Crocs, Inc.

CROX
About the company

Crocs, Inc. together with its subsidiaries, designs, develops, manufactures, markets, distributes, and sells casual lifestyle footwear and accessories for men, women, and kids under the Crocs and HEYDUDE Brands in the United States and internationally. The company offers various footwear products, including clogs, sandals, loafers, classics, fuzz, platforms, boots, sandals, slides, slippers, sneakers, flip flops, and flats, as well as totes, backpacks, belt bags, socks, bag charms, cases, attachments, cartoon characters products, and touchland and other accessories.

Country: United StatesPrice: $126.14Market Cap: $6.3B

Investment snapshot

19%positive consensus
Scored 36d ago

Positive

3

BUY / PASS

Neutral / negative

2 / 10

NEUTRAL / FAIL

Median fair value

$171.34

+35.8% vs price

Models with upside

5 / 16

Positive margin of safety

Strongest signal

Models split on CROX at $126.14 — fair values range $115.84–$277.51

Key risk

14 of 15 flag CROX's profitability — Oshaughnessy, Lynch, Buffett +11 more

Framework analysis

VerdictMeaning
BUYPositive purchase signal: the framework's buy requirements are met.
PASSThe company clears the framework's checklist or screen, but the framework does not produce a buy signal. For valuation frameworks this often means margin of safety is missing, insufficient, or unavailable; some screen-only frameworks have no intrinsic-value BUY state.
NEUTRALNeither a positive nor negative conclusion. It does not mean to hold an existing position.
FAILThe company does not clear the framework's requirements.
RankedRanked strategies do not use PASS: selected cohort is BUY, outside the cohort is FAIL, and unranked is NEUTRAL.
Scored from 10-K36d ago
MetricO'Shaughnessy

Systematic Factor Composite

Lynch

GARP

Buffett

Quality Compounder

Pabrai

Dhandho Framework

Akre

Three-Legged Stool

Schloss

Asset-Value Discipline

Neff

Low-P/E Total Return

Sleep

Scale Economies Shared

Templeton

Global Bargain Hunter

Marks

Risk-Aware Value

Munger

Quality Focus

Ackman

Activist Value

Dreman

Contrarian Value

Piotroski

F-Score

Greenblatt

Magic Formula

Graham

Defensive Value

VerdictNEUTRALFAILPASSFAILFAILFAILFAILBUYFAILFAILFAILNEUTRALFAILPASSFAIL · Rank #1169 (Top 36.4%)FAIL
Score
Analysis
Intrinsic ValueN/AN/AN/AN/AN/AN/AN/AN/AN/AN/A
Margin of SafetyN/AN/AN/AN/A+54.5%N/AN/AN/A+11.0%N/A+39.6%+37.2%+7.1%N/A-8.9%N/A
Data As Of10-K (2026-08-25)10-K (2026-08-25)10-K (2026-08-25)10-K (2026-08-25)10-K (2026-08-25)10-K (2026-08-24)10-K (2026-08-24)10-K (2026-08-23)10-K (2026-08-23)10-K (2026-08-23)10-K (2026-08-23)10-K (2026-08-23)10-K (2026-08-23)10-K (2026-08-23)10-K (2026-08-23)10-K (2026-08-23)

Where It Passes

  • Valuation models83% pass✓ 5✗ 1▾

    Models split on CROX at $126.14 — fair values range $115.84–$277.51

    Akre fair value$277.51
    ✓Akre+54.5% margin vs $126.14
    Templeton fair value$141.81
    ✓Templeton+11.0% margin vs $126.14
    Munger fair value$208.94
    ✓Munger+39.6% margin vs $126.14
    Ackman fair value$200.86
    ✓Ackman+37.2% margin vs $126.14
    Dreman fair value$135.85
    ✓Dreman+7.1% margin vs $126.14
    Greenblatt fair value$115.84
    ✗Greenblatt-8.9% margin vs $126.14
  • Cash Flow60% pass✓ 8✗ 4▾

