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WEYS, Weyco Group Inc.

Footwear & Accessories capital-intensive

Weyco Group, Inc. designs, markets, and distributes quality and innovative footwear principally for men, but also for women and children, under a portfolio of well-recognized brand names including: Florsheim, Nunn Bush, Stacy Adams, and BOGS.

Trademarks we maintain on our brands are important to our business.

Our products consist primarily of mid-priced leather dress shoes, casual footwear composed of man-made materials and leather, and outdoor boots, shoes, and sandals.

Latest annual: FY2025 10-K

WEYS · Weyco Group Inc.

The business

What it sells, where the money comes from, the kind of company it is.

Revenue · FY2025

$276M

−4.9% YoY · 7% 5-yr CAGR

Vital signs · TTM, with 5-yr average

Revenue $276M 5-yr avg $301M

Gross margin 43% 5-yr avg 43%

Operating margin 10.7% 5-yr avg 11.4%

ROIC 14% 5-yr avg 15%

Owner-earnings margin 18% 5-yr avg 10%

Free cash flow margin 18% 5-yr avg 10%

The business in brief

read the 10-K →

What this business is and what moves its needle, from its own SEC filings.

What moves the needle: Gross margin has run about 41% and operating margin about 10% through the cycle, a solid spread between what it charges and what the product costs to make. The operating margin has swung widely — from −3.9% to 13% — on a steadier 41% gross margin, so what moves it sits below the gross line, in operating spend and one-off charges more than in the cost of the product itself. Inventory runs near 25% of sales, so how fast it turns back into cash — and the risk of writing it down when demand softens — sits alongside the margin. On its own account, the filing leans hardest on pricing power & competition, set against the numbers in what the filing emphasizes, below.
Is it a good business?: Return on capital has sat near the cost of capital (median 11%). By owner earnings: roughly 11% of revenue reaches owners as cash, consistently. This is price-taker territory, where the balance sheet and the cycle matter more than any multiple; the rest is in the 10-K.

Every line is arithmetic on the company's filings, shown in full in the sections below.

The record

Ten years of arithmetic, read across the cycle.

