# Footwear & Accessories — company-by-company sector analysis

> Footwear & Accessories: NIKE, Inc. owns the largest revenue base; Forward Industries, Inc. has the fastest current growth.

Sector Alpha — machine-written from the numbers. Data as of 2026-07-28. Not investment advice.

## Bottom line

Footwear & Accessories has outperformed S&P 500 by 19.8% over 52 weeks and 5% over 13 weeks. 7 of 13 covered companies beat the S&P 500 on Mansfield relative strength, while 6 of 13 beat the sector itself. NIKE, Inc. leads with revenue of $46,398 million, based on 11 of 13 comparable companies through Jun 2026.

### Is the Footwear & Accessories sector outperforming S&P 500?

Footwear & Accessories has outperformed S&P 500 by 19.8% over 52 weeks and 5% over 13 weeks. 7 of 13 covered companies beat the S&P 500 on Mansfield relative strength, while 6 of 13 beat the sector itself.

### Which Footwear & Accessories company is largest by revenue?

NIKE, Inc. leads with revenue of $46,398 million, based on 11 of 13 comparable companies through Jun 2026.

### Which Footwear & Accessories company is growing fastest?

Forward Industries, Inc. has the fastest current revenue growth at 100%, across 10 of 13 comparable companies.

### Which Footwear & Accessories company has the strongest 4-Factor Sector Score?

Weyco Group, Inc. ranks first at 55.8/100 with 76% evidence confidence. The score prioritizes research; it is not a buy recommendation.

### Which Footwear & Accessories company reports the most CAPEX?

NIKE, Inc. reports the largest latest CAPEX at $138 million, with 13 of 13 companies comparable.

### Which Footwear & Accessories company has the least gross debt?

Weyco Group, Inc. has the lowest comparable gross debt at $10 million. NIKE, Inc. has the highest at $11,033 million.

### Which Footwear & Accessories company has the lowest comparable PEG?

Birkenstock Holding plc has the lowest comparable Guarded PEG at 0.38, among 6 of 13 companies that pass the metric’s comparability rules.

### How much history does this Footwear & Accessories comparison include?

The page compares up to 20 reported quarters per company for fundamentals, CAPEX, debt and valuation, ending Jun 2026. Missing observations remain blank rather than being estimated.

### How is the 4-Factor Sector Score calculated?

The four visible contributions add directly: growth and earnings up to 35 points, capital efficiency up to 25, valuation up to 20, and relative strength up to 20. Missing or stale evidence moves only the affected contribution toward neutral.

## Sector relative strength

Footwear & Accessories has outperformed S&P 500 by 19.8% over the last 52 weeks. Over 13 weeks the gap is a lead of 5%. 7 of 13 covered companies currently beat the S&P 500 on Mansfield relative strength, so leadership inside the sector is selective. Crocs, Inc. is the strongest against the sector itself at +28.7%.

13-week sector return versus NIFTY 500: 5.0%
52-week sector return versus NIFTY 500: 20%
Stocks leading NIFTY: 7/13
Stocks leading sector: 6/13

Central tension: The central tension: the companies with the most scale are not necessarily the companies creating the most change.

Companies: 13
Combined market value: ₹1.1 L Cr

## 4-Factor Sector Score

An additive sector-relative research score. The four displayed point contributions always equal the total: Growth & earnings (35), Capital efficiency (25), Valuation (20), and Relative strength (20). Missing or stale evidence is absorbed inside the affected factor, never applied as a hidden adjustment.

1. Weyco Group, Inc. (WEYS): 56/100 — Mixed-positive evidence; evidence 76%
   - Growth & earnings 14.0/35 | Capital efficiency 14.0/25 | Valuation 13.8/20 | Relative strength 14.0/20
   - Exact sum: 14 + 14 + 13.8 + 14 = 55.8
   - Decision use: Price leads the evidence: RS versus the benchmark is 12.1%, but earnings trajectory is weak. Wait for revenue and profit confirmation.
2. Birkenstock Holding plc (BIRK): 55/100 — Mixed-positive evidence; evidence 82%
   - Growth & earnings 18.5/35 | Capital efficiency 14.3/25 | Valuation 15.5/20 | Relative strength 6.7/20
   - Exact sum: 18.5 + 14.3 + 15.5 + 6.7 = 55
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
3. Rocky Brands, Inc. (RCKY): 55/100 — Mixed-positive evidence; evidence 76%
   - Growth & earnings 15.3/35 | Capital efficiency 8.7/25 | Valuation 15.0/20 | Relative strength 15.5/20
   - Exact sum: 15.3 + 8.7 + 15 + 15.5 = 54.5
   - Decision use: Price leads the evidence: RS versus the benchmark is 15.8%, but earnings trajectory is weak. Wait for revenue and profit confirmation.
4. On Holding AG (ONON): 54/100 — Mixed-positive evidence; evidence 82%
   - Growth & earnings 23.0/35 | Capital efficiency 15.3/25 | Valuation 9.2/20 | Relative strength 6.7/20
   - Exact sum: 23 + 15.3 + 9.2 + 6.7 = 54.2
   - Decision use: Acceleration candidate, not a confirmed leader: earnings are strong but sector-relative strength is -18.3% and the one-year return is -19.4%. Do not upgrade until sector-relative strength is above zero and another reported period confirms growth.
5. Fossil Group, Inc. (FOSL): 53/100 — Thin evidence · provisional; evidence 53%
   - Growth & earnings 22.0/35 | Capital efficiency 6.2/25 | Valuation 10.0/20 | Relative strength 14.7/20
   - Exact sum: 22 + 6.2 + 10 + 14.7 = 52.9
   - Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral.
6. Crocs, Inc. (CROX): 52/100 — Mixed-positive evidence; evidence 72%
   - Growth & earnings 10.0/35 | Capital efficiency 12.5/25 | Valuation 9.8/20 | Relative strength 20.0/20
   - Exact sum: 10 + 12.5 + 9.8 + 20 = 52.3
   - Decision use: Price leads the evidence: RS versus the benchmark is 33.9%, but earnings trajectory is weak. Wait for revenue and profit confirmation.
7. Steven Madden, Ltd. (SHOO): 52/100 — Mixed-positive evidence; evidence 82%
   - Growth & earnings 20.8/35 | Capital efficiency 15.4/25 | Valuation 4.5/20 | Relative strength 11.4/20
   - Exact sum: 20.8 + 15.4 + 4.5 + 11.4 = 52.1
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
8. Vera Bradley, Inc. (VRA): 52/100 — Mixed-positive evidence; evidence 62%
   - Growth & earnings 20.6/35 | Capital efficiency 6.6/25 | Valuation 8.5/20 | Relative strength 16.2/20
   - Exact sum: 20.6 + 6.6 + 8.5 + 16.2 = 51.9
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
9. Deckers Outdoor Corporation (DECK): 48/100 — Thin evidence · provisional; evidence 59%
   - Growth & earnings 14.5/35 | Capital efficiency 16.5/25 | Valuation 11.0/20 | Relative strength 5.6/20
   - Exact sum: 14.5 + 16.5 + 11 + 5.6 = 47.6
   - Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral.
10. NIKE, Inc. (NKE): 46/100 — Mixed-negative evidence; evidence 86%
   - Growth & earnings 22.2/35 | Capital efficiency 13.3/25 | Valuation 6.0/20 | Relative strength 4.2/20
   - Exact sum: 22.2 + 13.3 + 6 + 4.2 = 45.7
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
11. Designer Brands Inc. (DBI): 44/100 — Mixed-negative evidence; evidence 62%
   - Growth & earnings 19.1/35 | Capital efficiency 5.6/25 | Valuation 9.0/20 | Relative strength 10.4/20
   - Exact sum: 19.1 + 5.6 + 9 + 10.4 = 44.1
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
12. Wolverine World Wide, Inc. (WWW): 42/100 — Thin evidence · provisional; evidence 53%
   - Growth & earnings 14.5/35 | Capital efficiency 8.9/25 | Valuation 11.5/20 | Relative strength 7.0/20
   - Exact sum: 14.5 + 8.9 + 11.5 + 7 = 41.9
   - Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral.
13. Forward Industries, Inc. (FWDI): 34/100 — Thin evidence · provisional; evidence 56%
   - Growth & earnings 12.5/35 | Capital efficiency 9.3/25 | Valuation 8.7/20 | Relative strength 3.0/20
   - Exact sum: 12.5 + 9.3 + 8.7 + 3 = 33.5
   - Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral.

## Revenue Scale & Growth Durability

What the numbers say: NIKE, Inc. is the scale leader at $46,398 million, 11.5× the revenue of Crocs, Inc.. Forward Industries, Inc.'s growth is stored at the ≥100% scoring cap; the uncapped TTM change is 144.4% from a $44 million base, with 19 reported observations in the 20-quarter window. Treat the growth leader as an acceleration candidate, not as equally proven scale.

Investor read: NIKE, Inc. is the scale benchmark; Forward Industries, Inc. is the acceleration watch. Promote the challenger only if growth persists and converts into margin and returns.

This conclusion weakens if: NIKE, Inc.'s growth falls below Forward Industries, Inc.'s for two consecutive comparable reports while operating margin also compresses.

Evidence: NIKE, Inc. · $46,398 million | 11.5× versus #2 · Crocs, Inc. | 3/8 recent comparable periods | 11/13 companies · 247 observations

Definition: Revenue is compared on a common reported-currency basis. Growth is year-on-year, so seasonality does not masquerade as progress.

### Revenue — largest
1. NIKE, Inc. (NKE): ₹46.4K Cr
2. Crocs, Inc. (CROX): ₹4.0K Cr
3. On Holding AG (ONON): ₹3.1K Cr
4. Designer Brands Inc. (DBI): ₹2.9K Cr
5. Steven Madden, Ltd. (SHOO): ₹2.6K Cr

### Revenue growth — fastest growers
1. Forward Industries, Inc. (FWDI): 100%
2. On Holding AG (ONON): 23%
3. Steven Madden, Ltd. (SHOO): 15%
4. Birkenstock Holding plc (BIRK): 11%
5. Rocky Brands, Inc. (RCKY): 8.4%

### 20-quarter Revenue history
- NKE: Sep 2021 ₹12.2K Cr | Dec 2021 ₹11.4K Cr | Mar 2022 ₹10.9K Cr | Jun 2022 ₹12.2K Cr | Sep 2022 ₹12.7K Cr | Dec 2022 ₹13.3K Cr | Mar 2023 ₹12.4K Cr | Jun 2023 ₹12.8K Cr | Sep 2023 ₹12.9K Cr | Dec 2023 ₹13.4K Cr | Mar 2024 ₹12.4K Cr | Jun 2024 ₹12.6K Cr | Sep 2024 ₹11.6K Cr | Dec 2024 ₹12.4K Cr | Mar 2025 ₹11.3K Cr | Jun 2025 ₹11.1K Cr | Sep 2025 ₹11.7K Cr | Dec 2025 ₹12.4K Cr | Mar 2026 ₹11.3K Cr | Jun 2026 ₹11.0K Cr
- DECK: Sep 2021 ₹722 Cr | Dec 2021 ₹1.2K Cr | Mar 2022 ₹736 Cr | Jun 2022 ₹614 Cr | Sep 2022 ₹876 Cr | Dec 2022 ₹1.3K Cr | Mar 2023 ₹792 Cr | Jun 2023 ₹676 Cr | Sep 2023 ₹1.1K Cr | Dec 2023 ₹1.6K Cr | Mar 2024 ₹960 Cr | Jun 2024 ₹825 Cr | Sep 2024 ₹1.3K Cr | Dec 2024 ₹1.8K Cr | Mar 2025 ₹1.0K Cr | Jun 2025 ₹965 Cr | Sep 2025 ₹1.4K Cr | Dec 2025 ₹2.0K Cr | Mar 2026 ₹1.1K Cr | Jun 2026 —
- ONON: Sep 2021 ₹218 Cr | Dec 2021 ₹191 Cr | Mar 2022 ₹236 Cr | Jun 2022 ₹292 Cr | Sep 2022 ₹328 Cr | Dec 2022 ₹367 Cr | Mar 2023 ₹420 Cr | Jun 2023 ₹444 Cr | Sep 2023 ₹481 Cr | Dec 2023 ₹447 Cr | Mar 2024 ₹508 Cr | Jun 2024 ₹568 Cr | Sep 2024 ₹636 Cr | Dec 2024 ₹607 Cr | Mar 2025 ₹727 Cr | Jun 2025 ₹749 Cr | Sep 2025 ₹794 Cr | Dec 2025 ₹744 Cr | Mar 2026 ₹832 Cr | Jun 2026 —
- BIRK: Sep 2021 — | Dec 2021 ₹271 Cr | Mar 2022 ₹271 Cr | Jun 2022 ₹379 Cr | Sep 2022 ₹322 Cr | Dec 2022 ₹248 Cr | Mar 2023 ₹396 Cr | Jun 2023 ₹473 Cr | Sep 2023 ₹375 Cr | Dec 2023 ₹303 Cr | Mar 2024 ₹481 Cr | Jun 2024 ₹565 Cr | Sep 2024 ₹456 Cr | Dec 2024 ₹362 Cr | Mar 2025 ₹574 Cr | Jun 2025 ₹635 Cr | Sep 2025 ₹526 Cr | Dec 2025 ₹402 Cr | Mar 2026 ₹618 Cr | Jun 2026 —
- CROX: Sep 2021 ₹626 Cr | Dec 2021 ₹587 Cr | Mar 2022 ₹660 Cr | Jun 2022 ₹965 Cr | Sep 2022 ₹985 Cr | Dec 2022 ₹945 Cr | Mar 2023 ₹884 Cr | Jun 2023 ₹1.1K Cr | Sep 2023 ₹1.0K Cr | Dec 2023 ₹960 Cr | Mar 2024 ₹939 Cr | Jun 2024 ₹1.1K Cr | Sep 2024 ₹1.1K Cr | Dec 2024 ₹990 Cr | Mar 2025 ₹937 Cr | Jun 2025 ₹1.1K Cr | Sep 2025 ₹996 Cr | Dec 2025 ₹958 Cr | Mar 2026 ₹921 Cr | Jun 2026 —
- SHOO: Sep 2021 ₹529 Cr | Dec 2021 ₹578 Cr | Mar 2022 ₹560 Cr | Jun 2022 ₹535 Cr | Sep 2022 ₹557 Cr | Dec 2022 ₹471 Cr | Mar 2023 ₹464 Cr | Jun 2023 ₹445 Cr | Sep 2023 ₹553 Cr | Dec 2023 ₹520 Cr | Mar 2024 ₹552 Cr | Jun 2024 ₹524 Cr | Sep 2024 ₹625 Cr | Dec 2024 ₹582 Cr | Mar 2025 ₹554 Cr | Jun 2025 ₹559 Cr | Sep 2025 ₹668 Cr | Dec 2025 ₹754 Cr | Mar 2026 ₹653 Cr | Jun 2026 —
- WWW: Sep 2021 ₹632 Cr | Dec 2021 ₹637 Cr | Mar 2022 ₹636 Cr | Jun 2022 ₹615 Cr | Sep 2022 ₹714 Cr | Dec 2022 ₹691 Cr | Mar 2023 — | Jun 2023 ₹599 Cr | Sep 2023 ₹589 Cr | Dec 2023 ₹527 Cr | Mar 2024 ₹395 Cr | Jun 2024 ₹425 Cr | Sep 2024 ₹440 Cr | Dec 2024 ₹495 Cr | Mar 2025 ₹412 Cr | Jun 2025 ₹474 Cr | Sep 2025 ₹470 Cr | Dec 2025 — | Mar 2026 ₹518 Cr | Jun 2026 ₹458 Cr
- WEYS: Sep 2021 ₹62 Cr | Dec 2021 ₹101 Cr | Mar 2022 ₹81 Cr | Jun 2022 ₹74 Cr | Sep 2022 ₹97 Cr | Dec 2022 ₹99 Cr | Mar 2023 ₹86 Cr | Jun 2023 ₹67 Cr | Sep 2023 ₹84 Cr | Dec 2023 ₹81 Cr | Mar 2024 ₹72 Cr | Jun 2024 ₹64 Cr | Sep 2024 ₹74 Cr | Dec 2024 ₹80 Cr | Mar 2025 ₹68 Cr | Jun 2025 ₹58 Cr | Sep 2025 ₹73 Cr | Dec 2025 ₹77 Cr | Mar 2026 ₹68 Cr | Jun 2026 —
- DBI: Sep 2021 ₹817 Cr | Dec 2021 ₹853 Cr | Mar 2022 ₹823 Cr | Jun 2022 ₹831 Cr | Sep 2022 ₹859 Cr | Dec 2022 ₹865 Cr | Mar 2023 ₹761 Cr | Jun 2023 ₹742 Cr | Sep 2023 ₹792 Cr | Dec 2023 ₹786 Cr | Mar 2024 ₹754 Cr | Jun 2024 ₹747 Cr | Sep 2024 ₹772 Cr | Dec 2024 ₹777 Cr | Mar 2025 ₹714 Cr | Jun 2025 ₹687 Cr | Sep 2025 ₹740 Cr | Dec 2025 ₹752 Cr | Mar 2026 ₹714 Cr | Jun 2026 ₹696 Cr
- RCKY: Sep 2021 ₹126 Cr | Dec 2021 ₹169 Cr | Mar 2022 ₹167 Cr | Jun 2022 ₹162 Cr | Sep 2022 ₹147 Cr | Dec 2022 ₹139 Cr | Mar 2023 ₹110 Cr | Jun 2023 ₹100 Cr | Sep 2023 ₹126 Cr | Dec 2023 ₹126 Cr | Mar 2024 ₹113 Cr | Jun 2024 ₹98 Cr | Sep 2024 ₹115 Cr | Dec 2024 ₹128 Cr | Mar 2025 ₹114 Cr | Jun 2025 ₹106 Cr | Sep 2025 ₹123 Cr | Dec 2025 ₹140 Cr | Mar 2026 ₹124 Cr | Jun 2026 —
- FWDI: Sep 2021 ₹11 Cr | Dec 2021 ₹12 Cr | Mar 2022 ₹10 Cr | Jun 2022 ₹11 Cr | Sep 2022 ₹10 Cr | Dec 2022 ₹10 Cr | Mar 2023 ₹10 Cr | Jun 2023 ₹17 Cr | Sep 2023 ₹17 Cr | Dec 2023 ₹14 Cr | Mar 2024 ₹5 Cr | Jun 2024 ₹5 Cr | Sep 2024 ₹5 Cr | Dec 2024 ₹5 Cr | Mar 2025 ₹3 Cr | Jun 2025 ₹2 Cr | Sep 2025 ₹8 Cr | Dec 2025 ₹21 Cr | Mar 2026 ₹13 Cr | Jun 2026 —
- FOSL: Sep 2021 ₹411 Cr | Dec 2021 ₹492 Cr | Mar 2022 ₹604 Cr | Jun 2022 ₹376 Cr | Sep 2022 ₹371 Cr | Dec 2022 ₹436 Cr | Mar 2023 — | Jun 2023 ₹325 Cr | Sep 2023 ₹322 Cr | Dec 2023 ₹421 Cr | Mar 2024 ₹255 Cr | Jun 2024 ₹260 Cr | Sep 2024 ₹288 Cr | Dec 2024 ₹342 Cr | Mar 2025 — | Jun 2025 ₹233 Cr | Sep 2025 ₹220 Cr | Dec 2025 ₹270 Cr | Mar 2026 ₹281 Cr | Jun 2026 ₹225 Cr
- VRA: Sep 2021 ₹147 Cr | Dec 2021 ₹135 Cr | Mar 2022 ₹150 Cr | Jun 2022 ₹98 Cr | Sep 2022 ₹130 Cr | Dec 2022 ₹124 Cr | Mar 2023 ₹147 Cr | Jun 2023 ₹94 Cr | Sep 2023 ₹128 Cr | Dec 2023 ₹115 Cr | Mar 2024 ₹133 Cr | Jun 2024 ₹68 Cr | Sep 2024 ₹94 Cr | Dec 2024 ₹70 Cr | Mar 2025 ₹86 Cr | Jun 2025 ₹52 Cr | Sep 2025 ₹71 Cr | Dec 2025 ₹62 Cr | Mar 2026 ₹85 Cr | Jun 2026 ₹56 Cr

