Latest Ratios: P/E Ratio -54.3x · EV/EBITDA 13.5x · ROE -1.2%. (1996–2025 historical series)
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $403M | $399M | $614M | $1.1B | $889M | $856M | $562M | $699M | $1.2B | $1.2B | $1.3B |
| Enterprise Value | $1.3B | $1.3B | $1.4B | $1.8B | $1.7B | $1.7B | $1.6B | $1.9B | $1.7B | $1.3B | $1.5B |
| P/E Ratio → | -54.27 | — | 5.93 | 6.65 | 5.11 | 6.48 | — | 11.11 | — | 14.25 | 19.57 |
| P/S Ratio | 0.15 | 0.14 | 0.23 | 0.39 | 0.30 | 0.31 | 0.27 | 0.24 | 0.44 | 0.43 | 0.49 |
| P/B Ratio | 0.64 | 0.66 | 1.01 | 1.92 | 2.09 | 2.65 | 2.76 | 1.08 | 1.95 | 1.68 | 2.04 |
| P/FCF | 12.45 | 12.32 | 11.09 | 7.25 | 14.38 | 5.93 | 5.39 | 5.80 | 19.72 | 8.62 | 10.12 |
| P/OCF | 4.02 | 3.98 | 5.87 | 5.45 | 7.07 | 5.08 | 4.45 | 4.10 | 9.54 | 6.32 | 6.83 |
P/E links to full P/E history page with 30-year chart
Enterprise-value multiples — capital-structure-neutral measures of total business value
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 0.46 | 0.52 | 0.65 | 0.59 | 0.61 | 0.75 | 0.65 | 0.61 | 0.48 | 0.58 |
| EV / EBITDA | 13.51 | 13.47 | 6.84 | 7.14 | 6.62 | 6.58 | — | 14.90 | 27.56 | 6.58 | 9.02 |
| EV / EBIT | 43.62 | 201.90 | 9.46 | 9.06 | 7.67 | 8.29 | — | 17.73 | 138.87 | 9.58 | 13.57 |
| EV / FCF | — | 38.94 | 25.47 | 12.07 | 28.19 | 11.76 | 15.29 | 15.62 | 27.74 | 9.57 | 12.14 |
Margins and return-on-capital ratios measuring operating efficiency
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 43.0% | 43.0% | 44.9% | 44.8% | 43.3% | 44.2% | 37.2% | 40.5% | 40.8% | 42.0% | 41.2% |
| Operating Margin | 1.1% | 1.1% | 5.5% | 7.1% | 7.2% | 7.4% | -4.8% | 2.1% | 0.0% | 5.0% | 4.3% |
| Net Profit Margin | -0.3% | -0.3% | 3.9% | 5.8% | 6.1% | 4.9% | -20.7% | 2.1% | -0.2% | 3.1% | 2.5% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | -1.2% | -1.2% | 18.3% | 33.0% | 48.5% | 52.0% | -102.9% | 9.7% | -0.8% | 13.1% | 10.8% |
| ROA | -0.4% | -0.4% | 5.8% | 9.0% | 9.9% | 7.4% | -20.4% | 2.9% | -0.3% | 5.9% | 4.7% |
| ROIC | 1.5% | 1.5% | 8.3% | 11.7% | 13.2% | 12.9% | -5.0% | 3.1% | 0.0% | 12.2% | 10.8% |
| ROCE | 2.6% | 2.6% | 13.6% | 20.3% | 24.6% | 23.1% | -8.1% | 4.7% | 0.0% | 14.0% | 11.9% |
Solvency and debt-coverage ratios — lower is generally safer
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 1.46 | 1.46 | 1.36 | 1.32 | 2.08 | 2.69 | 5.50 | 1.90 | 0.84 | 0.27 | 0.50 |
| Debt / EBITDA | 9.52 | 9.52 | 4.01 | 2.94 | 3.37 | 3.38 | — | 9.73 | 8.45 | 0.97 | 1.84 |
| Net Debt / Equity | — | 1.41 | 1.32 | 1.28 | 2.00 | 2.60 | 5.07 | 1.83 | 0.79 | 0.19 | 0.41 |
| Net Debt / EBITDA | 9.21 | 9.21 | 3.86 | 2.85 | 3.24 | 3.26 | — | 9.37 | 7.97 | 0.65 | 1.51 |
| Debt / FCF | — | 26.61 | 14.38 | 4.83 | 13.81 | 5.83 | 9.90 | 9.82 | 8.02 | 0.95 | 2.03 |
| Interest Coverage | 0.34 | 0.34 | 10.68 | 10.37 | 15.94 | 6.62 | -9.71 | 3.21 | 0.69 | 7.74 | 7.34 |
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 1.02 | 1.02 | 1.10 | 1.06 | 0.91 | 0.82 | 0.86 | 1.04 | 1.14 | 1.97 | 1.60 |
| Quick Ratio | 0.30 | 0.30 | 0.36 | 0.33 | 0.28 | 0.23 | 0.33 | 0.31 | 0.34 | 0.64 | 0.49 |
| Cash Ratio | 0.04 | 0.04 | 0.04 | 0.03 | 0.04 | 0.03 | 0.10 | 0.05 | 0.04 | 0.15 | 0.10 |
| Asset Turnover | — | 1.40 | 1.44 | 1.56 | 1.62 | 1.51 | 1.13 | 1.20 | 1.54 | 1.87 | 1.75 |
| Inventory Turnover | 2.58 | 2.58 | 2.65 | 2.87 | 2.90 | 2.60 | 2.73 | 2.81 | 2.46 | 2.84 | 2.59 |
| Days Sales Outstanding | — | 19.48 | 22.73 | 20.03 | 18.49 | 20.41 | 21.89 | 20.26 | 24.69 | 20.00 | 21.67 |
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | 2.4% | 2.4% | 1.6% | 0.9% | 1.1% | 1.2% | 1.9% | 1.6% | 1.0% | 1.0% | 1.0% |
| Payout Ratio | — | — | 9.0% | 6.1% | 5.6% | 7.8% | — | 18.4% | — | 13.8% | 18.4% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | — | — | 16.9% | 15.0% | 19.6% | 15.4% | — | 9.0% | — | 7.0% | 5.1% |
| FCF Yield | 8.0% | 8.1% | 9.0% | 13.8% | 7.0% | 16.9% | 18.5% | 17.2% | 5.1% | 11.6% | 9.9% |
| Buyback Yield | 2.2% | 2.2% | 10.6% | 1.6% | 7.1% | 2.0% | 4.2% | 3.3% | 3.5% | 0.8% | 1.8% |
| Total Shareholder Yield | 4.6% | 4.6% | 12.2% | 2.5% | 8.3% | 3.2% | 6.1% | 5.0% | 4.5% | 1.8% | 2.8% |
| Shares Outstanding | — | $33M | $34M | $34M | $35M | $37M | $37M | $40M | $42M | $42M | $42M |
