Wolverine World Wide

WWW · NYSE · Consumer Discretionary · Financials, fiscal 2016 to 2025

WWW · Last close · October 26, 2026

$20.28

Wolverine World Wide's revenue rose 6.8% to $1.9 billion in fiscal 2025. Its operating margin was 8.0%, up from 5.6% a year earlier. Free cash flow was $126 million, down 21.5%. It paid out $48 million in dividends and buybacks, 38% of free cash flow. The diluted share count rose 2.1%.

WOLVERINE WORLD WIDE, INC. Latest fiscal year ended January 3, 2026 10-K filed February 27, 2026 · 0001628280-26-012614 Updated October 11, 2026

Revenue

$1.9B

6.8%

Operating margin

8.0%

2.5 pts

Net income

$96M

112.0%

Free cash flow

$126M

21.5%

Return on capital

15.1%

6.3 pts

Market cap

$1.7B

Oct 26 close

P/E

15.7x

On $1.29 EPS, 4 qtrs

Operating margin is operating income as a share of revenue. Free cash flow is cash from operations minus capital spending. Return on capital is after-tax operating income as a share of the money invested in the business: debt plus equity, minus cash. Market cap is the last closing share price times the latest diluted share count, so it is approximate. P/E is the last close divided by diluted earnings per share over the last four quarters, or the latest fiscal year where the quarters aren't available; there is none when the company made a loss.

What Wolverine World Wide does

Wolverine World Wide designs, markets and licenses footwear and apparel. Its products include casual and athletic shoes, hiking and trail shoes, kids' shoes, work boots and uniform footwear. Its brands include Merrell, Saucony, Sweaty Betty, Chaco, Wolverine, Cat, Bates, Harley-Davidson and Hush Puppies. Cat and Harley-Davidson are used under licence from their owners. Third-party factories make its products.

It reports two segments. The Active Group includes Merrell, Saucony, Sweaty Betty and Chaco. The Work Group includes Wolverine, Cat, Bates, Harley-Davidson and HYTEST. A third group, labeled Other, includes brands such as Sperry, Keds and Hush Puppies, and the Stride Rite licensed business. Revenue comes from selling to retailers and distributors, from its own online and store sales, and from licensees and joint ventures.

Its products are sold in about 170 countries and territories. The company runs its own operations in the United States, Canada, the United Kingdom and parts of Europe and Asia Pacific. In other regions it uses distributors, licensees and joint ventures. At the start of 2026 it had about 3,050 employees.

Its biggest risks, as it describes them

Failing to keep its brands appealing to consumers or to anticipate changing tastes.
Reliance on foreign factories, with production, quality and price problems that could disrupt supply.
A drop in purchases by wholesale customers, or customers demanding better terms.
Its direct-to-consumer business needs heavy investment and carries its own risks.
Problems with logistics and distribution, or with its online and information systems.

From Wolverine World Wide's annual report on Form 10-K, filed February 27, 2026, in our words; the 10-K has the full description and every risk factor. Updated with each new 10-K.

Charts show fiscal years, from the 10-K filings.

Revenue and margins

Revenue

US$ billions, fiscal years

Margins

Percent of revenue

GrossOperatingNetFree cash flow

Net income and earnings per share

From fiscal 2016 to 2025, earnings per share grew 2.8% a year and net income 1.0% a year, as buybacks cut the share count by 15%.

Net income

US$ billions, fiscal years; loss years in red.

Diluted earnings per share

US$ per share, fiscal years, restated for any stock splits; loss years in red.

Returns on capital

Return on capital and on equity

Percent. Return on capital is after-tax operating income over the money invested in the business (debt plus equity, minus cash); return on equity is net income over shareholders' equity. Both use the average of opening and closing balances.

Return on capitalReturn on equity

Cash flow

Free cash flow

US$ billions. Cash from operations minus capital expenditure; negative years in red.

Payouts and share count

Dividends and buybacks

US$ billions, cash paid in each fiscal year

DividendsShare buybacks

Diluted share count

Weighted-average diluted shares, millions

Valuation

Two ways to value Wolverine World Wide yourself, both starting from its filings: a discounted cash flow model and the price-to-earnings method.

Discounted cash flow (DCF)

A discounted cash flow (DCF) model values a business as the cash it may generate in future, discounted back to today. The starting figures come from Wolverine World Wide's 10-K (or, for net cash and shares, its latest 10-Q) and the assumptions are yours: start from one of three example scenarios, then change any figure to see what it implies for a share, and how that compares with the last share price.