### 20-quarter Revenue growth history
- NKE: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 3.6% | Dec 2022 17% | Mar 2023 14% | Jun 2023 4.8% | Sep 2023 2.0% | Dec 2023 0.6% | Mar 2024 0.3% | Jun 2024 -1.7% | Sep 2024 -10% | Dec 2024 -7.7% | Mar 2025 -9.3% | Jun 2025 -12% | Sep 2025 1.1% | Dec 2025 0.6% | Mar 2026 0.1% | Jun 2026 -1.1%
- DECK: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 22% | Sep 2022 21% | Dec 2022 13% | Mar 2023 7.6% | Jun 2023 10% | Sep 2023 25% | Dec 2023 16% | Mar 2024 21% | Jun 2024 22% | Sep 2024 20% | Dec 2024 17% | Mar 2025 6.5% | Jun 2025 17% | Sep 2025 9.2% | Dec 2025 7.2% | Mar 2026 9.5% | Jun 2026 —
- ONON: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 67% | Sep 2022 50% | Dec 2022 92% | Mar 2023 78% | Jun 2023 52% | Sep 2023 47% | Dec 2023 22% | Mar 2024 21% | Jun 2024 28% | Sep 2024 32% | Dec 2024 36% | Mar 2025 43% | Jun 2025 32% | Sep 2025 25% | Dec 2025 23% | Mar 2026 14% | Jun 2026 —
- BIRK: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 -8.5% | Mar 2023 46% | Jun 2023 25% | Sep 2023 16% | Dec 2023 22% | Mar 2024 21% | Jun 2024 19% | Sep 2024 22% | Dec 2024 19% | Mar 2025 19% | Jun 2025 12% | Sep 2025 15% | Dec 2025 11% | Mar 2026 7.7% | Jun 2026 —
- CROX: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 51% | Sep 2022 57% | Dec 2022 61% | Mar 2023 34% | Jun 2023 11% | Sep 2023 6.2% | Dec 2023 1.6% | Mar 2024 6.2% | Jun 2024 3.7% | Sep 2024 1.5% | Dec 2024 3.1% | Mar 2025 -0.2% | Jun 2025 3.3% | Sep 2025 -6.2% | Dec 2025 -3.2% | Mar 2026 -1.7% | Jun 2026 —
- SHOO: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 34% | Sep 2022 5.3% | Dec 2022 -19% | Mar 2023 -17% | Jun 2023 -17% | Sep 2023 -0.7% | Dec 2023 10% | Mar 2024 19% | Jun 2024 18% | Sep 2024 13% | Dec 2024 12% | Mar 2025 0.4% | Jun 2025 6.7% | Sep 2025 6.9% | Dec 2025 30% | Mar 2026 18% | Jun 2026 —
- WWW: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 13% | Dec 2022 8.5% | Mar 2023 — | Jun 2023 -2.6% | Sep 2023 -18% | Dec 2023 -24% | Mar 2024 — | Jun 2024 -29% | Sep 2024 -25% | Dec 2024 -6.1% | Mar 2025 4.3% | Jun 2025 12% | Sep 2025 6.8% | Dec 2025 — | Mar 2026 26% | Jun 2026 -3.4%
- WEYS: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 28% | Sep 2022 56% | Dec 2022 -2.0% | Mar 2023 6.2% | Jun 2023 -9.5% | Sep 2023 -13% | Dec 2023 -18% | Mar 2024 -16% | Jun 2024 -4.5% | Sep 2024 -12% | Dec 2024 -1.2% | Mar 2025 -5.6% | Jun 2025 -9.4% | Sep 2025 -1.4% | Dec 2025 -3.8% | Mar 2026 0.0% | Jun 2026 —
- DBI: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 5.1% | Dec 2022 1.4% | Mar 2023 -7.5% | Jun 2023 -11% | Sep 2023 -7.8% | Dec 2023 -9.1% | Mar 2024 -0.9% | Jun 2024 0.7% | Sep 2024 -2.5% | Dec 2024 -1.2% | Mar 2025 -5.3% | Jun 2025 -8.0% | Sep 2025 -4.2% | Dec 2025 -3.2% | Mar 2026 0.0% | Jun 2026 1.3%
- RCKY: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 23% | Sep 2022 17% | Dec 2022 -18% | Mar 2023 -34% | Jun 2023 -38% | Sep 2023 -14% | Dec 2023 -9.4% | Mar 2024 2.7% | Jun 2024 -2.0% | Sep 2024 -8.7% | Dec 2024 1.6% | Mar 2025 0.9% | Jun 2025 8.2% | Sep 2025 7.0% | Dec 2025 9.4% | Mar 2026 8.8% | Jun 2026 —
- FWDI: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 10% | Sep 2022 -9.1% | Dec 2022 -17% | Mar 2023 0.0% | Jun 2023 55% | Sep 2023 70% | Dec 2023 40% | Mar 2024 -50% | Jun 2024 -71% | Sep 2024 -71% | Dec 2024 -64% | Mar 2025 -40% | Jun 2025 -60% | Sep 2025 60% | Dec 2025 320% | Mar 2026 333% | Jun 2026 —
- FOSL: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 -9.7% | Dec 2022 -11% | Mar 2023 — | Jun 2023 -14% | Sep 2023 -13% | Dec 2023 -3.4% | Mar 2024 — | Jun 2024 -20% | Sep 2024 -11% | Dec 2024 -19% | Mar 2025 — | Jun 2025 -10% | Sep 2025 -24% | Dec 2025 -21% | Mar 2026 — | Jun 2026 -3.4%
- VRA: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 -12% | Dec 2022 -8.2% | Mar 2023 -2.0% | Jun 2023 -4.1% | Sep 2023 -1.5% | Dec 2023 -7.3% | Mar 2024 -9.5% | Jun 2024 -28% | Sep 2024 -27% | Dec 2024 -39% | Mar 2025 -35% | Jun 2025 -24% | Sep 2025 -24% | Dec 2025 -11% | Mar 2026 -1.2% | Jun 2026 7.7%

## Operating Economics & Margin Trend

What the numbers say: Birkenstock Holding plc leads opm at 25.1%; Vera Bradley, Inc. leads margin change at +26.3 percentage points.

Investor read: Birkenstock Holding plc sets the level benchmark; use the change leader as an inflection watch only after another comparable report confirms it.

This conclusion weakens if: The next two comparable reports reverse the current margin change signal.

Evidence: Birkenstock Holding plc · 25.1% | 15.1% versus #2 · Crocs, Inc. | 6/8 recent comparable periods | 12/13 companies · 245 observations

Definition: Operating margin compares operating profit with revenue. Improvement is measured in percentage points, not percentage growth.

### OPM — highest
1. Birkenstock Holding plc (BIRK): 25%
2. Crocs, Inc. (CROX): 22%
3. Steven Madden, Ltd. (SHOO): 15%
4. On Holding AG (ONON): 14%
5. Deckers Outdoor Corporation (DECK): 14%

### Margin change — fastest expanders
1. Vera Bradley, Inc. (VRA): +26.3 pp
2. NIKE, Inc. (NKE): +9.0 pp
3. Fossil Group, Inc. (FOSL): +8.3 pp
4. Steven Madden, Ltd. (SHOO): +5.4 pp
5. Designer Brands Inc. (DBI): +3.9 pp

### 20-quarter OPM history
- NKE: Sep 2021 17% | Dec 2021 13% | Mar 2022 15% | Jun 2022 12% | Sep 2022 13% | Dec 2022 12% | Mar 2023 11% | Jun 2023 9.5% | Sep 2023 12% | Dec 2023 14% | Mar 2024 11% | Jun 2024 12% | Sep 2024 10% | Dec 2024 11% | Mar 2025 7.0% | Jun 2025 2.9% | Sep 2025 7.9% | Dec 2025 8.1% | Mar 2026 4.9% | Jun 2026 12%
- DECK: Sep 2021 18% | Dec 2021 25% | Mar 2022 11% | Jun 2022 9.2% | Sep 2022 15% | Dec 2022 27% | Mar 2023 13% | Jun 2023 11% | Sep 2023 21% | Dec 2023 31% | Mar 2024 15% | Jun 2024 16% | Sep 2024 23% | Dec 2024 31% | Mar 2025 17% | Jun 2025 17% | Sep 2025 23% | Dec 2025 31% | Mar 2026 14% | Jun 2026 —
- ONON: Sep 2021 11% | Dec 2021 -93% | Mar 2022 1.4% | Jun 2022 9.0% | Sep 2022 12% | Dec 2022 4.0% | Mar 2023 10% | Jun 2023 8.9% | Sep 2023 12% | Dec 2023 9.1% | Mar 2024 7.6% | Jun 2024 8.3% | Sep 2024 11% | Dec 2024 8.8% | Mar 2025 11% | Jun 2025 12% | Sep 2025 16% | Dec 2025 11% | Mar 2026 14% | Jun 2026 —
- BIRK: Sep 2021 — | Dec 2021 29% | Mar 2022 29% | Jun 2022 32% | Sep 2022 27% | Dec 2022 5.7% | Mar 2023 26% | Jun 2023 25% | Sep 2023 6.7% | Dec 2023 12% | Mar 2024 28% | Jun 2024 28% | Sep 2024 21% | Dec 2024 18% | Mar 2025 31% | Jun 2025 31% | Sep 2025 21% | Dec 2025 20% | Mar 2026 25% | Jun 2026 —
- CROX: Sep 2021 32% | Dec 2021 27% | Mar 2022 18% | Jun 2022 26% | Sep 2022 27% | Dec 2022 23% | Mar 2023 27% | Jun 2023 30% | Sep 2023 26% | Dec 2023 22% | Mar 2024 24% | Jun 2024 29% | Sep 2024 25% | Dec 2024 20% | Mar 2025 24% | Jun 2025 -37% | Sep 2025 21% | Dec 2025 15% | Mar 2026 22% | Jun 2026 —
- SHOO: Sep 2021 17% | Dec 2021 14% | Mar 2022 18% | Jun 2022 12% | Sep 2022 14% | Dec 2022 8.4% | Mar 2023 10% | Jun 2023 9.9% | Sep 2023 15% | Dec 2023 7.7% | Mar 2024 10% | Jun 2024 9.0% | Sep 2024 12% | Dec 2024 8.0% | Mar 2025 9.7% | Jun 2025 -7.2% | Sep 2025 4.7% | Dec 2025 4.8% | Mar 2026 15% | Jun 2026 —
- WWW: Sep 2021 10% | Dec 2021 6.7% | Mar 2022 -1.4% | Jun 2022 3.2% | Sep 2022 24% | Dec 2022 8.5% | Mar 2023 — | Jun 2023 7.6% | Sep 2023 7.8% | Dec 2023 -35% | Mar 2024 -0.8% | Jun 2024 6.8% | Sep 2024 7.9% | Dec 2024 8.0% | Mar 2025 5.1% | Jun 2025 8.6% | Sep 2025 8.4% | Dec 2025 — | Mar 2026 9.4% | Jun 2026 7.4%
- WEYS: Sep 2021 11% | Dec 2021 13% | Mar 2022 6.7% | Jun 2022 7.6% | Sep 2022 15% | Dec 2022 15% | Mar 2023 12% | Jun 2023 10% | Sep 2023 15% | Dec 2023 14% | Mar 2024 12% | Jun 2024 10% | Sep 2024 14% | Dec 2024 14% | Mar 2025 10% | Jun 2025 6.7% | Sep 2025 11% | Dec 2025 13% | Mar 2026 11% | Jun 2026 —
- DBI: Sep 2021 7.5% | Dec 2021 12% | Mar 2022 2.7% | Jun 2022 6.4% | Sep 2022 7.9% | Dec 2022 7.5% | Mar 2023 0.3% | Jun 2023 2.6% | Sep 2023 7.7% | Dec 2023 3.6% | Mar 2024 -4.8% | Jun 2024 1.3% | Sep 2024 3.7% | Dec 2024 2.9% | Mar 2025 -3.6% | Jun 2025 -1.2% | Sep 2025 3.6% | Dec 2025 5.7% | Mar 2026 -2.0% | Jun 2026 2.7%
- RCKY: Sep 2021 2.2% | Dec 2021 11% | Mar 2022 7.9% | Jun 2022 3.5% | Sep 2022 7.9% | Dec 2022 9.8% | Mar 2023 3.8% | Jun 2023 2.2% | Sep 2023 11% | Dec 2023 12% | Mar 2024 7.1% | Jun 2024 4.6% | Sep 2024 8.8% | Dec 2024 6.6% | Mar 2025 7.6% | Jun 2025 6.8% | Sep 2025 9.6% | Dec 2025 6.9% | Mar 2026 2.9% | Jun 2026 —
- FWDI: Sep 2021 -0.5% | Dec 2021 1.8% | Mar 2022 -3.1% | Jun 2022 -3.6% | Sep 2022 -7.6% | Dec 2022 -1.3% | Mar 2023 -0.9% | Jun 2023 0.9% | Sep 2023 1.4% | Dec 2023 -2.7% | Mar 2024 -12% | Jun 2024 -9.1% | Sep 2024 -15% | Dec 2024 -19% | Mar 2025 -58% | Jun 2025 -103% | Sep 2025 -39% | Dec 2025 — | Mar 2026 — | Jun 2026 —
- FOSL: Sep 2021 3.5% | Dec 2021 9.7% | Mar 2022 7.8% | Jun 2022 -3.8% | Sep 2022 -2.9% | Dec 2022 5.2% | Mar 2023 — | Jun 2023 -12% | Sep 2023 -11% | Dec 2023 -5.7% | Mar 2024 -12% | Jun 2024 -13% | Sep 2024 -8.5% | Dec 2024 -4.8% | Mar 2025 — | Jun 2025 -2.9% | Sep 2025 3.9% | Dec 2025 -8.0% | Mar 2026 0.3% | Jun 2026 5.4%
- VRA: Sep 2021 8.6% | Dec 2021 5.9% | Mar 2022 5.5% | Jun 2022 -8.4% | Sep 2022 -33% | Dec 2022 4.8% | Mar 2023 -34% | Jun 2023 -6.8% | Sep 2023 10% | Dec 2023 5.9% | Mar 2024 -2.1% | Jun 2024 -16% | Sep 2024 2.5% | Dec 2024 -12% | Mar 2025 -14% | Jun 2025 -35% | Sep 2025 -6.5% | Dec 2025 -20% | Mar 2026 3.2% | Jun 2026 -8.3%

