Recent News
On August 5, 2025 Crocs launched a limited-edition collaboration with Krispy Kreme featuring glazed doughnut–inspired Classic Clogs and promotional in-store activations.
On August 8, 2025 the company cited tariff headwinds and shifting consumer preferences as material challenges, noting tariff exposure and reduced U.S. traffic that pressured near-term outlook commentary.
Beginning September 18, 2025 Crocs rolled out an NFL-licensed line of team-themed foam clogs and Jibbitz charms under a multi-year agreement to expand seasonal and licensed product sales.
Technical Analysis
ADX registers 18.91, indicating no dominant trend; the absence of a strong directional trend reduces odds of a sustained breakout and favors range-bound activity relative to valuation signals.
Directional indicators show DI+ at 21.35 with a dip & reversal and DI- at 28.18 with a peak & reversal; both signals align bullishly for near-term directional pressure toward price recovery despite the weak ADX.
MACD sits at -2.30 with a dip & reversal and a signal line at -2.82; MACD crossing above its signal line constitutes a bullish momentum shift, supporting a bias for further short-term upside toward moving-average resistance.
MRO reads -26.88 (negative) with an increasing trend, which indicates price sits below the model target and carries upward potential as momentum normalizes toward fair value.
RSI at 44.0 with a dip & reversal signals regained buying interest without overbought conditions, consistent with a controlled short-term recovery rather than extended rally risk.
Price relationships show the close at $83.76 above the 12-day EMA ($80.42) and 20-day average ($79.45) but below the 50-day ($87.87) and 200-day ($99.80), implying short-term support underpins gains while intermediate-term averages pose resistance that must yield for a sustained trend change.
Bollinger bands place the close between the 1x and 2x upper bands (upper1x $81.82, upper2x $84.19), indicating the move sits near the upper short-term volatility envelope and may meet resistance near the upper band region.
Fundamental Analysis
Revenue growth year-over-year registers 22.62% while quarter-over-quarter revenue declined 5.27%, showing strong annual top-line momentum offset by recent sequential softness.
Gross margin holds at 61.67%, effectively in line with the industry peer mean of 61.97% and reflecting durable product-level profitability despite operating fluctuations.
Operating margin equals 27.02% and sits above the industry peer mean of 11.21%, while EBIT registers -$426,084,000 with an EBIT margin of -37.07% (EBIT margin QoQ -2.53%, YoY -2.27%), creating a material contrast between operating profit metrics and reported EBIT outcomes that requires reconciliation in the accounts but does not change gross-margin strength.
EPS came in at $4.23 versus an estimate of $4.02, producing a $0.21 beat and an EPS surprise of 5.22%, demonstrating short-term earnings performance above consensus expectations.
Cash generation shows free cash flow of $269,229,000 and a free cash flow yield of 5.17%, which sits above the industry peer mean of about 1.05% and supports the WMDST valuation assessment. Operating cash flow reached $285,800,000 and ending cash equals $200,611,000, providing liquidity to manage working capital shifts (cash conversion cycle ~67.49 days).
Leverage metrics show total debt $1,773,579,000, debt-to-assets 39.85% (above the industry peer mean of 30.67%) and net debt $1,178,501,000; interest coverage remains negative. Return on equity registers -34.64%, and return on assets -10.35%, reflecting profitability strain at the net-income level despite strong gross and operating margins.
WMDST values the stock as under-valued, a conclusion supported by strong free cash flow yield and gross-margin parity with peers, offset by negative net income, elevated leverage, and sequential margin weaknesses that create execution risk.
