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Crocs

CROX Nasdaq Footwear Financials FY2016–FY2025

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%.

Last close · Oct 23, 2026

$119.23

1.5%
Value it Compare
Revenue Total sales reported in the income statement.
$4.0B
1.5% vs prior year
Operating margin Operating income as a share of revenue.
3.7%
21.2 pts
Net income Profit after all expenses, interest and tax.
−$81.2M
108.5%
Free cash flow Cash from operations minus capital spending.
$659M
28.6%
Return on capital After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
2.8%
31.4 pts
Market cap Last close times the latest diluted share count, so it is approximate.
$5.9B
Oct 23 close
P/E Last close divided by diluted earnings per share over the last four quarters.
10.4x
On $11.42 EPS (TTM)

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.

Legal name
CROCS, INC.
Fiscal year ends
December 31, 2025
Latest annual report
10-K · Feb 12, 2026
Accession · CIK
0001334036-26-000006
0001334036

Revenue and margins

Crocs had $4.0B of revenue in fiscal 2025, down 1.5% on the year before.

Revenue
Revenue
Margins, % of revenue
Gross Operating Net FCF
Margins, % of revenue
Gross Operating Net FCF

Net income and earnings per share

Loss periods are shown in red.

Net income
Net income
Diluted EPS
Diluted EPS

Returns on capital

After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.

Return on capital, equity and assets (annual)
Return on capital Return on equity Return on assets

Cash flow

Free cash flow was $659M in fiscal 2025, 16.3% of revenue. Cash from operations minus capital spending.

Free cash flow
Free cash flow
Cash from operations vs capital spending
Cash from operations Capital spending
Cash from operations vs capital spending
Cash from operations Capital spending

Dividends, buybacks and share count

Crocs returned $582M to shareholders in fiscal 2025, 88% of free cash flow. The diluted share count fell 9.4%.

Dividends and buybacks
Dividends Buybacks
Dividends and buybacks
Dividends Buybacks
Diluted shares outstanding (annual)

Value Crocs yourself

Change the assumptions and see what they imply per share. These are models, not forecasts or price targets — the answer depends entirely on what you put in.

Discounted cash flow

Value per share

—

Adds net cash of −$1.1B and divides by 54.2M diluted shares. Ten years of cash flows plus a terminal value, discounted to today.

Earnings multiple

Value per share

—

Reference multiples: today 10.4x · peers 15.8x · sector 17.9x.

Balance sheet

Cash, debt and the ratios that show how comfortably Crocs can carry it.

Cash vs debt (incl. leases)
Cash Debt
Fiscal year endFY21FY22FY23FY24FY25
Cash and short-term investments $213M$192M$149M$181M$130M
Debt incl. finance leases $771M$2.3B$1.7B$1.3B$1.2B
Net debt / EBITDA 0.8x2.4x1.4x1.1x4.8x
Debt / equity —2.8x1.1x0.7x1.0x
Interest coverage 31.6x6.3x6.4x9.4x1.7x
Current ratio 1.7x1.6x1.3x1.2x1.3x
Quick ratio 1.2x0.9x0.8x0.7x0.7x
Total assets $1.5B$4.5B$4.6B$4.8B$4.2B
Total liabilities $1.5B$3.7B$3.2B$3.0B$2.9B
Shareholders' equity $14.1M$818M$1.5B$1.8B$1.3B
Net debt (− = net cash) $558M$2.1B$1.5B$1.2B$1.1B

Insider trades

Open-market purchases and sales by officers, directors and 10% owners, from Form 4 filings. 'Plan' marks trades under a pre-arranged Rule 10b5-1 plan.

Bought, 12 months

$0.8M

3 insiders

Sold, 12 months

$10.2M

3 insiders

Of sales under plans

0%

$0.0M

DateInsiderTradeSharesPriceValueFiling
Sep 15, 2026 Beth J KaplanDirector Bought 885 $112.12 $0.1M Form 4
Sep 15, 2026 Thomas J SmachDirector Bought 680 $111.49 $0.1M Form 4
Sep 10, 2026 Thomas J SmachDirector Bought 4,000 $109.38 $0.4M Form 4
Aug 10, 2026 Andrew ReesChief Executive Officer, Director Sold 19,072 $138.91 $2.6M Form 4
Aug 7, 2026 Andrew ReesChief Executive Officer, Director Sold 10,928 $137.76 $1.5M Form 4
Jun 5, 2026 Andrew ReesChief Executive Officer, Director Sold 32,688 $118.09 $3.9M Form 4
Feb 20, 2026 Anne MehlmanEVP & Crocs Brand President Sold 12,145 $100.06 $1.2M Form 4
Feb 20, 2026 Thomas J SmachDirector Sold 4,963 $100.00 $0.5M Form 4
Feb 13, 2026 Thomas J SmachDirector Sold 5,000 $98.41 $0.5M Form 4
Nov 11, 2025 John B ReplogleDirector Bought 3,000 $74.50 $0.2M Form 4

