Birkenstock Holding plc

BIRK

Birkenstock Holding plc engages in the manufacture and sale of footwear products in the Americas, Europe, the Middle East, Africa, and the Asia Pacific. It offers footbed-based products, including sandals and closed-toe shoes; and skincare products and accessories.

Country: JerseyPrice: $39.35Market Cap: $7.0B

Company Profile

Industry: Apparel

SIC Sector: Leather Products

Size: Mid Cap($7.0B)

Revenue: $2.5B+22.1% YoY

Net Income: $408.6M+90.9% YoY

Financial Snapshot

Operating Margin26.2%

Return on Equity12.8%

Debt / Equity0.42

Current Ratio2.81

EPS (Diluted)$2.19+92.6%

Shares Retired0.7% / −2.1% 2y

Similar Companies

LULUlululemon athletica inc.

$13.6B

Shareholder Return

Fiscal 2025

Retired 0.7% of shares last year, 2.1% issued over two.

Buybacks: —
Dividends: —

What drove EPS

A buyback raises earnings per share without the company earning more. This splits each year's change into the two.

FY23

−56.8% = −56.9% + 0.3%

FY24

163.1% = 170.1% + −2.6%

FY25

92.6% = 90.9% + 0.8%

Earnings Fewer shares More shares

The two parts do not sum exactly to the total — the difference is the cross-term, plus preferred capital where the company has any. It is left visible rather than distributed into the other two.

Share count is the denominator the filer used for diluted EPS, recovered as net income ÷ EPS — not the balance-sheet count, which is a point-in-time figure and would put the timing difference into this split. Years with a loss are omitted: a smaller share count makes a loss per share larger, so the decomposition inverts.

Company Financials

Annual data (10-K) · Last 5 years

Metric	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021
Market Cap	$7.0B	$11.1Best.	$8.5Best.	$7.1Best.	--
Revenue	$2.5B↑22%	$2.0B↑28%	$1.6B↑29%	$1.2B	--
Operating Income	$644.7M↑37%	$470.3M↑71%	$275.4M↓23%	$356.8M	--
Net Income	$408.6M↑91%	$214.0M↑170%	$79.2M↓57%	$183.9M	--
EPS (Diluted)	$2.19↑93%	$1.14↑163%	$0.43↓57%	$1.00	--
Gross Margin	59.1%↑1%	58.8%↓5%	62.1%↑3%	60.3%	—
Operating Margin	26.2%↑12%	23.3%↑34%	17.5%↓40%	29.2%	—
ROE	12.8%↑75%	7.3%↑134%	3.1%↓61%	7.9%	—
Total Debt	$1.3B↑1%	$1.3B↓32%	$2.0B↑1%	$1.9B	--
Shareholders' Equity	$3.2B↑9%	$2.9B↑16%	$2.5B↑9%	$2.3B↓3%	$2.4B
Current Ratio	2.81↑8%	2.60↓9%	2.85↓4%	2.96	—
Debt / Equity	0.42↓8%	0.46↓41%	0.77↓7%	0.83	—
Operating Cash Flow	$450.8M↓6%	$478.9M↑26%	$378.9M↑65%	$230.1M	--
Free Cash Flow	$360.8M↓11%	$405.8M↑50%	$271.0M↑69%	$160.6M	--

Scored from 10-K1d ago

Metric	Marks Risk-Aware Value	Akre Three-Legged Stool	Druckenmiller Macro-Enhanced Growth	Spier Value Checklist	Pabrai Dhandho Framework	Munger Quality Focus	Ackman Activist Value	Piotroski F-Score	Greenblatt Magic Formula	Lynch GARP	Buffett Quality Compounder	Graham Defensive Value
Verdict	HOLD	PASS	BUY	BUY	HOLD	BUY	HOLD	BUY	Not ranked	PASS	FAIL	FAIL
Score
Analysis
Intrinsic Value
Margin of Safety	-120.1%	-90.6%	+68.1%	+10.2%	+1.7%	+14.7%	+43.2%	-129.7%	-100.5%	+28.2%	+34.3%	-35.4%
Data As Of	10-K (2026-08-15)	10-K (2026-08-15)	10-K (2026-08-15)	10-K (2026-08-15)	10-K (2026-08-15)	10-K (2026-08-15)	10-K (2026-08-15)	10-K (2026-08-15)	10-K (2026-08-15)	10-K (2026-08-15)	10-K (2026-08-15)	10-K (2026-08-15)

