SHOO - Steven Madden Ltd Stock Price, Fair Value and News

39.70USD-0.76 (-1.88%)Market Closed

Market Summary

USD39.70-0.76

Market Closed

-1.88%

SHOO Alerts

1 major insider sales recently.

SHOO Stock Price

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SHOO RSI Chart

SHOO Valuation

Market Cap

2.9B

Price/Earnings (Trailing)

16.89

Price/Sales (Trailing)

1.48

EV/EBITDA

11.41

Price/Free Cashflow

14.01

SHOO Price/Sales (Trailing)

SHOO Profitability

EBT Margin

11.13%

Return on Equity

20.97%

Return on Assets

12.91%

Free Cashflow Yield

7.14%

SHOO Fundamentals

SHOO Revenue

Revenue (TTM)

2.0B

Rev. Growth (Yr)

10.43%

Rev. Growth (Qtr)

-5.97%

SHOO Earnings

Earnings (TTM)

174.0M

Earnings Growth (Yr)

15.82%

Earnings Growth (Qtr)

-43.16%

Breaking Down SHOO Revenue

Last 7 days

3.0%

Last 30 days

-2.1%

Last 90 days

-7.4%

Trailing 12 Months

16.1%

How does SHOO drawdown profile look like?

SHOO Financial Health

Current Ratio

2.26

SHOO Investor Care

Dividend Yield

2.12%

Dividend/Share (TTM)

0.84

Buy Backs (1Y)

3.75%

Diluted EPS (TTM)

2.3

Historical Charts for Stock Metrics

Get all data in R, Python etc through our Historical Stock Data APIs

Net sales

Year	Q1	Q2	Q3	Q4
2023	2.0B	1.9B	1.9B	2.0B
2022	2.1B	2.2B	2.2B	2.1B
2021	1.2B	1.5B	1.6B	1.9B
2020	1.7B	1.4B	1.3B	1.2B
2019	1.7B	1.7B	1.8B	1.8B
2018	1.6B	1.6B	1.6B	1.7B
2017	1.4B	1.5B	1.5B	1.6B
2016	1.4B	1.4B	1.4B	1.4B
2015	1.4B	1.4B	1.4B	1.4B
2014	1.3B	1.3B	1.3B	1.3B
2013	1.2B	1.2B	1.3B	1.3B
2012	1.1B	1.1B	1.2B	1.2B
2011	669.6M	720.1M	849.8M	968.5M
2010	536.5M	569.5M	602.5M	635.4M
2009	0	0	0	503.6M

Get all data in R, Python etc through our Historical Stock Data APIs

GRUFITY'S FAIR VALUE MODEL

Stocks Marked 'Very Cheap' by Grufity's Fair Value Model Have Outperformed Russell 2000 Index

Small Caps and Mid Caps are mostly overlooked by investors as all the focus goes to Magnificent 7. These stocks that are not part of the beauty contest require a deeper look. However, all large cap stocks were once small caps. Grufity's Fair Value model opens up this unverse as it separates high-performing, rewarding stocks from low-performing risky stocks. <b>Russell 2000 stocks that were marked 'Very Cheap' by the model doubled in three years while the index was flat.</b>

Returns of $10,000 invested in:

Very Cheap Stocks: $21,859
Russell 2000 Index: $10,334
Very Expensive Stocks: $8,224

Russell 2000 stocks considered 'Very Cheap' by the model greatly outperformed Russell 2000 index and the 'Very Expensive' bucket over past three years.

Russell 2000 Index

Very Expensive Stocks

Very Cheap Stocks

Try For Just $1.99

Tracking the Latest Insider Buys and Sells of Steven Madden Ltd

Filter Transactions

Datesorted ascending	Name	Buy/Sell	$ Value	Avg. Price	# Shares	Title
Mar 15, 2024	frieders karla	acquired	-	-	2,402	chief merchandising officer
Mar 15, 2024	mazouzi zine	acquired	-	-	6,005	chief financial officer
Mar 15, 2024	varela amelia	acquired	-	-	6,005	president
Mar 15, 2024	rosenfeld edward r.	acquired	-	-	81,672	chief executive officer
Mar 15, 2024	rosenfeld edward r.	sold	-2,012,140	41.4875	-48,500	chief executive officer
Mar 14, 2024	keith lisa	sold	-100,148	41.7283	-2,400	evp, gen. counsel, secretary
Mar 14, 2024	mazouzi zine	sold	-301,836	41.6555	-7,246	chief financial officer
Mar 07, 2024	davis peter allan	sold	-50,559	42.133	-1,200	-
Mar 01, 2024	varela amelia	sold (taxes)	-203,300	42.71	-4,760	president
Mar 01, 2024	keith lisa	sold (taxes)	-3,972	42.71	-93.00	evp, gen. counsel, secretary

Which funds bought or sold SHOO recently?

