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CALERES, INC

CAL · Materials · $445M mkt cap · FY2026 filings · · Shallow moat ·

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Shallow moat
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The five investor questions

35

2022–2026 (latest 5 aligned FYs; v3 window cap 5): revenue $2.8B to $2.8B, decreasing; diluted EPS 3.56 to -0.21, decreasing.

44

Median gross margin 43.1% over 10y, variable.

49

Median ROIC 12.2%, above the 12% hurdle in 50% of years.

100

Net cash position — no leverage risk.

64

Owner earnings changed trend unclear over up to the ten most recent annual observations.

Price vs. value if growth stopped today

A cautious baseline, not a price target: what the shares may support if normalized owner earnings simply hold steady.

Above value if growth stopped todayBelow value if growth stopped today
77% below value if growth stopped today
$171M
$56.12
$56.12
$13.14
77% below value if growth stopped today

A discount this large is often a warning rather than a bargain — the market may expect earnings to keep falling. See the revenue trend above.

How to read this

What today’s price assumes: owner earnings shrinking ~25%/yr over 5 years. The estimate assumes owner earnings stay flat (0% growth).

We solve for the constant annual change in owner earnings that would make the five-year zero-growth estimate equal today’s price. This keeps the existing model inputs and calculation unchanged; it is an expectations lens, not a forecast.

This zero-growth estimate assumes trailing owner earnings persist — unreliable for declining businesses. The recent FY revenue series does not trigger the three-consecutive-declines flag.

Among the current top-score group, the median current price is 255% above the zero-growth estimate across 49 of the current top 50 companies by Moat Score with both values.

Score records captured Oct 16, 2026.

Exactly which 50 companies?

FTNT, IBEX, META, MEDP, MSFT, GOOG, LULU, ANF, IDXX, TXRH, FHI, QLYS, FFIV, ADBE, LLY, MANH, CPRT, VEEV, RMD, GRMN, PCTY, EAT, UI, SSD, MNST, DOCS, LRCX, MCO, NTAP, NVDA, CORT, SFM, MPTI, ULTA, SN, ROL, CTAS, PAYC, IRMD, DECK, MORN, INTU, JKHY, TPR, LGCY, DAL, GWW, ISRG, MPWR, LOPE

Missing a usable price or zero-growth estimate: ANF.

Model details under moat-index@3.0.0: zero-growth multiple 11.1×, capped-growth comparison at no more than 18×; 9% discount rate; high-end growth 0% (capped at 4%) using min(5y revenue CAGR, 5y diluted-EPS CAGR), clamped to 0%–4%; maintenance capex uses min(capex, D&A); abstain when D&A is unavailable. This is a disclosed model range, not intrinsic value as fact.

18 years of fundamentals

The business, in plain English

CALERES, INC booked $2.8B of revenue in FY2026 in the Materials sector and kept 43.0% of it as gross profit — a solid-margin business by that measure. After every other cost, −0.2% of each revenue dollar reached the bottom line.

Across the filed record, revenue grew from $2.2B (FY2010) to $2.8B (FY2026) — about 1.3% a year compounded over 16 years.

It earned 0.9% on invested capital in the latest filed year, FY2026. Across the full 17-year measurable filed record, median ROIC was 13.7%. Over the v3 recent window (10 measurable filed years), median ROIC was 12.2%. The Returns on Capital filter above scores it 49/100.

CAL's latest filed year, FY2026, doesn't disclose total debt in a form the methodology can use, so current leverage is treated as unmeasured — never assumed to be zero.

Put together: Balance-Sheet Safety is the strongest of the five filters (100/100) and Business Trend the weakest (35/100), which is how CAL lands at 58/100 — a Shallow moat.

This breakdown is generated from the filed numbers and sub-scores above — no outside narrative, no estimates. Where a filing doesn’t disclose an input, the sentence that would need it is omitted instead of guessed.

FY2009–FY2026 · 18 fiscal years, normalized from CAL’s SEC filings

Sales, as filed$2.8B FY2026
$0$2B2009201520212026
Revenue kept after cost of goods43.0% FY2026
0%500%1000%2009201520212026
Standard ROIC or separately labeled Operating ROICStandard ROIC 0.0% FY2019

Exact FY and FY-1 financing invested-capital inputs are required.

