Tearsheet

Investment Highlights Why It Matters Which of these 2 stories sounds closer for this stock?

1. Generates cash flow

The stock generated 4% or more of the share price (called cash flow yield), and shows moderate 10-15% or more growth.

2. Riding a trend

Think Tesla during the pandemic of 2020 when EVs were riding a cultural high, or Nvidia in the current AI boom, or even Figma. These companies don’t have enough yield, or, enough growth, or both - however - they are riding a trend. They have momentum. These can be more volatile - they don’t have the floor of strong cash flow


0 Attractive yield
Total YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 5.4%, FCF Yield is 18%
Weak multi-year price returns
2Y Excs Rtn is -61%, 3Y Excs Rtn is -65%
 
1 Attractive operating margins
Op Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is 24%
  
2 Attractive cash flow generation
CFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 20%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 19%
  
0 Attractive yield
Total YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 5.4%, FCF Yield is 18%
1 Attractive operating margins
Op Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is 24%
2 Attractive cash flow generation
CFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 20%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 19%
3 Weak multi-year price returns
2Y Excs Rtn is -61%, 3Y Excs Rtn is -65%

Market Valuation & Key Metrics

CROX Stock


Return vs. Risk


Price Returns Compared

 202020212022202320242025Total [1]
Returns
CROX Return50%105%-15%-14%17%-28%87%
Peers Return32%12%-19%36%26%-34%36%
S&P 500 Return16%27%-19%24%23%14%108%

Monthly Win Rates [3]
CROX Win Rate67%92%42%42%50%20% 
Peers Win Rate37%47%30%52%43%43% 
S&P 500 Win Rate58%75%42%67%75%70% 

Max Drawdowns [4]
CROX Max Drawdown-74%-2%-63%-29%-7%-32% 
Peers Max Drawdown-25%-6%-36%-7%-19%-36% 
S&P 500 Max Drawdown-31%-1%-25%-1%-2%-15% 


[1] Cumulative total returns since the beginning of 2020
[2] Peers: NKE, LULU, DECK, FMFC, ONON. See CROX Returns vs. Peers.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2025 data is for the year up to 11/6/2025 (YTD)

How Low Can It Go

Unique KeyEventCROXS&P 500
2022 Inflation Shock2022 Inflation Shock  
2022 Inflation Shock% Loss% Loss-73.9%-25.4%
2022 Inflation Shock% Gain to Breakeven% Gain to Breakeven282.5%34.1%
2022 Inflation ShockTime to BreakevenTime to BreakevenNot Fully Recovered days464 days
2020 Covid Pandemic2020 Covid Pandemic  
2020 Covid Pandemic% Loss% Loss-75.2%-33.9%
2020 Covid Pandemic% Gain to Breakeven% Gain to Breakeven303.0%51.3%
2020 Covid PandemicTime to BreakevenTime to Breakeven178 days148 days
2018 Correction2018 Correction  
2018 Correction% Loss% Loss-43.4%-19.8%
2018 Correction% Gain to Breakeven% Gain to Breakeven76.6%24.7%
2018 CorrectionTime to BreakevenTime to Breakeven118 days120 days
2008 Global Financial Crisis2008 Global Financial Crisis  
2008 Global Financial Crisis% Loss% Loss-98.7%-56.8%
2008 Global Financial Crisis% Gain to Breakeven% Gain to Breakeven7852.1%131.3%
2008 Global Financial CrisisTime to BreakevenTime to Breakeven4435 days1480 days

Compare to NKE, LULU, DECK, FMFC, ONON


In The Past

Crocs's stock fell -73.9% during the 2022 Inflation Shock from a high on 11/12/2021. A -73.9% loss requires a 282.5% gain to breakeven.

Preserve Wealth

Limiting losses and compounding gains is essential to preserving wealth over time.

Asset Allocation

Actively managed asset allocation strategies protect wealth. Learn more.

About Crocs (CROX)

Better Bets than Crocs (CROX)

Latest Trefis Analyses

Trade Ideas

Select past ideas related to CROX. For more, see Trefis Trade Ideas.

