Crocs

CROX · Nasdaq · Consumer Discretionary · Financials, fiscal 2016 to 2025

CROX · Last close · October 26, 2026

$118.85

Crocs' revenue fell 1.5% to $4.0 billion in fiscal 2025. Its operating margin was 3.7%, down from 24.9% a year earlier. Free cash flow was $659 million, down 28.6%. It paid out $582 million in dividends and buybacks, 88% of free cash flow. The diluted share count fell 9.4%.

CROCS, INC. Latest fiscal year ended December 31, 2025 10-K filed February 12, 2026 · 0001334036-26-000006 Updated October 9, 2026

Revenue

$4.0B

1.5%

Operating margin

3.7%

21.2 pts

Net income

−$81M

$950M a year earlier

Free cash flow

$659M

28.6%

Return on capital

2.8%

31.4 pts

Market cap

$5.9B

Oct 26 close

P/E

10.4x

On $11.42 EPS, 4 qtrs

Operating margin is operating income as a share of revenue. Free cash flow is cash from operations minus capital spending. Return on capital is after-tax operating income as a share of the money invested in the business: debt plus equity, minus cash. Market cap is the last closing share price times the latest diluted share count, so it is approximate. P/E is the last close divided by diluted earnings per share over the last four quarters, or the latest fiscal year where the quarters aren't available; there is none when the company made a loss.

What Crocs does

Crocs designs and sells casual shoes under two brands. The Crocs brand is best known for its molded clogs, made mostly from its own Croslite material, along with sandals and Jibbitz charms that clip onto the shoes. HEYDUDE sells light, slip-on loafers, mainly the Wally and Wendy, plus sneakers, boots, sandals and some clothing. It sells worldwide to retailers and online sellers, through distributors, and directly to shoppers in its own stores and on its websites.

The Crocs Brand and HEYDUDE Brand are its two segments. Revenues fell 1.5% in 2025, as HEYDUDE sales dropped 13.3% while Crocs Brand sales rose. Sales to retailers and other wholesale customers made up 47.9% of revenue, and digital sales 37.8%. Sales outside the US were 48.6% of Crocs Brand revenue, while HEYDUDE sells mostly in North America. It names Nike, adidas, Deckers, Birkenstock, Steven Madden, Wolverine World Wide and VF among the companies it competes with in parts of its business.

Crocs does not make its own shoes. Outside manufacturers make them, mostly in Asia, with Vietnam the largest source for both brands. At the end of 2025 it had more than 8,010 employees, about 4,940 of them in its stores.

Its biggest risks, as it describes them

Failing to protect the value and appeal of its brands, which its business depends on.
Its full reliance on outside factories abroad, mainly in Asia, to make its shoes.
Tariffs, inflation and weak economies that cut consumer spending or raise its costs.
Its future growth may depend partly on HEYDUDE, whose sales fell in 2025.
Misjudging demand, leaving it with too much stock or too little to fill orders.

From Crocs's annual report on Form 10-K, filed February 12, 2026, in our words; the 10-K has the full description and every risk factor. Updated with each new 10-K.

Charts show fiscal years, from the 10-K filings.

Revenue and margins

Revenue

US$ billions, fiscal years

Margins

Percent of revenue

GrossOperatingNetFree cash flow

Net income and earnings per share

From fiscal 2019 to 2024, earnings per share grew 57.1% a year and net income 51.4% a year, as buybacks cut the share count by 17%. Crocs then lost money in fiscal 2025.

Net income

US$ billions, fiscal years; loss years in red.

Diluted earnings per share

US$ per share, fiscal years, restated for any stock splits; loss years in red.

Returns on capital

Return on capital and on equity

Percent. Return on capital is after-tax operating income over the money invested in the business (debt plus equity, minus cash); return on equity is net income over shareholders' equity. Both use the average of opening and closing balances.

Return on capitalReturn on equity

Cash flow

Free cash flow

US$ billions. Cash from operations minus capital expenditure; negative years in red.

Payouts and share count

Dividends and buybacks

US$ billions, cash paid in each fiscal year

DividendsShare buybacks

Diluted share count

Weighted-average diluted shares, millions

Valuation

Two ways to value Crocs yourself, both starting from its filings: a discounted cash flow model and the price-to-earnings method.

Discounted cash flow (DCF)

A discounted cash flow (DCF) model values a business as the cash it may generate in future, discounted back to today. The starting figures come from Crocs' 10-K (or, for net cash and shares, its latest 10-Q) and the assumptions are yours: start from one of three example scenarios, then change any figure to see what it implies for a share, and how that compares with the last share price.