### 20-quarter Margin change history
- NKE: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −3.9 pp | Dec 2022 −0.9 pp | Mar 2023 −3.6 pp | Jun 2023 −2.5 pp | Sep 2023 −1.0 pp | Dec 2023 +1.7 pp | Mar 2024 −0.7 pp | Jun 2024 +2.8 pp | Sep 2024 −2.0 pp | Dec 2024 −2.4 pp | Mar 2025 −3.7 pp | Jun 2025 −9.4 pp | Sep 2025 −2.5 pp | Dec 2025 −3.1 pp | Mar 2026 −2.1 pp | Jun 2026 +9.0 pp
- DECK: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 −3.1 pp | Sep 2022 −3.2 pp | Dec 2022 +2.3 pp | Mar 2023 +2.4 pp | Jun 2023 +1.3 pp | Sep 2023 +6.0 pp | Dec 2023 +4.3 pp | Mar 2024 +1.6 pp | Jun 2024 +5.6 pp | Sep 2024 +2.7 pp | Dec 2024 −0.3 pp | Mar 2025 +2.0 pp | Jun 2025 +1.0 pp | Sep 2025 −0.5 pp | Dec 2025 +0.4 pp | Mar 2026 −3.0 pp | Jun 2026 —
- ONON: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 −4.4 pp | Sep 2022 +1.4 pp | Dec 2022 +96.9 pp | Mar 2023 +8.7 pp | Jun 2023 −0.1 pp | Sep 2023 −0.4 pp | Dec 2023 +5.1 pp | Mar 2024 −2.5 pp | Jun 2024 −0.6 pp | Sep 2024 −0.6 pp | Dec 2024 −0.3 pp | Mar 2025 +3.0 pp | Jun 2025 +4.1 pp | Sep 2025 +4.3 pp | Dec 2025 +2.3 pp | Mar 2026 +3.5 pp | Jun 2026 —
- BIRK: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 −22.9 pp | Mar 2023 −2.5 pp | Jun 2023 −7.4 pp | Sep 2023 −19.9 pp | Dec 2023 +6.0 pp | Mar 2024 +1.4 pp | Jun 2024 +2.6 pp | Sep 2024 +14.7 pp | Dec 2024 +6.0 pp | Mar 2025 +3.0 pp | Jun 2025 +3.7 pp | Sep 2025 −0.1 pp | Dec 2025 +1.8 pp | Mar 2026 −5.4 pp | Jun 2026 —
- CROX: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 −4.8 pp | Sep 2022 −5.6 pp | Dec 2022 −4.0 pp | Mar 2023 +8.6 pp | Jun 2023 +4.0 pp | Sep 2023 −0.6 pp | Dec 2023 −1.5 pp | Mar 2024 −2.5 pp | Jun 2024 −0.4 pp | Sep 2024 −0.8 pp | Dec 2024 −1.6 pp | Mar 2025 −0.3 pp | Jun 2025 −66.5 pp | Sep 2025 −4.6 pp | Dec 2025 −4.9 pp | Mar 2026 −2.0 pp | Jun 2026 —
- SHOO: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 +0.2 pp | Sep 2022 −2.6 pp | Dec 2022 −5.3 pp | Mar 2023 −7.5 pp | Jun 2023 −2.3 pp | Sep 2023 +0.9 pp | Dec 2023 −0.7 pp | Mar 2024 +0.3 pp | Jun 2024 −0.9 pp | Sep 2024 −3.1 pp | Dec 2024 +0.3 pp | Mar 2025 −0.6 pp | Jun 2025 −16.2 pp | Sep 2025 −7.2 pp | Dec 2025 −3.2 pp | Mar 2026 +5.4 pp | Jun 2026 —
- WWW: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +13.4 pp | Dec 2022 +1.8 pp | Mar 2023 — | Jun 2023 +4.4 pp | Sep 2023 −15.7 pp | Dec 2023 −43.7 pp | Mar 2024 — | Jun 2024 −0.8 pp | Sep 2024 +0.1 pp | Dec 2024 +43.2 pp | Mar 2025 +5.9 pp | Jun 2025 +1.8 pp | Sep 2025 +0.5 pp | Dec 2025 — | Mar 2026 +4.3 pp | Jun 2026 −1.2 pp
- WEYS: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 −0.3 pp | Sep 2022 +3.8 pp | Dec 2022 +2.6 pp | Mar 2023 +5.3 pp | Jun 2023 +2.4 pp | Sep 2023 +0.1 pp | Dec 2023 −0.9 pp | Mar 2024 −0.5 pp | Jun 2024 +0.4 pp | Sep 2024 −1.1 pp | Dec 2024 0.0 pp | Mar 2025 −1.2 pp | Jun 2025 −3.7 pp | Sep 2025 −2.7 pp | Dec 2025 −1.0 pp | Mar 2026 +0.7 pp | Jun 2026 —
- DBI: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +0.4 pp | Dec 2022 −4.7 pp | Mar 2023 −2.4 pp | Jun 2023 −3.8 pp | Sep 2023 −0.2 pp | Dec 2023 −3.9 pp | Mar 2024 −5.1 pp | Jun 2024 −1.3 pp | Sep 2024 −4.0 pp | Dec 2024 −0.7 pp | Mar 2025 +1.2 pp | Jun 2025 −2.5 pp | Sep 2025 −0.1 pp | Dec 2025 +2.8 pp | Mar 2026 +1.6 pp | Jun 2026 +3.9 pp
- RCKY: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 −2.9 pp | Sep 2022 +5.7 pp | Dec 2022 −0.9 pp | Mar 2023 −4.1 pp | Jun 2023 −1.3 pp | Sep 2023 +3.5 pp | Dec 2023 +1.9 pp | Mar 2024 +3.3 pp | Jun 2024 +2.4 pp | Sep 2024 −2.6 pp | Dec 2024 −5.1 pp | Mar 2025 +0.5 pp | Jun 2025 +2.2 pp | Sep 2025 +0.8 pp | Dec 2025 +0.3 pp | Mar 2026 −4.7 pp | Jun 2026 —
- FWDI: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 −6.3 pp | Sep 2022 −7.1 pp | Dec 2022 −3.1 pp | Mar 2023 +2.2 pp | Jun 2023 +4.5 pp | Sep 2023 +9.0 pp | Dec 2023 −1.4 pp | Mar 2024 −11.3 pp | Jun 2024 −10.0 pp | Sep 2024 −16.3 pp | Dec 2024 −16.7 pp | Mar 2025 −46.1 pp | Jun 2025 −93.5 pp | Sep 2025 −24.3 pp | Dec 2025 −2,703.4 pp | Mar 2026 −2,133.6 pp | Jun 2026 —
- FOSL: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −6.4 pp | Dec 2022 −4.5 pp | Mar 2023 — | Jun 2023 −7.7 pp | Sep 2023 −8.1 pp | Dec 2023 −10.9 pp | Mar 2024 — | Jun 2024 −1.6 pp | Sep 2024 +2.5 pp | Dec 2024 +0.9 pp | Mar 2025 — | Jun 2025 +10.2 pp | Sep 2025 +12.4 pp | Dec 2025 −3.2 pp | Mar 2026 — | Jun 2026 +8.3 pp
- VRA: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −41.4 pp | Dec 2022 −1.1 pp | Mar 2023 −39.3 pp | Jun 2023 +1.6 pp | Sep 2023 +42.8 pp | Dec 2023 +1.1 pp | Mar 2024 +31.7 pp | Jun 2024 −8.8 pp | Sep 2024 −7.5 pp | Dec 2024 −17.5 pp | Mar 2025 −12.3 pp | Jun 2025 −19.0 pp | Sep 2025 −9.0 pp | Dec 2025 −8.0 pp | Mar 2026 +17.6 pp | Jun 2026 +26.3 pp

## Profit Scale & Acceleration

What the numbers say: NIKE, Inc. leads with $3,108 million of TTM profit, 773% above Birkenstock Holding plc. Birkenstock Holding plc shows 41.3% growth from a $356 million profit base. Compare the size of the base and persistence before ranking acceleration above profit scale.

Investor read: NIKE, Inc. sets the level benchmark; use the change leader as an inflection watch only after another comparable report confirms it.

This conclusion weakens if: The next two comparable reports reverse the current profit growth signal.

Evidence: NIKE, Inc. · $3,108 million | 773% versus #2 · Birkenstock Holding plc | 1/8 recent comparable periods | 11/13 companies · 247 observations

Definition: Net profit is the residual after operating costs, interest and tax. Growth off a loss or near-zero base is excluded from the fastest-grower rank.

### Net profit — largest
1. NIKE, Inc. (NKE): ₹3.1K Cr
2. Birkenstock Holding plc (BIRK): ₹356 Cr
3. On Holding AG (ONON): ₹250 Cr
4. Steven Madden, Ltd. (SHOO): ₹80 Cr
5. Weyco Group, Inc. (WEYS): ₹24 Cr

### Profit growth — fastest growers
1. Birkenstock Holding plc (BIRK): 41%
2. Rocky Brands, Inc. (RCKY): 36%
3. On Holding AG (ONON): 20%
4. NIKE, Inc. (NKE): -3.5%
5. Weyco Group, Inc. (WEYS): -20%

### 20-quarter Net profit history
- NKE: Sep 2021 ₹1.9K Cr | Dec 2021 ₹1.3K Cr | Mar 2022 ₹1.4K Cr | Jun 2022 ₹1.4K Cr | Sep 2022 ₹1.5K Cr | Dec 2022 ₹1.3K Cr | Mar 2023 ₹1.2K Cr | Jun 2023 ₹1.0K Cr | Sep 2023 ₹1.5K Cr | Dec 2023 ₹1.6K Cr | Mar 2024 ₹1.2K Cr | Jun 2024 ₹1.5K Cr | Sep 2024 ₹1.1K Cr | Dec 2024 ₹1.2K Cr | Mar 2025 ₹794 Cr | Jun 2025 ₹211 Cr | Sep 2025 ₹727 Cr | Dec 2025 ₹792 Cr | Mar 2026 ₹520 Cr | Jun 2026 ₹1.1K Cr
- DECK: Sep 2021 ₹102 Cr | Dec 2021 ₹233 Cr | Mar 2022 ₹69 Cr | Jun 2022 ₹45 Cr | Sep 2022 ₹102 Cr | Dec 2022 ₹279 Cr | Mar 2023 ₹92 Cr | Jun 2023 ₹64 Cr | Sep 2023 ₹179 Cr | Dec 2023 ₹390 Cr | Mar 2024 ₹128 Cr | Jun 2024 ₹116 Cr | Sep 2024 ₹242 Cr | Dec 2024 ₹457 Cr | Mar 2025 ₹151 Cr | Jun 2025 ₹139 Cr | Sep 2025 ₹268 Cr | Dec 2025 ₹481 Cr | Mar 2026 ₹136 Cr | Jun 2026 —
- ONON: Sep 2021 ₹13 Cr | Dec 2021 ₹-187 Cr | Mar 2022 ₹14 Cr | Jun 2022 ₹49 Cr | Sep 2022 ₹21 Cr | Dec 2022 ₹-26 Cr | Mar 2023 ₹44 Cr | Jun 2023 ₹3 Cr | Sep 2023 ₹59 Cr | Dec 2023 ₹-27 Cr | Mar 2024 ₹91 Cr | Jun 2024 ₹31 Cr | Sep 2024 ₹31 Cr | Dec 2024 ₹90 Cr | Mar 2025 ₹57 Cr | Jun 2025 ₹-41 Cr | Sep 2025 ₹119 Cr | Dec 2025 ₹69 Cr | Mar 2026 ₹103 Cr | Jun 2026 —
- BIRK: Sep 2021 — | Dec 2021 ₹37 Cr | Mar 2022 ₹37 Cr | Jun 2022 ₹56 Cr | Sep 2022 ₹58 Cr | Dec 2022 ₹-9 Cr | Mar 2023 ₹49 Cr | Jun 2023 ₹63 Cr | Sep 2023 ₹-28 Cr | Dec 2023 ₹-7 Cr | Mar 2024 ₹72 Cr | Jun 2024 ₹75 Cr | Sep 2024 ₹52 Cr | Dec 2024 ₹20 Cr | Mar 2025 ₹105 Cr | Jun 2025 ₹129 Cr | Sep 2025 ₹94 Cr | Dec 2025 ₹51 Cr | Mar 2026 ₹82 Cr | Jun 2026 —
- CROX: Sep 2021 ₹153 Cr | Dec 2021 ₹155 Cr | Mar 2022 ₹73 Cr | Jun 2022 ₹160 Cr | Sep 2022 ₹169 Cr | Dec 2022 ₹138 Cr | Mar 2023 ₹150 Cr | Jun 2023 ₹212 Cr | Sep 2023 ₹177 Cr | Dec 2023 ₹254 Cr | Mar 2024 ₹152 Cr | Jun 2024 ₹229 Cr | Sep 2024 ₹200 Cr | Dec 2024 ₹369 Cr | Mar 2025 ₹160 Cr | Jun 2025 ₹-492 Cr | Sep 2025 ₹146 Cr | Dec 2025 ₹105 Cr | Mar 2026 ₹138 Cr | Jun 2026 —
- SHOO: Sep 2021 ₹67 Cr | Dec 2021 ₹66 Cr | Mar 2022 ₹75 Cr | Jun 2022 ₹49 Cr | Sep 2022 ₹62 Cr | Dec 2022 ₹32 Cr | Mar 2023 ₹37 Cr | Jun 2023 ₹35 Cr | Sep 2023 ₹65 Cr | Dec 2023 ₹37 Cr | Mar 2024 ₹45 Cr | Jun 2024 ₹37 Cr | Sep 2024 ₹57 Cr | Dec 2024 ₹38 Cr | Mar 2025 ₹41 Cr | Jun 2025 ₹-39 Cr | Sep 2025 ₹22 Cr | Dec 2025 ₹25 Cr | Mar 2026 ₹72 Cr | Jun 2026 —
- WWW: Sep 2021 ₹44 Cr | Dec 2021 ₹-1 Cr | Mar 2022 ₹-15 Cr | Jun 2022 ₹8 Cr | Sep 2022 ₹125 Cr | Dec 2022 ₹39 Cr | Mar 2023 — | Jun 2023 ₹18 Cr | Sep 2023 ₹24 Cr | Dec 2023 ₹-90 Cr | Mar 2024 ₹-14 Cr | Jun 2024 ₹16 Cr | Sep 2024 ₹24 Cr | Dec 2024 ₹24 Cr | Mar 2025 ₹13 Cr | Jun 2025 ₹29 Cr | Sep 2025 ₹26 Cr | Dec 2025 — | Mar 2026 ₹33 Cr | Jun 2026 ₹22 Cr
- WEYS: Sep 2021 ₹5 Cr | Dec 2021 ₹10 Cr | Mar 2022 ₹4 Cr | Jun 2022 ₹4 Cr | Sep 2022 ₹11 Cr | Dec 2022 ₹10 Cr | Mar 2023 ₹7 Cr | Jun 2023 ₹5 Cr | Sep 2023 ₹9 Cr | Dec 2023 ₹9 Cr | Mar 2024 ₹7 Cr | Jun 2024 ₹6 Cr | Sep 2024 ₹8 Cr | Dec 2024 ₹10 Cr | Mar 2025 ₹6 Cr | Jun 2025 ₹2 Cr | Sep 2025 ₹7 Cr | Dec 2025 ₹9 Cr | Mar 2026 ₹6 Cr | Jun 2026 —
- DBI: Sep 2021 ₹43 Cr | Dec 2021 ₹80 Cr | Mar 2022 ₹14 Cr | Jun 2022 ₹26 Cr | Sep 2022 ₹46 Cr | Dec 2022 ₹45 Cr | Mar 2023 ₹45 Cr | Jun 2023 ₹11 Cr | Sep 2023 ₹37 Cr | Dec 2023 ₹10 Cr | Mar 2024 ₹-30 Cr | Jun 2024 ₹1 Cr | Sep 2024 ₹14 Cr | Dec 2024 ₹13 Cr | Mar 2025 ₹-38 Cr | Jun 2025 ₹-18 Cr | Sep 2025 ₹11 Cr | Dec 2025 ₹19 Cr | Mar 2026 ₹-19 Cr | Jun 2026 ₹3 Cr
- RCKY: Sep 2021 ₹0 Cr | Dec 2021 ₹13 Cr | Mar 2022 ₹7 Cr | Jun 2022 ₹1 Cr | Sep 2022 ₹6 Cr | Dec 2022 ₹7 Cr | Mar 2023 ₹0 Cr | Jun 2023 ₹-3 Cr | Sep 2023 ₹7 Cr | Dec 2023 ₹7 Cr | Mar 2024 ₹3 Cr | Jun 2024 ₹-1 Cr | Sep 2024 ₹5 Cr | Dec 2024 ₹5 Cr | Mar 2025 ₹5 Cr | Jun 2025 ₹4 Cr | Sep 2025 ₹7 Cr | Dec 2025 ₹7 Cr | Mar 2026 ₹1 Cr | Jun 2026 —
- FWDI: Sep 2021 ₹0 Cr | Dec 2021 ₹0 Cr | Mar 2022 ₹0 Cr | Jun 2022 ₹0 Cr | Sep 2022 ₹-1 Cr | Dec 2022 ₹0 Cr | Mar 2023 ₹0 Cr | Jun 2023 ₹0 Cr | Sep 2023 ₹0 Cr | Dec 2023 ₹0 Cr | Mar 2024 ₹-1 Cr | Jun 2024 ₹0 Cr | Sep 2024 ₹-1 Cr | Dec 2024 ₹-1 Cr | Mar 2025 ₹-2 Cr | Jun 2025 ₹-2 Cr | Sep 2025 ₹-164 Cr | Dec 2025 ₹-586 Cr | Mar 2026 ₹-283 Cr | Jun 2026 —
- FOSL: Sep 2021 ₹-1 Cr | Dec 2021 ₹32 Cr | Mar 2022 ₹20 Cr | Jun 2022 ₹-21 Cr | Sep 2022 ₹-19 Cr | Dec 2022 ₹6 Cr | Mar 2023 — | Jun 2023 ₹-41 Cr | Sep 2023 ₹-26 Cr | Dec 2023 ₹-28 Cr | Mar 2024 ₹-24 Cr | Jun 2024 ₹-39 Cr | Sep 2024 ₹-32 Cr | Dec 2024 ₹-11 Cr | Mar 2025 — | Jun 2025 ₹-18 Cr | Sep 2025 ₹-2 Cr | Dec 2025 ₹-40 Cr | Mar 2026 ₹-18 Cr | Jun 2026 ₹-1 Cr
- VRA: Sep 2021 ₹10 Cr | Dec 2021 ₹6 Cr | Mar 2022 ₹6 Cr | Jun 2022 ₹-7 Cr | Sep 2022 ₹-37 Cr | Dec 2022 ₹5 Cr | Mar 2023 ₹-41 Cr | Jun 2023 ₹-5 Cr | Sep 2023 ₹9 Cr | Dec 2023 ₹5 Cr | Mar 2024 ₹-2 Cr | Jun 2024 ₹-8 Cr | Sep 2024 ₹8 Cr | Dec 2024 ₹-13 Cr | Mar 2025 ₹-20 Cr | Jun 2025 ₹-18 Cr | Sep 2025 ₹-5 Cr | Dec 2025 ₹-12 Cr | Mar 2026 ₹3 Cr | Jun 2026 ₹-5 Cr

