Wolverine World Wide Inc (WWW)
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Merrell, Saucony, Sweaty Betty, Cat, Harley-Davidson: Wolverine World Wide sells footwear under eleven brands and more than doubled diluted earnings per share in 2025, from $0.55 to $1.14. Our brains love a curve like that — they read the direction and skip the altitude. The filings to the U.S. securities regulator, the SEC, deliver the second picture: the company is smaller than it was in 2023, one reporting segment accounts for 81.2 percent of quarterly revenue, equity turns into minus $220.2 million once the intangibles come out, the receivables program is drawn to 96.6 percent — and under the old plant in Rockford lies a cleanup bill that runs for up to 25 more years. Not investment advice — just the question of what survives a recovery once you turn it upside down.
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Basics
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Valuation
Profitability
Balance Sheet & Safety
Growth
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Quality & Screener
AI Rating
Uses AIWolverine World Wide verkauft keine KI-Produkte, setzt Künstliche Intelligenz laut Geschäftsbericht 10-K für 2025 aber bereits in eigenen IT-Systemen und im Betrieb ein — unter anderem über die KI-Funktionen der vorhandenen Warenwirtschafts-, Personal- und Kundenverwaltungssoftware.
View the full file — quotes, sources, reviewed filings
„The Company has begun to incorporate, and may expand its use of, artificial intelligence, including generative artificial intelligence, in certain of its information technology systems and in its operations; for example, enabling the native artificial intelligence functionality of existing enterprise resource planning, human capital management, customer relationship management and other software systems."
Das Unternehmen hat begonnen, Künstliche Intelligenz einschließlich generativer Künstlicher Intelligenz in bestimmten seiner IT-Systeme und in seinem Betrieb einzusetzen, und könnte diesen Einsatz ausweiten; zum Beispiel indem es die eingebauten KI-Funktionen bestehender Warenwirtschafts-, Personalverwaltungs-, Kundenverwaltungs- und anderer Softwaresysteme aktiviert.
„The rapid evolution and potential regulation of artificial intelligence could expose the Company to new risks and may require the allocation of significant resources to develop, test and maintain the Company’s artificial intelligence resources."
Die rasche Entwicklung und mögliche Regulierung Künstlicher Intelligenz könnte das Unternehmen neuen Risiken aussetzen und erhebliche Mittel erfordern, um die KI-Ressourcen des Unternehmens zu entwickeln, zu testen und zu unterhalten.
Filings Reviewed: 10-Q 2026-05-14 · 10-Q 2025-11-06 · 10-Q 2025-08-07 · 10-Q 2025-05-08 · 10-K 2026-02-27 · 10-K 2025-02-20
Rated on July 28, 2026 · How the Rating Is Built
Highlighted are things our editorial team noticed: green = stands out as strong, red = deserves a closer look. No single metric is a verdict on its own — always read it in context.
Quarterly Figures
| Quarter | EPS (Earnings Per Share) | EPS YoY (%) | Sales ($M) | Sales YoY (%) | Net Margin (%) | OCF ($M) | FCF ($M) |
|---|---|---|---|---|---|---|---|
| 2024: Q4 | 0.31 | – | 495 | -6.10 | 5.00 | 82 | 74 |
| 2025: Q1 | 0.14 | – | 412 | 4.40 | 2.70 | -84 | -91 |
| 2025: Q2 | 0.33 | 86.20 | 474 | 11.50 | 5.70 | 45 | 41 |
| 2025: Q3 | 0.31 | 4.10 | 470 | 6.80 | 5.30 | 33 | 30 |
| 2025: Q4 | 0.39 | 27.40 | 518 | 4.60 | 6.10 | 146 | 146 |
| 2026: Q1 | 0.25 | 80.00 | 458 | 11.00 | 4.40 | -83 | -85 |
- EPS (Earnings Per Share):
- Quarterly profit divided by the total share count — how much of the profit works out to a single share.
- YoY (Year over Year):
- Change versus the same quarter a year ago — this is how you compare without seasonal distortion (e.g. the holiday shopping season).
- Sales:
- All revenue for the quarter, before any costs are deducted — the top line of the income statement.
- Net Margin:
- What percentage of sales is left over as profit in the end. Negative means the company is posting a loss.
- OCF (Operating Cash Flow):
- The cash that actually flows into the till from the core business during the quarter — harder to dress up than book profit.
- FCF (Free Cash Flow):
- Operating cash flow minus capital expenditures — the money that's genuinely free to use, say for paying down debt, buybacks, or dividends.
Assessment: Opportunities & Risks
The turnaround is documented in audited filings: gross margin from 39.0 percent (2023) to 44.3 (2024) to 47.3 percent (2025), operating profit up 54.1 percent to $150.2 million in 2025, diluted earnings per share from −$0.49 to $1.14. The first quarter of 2026 continued the trend (revenue up 11.0 percent to $457.6 million, $0.24 instead of $0.15 per share).
The company hangs on two brands: Saucony and Merrell together added $177.2 million of revenue in 2025 while the entire Work Group lost $33.1 million. The Active Group accounted for 75.1 percent of revenue and more than 71 percent of segment income in 2025, and for 81.2 percent of revenue in the first quarter of 2026. Running-shoe fashion is cyclical — the variety of the other nine brands barely cushions it.
