A Business at a Glance
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Crocs, Inc.
CROX
$5.9B
Mkt Cap
$108.83
-2.03%
Crocs, Inc. designs, develops, and markets casual lifestyle footwear and accessories through two reportable segments: the Crocs Brand and the HEYDUDE Brand, sold in more than 85 countries via wholesale and direct-to-consumer channels. The Crocs Brand is built on its iconic molded clog silhouette featuring proprietary Croslite™ material technology, complemented by sandals, personalization through Jibbitz™ charms, and lifestyle extensions; the HEYDUDE Brand offers versatile loafer silhouettes (Wally and Wendy) with flex-and-fold outsoles and ergonomic insoles, plus apparel and accessories. The company operates a hybrid distribution model combining wholesale partnerships (multi-brand retailers, e-tailers, and distributors) with direct-to-consumer channels including company-operated e-commerce sites, third-party marketplaces, and retail stores; digital sales represented 37.8% of consolidated revenues in 2025. Unit economics are characterized by strong gross margins supported by proprietary material technologies and brand strength, though tariff pressures and freight costs have created headwinds. The business benefits from broad demographic appeal aligned with global megatrends of casualization, comfort, and personalization, with strategic focus on six Tier 1 markets for the Crocs Brand (China, India, Japan, South Korea, the U.S., and Western Europe) and North America stabilization for HEYDUDE.
【International growth and margin recovery】 Management expects the Crocs Brand to achieve approximately 10% international growth in 2026, with particular momentum in China, Japan, and India, while North America wholesale stabilizes following strategic actions taken in 2025. The company anticipates modest operating margin expansion despite tariff headwinds, supported by approximately $100 million in identified cost savings from organizational simplification and supply chain optimization. HEYDUDE is expected to return to growth in the second half of 2026 as the brand anniversaries prior-year strategic actions and benefits from refined marketing and core product focus. Digital capabilities and social commerce expansion, including TikTok Shop and live streaming platforms, remain priorities for driving consumer acquisition and engagement across both brands.
| Metric | TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 |
|---|---|---|---|---|---|---|
| Revenue | 4.1B | 4.0B | 4.1B | 4.0B | 3.6B | 2.3B |
| Net Income | 593M | -81M | 950M | 793M | 540M | 726M |
| EPS | $11.87 | $-1.50 | $15.88 | $12.79 | $8.71 | $11.39 |
| Free Cash Flow | 705M | 659M | 923M | 815M |
| Metric | |||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Income Statement | |||||||||||||
| Revenue | 1.2B | 1.1B | 1.0B | 1.0B | 1.1B | 1.2B | 1.4B | 2.3B | 3.6B | 4.0B | 4.1B | 4.0B | 4.1B |
| Gross Margin | 49.3% | 46.8% | 48.3% | 50.5% | 51.5% | 50.1% | 54.1% | 61.4% | 52.3% | 55.8% | 58.8% | 58.3% | 57.5% |
| R&D | 17M | 14M | 12M | 13M | 14M | 12M | 10M | 14M | 19M | 21M | 26M | 30M | 30M |
| SG&A | 566M | 568M | 503M | 495M | 495M | 488M | 515M | 737M | 1.0B | 1.2B | 1.4B | 1.5B | 1.5B |
| EBIT | -4.7M | -72M | -6.2M | 17M | 63M | 129M | 214M | 683M | 851M | 1.0B | 1.0B | 150M | 841M |
| Op. Margin | -0.4% | -6.6% | -0.6% | 1.7% | 5.8% | 10.5% | 15.4% | 29.5% | 23.9% | 26.2% | 24.9% | 3.7% | 20.7% |