    6 of 10 pass — Oshaughnessy, Lynch, Buffett +1 more object

    (Operating cash flow - capex) / market capitalization+10.41%; #610/4487 (top 13.6%)
    ✗OshaughnessyTop 10% of eligible cross-section
    FCF Positive and Growing$659.2M
    ✗LynchPositive and growing
    Free Cash Flow Proxy$-53.1M
    ✗BuffettPositive and growing
    P/E or FCF YieldFCF Yield=10.4%
    ✓PabraiP/E < 15 or FCF Yield > 10%
    Operating Cash Flow - Capital Expenditures$659.2M
    ✓Neff> $0 (app proxy for a strong fundamental case)
    Positive Operating Cash Flow frequency20/21 years positive
    ✓SleepPositive OCF in >= 70% of available years
    FCF Positive17/20 years FCF positive
    ✓MarksPositive FCF in majority of recent years
    (OCF - CapEx) / Market Cap10.4%
    ✓Ackman>= 4%
    Price / FCF per Share9.6x
    ✓Ackman<= 25
    Price / (CFO / Shares)8.9x
    ✗Dreman< 8x
    Operating Cash Flow$710.4M
    ✓PiotroskiCFO > 0
    (CFO / Total Assets) vs ROACFO/Assets=17.02%, ROA=-1.94%
    ✓PiotroskiCFO/Assets > ROA

Where It Falls Short

  • Profitability7% pass✓ 6✗ 25▾

    14 of 15 flag CROX's profitability — Oshaughnessy, Lynch, Buffett +11 more

    Net income / market capitalization-1.28%; #3391/6251 (top 54.2%)
    ✗OshaughnessyTop 10% of eligible cross-section
    Basic earnings-growth PEG (dividends excluded)
    ✗Lynch< 1.0 (ideally < 0.5)
    3-5 Year EPS CAGR
    ✗Lynch15-30% (Fast Grower); > 0% to pass
    ROE-6.3%
    ✗Lynch> 15%
    Net Income Positive (10+ years)15/24 years positive
    ✗BuffettPositive every year for 10+ years
    ROE (up to 5-year arithmetic mean)1063.9%
    ✓Buffett> 15% arithmetic mean (app rule)
    Operating Margin (10-yr trend)3.7% (latest)
    ✓BuffettStable or rising over 10 years
    Free Cash Flow Proxy$-53.1M
    ✗BuffettPositive and growing
    Earnings Variance (10-yr CoV)1.76
    ✗BuffettCoV < 0.3
    Retained Earnings Effectiveness
    ✗Buffett$1 retained -> > $1 market value created
    Margin of SafetyP/B=4.9x
    ✗PabraiP/B < 1.5 or P/E < 15
    Return on Equity33.3% (3-yr avg)
    ✓AkreROE > 20% (3-year avg)
    Positive Diluted-EPS Years6/10 years positive
    ✗Schloss>= 70% positive over 5-10 observed years (app rule)
    3-5 Year Diluted EPS CAGR57.1% over 5 years
    ✗Neff7%-20% annualized
    Revenue growth vs. gross and operating margin trendgross margin 55.8% -> 58.3%, operating margin 26.2% -> 3.7%
    ✗SleepRevenue rising; gross margin flat or falling; operating margin holding
    5-Year EPS CAGR36.6% CAGR over 4 years
    ✓Templeton> 0% (5-year EPS CAGR)
    Operating Margin Trend26.2% (2023) -> 3.7% (2025)
    ✗TempletonNon-negative operating-margin trend over 3 years
    Discount to Intrinsic Value7.1% (IV=$135.85 vs Price=$126.14)
    ✗Marks>= 20% below intrinsic value
    Positive Net Income Frequency15/20 years positive
    ✓MarksPositive net income in >= 7 of last 10 years
    Operating Income / Revenue3.7%
    ✗Ackman>= 15%
    Net Income / Shareholders Equity-6.3%
    ✗Ackman>= 15%
    Pre-Tax Income / Revenue1.8%
    ✗Dreman>= 8%
    Net Income / Shareholders' Equity-6.3%
    ✗Dreman> 12%
    Net Income / Total Assets-1.94%
    ✗PiotroskiROA > 0
    ROA Change YoY19.74% -> -1.94% (delta: -21.69%)
    ✗PiotroskiCurrent ROA > Prior ROA
    (CFO / Total Assets) vs ROACFO/Assets=17.02%, ROA=-1.94%
    ✓PiotroskiCFO/Assets > ROA
    Gross Margin Change YoY58.8% -> 58.3%
    ✗PiotroskiImproved YoY
    EBIT / Enterprise Value2.0%
    ✗Greenblatt> 10%
    Earnings Yield + ROC AssessmentEY=2.0%, ROC=50.9%
    ✗GreenblattBoth EY > 10% and ROC > 25%
    Positive EPS (10 years)13/24 years positive
    ✗GrahamPositive EPS every year for 10 years
    EPS Growth (3-yr avg, 10-yr window)
    ✗Graham>= 33% growth
  • Valuation17% pass✓ 4✗ 22▾