Operating margin volatility
According to current market data, Caleres trades at a P/S ratio of 0.17, which appears to reflect a significant conglomerate discount compared to pure-play footwear brand owners, suggesting the market remains skeptical of the company's ability to successfully pivot away from its capital-intensive retail store footprint.
The forward P/E of 25.51 implies that investors are pricing in a recovery in earnings power, yet this valuation remains sensitive to the company's ability to scale its higher-margin brand portfolio. The discrepancy between the low P/S and the elevated forward P/E suggests that the market is currently valuing the company as a distressed retailer rather than a brand-led growth entity.
As reported in recent financial filings, the company's ROIC has struggled to maintain momentum, fluctuating between a low of -0.8% in 2025Q4 and a peak of 3.5% in 2024Q3, which indicates that the firm is currently failing to consistently generate returns above its cost of capital.
The volatility in ROIC is largely driven by the retail segment's inability to maintain stable operating margins, which drags down the performance of the more efficient brand portfolio. Investors should monitor whether management's portfolio optimization strategy can improve these returns by shedding underperforming assets and focusing on higher-margin digital channels.
Based on the provided quarterly data, the cash conversion cycle has remained elevated, peaking at 130 days in 2026Q1, which highlights the company's persistent struggle to manage inventory velocity effectively within its dual-model retail and wholesale structure compared to more agile industry peers.
The high days inventory outstanding (DIO) of 158 days in 2026Q1 suggests that the company is carrying significant inventory risk, which may necessitate future markdowns that further compress margins. This inefficiency in working capital management appears to be a structural drag on cash flow, limiting the company's ability to reinvest in its core brand assets.
As indicated by the latest balance sheet figures, the debt-to-equity ratio of 1.53 in 2026Q1 underscores a reliance on external financing that, when combined with thin interest coverage ratios, suggests a vulnerable financial position in the current high-interest-rate environment for consumer cyclical companies.
The reported debt levels likely understate the true leverage when accounting for the significant off-balance-sheet operating lease obligations associated with nearly 1,000 retail locations. This hidden leverage warrants further investigation, as it may limit the company's capacity to navigate cyclical downturns without further straining its liquidity buffers.
Investors frequently misapply the trailing P/E ratio to Caleres, which, at -61.32, obscures the underlying operational health of the brand portfolio by focusing on the volatile, loss-making retail segment that is currently burdened by significant restructuring and inventory-related charges.
A more appropriate metric for this business model would be EV/EBITDA, which accounts for the company's capital structure and provides a clearer view of operating cash generation before the impact of non-cash charges and interest expenses. Relying on P/E in this context ignores the potential value of the brand portfolio, which is often masked by the retail segment's cyclicality.
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Quick answers to the most common questions about buying CAL stock.
Caleres, Inc.'s current P/E ratio is -54.3x. The historical average is 15.6x.
Caleres, Inc.'s current EV/EBITDA is 13.5x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 8.4x.
Caleres, Inc.'s return on equity (ROE) is -1.2%. The historical average is 7.7%.
Based on historical data, Caleres, Inc. is trading at a P/E of -54.3x. Compare with industry peers and growth rates for a complete picture.
Caleres, Inc.'s current dividend yield is 2.42%.
Caleres, Inc. has 43.0% gross margin and 1.1% operating margin.
Caleres, Inc.'s Debt/EBITDA ratio is 9.5x, indicating high leverage. A ratio above 4x may signal elevated financial risk.