# Weyco Group (WEYS.US)

Canonical: https://gigainvestors.com/s/WEYS

Analysis as of: 2026-10-16T07:33:05.143Z. Financial observations: FY1996–FY2026.

Listing currency: USD. Reporting currency: USD.

## Verdict

Not a wonderful business

Quality tests for Buy: not passed (profit record: pass; earnings resilience is evidence only). Published buy qualification: no.

Share price: $52.11 per share; close as of 2026-10-15.

Estimated value: low $37.60 per share, central $41.48 per share, high $46.63 per share. Buy at or below the central value $41.48 per share. Valuation as of 2026-10-16T07:33:05.143Z; scenarios are not confidence intervals.

Expected annual return: 8.2% at the stated quote. About 8.2% a year at today's price (required return 10.0%). required return 10.0% a year (10% floor; US 10-year bond 5.1% + 4 points).

## Checklist

### understandable: fail

- 5 revenue declines in the last 10 years (informational)

- operating margin variation exceeds 0.35

- Financial history: 10 years

- Years with declining revenue: 5

- Years with a net loss: 1

- Operating margin variation: 0.52×

Chart: Operating margin; fiscal year observations.

- FY2017: 0.08×

- FY2018: 0.09×

- FY2019: 0.09×

- FY2020: -0.04×

- FY2021: 0.10×

- FY2022: 0.11×

- FY2023: 0.13×

- FY2024: 0.13×

- FY2025: 0.11×

- LTM to Jun 2026: 0.15×

### moat: fail

- ROIC median below threshold

- ROIC worst years below threshold (more than 1 bad year allowed)

- ROIC, median of available years: 11.9%

- ROIC, second-lowest year: 9.9%

- Typical minus recent gross margin: -4.4 pp

- Typical gross margin (annual median): 40.9%

- Recent gross margin (lower of latest and 3-year median): 45.3%

- Years with nonpositive capital: 0

- Capital spending / revenue: 0.6%

- ROIC including acquisitions, ten-year median: 11.7%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2017: 10.3%

- FY2018: 11.2%

- FY2019: 9.9%

- FY2020: -3.9%

- FY2021: 11.2%

- FY2022: 12.6%

- FY2023: 17.2%

- FY2024: 16.2%

- FY2025: 14.9%

- LTM to Jun 2026: 20.2%

### economics: pass

- Owner earnings / net income, 5-yr: 1.03×

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: $138M

- Net income, five-year total: $134M

- Return on incremental invested capital: >100%

- Working capital / revenue, annual change: -0.2 pp

- Working capital / revenue, change between three-year averages: -2.3 pp

- Working capital / revenue, final three-year average: 34.3%

Chart: Annual owner cash / profit; fiscal year observations.

- FY2021: 1.08×

- FY2022: 1.01×

- FY2023: 0.98×

- FY2024: 1.04×

- FY2025: 1.05×

### management: pass

- Historical market-dollar context (not the management verdict): 2016 to 2025 (9 years)

- potential debt-funded buybacks (informational)

- buybacks unrelated to price (informational)

- ROIC first 3 years vs last 3 years: 10.3% vs 16.2%

- Per-share earnings: 1.60 to 3.16 (three-year endpoint medians)

- Management verdict uses per-share economic progress: Yes

- Ordinary dilution, 10-year annual growth: -1.3%

- Ordinary dilution, 5-year annual growth: -0.4%

- Market cap gain: -$37M

- Cumulative retained earnings: $12M

- Diluted shares, 10-year annual growth: -1.3%

- Diluted shares, 5-year annual growth: -0.4%

- $1 test, starting fiscal year: FY2016

- $1 test, ending fiscal year: FY2025

- Per-share value growth: 8.9%

- Per-share value change: $1.56

- Per-share value, starting three-year median: $1.60

- Per-share value, ending three-year median: $3.16

- Buybacks concentrated in cheaper years (correlation): -0.38

- Average buyback yield: 2.2%

- Buyback history: 10 years

- Debt-funded buybacks: Yes

- Acquisition spending: $4.0M

- Cumulative net income, 10 years: $200M

- ROIC, first three-year median: 10.3%

- ROIC, last three-year median: 16.2%

Chart: Earnings per share; fiscal year observations.