Unique KeyDateTickerCompanyCategoryTrade Strategy6M Fwd Rtn12M Fwd Rtn12M Max DD
LRN_10312025_Dip_Buyer_ValueBuy10312025LRNStrideDip BuyDB | P/E OPMDip Buy with Low PE and High Margin
Buying dips for companies with tame PE and meaningfully high operating margin
3.8%3.8%0.0%
DECK_10312025_Dip_Buyer_High_CFO_Margins_ExInd_DE10312025DECKDeckers OutdoorDip BuyDB | CFO/Rev | Low D/EDip Buy with High Cash Flow Margins
Buying dips for companies with significant cash flows from operations and reasonable debt / market cap
-2.1%-2.1%-2.4%
ATGE_10312025_Quality_Momentum_RoomToRun_10%10312025ATGEAdtalem Global EducationQualityQ | Momentum | UpsideQuality Stocks with Momentum and Upside
Buying quality stocks with strong momentum but still having room to run
-2.9%-2.9%-5.9%
GNTX_10242025_Dip_Buyer_FCFYield10242025GNTXGentexDip BuyDB | FCFY OPMDip Buy with High FCF Yield and High Margin
Buying dips for companies with high FCF yield and meaningfully high operating margin
-2.5%-2.5%-2.5%
LNW_10172025_Dip_Buyer_FCFYield10172025LNWLight & WonderDip BuyDB | FCFY OPMDip Buy with High FCF Yield and High Margin
Buying dips for companies with high FCF yield and meaningfully high operating margin
4.7%4.7%-6.2%
CROX_2282025_Dip_Buyer_FCFYield02282025CROXCrocsDip BuyDB | FCFY OPMDip Buy with High FCF Yield and High Margin
Buying dips for companies with high FCF yield and meaningfully high operating margin
-12.4%-21.2%-25.3%
CROX_12312023_Dip_Buyer_FCFYield12312023CROXCrocsDip BuyDB | FCFY OPMDip Buy with High FCF Yield and High Margin
Buying dips for companies with high FCF yield and meaningfully high operating margin
56.2%16.4%-7.4%
CROX_4302023_Dip_Buyer_FCFYield04302023CROXCrocsDip BuyDB | FCFY OPMDip Buy with High FCF Yield and High Margin
Buying dips for companies with high FCF yield and meaningfully high operating margin
-30.5%3.3%-37.5%
CROX_10312022_Dip_Buyer_FCFYield10312022CROXCrocsDip BuyDB | FCFY OPMDip Buy with High FCF Yield and High Margin
Buying dips for companies with high FCF yield and meaningfully high operating margin
71.0%26.2%-5.2%
CROX_4302022_Dip_Buyer_FCFYield04302022CROXCrocsDip BuyDB | FCFY OPMDip Buy with High FCF Yield and High Margin
Buying dips for companies with high FCF yield and meaningfully high operating margin
8.1%86.2%-28.9%
Unique KeyDateTickerCompanyCategoryTrade Strategy6M Fwd Rtn12M Fwd Rtn12M Max DD
LRN_10312025_Dip_Buyer_ValueBuy10312025LRNStrideDip BuyDB | P/E OPMDip Buy with Low PE and High Margin
Buying dips for companies with tame PE and meaningfully high operating margin
3.8%3.8%0.0%
DECK_10312025_Dip_Buyer_High_CFO_Margins_ExInd_DE10312025DECKDeckers OutdoorDip BuyDB | CFO/Rev | Low D/EDip Buy with High Cash Flow Margins
Buying dips for companies with significant cash flows from operations and reasonable debt / market cap
-2.1%-2.1%-2.4%
ATGE_10312025_Quality_Momentum_RoomToRun_10%10312025ATGEAdtalem Global EducationQualityQ | Momentum | UpsideQuality Stocks with Momentum and Upside
Buying quality stocks with strong momentum but still having room to run
-2.9%-2.9%-5.9%
GNTX_10242025_Dip_Buyer_FCFYield10242025GNTXGentexDip BuyDB | FCFY OPMDip Buy with High FCF Yield and High Margin
Buying dips for companies with high FCF yield and meaningfully high operating margin
-2.5%-2.5%-2.5%
LNW_10172025_Dip_Buyer_FCFYield10172025LNWLight & WonderDip BuyDB | FCFY OPMDip Buy with High FCF Yield and High Margin
Buying dips for companies with high FCF yield and meaningfully high operating margin
4.7%4.7%-6.2%
CROX_2282025_Dip_Buyer_FCFYield02282025CROXCrocsDip BuyDB | FCFY OPMDip Buy with High FCF Yield and High Margin
Buying dips for companies with high FCF yield and meaningfully high operating margin
-12.4%-21.2%-25.3%
CROX_12312023_Dip_Buyer_FCFYield12312023CROXCrocsDip BuyDB | FCFY OPMDip Buy with High FCF Yield and High Margin
Buying dips for companies with high FCF yield and meaningfully high operating margin
56.2%16.4%-7.4%
CROX_4302023_Dip_Buyer_FCFYield04302023CROXCrocsDip BuyDB | FCFY OPMDip Buy with High FCF Yield and High Margin
Buying dips for companies with high FCF yield and meaningfully high operating margin
-30.5%3.3%-37.5%
CROX_10312022_Dip_Buyer_FCFYield10312022CROXCrocsDip BuyDB | FCFY OPMDip Buy with High FCF Yield and High Margin
Buying dips for companies with high FCF yield and meaningfully high operating margin
71.0%26.2%-5.2%
CROX_4302022_Dip_Buyer_FCFYield04302022CROXCrocsDip BuyDB | FCFY OPMDip Buy with High FCF Yield and High Margin
Buying dips for companies with high FCF yield and meaningfully high operating margin
8.1%86.2%-28.9%