View All Details

Datesorted ascending	Fund Name	Type	% Chg	$ Change	$ Held	% Portfolio
Apr 24, 2024	FORT WASHINGTON INVESTMENT ADVISORS INC /OH/	unchanged	-	-	26,202,000	0.18%
Apr 23, 2024	AMALGAMATED BANK	reduced	-27.38	-347,000	946,000	0.01%
Apr 23, 2024	Louisiana State Employees Retirement System	reduced	-1.14	-7,084	1,467,120	0.03%
Apr 23, 2024	FIFTH THIRD BANCORP	added	1.59	239	10,781	-%
Apr 23, 2024	Global Retirement Partners, LLC	reduced	-7.89	-2,746	34,543	-%
Apr 22, 2024	RAYMOND JAMES & ASSOCIATES	added	4.78	243,533	4,690,440	-%
Apr 22, 2024	MetLife Investment Management, LLC	unchanged	-	407,011	1,671,010	0.01%
Apr 19, 2024	Maryland State Retirement & Pension System	reduced	-0.86	-87,496	983,042	0.02%
Apr 19, 2024	Leeward Investments, LLC - MA	reduced	-4.11	-450,545	12,523,800	0.56%
Apr 19, 2024	State of Alaska, Department of Revenue	reduced	-0.98	-6,000	1,806,000	0.02%

Are Funds Buying or Selling SHOO?

Are funds buying SHOO calls or puts?

Calls

Puts

No. of funds holding Calls - Puts

Net Call Options

No. of funds that own SHOO

No. of Funds

SHOO Alerts

1 major insider sales recently.

Unveiling Steven Madden Ltd's Major ShareHolders

Date Filed	Name of Filer	Percent of Class	No. of Shares	Form Type
Feb 14, 2024	macquarie group ltd	6.93%	5,174,755	SC 13G/A
Feb 13, 2024	vanguard group inc	11.05%	8,241,420	SC 13G/A
Feb 08, 2024	wellington management group llp	8.31%	6,198,043	SC 13G/A
Jan 22, 2024	blackrock inc.	14.9%	11,123,776	SC 13G/A
Aug 17, 2023	madden steven	4.82%	3,691,547	SC 13D/A
Feb 14, 2023	macquarie group ltd	6.68%	5,204,206	SC 13G/A
Feb 09, 2023	vanguard group inc	10.82%	8,424,567	SC 13G/A
Feb 06, 2023	wellington management group llp	9.05%	7,051,594	SC 13G/A
Jan 23, 2023	blackrock inc.	15.7%	12,223,694	SC 13G/A
Jul 11, 2022	wellington management group llp	10.13%	8,086,595	SC 13G/A

Recent SEC filings of Steven Madden Ltd

View All Filings

Date Filed	Form Type	Document
Apr 10, 2024	ARS	ARS
Apr 10, 2024	DEF 14A	DEF 14A
Apr 10, 2024	DEFA14A	DEFA14A
Mar 29, 2024	PRE 14A	PRE 14A
Mar 18, 2024	4	Insider Trading
Mar 18, 2024	4	Insider Trading
Mar 18, 2024	4	Insider Trading
Mar 15, 2024	144	Notice of Insider Sale Intent
Mar 15, 2024	4	Insider Trading
Mar 14, 2024	144	Notice of Insider Sale Intent

Peers (Alternatives to Steven Madden Ltd)