- FY2016: $1.56

- FY2017: $1.60

- FY2018: $1.97

- FY2019: $2.10

- FY2020: -$0.87

- FY2021: $2.12

- FY2022: $3.07

- FY2023: $3.17

- FY2024: $3.16

- FY2025: $2.41

### accounting: pass

- Sloan accruals: -4.4%

- Receivables to sales index (DSRI): 1.06×

- Restructuring years, last five: 0

- Stock compensation / operating cash flow: 4.5%

- Earnings backed by cash: Yes

- Operating cash / earnings: 1.61×

- Accounting red flags: 0

- Goodwill and intangibles / equity: 0.19×

Chart: Sloan accruals; fiscal year observations.

- FY2016: -11.3%

- FY2017: -6.5%

- FY2018: 2.8%

- FY2019: 3.9%

- FY2020: -18.9%

- FY2021: 5.1%

- FY2022: 18.2%

- FY2023: -22.1%

- FY2024: -2.3%

- FY2025: -4.4%

## Holders

## Price story

Price needs cash profits to grow 4.5% a year for ten years · "Weyco's Q2 Earnings Soar Y/Y on Florsheim Growth, Tariff Refunds" (finance.yahoo.com, Aug 2026) · sales +1.4%

Story as of 2026-10-16T09:59:51.441Z; price observation 2026-10-15.

Price needs cash profits to grow 4.5% a year for ten years

- 2025-08-07: Weyco Group signals persistent tariff uncertainty as inventory normalization continues ([seekingalpha.com](https://seekingalpha.com/news/4480985-weyco-group-signals-persistent-tariff-uncertainty-as-inventory-normalization-continues?utm_source=feed_news_all&utm_medium=referral&feed_item_type=news))

- 2026-05-11: WEYS Stock Rises 7% as Q1 Earnings Rise Y/Y on Florsheim Strength ([finance.yahoo.com](https://finance.yahoo.com/markets/stocks/articles/weys-stock-rises-7-q1-173000788.html))

- 2026-08-10: Weyco's Q2 Earnings Soar Y/Y on Florsheim Growth, Tariff Refunds ([finance.yahoo.com](https://finance.yahoo.com/markets/stocks/articles/weycos-q2-earnings-soar-y-182400842.html))

### Sales · FY2025–2026

sales +1.4%; source https://www.sec.gov/Archives/edgar/data/106532/000110465926027690/weys-20251231x10k.htm; observed 2026-03-13.

- FY2017: $284M 

- FY2018: $298M 

- FY2019: $304M 

- FY2020: $195M 

- FY2021: $268M 

- FY2022: $352M 

- FY2023: $318M 

- FY2024: $290M 

- FY2025: $276M 

- FY2026: $280M 

### Gross margin · FY2026

gross margin 49.1%; source https://www.sec.gov/Archives/edgar/data/106532/000110465926027690/weys-20251231x10k.htm; observed 2026-03-13.

- FY2017: 39.0% 

- FY2018: 40.2% 

- FY2019: 40.8% 

- FY2020: 40.2% 

- FY2021: 40.1% 

- FY2022: 41.1% 

- FY2023: 44.9% 

- FY2024: 45.3% 

- FY2025: 43.2% 

- FY2026: 49.1% 

## Owner memo

Memo as of 2026-10-16T08:06:05.509Z.

### How it makes money

Operates in footwear & accessories; annual sales are USD 276.2 million.

- Source: https://www.sec.gov/Archives/edgar/data/106532/000110465926027690/weys-20251231x10k.htm (filed 2026-03-13); FY2025: revenue 276169000; grossProfit 119228000; margin = grossProfit / revenue.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-05); WEYS.US: Weyco Group, Inc. designs, markets, and distributes footwear for men, women, and children in the United States, Canada, Australia, Asia, and South Africa. The company operates in two segments, North American Wholesale and North American Retail. The company offers mid-priced leather dress shoes and casual footwear composed of man-made materials and leather; and outdoor boots, shoes, and sandals under the Florsheim, Nunn Bush, Stacy Adams, and BOGS brands. It engages in the wholesale of its products to footwear, department, and specialty stores, as well as e-commerce retailers in the United States and Canada. The company also operates e-commerce business; and brick and mortar retail stores in the United States. In addition, it has licensing agreements with third parties, who sell its branded apparel, accessories, and specialty footwear in the United States, as well as footwear in Mexico and certain markets overseas. The company was formerly known as Weyenberg Shoe Manufacturing Company and changed its name to Weyco Group, Inc. in April 1990. Weyco Group, Inc. was incorporated in 1906 and is based in Glendale, Wisconsin.

### Why customers stay

Margins ranged from 43.2% to 45.3% during 2023–25; it earns 11.9% on its capital.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-13); FY2023: grossProfit / revenue = 44.9%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-13); FY2024: grossProfit / revenue = 45.3%.