### 20-quarter Profit growth history
- NKE: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 -22% | Dec 2022 -0.5% | Mar 2023 -11% | Jun 2023 -28% | Sep 2023 -1.2% | Dec 2023 19% | Mar 2024 -5.5% | Jun 2024 45% | Sep 2024 -28% | Dec 2024 -26% | Mar 2025 -32% | Jun 2025 -86% | Sep 2025 -31% | Dec 2025 -32% | Mar 2026 -35% | Jun 2026 407%
- DECK: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 -6.3% | Sep 2022 0.0% | Dec 2022 20% | Mar 2023 33% | Jun 2023 42% | Sep 2023 75% | Dec 2023 40% | Mar 2024 39% | Jun 2024 81% | Sep 2024 35% | Dec 2024 17% | Mar 2025 18% | Jun 2025 20% | Sep 2025 11% | Dec 2025 5.3% | Mar 2026 -9.9% | Jun 2026 —
- ONON: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 250% | Sep 2022 62% | Dec 2022 — | Mar 2023 214% | Jun 2023 -94% | Sep 2023 181% | Dec 2023 — | Mar 2024 107% | Jun 2024 933% | Sep 2024 -47% | Dec 2024 — | Mar 2025 -37% | Jun 2025 -232% | Sep 2025 284% | Dec 2025 -23% | Mar 2026 81% | Jun 2026 —
- BIRK: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 -124% | Mar 2023 32% | Jun 2023 13% | Sep 2023 -148% | Dec 2023 — | Mar 2024 47% | Jun 2024 19% | Sep 2024 — | Dec 2024 — | Mar 2025 46% | Jun 2025 72% | Sep 2025 81% | Dec 2025 155% | Mar 2026 -22% | Jun 2026 —
- CROX: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 -50% | Sep 2022 10% | Dec 2022 -11% | Mar 2023 105% | Jun 2023 33% | Sep 2023 4.7% | Dec 2023 84% | Mar 2024 1.3% | Jun 2024 8.0% | Sep 2024 13% | Dec 2024 45% | Mar 2025 5.3% | Jun 2025 -315% | Sep 2025 -27% | Dec 2025 -72% | Mar 2026 -14% | Jun 2026 —
- SHOO: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 32% | Sep 2022 -7.5% | Dec 2022 -52% | Mar 2023 -51% | Jun 2023 -29% | Sep 2023 4.8% | Dec 2023 16% | Mar 2024 22% | Jun 2024 5.7% | Sep 2024 -12% | Dec 2024 2.7% | Mar 2025 -8.9% | Jun 2025 -205% | Sep 2025 -61% | Dec 2025 -34% | Mar 2026 76% | Jun 2026 —
- WWW: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 184% | Dec 2022 — | Mar 2023 — | Jun 2023 125% | Sep 2023 -81% | Dec 2023 -331% | Mar 2024 — | Jun 2024 -11% | Sep 2024 0.0% | Dec 2024 — | Mar 2025 — | Jun 2025 81% | Sep 2025 8.3% | Dec 2025 — | Mar 2026 154% | Jun 2026 -24%
- WEYS: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 0.0% | Sep 2022 120% | Dec 2022 0.0% | Mar 2023 75% | Jun 2023 25% | Sep 2023 -18% | Dec 2023 -10% | Mar 2024 0.0% | Jun 2024 20% | Sep 2024 -11% | Dec 2024 11% | Mar 2025 -14% | Jun 2025 -67% | Sep 2025 -13% | Dec 2025 -10% | Mar 2026 0.0% | Jun 2026 —
- DBI: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 7.0% | Dec 2022 -44% | Mar 2023 221% | Jun 2023 -58% | Sep 2023 -20% | Dec 2023 -78% | Mar 2024 -167% | Jun 2024 -91% | Sep 2024 -62% | Dec 2024 30% | Mar 2025 — | Jun 2025 -1,900% | Sep 2025 -21% | Dec 2025 46% | Mar 2026 — | Jun 2026 —
- RCKY: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 -75% | Sep 2022 — | Dec 2022 -46% | Mar 2023 -100% | Jun 2023 -400% | Sep 2023 17% | Dec 2023 0.0% | Mar 2024 — | Jun 2024 — | Sep 2024 -29% | Dec 2024 -29% | Mar 2025 67% | Jun 2025 — | Sep 2025 40% | Dec 2025 40% | Mar 2026 -80% | Jun 2026 —
- FOSL: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 -81% | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 -567% | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 —
- VRA: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 -470% | Dec 2022 -17% | Mar 2023 -783% | Jun 2023 — | Sep 2023 — | Dec 2023 0.0% | Mar 2024 — | Jun 2024 — | Sep 2024 -11% | Dec 2024 -360% | Mar 2025 — | Jun 2025 — | Sep 2025 -163% | Dec 2025 — | Mar 2026 — | Jun 2026 —

## Capacity Spending & Returns On It

What the numbers say: NIKE, Inc. reports $138 million of CAPEX; Birkenstock Holding plc has the highest covered intensity at 3.4%. Coverage is only 13 of 13 companies and 245 reported observations, so this is partial evidence—not a complete sector rank.

Investor read: Use the CAPEX rank as a diligence queue. Verify commissioning, utilization, cash conversion and post-investment ROCE before treating spend as value creation.

This conclusion weakens if: CAPEX rises without higher utilization, operating cash flow or incremental returns.

Evidence: NIKE, Inc. · $138 million | 557.1% versus #2 · Birkenstock Holding plc | 8/8 recent comparable periods | 13/13 companies · 245 observations

Definition: CAPEX is cash spent on property, plant, equipment and other reported capital assets. CAPEX intensity divides that spend by revenue; high intensity is a reinvestment signal, not proof that the reinvestment will earn attractive returns.

### CAPEX — largest spenders
1. NIKE, Inc. (NKE): ₹138 Cr
2. Birkenstock Holding plc (BIRK): ₹21 Cr
3. Crocs, Inc. (CROX): ₹18 Cr
4. Deckers Outdoor Corporation (DECK): ₹17 Cr
5. On Holding AG (ONON): ₹17 Cr

### CAPEX intensity — highest reinvestment intensity
1. Birkenstock Holding plc (BIRK): 3.4%
2. Crocs, Inc. (CROX): 2.0%
3. On Holding AG (ONON): 2.0%
4. Deckers Outdoor Corporation (DECK): 1.5%
5. Weyco Group, Inc. (WEYS): 1.5%

### 20-quarter CAPEX history
- NKE: Sep 2021 ₹184 Cr | Dec 2021 ₹178 Cr | Mar 2022 ₹154 Cr | Jun 2022 ₹242 Cr | Sep 2022 ₹264 Cr | Dec 2022 ₹236 Cr | Mar 2023 ₹200 Cr | Jun 2023 ₹269 Cr | Sep 2023 ₹253 Cr | Dec 2023 ₹205 Cr | Mar 2024 ₹141 Cr | Jun 2024 ₹213 Cr | Sep 2024 ₹120 Cr | Dec 2024 ₹129 Cr | Mar 2025 ₹81 Cr | Jun 2025 ₹100 Cr | Sep 2025 ₹207 Cr | Dec 2025 ₹193 Cr | Mar 2026 ₹146 Cr | Jun 2026 ₹138 Cr
- DECK: Sep 2021 ₹11 Cr | Dec 2021 ₹15 Cr | Mar 2022 ₹10 Cr | Jun 2022 ₹12 Cr | Sep 2022 ₹12 Cr | Dec 2022 ₹32 Cr | Mar 2023 ₹25 Cr | Jun 2023 ₹31 Cr | Sep 2023 ₹27 Cr | Dec 2023 ₹17 Cr | Mar 2024 ₹15 Cr | Jun 2024 ₹23 Cr | Sep 2024 ₹23 Cr | Dec 2024 ₹24 Cr | Mar 2025 ₹16 Cr | Jun 2025 ₹24 Cr | Sep 2025 ₹22 Cr | Dec 2025 ₹22 Cr | Mar 2026 ₹17 Cr | Jun 2026 —
- ONON: Sep 2021 ₹9 Cr | Dec 2021 ₹13 Cr | Mar 2022 ₹14 Cr | Jun 2022 ₹10 Cr | Sep 2022 ₹20 Cr | Dec 2022 ₹17 Cr | Mar 2023 ₹9 Cr | Jun 2023 ₹10 Cr | Sep 2023 ₹8 Cr | Dec 2023 ₹16 Cr | Mar 2024 ₹8 Cr | Jun 2024 ₹16 Cr | Sep 2024 ₹18 Cr | Dec 2024 ₹19 Cr | Mar 2025 ₹11 Cr | Jun 2025 ₹16 Cr | Sep 2025 ₹19 Cr | Dec 2025 ₹27 Cr | Mar 2026 ₹17 Cr | Jun 2026 —
- BIRK: Sep 2021 — | Dec 2021 ₹6 Cr | Mar 2022 ₹6 Cr | Jun 2022 ₹24 Cr | Sep 2022 ₹35 Cr | Dec 2022 ₹26 Cr | Mar 2023 ₹25 Cr | Jun 2023 — | Sep 2023 ₹24 Cr | Dec 2023 ₹18 Cr | Mar 2024 ₹17 Cr | Jun 2024 ₹15 Cr | Sep 2024 ₹16 Cr | Dec 2024 ₹15 Cr | Mar 2025 ₹19 Cr | Jun 2025 ₹21 Cr | Sep 2025 ₹23 Cr | Dec 2025 ₹37 Cr | Mar 2026 ₹21 Cr | Jun 2026 —
- CROX: Sep 2021 ₹14 Cr | Dec 2021 ₹20 Cr | Mar 2022 ₹40 Cr | Jun 2022 ₹17 Cr | Sep 2022 ₹33 Cr | Dec 2022 ₹15 Cr | Mar 2023 ₹28 Cr | Jun 2023 ₹24 Cr | Sep 2023 ₹35 Cr | Dec 2023 ₹29 Cr | Mar 2024 ₹16 Cr | Jun 2024 ₹17 Cr | Sep 2024 ₹18 Cr | Dec 2024 ₹18 Cr | Mar 2025 ₹15 Cr | Jun 2025 ₹17 Cr | Sep 2025 ₹13 Cr | Dec 2025 ₹6 Cr | Mar 2026 ₹18 Cr | Jun 2026 —
- SHOO: Sep 2021 ₹2 Cr | Dec 2021 ₹2 Cr | Mar 2022 ₹4 Cr | Jun 2022 ₹2 Cr | Sep 2022 ₹5 Cr | Dec 2022 ₹6 Cr | Mar 2023 ₹4 Cr | Jun 2023 ₹4 Cr | Sep 2023 ₹6 Cr | Dec 2023 ₹6 Cr | Mar 2024 ₹4 Cr | Jun 2024 ₹5 Cr | Sep 2024 ₹7 Cr | Dec 2024 ₹9 Cr | Mar 2025 ₹10 Cr | Jun 2025 ₹8 Cr | Sep 2025 ₹15 Cr | Dec 2025 ₹10 Cr | Mar 2026 ₹6 Cr | Jun 2026 —
- WWW: Sep 2021 ₹5 Cr | Dec 2021 ₹3 Cr | Mar 2022 ₹8 Cr | Jun 2022 ₹8 Cr | Sep 2022 ₹9 Cr | Dec 2022 ₹7 Cr | Mar 2023 — | Jun 2023 ₹7 Cr | Sep 2023 ₹7 Cr | Dec 2023 ₹4 Cr | Mar 2024 ₹5 Cr | Jun 2024 ₹3 Cr | Sep 2024 ₹4 Cr | Dec 2024 ₹8 Cr | Mar 2025 ₹8 Cr | Jun 2025 ₹3 Cr | Sep 2025 ₹3 Cr | Dec 2025 — | Mar 2026 ₹1 Cr | Jun 2026 ₹2 Cr
- WEYS: Sep 2021 ₹0 Cr | Dec 2021 ₹0 Cr | Mar 2022 ₹0 Cr | Jun 2022 ₹0 Cr | Sep 2022 ₹1 Cr | Dec 2022 ₹1 Cr | Mar 2023 ₹1 Cr | Jun 2023 ₹1 Cr | Sep 2023 ₹1 Cr | Dec 2023 ₹1 Cr | Mar 2024 ₹0 Cr | Jun 2024 ₹0 Cr | Sep 2024 ₹1 Cr | Dec 2024 ₹0 Cr | Mar 2025 ₹0 Cr | Jun 2025 ₹0 Cr | Sep 2025 ₹0 Cr | Dec 2025 ₹1 Cr | Mar 2026 ₹1 Cr | Jun 2026 —
- DBI: Sep 2021 ₹8 Cr | Dec 2021 ₹9 Cr | Mar 2022 ₹11 Cr | Jun 2022 ₹12 Cr | Sep 2022 ₹15 Cr | Dec 2022 ₹15 Cr | Mar 2023 ₹13 Cr | Jun 2023 ₹14 Cr | Sep 2023 ₹11 Cr | Dec 2023 ₹17 Cr | Mar 2024 ₹13 Cr | Jun 2024 ₹16 Cr | Sep 2024 ₹14 Cr | Dec 2024 ₹9 Cr | Mar 2025 ₹12 Cr | Jun 2025 ₹7 Cr | Sep 2025 ₹10 Cr | Dec 2025 ₹9 Cr | Mar 2026 ₹6 Cr | Jun 2026 ₹10 Cr
- RCKY: Sep 2021 ₹6 Cr | Dec 2021 ₹5 Cr | Mar 2022 ₹1 Cr | Jun 2022 ₹2 Cr | Sep 2022 ₹2 Cr | Dec 2022 ₹1 Cr | Mar 2023 ₹0 Cr | Jun 2023 ₹1 Cr | Sep 2023 ₹1 Cr | Dec 2023 ₹1 Cr | Mar 2024 ₹0 Cr | Jun 2024 ₹2 Cr | Sep 2024 ₹1 Cr | Dec 2024 ₹1 Cr | Mar 2025 ₹1 Cr | Jun 2025 ₹3 Cr | Sep 2025 ₹2 Cr | Dec 2025 ₹1 Cr | Mar 2026 ₹1 Cr | Jun 2026 —
- FWDI: Sep 2021 ₹0 Cr | Dec 2021 ₹0 Cr | Mar 2022 ₹0 Cr | Jun 2022 ₹0 Cr | Sep 2022 ₹0 Cr | Dec 2022 ₹0 Cr | Mar 2023 ₹0 Cr | Jun 2023 ₹0 Cr | Sep 2023 ₹0 Cr | Dec 2023 ₹0 Cr | Mar 2024 ₹0 Cr | Jun 2024 ₹0 Cr | Sep 2024 ₹0 Cr | Dec 2024 ₹0 Cr | Mar 2025 ₹0 Cr | Jun 2025 ₹0 Cr | Sep 2025 ₹0 Cr | Dec 2025 — | Mar 2026 ₹0 Cr | Jun 2026 —
- FOSL: Sep 2021 ₹1 Cr | Dec 2021 ₹3 Cr | Mar 2022 ₹4 Cr | Jun 2022 ₹3 Cr | Sep 2022 ₹2 Cr | Dec 2022 ₹4 Cr | Mar 2023 — | Jun 2023 ₹3 Cr | Sep 2023 ₹2 Cr | Dec 2023 ₹1 Cr | Mar 2024 ₹2 Cr | Jun 2024 ₹2 Cr | Sep 2024 ₹1 Cr | Dec 2024 ₹2 Cr | Mar 2025 — | Jun 2025 ₹0 Cr | Sep 2025 ₹1 Cr | Dec 2025 ₹0 Cr | Mar 2026 ₹1 Cr | Jun 2026 ₹1 Cr
- VRA: Sep 2021 ₹2 Cr | Dec 2021 ₹2 Cr | Mar 2022 ₹1 Cr | Jun 2022 ₹2 Cr | Sep 2022 ₹3 Cr | Dec 2022 ₹3 Cr | Mar 2023 ₹1 Cr | Jun 2023 ₹1 Cr | Sep 2023 ₹1 Cr | Dec 2023 ₹1 Cr | Mar 2024 ₹1 Cr | Jun 2024 ₹1 Cr | Sep 2024 ₹3 Cr | Dec 2024 ₹2 Cr | Mar 2025 ₹4 Cr | Jun 2025 ₹2 Cr | Sep 2025 ₹1 Cr | Dec 2025 ₹0 Cr | Mar 2026 ₹0 Cr | Jun 2026 ₹0 Cr

### 20-quarter CAPEX intensity history
- NKE: Sep 2021 1.5% | Dec 2021 1.6% | Mar 2022 1.4% | Jun 2022 2.0% | Sep 2022 2.1% | Dec 2022 1.8% | Mar 2023 1.6% | Jun 2023 2.1% | Sep 2023 2.0% | Dec 2023 1.5% | Mar 2024 1.1% | Jun 2024 1.7% | Sep 2024 1.0% | Dec 2024 1.0% | Mar 2025 0.7% | Jun 2025 0.9% | Sep 2025 1.8% | Dec 2025 1.6% | Mar 2026 1.3% | Jun 2026 1.3%
- DECK: Sep 2021 1.5% | Dec 2021 1.3% | Mar 2022 1.4% | Jun 2022 2.0% | Sep 2022 1.4% | Dec 2022 2.4% | Mar 2023 3.2% | Jun 2023 4.6% | Sep 2023 2.5% | Dec 2023 1.1% | Mar 2024 1.6% | Jun 2024 2.8% | Sep 2024 1.8% | Dec 2024 1.3% | Mar 2025 1.6% | Jun 2025 2.5% | Sep 2025 1.5% | Dec 2025 1.1% | Mar 2026 1.5% | Jun 2026 —
- ONON: Sep 2021 4.1% | Dec 2021 6.8% | Mar 2022 5.9% | Jun 2022 3.4% | Sep 2022 6.1% | Dec 2022 4.6% | Mar 2023 2.1% | Jun 2023 2.3% | Sep 2023 1.7% | Dec 2023 3.6% | Mar 2024 1.6% | Jun 2024 2.8% | Sep 2024 2.8% | Dec 2024 3.1% | Mar 2025 1.5% | Jun 2025 2.1% | Sep 2025 2.4% | Dec 2025 3.6% | Mar 2026 2.0% | Jun 2026 —
- BIRK: Sep 2021 — | Dec 2021 2.2% | Mar 2022 2.2% | Jun 2022 6.3% | Sep 2022 11% | Dec 2022 11% | Mar 2023 6.3% | Jun 2023 — | Sep 2023 6.4% | Dec 2023 5.9% | Mar 2024 3.5% | Jun 2024 2.7% | Sep 2024 3.5% | Dec 2024 4.1% | Mar 2025 3.3% | Jun 2025 3.3% | Sep 2025 4.4% | Dec 2025 9.2% | Mar 2026 3.4% | Jun 2026 —
- CROX: Sep 2021 2.2% | Dec 2021 3.4% | Mar 2022 6.1% | Jun 2022 1.8% | Sep 2022 3.4% | Dec 2022 1.6% | Mar 2023 3.2% | Jun 2023 2.2% | Sep 2023 3.3% | Dec 2023 3.0% | Mar 2024 1.7% | Jun 2024 1.5% | Sep 2024 1.7% | Dec 2024 1.8% | Mar 2025 1.6% | Jun 2025 1.5% | Sep 2025 1.3% | Dec 2025 0.6% | Mar 2026 2.0% | Jun 2026 —
- SHOO: Sep 2021 0.4% | Dec 2021 0.3% | Mar 2022 0.7% | Jun 2022 0.4% | Sep 2022 0.9% | Dec 2022 1.3% | Mar 2023 0.9% | Jun 2023 0.9% | Sep 2023 1.1% | Dec 2023 1.2% | Mar 2024 0.7% | Jun 2024 1.0% | Sep 2024 1.1% | Dec 2024 1.5% | Mar 2025 1.8% | Jun 2025 1.4% | Sep 2025 2.2% | Dec 2025 1.3% | Mar 2026 0.9% | Jun 2026 —
- WWW: Sep 2021 0.8% | Dec 2021 0.5% | Mar 2022 1.3% | Jun 2022 1.3% | Sep 2022 1.3% | Dec 2022 1.0% | Mar 2023 — | Jun 2023 1.2% | Sep 2023 1.2% | Dec 2023 0.8% | Mar 2024 1.3% | Jun 2024 0.7% | Sep 2024 0.9% | Dec 2024 1.6% | Mar 2025 1.9% | Jun 2025 0.6% | Sep 2025 0.6% | Dec 2025 — | Mar 2026 0.2% | Jun 2026 0.4%
- WEYS: Sep 2021 0.0% | Dec 2021 0.0% | Mar 2022 0.0% | Jun 2022 0.0% | Sep 2022 1.0% | Dec 2022 1.0% | Mar 2023 1.2% | Jun 2023 1.5% | Sep 2023 1.2% | Dec 2023 1.2% | Mar 2024 0.0% | Jun 2024 0.0% | Sep 2024 1.4% | Dec 2024 0.0% | Mar 2025 0.0% | Jun 2025 0.0% | Sep 2025 0.0% | Dec 2025 1.3% | Mar 2026 1.5% | Jun 2026 —
- DBI: Sep 2021 1.0% | Dec 2021 1.1% | Mar 2022 1.3% | Jun 2022 1.4% | Sep 2022 1.7% | Dec 2022 1.7% | Mar 2023 1.7% | Jun 2023 1.9% | Sep 2023 1.4% | Dec 2023 2.2% | Mar 2024 1.7% | Jun 2024 2.1% | Sep 2024 1.8% | Dec 2024 1.2% | Mar 2025 1.7% | Jun 2025 1.0% | Sep 2025 1.4% | Dec 2025 1.2% | Mar 2026 0.8% | Jun 2026 1.4%
- RCKY: Sep 2021 4.8% | Dec 2021 3.0% | Mar 2022 0.6% | Jun 2022 1.2% | Sep 2022 1.4% | Dec 2022 0.7% | Mar 2023 0.0% | Jun 2023 1.0% | Sep 2023 0.8% | Dec 2023 0.8% | Mar 2024 0.0% | Jun 2024 2.0% | Sep 2024 0.9% | Dec 2024 0.8% | Mar 2025 0.9% | Jun 2025 2.8% | Sep 2025 1.6% | Dec 2025 0.7% | Mar 2026 0.8% | Jun 2026 —
- FWDI: Sep 2021 0.0% | Dec 2021 0.0% | Mar 2022 0.0% | Jun 2022 0.0% | Sep 2022 0.0% | Dec 2022 0.0% | Mar 2023 0.0% | Jun 2023 0.0% | Sep 2023 0.0% | Dec 2023 0.0% | Mar 2024 0.0% | Jun 2024 0.0% | Sep 2024 0.0% | Dec 2024 0.0% | Mar 2025 0.0% | Jun 2025 0.0% | Sep 2025 0.0% | Dec 2025 — | Mar 2026 0.0% | Jun 2026 —
- FOSL: Sep 2021 0.2% | Dec 2021 0.6% | Mar 2022 0.7% | Jun 2022 0.8% | Sep 2022 0.5% | Dec 2022 0.9% | Mar 2023 — | Jun 2023 0.9% | Sep 2023 0.6% | Dec 2023 0.2% | Mar 2024 0.8% | Jun 2024 0.8% | Sep 2024 0.3% | Dec 2024 0.6% | Mar 2025 — | Jun 2025 0.0% | Sep 2025 0.5% | Dec 2025 0.0% | Mar 2026 0.4% | Jun 2026 0.4%
- VRA: Sep 2021 1.4% | Dec 2021 1.5% | Mar 2022 0.7% | Jun 2022 2.0% | Sep 2022 2.3% | Dec 2022 2.4% | Mar 2023 0.7% | Jun 2023 1.1% | Sep 2023 0.8% | Dec 2023 0.9% | Mar 2024 0.8% | Jun 2024 1.5% | Sep 2024 3.2% | Dec 2024 2.9% | Mar 2025 4.7% | Jun 2025 3.8% | Sep 2025 1.4% | Dec 2025 0.0% | Mar 2026 0.0% | Jun 2026 0.0%

