Crocs vs Wolverine World Wide
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The short version
- Crocs is the larger business, with $4.0B of revenue in fiscal 2025 against $1.9B for Wolverine World Wide, about 2.2 times as much.
- Wolverine World Wide grew revenue faster (6.8%, against −1.5%).
- Wolverine World Wide kept more of each dollar of sales as operating profit (8.0% operating margin, against 3.7%).
- Crocs turned more of its sales into free cash flow (16.3% FCF margin, against 6.7%).
- Wolverine World Wide earned a higher return on the capital invested in it (15.1%, against 2.8%).
- Investors pay more for each dollar of Wolverine World Wide’s earnings: a P/E of 15.8x against 10.4x for Crocs.
| Latest fiscal year | CROX · FY25 | WWW · FY25 |
|---|---|---|
| Size | ||
| Market cap | $5.9B | $1.7B |
| Revenue | $4.0B | $1.9B |
| Free cash flow | $659M | $126M |
| Net income | −$81.2M | $95.8M |
| Growth | ||
| Revenue growth | −1.5% | 6.8% |
| 5-year growth | 23.9% | 0.9% |
| Share count change | −9.4% | 2.1% |
| Profitability | ||
| Gross margin | 58.3% | 47.3% |
| Operating margin | 3.7% | 8.0% |
| Net margin | −2.0% | 5.1% |
| FCF margin | 16.3% | 6.7% |
| Return on capital | 2.8% | 15.1% |
| Return on equity | −5.2% | 26.6% |
| Balance sheet | ||
| Net debt | $1.1B | $415M |
| Net debt / EBITDA | 4.8x | 2.4x |
| Dividends and buybacks | $582M | $47.8M |
| Valuation & quality | ||
| P/E | 10.4x | 15.8x |
| Piotroski F-score | 5 | 7 |
Revenue
FY16
CROX $1.0B
WWW $2.5B
FY17
CROX $1.0B
WWW $2.4B
FY18
CROX $1.1B
WWW $2.2B
FY19
CROX $1.2B
WWW $2.3B
FY20
CROX $1.4B
WWW $1.8B
FY21
CROX $2.3B
WWW $2.4B
FY22
CROX $3.6B
WWW $2.7B
FY23
CROX $4.0B
WWW $2.2B
FY24
CROX $4.1B
WWW $1.8B
FY25
CROX $4.0B
WWW $1.9B
CROX
WWW
Operating margin
FY16
CROX −0.6%
WWW 6.6%
FY17
CROX 1.7%
WWW 1.3%
FY18
CROX 5.8%
WWW 11.3%
FY19
CROX 10.5%
WWW 7.5%
FY20
CROX 15.5%
WWW −7.7%
FY21
CROX 29.5%
WWW 6.5%
FY22
CROX 23.9%
WWW −7.8%
FY23
CROX 26.2%
WWW −3.0%
FY24
CROX 24.9%
WWW 5.6%
FY25
CROX 3.7%
WWW 8.0%
CROX
WWW
Free cash flow
FY16
CROX $17.6M
WWW $241M
FY17
CROX $85.2M
WWW $170M
FY18
CROX $102M
WWW $75.8M
FY19
CROX $53.4M
WWW $188M
FY20
CROX $225M
WWW $299M
FY21
CROX $511M
WWW $69.2M
FY22
CROX $499M
WWW −$215M
FY23
CROX $815M
WWW $107M
FY24
CROX $923M
WWW $160M
FY25
CROX $659M
WWW $126M
CROX
WWW
Return on capital
FY16
CROX −5.3%
WWW 8.6%
FY17
CROX —
WWW 1.9%
FY18
CROX 60.4%
WWW 16.6%
FY19
CROX 68.5%
WWW 10.7%
FY20
CROX 76.0%
WWW −9.2%
FY21
CROX 150.6%
WWW 10.8%
FY22
CROX 36.3%
WWW −11.7%
FY23
CROX 31.7%
WWW −4.4%
FY24
CROX 34.2%
WWW 8.8%
FY25
CROX 2.8%
WWW 15.1%
CROX
WWW
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.