Crocs, Inc. CROX

Consumer DiscretionaryTextiles & ApparelUnited States of America

Last close 150.52 USD on Nov 1, 2026, +76.0% year to date

Quant rating

Quant rating A Rank 4 of 344 in Consumer Discretionary

Growth B 118 of 344
Valuation B 88 of 344
Quality A 35 of 344
Revisions A 9 of 344
Momentum A 12 of 344

Wall Street consensus Buy (2.29)Average target 160.28 USD +6.5%

Historical valuation

Multiples use consensus estimates for the next twelve months. The dashed line is the 5-year average.

Key data

Market cap: 6.9B
Enterprise value: 8.0B
52-week range: 73.21 – 154.05
3-year range: 73.21 – 159.68
Dividend yield: –
Beta (5 years): 1.49
Shares outstanding: 45.7M
Next earnings: Feb 12, 2027

About the company

Crocs, Inc. is engaged in the design, development, worldwide marketing, distribution, and sale of casual lifestyle footwear and accessories for all. The Company's brands include Crocs and HEYDUDE. The Crocs Brand's collection contains Croslite material, a proprietary, molded footwear technology. It also uses Croslite material formulations in connection with material technologies used in its visible comfort collections, such as its LiteRide and Free Feel Technology products. The HEYDUDE Brand offers shoes with an iconic and versatile loafer silhouette for many wearing occasions that focus on casualization, comfort-led functionality and personalization. It sells its products in more than 85 countries, through wholesale and direct-to-consumer channels. Its wholesale channel includes domestic and international multi-brand retailers, e-tailers and others. Its direct-to-consumer channel includes Company-operated retail stores, Company-operated e-commerce sites and third-party marketplaces.

Growth and profitability fiscal year ends December 31

Growth and profitability by fiscal year
	2025	2024	2023	2022	2021	5Y avg
Revenue (mil)	4,041	4,102	3,962	3,555	2,313	–
Revenue growth	−1.5%	3.5%	11.5%	53.7%	66.9%	23.9%
EPS (basic, normalized)	12.51	13.17	12.03	10.92	8.32	–
EPS growth	−5.0%	9.5%	10.2%	31.2%	–	–
Gross margin	58.3%	58.8%	55.8%	52.3%	61.4%	57.3%
Net margin	−2.0%	23.2%	20.0%	15.2%	31.4%	17.5%
ROE	−5.2%	57.8%	69.8%	129.8%	476.3%	145.7%

Balance sheet, last quarter
Cash & short-term investments (mil)	163
Current ratio	1.44x
Long-term debt (mil)	1,289
Net debt (mil)	1,126
Total equity (mil)	1,345
Net debt / equity	0.84x
Net debt / EBITDA	1.15x

Estimates and valuation

Consensus estimates and implied multiples
	Sales (mil)			EBITDA (mil)			EPS
Fiscal year	Mean est.	Growth	EV/Sales	Mean est.	Growth	EV/EBITDA	Mean est.	Growth	P/E
2025 actual	4,041	−1.5%	2.0x	980	−11.4%	8.2x	12.51	−5.0%	12.0x
2026	4,159	+2.9%	1.9x	1,015	+3.6%	7.9x	14.48	+15.7%	10.4x
2027	4,300	+3.4%	1.9x	1,055	+3.9%	7.6x	15.80	+9.1%	9.5x
2028	4,328	+0.7%	1.9x	1,054	−0.1%	7.6x	16.57	+4.8%	9.1x

Estimate revisions

Change in consensus estimates over 1, 3 and 6 months
	Sales				EPS
Fiscal year	Estimate (mil)	1M	3M	6M	Estimate	1M	3M	6M
2026	4,159	+1.4%	+1.4%	+2.3%	14.48	+3.8%	+3.7%	+6.3%
2027	4,300	+2.3%	+2.2%	+3.1%	15.80	+5.7%	+5.7%	+9.1%
2028	4,328	+3.2%	+3.2%	+4.4%	16.57	+9.6%	+9.6%	+15.5%