## Debt Load & Balance-Sheet Headroom

What the numbers say: Deckers Outdoor Corporation has the clearest covered balance-sheet capacity with $1,131 million net cash and gross debt of $472 million. Absolute debt alone does not identify the strongest balance sheet because company scale differs; net debt and debt-to-equity carry more information.

Investor read: Prioritize net-cash capacity and leverage relative to operating scale, not the smallest absolute rupee debt.

This conclusion weakens if: Net debt rises faster than revenue and profit for two consecutive reported periods.

Evidence: Weyco Group, Inc. · $10 million | 81.1% versus #2 · Forward Industries, Inc. | 8/8 recent comparable periods | 13/13 companies · 244 observations

Definition: Gross debt shows contractual borrowings. Net debt subtracts reported cash; a negative value means net cash. Lower debt can create capacity, but should be read against the scale and capital intensity of the business.

### Gross debt — lowest gross debt
1. Weyco Group, Inc. (WEYS): ₹10 Cr
2. Forward Industries, Inc. (FWDI): ₹53 Cr
3. Vera Bradley, Inc. (VRA): ₹65 Cr
4. Rocky Brands, Inc. (RCKY): ₹128 Cr
5. Fossil Group, Inc. (FOSL): ₹334 Cr

### Net debt — lowest net debt
1. Deckers Outdoor Corporation (DECK): ₹-1.1K Cr
2. On Holding AG (ONON): ₹-550 Cr
3. Weyco Group, Inc. (WEYS): ₹-82 Cr
4. Forward Industries, Inc. (FWDI): ₹36 Cr
5. Vera Bradley, Inc. (VRA): ₹52 Cr

### 20-quarter Gross debt history
- NKE: Sep 2021 ₹12.8K Cr | Dec 2021 ₹12.7K Cr | Mar 2022 ₹12.7K Cr | Jun 2022 ₹12.6K Cr | Sep 2022 ₹12.6K Cr | Dec 2022 ₹12.5K Cr | Mar 2023 ₹12.6K Cr | Jun 2023 ₹12.1K Cr | Sep 2023 ₹12.2K Cr | Dec 2023 ₹12.2K Cr | Mar 2024 ₹12.1K Cr | Jun 2024 ₹12.0K Cr | Sep 2024 ₹12.1K Cr | Dec 2024 ₹12.1K Cr | Mar 2025 ₹11.9K Cr | Jun 2025 ₹11.0K Cr | Sep 2025 ₹11.1K Cr | Dec 2025 ₹11.3K Cr | Mar 2026 ₹11.2K Cr | Jun 2026 ₹11.0K Cr
- DECK: Sep 2021 ₹182 Cr | Dec 2021 ₹171 Cr | Mar 2022 ₹172 Cr | Jun 2022 ₹159 Cr | Sep 2022 ₹197 Cr | Dec 2022 ₹151 Cr | Mar 2023 ₹196 Cr | Jun 2023 ₹209 Cr | Sep 2023 ₹202 Cr | Dec 2023 ₹223 Cr | Mar 2024 ₹213 Cr | Jun 2024 ₹216 Cr | Sep 2024 ₹210 Cr | Dec 2024 ₹211 Cr | Mar 2025 ₹277 Cr | Jun 2025 ₹247 Cr | Sep 2025 ₹275 Cr | Dec 2025 ₹266 Cr | Mar 2026 ₹375 Cr | Jun 2026 ₹472 Cr
- ONON: Sep 2021 ₹0 Cr | Dec 2021 ₹0 Cr | Mar 2022 ₹0 Cr | Jun 2022 ₹0 Cr | Sep 2022 ₹0 Cr | Dec 2022 ₹0 Cr | Mar 2023 ₹0 Cr | Jun 2023 ₹0 Cr | Sep 2023 ₹0 Cr | Dec 2023 ₹229 Cr | Mar 2024 ₹0 Cr | Jun 2024 ₹0 Cr | Sep 2024 ₹0 Cr | Dec 2024 ₹348 Cr | Mar 2025 ₹338 Cr | Jun 2025 ₹498 Cr | Sep 2025 ₹504 Cr | Dec 2025 ₹522 Cr | Mar 2026 ₹542 Cr | Jun 2026 —
- BIRK: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 ₹2.1K Cr | Sep 2022 ₹2.1K Cr | Dec 2022 — | Mar 2023 — | Jun 2023 ₹2.0K Cr | Sep 2023 ₹2.0K Cr | Dec 2023 ₹1.5K Cr | Mar 2024 ₹1.5K Cr | Jun 2024 ₹1.5K Cr | Sep 2024 ₹1.4K Cr | Dec 2024 ₹1.4K Cr | Mar 2025 ₹1.4K Cr | Jun 2025 ₹1.4K Cr | Sep 2025 ₹1.3K Cr | Dec 2025 ₹1.3K Cr | Mar 2026 ₹1.4K Cr | Jun 2026 —
- CROX: Sep 2021 ₹889 Cr | Dec 2021 ₹964 Cr | Mar 2022 ₹3.1K Cr | Jun 2022 ₹3.0K Cr | Sep 2022 ₹2.9K Cr | Dec 2022 ₹2.6K Cr | Mar 2023 ₹2.6K Cr | Jun 2023 ₹2.3K Cr | Sep 2023 ₹2.3K Cr | Dec 2023 ₹2.0K Cr | Mar 2024 ₹2.1K Cr | Jun 2024 ₹1.9K Cr | Sep 2024 ₹1.8K Cr | Dec 2024 ₹1.7K Cr | Mar 2025 ₹1.9K Cr | Jun 2025 ₹1.8K Cr | Sep 2025 ₹1.7K Cr | Dec 2025 ₹1.6K Cr | Mar 2026 ₹1.7K Cr | Jun 2026 —
- SHOO: Sep 2021 ₹117 Cr | Dec 2021 ₹111 Cr | Mar 2022 ₹107 Cr | Jun 2022 ₹107 Cr | Sep 2022 ₹110 Cr | Dec 2022 ₹109 Cr | Mar 2023 ₹130 Cr | Jun 2023 ₹133 Cr | Sep 2023 ₹128 Cr | Dec 2023 ₹139 Cr | Mar 2024 ₹143 Cr | Jun 2024 ₹170 Cr | Sep 2024 ₹162 Cr | Dec 2024 ₹153 Cr | Mar 2025 ₹166 Cr | Jun 2025 ₹539 Cr | Sep 2025 ₹540 Cr | Dec 2025 ₹486 Cr | Mar 2026 ₹540 Cr | Jun 2026 —
- WWW: Sep 2021 ₹870 Cr | Dec 2021 ₹1.2K Cr | Mar 2022 ₹1.1K Cr | Jun 2022 ₹1.2K Cr | Sep 2022 ₹1.4K Cr | Dec 2022 ₹1.7K Cr | Mar 2023 — | Jun 2023 ₹1.4K Cr | Sep 2023 ₹1.3K Cr | Dec 2023 ₹1.1K Cr | Mar 2024 ₹1.0K Cr | Jun 2024 ₹967 Cr | Sep 2024 ₹859 Cr | Dec 2024 ₹798 Cr | Mar 2025 ₹860 Cr | Jun 2025 ₹861 Cr | Sep 2025 ₹822 Cr | Dec 2025 — | Mar 2026 ₹762 Cr | Jun 2026 ₹785 Cr
- WEYS: Sep 2021 ₹9 Cr | Dec 2021 ₹11 Cr | Mar 2022 ₹10 Cr | Jun 2022 ₹16 Cr | Sep 2022 ₹48 Cr | Dec 2022 ₹46 Cr | Mar 2023 ₹36 Cr | Jun 2023 ₹17 Cr | Sep 2023 ₹12 Cr | Dec 2023 ₹14 Cr | Mar 2024 ₹12 Cr | Jun 2024 ₹11 Cr | Sep 2024 ₹12 Cr | Dec 2024 ₹11 Cr | Mar 2025 ₹12 Cr | Jun 2025 ₹13 Cr | Sep 2025 ₹11 Cr | Dec 2025 ₹11 Cr | Mar 2026 ₹10 Cr | Jun 2026 —
- DBI: Sep 2021 ₹1.1K Cr | Dec 2021 ₹1.1K Cr | Mar 2022 ₹1.0K Cr | Jun 2022 ₹1.1K Cr | Sep 2022 ₹1.2K Cr | Dec 2022 ₹1.2K Cr | Mar 2023 ₹1.1K Cr | Jun 2023 ₹1.2K Cr | Sep 2023 ₹1.2K Cr | Dec 2023 ₹1.2K Cr | Mar 2024 ₹1.2K Cr | Jun 2024 ₹1.3K Cr | Sep 2024 ₹1.3K Cr | Dec 2024 ₹1.3K Cr | Mar 2025 ₹1.3K Cr | Jun 2025 ₹1.3K Cr | Sep 2025 ₹1.3K Cr | Dec 2025 ₹1.3K Cr | Mar 2026 ₹1.2K Cr | Jun 2026 ₹1.2K Cr
- RCKY: Sep 2021 ₹241 Cr | Dec 2021 ₹279 Cr | Mar 2022 ₹276 Cr | Jun 2022 ₹292 Cr | Sep 2022 ₹292 Cr | Dec 2022 ₹265 Cr | Mar 2023 ₹227 Cr | Jun 2023 ₹229 Cr | Sep 2023 ₹220 Cr | Dec 2023 ₹179 Cr | Mar 2024 ₹161 Cr | Jun 2024 ₹157 Cr | Sep 2024 ₹155 Cr | Dec 2024 ₹132 Cr | Mar 2025 ₹131 Cr | Jun 2025 ₹135 Cr | Sep 2025 ₹141 Cr | Dec 2025 ₹124 Cr | Mar 2026 ₹128 Cr | Jun 2026 —
- FWDI: Sep 2021 ₹5 Cr | Dec 2021 ₹6 Cr | Mar 2022 ₹5 Cr | Jun 2022 ₹5 Cr | Sep 2022 ₹5 Cr | Dec 2022 ₹5 Cr | Mar 2023 ₹5 Cr | Jun 2023 ₹5 Cr | Sep 2023 ₹4 Cr | Dec 2023 ₹4 Cr | Mar 2024 ₹4 Cr | Jun 2024 ₹4 Cr | Sep 2024 ₹3 Cr | Dec 2024 ₹3 Cr | Mar 2025 ₹3 Cr | Jun 2025 ₹3 Cr | Sep 2025 ₹3 Cr | Dec 2025 ₹6 Cr | Mar 2026 ₹53 Cr | Jun 2026 —
- FOSL: Sep 2021 ₹442 Cr | Dec 2021 ₹380 Cr | Mar 2022 ₹375 Cr | Jun 2022 ₹402 Cr | Sep 2022 ₹465 Cr | Dec 2022 ₹494 Cr | Mar 2023 — | Jun 2023 ₹421 Cr | Sep 2023 ₹424 Cr | Dec 2023 ₹389 Cr | Mar 2024 ₹373 Cr | Jun 2024 ₹324 Cr | Sep 2024 ₹337 Cr | Dec 2024 ₹316 Cr | Mar 2025 — | Jun 2025 ₹322 Cr | Sep 2025 ₹324 Cr | Dec 2025 ₹321 Cr | Mar 2026 ₹317 Cr | Jun 2026 ₹334 Cr
- VRA: Sep 2021 ₹109 Cr | Dec 2021 ₹104 Cr | Mar 2022 ₹100 Cr | Jun 2022 ₹99 Cr | Sep 2022 ₹104 Cr | Dec 2022 ₹100 Cr | Mar 2023 ₹94 Cr | Jun 2023 ₹92 Cr | Sep 2023 ₹86 Cr | Dec 2023 ₹83 Cr | Mar 2024 ₹81 Cr | Jun 2024 ₹78 Cr | Sep 2024 ₹76 Cr | Dec 2024 ₹95 Cr | Mar 2025 ₹85 Cr | Jun 2025 ₹81 Cr | Sep 2025 ₹86 Cr | Dec 2025 ₹86 Cr | Mar 2026 ₹71 Cr | Jun 2026 ₹65 Cr