Value per share on three example scenarios, from Wolverine World Wide's fiscal 2025 free cash flow of $126M, net cash of −$415M at January 3, 2026 and 82 million diluted shares, from its filings. The scenarios are fitted to Wolverine World Wide: the base scenario's growth in years 1 to 5 is its revenue growth over the last 3 years, -11.3% a year, kept between 0% and 20%; the cautious and optimistic ones are lower and higher, and growth in years 6 to 10 is halfway to the long-run rate. The base scenario's discount rate is 11%: 9% for a business of moderate risk (Footwear), plus 1 point as a smaller company, worth $1.7B, plus 1 point for unsteady results (a loss in fiscal 2023); the cautious and optimistic ones use a point more and a point less. Select one to load it into the calculator. These are the model's arithmetic on those assumptions, not a forecast or a price target.

From the filings

Starting free cash flow, US$ millions

Cash from operations minus capital spending in fiscal 2025.

Net cash, US$ millions

Cash and short-term investments minus debt and finance leases at January 3, 2026. Negative means net debt.

Diluted shares, millions

Weighted-average diluted shares in fiscal 2025.

Your assumptions

Start from

Fitted to Wolverine World Wide's own revenue growth, as above. Cautious: growth of -2% then 0% a year, 2% after year 10, a 12% discount rate. Base: growth of 0% then 1% a year, 2.5% after year 10, a 11% discount rate. Optimistic: growth of 2% then 2.5% a year, 3% after year 10, a 10% discount rate.

Free cash flow growth, years 1 to 5 (% a year)

Free cash flow growth, years 6 to 10 (% a year)

Growth after year 10 (% a year)Long-run growth forever after year 10. Usually close to inflation, and always below the discount rate.

Discount rate (% a year)The yearly return an investor wants for the risk. A higher rate gives a lower value.

Value per share on these assumptions

—

Last close, October 26, 2026: $20.28
Value on these assumptions, against the last close: —

Cash flows in years 1 to 10, valued today: —
Everything after year 10, valued today: —
Plus net cash: —
Share of value from after year 10: —

Projected free cash flow

US$ billions. Each column is one year's projected free cash flow, split into what it is worth today and the part removed by discounting.

Value todayRemoved by discounting

How the value changes with two assumptions

Value per share in US$, with the growth rates above. The highlighted cell matches the current assumptions.

How the model works. Free cash flow grows at the first rate for five years and the second rate for five more, and each year is discounted at the discount rate. Everything after year 10 is valued as year-10 cash flow × (1 + growth after year 10) ÷ (discount rate − growth after year 10), discounted back ten years. Net cash is added and the total is divided by diluted shares. The result depends entirely on the assumptions. It is not a forecast, a price target or a recommendation. The last close is the consolidated US closing price, from Databento.

Price-to-earnings (P/E) method

Another common way to value a company is to multiply its earnings per share by a price-to-earnings (P/E) multiple: the number of years of today's earnings an investor pays for a share. A higher multiple usually means investors expect earnings to grow. Choose a multiple, for example from similar companies, to see the value it gives.

Value per share on three example scenarios, from Wolverine World Wide's earnings per share of $1.29 (over the last four quarters). Each grows earnings for a year at the cash flow scenarios' rates and applies a multiple to next year's earnings: 15.7×, the middle of Wolverine World Wide's own P/E today, its peers' median and its sector's median (Wolverine World Wide's own P/E today) for the base scenario, 20% less and more for the cautious and optimistic ones. The price is brought back a year at 12%, 11% and 10%. Select one to load it into the calculator. These are the model's arithmetic on those assumptions, not a forecast or a price target.

Earnings per share, US$

Diluted earnings per share over the four quarters to July 4, 2026, from the 10-Qs and 10-K.

P/E multiple

P/E today is the last close divided by the latest earnings per share, the four quarters' where available. Peers: Steven Madden, Crocs, Deckers Brands.

Earnings growth in the years ahead (% a year) Starts at Wolverine World Wide's revenue growth over the last 3 years, -11.3% a year, kept between 0% and 20%, as the base scenario does.

Earnings per share in the years ahead, US$

Year 1Year 2Year 3Year 4Year 5

Type your own estimate for any year; the years after it carry on at the growth rate.

Apply the multiple to earnings

A multiple on a future year's earnings gives the price then, brought back to today at the discount rate below.

