Buckle Inc (BKE)

Price$43.15Cached quoteAs of 2026-09-04 23:37 UTC

AI: Undervalued

Price checkThe stock trades near ten times recent earnings, a modest price given profits, cash, and dividends.

The shares recently changed hands near ten times the past year's earnings of about $4.36 per share, and roughly ten times last year's $4.14. Subtracting about $307 million of cash and investments from the roughly $2.2 billion market value leaves an effective price near nine times yearly free cash flow of about $206 million — cash left after running and investing in the business. Wall Street's average target sits near $46, about eight percent higher. With the stock roughly thirty percent below its twelve-month high, the price pays little for steady profits, supporting an undervalued call.

Big pictureSales and profits are growing again, but earnings remain below the last boom, keeping expectations grounded.

Last fiscal year sales rose six point six percent to $1.30 billion, with comparable-store sales up five point six percent, and the latest quarter's profit rose by a third, helped by a one-time legal settlement. Revenue and profit still trail the previous peak, when sales reached $1.35 billion and net income $255 million. Over six years, sales swung between $901 million and $1.35 billion, showing how sharply teen-fashion demand cycles. Operating margin near twenty percent is unusually strong for clothing retail. The current price assumes profits hold near present levels rather than returning to peak — a reasonable assumption.

Business strengthA debt-free balance sheet loaded with cash gives the dividend unusual downside protection.

Buckle owes essentially nothing to lenders while holding about $307 million in cash and investments, roughly fourteen percent of the company's market value. Yearly operations generate about $251 million of cash against $45 million spent on stores and technology, leaving roughly $206 million free. That covers the regular dividend — about $72 million annually — nearly three times over, and last year's full $225 million of payouts, including a special dividend, matched cash generation. Yearly profit equals roughly forty-seven percent of shareholders' invested capital, and inventory up fifteen percent reflects deliberate denim stocking, not weak selling.

What could change the storySlowing sales growth and rising clothing costs could shrink profits faster than the cheap price implies.

Comparable-store sales growth cooled to two point four percent in the most recent monthly report from five percent in spring, and analysts expect second-quarter gross margins — the share of sales left after product costs — to slip as vendors charge low-to-mid single-digit tariff-related increases. If profits fell back to $195 million, as two years ago, the stock would cost about eleven times those earnings. The bull case rests on women's denim, where charged prices keep climbing, plus kids' growth and twelve to fourteen new stores; renewed buybacks — dormant while the share count crept up four percent over five years — would help.

AI: News

First-quarter profit beats forecastsQuarterly profit jumped about a third, beating estimates, though a one-time legal payment inflated the gain.

In late spring, Buckle reported quarterly net income of $46.9 million, or $0.92 per share, up from $0.70 a year earlier and well above the $0.74 analysts expected. Sales rose six point one percent to $288.7 million, with comparable-store sales up five point one percent. However, a $19.1 million credit-card fee settlement was booked as an expense reduction, so underlying improvement was smaller, and gross margin slipped to 46.2 percent. The report confirmed demand momentum but sharpened investor focus on whether costs will erode future profitability.

Shares touch fifty-two-week lowThe stock sank to a one-year low as monthly sales growth showed signs of cooling.

Early last month, shares fell to their lowest point in a year after Buckle posted June comparable-store sales growth of two point four percent — half the pace reported in the spring quarter. Total monthly sales still rose five point two percent to $112.0 million, and year-to-date comparables were up four percent, with two new stores opening. Whether the sell-off was caused by the sales report is uncertain, but slowing growth matters because rising earnings per share is the main engine behind the investment case at today's price.

Analyst trims outlook before resultsA major bank lowered its target and warned margins may dip just as new quarterly results arrive.

About a week and a half ago, UBS trimmed its price target to $46 from $47 while keeping a neutral rating, telling clients it expects second-quarter gross margins to deteriorate. Management had earlier described tariff-related cost increases from suppliers as low-to-mid single digit percentages, contained so far. The average analyst target now stands at $46, with a consensus Hold rating. New quarterly results are due before the market opens today, with forecasts near $0.81 per share on $319.8 million of sales, so margin commentary will likely steer the stock's next move.

Large special dividend paidShareholders collected a three-dollar-per-share bonus payout in winter, funded entirely by the company's spare cash.

In early December the board authorized a $3.00 per share special cash dividend, paid at the end of January alongside the regular $0.35 quarterly payout. Fiscal fourth-quarter filings show roughly $171 million flowing out as dividends, yet the company still finished the year holding about $307 million in cash and investments after distributing $225 million for the full year. The pattern shows a business producing more cash than it can productively reinvest, which underpins the generous payouts and helps explain why patient holders tolerate a cyclically exposed retail stock.