    10 of 12 flag CROX's valuation — Oshaughnessy, Lynch, Schloss +7 more

    Revenue / market capitalization+0.6381; #2174/5203 (top 41.8%)
    ✗OshaughnessyTop 10% of eligible cross-section
    Net income / market capitalization-1.28%; #3391/6251 (top 54.2%)
    ✗OshaughnessyTop 10% of eligible cross-section
    (Operating cash flow - capex) / market capitalization+10.41%; #610/4487 (top 13.6%)
    ✗OshaughnessyTop 10% of eligible cross-section
    Trailing six-month price return through the evaluation date+51.94%; #723/6203 (top 11.7%)
    ✗OshaughnessyTop 10% of eligible cross-section
    Basic earnings-growth PEG (dividends excluded)
    ✗Lynch< 1.0 (ideally < 0.5)
    P/E or FCF YieldFCF Yield=10.4%
    ✓PabraiP/E < 15 or FCF Yield > 10%
    Price / Book Value per Share4.90x
    ✗SchlossP/B <= 0.80x (app cutoff)✗Templeton< 1.5x✗Dreman< 1.2x
    Price / Tangible Book Value per ShareN/A (non-positive TBVPS)
    ✗SchlossP/TBV <= 1.00x (app cutoff)
    Book Value per Share Change+484.2%
    ✓SchlossLatest BVPS >= earliest BVPS over >= 3 years (app rule)
    Price / Diluted EPS
    ✗NeffP/E <= 15x (app proxy for a P/E 40%-60% below the market)
    (EPS CAGR % + Dividend Yield %) / P/E
    ✗Neff> 0.7 (Neff's published traditional edge)
    Price / EPS
    ✗Templeton< 12x (fixed ceiling; proxy for the market's cheapest 40%)✗Dreman< 12x
    Price vs. Trailing Low154% of trailing low ($81.69)
    ✗Templeton<= 120% of trailing low (certified split-adjusted live window)
    P/B or P/E vs. Historical AverageP/B=4.9x
    ✗MarksP/E < 15 or P/B < 2.0
    Discount to Intrinsic Value7.1% (IV=$135.85 vs Price=$126.14)
    ✗Marks>= 20% below intrinsic value
    Valuation ReasonablenessOE Yield=-0.8%
    ✗MungerP/E < 25 or Owner Earnings Yield > 5%
    Price / FCF per Share9.6x
    ✓Ackman<= 25
    Price / (CFO / Shares)8.9x
    ✗Dreman< 8x
    EBIT / Enterprise Value2.0%
    ✗Greenblatt> 10%
    Earnings Yield + ROC AssessmentEY=2.0%, ROC=50.9%
    ✗GreenblattBoth EY > 10% and ROC > 25%
    Price / 3-yr avg EPS13.9x
    ✓Graham<= 15x
    Price-to-Book Ratio4.9x
    ✗Graham<= 1.5x
    P/E x P/B68.20
    ✗Graham<= 22.5
  • Debt & Leverage18% pass✓ 3✗ 11▾

    9 of 11 flag CROX's debt & leverage — Lynch, Buffett, Akre +6 more

    Total Debt / Shareholders' Equity0.95x
    ✓SchlossD/E < 1.00x✓Templeton< 1.0 (fixed cap; proxy for below-sector-median leverage)✗Dreman< 0.8
    Total Debt / Equity0.95
    ✗Lynch< 0.33
    Cash - Long-term Debt$-1.1B
    ✗LynchPositive preferred
    Debt/Equity & Interest CoverageD/E: 0.95, IC: 1.9x
    ✗BuffettD/E < 0.5 AND Interest Coverage > 5x
    Debt Levels0.95
    ✗AkreDebt/Equity < 0.3✗MungerDebt/Equity < 0.5
    Current Assets / Current Liabilities1.27x
    ✗SchlossCurrent ratio >= 1.50x (app cutoff)✗Dreman> 1.5
    Interest Coverage & Debt/EBITDAIC=1.9x, D/EBITDA=5.4x
    ✗MarksInterest Coverage > 3x; Debt/EBITDA < 4x
    Total Debt / Shareholders Equity0.95
    ✓Ackman<= 1.0
    LT Debt / Total Assets Change28.04% -> 29.48%
    ✗PiotroskiDecreased YoY
    LT Debt vs Net Current AssetsLT Debt $1.2B vs NCA $185.8M
    ✗GrahamLT Debt <= Net Current Assets
  • Verdicts21% pass✓ 3✗ 11▾

