So far this year, Wolverine has generated free cash flow of $96 million but investors should note that Wolverine is currently focused on using its cash flow to deleverage. Therefore, I believe that the company's management is not going to indulge in any meaningful buyback activity. Wolverine's shares have risen by 43% in 2013, which sounds great, but the company has underperformed some of its other rivals, such as Deckers Outdoor ( DECK) and Nike ( NKE). Wolverine is currently trading 41 times its trailing earnings, considerably above the industry's average of 15 times. Even the athletic footwear and apparel giant Nike, whose stock is up 50% this year, is cheaper trading 26 times its trailing earnings. Therefore, despite delivering strong results in its previous quarter, Wolverine World Wide is certainly not a buy at the moment. At the time of publication, the author held no position in any of the stocks mentioned. Follow @Sarfaraz_A_Khan This article is commentary by an independent contributor, separate from TheStreet's regular news coverage.