| Net Income | -19M | -98M | -32M | -5.3M | -69M | 119M | 313M | 726M | 540M | 793M | 950M | -81M | 593M |
| Net Margin | -1.6% | -9.0% | -3.1% | -0.5% | -6.4% | 9.7% | 22.6% | 31.4% | 15.2% | 20.0% | 23.2% | -2.0% | 14.6% |
| Non-Recurring | 25M | 7.3M | -116K | 842K | -5.0M | 213K | 21M | -310K | -9.1M | -419K | -958K | 306M | 306M |
| Returns on Capital | |||||||||||||
| ROIC | -1.8% | -27.6% | -4.8% | N/M | 60.4% | 45.6% | 56.6% | 124.3% | 33.7% | 30.0% | 32.3% | 3.1% | 26.0% |
| ROE | -3.5% | -28.1% | -13.6% | -2.6% | -41.2% | 84.7% | 148.1% | 476.3% | 129.8% | 69.8% | 57.8% | -5.2% | 42.9% |
| ROA | -2.3% | -13.9% | -5.4% | -1.0% | -13.7% | 19.8% | 33.7% | 54.5% | 17.9% | 17.3% | 20.1% | -1.8% | 13.6% |
| Cash Flow | |||||||||||||
| Op. Cash Flow | -12M | 9.7M | 40M | 98M | 114M | 90M | 267M | 567M | 603M | 930M | 992M | 710M | 763M |
| Free Cash Flow | -28M | -8.8M | 18M | 85M | 102M | 53M | 225M | 511M | 499M | 815M | 923M | 659M | 705M |
| Owner Earnings | -62M | -38M | -5.0M | 55M | 72M | 51M | 223M | 497M | 533M | 847M | 890M | 594M | 640M |
| CapEx | 16M | 18M | 22M | 13M | 12M | 37M | 42M | 56M | 104M | 116M | 69M | 51M | 58M |
| Maint. CapEx | 37M | 36M | 34M | 33M | 29M | 24M | 28M | 32M | 39M | 54M | 70M | 79M | 82M |
| Growth CapEx | 0 | 0 | 0 | 0 | 0 | 12M | 14M | 24M | 65M | 61M | 0 | 0 | 0 |
| D&A | 37M | 36M | 34M | 33M | 29M | 24M | 28M | 32M | 39M | 54M | 70M | 79M | 82M |
| CapEx/OCF | N/A | 190.6% | 55.8% | 13.3% | 10.5% | 40.7% | 15.7% | 9.9% | 17.3% | 12.4% | 7.0% | 7.2% | 7.6% |
| Capital Allocation | |||||||||||||
| Dividends Paid | 8.2M | 12M | 12M | 12M | 21M | 3.0M | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Dividend Yield | 0.7% | 1.2% | 1.8% | 1.9% | 1.7% | 0.2% | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Share Buybacks | 146M | 86M | 0 | 50M | 63M | 147M | 171M | 1.0B | 0 | 175M | 552M | 582M | 644M |
| Buyback Yield | 13.6% | 11.1% | N/A | 5.1% | 3.5% | 5.0% | 4.0% | 12.3% | N/A | 3.0% | 8.3% | 11.7% | 12.3% |
| Stock-Based Comp | 13M | 11M | 11M | 9.8M | 13M | 14M | 16M | 38M | 31M | 29M | 33M | 37M | 42M |
| Debt Repayment | 75K | 5.3M | 36M | 8.6M | 662K | 230M | 235M | 485M | 575M | 924M | 425M | 947M | 947M |
| Balance Sheet | |||||||||||||
| Net Debt | -256M | -62M | -145M | -171M | -3.4M | 285M | 238M | 750M | 2.4B | 1.8B | 1.5B | 1.5B | 1.1B |
| Cash & Equiv. | 268M | 143M | 148M | 172M | 123M | 108M | 136M | 213M | 192M | 149M | 180M | 130M | 170M |
| Long-Term Debt | 6.4M | 6.4M | 2.4M | 0 | 120M | 205M | 180M | 771M | 2.3B | 1.6B | 1.3B | 1.2B | 1.3B |
| Debt/Equity | 0.03 | 0.33 | 0.01 | 0.00 | 0.80 | 2.98 | 1.29 | 68.42 | 3.17 | 1.37 | 0.93 | 1.25 | 0.94 |
| Interest Coverage | -5.9 | -74.6 | -7.4 | 19.9 | 65.9 | 14.9 | 31.8 | 31.6 | 6.2 | 6.4 | 9.4 | 1.7 | 10.1 |
| Equity | 453M | 246M | 220M | 186M | 150M | 132M | 291M | 14M | 818M | 1.5B | 1.8B | 1.3B | 1.4B |
| Total Assets | 807M | 608M | 566M | 544M | 469M | 739M | 1.1B | 1.5B | 4.5B | 4.6B | 4.8B | 4.2B | 4.4B |
| Total Liabilities | 182M | 186M | 167M | 175M | 319M | 607M | 828M | 1.5B | 3.7B | 3.2B | 3.0B | 2.9B | 3.0B |
| Intangibles | 97M | 82M | 73M | 56M | 46M | 47M | 38M | 29M | 1.8B | 1.8B | 1.8B | 1.3B | 1.3B |
| Retained Earnings | 325M | 227M | 196M | 190M | 121M | 240M | 553M | 1.3B | 1.8B | 2.6B | 3.6B | 3.5B | 3.8B |