The record, 2017–2025

realized figures from each filing · older years to the left

2017’17	2018’18	2019’19	2020’20	2021’21	2022’22	2023’23	2024’24	2025’25	TTMTTMMar 2026
										Income statement
$284M	$298M	$304M	$195M	$268M	$352M	$318M	$290M	$276M	$276M	RevenueRevenue
39%	40%	41%	40%	40%	41%	45%	45%	43%	43%	Gross marginGross mgn
31%	32%	32%	44%	31%	30%	32%	33%	33%	32%	SG&A / revenueSG&A/rev
$23M	$25M	$27M	($8M)	$26M	$40M	$41M	$37M	$29M	$30M	Operating incomeOp. inc.
8.3%	8.5%	8.9%	−3.9%	9.6%	11.5%	12.9%	12.6%	10.6%	10.7%	Operating marginOp. mgn
$16M	$20M	$21M	($8M)	$21M	$30M	$30M	$30M	$23M	$24M	Net incomeNet inc.
30%	22%	23%	—	25%	26%	26%	24%	28%	28%	Effective tax rateTax rate
										Cash flow & returns
$34M	$13M	$9M	$40M	$6M	($30M)	$99M	$38M	$37M	$51M	Operating cash flowOp. cash
$4M	$4M	$3M	$3M	$2M	$2M	$3M	$2M	$3M	$3M	DepreciationDeprec.
$11M	($13M)	($16M)	$44M	($18M)	($63M)	$65M	$3M	$10M	$22M	Working capital & otherWC & other
$2M	$1M	$7M	$3M	$1M	$2M	$3M	$1M	$2M	$2M	CapexCapex
0.6%	0.5%	2.4%	1.7%	0.4%	0.7%	1.0%	0.5%	0.6%	0.7%	Capex / revenueCapex/rev
$32M	$12M	$2M	$37M	$5M	($32M)	$95M	$36M	$36M	$49M	Owner earningsOwner earn.
11.3%	3.9%	0.7%	18.7%	2.0%	−9.2%	30.0%	12.5%	12.9%	17.6%	Owner earnings marginOE mgn
$32M	$12M	$2M	$37M	$5M	($32M)	$95M	$36M	$36M	$49M	Free cash flowFCF
11.3%	3.9%	0.7%	18.7%	2.0%	−9.2%	30.0%	12.5%	12.9%	17.6%	Free cash flow marginFCF mgn
—	—	—	$0	$3M	$0	—	—	—	$0	AcquisitionsAcquis.
$9M	$9M	$9M	$12M	$9M	$7M	$9M	$10M	$8M	$8M	Dividends paidDiv. paid
$15M	$11M	$6M	$2M	$3M	$4M	$4M	$586K	$5M	—	BuybacksBuybacks
9%	11%	10%	-4%	11%	14%	17%	16%	15%	14%	ROICROIC
8%	10%	10%	-5%	10%	13%	12%	12%	10%	10%	Return on equityROE
4%	5%	5%	−11%	6%	10%	9%	8%	6%	7%	Retained to equityRetained/eq
										Balance sheet
$23M	$23M	$10M	$32M	$20M	$17M	$69M	$71M	$96M	$89M	Cash & investmentsCash+inv
$49M	$52M	$52M	$35M	$53M	$53M	$39M	$37M	$39M	$39M	ReceivablesReceiv.
$60M	$73M	$87M	$59M	$71M	$128M	$75M	$74M	$66M	$51M	InventoryInvent.
$9M	$13M	$12M	$8M	$19M	$15M	$9M	$8M	$11M	$5M	Accounts payablePayables
$101M	$111M	$126M	$85M	$105M	$166M	$105M	$103M	$94M	$85M	Operating working capitalOper. WC
$146M	$154M	$160M	$134M	$157M	$206M	$190M	$209M	$205M	$183M	Current assetsCur. assets
$25M	$36M	$42M	$24M	$35M	$68M	$30M	$47M	$49M	$22M	Current liabilitiesCur. liab.
5.8×	4.3×	3.8×	5.5×	4.6×	3.1×	6.4×	4.4×	4.2×	8.3×	Current ratioCurr. ratio
$11M	$11M	$11M	$11M	$12M	$12M	$12M	$12M	$12M	$12M	GoodwillGoodwill
$263M	$270M	$297M	$257M	$278M	$327M	$309M	$324M	$320M	$296M	Total assetsAssets
($23M)	($23M)	($10M)	($32M)	($20M)	($17M)	($69M)	($71M)	($96M)	($89M)	Net debt / (cash)Net debt
1560.8×	565.8×	110.8×	-96.2×	317.3×	56.9×	77.6×	2440.9×	14586.0×	5929.0×	Interest coverageInt. cov.
$199M	$206M	$210M	$188M	$201M	$224M	$244M	$246M	$240M	$244M	Shareholders’ equityEquity
0.6%	0.5%	0.5%	0.7%	0.6%	0.4%	0.4%	0.5%	0.6%	0.6%	Stock comp / revenueSBC/rev
										Per share
10.3M	10.4M	10.0M	9.8M	9.7M	9.6M	9.5M	9.6M	9.6M	9.5M	Shares out (diluted)Shares
$27.51	$28.71	$30.54	$20.02	$27.61	$36.55	$33.36	$30.24	$28.87	$29.04	Revenue / shareRev/sh
$1.60	$1.97	$2.10	$-0.87	$2.12	$3.07	$3.17	$3.16	$2.41	$2.49	EPS (diluted)EPS
$3.10	$1.12	$0.20	$3.75	$0.56	$-3.35	$10.00	$3.79	$3.71	$5.12	Owner earnings / shareOE/sh
$3.10	$1.12	$0.20	$3.75	$0.56	$-3.35	$10.00	$3.79	$3.71	$5.12	Free cash flow / shareFCF/sh
$0.86	$0.89	$0.95	$1.21	$0.96	$0.72	$0.97	$1.01	$0.81	$0.81	Dividends / shareDiv/sh
$0.15	$0.14	$0.74	$0.35	$0.10	$0.24	$0.35	$0.14	$0.18	$0.20	Cap. spending / shareCapex/sh
$19.25	$19.78	$21.10	$19.26	$20.78	$23.27	$25.64	$25.58	$25.05	$25.62	Book value / shareBVPS

Per-share growththe realized rate an owner's share compounded

	8-yr	5-yr
Revenue / share	+0.6%/yr	+7.6%/yr
Owner earnings / share	+2.3%/yr	−0.2%/yr
EPS	+5.3%/yr	—
Dividends / share	−0.8%/yr	−7.7%/yr
Capital spending / share	+2.3%/yr	−11.9%/yr
Book value / share	+3.3%/yr	+5.4%/yr

The record, charted

FY2017–2025

Each measure over its full record; the current point and the worst year marked.

