Crocs vs Steven Madden
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The short version
- Crocs is the larger business, with $4.0B of revenue in fiscal 2025 against $2.5B for Steven Madden, about 1.6 times as much.
- Steven Madden grew revenue faster (11.0%, against −1.5%).
- Crocs kept more of each dollar of sales as operating profit (3.7% operating margin, against 3.2%).
- Crocs turned more of its sales into free cash flow (16.3% FCF margin, against 4.7%).
- Steven Madden earned a higher return on the capital invested in it (6.0%, against 2.8%).
- Investors pay more for each dollar of Steven Madden’s earnings: a P/E of 21.6x against 10.4x for Crocs.
| Latest fiscal year | CROX · FY25 | SHOO · FY25 |
|---|---|---|
| Size | ||
| Market cap | $5.9B | $3.1B |
| Revenue | $4.0B | $2.5B |
| Free cash flow | $659M | $120M |
| Net income | −$81.2M | $49.0M |
| Growth | ||
| Revenue growth | −1.5% | 11.0% |
| 5-year growth | 23.9% | 16.1% |
| Share count change | −9.4% | −1.1% |
| Profitability | ||
| Gross margin | 58.3% | 41.4% |
| Operating margin | 3.7% | 3.2% |
| Net margin | −2.0% | 1.9% |
| FCF margin | 16.3% | 4.7% |
| Return on capital | 2.8% | 6.0% |
| Return on equity | −5.2% | 5.7% |
| Balance sheet | ||
| Net debt | $1.1B | $122M |
| Net debt / EBITDA | 4.8x | 1.1x |
| Dividends and buybacks | $582M | $74.5M |
| Valuation & quality | ||
| P/E | 10.4x | 21.6x |
| Piotroski F-score | 5 | 6 |
Revenue
FY16
CROX $1.0B
SHOO $1.4B
FY17
CROX $1.0B
SHOO $1.6B
FY18
CROX $1.1B
SHOO $1.7B
FY19
CROX $1.2B
SHOO $1.8B
FY20
CROX $1.4B
SHOO $1.2B
FY21
CROX $2.3B
SHOO $1.9B
FY22
CROX $3.6B
SHOO $2.1B
FY23
CROX $4.0B
SHOO $2.0B
FY24
CROX $4.1B
SHOO $2.3B
FY25
CROX $4.0B
SHOO $2.5B
CROX
SHOO
Operating margin
FY16
CROX −0.6%
SHOO 12.1%
FY17
CROX 1.7%
SHOO 10.8%
FY18
CROX 5.8%
SHOO 10.3%
FY19
CROX 10.5%
SHOO 9.9%
FY20
CROX 15.5%
SHOO −2.6%
FY21
CROX 29.5%
SHOO 13.1%
FY22
CROX 23.9%
SHOO 13.3%
FY23
CROX 26.2%
SHOO 10.8%
FY24
CROX 24.9%
SHOO 9.9%
FY25
CROX 3.7%
SHOO 3.2%
CROX
SHOO
Free cash flow
FY16
CROX $17.6M
SHOO $138M
FY17
CROX $85.2M
SHOO $143M
FY18
CROX $102M
SHOO $142M
FY19
CROX $53.4M
SHOO $215M
FY20
CROX $225M
SHOO $37.6M
FY21
CROX $511M
SHOO $153M
FY22
CROX $499M
SHOO $252M
FY23
CROX $815M
SHOO $210M
FY24
CROX $923M
SHOO $172M
FY25
CROX $659M
SHOO $120M
CROX
SHOO
Return on capital
FY16
CROX −5.3%
SHOO —
FY17
CROX —
SHOO —
FY18
CROX 60.4%
SHOO —
FY19
CROX 68.5%
SHOO —
FY20
CROX 76.0%
SHOO —
FY21
CROX 150.6%
SHOO —
FY22
CROX 36.3%
SHOO —
FY23
CROX 31.7%
SHOO —
FY24
CROX 34.2%
SHOO —
FY25
CROX 2.8%
SHOO 6.0%
CROX
SHOO
Each company's latest fiscal year; fiscal years end in different months. The best value in each row is highlighted where higher (or lower) is clearly better. Not investment advice.