Discount rate (% a year) The yearly return an investor wants for the risk, as in the cash flow model.

Value per share today at this multiple

—

Last close, October 26, 2026: $20.28
Value at this multiple, against the last close: —
Wolverine World Wide's P/E at the last close: 15.7×

Company	Last close	Earnings per share	P/E today
Steven MaddenSHOO	$42.76	$2.00	21.4×
Wolverine World WideWWW	$20.28	$1.29	15.7×
Deckers BrandsDECK	$80.37	$7.07	11.4×
CrocsCROX	$118.85	$11.42	10.4×

How the P/E method works. Value per share is earnings per share times the multiple. On a future year's earnings, that gives the price in that year, which is brought back to today at the discount rate: price ÷ (1 + discount rate) for each year ahead. It is quick and easy to compare across companies, but it ignores debt and cash, and earnings can swing with one-off gains and charges, so a multiple says most about steady, profitable businesses. Like the cash flow model, the result depends entirely on the assumptions you choose. It is not a forecast, a price target or a recommendation.

Balance sheet

Fiscal year end	FY21	FY22	FY23	FY24	FY25
Cash and short-term investments	162	132	179	152	206
Debt incl. finance leases	967	1,158	921	648	622
Net debt (negative means net cash)	805	1,026	742	496	415
Net debt to EBITDA	4.3x	—	—	4.0x	2.4x
Debt to equity	1.5x	3.6x	3.3x	2.1x	1.5x
Interest coverage	4.5x	−4.8x	−1.1x	2.2x	4.5x
Current ratio	1.2x	1.1x	1.2x	1.3x	1.4x
Quick ratio	0.7x	0.5x	0.8x	0.8x	0.9x

US$ millions unless stated, at each fiscal year end. Net debt to EBITDA is debt minus cash, divided by operating income before depreciation and amortization: roughly how many years of those earnings the net debt equals. Debt to equity is debt as a multiple of shareholders' equity. Interest coverage is operating income divided by interest expense. The current ratio is current assets over current liabilities; the quick ratio leaves out inventory.

Insider trades

Over the 12 months between October 27, 2025 and October 26, 2026, 3 insiders bought $524,572 of Wolverine World Wide shares on the open market, and 3 insiders sold $1.3 million, $1.2 million of it under trading plans set up in advance.

Date	Insider	Trade	Shares	Price	Value	Filing
Sep 1, 2026	Jeffrey M BoromisaDirector	Sold plan	25,000	$19.58	$489,500	Form 4
Jul 13, 2026	Jeffrey M BoromisaDirector	Sold plan	25,000	$18.14	$453,500	Form 4
May 21, 2026	Brenda J LauderbackDirector	Sold	5,500	$15.88	$87,340	Form 4
Nov 7, 2025	DeMonty PriceDirector	Bought	25,000	$15.77	$394,250	Form 4
Nov 7, 2025	Jack BoyleDirector	Bought	6,250	$15.77	$98,562	Form 4
Nov 7, 2025	Nicholas T. LongDirector	Bought	2,000	$15.88	$31,760	Form 4
Nov 3, 2025	Amy M. KlimekChief Human Resources Officer	Sold plan	11,528	$22.32	$257,305	Form 4

Open-market purchases and sales by officers, directors and 10% owners, from their Form 4 filings with the SEC: one row per person, day and filing, at the day's average price. Grants, option exercises and shares withheld for tax aren't counted. Insiders buy and sell for many reasons, such as taxes, spreading their savings or a plan set up months earlier, so a trade on its own says little about where a company is heading. For information only, not investment advice. Insider trades at all companies

Piotroski F-score

The F-score counts how many of nine simple tests of profitability, funding and efficiency a company passed in a year (Piotroski, 2000). The more tests passed, the stronger the year: 8 or 9 is strong, 0 to 2 weak. Companies that report no gross profit are scored on the other eight.

Test	FY23	FY24	FY25
Net income is positive	Fail	Pass	Pass
Cash from operations is positive	Pass	Pass	Pass
Return on assets rose	Pass	Pass	Pass
Cash from operations exceeds net income	Pass	Pass	Pass
Debt fell relative to assets	Pass	Pass	Fail
Current ratio rose	Pass	Pass	Pass
Share count didn't rise	Pass	Fail	Fail
Gross margin rose	Fail	Pass	Pass
Revenue rose relative to assets	Fail	Fail	Pass
F-score	6 of 9	7 of 9	7 of 9
Accruals ratio	−7.0%	−7.2%	−2.6%

The accruals ratio is net income minus cash from operations, over average total assets.