Where They Agree

Where They Disagree

Profitability
1 of 11 pass — Marks, Akre, Druckenmiller +7 more object
Discount to Intrinsic Value-117.2% (IV=$18.83 vs Price=$40.90)
✗Marks>= 20% below intrinsic value
Positive Net Income Frequency4/4 years positive
✓MarksPositive net income in >= 7 of last 10 years
Return on Equity7.7% (3-yr avg)
✗AkreROE > 20% (3-year avg)
EPS Growth AccelerationLatest: 92.6%, Prior: 163.1%
✗DruckenmillerAccelerating EPS growth
Show 19 more metrics ▾Show fewer ▴
Margin of SafetyP/E=18.6x, P/B=2.4x
✗SpierP/E < 15 AND P/B < 2.0✗PabraiP/B < 1.5 or P/E < 15
Operating Income / Revenue26.2%
✓Ackman>= 15%
Net Income / Shareholders Equity12.8%
✗Ackman>= 15%
Net Income / Total Assets7.05%
✓PiotroskiROA > 0
ROA Change YoY3.92% -> 7.05% (delta: +3.13%)
✓PiotroskiCurrent ROA > Prior ROA
(CFO / Total Assets) vs ROACFO/Assets=7.78%, ROA=7.05%
✓PiotroskiCFO/Assets > ROA
Gross Margin Change YoY58.8% -> 59.1%
✓PiotroskiImproved YoY
EBIT / Enterprise Value7.5%
✗Greenblatt> 10%
Earnings Yield + ROC AssessmentEY=7.5%, ROC=63.4%
✗GreenblattBoth EY > 10% and ROC > 25%
3-5 Year EPS CAGR29.8%
✓Lynch15-30% (Fast Grower); > 0% to pass
ROE12.8%
✗Lynch> 15%
Net Income Positive (10+ years)4/6 years positive
✗BuffettPositive every year for 10+ years
ROE (5-yr avg)7.8%
✗Buffett> 15% (5-yr avg)
Operating Margin (10-yr trend)26.2% (latest)
✓BuffettStable or rising over 10 years
Free Cash Flow Proxy$451.8M
✓BuffettPositive and growing
Earnings Variance (10-yr CoV)
✗BuffettCoV < 0.3
Retained Earnings Effectiveness
✗Buffett$1 retained -> > $1 market value created
Positive EPS (10 years)4/6 years positive
✗GrahamPositive EPS every year for 10 years
EPS Growth (3-yr avg, 10-yr window)25.2%
✗Graham>= 33% growth
Debt & Leverage
5 of 8 pass — Akre, Lynch and Graham object
Debt Levels0.42
✗AkreDebt/Equity < 0.3✓MungerDebt/Equity < 0.5
Interest Coverage & Debt/EBITDAIC=6.9x, D/EBITDA=1.7x
✓MarksInterest Coverage > 3x; Debt/EBITDA < 4x
Total Debt / Shareholders Equity0.42
✓Ackman<= 1.0
LT Debt / Total Assets Change23.95% -> 22.82%
✓PiotroskiDecreased YoY
Show 4 more metrics ▾Show fewer ▴
Total Debt / Equity0.42
✗Lynch< 0.33
Cash - Long-term Debt$-937.3M
✗LynchPositive preferred
Debt/Equity & Interest CoverageD/E: 0.42, IC: 6.9x
✓BuffettD/E < 0.5 AND Interest Coverage > 5x
LT Debt vs Net Current AssetsLT Debt $1.3B vs NCA $964.0M
✗GrahamLT Debt <= Net Current Assets
Valuation
4 of 9 pass — Marks, Spier, Pabrai +2 more object
P/B or P/E vs. Historical AverageP/E=18.6x, P/B=2.4x
✗MarksP/E < 15 or P/B < 2.0
Discount to Intrinsic Value-117.2% (IV=$18.83 vs Price=$40.90)
✗Marks>= 20% below intrinsic value
Price vs. 200-day MAQualitative
✓DruckenmillerPrice above 200-day moving average
Margin of SafetyP/E=18.6x, P/B=2.4x
✗SpierP/E < 15 AND P/B < 2.0
Show 9 more metrics ▾Show fewer ▴
P/E or FCF YieldP/E=18.6x, FCF Yield=4.7%
✗PabraiP/E < 15 or FCF Yield > 10%
Valuation ReasonablenessP/E=18.6x, OE Yield=5.9%
✓MungerP/E < 25 or Owner Earnings Yield > 5%
Price / FCF per Share21.1x
✓Ackman<= 25
EBIT / Enterprise Value7.5%
✗Greenblatt> 10%
Earnings Yield + ROC AssessmentEY=7.5%, ROC=63.4%
✗GreenblattBoth EY > 10% and ROC > 25%
P/E / EPS Growth Rate0.63
✓Lynch< 1.0 (ideally < 0.5)