| Working Capital | 442M | 279M | 276M | 268M | 196M | 168M | 201M | 278M | 385M | 212M | 132M | 186M | 357M |
| Current Assets | 595M | 446M | 425M | 425M | 380M | 425M | 493M | 667M | 1.0B | 911M | 872M | 886M | 1.1B |
| Current Liabilities | 154M | 167M | 149M | 157M | 184M | 257M | 292M | 388M | 641M | 698M | 740M | 700M | 728M |
| Per Share Data | |||||||||||||
| EPS | -0.22 | -1.30 | -0.43 | -0.07 | -1.01 | 1.66 | 4.56 | 11.39 | 8.71 | 12.79 | 15.88 | -1.50 | 11.87 |
| Owner EPS | -0.71 | -0.50 | -0.07 | 0.73 | 1.05 | 0.71 | 3.25 | 7.80 | 8.59 | 13.67 | 14.87 | 10.98 | 13.30 |
| Book Value | 5.25 | 3.26 | 2.99 | 2.46 | 2.19 | 1.83 | 4.24 | 0.22 | 13.19 | 23.46 | 30.68 | 23.89 | 28.79 |
| Cash Flow/Share | -0.14 | 0.13 | 0.54 | 1.30 | 1.67 | 1.25 | 3.89 | 8.90 | 9.73 | 15.02 | 16.59 | 13.12 | 14.03 |
| Dividends/Share | 0.10 | 0.16 | 0.16 | 0.16 | 0.31 | 0.04 | 0.00 | 0.00 | N/A | N/A | N/A | N/A | 0.00 |
| Shares Out. | 86.2M | 75.4M | 73.8M | 75.6M | 68.5M | 72.0M | 68.6M | 63.7M | 62.0M | 62.0M | 59.8M | 54.1M | 48.1M |
| Valuation | |||||||||||||
| P/E Ratio | N/A | N/A | N/A | N/A | N/A | 24.9 | 13.7 | 11.2 | 12.1 | 7.4 | 7.0 | N/A | 9.2 |
| P/FCF | N/A | N/A | 28.9 | 11.5 | 17.9 | 55.6 | 19.0 | 15.9 | 13.1 | 7.2 | 7.2 | 7.5 | 7.4 |
| EV/EBIT | N/A | N/A | N/A | 46.8 | 29.0 | 25.3 | 21.1 | 13.0 | 10.5 | 7.5 | 8.0 | 43.1 | 7.6 |
| Price/Book | 2.4 | 3.2 | 2.3 | 5.3 | 12.1 | 22.5 | 14.7 | 576.2 | 8.0 | 4.1 | 3.6 | 3.8 | 3.8 |
| Price/Sales | 1.0 | 0.9 | 0.6 | 0.6 | 1.2 | 1.6 | 1.9 | 3.2 | 1.4 | 1.7 | 1.9 | 1.3 | 1.3 |
| FCF Yield | -2.6% | -1.1% | 3.5% | 8.7% | 5.6% | 1.8% | 5.3% | 6.3% | 7.7% | 13.8% | 13.9% | 13.3% | 13.5% |
| Market Cap | 1.1B | 775M | 507M | 983M | 1.8B | 3.0B | 4.3B | 8.1B | 6.5B | 5.9B | 6.6B | 5.0B | 5.2B |
| Avg. Price | 14.42 | 12.69 | 9.12 | 8.20 | 18.33 | 27.32 | 38.36 | 116.04 | 78.82 | 108.72 | 126.87 | 95.16 | 108.83 |
| Year-End Price | 12.47 | 10.28 | 6.87 | 13.00 | 26.64 | 41.26 | 62.34 | 127.35 | 105.17 | 95.27 | 110.72 | 91.63 | 108.83 |
Crocs, Inc. passes 7 of 9 quality checks, indicating strong fundamentals.
Crocs, Inc. trades at 9.2x trailing earnings, compared to its 15-year median P/E of 11.6x, suggesting it is currently Fair relative to its historical range. On a free-cash-flow basis, the stock trades at 7.4x vs a median of 14.5x. The company's 5-year average ROIC is 44.7% with a gross margin of 57.3%. Total shareholder yield (buybacks) is 12.3%. At current prices, the estimated annualized return to fair value is +49.4%.
Crocs, Inc. (CROX) has a current P/E ratio of 9.2, compared to its historical median P/E of 11.6. The stock is currently considered Fair based on its historical valuation range.
Crocs, Inc. (CROX) has a 5-year average return on invested capital (ROIC) of 44.7%. This indicates strong capital allocation and a potential competitive advantage.
Crocs, Inc. (CROX) has a market capitalization of $5.2B. It is classified as a mid-cap stock.
Crocs, Inc. (CROX) does not currently pay a regular dividend. However, the company returns capital to shareholders through share buybacks, with a buyback yield of 12.31%.
Based on historical P/E analysis, Crocs, Inc. (CROX) appears fair. The current P/E of 9.2 is 21% below its historical median of 11.6. The estimated fair value CAGR (P/E method) is 27.0%.
Crocs, Inc. (CROX) operates in the Rubber & Plastics Footwear industry, within the Materials sector.