MOST-RECENT QUARTERLY REPORT
| REPORT PERIOD ENDING: | 2025-06-30 |
| REPORT DATE: | 2025-08-07 |
| NEXT REPORT DATE: | 2025-11-06 |
| CASH FLOW | Begin Period Cash Flow | $ 169.7 M |
| Operating Cash Flow | $ 285.8 M | |
| Capital Expenditures | $ -16.57 M | |
| Change In Working Capital | $ -25.47 M | |
| Dividends Paid | — | |
| Cash Flow Delta | $ 34.4 M | |
| End Period Cash Flow | $ 204.2 M | |
| INCOME STATEMENT | REVENUE | |
| Total Revenue | $ 1.1 B | |
| Forward Revenue | $ -105.16 M | |
| COSTS | ||
| Cost Of Revenue | $ 440.5 M | |
| Depreciation | $ 19.5 M | |
| Depreciation and Amortization | $ 19.5 M | |
| Research and Development | — | |
| Total Operating Expenses | $ 838.8 M | |
| PROFITABILITY | ||
| Gross Profit | $ 708.8 M | |
| EBITDA | $ -406.61 M | |
| EBIT | $ -426.08 M | |
| Operating Income | $ 310.6 M | |
| Interest Income | $ 371.0 K | |
| Interest Expense | $ 22.5 M | |
| Net Interest Income | $ -22.15 M | |
| Income Before Tax | $ -448.61 M | |
| Tax Provision | $ 43.7 M | |
| Tax Rate | 21.0 % | |
| Net Income | $ -492.28 M | |
| Net Income From Continuing Operations | $ -492.28 M | |
| EARNINGS | ||
| EPS Estimate | $ 4.02 | |
| EPS Actual | $ 4.23 | |
| EPS Difference | $ 0.21 | |
| EPS Surprise | 5.224 % | |
| Forward EPS | $ 3.29 | |
| BALANCE SHEET | ASSETS | |
| Total Assets | $ 4.5 B | |
| Intangible Assets | $ 1.7 B | |
| Net Tangible Assets | $ -319.02 M | |
| Total Current Assets | $ 1.1 B | |
| Cash and Short-Term Investments | $ 200.6 M | |
| Cash | $ 200.6 M | |
| Net Receivables | $ 417.4 M | |
| Inventory | $ 405.1 M | |
| Long-Term Investments | $ 38.2 M | |
| LIABILITIES | ||
| Accounts Payable | $ 263.3 M | |
| Short-Term Debt | — | |
| Total Current Liabilities | $ 714.8 M | |
| Net Debt | $ 1.2 B | |
| Total Debt | $ 1.8 B | |
| Total Liabilities | $ 3.0 B | |
| EQUITY | ||
| Total Equity | $ 1.4 B | |
| Retained Earnings | $ 3.2 B | |
| VALUATION & PER-SHARE METRICS | EQUITY & PER-SHARE METRICS | |
| Book Value Per-Share | $ 25.93 | |
| Shares Outstanding | 54.800 M | |
| Revenue Per-Share | $ 20.97 | |
| VALUATION | Market Capitalization | $ 5.2 B |
| Enterprise Value | $ 6.8 B | |
| Enterprise Multiple | -16.677 | |
| Enterprise Multiple QoQ | -156.056 % | |
| Enterprise Multiple YoY | -169.45 % | |
| Enterprise Multiple IPRWA | high: 101.579 mean: 53.618 median: 52.602 low: -4.983 CROX: -16.677 |
|
| EV/R | 5.9 | |
| CAPITAL STRUCTURE | ||
| Asset To Equity | 3.132 | |
| Asset To Liability | 1.469 | |
| Debt To Capital | 0.555 | |
| Debt To Assets | 0.399 | |
| Debt To Assets QoQ | 8.385 % | |
| Debt To Assets YoY | 1371.059 % | |
| Debt To Assets IPRWA | high: 0.754 CROX: 0.399 mean: 0.307 median: 0.278 low: 0.065 |
|
| Debt To Equity | 1.248 | |
| Debt To Equity QoQ | 31.962 % | |
| Debt To Equity YoY | 1513.863 % | |
| Debt To Equity IPRWA | high: 2.159 CROX: 1.248 mean: 0.739 median: 0.519 low: 0.085 |