0%5%10%2009201520212026
Cash an owner could take out−$6.7M FY2026
−$250M$02009201520212026

The explained ROIC gaps have filed inputs but no meaningful positive invested-capital denominator. Other gaps mean the item is not in the filings for that year. The series is never interpolated or estimated. The Table view lists every filed value, including operating and net margins, total debt, and share count.

Flagship explainer

How CALERES, INC makes its money

Start with a dollar of revenue and follow what the filing says remains.

revenueBranching filed flows with values and percentages directly labeled. Missing filing concepts are omitted rather than estimated.Revenue$2.8B · 100%Cost of revenue$1.6B · 57%Gross profit$1.2B · 43%Operating income$6.4M · 0%Income before tax−$12.2M · −0%Income tax−$2.3M · −0%Net income−$6.7M · −0%As of 2026-01-31 · 2 SEC filing sourcesBuy Like Buffett · buylikebuffett.com

Honest partial: the filing did not provide a normalized tag for Research and development, Selling, general and administrative; those components are omitted, not plugged.

Table alternative
Filed lineValue% of revenueSource
$2.8B100%
  • 10-K · FY 2026Filing detailsAccession 0000014707-26-000053 · filed Apr 2, 2026
Cost of revenue$1.6B57%
  • 10-K · FY 2026Filing detailsAccession 0000014707-26-000053 · filed Apr 2, 2026
$1.2B43%
  • 10-K · FY 2026Filing detailsAccession 0000014707-26-000053 · filed Apr 2, 2026
$6.4M0%
  • 10-K · FY 2026Filing detailsAccession 0000014707-26-000053 · filed Apr 2, 2026
Income before tax−$12.2M−0%
  • 10-K · FY 2026Filing detailsAccession 0000014707-26-000053 · filed Apr 2, 2026
Income tax−$2.3M−0%
  • 10-K · FY 2026Filing detailsAccession 0000014707-26-000053 · filed Apr 2, 2026
−$6.7M−0%
  • 10-K · FY 2026Filing detailsAccession 0000014707-26-000053 · filed Apr 2, 2026
Source:
  • 10-K · FY 2026Filing detailsAccession 0000014707-26-000053 · filed Apr 2, 2026
· event Jan 31, 2026 · retrieved Oct 16, 2026 · annual-row source set
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Flagship explainer

What CALERES, INC owns — and owes

CALERES, INC's filing tags don't support a full breakdown — here's what is filed:

Table alternative
Filed lineValue% of assetsSource
Total assets$2.0B100%
  • 10-K · FY 2026Filing detailsAccession 0000014707-26-000053 · filed Apr 2, 2026
Cash and equivalents$29.8M2%
  • 10-K · FY 2026Filing detailsAccession 0000014707-26-000053 · filed Apr 2, 2026
Stockholders’ equity$602M31%
  • 10-K · FY 2026Filing detailsAccession 0000014707-26-000053 · filed Apr 2, 2026
Source:
  • 10-K · FY 2026Filing detailsAccession 0000014707-26-000053 · filed Apr 2, 2026
· event Jan 31, 2026 · retrieved Oct 16, 2026 · annual-row source set

Flagship explainer

What drives CALERES, INC’s return on equity?

ROE is five filed business factors multiplied together.

DuPont return on equity factor treeReturn on equity branches into tax burden, interest burden, operating margin, asset turnover, and the equity multiplier.Return on equity−1%Tax burden55%net income ÷ pretax incomeInterest burden−192%pretax ÷ operating incomeOperating margin0%operating income ÷ revenueAsset turnover1.43×revenue ÷ average assetsEquity multiplier3.21×average assets ÷ average equityAs of 2026-01-31 · 2 SEC filing sourcesBuy Like Buffett · buylikebuffett.com
DuPont source inputs
InputValueFiscal yearSource
−$6.7MFY2026
  • 10-K · FY 2026Filing detailsAccession 0000014707-26-000053 · filed Apr 2, 2026
Income before tax−$12.2MFY2026
  • 10-K · FY 2026Filing detailsAccession 0000014707-26-000053 · filed Apr 2, 2026
Operating income$6.4MFY2026
  • 10-K · FY 2026Filing detailsAccession 0000014707-26-000053 · filed Apr 2, 2026
$2.8BFY2026
  • 10-K · FY 2026Filing detailsAccession 0000014707-26-000053 · filed Apr 2, 2026
Ending assets$2.0BFY2026
  • 10-K · FY 2026Filing detailsAccession 0000014707-26-000053 · filed Apr 2, 2026
Beginning assets$1.9BFY2025
  • 10-K · FY 2025Filing detailsAccession 0000014707-26-000053 · filed Apr 2, 2026
$602MFY2026
  • 10-K · FY 2026Filing detailsAccession 0000014707-26-000053 · filed Apr 2, 2026
$599MFY2025
  • 10-K · FY 2025Filing detailsAccession 0000014707-26-000053 · filed Apr 2, 2026
Source: · event Jan 31, 2026 · retrieved Oct 16, 2026 · annual-row source set
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Flagship explainer