Piotroski F-score

Nine pass/fail tests of profitability, funding and efficiency. 8–9 is strong, 0–2 weak.

TestFY23FY24FY25
Net income is positive ✓ ✓ ✕
Cash from operations is positive ✓ ✓ ✓
Return on assets rose ✕ ✓ ✕
Cash from operations exceeds net income ✓ ✓ ✓
Debt fell relative to assets ✓ ✓ ✓
Current ratio rose ✕ ✕ ✓
Share count didn't rise ✓ ✓ ✓
Gross margin rose ✓ ✓ ✕
Revenue rose relative to assets ✕ ✓ ✕
F-score 6 / 98 / 95 / 9
Accruals ratio −3.0%−0.9%−17.6%
Altman Z'' 4.114.673.72

Similar companies

Each company's latest fiscal year. Fiscal years end in different months, so periods don't line up exactly.

CompanyMarket capGrowthOp. marginFCF marginROICP/EF-score
Crocs CROX $5.9B −1.5% 3.7% 16.3% 2.8% 10.4x 5
Deckers Brands DECK $11.2B 9.8% 23.1% 20.1% 160.4% 11.5x 4 Compare →
Steven Madden SHOO $3.1B 11.0% 3.2% 4.7% 6.0% 21.6x 6 Compare →
Wolverine World Wide WWW $1.7B 6.8% 8.0% 6.7% 15.1% 15.8x 7 Compare →
Leggett & Platt LEG — −7.5% — 6.9% — — — Compare →

10 years of figures

US$ millions unless stated. Hover a ratio's name for its definition.