Name	Mkt Capsorted ascending	Revenue	Price %, 1M	Returns, 1Y	P/E	P/S	Rev 1-Yr	Inc 1-Yr
LARGE-CAP
NKE	142.9B	51.6B	1.48%	-24.14%	27.31	2.77	1.91%	-4.51%
DECK	20.7B	4.1B	-13.92%	68.63%	28.62	5.03	15.34%	46.56%
MID-CAP
SKX	9.1B	8.0B	-1.98%	17.59%	16.65	1.14	7.47%	46.32%
CROX	7.5B	4.0B	-11.81%	-16.42%	9.43	1.89	11.46%	46.73%
SHOO	2.9B	2.0B	-2.07%	16.08%	16.89	1.48	-6.62%	-19.91%
SMALL-CAP
DBI	571.3M	3.1B	-10.47%	12.29%	19.66	0.19	-7.25%	-82.14%
WEYS	268.5M	318.0M	-7.71%	6.17%	9.67	0.84	-9.58%	0.88%
VRA	205.7M	470.8M	4.87%	31.24%	26.24	0.44	-5.84%	113.12%
RCKY	195.5M	461.8M	0.65%	-6.13%	18.75	0.42	-24.96%	-49.05%
FORD	5.4M	33.6M	-10.00%	-47.06%	-1.48	0.16	-7.67%	-84.08%

Steven Madden Ltd News

Latest updates

Steven Madden Ltd Earnings Report: Key Takeaways & Analysis

Income Statement (Last 12 Months)

(In Millions)

(*) denotes actual numbers (not divided by Millions)
Income Statement (Quarterly)																					(In Millions)
Description	(%) Q/Q	2023Q4	2023Q3	2023Q2	2023Q1	2022Q4	2022Q3	2022Q2	2022Q1	2021Q4	2021Q3	2021Q2	2021Q1	2020Q4	2020Q3	2020Q2	2020Q1	2019Q4	2019Q3	2019Q2	2019Q1	2018Q4
Revenue	-6.0%	520	553	445	464	471	557	535	560	578	529	398	361	353	347	143	359	420	502	450	416	417
Gross Profit	-7.7%	215	233	190	195	199	229	218	228	238	220	170	139	135	140	56.00	133	158	196	170	162	159
Operating Expenses	12.3%	168	150	146	149	159	151	153	130	156	132	122	110	112	103	78.00	121	137	128	121	117	141
EBITDA Margin	-0.3%	0.12*	0.12*	0.12*	0.12*	0.14*	0.15*	0.16*	0.16*	0.14*	0.12*	0.07*	0.03*	-	-	-	-	-	-	-	-	-
Interest Expenses	184.6%	5.00	2.00	-1.96	-2.02	1.00	1.00	-1.29	0.00	-0.51	-0.20	-0.78	-0.04	0.00	0.00	0.00	1.00	1.00	1.00	1.00	1.00	1.00
Income Taxes	-77.4%	4.00	20.00	11.00	12.00	8.00	18.00	15.00	23.00	13.00	22.00	10.00	6.00	-2.34	4.00	-6.20	-7.40	3.00	16.00	10.00	11.00	14.00
Earnings Before Taxes	-51.1%	41.00	85.00	46.00	49.00	40.00	80.00	64.00	98.00	79.00	88.00	47.00	28.00	21.00	-2.91	-23.34	-25.20	20.00	69.00	46.00	46.00	26.00
EBT Margin	-2.0%	0.11*	0.11*	0.11*	0.11*	0.13*	0.14*	0.15*	0.15*	0.13*	0.11*	0.06*	0.02*	-	-	-	-	-	-	-	-	-
Net Income	-43.2%	37.00	65.00	35.00	37.00	32.00	62.00	49.00	75.00	67.00	67.00	37.00	22.00	23.00	-7.15	-17.14	-17.80	18.00	52.00	37.00	35.00	12.00
Net Income Margin	0.4%	0.09*	0.09*	0.09*	0.09*	0.10*	0.11*	0.12*	0.12*	0.10*	0.09*	0.05*	0.02*	-	-	-	-	-	-	-	-	-
Free Cashflow	1475.6%	146	-10.61	92.00	-17.07	195	22.00	58.00	-23.04	61.00	2.00	86.00	3.00	-	-	-	-	-	-	-	-	-

Balance Sheet

(In Millions)