Price / 3-yr avg EPS32.6x
✗Graham<= 15x
Price-to-Book Ratio2.4x
✗Graham<= 1.5x
P/E x P/B77.80
✗Graham<= 22.5
Cash Flow
4 of 6 pass — Pabrai and Lynch object
FCF Positive4/4 years FCF positive
✓MarksPositive FCF in majority of recent years
P/E or FCF YieldP/E=18.6x, FCF Yield=4.7%
✗PabraiP/E < 15 or FCF Yield > 10%
(OCF - CapEx) / Market Cap4.7%
✓Ackman>= 4%
Price / FCF per Share21.1x
✓Ackman<= 25
Show 4 more metrics ▾Show fewer ▴
Operating Cash Flow$450.8M
✓PiotroskiCFO > 0
(CFO / Total Assets) vs ROACFO/Assets=7.78%, ROA=7.05%
✓PiotroskiCFO/Assets > ROA
FCF Positive and Growing$360.8M
✗LynchPositive and growing
Free Cash Flow Proxy$451.8M
✓BuffettPositive and growing
Growth
2 of 5 pass — Druckenmiller, Ackman and Graham object
Positive Net Income Frequency4/4 years positive
✓MarksPositive net income in >= 7 of last 10 years
EPS Growth AccelerationLatest: 92.6%, Prior: 163.1%
✗DruckenmillerAccelerating EPS growth
Revenue Growth RateLatest: 22.1%, Prior: 27.9%
✗DruckenmillerRevenue growth accelerating
3yr Median Revenue Growth27.9%
✓Ackman>= 5%
Show 5 more metrics ▾Show fewer ▴
Positive EPS Growth Frequency2/3 years with positive EPS growth
✗AckmanPositive EPS growth in >= 3 of last 5 years
P/E / EPS Growth Rate0.63
✓Lynch< 1.0 (ideally < 0.5)
3-5 Year EPS CAGR29.8%
✓Lynch15-30% (Fast Grower); > 0% to pass
Inventory Growth vs Revenue GrowthInv: 18.4% vs Rev: 22.1%
✓LynchInventory growth < Revenue growth
EPS Growth (3-yr avg, 10-yr window)25.2%
✗Graham>= 33% growth
Efficiency
3 of 6 pass — Akre, Munger and Buffett object
ROIC (high and growing)0/4 years ROIC > 15% (latest: 11.2%)
✗AkreROIC > 15% for 3+ years
Reinvestment Rate x ROIC11.2% (RR=100% x ROIC=11.2%)
✓AkreReinvestment Rate * ROIC > 10%
Return on Invested Capital11.2%
✗Munger> 15%
Current Ratio Change YoY2.60 -> 2.81
✓PiotroskiIncreased YoY
Show 5 more metrics ▾Show fewer ▴
Revenue / Total Assets Change YoY0.37x -> 0.42x
✓PiotroskiImproved YoY
EBIT / (NWC + Net Fixed Assets)63.4%
✓Greenblatt> 25%
ROIC (3-5 yr avg)8.6%
✗Buffett> 10%
ROIC - WACC-1.4%
✗BuffettPositive (WACC = 10%)
Current Ratio2.81
✓Graham>= 2.0
Verdicts
Split decision: 4 BUY · 3 HOLD · 2 PASS · 2 FAIL
Overall verdict
•MarksHOLD (6/8)✓AkrePASS (3/7)✓DruckenmillerBUY (5/7)✓SpierBUY (7/8)•PabraiHOLD (5/8)✓MungerBUY (6/7)•AckmanHOLD (6/9)✓PiotroskiBUY (F-Score 9)•GreenblattNot ranked✓LynchPASS (PEG 0.63)✗BuffettFAIL (3/9)✗GrahamFAIL (2/9)
Valuation models
Models split on BIRK at $39.35 — fair values range $17.13–$123.44
Marks fair value$17.88
✗Marks-120.1% margin vs $39.35
Akre fair value$20.64
✗Akre-90.6% margin vs $39.35
Druckenmiller fair value$123.44
✓Druckenmiller+68.1% margin vs $39.35
Spier fair value$43.80
✓Spier+10.2% margin vs $39.35
Show 8 more metrics ▾Show fewer ▴
Pabrai fair value$40.03
✓Pabrai+1.7% margin vs $39.35
Munger fair value$46.15
✓Munger+14.7% margin vs $39.35
Ackman fair value$69.31
✓Ackman+43.2% margin vs $39.35
Piotroski fair value$17.13
✗Piotroski-129.7% margin vs $39.35
Greenblatt fair value$19.63
✗Greenblatt-100.5% margin vs $39.35
Lynch fair value$54.84
✓Lynch+28.2% margin vs $39.35
Buffett fair value$59.87
✓Buffett+34.3% margin vs $39.35
Graham fair value$29.07
✗Graham-35.4% margin vs $39.35