Where CALERES, INC's cash went

CALERES, INC’s filing does not supply enough provenance-matched cash-flow lines for a truthful flow chart — here’s what is filed:

Table alternative
Filed lineValue% of cash from operationsSource
Cash from operations$103M100%
  • 10-K · FY 2026Filing detailsAccession 0000014707-26-000053 · filed Apr 2, 2026
Depreciation and amortization$59.6M58%
  • 10-K · FY 2026Filing detailsAccession 0000014707-26-000053 · filed Apr 2, 2026
Source:
  • 10-K · FY 2026Filing detailsAccession 0000014707-26-000053 · filed Apr 2, 2026
· event Jan 31, 2026 · retrieved Oct 16, 2026 · annual-row source set

Curated 19-manager tier

Who reported holding CALERES, INC

Delayed public 13F reports for 2026-Q2—not live positions, trades, or recommendations.

0 holding0 exited0 not holding0/19 resolved19 not retrieved

Named manager positions and quarter-over-quarter changes
ManagerReported positionQuarter-over-quarterFiling accession
Abrams CapitalNot retrievedComparison not retrievedFiling not retrieved
Akre CapitalNot retrievedComparison not retrievedFiling not retrieved
Baupost GroupNot retrievedComparison not retrievedFiling not retrieved
Berkshire HathawayNot retrievedComparison not retrievedFiling not retrieved
Brave Warrior AdvisorsNot retrievedComparison not retrievedFiling not retrieved
Dodge & CoxNot retrievedComparison not retrievedFiling not retrieved
First EagleNot retrievedComparison not retrievedFiling not retrieved
FundsmithNot retrievedComparison not retrievedFiling not retrieved
Gardner Russo & QuinnNot retrievedComparison not retrievedFiling not retrieved
Gates Foundation TrustNot retrievedComparison not retrievedFiling not retrieved
Mairs & PowerNot retrievedComparison not retrievedFiling not retrieved
Markel / Markel-GaynerNot retrievedComparison not retrievedFiling not retrieved
Oakmark / Harris AssociatesNot retrievedComparison not retrievedFiling not retrieved
Pershing SquareNot retrievedComparison not retrievedFiling not retrieved
Polen CapitalNot retrievedComparison not retrievedFiling not retrieved
Sequoia / Ruane CunniffNot retrievedComparison not retrievedFiling not retrieved
Southeastern Asset ManagementNot retrievedComparison not retrievedFiling not retrieved
Tweedy, BrowneNot retrievedComparison not retrievedFiling not retrieved
Yacktman Asset ManagementNot retrievedComparison not retrievedFiling not retrieved

Position size uses shares and filed value from each manager’s 13F. Portfolio weight uses the eligible long-share filing denominator. Changes compare only with the immediately preceding calendar quarter.

Source: Filing source not retrieved · event Jun 30, 2026 · retrieved Oct 16, 2026

Flagship explainer

What CALERES, INC insiders reported

Records still being gathered — partial as of retrieval Oct 16, 2026.

Partial coverage: the incomplete Form 4 walk cannot establish no activity, an activity date, or zero counts.

Moat Score history

28 logged readings since Jul 17, 2026 · append-only, never rewritten

Moat Score over timeLast scored reading of each day, on the 0–100 scale58.2 / 100
0406080100WideNarrowShallowNo moatJul 17, 2026Oct 16, 2026

Breaks in the line mark methodology or normalizer upgrades — readings across versions aren’t compared, so a level shift there isn’t a change in the business.