(*) denotes actual numbers (not divided by Millions)
Balance Sheet																					(In Millions)
Description	(%) Q/Q	2023Q4	2023Q3	2023Q2	2023Q1	2022Q4	2022Q3	2022Q2	2022Q1	2021Q4	2021Q3	2021Q2	2021Q1	2020Q4	2020Q3	2020Q2	2020Q1	2019Q4	2019Q3	2019Q2	2019Q1	2018Q4
Assets	4.3%	1,348	1,292	1,270	1,205	1,258	1,226	1,313	1,279	1,356	1,300	1,173	1,169	1,138	1,104	1,132	1,146	1,279	1,282	1,282	1,210	1,073
Current Assets	0.1%	855	854	828	768	844	817	906	868	945	881	744	735	698	648	636	641	719	707	741	661	703
Cash Equivalents	6.7%	205	192	258	210	275	139	151	170	219	220	262	233	248	224	318	211	264	167	213	160	200
Inventory	11.3%	229	206	208	180	229	244	307	233	255	201	126	107	101	110	103	102	137	148	146	115	137
Net PPE	5.1%	47.00	45.00	42.00	42.00	41.00	37.00	35.00	36.00	36.00	37.00	38.00	40.00	43.00	43.00	50.00	52.00	66.00	61.00	62.00	64.00	65.00
Goodwill	6.8%	180	169	169	168	168	168	168	168	168	168	168	168	168	167	166	166	171	171	149	148	148
Liabilities	14.0%	500	439	429	367	414	374	470	435	535	493	391	368	347	337	365	372	437	432	454	379	258
Current Liabilities	13.8%	378	332	318	257	321	280	380	345	435	389	279	256	236	218	238	233	281	253	282	204	225
Shareholder's Equity	-0.9%	830	837	842	838	832	842	843	843	821	799	783	801	790	756	767	774	841	839	828	831	815
Retained Earnings	1.2%	1,680	1,659	1,610	1,592	1,571	1,556	1,511	1,479	1,421	1,367	1,313	1,288	1,280	1,257	1,264	1,280	1,310	1,305	1,265	1,240	1,218
Additional Paid-In Capital	1.2%	586	579	534	527	520	514	508	502	496	488	482	486	478	472	466	461	454	445	438	431	425
Shares Outstanding	-1.2%	74.00	75.00	75.00	76.00	77.00	78.00	79.00	80.00	81.00	81.00	82.00	83.00	-	-	-	-	-	-	-	-	-
Minority Interest	10.5%	18.00	17.00	17.00	17.00	12.00	10.00	10.00	8.00	8.00	8.00	8.00	13.00	14.00	12.00	12.00	12.00	13.00	11.00	9.00	11.00	9.00
Float	-	-	-	2,424	-	-	-	2,508	-	-	-	3,550,948	-	-	-	2,027,460	-	-	-	2,847	-	-

Cashflow (Last 12 Months)

(In Thousands)

(*) denotes actual numbers (not divided by Thousands)
Cashflow (Quarterly)																					(In Thousands)
Description	(%) Q/Q	2023Q4	2023Q3	2023Q2	2023Q1	2022Q4	2022Q3	2022Q2	2022Q1	2021Q4	2021Q3	2021Q2	2021Q1	2020Q4	2020Q3	2020Q2	2020Q1	2019Q4	2019Q3	2019Q2	2019Q1	2018Q4
Cashflow From Operations	3465.5%	151,481	-4,501	95,532	-13,275	201,136	26,461	59,732	-19,446	63,279	4,261	86,881	5,042	43,599	-57,260	97,476	-39,609	150,622	23,397	75,515	-15,754	107,910
Share Based Compensation	0.8%	5,979	5,930	6,100	6,139	6,098	6,148	6,170	5,980	5,582	5,677	5,480	5,539	5,700	5,732	5,521	5,686	5,534	6,028	5,937	5,671	5,736
Cashflow From Investing	-1703.1%	-86,349	-4,789	-6,328	-2,426	-17,143	15,071	-21,635	29,224	-5,620	-2,696	6,720	-1,616	-5,408	5,006	-4,255	-227	-22,115	-31,481	23,082	2,766	-14,613
Cashflow From Financing	4.8%	-53,778	-56,480	-40,938	-49,740	-49,594	-51,463	-55,873	-58,898	-58,224	-43,700	-64,937	-17,792	-16,138	-42,780	13,468	-11,624	-32,644	-36,360	-45,983	-27,191	-65,584
Dividend Payments	-0.7%	15,583	15,699	15,856	16,039	16,231	16,385	16,615	16,774	12,171	12,218	12,347	12,425	-	-	-	12,459	12,621	11,818	11,945	12,042	12,169
Buy Backs	36.9%	42,576	31,094	25,784	38,451	36,773	35,078	34,628	42,399	48,476	31,891	37,236	5,558	16,787	118	539	29,139	178,273	-25,349	-34,002	-17,154	70,822