Share count

10Mpeak FY2018

ROIC

15%low FY2020

Gross margin

43%low FY2017

Owner earnings vs. net income

Owner earningsNet income

The accountant's number, and the cash an owner can take; the gap is the tell.

$36Mowner earningsvs.$23Mnet incomelow FY2022

Where the cash went

ReinvestBuybacksDividendsAcquisitionsRetainedBeyond op. cash

Each year's outlays against its operating cash: the mix, and how it drifts. The hatched cap is spending beyond that year's operating cash — financed from the balance sheet or borrowing, not operations.

FY2017FY2025

Owner-earnings bridge

FY2021–FY2025cash-flow statement, SEC EDGAR →

Net income is the accountant's number; owner earnings is the cash an owner could take out. The walk between them, off the cash-flow statement, and whether the gap is widening or holding.

In fiscal 2025 the business turned $23M of profit into $36M of owner earnings: more cash than the profit line showed, after the non-cash charges and the capital it put back in.

Reported net income$23M

Owner earnings$36M · 13% of revenue

	FY2025	FY2024	FY2023	FY2022	FY2021
Reported net income	$23M	$30M	$30M	$30M	$21M
Depreciation & amortizationnon-cash charge added back	+$3M	+$2M	+$3M	+$2M	+$2M
Stock-based compensationreal costnon-cash, but a real cost	+$2M	+$1M	+$1M	+$2M	+$2M
Working capital & othertiming of cash in and out, other non-cash items	+$10M	+$3M	+$65M	−$63M	−$18M
Cash from operations	$37M	$38M	$99M	($30M)	$6M
Capital expenditurecash put back in to keep running and to grow	−$2M	−$1M	−$3M	−$2M	−$1M
Owner earnings	$36M	$36M	$95M	($32M)	$5M
Owner-earnings marginowner earnings ÷ revenue	13%	13%	30%	-9%	2%

Owner earnings is the cash an owner could pull out without starving the business: operating cash less the capital it must spend to hold its position . The cash-flow statement also adds stock comp back as non-cash, but it is a real cost paid in shares; counted as the expense it is (less $2M), owner earnings is nearer $34M.

Maintenance capex is estimated as depreciation where a growing business invests above it; free cash flow is the figure the scorecard's free-cash margin reads.

III

Quality & stewardship

Returns, the balance sheet, capital allocation, and pay.

Owner’s Scorecard

FY2025 10-K · source on SEC EDGAR →

Will it survive?

Can it pay its interest? 14586.0×

Comfortable

Operating income $29M ÷ interest expense $2K

What this means
Operating profit covers interest with the kind of margin Graham wanted for a defensive holding. Necessary, not sufficient, it says solvent, not cheap.
How heavy is the debt, net of cash? +$96M

Net cash, debt-free

Cash $96M − debt $0

What this means
Cash and short-term investments exceed every dollar of debt by $96M, on net the company owes nothing, and can act from strength when others can't. Net debt is the leverage figure that matters: the cash is already set against the debt. Strategic or illiquid investments aren't counted here.
How long is cash tied up? 179d

Long (60+ days)

DSO 51 + DIO 153 − DPO 26 days

What this means
Days cash is tied up between paying suppliers and collecting from customers. Lower is better; a long cycle means growth itself eats cash.

Is it a good business?

Return on invested capital —

Not enough data

Industry peers: median 4%

What this means
The filing data didn't include the inputs for this check.
Owner-earnings margin 11%

Solid through the cycle

9-yr median margin, range -9%–30%; latest $36M = operating cash $37M − maintenance capex $2M

Industry peers: median 2%

What this means
What an owner could take out without starving the business: operating cash less the maintenance capital it must spend to hold its position — Buffett's owner earnings. That's 13% of revenue this year, a 11% median across 9 years. Treating stock comp as the real expense it is (less $2M of SBC) leaves $34M.
Are earnings backed by cash? 1.61×

Cash-backed

Cash from ops $37M ÷ net income $23M

What this means
How much of reported profit showed up as operating cash. Above 1× is reassuring; well below suggests earnings lean on accruals. One year is noisy, growth and working-capital swings distort it, and this is operating cash, not free cash. Watch the multi-year trend.

