Birkenstock Holding Plc (BIRK) is undervalued and Steven Madden Ltd (SHOO) is fairly valued.
Against our estimates of intrinsic value, BIRK trades at the wider discount: a margin of safety of +44%, against +4% for SHOO.
Values as of the 22 Sept 2026 close.
Discounting its cash flows at 9.4% (average of 3 methods) values the shares at $56.39; the price of $31.68 is 44% below that value, and 76% of that value comes from beyond year five.
Leak Score 68/100 on 3 of 12 signals
Discounting its cash flows at 10.0% (average of 3 methods) values the shares at $46.07; the price of $44.45 is 4% below that value, and 73% of that value comes from beyond year five.
Leak Score 22/100 on 2 of 12 signals
| Metric | BIRK | SHOO |
|---|---|---|
| Verdict | Undervalued | Fairly valued |
| Price | $31.68 | $44.45 |
| Intrinsic value | $56.39 | $46.07 |
| Margin of safety | +44% | +4% |
| Leak Score | 68/100 (3/12) | 22/100 (2/12) |
| Market cap | $5.6B | $3.3B |
| Revenue growth, 5 years | 19.1% | 16.1% |
| Operating margin | 24.5% | 9.0% |
| Net margin | 14.8% | 5.2% |
| Return on equity | 12.4% | 16.2% |
| Debt to equity | 0.69 | 0.40 |
| P/E | 14.8x | 22.3x |
| Forward P/E | 11.2x | 16.0x |
| P/B | 1.8x | 3.5x |
| Dividend yield | — | 1.3% |