|
| PRICE-BASED VALUATION | ||
| Price To Book (P/B) | 3.665 | |
| Price To Book QoQ | 28.215 % | |
| Price To Book YoY | -26.825 % | |
| Price To Book IPRWA | high: 11.47 median: 6.832 mean: 5.965 CROX: 3.665 low: -3.086 |
|
| Price To Earnings (P/E) | 24.495 | |
| Price To Earnings QoQ | -26.827 % | |
| Price To Earnings YoY | -29.293 % | |
| Price To Earnings IPRWA | high: 141.093 median: 73.062 mean: 67.584 CROX: 24.495 low: -15.652 |
|
| PE/G Ratio | 0.597 | |
| Price To Sales (P/S) | 4.531 | |
| Price To Sales QoQ | -24.555 % | |
| Price To Sales YoY | -39.169 % | |
| Price To Sales IPRWA | high: 21.387 mean: 11.602 median: 9.997 CROX: 4.531 low: 0.499 |
|
| FORWARD MULTIPLES | ||
| Forward P/E | 31.337 | |
| Forward PE/G | 0.764 | |
| Forward P/S | -49.527 | |
| EFFICIENCY | OPERATIONAL | |
| Operating Leverage | -12.692 | |
| ASSET & SALES | ||
| Asset Turnover Ratio | 0.242 | |
| Asset Turnover Ratio QoQ | 27.279 % | |
| Asset Turnover Ratio YoY | 3.394 % | |
| Asset Turnover Ratio IPRWA | high: 0.345 median: 0.247 mean: 0.242 CROX: 0.242 low: 0.128 |
|
| Receivables Turnover | 2.663 | |
| Receivables Turnover Ratio QoQ | -0.076 % | |
| Receivables Turnover Ratio YoY | 8.03 % | |
| Receivables Turnover Ratio IPRWA | high: 7.57 mean: 2.77 CROX: 2.663 median: 2.151 low: 1.543 |
|
| Inventory Turnover | 1.106 | |
| Inventory Turnover Ratio QoQ | 4.475 % | |
| Inventory Turnover Ratio YoY | -1.041 % | |
| Inventory Turnover Ratio IPRWA | high: 1.219 CROX: 1.106 median: 0.563 mean: 0.555 low: 0.358 |
|
| Days Sales Outstanding (DSO) | 34.262 | |
| CASH CYCLE | ||
| Cash Conversion Cycle Days (CCC) | 67.487 | |
| Cash Conversion Cycle Days QoQ | 11.991 % | |
| Cash Conversion Cycle Days YoY | -1.47 % | |
| Cash Conversion Cycle Days IPRWA | high: 271.719 mean: 135.176 median: 119.348 CROX: 67.487 low: 61.77 |
|
| CAPITAL DEPLOYMENT | ||
| Cash Conversion Ratio | 2.97 | |
| CapEx To Revenue | -0.014 | |
| CapEx To Depreciation | -0.851 | |
| CAPITAL, LIQUIDITY & COVERAGE | CAPITAL STRUCTURE | |
| Total Capital | $ 2.8 B | |
| Net Invested Capital | $ 2.8 B | |
| Invested Capital | $ 2.8 B | |
| Net Tangible Assets | $ -319.02 M | |
| Net Working Capital | $ 387.0 M | |
| LIQUIDITY | ||
| Cash Ratio | 0.281 | |
| Current Ratio | 1.541 | |
| Current Ratio QoQ | 1.209 % | |
| Current Ratio YoY | 3.026 % | |
| Current Ratio IPRWA | high: 5.023 mean: 2.166 median: 2.095 CROX: 1.541 low: 0.348 |
|
| Quick Ratio | 0.975 | |
| Quick Ratio QoQ | 0.676 % | |
| Quick Ratio YoY | 2.869 % | |
| Quick Ratio IPRWA | high: 2.0 mean: 1.393 median: 1.302 CROX: 0.975 low: 0.192 |
|
| COVERAGE & LEVERAGE | ||
| Debt To EBITDA | -4.362 | |
| Cost Of Debt | 0.979 % | |
| Interest Coverage Ratio | -18.918 | |
| Interest Coverage Ratio QoQ | -289.14 % | |
| Interest Coverage Ratio YoY | -269.436 % | |