    Split decision: 10 FAIL · 2 NEUTRAL · 2 PASS · 1 BUY

    Overall verdict
    •OshaughnessyNEUTRAL (Not ranked)✗LynchFAIL (0/7)✓BuffettPASS (4/9)✗PabraiFAIL (1/3)✗AkreFAIL (2/6)✗SchlossFAIL (2/7)✗NeffFAIL (2/6)✓SleepBUY (5/6)✗TempletonFAIL (3/8)✗MarksFAIL (2/5)✗MungerFAIL (1/4)•AckmanNEUTRAL (6/9)✗DremanFAIL (2/11)✓PiotroskiPASS (F-Score 5)✗GreenblattRank #1169✗GrahamFAIL (2/9)
  • Growth25% pass✓ 5✗ 8▾

    6 of 8 flag CROX's growth — Lynch, Neff, Sleep +3 more

    Basic earnings-growth PEG (dividends excluded)
    ✗Lynch< 1.0 (ideally < 0.5)
    3-5 Year EPS CAGR
    ✗Lynch15-30% (Fast Grower); > 0% to pass
    Inventory Growth vs Revenue GrowthInv: 3.5% vs Rev: -1.5%
    ✗LynchInventory growth < Revenue growth
    3-5 Year Diluted EPS CAGR57.1% over 5 years
    ✗Neff7%-20% annualized
    Revenue growth vs. gross and operating margin trendgross margin 55.8% -> 58.3%, operating margin 26.2% -> 3.7%
    ✗SleepRevenue rising; gross margin flat or falling; operating margin holding
    5-year Revenue CAGR23.9%
    ✓SleepCAGR > 7%
    5-Year EPS CAGR36.6% CAGR over 4 years
    ✓Templeton> 0% (5-year EPS CAGR)
    Positive Net Income Frequency15/20 years positive
    ✓MarksPositive net income in >= 7 of last 10 years
    3yr Median Revenue Growth3.5%
    ✗Ackman>= 5%
    Positive EPS Growth Frequency3/5 years with positive EPS growth
    ✓AckmanPositive EPS growth in >= 3 of last 5 years
    EPS Growth Direction$0.44 (2005) -> $-1.50 (2025)
    ✗DremanPositive over recent years
    EPS CAGR20.8% CAGR over 19 years
    ✓Dreman> 5% annualized
    EPS Growth (3-yr avg, 10-yr window)
    ✗Graham>= 33% growth
  • Efficiency50% pass✓ 6✗ 5▾

    4 of 8 pass — Akre, Munger, Dreman +1 more object

    ROIC (3-5 yr avg)35.3%
    ✓Buffett> 10%
    ROIC - WACC+25.3%
    ✓BuffettPositive (WACC = 10%)
    ROIC (high and growing)FY2023: ROIC=26.3%; FY2024: ROIC=25.3%; FY2025: ROIC=4.7%
    ✗AkreLatest 3 consecutive FYs: ROIC > 15% in each
    Reinvestment Rate x ROICN/A (non-positive net income)
    ✗AkreReinvestment Rate * ROIC > 10%
    ROIC (5-year)4/5 years above 12% (latest 4.7%)
    ✓SleepROIC > 12% in a majority of years
    Return on Invested Capital4.7%
    ✗Munger> 15%
    Current Assets / Current Liabilities1.27
    ✗Dreman> 1.5
    Current Ratio Change YoY1.18 -> 1.27
    ✓PiotroskiIncreased YoY
    Revenue / Total Assets Change YoY0.85x -> 0.97x
    ✓PiotroskiImproved YoY
    EBIT / (NWC + Net Fixed Assets)50.9%
    ✓Greenblatt> 25%
    Current Ratio1.27
    ✗Graham>= 2.0

Business & financials

Company Profile

Industry: Apparel
SIC Sector: Rubber & Plastics
Size: Mid Cap($6.3B)
Revenue: $4.0B-1.5% YoY
Net Income: $81.2M-108.5% YoY

Financial Snapshot

Operating Margin3.7%
Return on Equity-6.3%
Debt / Equity0.95
Current Ratio1.27
EPS (Diluted)$-1.50+24.2% 1y
Buybacks (1y)$582.3M
Buybacks (2y)$1.1B
Shares Retired11.2% / 17.0% 2y

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Shareholder Return

Fiscal 2025

Retired 11.2% of shares last year, 17.0% over two.

