Crocs, Inc.

CROX

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.

Country: United StatesPrice: $131.72Market Cap: $6.3B

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%

Buybacks (1y)$582.3M

Buybacks (2y)$1.1B

Shares Retired11.2% / 17.0% 2y

Similar Companies

LULUlululemon athletica inc.

$13.6B

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

Metric	FY 2025	FY 2024	FY 2023	FY 2022	FY 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 Margin	58.3%↓1%	58.8%↑5%	55.8%↑7%	52.3%↓15%	61.4%
Operating Margin	3.7%↓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 Ratio	1.27↑7%	1.18↓10%	1.30↓18%	1.60↓7%	1.72
Debt / Equity	0.95↑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

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	PASS	BUY	BUY	PASS	HOLD	PASS	Not ranked	FAIL	PASS	FAIL
Score
Analysis
Intrinsic Value			N/A	N/A	N/A					N/A	N/A	N/A
Margin of Safety	-68.9%	+52.5%	N/A	N/A	N/A	+37.0%	+34.4%	-411.3%	-13.7%	N/A	N/A	N/A
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
2 of 11 pass — Druckenmiller, Spier, Pabrai +6 more object
Discount to Intrinsic Value33.2% (IV=$135.85 vs Price=$90.71)
✓Marks>= 20% below intrinsic value
Positive Net Income Frequency15/20 years positive
✓MarksPositive net income in >= 7 of last 10 years
Return on Equity33.3% (3-yr avg)
✓AkreROE > 20% (3-year avg)
EPS Growth AccelerationLatest: -109.4%, Prior: 24.2%
✗DruckenmillerAccelerating EPS growth
Show 19 more metrics ▾Show fewer ▴
Margin of SafetyP/B=3.5x
✗SpierP/E < 15 AND P/B < 2.0✗PabraiP/B < 1.5 or P/E < 15
Operating Income / Revenue3.7%
✗Ackman>= 15%
Net Income / Shareholders Equity-6.3%
✗Ackman>= 15%
Net Income / Total Assets-1.94%
✗PiotroskiROA > 0
ROA Change YoY19.74% -> -1.94% (delta: -21.69%)
✗PiotroskiCurrent ROA > Prior ROA
(CFO / Total Assets) vs ROACFO/Assets=17.02%, ROA=-1.94%
✓PiotroskiCFO/Assets > ROA
Gross Margin Change YoY58.8% -> 58.3%
✗PiotroskiImproved YoY
EBIT / Enterprise Value2.6%
✗Greenblatt> 10%
Earnings Yield + ROC AssessmentEY=2.6%, ROC=50.9%
✗GreenblattBoth EY > 10% and ROC > 25%
3-5 Year EPS CAGR
✗Lynch15-30% (Fast Grower); > 0% to pass
ROE-6.3%
✗Lynch> 15%
Net Income Positive (10+ years)15/24 years positive
✗BuffettPositive every year for 10+ years
ROE (5-yr avg)1063.9%
✓Buffett> 15% (5-yr avg)
Operating Margin (10-yr trend)3.7% (latest)
✓BuffettStable or rising over 10 years
Free Cash Flow Proxy$-53.1M
✗BuffettPositive and growing
Earnings Variance (10-yr CoV)1.76
✗BuffettCoV < 0.3
Retained Earnings Effectiveness-1.14x
✗Buffett$1 retained -> > $1 market value created
Positive EPS (10 years)13/24 years positive
✗GrahamPositive EPS every year for 10 years
EPS Growth (3-yr avg, 10-yr window)
✗Graham>= 33% growth
Debt & Leverage
1 of 8 pass — Marks, Akre, Munger +4 more object
Interest Coverage & Debt/EBITDAIC=1.9x, D/EBITDA=5.4x
✗MarksInterest Coverage > 3x; Debt/EBITDA < 4x
Debt Levels0.95
✗AkreDebt/Equity < 0.3✗MungerDebt/Equity < 0.5
Total Debt / Shareholders Equity0.95
✓Ackman<= 1.0
LT Debt / Total Assets Change28.04% -> 29.48%
✗PiotroskiDecreased YoY
Show 4 more metrics ▾Show fewer ▴
Total Debt / Equity0.95
✗Lynch< 0.33
Cash - Long-term Debt$-1.1B
✗LynchPositive preferred
Debt/Equity & Interest CoverageD/E: 0.95, IC: 1.9x
✗BuffettD/E < 0.5 AND Interest Coverage > 5x
LT Debt vs Net Current AssetsLT Debt $1.2B vs NCA $185.8M
✗GrahamLT Debt <= Net Current Assets
Valuation
3 of 9 pass — Marks, Spier, Munger +3 more object
P/B or P/E vs. Historical AverageP/B=3.5x
✗MarksP/E < 15 or P/B < 2.0
Discount to Intrinsic Value33.2% (IV=$135.85 vs Price=$90.71)
✓Marks>= 20% below intrinsic value
Price vs. 200-day MAQualitative