Recent Active Movers

Recent Active Movers

More From Trefis

Peer Comparisons for Crocs

Financials

CROXNKELULUDECKFMFCONONMedian
NameCrocs Nike Lululemo.Deckers .Kandal M.On  
Mkt Price78.4361.89163.5579.811.0535.5170.16
Mkt Cap4.491.419.611.9-22.619.6
Rev LTM4,13946,44010,9045,125-2,7185,125
Op Inc LTM1,0033,4202,4951,212-2961,212
FCF LTM7693,0091,168880-348880
FCF 3Y Avg7994,8931,279804-177804
CFO LTM8373,5261,912968-416968
CFO 3Y Avg8875,6111,964893-243893

Growth & Margins

CROXNKELULUDECKFMFCONONMedian
NameCrocs Nike Lululemo.Deckers .Kandal M.On  
Rev Chg LTM2.0%-7.1%9.2%15.5%-35.7%9.2%
Rev Chg 3Y Avg14.5%-0.3%15.8%16.3%-43.6%15.8%
Rev Chg Q3.4%1.1%6.5%16.9%-32.0%6.5%
QoQ Delta Rev Chg LTM0.9%0.3%1.4%2.8%-7.2%1.4%
Op Mgn LTM24.2%7.4%22.9%23.6%-10.9%22.9%
Op Mgn 3Y Avg25.5%10.2%22.7%21.3%-9.6%21.3%
QoQ Delta Op Mgn LTM-0.6%-0.6%-0.5%-0.0%-1.0%-0.5%
CFO/Rev LTM20.2%7.6%17.5%18.9%-15.3%17.5%
CFO/Rev 3Y Avg22.0%11.3%19.8%20.2%-9.9%19.8%
FCF/Rev LTM18.6%6.5%10.7%17.2%-12.8%12.8%
FCF/Rev 3Y Avg19.8%9.9%12.9%18.1%-6.5%12.9%

Valuation

CROXNKELULUDECKFMFCONONMedian
NameCrocs Nike Lululemo.Deckers .Kandal M.On  
Mkt Cap4.491.419.611.9-22.619.6
P/S1.12.01.82.3-8.32.0
P/EBIT16.126.77.89.3-146.116.1
P/E18.531.611.012.0-166.318.5
P/CFO5.225.910.212.3-54.312.3
Total Yield5.4%3.2%9.1%8.3%-0.6%5.4%
Dividend Yield0.0%0.0%0.0%0.0%-0.0%0.0%
FCF Yield 3Y Avg13.4%3.8%3.6%4.7%-0.6%3.8%
D/E0.40.10.10.0-0.00.1
Net D/E0.40.00.0-0.1--0.00.0