Download CSV
Fiscal yearFY16FY17FY18FY19FY20FY21FY22FY23FY24FY25
Income statement
Revenue $1.0B $1.0B $1.1B $1.2B $1.4B $2.3B $3.6B $4.0B $4.1B $4.0B
Gross profit $500M $517M $560M $617M $750M $1.4B $1.9B $2.2B $2.4B $2.4B
Research and development $11.9M $13.4M $14.1M $11.8M $10.2M $13.7M $18.7M $21.4M $25.6M $29.6M
Operating income −$6.2M $17.3M $62.9M $129M $214M $683M $851M $1.0B $1.0B $150M
Interest expense $0.8M $0.9M $1.0M $8.6M $6.7M $21.6M $136M $161M $109M $88.3M
Pretax income −$7.2M $18.2M $65.2M $119M $207M $664M $719M $876M $911M $73.0M
Income tax $9.3M $7.9M $14.7M −$0.2M −$106M −$61.8M $178M $83.7M −$39.5M $154M
Net income −$16.5M $10.2M $50.4M $120M $313M $726M $540M $793M $950M −$81.2M
Diluted EPS −$0.43 −$0.07 −$1.01 $1.66 $4.56 $11.39 $8.71 $12.79 $15.88 −$1.50
Diluted shares 0.07B 0.07B 0.07B 0.07B 0.07B 0.06B 0.06B 0.06B 0.06B 0.05B
Cash flow
Cash from operations $39.8M $98.3M $114M $90.0M $267M $567M $603M $930M $993M $710M
Capital expenditure $22.2M $13.1M $12.0M $36.6M $42.0M $55.9M $104M $116M $69.3M $51.2M
Free cash flow $17.6M $85.2M $102M $53.4M $225M $511M $499M $815M $923M $659M
Depreciation and amortization $34.0M $33.1M $29.2M $24.2M $27.6M $32.0M $39.2M $54.3M $69.8M $79.3M
Stock-based compensation $10.7M $9.8M $13.1M $14.4M $16.4M $38.1M $31.3M $29.1M $33.1M $36.7M
Acquisitions $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $2.0B $0.0M $0.0M $0.0M
Share buybacks $0.0M $50.0M $63.1M $147M $171M $1.0B $0.0M $175M $553M $582M
Dividends paid $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M
Dividends and buybacks $0.0M $50.0M $63.1M $147M $171M $1.0B $0.0M $175M $552M $582M
Balance sheet
Cash and short-term investments $148M $172M $123M $108M $136M $213M $192M $149M $181M $130M
Total debt $2.4M $0.7M $120M $205M $180M $771M $2.3B $1.7B $1.3B $1.2B
Finance lease liabilities $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M
Current assets $426M $425M $380M $425M $493M $667M $1.0B $911M $872M $886M
Current liabilities $149M $157M $185M $257M $292M $388M $641M $698M $740M $700M
Inventory $147M $130M $125M $172M $175M $214M $472M $385M $356M $369M
Property and equipment, net $44.1M $35.0M $22.2M $47.4M $57.5M $108M $182M $238M $244M $238M
Total assets $566M $544M $469M $739M $1.1B $1.5B $4.5B $4.6B $4.8B $4.2B
Total liabilities $167M $175M $319M $607M $828M $1.5B $3.7B $3.2B $3.0B $2.9B
Shareholders' equity $220M $186M $150M $132M $291M $14.1M $818M $1.5B $1.8B $1.3B
Margins
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% 10.5% 15.5% 29.5% 23.9% 26.2% 24.9% 3.7%
EBITDA margin 2.7% 4.9% 8.5% 12.4% 17.4% 30.9% 25.0% 27.5% 26.6% 5.7%
Net margin −1.6% 1.0% 4.6% 9.7% 22.6% 31.4% 15.2% 20.0% 23.2% −2.0%
FCF margin 1.7% 8.3% 9.4% 4.3% 16.2% 22.1% 14.0% 20.6% 22.5% 16.3%
Returns
Return on capital −5.3% — 60.4% 68.5% 76.0% 150.6% 36.3% 31.7% 34.2% 2.8%
Return on capital employed −1.4% 4.3% 18.8% 33.6% 32.7% 68.9% 33.9% 26.6% 25.5% 4.0%
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%
Growth
Revenue growth −5.0% −1.2% 6.3% 13.1% 12.6% 66.9% 53.7% 11.5% 3.5% −1.5%
Net income growth — — 392.7% 136.9% 161.8% 132.0% −25.6% 46.7% 19.9% −108.6%
EPS growth — — — — 174.7% 149.8% −23.5% 46.8% 24.2% −109.5%
FCF growth — 384.9% 20.0% −47.8% 321.2% 127.4% −2.4% 63.3% 13.3% −28.6%
Share count change −3.0% −1.5% −5.3% 4.9% −4.5% −7.0% −2.7% −0.1% −3.4% −9.4%
Financial health
Net debt / EBITDA −5.2x −3.4x −0.0x 0.6x 0.2x 0.8x 2.4x 1.4x 1.1x 4.8x
Debt / equity 0.0x 0.0x 0.8x 1.6x 0.6x — 2.8x 1.1x 0.7x 1.0x
Interest coverage −7.4x 20.0x 65.9x 14.9x 31.8x 31.6x 6.3x 6.4x 9.4x 1.7x
Current ratio 2.9x 2.7x 2.1x 1.7x 1.7x 1.7x 1.6x 1.3x 1.2x 1.3x
Quick ratio 1.9x 1.9x 1.4x 1.0x 1.1x 1.2x 0.9x 0.8x 0.7x 0.7x
Capital allocation
Capex / revenue 2.1% 1.3% 1.1% 3.0% 3.0% 2.4% 2.9% 2.9% 1.7% 1.3%
Stock comp / revenue 1.0% 1.0% 1.2% 1.2% 1.2% 1.7% 0.9% 0.7% 0.8% 0.9%
Payouts / FCF 0.0% 58.7% 61.8% 275.7% 76.0% 195.6% 0.0% 21.5% 59.8% 88.3%
Quality scores
Piotroski F-score 8.0 8.0 7.0 4.0 7.0 7.0 5.0 6.0 8.0 5.0
Altman Z'' 5.6 5.7 5.0 4.0 4.5 6.9 3.4 4.1 4.7 3.7
Accruals ratio −9.6% −15.9% −12.6% 4.9% 5.0% 11.9% −2.1% −3.0% −0.9% −17.6%

Source: SEC EDGAR XBRL filings (CIK 0001334036). Data updated October 9, 2026. Quarterly fourth quarters are the full year minus the first nine months. For information only — not investment advice. Check the original filings before relying on any figure.

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