### 20-quarter Net debt history
- NKE: Sep 2021 ₹-905 Cr | Dec 2021 ₹-2.4K Cr | Mar 2022 ₹-810 Cr | Jun 2022 ₹-370 Cr | Sep 2022 ₹715 Cr | Dec 2022 ₹1.9K Cr | Mar 2023 ₹1.8K Cr | Jun 2023 ₹1.5K Cr | Sep 2023 ₹3.4K Cr | Dec 2023 ₹2.3K Cr | Mar 2024 ₹1.5K Cr | Jun 2024 ₹370 Cr | Sep 2024 ₹1.8K Cr | Dec 2024 ₹2.3K Cr | Mar 2025 ₹1.5K Cr | Jun 2025 ₹1.9K Cr | Sep 2025 ₹2.5K Cr | Dec 2025 ₹2.9K Cr | Mar 2026 ₹3.1K Cr | Jun 2026 ₹2.0K Cr
- DECK: Sep 2021 ₹-564 Cr | Dec 2021 ₹-827 Cr | Mar 2022 ₹-672 Cr | Jun 2022 ₹-536 Cr | Sep 2022 ₹-222 Cr | Dec 2022 ₹-907 Cr | Mar 2023 ₹-786 Cr | Jun 2023 ₹-838 Cr | Sep 2023 ₹-621 Cr | Dec 2023 ₹-1.4K Cr | Mar 2024 ₹-1.3K Cr | Jun 2024 ₹-1.2K Cr | Sep 2024 ₹-1.0K Cr | Dec 2024 ₹-2.0K Cr | Mar 2025 ₹-1.6K Cr | Jun 2025 ₹-1.5K Cr | Sep 2025 ₹-1.1K Cr | Dec 2025 ₹-1.8K Cr | Mar 2026 ₹-1.5K Cr | Jun 2026 ₹-1.1K Cr
- ONON: Sep 2021 ₹-714 Cr | Dec 2021 ₹-683 Cr | Mar 2022 ₹-663 Cr | Jun 2022 ₹-616 Cr | Sep 2022 ₹-524 Cr | Dec 2022 ₹-404 Cr | Mar 2023 ₹-396 Cr | Jun 2023 ₹-380 Cr | Sep 2023 ₹-484 Cr | Dec 2023 ₹-300 Cr | Mar 2024 ₹-616 Cr | Jun 2024 ₹-691 Cr | Sep 2024 ₹-786 Cr | Dec 2024 ₹-633 Cr | Mar 2025 ₹-576 Cr | Jun 2025 ₹-400 Cr | Sep 2025 ₹-521 Cr | Dec 2025 ₹-557 Cr | Mar 2026 ₹-550 Cr | Jun 2026 —
- BIRK: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 ₹1.8K Cr | Sep 2022 ₹1.8K Cr | Dec 2022 — | Mar 2023 — | Jun 2023 ₹1.6K Cr | Sep 2023 ₹1.6K Cr | Dec 2023 ₹1.3K Cr | Mar 2024 ₹1.3K Cr | Jun 2024 ₹1.1K Cr | Sep 2024 ₹1.0K Cr | Dec 2024 ₹1.1K Cr | Mar 2025 ₹1.2K Cr | Jun 2025 ₹1.1K Cr | Sep 2025 ₹1.0K Cr | Dec 2025 ₹1.1K Cr | Mar 2026 ₹1.2K Cr | Jun 2026 —
- CROX: Sep 2021 ₹451 Cr | Dec 2021 ₹751 Cr | Mar 2022 ₹2.9K Cr | Jun 2022 ₹2.8K Cr | Sep 2022 ₹2.8K Cr | Dec 2022 ₹2.4K Cr | Mar 2023 ₹2.4K Cr | Jun 2023 ₹2.1K Cr | Sep 2023 ₹2.2K Cr | Dec 2023 ₹1.8K Cr | Mar 2024 ₹1.9K Cr | Jun 2024 ₹1.7K Cr | Sep 2024 ₹1.6K Cr | Dec 2024 ₹1.5K Cr | Mar 2025 ₹1.7K Cr | Jun 2025 ₹1.6K Cr | Sep 2025 ₹1.6K Cr | Dec 2025 ₹1.5K Cr | Mar 2026 ₹1.6K Cr | Jun 2026 —
- SHOO: Sep 2021 ₹-143 Cr | Dec 2021 ₹-153 Cr | Mar 2022 ₹-73 Cr | Jun 2022 ₹-73 Cr | Sep 2022 ₹-38 Cr | Dec 2022 ₹-181 Cr | Mar 2023 ₹-94 Cr | Jun 2023 ₹-141 Cr | Sep 2023 ₹-78 Cr | Dec 2023 ₹-81 Cr | Mar 2024 ₹0 Cr | Jun 2024 ₹-22 Cr | Sep 2024 ₹12 Cr | Dec 2024 ₹-50 Cr | Mar 2025 ₹19 Cr | Jun 2025 ₹427 Cr | Sep 2025 ₹431 Cr | Dec 2025 ₹374 Cr | Mar 2026 ₹463 Cr | Jun 2026 —
- WWW: Sep 2021 ₹524 Cr | Dec 2021 ₹993 Cr | Mar 2022 ₹961 Cr | Jun 2022 ₹1.1K Cr | Sep 2022 ₹1.3K Cr | Dec 2022 ₹1.5K Cr | Mar 2023 — | Jun 2023 ₹1.3K Cr | Sep 2023 ₹1.1K Cr | Dec 2023 ₹909 Cr | Mar 2024 ₹850 Cr | Jun 2024 ₹819 Cr | Sep 2024 ₹719 Cr | Dec 2024 ₹646 Cr | Mar 2025 ₹753 Cr | Jun 2025 ₹720 Cr | Sep 2025 ₹688 Cr | Dec 2025 — | Mar 2026 ₹556 Cr | Jun 2026 ₹665 Cr
- WEYS: Sep 2021 ₹-25 Cr | Dec 2021 ₹-17 Cr | Mar 2022 ₹-14 Cr | Jun 2022 ₹8 Cr | Sep 2022 ₹38 Cr | Dec 2022 ₹29 Cr | Mar 2023 ₹13 Cr | Jun 2023 ₹-6 Cr | Sep 2023 ₹-22 Cr | Dec 2023 ₹-62 Cr | Mar 2024 ₹-73 Cr | Jun 2024 ₹-74 Cr | Sep 2024 ₹-70 Cr | Dec 2024 ₹-61 Cr | Mar 2025 ₹-66 Cr | Jun 2025 ₹-71 Cr | Sep 2025 ₹-68 Cr | Dec 2025 ₹-86 Cr | Mar 2026 ₹-82 Cr | Jun 2026 —
- DBI: Sep 2021 ₹1.0K Cr | Dec 2021 ₹973 Cr | Mar 2022 ₹948 Cr | Jun 2022 ₹1.0K Cr | Sep 2022 ₹1.1K Cr | Dec 2022 ₹1.2K Cr | Mar 2023 ₹1.0K Cr | Jun 2023 ₹1.2K Cr | Sep 2023 ₹1.1K Cr | Dec 2023 ₹1.2K Cr | Mar 2024 ₹1.2K Cr | Jun 2024 ₹1.3K Cr | Sep 2024 ₹1.2K Cr | Dec 2024 ₹1.3K Cr | Mar 2025 ₹1.2K Cr | Jun 2025 ₹1.3K Cr | Sep 2025 ₹1.3K Cr | Dec 2025 ₹1.2K Cr | Mar 2026 ₹1.2K Cr | Jun 2026 ₹1.2K Cr
- RCKY: Sep 2021 ₹228 Cr | Dec 2021 ₹273 Cr | Mar 2022 ₹261 Cr | Jun 2022 ₹286 Cr | Sep 2022 ₹285 Cr | Dec 2022 ₹259 Cr | Mar 2023 ₹222 Cr | Jun 2023 ₹226 Cr | Sep 2023 ₹216 Cr | Dec 2023 ₹175 Cr | Mar 2024 ₹158 Cr | Jun 2024 ₹153 Cr | Sep 2024 ₹151 Cr | Dec 2024 ₹128 Cr | Mar 2025 ₹128 Cr | Jun 2025 ₹132 Cr | Sep 2025 ₹138 Cr | Dec 2025 ₹121 Cr | Mar 2026 ₹126 Cr | Jun 2026 —
- FWDI: Sep 2021 ₹4 Cr | Dec 2021 ₹4 Cr | Mar 2022 ₹3 Cr | Jun 2022 ₹3 Cr | Sep 2022 ₹2 Cr | Dec 2022 ₹3 Cr | Mar 2023 ₹3 Cr | Jun 2023 ₹2 Cr | Sep 2023 ₹1 Cr | Dec 2023 ₹1 Cr | Mar 2024 ₹2 Cr | Jun 2024 ₹1 Cr | Sep 2024 ₹0 Cr | Dec 2024 ₹0 Cr | Mar 2025 ₹1 Cr | Jun 2025 ₹2 Cr | Sep 2025 ₹-35 Cr | Dec 2025 ₹-19 Cr | Mar 2026 ₹36 Cr | Jun 2026 —
- FOSL: Sep 2021 ₹190 Cr | Dec 2021 ₹198 Cr | Mar 2022 ₹124 Cr | Jun 2022 ₹239 Cr | Sep 2022 ₹298 Cr | Dec 2022 ₹331 Cr | Mar 2023 — | Jun 2023 ₹294 Cr | Sep 2023 ₹292 Cr | Dec 2023 ₹272 Cr | Mar 2024 ₹260 Cr | Jun 2024 ₹219 Cr | Sep 2024 ₹231 Cr | Dec 2024 ₹192 Cr | Mar 2025 — | Jun 2025 ₹244 Cr | Sep 2025 ₹214 Cr | Dec 2025 ₹242 Cr | Mar 2026 ₹221 Cr | Jun 2026 ₹253 Cr
- VRA: Sep 2021 ₹33 Cr | Dec 2021 ₹29 Cr | Mar 2022 ₹12 Cr | Jun 2022 ₹35 Cr | Sep 2022 ₹66 Cr | Dec 2022 ₹75 Cr | Mar 2023 ₹47 Cr | Jun 2023 ₹67 Cr | Sep 2023 ₹37 Cr | Dec 2023 ₹31 Cr | Mar 2024 ₹4 Cr | Jun 2024 ₹23 Cr | Sep 2024 ₹32 Cr | Dec 2024 ₹81 Cr | Mar 2025 ₹56 Cr | Jun 2025 ₹70 Cr | Sep 2025 ₹71 Cr | Dec 2025 ₹75 Cr | Mar 2026 ₹52 Cr | Jun 2026 ₹52 Cr

## Return On Capital Employed

What the numbers say: Steven Madden, Ltd. leads ROCE at 7.8%, 2 percentage points above On Holding AG. Vera Bradley, Inc. has the strongest latest improvement at +4.5 percentage points. Read the leader beside the density of its reported history: a sparse high return is a candidate; a repeated high return is evidence of durability.

Investor read: Steven Madden, Ltd. sets the level benchmark; use the change leader as an inflection watch only after another comparable report confirms it.

This conclusion weakens if: The next two comparable reports reverse the current roce change signal.

Evidence: Steven Madden, Ltd. · 7.8% | 34.5% versus #2 · On Holding AG | 3/8 recent comparable periods | 13/13 companies · 239 observations

Definition: ROCE asks how much operating return the business earns on the capital employed. Direction matters, but a single exceptional year should not be mistaken for durability.

### ROCE — highest
1. Steven Madden, Ltd. (SHOO): 7.8%
2. On Holding AG (ONON): 5.8%
3. Deckers Outdoor Corporation (DECK): 5.5%
4. NIKE, Inc. (NKE): 5.1%
5. Crocs, Inc. (CROX): 5.0%

### ROCE change — fastest improvers
1. Vera Bradley, Inc. (VRA): +4.5 pp
2. Fossil Group, Inc. (FOSL): +4.2 pp
3. NIKE, Inc. (NKE): +3.9 pp
4. Steven Madden, Ltd. (SHOO): +2.5 pp
5. Designer Brands Inc. (DBI): +1.8 pp

### 20-quarter ROCE history
- NKE: Sep 2021 — | Dec 2021 5.2% | Mar 2022 5.7% | Jun 2022 5.1% | Sep 2022 5.7% | Dec 2022 5.3% | Mar 2023 4.8% | Jun 2023 4.2% | Sep 2023 5.5% | Dec 2023 6.3% | Mar 2024 4.7% | Jun 2024 5.5% | Sep 2024 4.4% | Dec 2024 5.0% | Mar 2025 2.9% | Jun 2025 1.2% | Sep 2025 3.5% | Dec 2025 3.8% | Mar 2026 2.1% | Jun 2026 5.1%
- DECK: Sep 2021 7.8% | Dec 2021 16% | Mar 2022 4.7% | Jun 2022 3.3% | Sep 2022 7.4% | Dec 2022 19% | Mar 2023 5.5% | Jun 2023 3.7% | Sep 2023 12% | Dec 2023 22% | Mar 2024 6.4% | Jun 2024 5.9% | Sep 2024 13% | Dec 2024 21% | Mar 2025 6.7% | Jun 2025 6.4% | Sep 2025 12% | Dec 2025 21% | Mar 2026 5.5% | Jun 2026 5.5%
- ONON: Sep 2021 3.5% | Dec 2021 -27% | Mar 2022 0.5% | Jun 2022 3.3% | Sep 2022 3.4% | Dec 2022 1.4% | Mar 2023 3.7% | Jun 2023 3.4% | Sep 2023 4.3% | Dec 2023 3.4% | Mar 2024 2.9% | Jun 2024 3.4% | Sep 2024 5.0% | Dec 2024 3.5% | Mar 2025 4.7% | Jun 2025 5.5% | Sep 2025 7.0% | Dec 2025 4.3% | Mar 2026 5.8% | Jun 2026 —
- BIRK: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 5.5% | Sep 2022 3.8% | Dec 2022 — | Mar 2023 — | Jun 2023 2.6% | Sep 2023 0.6% | Dec 2023 1.6% | Mar 2024 5.9% | Jun 2024 3.4% | Sep 2024 2.2% | Dec 2024 1.4% | Mar 2025 3.9% | Jun 2025 4.4% | Sep 2025 2.5% | Dec 2025 1.7% | Mar 2026 3.3% | Jun 2026 —
- CROX: Sep 2021 21% | Dec 2021 16% | Mar 2022 4.8% | Jun 2022 9.7% | Sep 2022 9.8% | Dec 2022 8.8% | Mar 2023 5.9% | Jun 2023 8.0% | Sep 2023 6.9% | Dec 2023 5.4% | Mar 2024 5.6% | Jun 2024 8.2% | Sep 2024 6.8% | Dec 2024 5.0% | Mar 2025 5.2% | Jun 2025 -11% | Sep 2025 5.4% | Dec 2025 3.9% | Mar 2026 5.0% | Jun 2026 —
- SHOO: Sep 2021 9.8% | Dec 2021 8.7% | Mar 2022 11% | Jun 2022 7.1% | Sep 2022 8.5% | Dec 2022 4.3% | Mar 2023 4.9% | Jun 2023 4.7% | Sep 2023 8.7% | Dec 2023 4.2% | Mar 2024 5.9% | Jun 2024 4.9% | Sep 2024 7.6% | Dec 2024 4.7% | Mar 2025 5.3% | Jun 2025 -3.4% | Sep 2025 2.6% | Dec 2025 3.0% | Mar 2026 7.8% | Jun 2026 —
- WWW: Sep 2021 — | Dec 2021 2.3% | Mar 2022 -0.5% | Jun 2022 1.1% | Sep 2022 9.2% | Dec 2022 3.2% | Mar 2023 — | Jun 2023 2.9% | Sep 2023 2.8% | Dec 2023 -14% | Mar 2024 -0.2% | Jun 2024 2.3% | Sep 2024 2.7% | Dec 2024 3.4% | Mar 2025 1.9% | Jun 2025 3.6% | Sep 2025 3.4% | Dec 2025 — | Mar 2026 4.2% | Jun 2026 2.9%
- WEYS: Sep 2021 2.9% | Dec 2021 5.4% | Mar 2022 2.3% | Jun 2022 2.4% | Sep 2022 5.9% | Dec 2022 6.0% | Mar 2023 4.1% | Jun 2023 2.6% | Sep 2023 4.8% | Dec 2023 4.3% | Mar 2024 3.0% | Jun 2024 2.4% | Sep 2024 3.6% | Dec 2024 4.1% | Mar 2025 2.5% | Jun 2025 1.4% | Sep 2025 2.8% | Dec 2025 3.7% | Mar 2026 2.7% | Jun 2026 —
- DBI: Sep 2021 — | Dec 2021 8.0% | Mar 2022 1.8% | Jun 2022 4.2% | Sep 2022 5.3% | Dec 2022 4.8% | Mar 2023 0.2% | Jun 2023 1.4% | Sep 2023 4.2% | Dec 2023 1.9% | Mar 2024 -2.5% | Jun 2024 0.6% | Sep 2024 1.9% | Dec 2024 1.5% | Mar 2025 -1.8% | Jun 2025 -0.5% | Sep 2025 1.8% | Dec 2025 2.9% | Mar 2026 -1.0% | Jun 2026 1.3%
- RCKY: Sep 2021 0.9% | Dec 2021 5.4% | Mar 2022 3.1% | Jun 2022 1.3% | Sep 2022 2.5% | Dec 2022 2.8% | Mar 2023 0.9% | Jun 2023 0.5% | Sep 2023 3.0% | Dec 2023 3.3% | Mar 2024 1.9% | Jun 2024 1.1% | Sep 2024 2.4% | Dec 2024 2.2% | Mar 2025 2.3% | Jun 2025 1.9% | Sep 2025 3.0% | Dec 2025 2.6% | Mar 2026 1.0% | Jun 2026 —
- FWDI: Sep 2021 -0.4% | Dec 2021 1.9% | Mar 2022 -2.8% | Jun 2022 -3.1% | Sep 2022 -6.3% | Dec 2022 -1.2% | Mar 2023 -0.9% | Jun 2023 1.4% | Sep 2023 2.6% | Dec 2023 -4.9% | Mar 2024 -9.0% | Jun 2024 -7.3% | Sep 2024 -12% | Dec 2024 -18% | Mar 2025 -35% | Jun 2025 -52% | Sep 2025 -0.4% | Dec 2025 -132% | Mar 2026 -102% | Jun 2026 —
- FOSL: Sep 2021 — | Dec 2021 5.4% | Mar 2022 5.4% | Jun 2022 -1.7% | Sep 2022 -1.3% | Dec 2022 2.7% | Mar 2023 — | Jun 2023 -4.6% | Sep 2023 -4.4% | Dec 2023 -3.3% | Mar 2024 -4.2% | Jun 2024 -5.4% | Sep 2024 -4.0% | Dec 2024 -3.0% | Mar 2025 — | Jun 2025 -1.3% | Sep 2025 1.8% | Dec 2025 -4.9% | Mar 2026 0.2% | Jun 2026 2.9%
- VRA: Sep 2021 — | Dec 2021 1.8% | Mar 2022 1.9% | Jun 2022 -1.9% | Sep 2022 -10% | Dec 2022 1.4% | Mar 2023 -13% | Jun 2023 -1.7% | Sep 2023 3.7% | Dec 2023 1.9% | Mar 2024 -0.9% | Jun 2024 -3.4% | Sep 2024 0.8% | Dec 2024 -2.6% | Mar 2025 -4.3% | Jun 2025 -6.9% | Sep 2025 -1.8% | Dec 2025 -4.9% | Mar 2026 1.3% | Jun 2026 -2.4%