How is the cash used?

Where do the earnings go? 37%

Reinvests most of it

Dividends + buybacks $13M ÷ Owner Earnings $36M

What this means
Of $36M Owner Earnings, $13M (37%) went back to shareholders, $8M dividends, $5M buybacks. Net of $2M stock comp, the real buyback was about $4M. Returning most of it is the mark of a mature business with little left to reinvest at a high return; reinvesting most could mean a long runway, or empire-building. The split doesn't say which; the return earned on it (see ROIC) does.
Investing or harvesting? 0.61×

Harvesting

Capex $2M ÷ depreciation $3M

What this means
Descriptive, not a grade. Above ~1× means investing faster than assets wear out (growth, or, sustained for years, today's earnings carrying less depreciation than tomorrow's will). Below means spending less than it's wearing out (efficiency, or a melting asset base). The ratio won't tell you which; the filings will.

Graham’s defensive tests · 3 of 5 met

Graham’s numerical criteria for the defensive investor (The Intelligent Investor, ch. 14), run on the filings. A floor of safety, not a buy signal; many fine modern businesses fail his strictest liquidity rules by design.

Adequate size Miss

Revenue ≥ $2B · $276M

What this means
Big enough to weather a storm. Graham's 1972 floor was ~$100M of sales (≈ $700M today); we use a $2B revenue line as a conservative modern stand-in.
Strong liquidity Pass

Current ratio ≥ 2× · 4.22×

What this means
Current assets at least twice current liabilities, near-term bills covered without touching the business. Strict by design: many cash-rich modern firms run leaner and miss it, holding their cushion in longer-dated securities.
Earnings stability Near

A profit every year (9-yr record) · 1 loss year

What this means
Graham wanted earnings in each of the past ten years, the stability a defensive owner leans on.
Dividend record Pass

Uninterrupted dividends · paid every year (9)

What this means
An unbroken dividend was Graham's mark of durability. He wanted twenty years; the filings show about ten, and a single suspension breaks the streak. Non-payers, many fine modern compounders, fall outside his defensive net by design.
Earnings growth Pass

Earnings +33% over the record · +44%

What this means
At least a third more earnings than a decade ago, averaging three years at each end. Net income (not per-share), so stock splits don't distort it, buybacks and dilution show up in the share-count line instead.
Moderate price —

P/E ≤ 15 and P/E × P/B ≤ 22.5 · decided by the price

What this means
Graham's valuation gate, the wall he kept between a sound business and a sound investment. Three-year average earnings are $2.92/share (latest year $2.42), the averaged base the calculator's gate runs on, and book value is $25.13/share. Enter a price in “What the price implies” just below for the P/E, P/B, and whether it clears. But this is the rule Buffett outgrew: there's no hard P/E law, and a wonderful business can deserve a far richer multiple if the thesis holds, treat it as the bargain-hunter's floor, not a verdict on the price.

Durability & moat, 2017–2025

Whether the record’s returns held, and what the capital reinvested earned.

Profitable years 8 of 9

What this means
Lost money in 1 year(s), look at what happened there before trusting the average.
Operating margin 9% → 12% (3-yr avg ends)

In the filing’s words The words confirm the number: the filing says price increases held their volume, and the margin widened with them — Buffett’s strongest mark of pricing power.

What this means
Through the cycle the operating margin widened — about 9% early to 12% lately, median 10% — pricing power intact or improving.
Owner earnings growth +6%/yr

What this means
Owner earnings grew about 6% a year over the record.
Worst year 2020 · −3.9% op. margin

What this means
Operations went underwater in 2020, understand why before trusting the good years.
Share count −0.9%/yr

What this means
The share count is shrinking, buybacks are quietly growing your slice of the business.
Dividend record paid

What this means
Paid a dividend in 9 of the years on record.

Does AI threaten the moat?

Moderate contestability

AI is likely to reshape costs and some products here without clearly contesting or sparing the core moat; how the company itself frames it is the tell.