Crocs, Inc. (CROX) reported annual revenue of $4.0 billion in its most recent fiscal year, based on SEC EDGAR filings.
| Metric | Target | Period |
|---|---|---|
| Enterprise revenue growth | up 1% to down 1% | FY2026 |
| Crocs Brand revenue growth | flat to up 2% | FY2026 |
| HEYDUDE Brand revenue growth | down approximately 5%-7% | FY2026 |
| Adjusted operating margin | modest expansion from 22.3% | FY2026 |
| Adjusted diluted earnings per share | $13.20 to $13.75 | FY2026 |
| Capital expenditures | $70 million-$80 million | FY2026 |
Enterprise revenue growth (FY2026): “we now expect enterprise revenue growth for the full year to be up 1% to down 1% on a reported basis, assuming currency rates as of April 27th”
Crocs Brand revenue growth (FY2026): “For the Crocs brand, we continue to expect revenue to be flat to up 2%, led by international growth and offset in part by declines in North America”
HEYDUDE Brand revenue growth (FY2026): “For Hey Dude, we now expect revenue to be down approximately 5%-7%, an improvement from our previous guidance of down 7%-9%”
Adjusted operating margin (FY2026): “we continue to expect the adjusted operating margin to expand modestly from the 22.3% level we reported in fiscal year 2025”
Adjusted diluted earnings per share (FY2026): “We are raising our expectations for adjusted diluted earnings per share to be in the range of $13.20 to $13.75”
Capital expenditures (FY2026): “For the year, we continue to expect capital expenditures to be in the range of $70 million-$80 million”
Generated solely from the company's own reports listed below — not from third-party data. Hallucination risk is low. · Sources: FY2026 10-K, Q4 FY2025 Earnings Call, Q3 FY2025 Earnings Call, Q2 FY2025 Earnings Call, Q1 FY2025 Earnings Call
| 499M |
| 511M |
| ROIC | 26.0% | 3.1% | 32.3% | 30.0% | 33.7% | 124.3% |
|---|
| Gross Margin | 57.5% | 58.3% | 58.8% | 55.8% | 52.3% | 61.4% |
|---|
| Debt/Equity | 0.94 | 1.25 | 0.93 | 1.37 | 3.17 | 68.42 |
|---|
| Dividends/Share | $0.00 | - | - | - | - | $0.00 |
|---|
| Operating Income | 841M | 150M | 1.0B | 1.0B | 851M | 683M |
|---|
| Operating Margin | 20.7% | 3.7% | 24.9% | 26.2% | 23.9% | 29.5% |
|---|
| ROE | 42.9% | -5.2% | 57.8% | 69.8% | 129.8% | 476.3% |
|---|
| Shares Outstanding | 48M | 54M | 60M | 62M | 62M | 64M |
|---|
Crocs, Inc. (CROX) has a net profit margin of -2.0%. The company is currently unprofitable.
Crocs, Inc. (CROX) generated $659 million in free cash flow in its most recent fiscal year. Positive free cash flow supports dividends, buybacks, and debt reduction.
Crocs, Inc. (CROX) has a debt-to-equity ratio of 1.25. This indicates moderate leverage.
Crocs, Inc. (CROX) reported earnings per share (EPS) of $-1.50 in its most recent fiscal year.
Crocs, Inc. (CROX) has a return on equity (ROE) of -5.2%. A negative ROE may indicate losses or negative equity.
Crocs, Inc. (CROX) has a 5-year average gross margin of 57.3%. This high margin suggests strong pricing power and a potential competitive moat.
The Ledger Terminal provides 17 years of financial data for Crocs, Inc. (CROX), sourced directly from SEC EDGAR filings. This includes income statements, balance sheets, cash flow statements, and key financial ratios.
Crocs, Inc. (CROX) has a book value per share of $23.89, based on its most recent annual SEC filing.
Based on recent SEC filings and earnings disclosures, Management expects the Crocs Brand to achieve approximately 10% international growth in 2026, with particular momentum in China, Japan, and India, while North America wholesale stabilizes following strategic actions taken in 2025. The company anticipates modest operating margin expansion despite tariff headwinds, supported by approximately $100 million in identified cost savings from organizational simplification and supply chain optimization. HEYDUDE is expected to return to growth in the second half of 2026 as the brand anniversaries prior-year strategic actions and benefits from refined marketing and core product focus. Digital capabilities and social commerce expansion, including TikTok Shop and live streaming platforms, remain priorities for driving consumer acquisition and engagement across both brands.
Based on recent SEC filings and earnings calls, Crocs, Inc. (CROX) has provided the following forward guidance: Enterprise revenue growth: up 1% to down 1% (FY2026); Crocs Brand revenue growth: flat to up 2% (FY2026); HEYDUDE Brand revenue growth: down approximately 5%-7% (FY2026); Adjusted operating margin: modest expansion from 22.3% (FY2026); Adjusted diluted earnings per share: $13.20 to $13.75 (FY2026), plus 1 additional metric.