Returns

CROXNKELULUDECKFMFCONONMedian
NameCrocs Nike Lululemo.Deckers .Kandal M.On  
1M Rtn-0.5%-10.2%-5.6%-18.5%-93.2%-14.9%-12.5%
3M Rtn5.4%-16.3%-14.4%-21.7%-86.8%-21.4%-18.8%
6M Rtn-29.1%6.3%-42.1%-36.5%--28.6%-29.1%
12M Rtn-23.7%-16.0%-47.8%-51.6%--25.4%-25.4%
3Y Rtn-2.5%-30.4%-49.6%40.0%-103.5%-2.5%
1M Excs Rtn-2.8%-9.9%-6.0%-20.9%-92.6%-18.1%-14.0%
3M Excs Rtn-0.9%-21.3%-18.8%-26.7%-91.3%-27.4%-24.0%
6M Excs Rtn-47.8%-12.3%-60.7%-55.1%--47.2%-47.8%
12M Excs Rtn-43.8%-35.7%-66.2%-68.5%--40.9%-43.8%
3Y Excs Rtn-64.9%-104.9%-124.8%-42.4%-26.2%-64.9%

Financials

Segment Financials

Revenue by Segment

$ Mil20242023202220212020
Crocs Brand3,013896   
HEYDUDE Brand9492,659   
Asia Pacific  350  
Brand corporate  0  
Europe, Middle East, Africa, and Latin America (EMEALA)  409  
North America  1,554  
Direct-to-consumer   693 
Wholesale   693656
E-commerce    227
Retail    347
Total3,9623,5552,3131,3861,231


Operating Income by Segment
$ Mil20242023202220212020
Crocs Brand1,079852   
HEYDUDE Brand212211   
Enterprise corporate costs-255-213-178  
Asia Pacific  72  
Brand corporate  -100  
Europe, Middle East, Africa, and Latin America (EMEALA)  134  
North America  756  
Total1,037851683  


Price Behavior

Short Interest

Short Interest: As Of Date10152025
Short Interest: Shares Quantity6,888,518
Short Interest: % Change Since 9302025-1.3%
Average Daily Volume1,741,187
Days-to-Cover Short Interest3.96
Basic Shares Quantity55,783,000
Short % of Basic Shares12.3%

Earnings Returns History

Expand for More

 Forward Returns
Earnings Date1D Returns5D Returns21D Returns
10/30/2025-2.5%  
8/7/2025-29.2%-20.7%-17.8%
5/8/20259.8%17.4%0.7%
2/13/202523.9%22.6%11.0%
10/29/2024-19.2%-23.0%-24.6%
8/1/2024-2.6%-6.1%8.1%
5/7/20247.8%12.9%16.9%
2/15/202412.2%8.2%18.3%
...
SUMMARY STATS   
# Positive10911
# Negative121311
Median Positive9.6%11.7%16.0%
Median Negative-9.9%-15.8%-19.2%
Max Positive23.9%22.6%55.1%
Max Negative-29.2%-27.5%-45.6%

SEC Filings

Expand for More

Report DateFiling DateFiling
93020251030202510-Q 9/30/2025
6302025807202510-Q 6/30/2025
3312025508202510-Q 3/31/2025
12312024213202510-K 12/31/2024
93020241029202410-Q 9/30/2024
6302024801202410-Q 6/30/2024
3312024507202410-Q 3/31/2024
12312023215202410-K 12/31/2023
93020231102202310-Q 9/30/2023
6302023727202310-Q 6/30/2023
3312023427202310-Q 3/31/2023
12312022216202310-K 12/31/2022
93020221103202210-Q 9/30/2022
6302022804202210-Q 6/30/2022
3312022505202210-Q 3/31/2022
12312021216202210-K 12/31/2021

Insider Activity

Expand for More

 OwnerTitleFiling DateActionPriceSharesTransacted
Value
Value of
Held Shares
Form
0Healy Susan L.EVP, Chief Financial Officer8142025Buy76.562,000153,1203,833,972Form
1REPLOGLE JOHN B 8132025Buy76.3033625,637953,165Form
2SMACH THOMAS J5132025Sell109.479,1391,000,44611,982,367Form
3Bickley Ian5132025Sell115.893,044352,7843,187,692Form
4SISLER SHANNONEVP, Chief People Officer2212025Sell109.754,659511,3253,215,565Form