In its own filing Raised, but not as a competitor

The filing raises AI among its risks, but in other terms (security, regulation, energy or the like), not as a competitor to its product.

The question is whether a moat the record shows as durable outlasts a technology that lowers the cost of part of what the firm sells. The durability is read in the record above, the filing's own framing of AI beside it; the industry label decides nothing on its own.

Read from the filing's own risk factors, paired with the industry's structure under its SIC code; the durability is read above, the price below.

All figures as filed; the source filing is linked above.

Current Position

as of the latest quarter, Mar 31, 2026

Can the business pay what it owes this year, off the freshest balance sheet: the quality of the assets, the debt actually coming due, and what a low ratio means here.

Current assets$183M

Cash & short-term investments$89M
Receivables$39M
Inventory$51M
Other current assets$4M

Current liabilities$22M

Accounts payable$5M
Other current liabilities$17M

Current ratio8.26×all current assets ÷ what's due · Graham looked for 2×

Quick ratio5.98×stricter: inventory excluded

Cash ratio4.02×strictest: cash alone against what's due

Working capital$161Mthe cushion left after near-term bills

Revenue, latest quarter vs. a year ago−0.0%the freshest read on whether the business is still growing

Current ratio, recent quarters9.9× → 8.3×

Deeper floors

Tangible book value$231Mequity stripped of goodwill & intangibles

Net current asset value$131MGraham's net-net: current assets less all liabilities

Debt incl. operating leases$10M$10M of it operating leases

From the company's latest filing.

How the cash was used, 2017–2025

Over the record, the business generated $246M of operating cash; how management split it reads as a cash builder, a large share of cash simply built up on the balance sheet.

Reinvested$24M · 10%
Dividends$82M · 33%
Buybacks$51M · 21%
Retained (debt / cash)$89M · 36%

Returned to owners$134M
60% of the owner earnings the business produced over the span, $82M as dividends and $51M as buybacks.
Source of fundingOperating cash
Operating cash covered reinvestment and returns; over the span cash and short-term investments rose $66M.
Average price paid for buybacks$27.06
Across the years where the filing reports a share count, 2M shares were bought for $51M, about $27.06 each. Year to year the price paid ranged from $19.37 (2020) to $32.46 (2018); its heaviest year, 2017, paid $27.69 ($15M).
Net change in share count−7.8%
The diluted count fell from 10M to 10M, so the buybacks outran the stock issued to staff.
Dividend record$0.81/sh
Paid in 9 of the years on record, the per-share dividend shrinking about 1% a year. It was cut at least once along the way.
Return on what it retained82%
Of the earnings it kept rather than paid out ($50M over the span), annual owner earnings (first three years vs last three) grew $41M, so each retained $1 added about 0.82 of yearly owner earnings. Buffett's test, run on owner earnings instead of market value.

Buybacks are gross of stock issued to staff; the share-count line above is the net of that, the figure that decides whether owners gained. The average price paid blends a year of purchases (and any accelerated repurchase), so it is close, not exact. The record of where the cash went and on what terms.

Management, ownership & pay

read the proxy →

From the proxy: how much of the business the people running it own, and how they are paid, beside what the business earned for its owners in the same years.

Fiscal year	Chief executive	Pay, as filed	“Actually paid”	Owner earnings
2023	Thomas W. Florsheim, Jr.	$1.4M	$1.6M	$95M
2024	Thomas W. Florsheim, Jr.	$1.4M	$1.6M	$36M
2025	Thomas W. Florsheim, Jr.	$920k	$786k	$36M

Both pay figures are the company’s own, from the pay-versus-performance table its proxy statement files. “As filed” is the Summary Compensation Table total: salary, bonus, and equity awards at their value on the day of grant. “Actually paid” is the SEC’s prescribed recalculation, which re-marks those equity awards to what they became as they vested; it can swing far above or below the filed figure in either direction, and negative years occur. Owner earnings are the whole business's, from the record above, for the same fiscal years.

Insider ownership36.4%
The stake all directors and executive officers hold together, per the 2026 proxy: skin in the game, the first thing Munger reads.
Stock-based compensation$2M
The slice of the business handed to employees in shares this year, 1% of revenue, equal to 6% of operating profit. Buffett's oldest accounting fight: this is compensation, compensation is an expense, real whether or not the headline earnings admit it. One trap: the cash-flow statement adds SBC back, so the operating cash, and the owner earnings drawn from it, are flattered by exactly this amount; counted as the cost it is, what an owner keeps is lower.

