 3.72x -19% vs WWW Carries about 1.2x less debt cushion than WWW.
Total debt $877.31M Interest coverage 1.48x -68% vs WWW Carries about 3.1x less debt cushion than WWW.
What you should know
The case for and against WWW
3 Rewards
1 Risk
Rewards
-
Revenue grew 4.1% last year.
-
Returns 27.6% on equity, ahead of 50% of its peers.
-
Free cash flow was positive in 9/10 years.
Risks
-
Insider ownership is only 1.4% (peer median: 3.1%).
The numbers
All the key metrics, grouped by purpose
Tap any ? icon to learn what it means.
Valuation
How expensive the stock looks
P/E (TTM)
15.34x
Forward P/E
10.70x
P/B
3.62x
P/S
0.83x
EV/EBITDA
11.26x
PEG ratio
2.36x
Profitability
How much profit each dollar creates
Gross margin
47.1%
Operating margin
9.9%
Net margin
5.5%
ROE
27.6%
ROA
6.2%
Health
Liquidity and balance-sheet strength
Debt / equity
1.59x
Current ratio
1.55x
Quick ratio
0.80x
Total debt
$745.40M
Total cash
$158.50M
Growth
How the business has been compounding
Revenue TTM
$1.95B
Revenue 5Y CAGR
-6.1%
EPS TTM
1.29
EPS 5Y CAGR
—
Cash flow
How much cash the business throws off
Operating CF TTM
$182.60M
Free CF TTM
$125.50M
FCF margin
6.4%
Dividend
Shareholder payout
Yield
2.0%
Payout ratio
31.0%
Last ex-div date
2026-10-01