- Source: https://www.sec.gov/Archives/edgar/data/106532/000110465926027690/weys-20251231x10k.htm (filed 2026-03-13); FY2025: grossProfit / revenue = 43.2%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-13); 10-year return on capital observations [[2017,0.10343533129294935],[2018,0.11221059278249203],[2019,0.09887961951120126],[2020,-0.03895120732506603],[2021,0.11223471212155361],[2022,0.12552276086751124],[2023,0.17203889045510307],[2024,0.16153297846466128],[2025,0.14947240461780578],[2026,0.202017794597738]]; median 0.11887873649453243. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Where the cash goes

Paid dividends in 10 of 10 years; bought back USD 5.3 million of shares.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-13); FY2016: growth capex 0; upkeep 5992000; owner earnings 14537000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-13); FY2017: growth capex 0; upkeep 1578000; owner earnings 19218000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-13); FY2018: growth capex 0; upkeep 1410000; owner earnings 23104000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-13); FY2019: growth capex 663035.736752633; upkeep 6728964.263247367; owner earnings 17678035.736752633. Growth capex / owner earnings = 0.03750618827940153.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-13); FY2021: growth capex 0; upkeep 1007000; cash acquisitions 2550000; owner earnings 22271000. Growth capex plus acquisitions / owner earnings = 0.11449867540748059.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-13); FY2022: growth capex 0; upkeep 2342000; cash acquisitions 0; owner earnings 29965000. Growth capex plus acquisitions / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-13); FY2023: growth capex 0; upkeep 3309000; owner earnings 29729000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-13); FY2024: growth capex 0; upkeep 1386000; owner earnings 31681000. Growth capex / owner earnings = 0.

- Source: https://www.sec.gov/Archives/edgar/data/106532/000110465926027690/weys-20251231x10k.htm (filed 2026-03-13); FY2025: growth capex 0; upkeep 1751000; owner earnings 24208000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-13); Dividend observations: [[2016,8720000],[2017,8877000],[2018,9213000],[2019,9408000],[2020,11776000],[2021,9345000],[2022,6951000],[2023,9286000],[2024,31267000],[2025,7732000]]. Zero only counted when supported by a complete cash-flow statement.

- Source: https://www.sec.gov/Archives/edgar/data/106532/000110465926027690/weys-20251231x10k.htm (filed 2026-03-13); FY2025: cash repurchases 5268000 USD.

### Are managers owners

Insiders own 33.7% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-05); WEYS.US SharesStats.PercentInsiders = 33.729 percentage points; cache date 2026-10-05.

### What the price says

The price assumes cash profits grow 4.5% yearly over ten years; actual growth was 3.3%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-13); Ten-year compound average after fade. Initial solved rate 0.05135275790112981. Price 52.11; FX 1; discount 0.1; same standard ten-year fade to terminal 0.03. FY2015 owner earnings/share 1.8205175430518463 → FY2025 2.530893883951908. Closing-price date 2026-10-15.