### 20-quarter ROCE change history
- NKE: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 +0.1 pp | Mar 2023 −0.9 pp | Jun 2023 −0.9 pp | Sep 2023 −0.2 pp | Dec 2023 +1.0 pp | Mar 2024 −0.1 pp | Jun 2024 +1.3 pp | Sep 2024 −1.1 pp | Dec 2024 −1.3 pp | Mar 2025 −1.8 pp | Jun 2025 −4.3 pp | Sep 2025 −0.9 pp | Dec 2025 −1.2 pp | Mar 2026 −0.8 pp | Jun 2026 +3.9 pp
- DECK: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −0.4 pp | Dec 2022 +2.9 pp | Mar 2023 +0.8 pp | Jun 2023 +0.4 pp | Sep 2023 +4.3 pp | Dec 2023 +3.1 pp | Mar 2024 +0.9 pp | Jun 2024 +2.2 pp | Sep 2024 +1.5 pp | Dec 2024 −0.9 pp | Mar 2025 +0.3 pp | Jun 2025 +0.5 pp | Sep 2025 −1.0 pp | Dec 2025 −0.3 pp | Mar 2026 −1.2 pp | Jun 2026 −0.9 pp
- ONON: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −0.1 pp | Dec 2022 +28.1 pp | Mar 2023 +3.2 pp | Jun 2023 +0.1 pp | Sep 2023 +0.9 pp | Dec 2023 +2.0 pp | Mar 2024 −0.8 pp | Jun 2024 0.0 pp | Sep 2024 +0.7 pp | Dec 2024 +0.1 pp | Mar 2025 +1.8 pp | Jun 2025 +2.1 pp | Sep 2025 +2.0 pp | Dec 2025 +0.8 pp | Mar 2026 +1.1 pp | Jun 2026 —
- BIRK: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 −2.9 pp | Sep 2023 −3.2 pp | Dec 2023 — | Mar 2024 — | Jun 2024 +0.8 pp | Sep 2024 +1.6 pp | Dec 2024 −0.2 pp | Mar 2025 −2.0 pp | Jun 2025 +1.0 pp | Sep 2025 +0.3 pp | Dec 2025 +0.3 pp | Mar 2026 −0.6 pp | Jun 2026 —
- CROX: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −11.4 pp | Dec 2022 −7.3 pp | Mar 2023 +1.1 pp | Jun 2023 −1.7 pp | Sep 2023 −2.9 pp | Dec 2023 −3.4 pp | Mar 2024 −0.3 pp | Jun 2024 +0.2 pp | Sep 2024 −0.1 pp | Dec 2024 −0.4 pp | Mar 2025 −0.4 pp | Jun 2025 −19.2 pp | Sep 2025 −1.4 pp | Dec 2025 −1.1 pp | Mar 2026 −0.2 pp | Jun 2026 —
- SHOO: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −1.3 pp | Dec 2022 −4.4 pp | Mar 2023 −5.7 pp | Jun 2023 −2.4 pp | Sep 2023 +0.2 pp | Dec 2023 −0.1 pp | Mar 2024 +1.0 pp | Jun 2024 +0.2 pp | Sep 2024 −1.1 pp | Dec 2024 +0.5 pp | Mar 2025 −0.6 pp | Jun 2025 −8.3 pp | Sep 2025 −5.0 pp | Dec 2025 −1.7 pp | Mar 2026 +2.5 pp | Jun 2026 —
- WWW: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 +0.9 pp | Mar 2023 — | Jun 2023 +1.8 pp | Sep 2023 −6.4 pp | Dec 2023 −17.6 pp | Mar 2024 — | Jun 2024 −0.6 pp | Sep 2024 −0.1 pp | Dec 2024 +17.8 pp | Mar 2025 +2.1 pp | Jun 2025 +1.3 pp | Sep 2025 +0.7 pp | Dec 2025 — | Mar 2026 +2.3 pp | Jun 2026 −0.7 pp
- WEYS: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +3.0 pp | Dec 2022 +0.6 pp | Mar 2023 +1.8 pp | Jun 2023 +0.2 pp | Sep 2023 −1.1 pp | Dec 2023 −1.7 pp | Mar 2024 −1.1 pp | Jun 2024 −0.2 pp | Sep 2024 −1.2 pp | Dec 2024 −0.2 pp | Mar 2025 −0.5 pp | Jun 2025 −1.0 pp | Sep 2025 −0.8 pp | Dec 2025 −0.4 pp | Mar 2026 +0.2 pp | Jun 2026 —
- DBI: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 −3.2 pp | Mar 2023 −1.6 pp | Jun 2023 −2.8 pp | Sep 2023 −1.1 pp | Dec 2023 −2.9 pp | Mar 2024 −2.7 pp | Jun 2024 −0.8 pp | Sep 2024 −2.3 pp | Dec 2024 −0.4 pp | Mar 2025 +0.7 pp | Jun 2025 −1.1 pp | Sep 2025 −0.1 pp | Dec 2025 +1.4 pp | Mar 2026 +0.8 pp | Jun 2026 +1.8 pp
- RCKY: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +1.6 pp | Dec 2022 −2.6 pp | Mar 2023 −2.2 pp | Jun 2023 −0.8 pp | Sep 2023 +0.5 pp | Dec 2023 +0.5 pp | Mar 2024 +1.0 pp | Jun 2024 +0.6 pp | Sep 2024 −0.6 pp | Dec 2024 −1.1 pp | Mar 2025 +0.4 pp | Jun 2025 +0.8 pp | Sep 2025 +0.6 pp | Dec 2025 +0.4 pp | Mar 2026 −1.3 pp | Jun 2026 —
- FWDI: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −5.9 pp | Dec 2022 −3.1 pp | Mar 2023 +1.9 pp | Jun 2023 +4.5 pp | Sep 2023 +8.9 pp | Dec 2023 −3.7 pp | Mar 2024 −8.1 pp | Jun 2024 −8.7 pp | Sep 2024 −14.4 pp | Dec 2024 −13.5 pp | Mar 2025 −26.4 pp | Jun 2025 −44.6 pp | Sep 2025 +11.4 pp | Dec 2025 −113.1 pp | Mar 2026 −66.1 pp | Jun 2026 —
- FOSL: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 −2.7 pp | Mar 2023 — | Jun 2023 −2.9 pp | Sep 2023 −3.1 pp | Dec 2023 −6.0 pp | Mar 2024 — | Jun 2024 −0.8 pp | Sep 2024 +0.4 pp | Dec 2024 +0.3 pp | Mar 2025 — | Jun 2025 +4.1 pp | Sep 2025 +5.8 pp | Dec 2025 −1.9 pp | Mar 2026 — | Jun 2026 +4.2 pp
- VRA: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 −0.4 pp | Mar 2023 −14.7 pp | Jun 2023 +0.2 pp | Sep 2023 +14.1 pp | Dec 2023 +0.5 pp | Mar 2024 +11.9 pp | Jun 2024 −1.7 pp | Sep 2024 −2.9 pp | Dec 2024 −4.5 pp | Mar 2025 −3.4 pp | Jun 2025 −3.5 pp | Sep 2025 −2.6 pp | Dec 2025 −2.3 pp | Mar 2026 +5.6 pp | Jun 2026 +4.5 pp

## Valuation Against Growth & Quality

What the numbers say: Birkenstock Holding plc has the lowest comparable Guarded PEG at 0.38×, 15.6% below Rocky Brands, Inc.. Only 6 of 13 companies pass the guard, so no broad “cheapest stock” conclusion is defensible unless the current multiple, own-history position and growth durability agree.

Investor read: Treat valuation as permission to investigate, never as a standalone reason to buy.

This conclusion weakens if: The next two comparable reports reverse the current p/e signal.

Evidence: Birkenstock Holding plc · 0.38× | 15.6% versus #2 · Rocky Brands, Inc. | 0/8 recent comparable periods | 6/13 companies · 38 observations

Definition: PEG is shown only when earnings are positive and three-year EPS growth is between 5% and 60%. It is recomputed consistently as the trailing P/E divided by that growth rate — reported earnings, never an expected-earnings multiple. On Indian companies it is shown only where the two data sources reconciled. A missing PEG is more honest than a low-base fiction.

### Guarded PEG — lowest PEG
1. Birkenstock Holding plc (BIRK): 0.4
2. Rocky Brands, Inc. (RCKY): 0.5
3. Weyco Group, Inc. (WEYS): 1.0
4. On Holding AG (ONON): 1.6
5. NIKE, Inc. (NKE): 3.1

### P/E — lowest P/E
1. Weyco Group, Inc. (WEYS): 12.9
2. Wolverine World Wide, Inc. (WWW): 12.9
3. Deckers Outdoor Corporation (DECK): 14.1
4. Rocky Brands, Inc. (RCKY): 15.7
5. Birkenstock Holding plc (BIRK): 16.1

### 20-quarter Guarded PEG history
- NKE: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 1.7 | Sep 2024 3.1 | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 —
- DECK: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 1.2 | Jun 2023 1.1 | Sep 2023 0.5 | Dec 2023 0.5 | Mar 2024 0.6 | Jun 2024 0.6 | Sep 2024 0.6 | Dec 2024 1.0 | Mar 2025 0.6 | Jun 2025 0.6 | Sep 2025 0.8 | Dec 2025 1.0 | Mar 2026 1.3 | Jun 2026 —
- ONON: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 1.8 | Jun 2024 — | Sep 2024 2.2 | Dec 2024 — | Mar 2025 1.1 | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 1.6 | Jun 2026 —
- BIRK: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 0.4 | Jun 2026 —
- CROX: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 0.5 | Sep 2023 0.4 | Dec 2023 0.2 | Mar 2024 0.4 | Jun 2024 0.5 | Sep 2024 0.4 | Dec 2024 0.3 | Mar 2025 0.3 | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 —
- SHOO: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 1.2 | Sep 2024 3.9 | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 —
- WEYS: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 0.2 | Jun 2023 0.2 | Sep 2023 1.0 | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 —
- RCKY: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 0.7 | Dec 2024 2.4 | Mar 2025 — | Jun 2025 0.4 | Sep 2025 0.2 | Dec 2025 — | Mar 2026 0.5 | Jun 2026 —

### 20-quarter P/E history
- NKE: Sep 2021 — | Dec 2021 44.3 | Mar 2022 36.0 | Jun 2022 31.7 | Sep 2022 30.2 | Dec 2022 30.9 | Mar 2023 34.2 | Jun 2023 32.6 | Sep 2023 31.4 | Dec 2023 32.2 | Mar 2024 30.6 | Jun 2024 25.5 | Sep 2024 23.9 | Dec 2024 24.3 | Mar 2025 26.4 | Jun 2025 28.1 | Sep 2025 39.7 | Dec 2025 38.0 | Mar 2026 41.2 | Jun 2026 22.0
- DECK: Sep 2021 23.2 | Dec 2021 24.5 | Mar 2022 16.8 | Jun 2022 15.7 | Sep 2022 19.1 | Dec 2022 21.6 | Mar 2023 23.2 | Jun 2023 26.2 | Sep 2023 22.2 | Dec 2023 24.0 | Mar 2024 32.3 | Jun 2024 30.9 | Sep 2024 28.1 | Dec 2024 33.0 | Mar 2025 17.7 | Jun 2025 15.8 | Sep 2025 15.0 | Dec 2025 14.6 | Mar 2026 14.3 | Jun 2026 14.1
- ONON: Sep 2021 702.5 | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 88.1 | Mar 2023 105.2 | Jun 2023 227.2 | Sep 2023 101.9 | Dec 2023 90.7 | Mar 2024 81.8 | Jun 2024 74.2 | Sep 2024 111.6 | Dec 2024 66.9 | Mar 2025 62.6 | Jun 2025 100.7 | Sep 2025 49.6 | Dec 2025 60.5 | Mar 2026 35.7 | Jun 2026 —
- BIRK: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 102.5 | Mar 2024 81.1 | Jun 2024 86.0 | Sep 2024 43.4 | Dec 2024 46.5 | Mar 2025 31.4 | Jun 2025 25.5 | Sep 2025 20.6 | Dec 2025 17.2 | Mar 2026 16.1 | Jun 2026 —
- CROX: Sep 2021 12.5 | Dec 2021 11.3 | Mar 2022 6.9 | Jun 2022 5.6 | Sep 2022 7.6 | Dec 2022 12.5 | Mar 2023 12.8 | Jun 2023 10.5 | Sep 2023 8.1 | Dec 2023 7.3 | Mar 2024 11.1 | Jun 2024 11.0 | Sep 2024 10.5 | Dec 2024 6.9 | Mar 2025 6.5 | Jun 2025 27.2 | Sep 2025 27.2 | Dec 2025 — | Mar 2026 — | Jun 2026 —
- SHOO: Sep 2021 22.2 | Dec 2021 19.9 | Mar 2022 12.8 | Jun 2022 10.1 | Sep 2022 8.4 | Dec 2022 11.5 | Mar 2023 15.6 | Jun 2023 15.2 | Sep 2023 14.3 | Dec 2023 18.3 | Mar 2024 17.5 | Jun 2024 17.3 | Sep 2024 20.9 | Dec 2024 18.1 | Mar 2025 11.5 | Jun 2025 18.9 | Sep 2025 42.4 | Dec 2025 66.1 | Mar 2026 32.3 | Jun 2026 —
- WWW: Sep 2021 — | Dec 2021 — | Mar 2022 35.6 | Jun 2022 47.2 | Sep 2022 13.6 | Dec 2022 7.9 | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 40.9 | Mar 2025 15.6 | Jun 2025 18.0 | Sep 2025 26.6 | Dec 2025 — | Mar 2026 16.0 | Jun 2026 12.9
- WEYS: Sep 2021 14.4 | Dec 2021 11.3 | Mar 2022 10.3 | Jun 2022 9.9 | Sep 2022 6.6 | Dec 2022 6.9 | Mar 2023 7.4 | Jun 2023 7.7 | Sep 2023 7.6 | Dec 2023 9.9 | Mar 2024 10.4 | Jun 2024 9.6 | Sep 2024 11.3 | Dec 2024 11.9 | Mar 2025 10.0 | Jun 2025 12.3 | Sep 2025 11.9 | Dec 2025 12.7 | Mar 2026 12.9 | Jun 2026 —
- DBI: Sep 2021 — | Dec 2021 — | Mar 2022 6.4 | Jun 2022 6.5 | Sep 2022 6.6 | Dec 2022 8.5 | Mar 2023 4.7 | Jun 2023 3.9 | Sep 2023 4.9 | Dec 2023 6.7 | Mar 2024 20.0 | Jun 2024 43.3 | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 39.8
- RCKY: Sep 2021 19.8 | Dec 2021 14.4 | Mar 2022 13.2 | Jun 2022 12.4 | Sep 2022 5.6 | Dec 2022 8.5 | Mar 2023 13.3 | Jun 2023 16.9 | Sep 2023 10.5 | Dec 2023 21.4 | Mar 2024 15.0 | Jun 2024 18.4 | Sep 2024 17.9 | Dec 2024 15.0 | Mar 2025 9.5 | Jun 2025 9.0 | Sep 2025 10.9 | Dec 2025 9.9 | Mar 2026 15.7 | Jun 2026 —
- FWDI: Sep 2021 47.8 | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 —
- FOSL: Sep 2021 — | Dec 2021 399.7 | Mar 2022 21.4 | Jun 2022 17.9 | Sep 2022 26.8 | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 —
- VRA: Sep 2021 — | Dec 2021 16.4 | Mar 2022 15.2 | Jun 2022 16.6 | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 31.4 | Jun 2024 45.6 | Sep 2024 152.0 | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 —

## Enterprise Value & Book Value

What the numbers say: Weyco Group, Inc. leads ev/ebitda at 6.84×; Forward Industries, Inc. leads p/bv at 0.61×.

Investor read: Treat valuation as permission to investigate, never as a standalone reason to buy.

This conclusion weakens if: The next two comparable reports reverse the current p/bv signal.

Evidence: Weyco Group, Inc. · 6.84× | 31.2% versus #2 · Rocky Brands, Inc. | 0/8 recent comparable periods | 13/13 companies · 195 observations

Definition: EV/EBITDA includes debt in enterprise value and is useful across different capital structures. P/BV prices the company against its own book. Both are market multiples on reported figures, not intrinsic-value estimates and not forecasts.

### EV/EBITDA — lowest EV/EBITDA
1. Weyco Group, Inc. (WEYS): 6.8
2. Rocky Brands, Inc. (RCKY): 9.9
3. Deckers Outdoor Corporation (DECK): 10.1
4. Birkenstock Holding plc (BIRK): 10.3
5. Wolverine World Wide, Inc. (WWW): 10.6

### P/BV — lowest P/BV
1. Forward Industries, Inc. (FWDI): 0.6
2. Vera Bradley, Inc. (VRA): 0.9
3. Rocky Brands, Inc. (RCKY): 1.2
4. Weyco Group, Inc. (WEYS): 1.3
5. Designer Brands Inc. (DBI): 1.4

### 20-quarter EV/EBITDA history
- NKE: Sep 2021 — | Dec 2021 33.6 | Mar 2022 27.3 | Jun 2022 25.2 | Sep 2022 24.0 | Dec 2022 24.3 | Mar 2023 26.9 | Jun 2023 24.6 | Sep 2023 24.2 | Dec 2023 24.9 | Mar 2024 23.5 | Jun 2024 20.2 | Sep 2024 18.8 | Dec 2024 19.0 | Mar 2025 20.8 | Jun 2025 20.4 | Sep 2025 27.8 | Dec 2025 25.9 | Mar 2026 26.7 | Jun 2026 15.5
- DECK: Sep 2021 15.2 | Dec 2021 15.8 | Mar 2022 11.0 | Jun 2022 10.3 | Sep 2022 13.3 | Dec 2022 14.2 | Mar 2023 15.6 | Jun 2023 18.0 | Sep 2023 15.5 | Dec 2023 16.6 | Mar 2024 23.1 | Jun 2024 22.2 | Sep 2024 20.4 | Dec 2024 23.6 | Mar 2025 12.1 | Jun 2025 10.8 | Sep 2025 10.4 | Dec 2025 9.5 | Mar 2026 9.3 | Jun 2026 10.1
- ONON: Sep 2021 142.2 | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 35.1 | Mar 2023 49.3 | Jun 2023 47.1 | Sep 2023 36.0 | Dec 2023 28.3 | Mar 2024 38.3 | Jun 2024 38.8 | Sep 2024 43.7 | Dec 2024 48.7 | Mar 2025 33.5 | Jun 2025 31.7 | Sep 2025 22.6 | Dec 2025 23.1 | Mar 2026 15.4 | Jun 2026 —
- BIRK: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 31.7 | Mar 2024 30.7 | Jun 2024 24.1 | Sep 2024 17.9 | Dec 2024 20.5 | Mar 2025 15.2 | Jun 2025 13.6 | Sep 2025 12.2 | Dec 2025 11.1 | Mar 2026 10.3 | Jun 2026 —
- CROX: Sep 2021 15.0 | Dec 2021 11.5 | Mar 2022 10.8 | Jun 2022 7.7 | Sep 2022 8.5 | Dec 2022 10.2 | Mar 2023 10.2 | Jun 2023 8.4 | Sep 2023 6.8 | Dec 2023 6.9 | Mar 2024 9.8 | Jun 2024 9.5 | Sep 2024 9.2 | Dec 2024 7.1 | Mar 2025 7.0 | Jun 2025 21.0 | Sep 2025 21.2 | Dec 2025 25.3 | Mar 2026 27.7 | Jun 2026 —
- SHOO: Sep 2021 15.6 | Dec 2021 13.9 | Mar 2022 9.2 | Jun 2022 7.1 | Sep 2022 6.0 | Dec 2022 7.6 | Mar 2023 10.7 | Jun 2023 10.3 | Sep 2023 10.1 | Dec 2023 13.3 | Mar 2024 13.0 | Jun 2024 12.6 | Sep 2024 15.1 | Dec 2024 12.4 | Mar 2025 8.2 | Jun 2025 13.8 | Sep 2025 23.8 | Dec 2025 30.1 | Mar 2026 18.2 | Jun 2026 —
- WWW: Sep 2021 — | Dec 2021 — | Mar 2022 17.7 | Jun 2022 19.2 | Sep 2022 11.1 | Dec 2022 10.1 | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 19.9 | Mar 2025 12.5 | Jun 2025 13.8 | Sep 2025 17.8 | Dec 2025 — | Mar 2026 11.6 | Jun 2026 10.6
- WEYS: Sep 2021 8.3 | Dec 2021 7.6 | Mar 2022 7.0 | Jun 2022 7.3 | Sep 2022 5.7 | Dec 2022 5.4 | Mar 2023 5.3 | Jun 2023 5.0 | Sep 2023 4.6 | Dec 2023 5.4 | Mar 2024 5.5 | Jun 2024 5.2 | Sep 2024 6.5 | Dec 2024 7.7 | Mar 2025 6.0 | Jun 2025 6.9 | Sep 2025 6.6 | Dec 2025 6.4 | Mar 2026 6.8 | Jun 2026 —
- DBI: Sep 2021 — | Dec 2021 10.0 | Mar 2022 6.7 | Jun 2022 6.3 | Sep 2022 6.2 | Dec 2022 7.4 | Mar 2023 6.4 | Jun 2023 7.4 | Sep 2023 8.2 | Dec 2023 10.1 | Mar 2024 12.4 | Jun 2024 14.1 | Sep 2024 17.2 | Dec 2024 16.9 | Mar 2025 15.0 | Jun 2025 18.0 | Sep 2025 18.4 | Dec 2025 14.8 | Mar 2026 13.8 | Jun 2026 11.8
- RCKY: Sep 2021 14.3 | Dec 2021 11.9 | Mar 2022 10.1 | Jun 2022 10.4 | Sep 2022 7.1 | Dec 2022 7.7 | Mar 2023 8.3 | Jun 2023 8.7 | Sep 2023 7.0 | Dec 2023 8.6 | Mar 2024 7.2 | Jun 2024 8.2 | Sep 2024 8.1 | Dec 2024 7.2 | Mar 2025 6.2 | Jun 2025 6.7 | Sep 2025 7.9 | Dec 2025 7.3 | Mar 2026 9.9 | Jun 2026 —
- FWDI: Sep 2021 — | Dec 2021 — | Mar 2022 50.2 | Jun 2022 — | Sep 2022 17.6 | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 18.5 | Dec 2023 36.6 | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 —
- FOSL: Sep 2021 — | Dec 2021 8.5 | Mar 2022 5.4 | Jun 2022 6.0 | Sep 2022 5.9 | Dec 2022 7.4 | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 45.7
- VRA: Sep 2021 — | Dec 2021 12.3 | Mar 2022 9.8 | Jun 2022 10.6 | Sep 2022 8.7 | Dec 2022 7.6 | Mar 2023 9.0 | Jun 2023 8.4 | Sep 2023 8.9 | Dec 2023 9.7 | Mar 2024 9.6 | Jun 2024 11.1 | Sep 2024 9.3 | Dec 2024 15.7 | Mar 2025 11.5 | Jun 2025 18.3 | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 29.4