SHOO Income Statement

2023-12-31

Condensed Consolidated Statements of Income - USD ($) shares in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Net sales	$ 1,971,474	$ 2,111,296	$ 1,853,902
Commission and licensing fee income	10,108	10,713	12,240
Total revenue	1,981,582	2,122,009	1,866,142
Cost of sales (exclusive of depreciation and amortization)	1,149,168	1,248,173	1,098,645
Gross profit	832,414	873,836	767,497
Operating expenses	(612,672)	(592,192)	(519,848)
Impairment of intangibles	6,520	0	2,620
Impairment of lease right-of-use asset and fixed assets	0	0	1,432
Income from operations	213,222	281,644	243,597
Interest and other income/(expense) - net	7,392	676	(1,529)
Income before provision for income taxes	220,614	282,320	242,068
Provision for income taxes	46,639	65,103	49,609
Net income	$ 173,975	$ 217,217	$ 192,459
Basic net income per share	$ 2.34	$ 2.84	$ 2.43
Diluted net income per share	$ 2.30	$ 2.77	$ 2.34
Basic weighted average common shares outstanding	73,337	76,021	78,442
Effect of dilutive securities – options/restricted stock	1,228	2,048	3,186
Diluted weighted average common shares outstanding	74,565	78,069	81,628
Cash dividends declared per common share	$ 0.84	$ 0.84	$ 0.60
Non-Controlling Interest
Less: net income attributable to noncontrolling interest	$ 2,421	$ 1,156	$ 1,781
Retained Earnings
Net income attributable to Steven Madden, Ltd.	$ 171,554	$ 216,061	$ 190,678

SHOO Balance Sheet

2023-12-31

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Current assets:
Cash and cash equivalents	$ 204,640	$ 274,713
Short-term investments	15,173	15,085
Accounts receivable, net of allowances of $4,828 and $7,721	40,246	37,937
Factor accounts receivable	320,723	248,228
Inventories	228,990	228,752
Prepaid expenses and other current assets	29,009	22,989
Income tax receivable and prepaid income taxes	16,051	15,853
Total current assets	854,832	843,557
Note receivable - related party	0	401
Property and equipment, net	47,199	40,664
Operating lease right-of-use asset	122,783	90,264
Deferred tax assets	609	1,755
Deposits and other	16,250	12,070
Goodwill	180,003	168,085
Intangibles, net	126,267	101,192
Total Assets	1,347,943	1,257,988
Current liabilities:
Accounts payable	161,140	130,542
Accrued expenses	154,751	138,523
Operating leases - current portion	40,342	29,499
Income taxes payable	5,998	9,403
Contingent payment liability - current portion	3,325	1,153
Accrued incentive compensation	12,068	11,788
Total current liabilities	377,624	320,908
Contingent payment liability - long-term portion	9,975	0
Operating leases - long-term portion	98,536	79,128
Deferred tax liabilities	8,606	3,923
Other liabilities	5,170	10,166
Total Liabilities	499,911	414,125
Commitments, contingencies and other (Note O)
STOCKHOLDERS’ EQUITY
Common stock – $0.0001 par value, 245,000 shares authorized, 136,471 and 134,456 shares issued, 73,681 and 76,796 shares outstanding	7	8
Additional paid-in capital	586,155	520,441
Retained earnings	1,679,500	1,571,123
Accumulated other comprehensive loss	(29,046)	(35,709)
Treasury stock – 62,790 and 57,660 shares at cost	(1,407,018)	(1,224,310)
Total Steven Madden, Ltd. stockholders’ equity	829,598	831,553
Noncontrolling interest	18,434	12,310
Total stockholders’ equity	848,032	843,863
Total Liabilities and Stockholders’ Equity	1,347,943	1,257,988
Preferred Stock
STOCKHOLDERS’ EQUITY
Preferred stock – $0.0001 par value, 5,000 shares authorized; none issued; Series A Junior Participating preferred stock – $0.0001 par value, 60 shares authorized; none issued	$ 0	$ 0