✓DruckenmillerPrice above 200-day moving average
Margin of SafetyP/B=3.5x
✗SpierP/E < 15 AND P/B < 2.0
Show 9 more metrics ▾Show fewer ▴
P/E or FCF YieldFCF Yield=14.5%
✓PabraiP/E < 15 or FCF Yield > 10%
Valuation ReasonablenessOE Yield=-1.2%
✗MungerP/E < 25 or Owner Earnings Yield > 5%
Price / FCF per Share6.9x
✓Ackman<= 25
EBIT / Enterprise Value2.6%
✗Greenblatt> 10%
Earnings Yield + ROC AssessmentEY=2.6%, ROC=50.9%
✗GreenblattBoth EY > 10% and ROC > 25%
P/E / EPS Growth Rate
✗Lynch< 1.0 (ideally < 0.5)
Price / 3-yr avg EPS10.0x
✓Graham<= 15x
Price-to-Book Ratio3.5x
✗Graham<= 1.5x
P/E x P/B35.30
✗Graham<= 22.5
Cash Flow
4 of 6 pass — Lynch and Buffett object
FCF Positive18/21 years FCF positive
✓MarksPositive FCF in majority of recent years
P/E or FCF YieldFCF Yield=14.5%
✓PabraiP/E < 15 or FCF Yield > 10%
(OCF - CapEx) / Market Cap14.5%
✓Ackman>= 4%
Price / FCF per Share6.9x
✓Ackman<= 25
Show 4 more metrics ▾Show fewer ▴
Operating Cash Flow$710.4M
✓PiotroskiCFO > 0
(CFO / Total Assets) vs ROACFO/Assets=17.02%, ROA=-1.94%
✓PiotroskiCFO/Assets > ROA
FCF Positive and Growing$659.2M
✗LynchPositive and growing
Free Cash Flow Proxy$-53.1M
✗BuffettPositive and growing
Growth
1 of 5 pass — Druckenmiller, Ackman, Lynch +1 more object
Positive Net Income Frequency15/20 years positive
✓MarksPositive net income in >= 7 of last 10 years
EPS Growth AccelerationLatest: -109.4%, Prior: 24.2%
✗DruckenmillerAccelerating EPS growth
Revenue Growth RateLatest: -1.5%, Prior: 3.5%
✗DruckenmillerRevenue growth accelerating
3yr Median Revenue Growth3.5%
✗Ackman>= 5%
Show 5 more metrics ▾Show fewer ▴
Positive EPS Growth Frequency3/5 years with positive EPS growth
✓AckmanPositive EPS growth in >= 3 of last 5 years
P/E / EPS Growth Rate
✗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
EPS Growth (3-yr avg, 10-yr window)
✗Graham>= 33% growth
Efficiency
3 of 6 pass — Akre, Munger and Graham object
ROIC (high and growing)11/15 years ROIC > 15% (latest: 4.7%)
✓AkreROIC > 15% for 3+ years
Reinvestment Rate x ROICN/A (non-positive net income)
✗AkreReinvestment Rate * ROIC > 10%
Return on Invested Capital4.7%
✗Munger> 15%
Current Ratio Change YoY1.18 -> 1.27
✓PiotroskiIncreased YoY
Show 5 more metrics ▾Show fewer ▴
Revenue / Total Assets Change YoY0.85x -> 0.97x
✓PiotroskiImproved YoY
EBIT / (NWC + Net Fixed Assets)50.9%
✓Greenblatt> 25%
ROIC (3-5 yr avg)35.3%
✓Buffett> 10%
ROIC - WACC+25.3%
✓BuffettPositive (WACC = 10%)
Current Ratio1.27
✗Graham>= 2.0
Verdicts
Split decision: 5 PASS · 2 HOLD · 2 BUY · 2 FAIL
Overall verdict
•MarksHOLD (6/8)✓AkrePASS (4/7)✓DruckenmillerPASS (4/7)✓SpierBUY (7/8)✓PabraiBUY (7/8)✓MungerPASS (4/7)•AckmanHOLD (6/9)✓PiotroskiPASS (F-Score 5)•GreenblattNot ranked✗LynchFAIL (0/7)✓BuffettPASS (4/9)✗GrahamFAIL (2/9)
Valuation models
Models split on CROX at $131.72 — fair values range $25.76–$277.51
Marks fair value$77.97
✗Marks-68.9% margin vs $131.72
Akre fair value$277.51
✓Akre+52.5% margin vs $131.72
Munger fair value$208.94
✓Munger+37.0% margin vs $131.72
Ackman fair value$200.86
✓Ackman+34.4% margin vs $131.72
Show 2 more metrics ▾Show fewer ▴
Piotroski fair value$25.76
✗Piotroski-411.3% margin vs $131.72
Greenblatt fair value$115.84
✗Greenblatt-13.7% margin vs $131.72

Historical Score Timeline

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%

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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
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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
Birkenstock Holding plcBIRK	$7.0B	$39.35	$2.5B	$408.6M	12.8%	0.42	26.2%	2.81	2/9	3/9	3/7	1/3	F-Score 9