Tier changesSame-methodology and same-normalizer crossings of the Wide / Narrow / Shallow bars

  1. Normalizer upgraded unstamped (version unknown)moat-xbrl-normalizer@1.1.0 — readings across versions aren’t comparedJul 26, 2026
  2. Methodology upgraded moat-index@2.0.0moat-index@3.0.0 — readings across versions aren’t comparedJul 23, 2026
  3. Methodology upgraded moat-index@1.2.0moat-index@2.0.0 — readings across versions aren’t comparedJul 20, 2026

Scores are logged append-only and never overwritten — this record cannot be reconstructed retroactively, which is exactly why it’s worth keeping.

Insider activity

Form 4 reports mix P/S market or private transactions with compensation-plan mechanics. Activity casually described as “insider selling” can include compensation mechanics; awards, tax withholding, and option exercises are shown by their exact filed class here, never collapsed into “Bought” or “Sold.”

These are disclosed filing facts and arithmetic aggregates, not a signal or verdict.

This machine-readable surface covers SEC ownership filings from 2003; it does not represent earlier paper-era records.

Records still being gathered — partial as of retrieval Oct 16, 2026.

Among the rows shown, A/F/M acquisition, payment or withholding, and exercise or conversion rows outnumber S sale rows (10 versus 0). The filing codes alone do not establish that every such row arose from a compensation plan.

Trailing-12-month totals and the 90-day cluster result are withheld because this issuer walk is incomplete.

InsiderShares owned afterDateFiling detail
Hill WillisChief Information OfficerGrant, award, or other acquisition (A)Table II · Acquired · Stock Price Incentive Award27,132—Grant, award, or other acquisition (A)—27,132Sep 11, 2026
1 filed lot
  • Table II · Stock Price Incentive Award: 27,132 shares at — (Grant, award, or other acquisition (A)) · code A · owned after 27,132 ·
Freidman Daniel RChief Sourcing OfficerGrant, award, or other acquisition (A)Table II · Acquired · Stock Price Incentive Award29,303—Grant, award, or other acquisition (A)—29,303Sep 11, 2026
1 filed lot
  • Table II · Stock Price Incentive Award: 29,303 shares at — (Grant, award, or other acquisition (A)) · code A · owned after 29,303 ·
Costello Brian PDiv President, Famous FootwearGrant, award, or other acquisition (A)Table II · Acquired · Stock Price Incentive Award29,845—Grant, award, or other acquisition (A)—29,845Sep 11, 2026
1 filed lot
  • Table II · Stock Price Incentive Award: 29,845 shares at — (Grant, award, or other acquisition (A)) · code A · owned after 29,845 ·
Karpel Daniel LSVP, Chief Financial OfficerGrant, award, or other acquisition (A)Table II · Acquired · Stock Price Incentive Award29,845—Grant, award, or other acquisition (A)—29,845Sep 11, 2026
1 filed lot
  • Table II · Stock Price Incentive Award: 29,845 shares at — (Grant, award, or other acquisition (A)) · code A · owned after 29,845 ·
Schmidt John WDirector, President & CEO, CaleresGrant, award, or other acquisition (A)Table II · Acquired · Stock Price Incentive Award116,280—Grant, award, or other acquisition (A)—116,280Sep 11, 2026
1 filed lot
  • Table II · Stock Price Incentive Award: 116,280 shares at — (Grant, award, or other acquisition (A)) · code A · owned after 116,280 ·
Welter Kathleen KSVP, Chief HR OfficerGrant, award, or other acquisition (A)Table II · Acquired · Stock Price Incentive Award21,706—Grant, award, or other acquisition (A)—21,706Sep 11, 2026
1 filed lot
  • Table II · Stock Price Incentive Award: 21,706 shares at — (Grant, award, or other acquisition (A)) · code A · owned after 21,706 ·
Burke Thomas CSVP, General CounselGrant, award, or other acquisition (A)Table II · Acquired · Stock Price Incentive Award26,318—Grant, award, or other acquisition (A)—26,318Sep 11, 2026
1 filed lot
  • Table II · Stock Price Incentive Award: 26,318 shares at — (Grant, award, or other acquisition (A)) · code A · owned after 26,318 ·
Welter Kathleen KSVP, Chief HR OfficerPayment of exercise price or tax liability (F)Table I · Disposed · Common Stock1,882$12.32$23,18636,616Sep 8, 2026
1 filed lot
  • Table I · Common Stock: 1,882 shares at $12.32 · code F · owned after 36,616 ·
LANGENSTEIN MOLLYDirectorGrant, award, or other acquisition (A)Table I · Acquired · Common Stock1,950$12.82$24,99937,256Aug 1, 2026
1 filed lot
  • Table I · Common Stock: 1,950 shares at $12.82 · code A · owned after 37,256 ·
KLEIN WARD MDirectorGrant, award, or other acquisition (A)Table I · Acquired · Common Stock1,950$12.82$24,999107,198Aug 1, 2026
1 filed lot
  • Table I · Common Stock: 1,950 shares at $12.82 · code A · owned after 107,198 ·

