Crocs vs Deckers Brands
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The short version
- Deckers Brands is the larger business, with $5.5B of revenue in fiscal 2026 against $4.0B for Crocs.
- Deckers Brands grew revenue faster (9.8%, against −1.5%).
- Deckers Brands kept more of each dollar of sales as operating profit (23.1% operating margin, against 3.7%).
- Deckers Brands turned more of its sales into free cash flow (20.1% FCF margin, against 16.3%).
- Deckers Brands earned a higher return on the capital invested in it (160.4%, against 2.8%).
- Investors pay more for each dollar of Deckers Brands’s earnings: a P/E of 11.5x against 10.4x for Crocs.
| Latest fiscal year | CROX · FY25 | DECK · FY26 |
|---|---|---|
| Size | ||
| Market cap | $5.9B | $11.2B |
| Revenue | $4.0B | $5.5B |
| Free cash flow | $659M | $1.1B |
| Net income | −$81.2M | $1.0B |
| Growth | ||
| Revenue growth | −1.5% | 9.8% |
| 5-year growth | 23.9% | 16.5% |
| Share count change | −9.4% | −4.5% |
| Profitability | ||
| Gross margin | 58.3% | 57.7% |
| Operating margin | 3.7% | 23.1% |
| Net margin | −2.0% | 18.7% |
| FCF margin | 16.3% | 20.1% |
| Return on capital | 2.8% | 160.4% |
| Return on equity | −5.2% | 40.9% |
| Balance sheet | ||
| Net debt | $1.1B | −$1.9B |
| Net debt / EBITDA | 4.8x | −1.4x |
| Dividends and buybacks | $582M | $1.1B |
| Valuation & quality | ||
| P/E | 10.4x | 11.5x |
| Piotroski F-score | 5 | 4 |
Revenue
FY17
CROX $1.0B
DECK $1.8B
FY18
CROX $1.1B
DECK $1.9B
FY19
CROX $1.2B
DECK $2.0B
FY20
CROX $1.4B
DECK $2.1B
FY21
CROX $2.3B
DECK $2.5B
FY22
CROX $3.6B
DECK $3.2B
FY23
CROX $4.0B
DECK $3.6B
FY24
CROX $4.1B
DECK $4.3B
FY25
CROX $4.0B
DECK $5.0B
FY26
CROX —
DECK $5.5B
CROX
DECK
Operating margin
FY17
CROX 1.7%
DECK −0.1%
FY18
CROX 5.8%
DECK 11.7%
FY19
CROX 10.5%
DECK 16.2%
FY20
CROX 15.5%
DECK 15.9%
FY21
CROX 29.5%
DECK 19.8%
FY22
CROX 23.9%
DECK 17.9%
FY23
CROX 26.2%
DECK 18.0%
FY24
CROX 24.9%
DECK 21.6%
FY25
CROX 3.7%
DECK 23.7%
FY26
CROX —
DECK 23.1%
CROX
DECK
Free cash flow
FY17
CROX $85.2M
DECK $155M
FY18
CROX $102M
DECK $293M
FY19
CROX $53.4M
DECK $330M
FY20
CROX $225M
DECK $254M
FY21
CROX $511M
DECK $564M
FY22
CROX $499M
DECK $121M
FY23
CROX $815M
DECK $456M
FY24
CROX $923M
DECK $944M
FY25
CROX $659M
DECK $958M
FY26
CROX —
DECK $1.1B
CROX
DECK
Return on capital
FY17
CROX —
DECK −0.2%
FY18
CROX 60.4%
DECK 18.6%
FY19
CROX 68.5%
DECK 51.1%
FY20
CROX 76.0%
DECK 54.3%
FY21
CROX 150.6%
DECK 87.8%
FY22
CROX 36.3%
DECK 86.1%
FY23
CROX 31.7%
DECK 68.5%
FY24
CROX 34.2%
DECK 103.6%
FY25
CROX 2.8%
DECK 149.1%
FY26
CROX —
DECK 160.4%
CROX
DECK
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.