| Interest Coverage Ratio IPRWA | high: 30.907 mean: 12.732 median: 10.817 low: -6.883 CROX: -18.918 |
|
| Operating Cash Flow Ratio | -0.615 | |
| TIMING / LIQUIDITY | ||
| Days Payables Outstanding (DPO) | 58.586 | |
| DIVIDENDS | ||
| Dividend Coverage Ratio | — | |
| Dividend Payout Ratio | — | |
| Dividend Rate | — | |
| Dividend Yield | — | |
| PERFORMANCE | GROWTH | |
| Asset Growth Rate | -12.15 % | |
| Revenue Growth | 22.622 % | |
| Revenue Growth QoQ | -526.991 % | |
| Revenue Growth YoY | 22.832 % | |
| Revenue Growth IPRWA | high: 35.478 % CROX: 22.622 % mean: 2.229 % median: 1.284 % low: -22.995 % |
|
| Earnings Growth | 41.0 % | |
| Earnings Growth QoQ | 115.246 % | |
| Earnings Growth YoY | 25.072 % | |
| Earnings Growth IPRWA | high: 66.079 % CROX: 41.0 % median: -15.672 % mean: -27.271 % low: -400.0 % |
|
| MARGINS | ||
| Gross Margin | 61.672 % | |
| Gross Margin QoQ | 6.743 % | |
| Gross Margin YoY | 0.523 % | |
| Gross Margin IPRWA | high: 72.265 % mean: 61.971 % CROX: 61.672 % median: 61.506 % low: -0.815 % |
|
| EBIT Margin | -37.071 % | |
| EBIT Margin QoQ | -252.6 % | |
| EBIT Margin YoY | -226.557 % | |
| EBIT Margin IPRWA | high: 16.84 % median: 7.093 % mean: 5.672 % low: -5.513 % CROX: -37.071 % |
|
| Return On Sales (ROS) | 27.023 % | |
| Return On Sales QoQ | 11.238 % | |
| Return On Sales YoY | -7.746 % | |
| Return On Sales IPRWA | CROX: 27.023 % high: 17.038 % median: 12.387 % mean: 11.213 % low: -9.193 % |
|
| CASH FLOW | ||
| Free Cash Flow (FCF) | $ 269.2 M | |
| Free Cash Flow Yield | 5.169 % | |
| Free Cash Flow Yield QoQ | -452.352 % | |
| Free Cash Flow Yield YoY | 11.401 % | |
| Free Cash Flow Yield IPRWA | high: 7.836 % CROX: 5.169 % mean: 1.048 % median: 0.523 % low: -13.873 % |
|
| Free Cash Growth | -425.904 % | |
| Free Cash Growth QoQ | 234.767 % | |
| Free Cash Growth YoY | -56.838 % | |
| Free Cash Growth IPRWA | high: 109.595 % median: -246.473 % mean: -316.278 % CROX: -425.904 % low: -806.565 % |
|
| Free Cash To Net Income | -0.547 | |
| Cash Flow Margin | -38.274 % | |
| Cash Flow To Earnings | 0.894 | |
| VALUE & RETURNS | ||
| Economic Value Added | $ 0.03 | |
| Return On Assets (ROA) | -10.346 % | |
| Return On Assets QoQ | -419.124 % | |
| Return On Assets YoY | -315.049 % | |
| Return On Assets IPRWA | high: 3.542 % median: 1.902 % mean: 1.173 % low: -1.648 % CROX: -10.346 % |
|
| Return On Capital Employed (ROCE) | -11.406 % | |
| Return On Equity (ROE) | -0.346 | |
| Return On Equity QoQ | -526.129 % | |
| Return On Equity YoY | -350.181 % | |
| Return On Equity IPRWA | high: 0.088 median: 0.036 mean: 0.032 low: -0.029 CROX: -0.346 |
|
| DuPont ROE | -29.037 % | |
| Return On Invested Capital (ROIC) | -12.021 % | |
| Return On Invested Capital QoQ | -333.236 % | |
| Return On Invested Capital YoY | -98.092 % | |
| Return On Invested Capital IPRWA | high: 12.05 % mean: 3.277 % median: 2.699 % low: -3.585 % CROX: -12.021 % |
|