Value per share on three example scenarios, from Crocs' fiscal 2025 free cash flow of $659M, net cash of −$1.1B at December 31, 2025 and 54 million diluted shares, from its filings. The scenarios are fitted to Crocs: the base scenario's growth in years 1 to 5 is its revenue growth over the last 3 years, 4.4% a year; the cautious and optimistic ones are lower and higher, and growth in years 6 to 10 is halfway to the long-run rate. The base scenario's discount rate is 11%: 9% for a business of moderate risk (Footwear), plus 1 point as a smaller company, worth $5.9B, plus 1 point for unsteady results (a loss in fiscal 2025); the cautious and optimistic ones use a point more and a point less. Select one to load it into the calculator. These are the model's arithmetic on those assumptions, not a forecast or a price target.

From the filings

Starting free cash flow, US$ millions

Cash from operations minus capital spending in fiscal 2025.

Net cash, US$ millions

Cash and short-term investments minus debt and finance leases at December 31, 2025. Negative means net debt.

Diluted shares, millions

Weighted-average diluted shares in fiscal 2025.

Your assumptions

Start from

Fitted to Crocs's own revenue growth, as above. Cautious: growth of 2% then 2% a year, 2% after year 10, a 12% discount rate. Base: growth of 4.5% then 3.5% a year, 2.5% after year 10, a 11% discount rate. Optimistic: growth of 6.5% then 5% a year, 3% after year 10, a 10% discount rate.

Free cash flow growth, years 1 to 5 (% a year)

Free cash flow growth, years 6 to 10 (% a year)

Growth after year 10 (% a year)Long-run growth forever after year 10. Usually close to inflation, and always below the discount rate.

Discount rate (% a year)The yearly return an investor wants for the risk. A higher rate gives a lower value.

Value per share on these assumptions

—

Last close, October 26, 2026: $118.85
Value on these assumptions, against the last close: —

Cash flows in years 1 to 10, valued today: —
Everything after year 10, valued today: —
Plus net cash: —
Share of value from after year 10: —

Projected free cash flow

US$ billions. Each column is one year's projected free cash flow, split into what it is worth today and the part removed by discounting.

Value todayRemoved by discounting

How the value changes with two assumptions

Value per share in US$, with the growth rates above. The highlighted cell matches the current assumptions.

How the model works. Free cash flow grows at the first rate for five years and the second rate for five more, and each year is discounted at the discount rate. Everything after year 10 is valued as year-10 cash flow × (1 + growth after year 10) ÷ (discount rate − growth after year 10), discounted back ten years. Net cash is added and the total is divided by diluted shares. The result depends entirely on the assumptions. It is not a forecast, a price target or a recommendation. The last close is the consolidated US closing price, from Databento.

Price-to-earnings (P/E) method

Another common way to value a company is to multiply its earnings per share by a price-to-earnings (P/E) multiple: the number of years of today's earnings an investor pays for a share. A higher multiple usually means investors expect earnings to grow. Choose a multiple, for example from similar companies, to see the value it gives.

Value per share on three example scenarios, from Crocs' earnings per share of $11.42 (over the last four quarters). Each grows earnings for a year at the cash flow scenarios' rates and applies a multiple to next year's earnings: 15.7×, the middle of Crocs' own P/E today, its peers' median and its sector's median (its peers' median) for the base scenario, 20% less and more for the cautious and optimistic ones. The price is brought back a year at 12%, 11% and 10%. Select one to load it into the calculator. These are the model's arithmetic on those assumptions, not a forecast or a price target.

Earnings per share, US$

Diluted earnings per share over the four quarters to June 30, 2026, from the 10-Qs and 10-K.

P/E multiple

P/E today is the last close divided by the latest earnings per share, the four quarters' where available. Peers: Deckers Brands, Steven Madden, Wolverine World Wide.

Earnings growth in the years ahead (% a year) Starts at Crocs' revenue growth over the last 3 years, 4.4% a year, as the base scenario does.

Earnings per share in the years ahead, US$

Year 1Year 2Year 3Year 4Year 5

Type your own estimate for any year; the years after it carry on at the growth rate.

Apply the multiple to earnings

A multiple on a future year's earnings gives the price then, brought back to today at the discount rate below.

Discount rate (% a year) The yearly return an investor wants for the risk, as in the cash flow model.