As of April 4, 2026, $415.7 million of equity attributable to Wolverine shareholders stands against $635.9 million of intangibles — minus $220.2 million on a tangible basis. The Sweaty Betty unit carries $158.5 million of book value (38.1 percent of equity) with only 16 percent of headroom in the 2025 impairment test; $48.4 million has already been written off there.
Orderly, but not generous: $550 million of notes at a fixed 4.000 percent to August 2029, a revolving facility to September 2030 with $492.9 million of headroom, compliance with all covenants, interest coverage of 4.6 and an Altman Z-double-prime of 3.01. Against that stand $519.3 million of net debt and a receivables program drawn to 96.6 percent ($120.7 million of $125.0 million) that props up operating cash flow (all figures April 4, 2026).
The tannery operated in Rockford through 2009 left a PFAS burden with a $25.5 million remediation reserve (of which $14.4 million runs over up to 25 years), an $8.7 million litigation reserve and a $69.5 million cap on the water connection settlement. Two matters remain pending, one of them only since December 4, 2025. The company itself writes that future developments could materially change the cost estimate.
Price-to-sales about 0.8, price-to-earnings about 15, enterprise value roughly 13 times trailing four-quarter operating profit (data as of July 28, 2026). The $0.40 annual dividend stands; but of the $150 million repurchase authorization of March 7, 2024 only $14.5 million had been used by January 3, 2026, and nothing at all was bought back in the first quarter of 2026.
Wolverine World Wide has a documented earnings turnaround behind it: gross margin rose from 39.0 to 47.3 percent in two years, diluted earnings per share from minus $0.49 to $1.14, and the first quarter of 2026 followed up with revenue growth of 11.0 percent. But that turn stands on a smaller company (revenue 16.4 percent below 2023) and on two brands: Saucony and Merrell carry the group while the Work Group shrinks. Underneath sit tangible equity of minus $220.2 million, a Sweaty Betty unit with only 16 percent of headroom in the impairment test, a receivables program drawn to 96.6 percent and a PFAS cleanup that runs for up to 25 more years. An unbooked tariff credit of roughly $36 million points the other way. Not investment advice.
- Wolverine World Wide reached our research list through the Reddit hype scan (ApeWisdom, as of July 28, 2026). The forum attention is explained by the combination of a turnaround curve, a low price-to-sales ratio (about 0.8) and short interest of roughly 12.3 percent of the free float (data as of July 28, 2026). Scanner lists are recomputed daily.
- Currency status: the most recent mandatory filing is the quarterly report 10-Q as of April 4, 2026 (filed May 14, 2026); the first quarter earnings release (Form 8-K, Exhibit 99.1) appeared the same day and carries the company's fiscal 2026 outlook, which is worked into the valuation chapter. Only insider and ownership reports followed: two threshold notifications on May 15, 2026 (Callodine Capital Management with 5.96 percent and Wellington Management Group with 5.3 percent, each as of the March 31, 2026 event date), plus Form 144 and Form 4 filings in May and July 2026. No second quarter 2026 earnings report was available as of July 28, 2026.
- Basis of figures: the 2023 and 2024 annual figures are the retrospectively adjusted values shown in the 2025 annual report — in the third quarter of 2025 the company switched part of its domestic inventory from LIFO to FIFO costing and restated the prior years accordingly (2025: +$0.05 per share, 2024: −$0.03). When comparing 2024 with 2025, note also that 2025 contained a 53rd week. Valuation metrics carry a data cut-off of July 28, 2026; a dated price anchor from a mandatory filing is the insider sale at a weighted average $18.14 on July 13, 2026.
About the Company
Wolverine World Wide, Inc. entwirft, fertigt, beschafft, vermarktet, lizenziert und vertreibt Schuhe, Bekleidung und Accessoires in den USA, Europa, im Nahen Osten, in Afrika, im asiatisch-pazifischen Raum, in Kanada und Lateinamerika.
| Employees | 3,050 |
|---|---|
| Headquarters | Rockford, MI |
| Website | wolverineworldwide.com |
| IPO Date | 18. Dec 1984 |
| Next Earnings | 5. Aug 2026 |
Management
| Name | Title | Birth Year |
|---|---|---|
| Christopher E. Hufnagel | CEO, President & Director | 1972 |
| Taryn L. Miller | CFO & Treasurer | 1973 |
| David A. Latchana | Chief Legal Officer & Corporate Secretary | 1978 |
| Amy M. Klimek | Chief Human Resources Officer | 1974 |
| Susan J. Kuhn | President of Active Group | 1976 |
| Dee Slater | Chief Information Officer & Senior VP of Central Services | – |
| Jared Filippone C.F.A. | Head of Investor Relations | – |
| Brett Parent | Chief Strategy Officer | – |
| Alex Wiseman | Senior Vice President of Finance | – |
| Melissa Mullen | Global Brand President of Sweaty Betty | – |
Executives per the latest required filings; titles kept in their original language. Source: fundamental data.
Chart
Interactive price chart (TradingView).
Data as of: July 28, 2026 · Source: fundamental data & SEC filings (annual and quarterly reports, 10-K/10-Q)
Note: pure fact-based analysis, not investment advice and not a solicitation to buy or sell. All figures without guarantee.