SHOO STEVEN MADDEN, LTD.

Did the company actually spend money buying back stock in 3+ of the last 4 quarters?

Bought back stock in 4/4 quarters. Q1 2026: $8M, Q3 2025: $20M, Q2 2025: $38M, Q1 2025: $37M

Is the most recent quarter's buyback spend more than 15% above the trailing average?

Latest quarter $8M vs trailing avg $32M (-76%)

What percentage of free cash flow is going to buybacks? Bull: 30%+. Bear: negative FCF or no buybacks.

Negative FCF ($-137M), buybacks not supported by cash flow

How fast are they shrinking the float? Bull: 2%+ annually. Bear: under 0.5%.

Repurchased 5,690,000 shares = 7.8% of 72,575,000 outstanding (annualized)

Are officers and directors buying stock with their own money on the open market?

2 open-market purchases by 2 insiders

• KLIPPER MITCHELL S () bought 4,000 shares at $25.61 on 2025-05-12
• Ferrara Al () bought 4,000 shares at $26.06 on 2025-05-12

Are both company buybacks and insider buying independently active? Bull when the company is buying back stock in 2+ quarters and insiders have made 2+ open-market purchases.

Company buybacks in 4 quarters and 2 insider purchases by 2 insiders (no calendar overlap, but both independently active)

Over the last 90 days, are insiders net buyers or net sellers on the open market?

Insiders bought $0M, sold $0M in the last 90 days (net selling)

Active buyback + insiders net selling 3x+ more than buying. Company cash may be supporting price while insiders exit.

Company buying back stock while insiders sold 8.7x more than bought. 2 C-suite officers among sellers

• VARELA AMELIA (President) sold 15,000 shares on 2025-12-01
• Mazouzi Zine (Chief Financial Officer) sold 12,473 shares on 2025-11-25