Based on the aggregated intelligence of 170,000-plus investors participating in Motley Fool CAPS, the Fool's free investing community, footwear company Skechers (NYSE: SKX) has earned a respected four-star ranking.

With that in mind, let's take a closer look at Skechers' business and see what CAPS investors are saying about the stock right now.

Skechers facts

Headquarters (Founded) Manhattan Beach, Calif. (1992)
Market Cap $981.1 million
Industry Footwear
Trailing-12-Month Revenue $1.94 billion
Management

CEO Robert Greenberg (since 1993)

COO David Weinberg (since 2006)
Return on Equity (Average, Past 3 Years) 11.4%
Cash/Debt $248.8 million / $33.9 million
Competitors

Nike (NYSE: NKE)

Timberland (NYSE: TBL)

Crocs (Nasdaq: CROX)

Sources: Capital IQ (a division of Standard & Poor's) and Motley Fool CAPS.

On CAPS, 94% of the 519 members who have rated Skechers believe the stock will outperform the S&P 500 going forward. These bulls include All-Stars 4Foolz and Staka, both of whom are ranked in the top 5% of our community.

Just last week, 4Foolz tapped Skechers as a great fit for bargain hunters: "Super cheap stock. This is a value play. Assumption is that new 'shape-up' shoes aren't a fad. Great manager under helm."

Shares of Skechers are down more than 40% over the past six months alone, but many in our community think they're now too cheap to pass up. In fact, Skechers currently trades at a forward P/E (8.1) discount to rivals Nike (16.6), Timberland (14.5), and Crocs (16.7), as well as other footwear plays like Deckers Outdoor (Nasdaq: DECK) (15.2) and Steven Madden (Nasdaq: SHOO) (13.9).

While Skechers' Shape-ups toning shoe may turn out to be a Heelys-like fad, CAPS All-Star Staka believes the upside is worth the risk:

Positive:
- Cheap with respect to all fundamentals
- Cheap relative to past growth
- You only get them cheaper during big crisis (which might happen again)
- Continuous international expansion (India, Mexico, China, HK, Chile)
- Brand expansion to other products (difficult to estimate potential here, might fail to earn profits)

Negative:
- Shape-up shoe might be a fad.
- Fashion trends might change quickly, intense competition.
- We have entered a period of consumer restriction.
- International expansion might fail.

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