Earnings surprises EPS beat in 4 of the last 4 quarters

Reported results versus consensus, last 10 fiscal quarters
Quarter ended	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
Sales reported (mil)	939	1,112	1,062	990	937	1,149	996	958	921	1,179
Sales mean (mil)	882	1,102	1,050	962	908	1,140	963	917	901	1,148
Surprise	+6.5%	+0.9%	+1.2%	+2.9%	+3.2%	+0.8%	+3.5%	+4.5%	+2.3%	+2.8%
EPS reported	3.02	4.01	3.60	2.52	3.00	4.23	2.92	2.29	2.99	4.55
EPS mean	2.23	3.56	3.10	2.26	2.48	4.01	2.36	1.90	2.77	4.34
Surprise	+35.5%	+12.5%	+16.1%	+11.5%	+20.8%	+5.6%	+23.5%	+20.6%	+7.9%	+4.8%

Peer comparison Textiles & Apparel

Peers in the same industry group, by market capitalization
Company	Market cap	Net debt/EBITDA	Net margin	P/B	FY1 P/E	FY2 P/E	FY1 EV/EBITDA	FY2 EV/EBITDA
CROX Crocs, Inc.	6.9B	1.15x	−2.0%	5.17x	10.4x	9.5x	7.9x	7.6x
NKE NIKE, Inc.	57.4B	−0.13x	6.7%	3.77x	30.5x	25.5x	18.0x	15.8x
ADSGn Adidas AG	32.7B	1.23x	5.4%	4.56x	17.7x	14.5x	9.4x	8.2x
RL Ralph Lauren Corporation	23.4B	−0.31x	11.6%	8.60x	20.7x	18.8x	13.3x	12.3x
DECK Deckers Outdoor Corporation	10.9B	−0.90x	18.7%	4.72x	10.5x	10.1x	7.1x	7.0x
ONON On Holding AG	11.3B	−1.22x	6.8%	4.87x	19.6x	16.7x	12.3x	10.2x
Mean		−0.03x	7.9%	5.28x	18.2x	15.8x	11.3x	10.2x
Median		−0.22x	6.7%	4.80x	18.6x	15.6x	10.9x	9.2x

Technical analysis

1M+23.0%
3M+10.7%
1Y+73.5%
3Y+75.1%

Financial statements in millions of USD

Income statement in millions of USD, fiscal years

Income statement, Crocs, Inc., fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Total revenue	4,041	4,102	3,962	3,555	2,313	1,386
Cost of revenue	1,684	1,692	1,752	1,695	893	636
Gross profit	2,357	2,410	2,210	1,860	1,420	750
Selling, general & administrative expenses	1,384	1,291	1,110	939	694	470
Research & development	29.6	25.6	21.4	18.7	13.7	10.2
Depreciation/amortization	55.2	46.8	32.4	26.8	21.0	19.7
Interest expense (income), operating	–	–	–	–	–	–
Unusual expense (income)	739	25.1	9.7	24.7	8.1	35.5
Other operating expenses	0	0	0	0	0	0
Operating income	150	1,022	1,037	851	683	214
Net interest income (expense)	−76.6	−113	−160	−132	−21.0	−7.7
Gain (loss) on sale of assets	–	–	–	–	–	–
Other non-operating income (expense)	0.1	1.2	−0.3	−0.3	1.8	0.5
Net income before taxes	73.0	911	876	719	664	207
Provision for taxes	154	−39.5	83.7	178	−61.8	−106
Minority interest	–	–	–	–	–	–
Equity in affiliates	–	–	–	–	–	–
U.S. GAAP adjustment	–	–	–	–	–	–
Net income before extraordinary items	−81.2	950	793	540	726	313
Extraordinary items	–	–	–	–	–	–
Net income	−81.2	950	793	540	726	313
EBIT, normalized	889	1,047	1,046	875	691	250
EBITDA, normalized	968	1,117	1,101	915	723	277
Basic EPS, normalized	12.51	13.17	12.03	10.92	8.32	–