Compare

Put Wolverine World Wide side by side with any other company we cover: revenue, growth, margins, cash flow and returns, with ten years of charts.

Similar companies

Company	Year	Revenue growth	Operating margin	Free cash flow margin	Return on capital	Net debt to EBITDA	F-score	Compare
Wolverine World Wide	FY25	6.8%	8.0%	6.7%	15.1%	2.4x	7
Birkenstock	FY25	16.2%	26.2%	14.7%	11.6%	1.2x	9	Compare
Steven Madden	FY25	11.0%	3.2%	4.7%	6.0%	1.1x	6	Compare
Crocs	FY25	−1.5%	3.7%	16.3%	2.8%	4.8x	5	Compare
Deckers Brands	FY26	9.8%	23.1%	20.1%	160.3%	−1.4x	4	Compare

Each company's latest fiscal year. Fiscal years end in different months, so the periods don't line up exactly. Free cash flow margin is free cash flow as a share of revenue. Net debt to EBITDA is explained under the balance sheet, and the F-score above.

10 years of figures

Fiscal year	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Income statement
Revenue	2,495	2,350	2,239	2,274	1,791	2,415	2,685	2,243	1,755	1,874
Revenue growth	−7.3%	−5.8%	−4.7%	1.5%	−21.2%	34.8%	11.2%	−16.5%	−21.8%	6.8%
Gross profit	960	914	921	924	736	1,030	1,070	874	778	887
Research and development	—	—	—	—	—	—	—	—	—	—
Operating income	164	32	252	171	−137	156	−208	−67	98	150
Net income	88	0	200	128	−137	69	−188	−38	45	96
Diluted EPS (US$)	0.89	0.00	2.05	1.44	−1.70	0.81	−2.37	−0.49	0.55	1.14
Diluted shares (millions)	96	95	95	87	81	83	80	79	80	82
Cash flow
Cash from operations	296	203	98	223	309	87	−179	122	180	140
Capital expenditure	55	32	22	34	10	18	36	15	20	14
Free cash flow	241	170	76	188	299	69	−215	107	160	126
Dividends paid	24	23	29	34	34	34	33	33	32	33
Share buybacks	53	52	175	319	21	40	81	0	0	14
Acquisitions	0	0	0	15	6	417	0	0	0	0
Stock-based compensation	23	25	31	24	29	38	33	15	19	24
Balance sheet at fiscal year end
Cash and short-term investments	370	481	143	181	347	162	132	179	152	206
Debt incl. finance leases	820	782	570	798	722	967	1,158	921	648	622
Total assets	2,432	2,399	2,183	2,480	2,137	2,586	2,493	2,063	1,674	1,709
Total liabilities	1,458	1,444	1,192	1,702	1,564	1,942	2,146	1,754	1,352	1,286
Shareholders' equity	966	950	986	767	561	630	321	279	313	408
Margins and ratios
Gross margin	38.5%	38.9%	41.1%	40.6%	41.1%	42.6%	39.9%	39.0%	44.3%	47.3%
Operating margin	6.6%	1.3%	11.2%	7.5%	−7.7%	6.5%	−7.8%	−3.0%	5.6%	8.0%
Net margin	3.5%	0.0%	8.9%	5.7%	−7.6%	2.8%	−7.0%	−1.7%	2.6%	5.1%
Free cash flow margin	9.7%	7.2%	3.4%	8.3%	16.7%	2.9%	−8.0%	4.8%	9.1%	6.7%
Return on capital	8.6%	1.9%	16.6%	10.7%	−9.2%	10.8%	−11.7%	−4.4%	8.8%	15.1%
Return on equity	9.1%	0.0%	20.7%	14.7%	−20.6%	11.5%	−39.6%	−12.8%	15.3%	26.6%
Return on assets	3.6%	0.0%	8.7%	5.5%	−5.9%	2.9%	−7.4%	−1.7%	2.4%	5.7%
Net debt to EBITDA	2.2x	4.4x	1.5x	3.0x	—	4.3x	—	—	4.0x	2.4x

US$ millions unless stated. Where a later 10-K restated a year, the latest filed figure is shown. Download all figures (CSV, US$ millions)

Source: Wolverine World Wide's Form 10-K filings, from SEC EDGAR. For information only, not investment advice. The Filing Desk is not affiliated with Wolverine World Wide.