Value per share today at this multiple

—

Last close, October 26, 2026: $118.85
Value at this multiple, against the last close: —
Crocs' P/E at the last close: 10.4×

Company	Last close	Earnings per share	P/E today
Steven MaddenSHOO	$42.76	$2.00	21.4×
Wolverine World WideWWW	$20.28	$1.29	15.7×
Deckers BrandsDECK	$80.37	$7.07	11.4×
CrocsCROX	$118.85	$11.42	10.4×

How the P/E method works. Value per share is earnings per share times the multiple. On a future year's earnings, that gives the price in that year, which is brought back to today at the discount rate: price ÷ (1 + discount rate) for each year ahead. It is quick and easy to compare across companies, but it ignores debt and cash, and earnings can swing with one-off gains and charges, so a multiple says most about steady, profitable businesses. Like the cash flow model, the result depends entirely on the assumptions you choose. It is not a forecast, a price target or a recommendation.

Balance sheet

Fiscal year end	FY21	FY22	FY23	FY24	FY25
Cash and short-term investments	213	192	149	180	130
Debt incl. finance leases	771	2,322	1,664	1,349	1,231
Net debt (negative means net cash)	558	2,131	1,515	1,169	1,100
Net debt to EBITDA	0.8x	2.4x	1.4x	1.1x	4.8x
Debt to equity	—	2.8x	1.1x	0.7x	0.9x
Interest coverage	31.6x	6.2x	6.4x	9.3x	1.7x
Current ratio	1.7x	1.6x	1.3x	1.2x	1.3x
Quick ratio	1.2x	0.9x	0.8x	0.7x	0.7x

US$ millions unless stated, at each fiscal year end. Net debt to EBITDA is debt minus cash, divided by operating income before depreciation and amortization: roughly how many years of those earnings the net debt equals. Debt to equity is debt as a multiple of shareholders' equity. Interest coverage is operating income divided by interest expense. The current ratio is current assets over current liabilities; the quick ratio leaves out inventory.

Insider trades

Over the 12 months between October 27, 2025 and October 26, 2026, 3 insiders bought $836,069 of Crocs shares on the open market, and 3 insiders sold $10.2 million.

Date	Insider	Trade	Shares	Price	Value	Filing
Sep 15, 2026	Beth J KaplanDirector	Bought	885	$112.12	$99,226	Form 4
Sep 15, 2026	Thomas J SmachDirector	Bought	680	$111.49	$75,813	Form 4
Sep 10, 2026	Thomas J SmachDirector	Bought	4,000	$109.38	$437,530	Form 4
Aug 10, 2026	Andrew ReesChief Executive Officer, Director	Sold	19,072	$138.91	$2.6 million	Form 4
Aug 7, 2026	Andrew ReesChief Executive Officer, Director	Sold	10,928	$137.76	$1.5 million	Form 4
Jun 5, 2026	Andrew ReesChief Executive Officer, Director	Sold	32,688	$118.09	$3.9 million	Form 4
Feb 20, 2026	Anne MehlmanEVP & Crocs Brand President	Sold	12,145	$100.06	$1.2 million	Form 4
Feb 20, 2026	Thomas J SmachDirector	Sold	4,963	$100.00	$496,300	Form 4
Feb 13, 2026	Thomas J SmachDirector	Sold	5,000	$98.41	$492,050	Form 4
Nov 11, 2025	John B ReplogleDirector	Bought	3,000	$74.50	$223,500	Form 4

Open-market purchases and sales by officers, directors and 10% owners, from their Form 4 filings with the SEC: one row per person, day and filing, at the day's average price. Grants, option exercises and shares withheld for tax aren't counted. Insiders buy and sell for many reasons, such as taxes, spreading their savings or a plan set up months earlier, so a trade on its own says little about where a company is heading. For information only, not investment advice. Insider trades at all companies

Piotroski F-score

The F-score counts how many of nine simple tests of profitability, funding and efficiency a company passed in a year (Piotroski, 2000). The more tests passed, the stronger the year: 8 or 9 is strong, 0 to 2 weak. Companies that report no gross profit are scored on the other eight.

Test	FY23	FY24	FY25
Net income is positive	Pass	Pass	Fail
Cash from operations is positive	Pass	Pass	Pass
Return on assets rose	Fail	Pass	Fail
Cash from operations exceeds net income	Pass	Pass	Pass
Debt fell relative to assets	Pass	Pass	Pass
Current ratio rose	Fail	Fail	Pass
Share count didn't rise	Pass	Pass	Pass
Gross margin rose	Pass	Pass	Fail
Revenue rose relative to assets	Fail	Pass	Fail
F-score	6 of 9	8 of 9	5 of 9
Accruals ratio	−3.0%	−0.9%	−17.6%

The accruals ratio is net income minus cash from operations, over average total assets.

