Key Points
Initiated 466,577-share stake in Birkenstock; estimated trade value ~$19.8 million based on quarterly average price.
Quarter-end position value was $19.08 million.
Position represents 1.05% of 13F reportable AUM.
Birkenstock is not among the fund’s top five holdings.
What happened
According to an SEC filing dated Feb. 13, Rice Hall James & Associates, LLC established a new position in Birkenstock Holding(NYSE:BIRK), acquiring 466,577 shares. The estimated transaction value is $19.8 million, calculated using the average share price for the quarter. The fund reported a quarter-end position in Birkenstock worth $19.08 million.
What else to know
- This new holding accounts for 1.05% of the fund’s $1.82 billion in 13F reportable assets under management.
- Top five holdings after the filing:
- Ligand Pharmaceuticals: $52.87 million (2.9% of AUM)
- Arlo Technologies: $50.04 million (2.75% of AUM)
- Amicus Therapeutics: $49.98 million (2.8% of AUM)
- Fabrinet: $48.49 million (2.67% of AUM(
- Establishment Labs: $47.49 million (2.6% of AUM)
- As of Feb. 16, 2026, Birkenstock shares were priced at $39.80, down 27.96% over the past year, underperforming the S&P 500 by 41.18 percentage points.
Company overview
| Metric | Value |
|---|---|
| Revenue (TTM) | $2.14 billion |
| Net income (TTM) | $378.76 million |
| Market capitalization | $7.01 billion |
| Price (as of 2/16/26) | $39.80 |
Company snapshot
- Offers footwear products including sandals, shoes, closed-toe silhouettes, skincare products, and accessories.
- Generates revenue through direct-to-consumer e-commerce, owned retail stores, and business-to-business channels across multiple international markets.
- Serves a global customer base with a focus on the United States, Europe, and APMA regions, targeting consumers seeking comfort-driven, premium footwear.
Birkenstock Holding plc is a leading global provider of premium footwear, with a heritage dating back to 1774. The company leverages a multi-channel distribution model to reach diverse markets, emphasizing product quality and comfort as core differentiators. With a broad international presence and a strong brand reputation, Birkenstock is positioned to capture demand across both developed and emerging consumer segments.
What this transaction means for investors
Rice Hall James’ $20 million bet on Birkenstock comes as the apparel retail sector as a whole has outperformed the S&P 500 over the past six months, according to Yahoo! Finance. On Feb. 12, Birkenstock reported its financial results for its first quarter of fiscal 2026, which ended Dec. 31, 2025. The report featured an adjusted EPS of 0.27 euros, beating analyst projections of 0.26 euros and a 50% year-over-year improvement. But tariffs and negative currency impacts took a toll: The company’s adjusted gross profit margin fell by 290 basis points to 57.4%.
Birkenstock maintained its financial guidance for fiscal year 2026, and plans to open 40 new own-retail stores globally within the year. Importantly, Birkenstock excels in full-price selling, which CEO Oliver Reichert said on the company’s earnings call is still “very high, over 90%.”
Despite its enduring styles and pricing power, the shoe company’s stock is down about 20% over the last five years as of March 9, compared to a nearly 60% gain for the S&P 500 over the same time. Moreover, the company does not pay a dividend, so it may not appeal to income-focused investors.
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Sarah Sidlow has no position in any of the stocks mentioned. The Motley Fool recommends Arlo Technologies. The Motley Fool has a disclosure policy.