### 20-quarter P/BV history
- NKE: Sep 2021 — | Dec 2021 18.0 | Mar 2022 14.5 | Jun 2022 12.2 | Sep 2022 10.5 | Dec 2022 11.1 | Mar 2023 12.6 | Jun 2023 11.5 | Sep 2023 11.1 | Dec 2023 11.8 | Mar 2024 11.0 | Jun 2024 9.9 | Sep 2024 8.9 | Dec 2024 8.3 | Mar 2025 8.4 | Jun 2025 6.8 | Sep 2025 8.5 | Dec 2025 6.8 | Mar 2026 6.5 | Jun 2026 4.6
- DECK: Sep 2021 6.8 | Dec 2021 6.4 | Mar 2022 4.8 | Jun 2022 4.6 | Sep 2022 5.5 | Dec 2022 6.0 | Mar 2023 6.7 | Jun 2023 7.7 | Sep 2023 7.4 | Dec 2023 8.2 | Mar 2024 11.4 | Jun 2024 11.9 | Sep 2024 10.9 | Dec 2024 11.7 | Mar 2025 6.7 | Jun 2025 6.2 | Sep 2025 6.0 | Dec 2025 5.7 | Mar 2026 5.6 | Jun 2026 6.0
- ONON: Sep 2021 9.7 | Dec 2021 12.7 | Mar 2022 8.3 | Jun 2022 5.7 | Sep 2022 5.2 | Dec 2022 5.2 | Mar 2023 8.8 | Jun 2023 9.2 | Sep 2023 7.4 | Dec 2023 6.7 | Mar 2024 8.6 | Jun 2024 9.1 | Sep 2024 10.8 | Dec 2024 11.5 | Mar 2025 8.7 | Jun 2025 9.7 | Sep 2025 7.2 | Dec 2025 7.5 | Mar 2026 5.1 | Jun 2026 —
- BIRK: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 3.4 | Mar 2024 3.2 | Jun 2024 3.6 | Sep 2024 3.2 | Dec 2024 3.7 | Mar 2025 2.9 | Jun 2025 2.9 | Sep 2025 2.6 | Dec 2025 2.3 | Mar 2026 2.0 | Jun 2026 —
- CROX: Sep 2021 25.0 | Dec 2021 530.8 | Mar 2022 13.5 | Jun 2022 6.1 | Sep 2022 6.7 | Dec 2022 8.2 | Mar 2023 8.1 | Jun 2023 5.9 | Sep 2023 4.5 | Dec 2023 3.9 | Mar 2024 5.5 | Jun 2024 5.3 | Sep 2024 4.9 | Dec 2024 3.4 | Mar 2025 3.0 | Jun 2025 3.9 | Sep 2025 3.2 | Dec 2025 3.3 | Mar 2026 2.9 | Jun 2026 —
- SHOO: Sep 2021 4.1 | Dec 2021 4.6 | Mar 2022 3.7 | Jun 2022 3.1 | Sep 2022 2.5 | Dec 2022 3.0 | Mar 2023 3.3 | Jun 2023 3.0 | Sep 2023 2.8 | Dec 2023 3.7 | Mar 2024 3.8 | Jun 2024 3.8 | Sep 2024 4.2 | Dec 2024 3.6 | Mar 2025 2.2 | Jun 2025 2.1 | Sep 2025 2.9 | Dec 2025 3.5 | Mar 2026 2.7 | Jun 2026 —
- WWW: Sep 2021 — | Dec 2021 4.0 | Mar 2022 3.8 | Jun 2022 3.0 | Sep 2022 2.4 | Dec 2022 1.9 | Mar 2023 — | Jun 2023 4.2 | Sep 2023 3.4 | Dec 2023 2.5 | Mar 2024 3.6 | Jun 2024 4.1 | Sep 2024 4.8 | Dec 2024 5.8 | Mar 2025 1.7 | Jun 2025 4.4 | Sep 2025 6.1 | Dec 2025 — | Mar 2026 1.8 | Jun 2026 1.5
- WEYS: Sep 2021 1.2 | Dec 2021 1.2 | Mar 2022 1.2 | Jun 2022 1.2 | Sep 2022 0.9 | Dec 2022 0.9 | Mar 2023 1.1 | Jun 2023 1.1 | Sep 2023 1.0 | Dec 2023 1.2 | Mar 2024 1.2 | Jun 2024 1.2 | Sep 2024 1.3 | Dec 2024 1.5 | Mar 2025 1.2 | Jun 2025 1.3 | Sep 2025 1.2 | Dec 2025 1.2 | Mar 2026 1.3 | Jun 2026 —
- DBI: Sep 2021 — | Dec 2021 2.5 | Mar 2022 2.3 | Jun 2022 2.4 | Sep 2022 2.6 | Dec 2022 2.5 | Mar 2023 1.5 | Jun 2023 1.2 | Sep 2023 1.4 | Dec 2023 1.5 | Mar 2024 1.5 | Jun 2024 1.5 | Sep 2024 1.1 | Dec 2024 0.8 | Mar 2025 0.9 | Jun 2025 0.6 | Sep 2025 0.5 | Dec 2025 0.6 | Mar 2026 1.1 | Jun 2026 1.4
- RCKY: Sep 2021 1.9 | Dec 2021 1.5 | Mar 2022 1.5 | Jun 2022 1.2 | Sep 2022 0.7 | Dec 2022 0.8 | Mar 2023 0.8 | Jun 2023 0.7 | Sep 2023 0.5 | Dec 2023 1.0 | Mar 2024 0.5 | Jun 2024 1.2 | Sep 2024 1.0 | Dec 2024 0.7 | Mar 2025 0.6 | Jun 2025 0.7 | Sep 2025 0.9 | Dec 2025 0.9 | Mar 2026 1.2 | Jun 2026 —
- FWDI: Sep 2021 3.2 | Dec 2021 2.1 | Mar 2022 2.4 | Jun 2022 2.1 | Sep 2022 2.1 | Dec 2022 1.8 | Mar 2023 2.2 | Jun 2023 2.2 | Sep 2023 2.9 | Dec 2023 3.2 | Mar 2024 3.5 | Jun 2024 3.8 | Sep 2024 1.4 | Dec 2024 2.4 | Mar 2025 1.3 | Jun 2025 2.0 | Sep 2025 1.5 | Dec 2025 0.6 | Mar 2026 0.6 | Jun 2026 —
- FOSL: Sep 2021 — | Dec 2021 1.4 | Mar 2022 1.2 | Jun 2022 1.2 | Sep 2022 0.7 | Dec 2022 0.5 | Mar 2023 — | Jun 2023 0.5 | Sep 2023 0.4 | Dec 2023 0.3 | Mar 2024 0.2 | Jun 2024 0.4 | Sep 2024 0.4 | Dec 2024 0.7 | Mar 2025 — | Jun 2025 0.4 | Sep 2025 0.6 | Dec 2025 1.2 | Mar 2026 2.1 | Jun 2026 2.7
- VRA: Sep 2021 — | Dec 2021 1.0 | Mar 2022 0.8 | Jun 2022 0.6 | Sep 2022 0.5 | Dec 2022 0.4 | Mar 2023 0.7 | Jun 2023 0.7 | Sep 2023 0.8 | Dec 2023 0.9 | Mar 2024 0.9 | Jun 2024 0.8 | Sep 2024 0.7 | Dec 2024 0.6 | Mar 2025 0.6 | Jun 2025 0.4 | Sep 2025 0.4 | Dec 2025 0.5 | Mar 2026 0.5 | Jun 2026 0.9

## Market action

Fossil Group, Inc. has the strongest one-year price move in Footwear & Accessories at +179.2%. Crocs, Inc. leads on Mansfield relative strength against the S&P 500 at +33.9%. 7 of 13 covered companies are above zero on that measure. Every line covers 314 weekly closes through 2026-07-28.

### Strongest one-year price performers
1. Fossil Group, Inc. (FOSL): 179%
2. Designer Brands Inc. (DBI): 148%
3. Vera Bradley, Inc. (VRA): 89%
4. Steven Madden, Ltd. (SHOO): 87%
5. Rocky Brands, Inc. (RCKY): 70%

### Strongest relative strength versus NIFTY 500
1. Crocs, Inc. (CROX): 34%
2. Vera Bradley, Inc. (VRA): 19%
3. Rocky Brands, Inc. (RCKY): 16%
4. Fossil Group, Inc. (FOSL): 14%
5. Weyco Group, Inc. (WEYS): 12%

## What can make this comparison misleading?
- A high growth rate can be a low-base artefact. The page keeps level and change separate for that reason.
- A high ROCE can be temporary or flattered by a small capital base. Read it beside margin, cash conversion and reinvestment.
- The 4-Factor Sector Score ranks research priority, not portfolio action. Management quality, catalysts and risks need equally fresh evidence before capital is deployed.
- An “all companies” line chart preserves completeness, but rank changes should be checked against reporting dates before drawing a conclusion.

## Every company
- NIKE, Inc. (NKE) — market value ₹63.9K Cr; latest fundamentals Jun 2026
- Deckers Outdoor Corporation (DECK) — market value ₹14.2K Cr; latest fundamentals Jun 2026
- On Holding AG (ONON) — market value ₹12.5K Cr; latest fundamentals Mar 2026
- Birkenstock Holding plc (BIRK) — market value ₹7.7K Cr; latest fundamentals Mar 2026
- Crocs, Inc. (CROX) — market value ₹6.8K Cr; latest fundamentals Mar 2026
- Steven Madden, Ltd. (SHOO) — market value ₹3.2K Cr; latest fundamentals Mar 2026
- Wolverine World Wide, Inc. (WWW) — market value ₹1.7K Cr; latest fundamentals Jun 2026
- Weyco Group, Inc. (WEYS) — market value ₹370 Cr; latest fundamentals Mar 2026
- Designer Brands Inc. (DBI) — market value ₹322 Cr; latest fundamentals Jun 2026
- Rocky Brands, Inc. (RCKY) — market value ₹322 Cr; latest fundamentals Mar 2026
- Forward Industries, Inc. (FWDI) — market value ₹295 Cr; latest fundamentals Mar 2026
- Fossil Group, Inc. (FOSL) — market value ₹262 Cr; latest fundamentals Jun 2026
- Vera Bradley, Inc. (VRA) — market value ₹104 Cr; latest fundamentals Jun 2026

## Methodology and freshness

Fundamentals through Jun 2026; prices through 2026-07-28.
Up to 20 quarters per company. Reported history is normalized to Indian rupees crore. Missing values are not interpolated. Derived metrics are calculated only when their inputs are comparable.

## Frequently asked questions

### Which Footwear & Accessories company is the biggest?

NIKE, Inc. is the largest, with trailing-twelve-month revenue of $46,398 million, ahead of Crocs, Inc. at $4,024 million. That covers 11 of 13 companies with comparable reporting through Jun 2026.

### Which Footwear & Accessories company is growing fastest?

Forward Industries, Inc. has the fastest revenue growth at 100% year on year, across 10 of 13 comparable companies. Fast growth off a small base is not the same as proven scale — check whether the rate holds across several quarters on the chart above before treating it as a trend.

### Which Footwear & Accessories company has the best profit margins?

Birkenstock Holding plc has the highest operating margin at 25.1%, from 12 of 13 comparable companies. Vera Bradley, Inc. shows the biggest recent improvement, at +26.3 percentage points. A high margin matters most when it is holding or rising, not when it is peaking.

### Which Footwear & Accessories company makes the most profit?

NIKE, Inc. earns the most, at $3,108 million of trailing-twelve-month net profit, from 11 of 13 comparable companies. Birkenstock Holding plc has the fastest profit growth at 41.3%, though growth off a small or recovering profit base overstates how much has actually changed.

### Which Footwear & Accessories company earns the highest return on capital?

Steven Madden, Ltd. leads on return on capital employed at 7.8%, across 13 of 13 companies. Read it beside the length of its reported history: a high return that repeats for years is evidence of a durable business, while a single high reading can be a small capital base or one good year.

### Which Footwear & Accessories stock is the cheapest?

On guarded PEG — where a LOWER number is cheaper — Birkenstock Holding plc screens cheapest at 0.38×. Only 6 of 13 companies pass the comparability guard, so this is not a sector-wide "cheapest stock" verdict. Cheap on a multiple is a reason to investigate, never a reason to buy on its own.

### Which Footwear & Accessories company has the strongest balance sheet?

Weyco Group, Inc. carries the lowest comparable gross debt at $10 million, from 13 of 13 companies. Absolute rupee debt alone does not settle it, because company scale differs — net debt and debt-to-equity in the chart above carry more information, and a very low-debt balance sheet can also mean under-investment.

### Which Footwear & Accessories company is investing most in new capacity?

NIKE, Inc. reports the largest capital spending at $138 million, across 13 of 13 companies. Spending consumes cash before it earns anything, so treat the ranking as a diligence queue: check commissioning, utilisation and the return earned on the completed assets before reading spend as value creation.

### Is the Footwear & Accessories sector beating the market?

Footwear & Accessories has outperformed S&P 500 by 19.8% over the last 52 weeks and 5% over 13 weeks, measured on an equal-weight index of its current members. Inside the sector, 7 of 13 covered companies are beating the market on their own. Sector strength does not transfer evenly to every stock in it.

### Which Footwear & Accessories stock has the strongest price momentum?

Crocs, Inc. has the strongest relative strength against S&P 500. Relative strength answers last, after growth, quality and valuation: price can move well before the fundamentals confirm it, and sometimes without them confirming at all.

### Which Footwear & Accessories company scores highest for research priority?

Weyco Group, Inc. scores 55.8 out of 100 with 76% evidence confidence, from 14 points on growth and earnings, 14 on capital efficiency, 13.8 on valuation and 14 on relative strength. This ranks what deserves work next. It is not a buy recommendation, and management quality, catalysts and risk still need separate research.

### How many Footwear & Accessories companies does this comparison cover, and over what period?

It compares 13 listed companies over up to 20 reported quarters of fundamentals and 6 fiscal years of capital allocation, ending Jun 2026, plus weekly price and relative-strength history. Membership is the full sector list — nothing is dropped for having thin data.

### What is the total market cap of the Footwear & Accessories sector?

The 13 Footwear & Accessories companies on this page carry $111,615 million of combined market value. NIKE, Inc. is the largest at $63,865 million, about 57% of the sector's total on its own. Market value moves with price, so this reading is dated 2026-07-28.

### What is the Footwear & Accessories sector's P/E ratio?

The median price-to-earnings ratio across the 13 Footwear & Accessories companies on this page is 26.8×, measured on the 13 that report a comparable figure. A sector-level history for this multiple is not held here, so this is a cross-section of today, not a comparison with the sector’s own past. Figures are as of 2026-07-28.

### How is the Footwear & Accessories sector performing?

7 of the 13 covered Footwear & Accessories companies are beating S&P 500 on Mansfield relative strength. The sector itself is 19.8% ahead of S&P 500 over 52 weeks on an equal-weight index of its current members. Readings are as of 2026-07-28.

### How many Footwear & Accessories stocks are listed in the US?

This comparison covers 13 listed Footwear & Accessories companies in the US, each above the size floor the site applies. The full ranked list is on this page, with reported fundamentals through Jun 2026. Membership is the full industry list — nothing is dropped for having thin data.

### Why are some values on this page blank?

A blank means that company did not report a comparable figure for that period, so nothing is shown. Missing observations are never interpolated, carried forward, or replaced with a similar-looking accounting line, and a company with missing evidence has its research score pulled toward neutral rather than being scored as bad.

### Is this investment advice?

No. Every figure here is a deterministic calculation from reported company filings and market data, published for research. It contains no recommendation to buy or sell any security, does not account for your circumstances, and is not a substitute for advice from a licensed adviser.

Narrative sector analysis: https://www.sectoralpha.in/sectors/footwear-accessories