Buybacks
$582.3M
Dividends
—

What drove EPS

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

FY22
−23.5% = −25.6% + 2.7%
FY23
46.8% = 46.7% + 0.1%
FY24
24.2% = 19.9% + 3.6%
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

MetricFY 2025FY 2024FY 2023FY 2022FY 2021
Market Cap$6.3B$5.8Best.$6.1Best.$7.5Best.$6.0Best.
Revenue$4.0B↓1%$4.1B↑4%$4.0B↑11%$3.6B↑54%$2.3B
Operating Income$149.5M↓85%$1.0B↓1%$1.0B↑22%$850.8M↑25%$683.1M
Net Income-$81.2M↓109%$950.1M↑20%$792.6M↑47%$540.2M↓26%$725.7M
EPS (Diluted)$-1.50↓109%$15.88↑24%$12.79↑47%$8.71↓24%$11.39
Gross Margin58.3%↓1%58.8%↑5%55.8%↑7%52.3%↓15%61.4%
Operating Margin3.7%↓85%24.9%↓5%26.2%↑9%23.9%↓19%29.5%
ROE-6.3%↓112%51.8%↓5%54.5%↓17%66.0%↓99%5153.3%
Total Debt$1.2B↓9%$1.3B↓19%$1.7B↓28%$2.3B↑201%$771.4M
Shareholders' Equity$1.3B↓30%$1.8B↑26%$1.5B↑78%$817.9M↑5708%$14.1M
Current Ratio1.27↑7%1.18↓10%1.30↓18%1.60↓7%1.72
Debt / Equity0.95↑29%0.74↓36%1.14↓60%2.84↓95%54.78
Operating Cash Flow$710.4M↓28%$992.5M↑7%$930.4M↑54%$603.1M↑6%$567.2M
Free Cash Flow$659.2M↓29%$923.1M↑13%$814.8M↑63%$499.0M↓2%$511.2M

Score history

Historical Score Timeline

Industry peers

Industry Peers

Similar companies in Apparel

CROX vs Peers — Financial Grading

Revenue$4.0BBottom 25%
Net Income$81.2MBottom 25%
ROE-6.3%Bottom 25%
D/E0.95Median
Op. Margin3.7%Bottom 25%
Curr. Ratio1.27Bottom 25%
CompanyMarket CapPriceRevenueNet IncomeROED/EOp. MarginCurr. RatioGrahamBuffettLynchGreenblattPiotroskiDreman
CINTAS CORPCTAS$79.0B$197.74$10.3B$1.8B38.7%0.5222.8%2.093/95/91/71/3F-Score 55/11
TAPESTRY, INC.TPR$22.8B$114.12$7.0B$183.2M21.4%2.795.9%1.871/93/91/70/3F-Score 53/11
Amer Sports, Inc.AS$15.2B$27.24$6.6B$427.4M7.4%0.1410.7%1.502/93/92/71/3F-Score 74/11
DECKERS OUTDOOR CORPDECK$10.8B$77.68$5.5B$1.0B41.0%—23.1%3.542/95/93/73/3F-Score 75/11
lululemon athletica inc.LULU$10.7B$96.87$11.1B$1.6B31.8%0.0019.9%2.264/95/93/73/3F-Score 45/11
On Holding AGONON$9.9B$29.55$3.8B$257.3M12.5%0.3212.5%2.712/95/92/71/3F-Score 74/11
Gildan Activewear Inc.GIL$7.9B$42.62$3.6B$398.9M11.2%1.2117.1%2.113/95/91/70/3F-Score 45/11
LEVI STRAUSS & COLEVI$7.6B$19.75$6.3B$578.1M25.4%0.4610.8%1.553/95/92/71/3F-Score 75/11