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Total cash / debt

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Financial statements

	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015	2014	2013	2012	2011	2010	2009	2008
Revenue	$1.30B	$1.22B	$1.26B	$1.35B	$1.29B	$901.3M	$900.3M	$885.5M	$913.4M	$974.9M	$1.12B	$1.15B	$1.13B	$1.12B	$1.06B	$949.8M	$898.3M	$792.0M
Gross profit	$635.9M	$592.8M	$619.1M	$676.0M	$653.0M	$400.7M	$377.5M	$366.1M	$380.0M	$397.2M	$481.4M	$507.3M	$499.1M	$499.3M	$468.7M	$419.1M	$400.6M	$343.5M
Gross margin	48.99%	48.68%	49.09%	50.25%	50.44%	44.46%	41.93%	41.34%	41.61%	40.74%	43.00%	44.00%	44.25%	44.42%	44.09%	44.13%	44.60%	43.37%
Operating expenses	$374.4M	$351.4M	$348.0M	$347.9M	$317.5M	$232.6M	$246.0M	$245.1M	$245.9M	$244.4M	$251.8M	$250.4M	$242.2M	$241.1M	$232.3M	$208.4M	$201.2M	$181.3M
Operating income	$261.4M	$241.4M	$271.1M	$328.1M	$335.5M	$168.0M	$131.5M	$120.9M	$134.1M	$152.8M	$229.6M	$257.0M	$257.0M	$258.2M	$236.3M	$210.8M	$199.5M	$162.2M
Operating margin	20.14%	19.82%	21.49%	24.39%	25.92%	18.64%	14.61%	13.66%	14.68%	15.67%	20.51%	22.28%	22.78%	22.97%	22.23%	22.19%	22.20%	20.48%
EBITDA	$286.9M	$264.4M	$291.9M	$347.0M	$354.2M	$188.9M	$155.3M	$147.8M	$164.8M	$185.5M	$261.7M	$288.7M	$289.6M	$292.0M	$269.1M	$240.5M	$224.6M	$184.0M
EBITDA margin	22.10%	21.71%	23.15%	25.79%	27.36%	20.96%	17.25%	16.69%	18.05%	19.03%	23.38%	25.03%	25.68%	25.98%	25.32%	25.33%	25.00%	23.23%
Net income	$209.7M	$195.5M	$219.9M	$254.6M	$254.8M	$130.1M	$104.4M	$95.6M	$89.7M	$98.0M	$147.3M	$162.6M	$162.6M	$164.3M	$151.5M	$134.7M	$127.3M	$104.4M
Net profit margin	16.16%	16.05%	17.44%	18.93%	19.68%	14.44%	11.60%	10.80%	9.82%	10.05%	13.15%	14.10%	14.41%	14.62%	14.25%	14.18%	14.17%	13.18%
Basic EPSper basic share	$4.17	$3.92	$4.44	$5.17	$5.20	$2.67	$2.15	$1.97	$1.86	$2.04	$3.06	$3.39	$3.41	$3.47	$3.23	$2.92	$2.79	$2.30
Diluted EPSper diluted share	$4.14	$3.89	$4.40	$5.13	$5.16	$2.66	$2.14	$1.97	$1.85	$2.03	$3.06	$3.38	$3.39	$3.44	$3.20	$2.86	$2.73	$2.24

Review official source filings ↗

Owners

Reported shareholders

Reference date Jun 30, 2026

≈9.61%of listed shares

BlackRock, Inc.4.95M shares · Jun 30, 2026

View holders

Top 20 reported holders of BKE
Holder	% owned
BlackRock, Inc.	≈9.61%4.95M shares
VANGUARD PORTFOLIO MANAGEMENT LLC	≈4.96%2.55M shares
NELSON DENNIS H	≈4.23%2.18M shares
AMERICAN CENTURY COMPANIES INC	≈2.76%1.42M shares
STATE STREET CORP	≈2.69%1.39M shares
VANGUARD CAPITAL MANAGEMENT LLC	≈2.68%1.38M shares
DIMENSIONAL FUND ADVISORS LP	≈2.65%1.37M shares
CHARLES SCHWAB INVESTMENT MANAGEMENT INC	≈2.46%1.27M shares
MORGAN STANLEY	≈2.42%1.24M shares
RENAISSANCE TECHNOLOGIES LLC	≈2.21%1.14M shares
GEODE CAPITAL MANAGEMENT, LLC	≈2.01%1.03M shares
GOLDMAN SACHS GROUP INC	≈1.67%861.37K shares
Bank of New York Mellon Corp	≈1.26%650.86K shares
VICTORY CAPITAL MANAGEMENT INC	≈1.17%604.67K shares
HEACOCK THOMAS B	≈1.02%526.3K shares
TWO SIGMA INVESTMENTS, LP	≈0.99%509.25K shares
Impala Asset Management LLC	≈0.80%412K shares
D. E. Shaw & Co., Inc.	≈0.70%361.66K shares
MILLENNIUM MANAGEMENT LLC	≈0.68%349.27K shares
NORTHERN TRUST CORP	≈0.63%327.05K shares

Percentages use 51.52M shares of this listed class outstanding on Jun 5, 2026. ≈ compares the latest reported holding with a share total from a different date; it is not a confirmed current stake.

Gray completes the 100% scale. Reported positions may overlap; holders have different reporting dates.

Source: SEC Form 13F ↗Updated Sep 29, 2026 · Quarterly data

Insider buys & sells

Jul 1, 2024–Jun 30, 2026

Buys0$0.00 disclosed value

Sells (SEC code S)48$36.21M disclosed value

Transaction	Insider	Type	Shares	Price	Value	Owned after
Jun 8, 2026Form 4	FAIRFIELD BILL LDirector	SellCommon Stock	2.5K	$44.44	$111.1K	52.9K
Apr 10, 2026Form 4	HOFFMAN MICHELLESVP Sales	SellCommon Stock	16.2K	$54.80	$887.8K	29.7K
Apr 10, 2026Form 4	SMITH KARI GEVP Stores	SellCommon Stock · indirect	30.0K	$54.57	$1.64M	83.8K
Mar 20, 2026Form 4	HOFFMAN MICHELLESVP Sales	SellCommon Stock	29.3K	$49.12	$1.44M	45.9K
Mar 19, 2026Form 4	HOFFMAN MICHELLESVP Sales	SellCommon Stock	719	$50.00	$36.0K	75.2K

Review ownership filings at SEC.gov ↗

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Buckle Inc (BKE)

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