Inverting the record

Invert: instead of why Weyco Group Inc. is a good business, the question is what would make owning it a mistake, and whether those marks are in the record. Disconfirming tests across 2017–2025.

None of the 5 tests turned up a mark; each came back clean. A clean panel says only that these particular ways of being wrong are not written into the record.

Each test came back clean

Is it less profitable than it was?
Did the share count rise anyway?
Did reported profit become cash?
Did receivables and inventory outpace sales?
Are "one-time" charges a yearly habit?

Each test is read from the filings and is noisy alone; a flag can mark a cyclical trough or a year of heavy investment as easily as a problem. The filing says which.

What an owner would ask, FY2025

read the 10-K →

Which reported numbers are a judgment call?
Management names Pension & retirement as critical estimates
each rests partly on management's judgment; the filing's note sets out the assumptionsverify →

The questions the record and the charts do not answer on their own; each carries the figure and the place to look.

Peers, Footwear & Accessories

The same industry, side by side on owner economics. Each figure is a through-cycle median, so a peak or trough year can’t distort it; the group median at the foot is the line to read each against.

Company	Revenue	Gross margin	Op. margin	ROIC	Owner earn. margin
GLPGlobal Partners LP Common	$18.6B	6%	1.4%	—	1%
ANDEAndersons	$11.0B	6%	1.0%	4%	1%
SEBSeaboard Corporation	$9.7B	8%	3.5%	4%	2%
CAPLCrossAmerica Partners LP Common	$3.7B	8%	1.8%	—	2%
CENTCentral Garden & Pet	$3.1B	30%	7.4%	10%	7%
ASHAshland	$1.8B	30%	3.0%	2%	4%
MGPIMGP Ingredients Inc.	$536M	28%	13.3%	14%	8%
WEYSWeyco Group Inc.	$276M	41%	9.6%	11%	11%
Group median	—	18%	3.3%	7%	3%

The price

What a price has to assume.

What the price implies

reverse-DCF

Type today's close and see the owner-earnings growth you'd have to believe to justify it, beside what Weyco Group Inc. has delivered.

Today’s price $

Through the cycle, Weyco Group Inc. earns about $31M on its 11.3% median owner-earnings margin. This year’s 12.9% margin runs in line with that. Normalize, below, values the price on that through-cycle figure rather than the latest year.

Base Normalize · through-cycle ($31M) Net of stock comp (−$2M)

—

The assumptions Required return 9% Years of high growth 10 Terminal growth 2.5%

9.0% = the 4.55% 10-year Treasury (Jul 15, 2026) + 4.45 points of equity premium. The rate you require is yours to set.

Enter a price above to run it.

Implied by the price—

Owner-earnings growth · ’17→’25+6%/yr

Owner-earnings yield—

P/E (3-yr earnings ’23–’25)—

P/B—

Graham’s price gate—

Graham capped the multiple at 15×; Buffett and Munger let that rule go: a wonderful business can deserve 50× if the thesis holds. The gate marks the bargain-hunter's floor.

Against a high-grade bond: Graham’s yardstick bond yield%

Prefilled with the 10-year Treasury (4.55%, as of Jul 15, 2026). Edit it for today’s exact figure, or a AAA corporate yield.

Graham measured a stock against the bond you could own instead, the heart of his margin of safety. Enter a price above to weigh the owner-earnings yield against this bond.

Owner earnings $49M on 10M shares outstanding, per the 10-Q cover, as of 2026-04-27; net cash $89M. The base is the latest year by default; Normalize values it on the through-cycle median owner-earnings margin (to avoid paying on a peak year). Net of stock comp treats option pay as the expense it is. The dials set the multiple a growth belief justifies; the price, and every dollar on this page, is yours.

Weigh WEYS against another business →

Cite: Owner Scorecard, "Weyco Group Inc. (WEYS), the owner's record," https://ownerscorecard.com/c/WEYS, data as of 2026-07-09.

Manual order: ← WEX its page in the Manual WFC →

Industry order: ← TPR the Footwear & Accessories chapter WWW →