Crocs, Inc.
$163.72
+6.84 (+4.36%) · delayed · Nov 13, 2026
Five-year price
52w $73.21 to $164.13
- Market cap
- $8.9B
- Enterprise value
- $10.0B
- P/E
- —
- 18.1× on 3y avg EPS
- EV / EBIT
- 66.7×
- FCF yield
- 7.4%
- ROIC
- 4.1%
- Debt / equity
- 0.95
- Piotroski F
- 5/9
Value scorecard · FY2025
Does it pass the value tests?
Quality
83
- ●ROIC > 12% (5y avg)5y avg ROIC 42.1%
- ●ROE > 15% (5y avg)5y avg ROE 1063.9%
- ○Stable operating marginsMargin volatility 9.2% (σ, 5y)
- ●Earnings convert to cashFCF / net income 91% (5y avg)
- ●Growing revenueRevenue CAGR 5y 23.9%
- ●Shrinking share countDiluted shares -20.9% over 5y
Value
33
- –P/E below 15P/E n/a
- ○EV/EBIT below 12EV/EBIT 66.7
- ●FCF yield above 6%FCF yield 7.4%
- –Price below Graham NumberGraham Number n/a
- ○P/B below 3P/B 6.9
Safety
0
- ○Debt / equity below 0.5D/E 0.95
- ○Debt payable in < 4 yrs of earningsNet debt $1.1B
- ○Interest coverage > 8xCoverage 1.7x
- ○Current ratio > 1.5Current ratio 1.27
- ○Piotroski F-score ≥ 6F-score 5/9
Graham Defensive
17
- ●Adequate size (revenue > $2B)Revenue $4.0B
- ○Strong condition (current ratio ≥ 2)Current ratio 1.27
- ○Earnings stability (no loss, 10y)10 years of data
- ○Uninterrupted dividendsDividends paid every year on record
- –Earnings growth ≥ 33% (10y, 3y avgs)n/a
- ○Moderate P/E (≤ 15 on 3y avg EPS)P/E (3y avg) 18.1
- ○P/E × P/B ≤ 22.5Product 124.1
Valuation lab
What do you have to believe?
At $163.72, the market is pricing in about 2.0% annual free-cash-flow growth for the next decade (9% discount rate, 2.5% terminal growth).
Starting cash flow
Net debt $1.1B · 54M shares · 5y revenue CAGR 23.9%
Intrinsic value
$695.55
Price
$163.72
Margin of safety
76%
What the price implies
The market is paying for 2.0% annual cash-flow growth for 10 years at a 9.0% discount rate.
Terminal value share
70% of the value sits beyond year 10. That means the answer depends mostly on the long-run assumptions.
Financial statements
A decade of the record.
USD millions · fiscal years · source: SEC 10-K XBRL
| Line item | FY16 | FY17 | FY18 | FY19 | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | 1,036 | 1,024 | 1,088 | 1,231 | 1,386 | 2,313 | 3,555 | 3,962 | 4,102 | 4,041 |
| Gross profit | 500 | 517 | 560 | 617 | 750 | 1,420 | 1,860 | 2,210 | 2,410 | 2,357 |
| Operating income | (6) | 17 | 63 | 129 | 214 | 683 | 851 | 1,037 | 1,022 | 150 |
| Operating margin | -0.6% | 1.7% | 5.8% | 10.5% | 15.4% | 29.5% | 23.9% | 26.2% | 24.9% | 3.7% |
| Pre-tax income | (7) | 18 | 65 | 119 | 207 | 664 | 719 | 876 | 911 | 73 |
| Income tax | 9 | 8 | 15 | (0) | (106) | (62) | 178 | 84 | (39) | 154 |
| Net income | (16) | 10 | 50 | 119 | 313 | 726 | 540 | 793 | 950 | (81) |
| EPS (diluted) | -0.43 | -0.07 | -1.01 | 1.66 | 4.56 | 11.39 | 8.71 | 12.79 | 15.88 | -1.50 |
| Diluted shares | 73 | 72 | 68 | 72 | 69 | 64 | 62 | 62 | 60 | 54 |
Who owns it