Compare

Put Crocs side by side with any other company we cover: revenue, growth, margins, cash flow and returns, with ten years of charts.

Similar companies

Company	Year	Revenue growth	Operating margin	Free cash flow margin	Return on capital	Net debt to EBITDA	F-score	Compare
Crocs	FY25	−1.5%	3.7%	16.3%	2.8%	4.8x	5
Deckers Brands	FY26	9.8%	23.1%	20.1%	160.3%	−1.4x	4	Compare
Steven Madden	FY25	11.0%	3.2%	4.7%	6.0%	1.1x	6	Compare
Birkenstock	FY25	16.2%	26.2%	14.7%	11.6%	1.2x	9	Compare
Wolverine World Wide	FY25	6.8%	8.0%	6.7%	15.1%	2.4x	7	Compare

Each company's latest fiscal year. Fiscal years end in different months, so the periods don't line up exactly. Free cash flow margin is free cash flow as a share of revenue. Net debt to EBITDA is explained under the balance sheet, and the F-score above.

10 years of figures

Fiscal year	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Income statement
Revenue	1,036	1,024	1,088	1,231	1,386	2,313	3,555	3,962	4,102	4,041
Revenue growth	−5.0%	−1.2%	6.3%	13.1%	12.6%	66.9%	53.7%	11.5%	3.5%	−1.5%
Gross profit	500	517	560	617	750	1,420	1,860	2,210	2,410	2,357
Research and development	12	13	14	12	10	14	19	21	26	30
Operating income	−6	17	63	129	214	683	851	1,037	1,022	150
Net income	−16	10	50	120	313	726	540	793	950	−81
Diluted EPS (US$)	−0.43	−0.07	−1.01	1.66	4.56	11.39	8.71	12.79	15.88	−1.50
Diluted shares (millions)	73	72	68	72	68	64	62	62	60	54
Cash flow
Cash from operations	40	98	114	90	267	567	603	930	992	710
Capital expenditure	22	13	12	37	42	56	104	116	69	51
Free cash flow	18	85	102	53	225	511	499	815	923	659
Dividends paid	0	0	0	0	0	0	0	0	0	0
Share buybacks	0	50	63	147	171	1,000	0	175	552	582
Acquisitions	0	0	0	0	0	0	2,047	0	0	0
Stock-based compensation	11	10	13	14	16	38	31	29	33	37
Balance sheet at fiscal year end
Cash and short-term investments	148	172	123	108	136	213	192	149	180	130
Debt incl. finance leases	2	1	120	205	180	771	2,322	1,664	1,349	1,231
Total assets	566	544	469	739	1,119	1,545	4,502	4,644	4,812	4,175
Total liabilities	167	175	319	607	828	1,531	3,684	3,190	2,976	2,882
Shareholders' equity	220	186	150	132	291	14	818	1,454	1,836	1,293
Margins and ratios
Gross margin	48.3%	50.5%	51.5%	50.1%	54.1%	61.4%	52.3%	55.8%	58.8%	58.3%
Operating margin	−0.6%	1.7%	5.8%	10.4%	15.4%	29.5%	23.9%	26.2%	24.9%	3.7%
Net margin	−1.6%	1.0%	4.6%	9.7%	22.6%	31.4%	15.2%	20.0%	23.2%	−2.0%
Free cash flow margin	1.7%	8.3%	9.4%	4.3%	16.2%	22.1%	14.0%	20.6%	22.5%	16.3%
Return on capital	−5.3%	—	60.4%	68.5%	76.0%	150.6%	36.3%	31.7%	34.2%	2.8%
Return on equity	−7.1%	5.0%	30.0%	84.7%	148.1%	476.3%	129.8%	69.8%	57.8%	−5.2%
Return on assets	−2.8%	1.8%	10.0%	19.8%	33.7%	54.5%	17.9%	17.3%	20.1%	−1.8%
Net debt to EBITDA	−5.2x	−3.4x	−0.0x	0.6x	0.2x	0.8x	2.4x	1.4x	1.1x	4.8x

US$ millions unless stated. Where a later 10-K restated a year, the latest filed figure is shown. Download all figures (CSV, US$ millions)

Source: Crocs' Form 10-K filings, from SEC EDGAR. For information only, not investment advice. The Filing Desk is not affiliated with Crocs.