## Monthly share-price history (USD per share)

- 2016-10: $25.31 per share

- 2016-11: $28.77 per share

- 2016-12: $31.30 per share

- 2017-01: $28.18 per share

- 2017-02: $27.38 per share

- 2017-03: $28.08 per share

- 2017-04: $27.96 per share

- 2017-05: $27.33 per share

- 2017-06: $27.88 per share

- 2017-07: $27.88 per share

- 2017-08: $27.55 per share

- 2017-09: $28.38 per share

- 2017-10: $27.19 per share

- 2017-11: $28.21 per share

- 2017-12: $29.72 per share

- 2018-01: $30.98 per share

- 2018-02: $30.43 per share

- 2018-03: $33.60 per share

- 2018-04: $36.70 per share

- 2018-05: $34.67 per share

- 2018-06: $36.40 per share

- 2018-07: $34.85 per share

- 2018-08: $35.47 per share

- 2018-09: $35.18 per share

- 2018-10: $31.64 per share

- 2018-11: $33.12 per share

- 2018-12: $29.17 per share

- 2019-01: $26.87 per share

- 2019-02: $30.32 per share

- 2019-03: $30.96 per share

- 2019-04: $34.31 per share

- 2019-05: $25.02 per share

- 2019-06: $26.71 per share

- 2019-07: $27.52 per share

- 2019-08: $24.53 per share

- 2019-09: $22.61 per share

- 2019-10: $24.67 per share

- 2019-11: $24.55 per share

- 2019-12: $26.45 per share

- 2020-01: $22.65 per share

- 2020-02: $21.94 per share

- 2020-03: $20.17 per share

- 2020-04: $19.03 per share

- 2020-05: $18.67 per share

- 2020-06: $21.59 per share

- 2020-07: $18.42 per share

- 2020-08: $18.00 per share

- 2020-09: $16.17 per share

- 2020-10: $15.84 per share

- 2020-11: $17.92 per share

- 2020-12: $15.84 per share

- 2021-01: $17.26 per share

- 2021-02: $17.55 per share

- 2021-03: $21.63 per share

- 2021-04: $19.67 per share

- 2021-05: $20.58 per share

- 2021-06: $22.37 per share

- 2021-07: $22.31 per share

- 2021-08: $22.97 per share

- 2021-09: $22.66 per share

- 2021-10: $22.82 per share

- 2021-11: $24.37 per share

- 2021-12: $23.94 per share

- 2022-01: $23.40 per share

- 2022-02: $24.85 per share

- 2022-03: $24.72 per share

- 2022-04: $24.61 per share

- 2022-05: $28.00 per share

- 2022-06: $24.45 per share

- 2022-07: $26.34 per share

- 2022-08: $25.60 per share

- 2022-09: $20.34 per share

- 2022-10: $25.83 per share

- 2022-11: $25.60 per share

- 2022-12: $21.16 per share

- 2023-01: $27.22 per share

- 2023-02: $26.50 per share

- 2023-03: $25.30 per share

- 2023-04: $27.14 per share

- 2023-05: $27.14 per share

- 2023-06: $26.69 per share

- 2023-07: $27.30 per share

- 2023-08: $25.55 per share

- 2023-09: $25.35 per share

- 2023-10: $28.92 per share

- 2023-11: $29.45 per share

- 2023-12: $31.36 per share

- 2024-01: $32.11 per share

- 2024-02: $32.24 per share

- 2024-03: $31.88 per share

- 2024-04: $29.35 per share

- 2024-05: $30.57 per share

- 2024-06: $30.32 per share

- 2024-07: $34.81 per share

- 2024-08: $33.38 per share

- 2024-09: $34.04 per share

- 2024-10: $33.66 per share

- 2024-11: $35.71 per share

- 2024-12: $37.55 per share

- 2025-01: $35.74 per share

- 2025-02: $34.78 per share

- 2025-03: $30.48 per share

- 2025-04: $29.90 per share

- 2025-05: $31.36 per share

- 2025-06: $33.16 per share

- 2025-07: $29.08 per share

- 2025-08: $30.30 per share

- 2025-09: $30.09 per share

- 2025-10: $28.67 per share

- 2025-11: $29.96 per share

- 2025-12: $30.59 per share

- 2026-01: $31.62 per share

- 2026-02: $31.27 per share

- 2026-03: $32.05 per share

- 2026-04: $32.99 per share

- 2026-05: $35.29 per share

- 2026-06: $39.33 per share

- 2026-07: $39.00 per share

- 2026-08: $44.77 per share

- 2026-09: $48.41 per share

- 2026-10: $52.11 per share

## Annual estimated value (USD per share)

- FY2016: low $20.10 per share, central $22.71 per share, high $26.18 per share

- FY2017: low $21.21 per share, central $23.82 per share, high $27.29 per share

- FY2018: low $21.52 per share, central $24.24 per share, high $27.86 per share

- FY2019: low $23.59 per share, central $29.38 per share, high $34.14 per share

- FY2020: low $15.88 per share, central $17.64 per share, high $19.97 per share

- FY2021: low $22.78 per share, central $25.60 per share, high $29.35 per share

- FY2022: low $34.80 per share, central $42.95 per share, high $49.92 per share

- FY2023: low $38.53 per share, central $44.90 per share, high $51.21 per share

- FY2024: low $35.04 per share, central $38.92 per share, high $44.09 per share

- FY2025: low $37.27 per share, central $41.09 per share, high $46.16 per share

Historical values use today's bond yield for every fiscal year

Historical values use today's FX rate into trading currency for every fiscal year

Historical values use current restated fundamentals and current commodity classification; they are not point-in-time estimates

## Sources

[Original 10-K filing](https://www.sec.gov/Archives/edgar/data/106532/000110465926027690/weys-20251231x10k.htm); period 2025-12-31, filed 2026-03-13.

Estimates depend on assumptions and are not guarantees or investment advice. Underlying data remains subject to its source licenses; public reading does not grant bulk redistribution rights.