About Steven Madden Ltd

Steven Madden, Ltd. designs, sources, and markets fashion-forward branded and private label footwear, accessories, and apparel for women, men, and children in the United States and internationally. It operates through Wholesale Footwear, Wholesale Accessories/Apparel, Direct-to- Consumer, First Cost, and Licensing segments. The Wholesale Footwear segment designs, sources, and markets various products, including dress shoes, boots, booties, fashion sneakers, sandals, and casual shoes under the Steve Madden, Dolce Vita, Betsey Johnson, GREATS, Blondo, Anne Klein, Mad Love, and Superga brands. The Wholesale Accessories/Apparel segment offers handbags, apparel, small leather goods, belts, soft accessories, fashion scarves, wraps, gifting, and other accessories under the Steve Madden, Anne Klein, Betsey Johnson, Cejon, and Dolce Vita brands. The Direct-to-Consumer segment operates Steve Madden and Dolce Vita full-price retail stores, Steve Madden outlet stores, and digital e-commerce websites. The First Cost segment operates as a buying agent for footwear products under private labels for select national chains, and retailers. The Licensing segment engages in the licensing of the Steve Madden and Betsey Johnson brands for the sale of select apparel, accessory, home categories, and other non-core products. In addition, it offers its products and services through digital brand marketing, social media and influencer marketing, experiential events, in-store and online promotions, and public relations. The company was incorporated in 1990 and is headquartered in Long Island City, New York.

CEO	Mr. Edward R. Rosenfeld
WEBSITE	stevemadden.com
INDUSTRY	Footwear & Accessories
EMPLOYEES	2800

Steven Madden Ltd Frequently Asked Questions

What is the ticker symbol for Steven Madden Ltd? What does SHOO stand for in stocks?

SHOO is the stock ticker symbol of Steven Madden Ltd. Every public company that trades on a stock exchange gets a ticker symbol.

What is the market capital of Steven Madden Ltd (SHOO)?

As of Thu Apr 25 2024, market cap of Steven Madden Ltd is 2.94 Billion. The market capitalization is calculated by multiplying the stock price with the number of shares outstanding.

What is the fair value of SHOO stock?

You can check SHOO's fair value in chart for subscribers.

What is the fair value of SHOO stock?

You can check SHOO's fair value in chart for subscribers. The fair value of Steven Madden Ltd is provided for various growth and macro-economic scenarios from very pessimiatic to very optimistic assumptions. These fair values are estimates from Grufity's Fair Value model based on company's past performance. However, past performance of Steven Madden Ltd is no guarantee of future performance. These fairvalue estimates should only be used as one of the inputs in your stock analysis. We provide model's historical fair value estimates for SHOO so that you know how good or bad the model has been in the past so you can discard it if needed. There are others that provide fair values of stocks such as wallmine, finbox, gurufocus and finviz. Most provide point in time estimates. We provide a history of our models fair value estimates so that you can get a sense of it's usefulness. Otherwise this data point is of little use.

Is Steven Madden Ltd a good stock to buy?

The fair value guage provides a quick view whether SHOO is over valued or under valued. Whether Steven Madden Ltd is cheap or expensive depends on the assumptions which impact Steven Madden Ltd's fair value. We provide several scenarios of inflation and growth to encompass these range of assumptions for SHOO.

What is Steven Madden Ltd's Price to Earnings (PE) and Price to sales (PS) ratio?

As of Thu Apr 25 2024, SHOO's PE ratio (Price to Earnings) is 16.89 and Price to Sales (PS) ratio is 1.48. The price to earnings and price to sales ratio are two most important valuation metrics for any company. PE ratio tell us the number of years of earnings investors are ready to pay for owning the company. Historically, S&P500 price to earnings ratio has fallen below 12 during periods of gloom and gone past 30 during periods of euphoria. SHOO PE ratio will change depending on the future growth rate expectations of investors.

What is 5 year return on Steven Madden Ltd's stock?

In the past 10 years, Steven Madden Ltd has provided 0.106 (multiply by 100 for percentage) rate of return.