Balance sheet in millions of USD, fiscal years

Balance sheet, Crocs, Inc., fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Assets
Cash & short-term investments	130	180	149	192	213	136
Receivables	333	284	331	329	217	163
Total inventory	369	356	385	472	214	175
Prepaid expenses	53.8	51.6	45.1	33.6	22.6	17.9
Other current assets	0	0	0	0	0.1	1.5
Total current assets	886	872	911	1,026	667	493
Property, plant & equipment	577	552	526	421	269	225
Goodwill	405	711	712	715	1.6	1.7
Intangibles	1,325	1,777	1,793	1,800	28.8	37.6
Long-term investments	–	–	–	–	–	–
Note receivable	–	–	–	–	–	–
Other long-term assets	983	900	703	539	579	362
Total assets	4,175	4,812	4,644	4,502	1,545	1,119
Liabilities
Accounts payable	266	265	261	231	162	113
Payable/accrued	–	–	–	–	–	–
Accrued expenses	250	232	248	195	160	131
Short-term debt	0	0	0	0	0	0
Current portion of long-term debt	–	0	23.3	24.4	–	–
Other current liabilities	184	243	166	192	65.7	48.1
Total current liabilities	700	740	698	641	388	292
Long-term debt	1,231	1,349	1,641	2,298	771	180
Minority interest	–	–	–	–	–	–
Other liabilities	950	887	851	745	371	357
Total liabilities	2,881	2,976	3,190	3,684	1,531	828
Shareholders' equity
Preferred stock	–	–	–	–	–	–
Common stock	0.1	0.1	0.1	0.1	0.1	0.1
Additional paid-in capital	897	860	827	798	496	482
Retained earnings (accumulated deficit)	3,481	3,562	2,612	1,819	1,279	553
Treasury stock	−3,040	−2,453	−1,889	−1,696	−1,684	−689
Other equity	−43.7	−133	−95.8	−103	−76.8	−56.4
Total equity	1,293	1,836	1,454	818	14.1	291
Total liabilities & shareholders' equity	4,175	4,812	4,644	4,502	1,545	1,119

Cash flow statement in millions of USD, fiscal years

Cash flow statement, Crocs, Inc., fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Operating activities
Net income	−81.2	950	793	540	726	313
Depreciation, depletion & amortization	79.3	69.8	54.3	39.2	32.0	27.6
Deferred taxes	47.1	−254	−410	−4.8	−241	−325
Non-cash items	886	159	127	120	95.3	119
Changes in working capital	−220	68.4	367	−91.7	−44.5	132
Cash from operations	710	992	930	603	567	267
Investing activities
Capital expenditures	−51.2	−69.3	−116	−2,151	−55.9	−42.0
Other investing cash flows	0	0	0	0	0	0.3
Cash from investing	−51.2	−69.3	−116	−2,151	−55.9	−41.8
Financing activities
Financing cash flow items	0	−2.1	−1.7	−53.5	−14.5	−2.2
Cash dividends paid	–	–	–	–	–	0
Issuance (retirement) of debt, net	–	–	–	–	–	–
Other financing cash flows	−715	−884	−858	1,583	−415	−196
Cash from financing	−715	−886	−860	1,530	−430	−198
Foreign exchange effects	5.6	−6.5	3.1	−3.8	−4.0	0.1
Net change in cash	−49.8	30.6	−41.8	−22.0	77.7	27.2
Free cash flow	659	923	815	−1,548	511	225

Disclaimer

The financial data presented in this report is delayed and obtained from sources QDD Research believes to be reliable, including stock exchanges, SEDAR, and EDGAR. However, no representation or warranty is made as to the accuracy, completeness, or timeliness of the information. QDD Research accepts no liability for any errors, omissions, or financial losses arising from the use of this data.

This report is generated using a fully systematic and quantitative approach. All factor scores and the overall quant rating (ranging from D to A+) are derived from algorithmic models and are based solely on objective financial metrics. These scores are intended for informational purposes only and should not be interpreted as investment advice or a recommendation to buy, sell, or hold any securities.

QDD Research is not a registered investment advisor or broker-dealer and does not provide personalized financial advice. The content is not tailored to the specific investment goals, financial situation, or risk profile of any individual investor. We strongly encourage readers to consult with a licensed broker or investment advisor before making any investment decisions based on the information contained in this report.

Live quote provided by TradingView. Report data updated Nov 1, 2026 after market close.