Historical Score Timeline

Industry Peers

Similar companies in Apparel

BIRK vs Peers — Financial Grading

Revenue$2.5BBottom 25%

Net Income$408.6MMedian

ROE12.8%Bottom 25%

D/E0.42Top 25%

Op. Margin26.2%Top 25%

Curr. Ratio2.81Top 25%

Company	Market Cap	Price	Revenue	Net Income	ROE	D/E	Op. Margin	Curr. Ratio	Graham	Buffett	Lynch	Greenblatt	Piotroski
CINTAS CORPCTAS	$79.8B	$199.52	$10.3B	$1.8B	38.7%	0.52	22.8%	2.09	3/9	6/9	1/7	1/3	F-Score 5
TAPESTRY, INC.TPR	$25.7B	$128.98	$7.0B	$183.2M	21.4%	2.79	5.9%	1.87	1/9	4/9	1/7	0/3	F-Score 4
RALPH LAUREN CORPRL	$23.2B	$388.92	$8.1B	$941.1M	33.1%	0.44	14.5%	2.13	5/9	6/9	5/7	1/3	F-Score 8
lululemon athletica inc.LULU	$13.6B	$119.55	$11.1B	$1.6B	31.8%	—	19.9%	2.26	3/9	3/9	3/7	3/3	F-Score 5
DECKERS OUTDOOR CORPDECK	$12.7B	$93.09	$5.5B	$1.0B	41.0%	—	23.1%	3.54	2/9	5/9	3/7	1/3	F-Score 7
Gildan Activewear Inc.GIL	$10.5B	$56.72	$3.6B	$398.9M	11.2%	1.08	17.1%	2.11	3/9	6/9	1/7	0/3	F-Score 4
LEVI STRAUSS & COLEVI	$8.7B	$22.55	$6.3B	$578.1M	25.4%	0.46	10.8%	1.55	3/9	5/9	2/7	1/3	F-Score 7
Crocs, Inc.CROX	$6.3B	$131.72	$4.0B	$81.2M	-6.3%	0.95	3.7%	1.27	2/9	4/9	0/7	1/3	F-Score 5