Source-event as of . Retrieved .

Track record

How CALERES, INC’s moat rated in each of the years we can reconstruct from its filings — scored only on what was knowable at the time — and what its price and returns did afterward. The score never saw a price; the two are joined only in hindsight, for education, not as a signal.

Point-in-time scores 2011–2025, one methodology version · reconstructed from filings on file each Dec 31 — never with hindsight

Point-in-time Moat Score (dot colored by tier)Indexed price (total-return (dividends reinvested))Rated Wide-moat that year

How to read this: each dot is what the engine would have scored CAL on that December 31; the line below is its total-return price path (dividends reinvested) in the years since.

0406080100WideNarrowShallowNo moatPoint-in-time Moat Score100200Indexed price · log scale (2012 = 100)201120142017202020232026

Two tracks, one timeline: the score has its own 0–100 scale (top), the price its own 100-based scale (bottom) — never a shared axis. The price path is a total-return (dividends reinvested) index built from the same data the forward returns use; gaps in the score line are years with no reconstructed rating (see the table for why). The Table view carries every value.

What followed, in the years it rated Wide

In the reconstructed history shown, CAL did not rate Wide-moat in any year, so there is no wide-moat track record to report. That absence is itself the honest answer — we don’t manufacture a comparison where the rating never earned one.

Materials context

#63 of 310 scored Materials companies, ranked by Moat Score.

Nearest peers by Moat Score

  1. #61GPOR Gulfport Energy Corp58.5Shallow moat
  2. #62FCX Freeport-McMoRan Inc.58.3Shallow moat
  3. #64MTX MINERALS TECHNOLOGIES INC.58.0Shallow moat
  4. #65ELF e.l.f. Beauty, Inc.57.6Shallow moat

Compare CAL with its nearest peers →All Materials companies on the Index →

Common questions about CAL

Does CALERES, INC have an economic moat?
Based on its FY2026 SEC filings, the Moat Index scores CALERES, INC (CAL) 58.2 out of 100 — a Shallow moat. The five questions behind that score begin at 20% each; if exactly one genuinely lacks data, the other four weights are renormalized and disclosed. revenue and EPS trend 35, pricing power 44, returns on capital 49, balance-sheet safety 100, capital allocation 64.
Is CAL trading below the conservative owner-earnings estimate?
The value if growth stopped today — a zero-growth baseline — is $56.12 per share. It capitalizes normalized owner earnings at a 9% rate and assumes 0% growth. Versus a recent price of $13.14, that is 77% below value if growth stopped today. The model also publishes a capped-growth comparison, but the zero-growth estimate is the cautious baseline. It assumes trailing owner earnings persist and is unreliable for declining businesses. This is an educational estimate from primary SEC filings, not intrinsic value as a fact or investment advice.
How has CAL's Moat Score changed over time?
The record logs 28 readings since Jul 17, 2026; the latest reads 58.2 out of 100 (shallow moat). No tier changes on record yet. (Methodology or normalizer upgrades on Jul 20, 2026, Jul 23, 2026, Jul 26, 2026 re-based the score; readings across versions aren't compared.) The history is append-only — readings are only ever added, never rewritten.

Scored from primary SEC filings via the public methodology. Educational only — not a recommendation to buy or sell CAL. See the disclaimer.