Crocs, Inc. (CROX) Stock

Crocs, Inc. (CROX) is a Consumer Discretionary stock trading at $122.83 (as of 2026-08-25), with a market capitalization of $5.89B and a trailing P/E of 9.9. Figures are sourced from first-party U.S. SEC EDGAR filings and market data.

Crocs, Inc., together with its subsidiaries, designs, develops, manufactures, markets, and distributes casual lifestyle footwear and accessories for men, women, and children. It offers various footwear products, including clogs, sandals, slides, flip-flops, boots, flats, wedges, platforms, socks, shoe charms, loafers, sneakers, and slippers under the Crocs brand name. The company sells its products in approximately 85 countries through wholesalers, retail stores, e-commerce sites, and third-party marketplaces. As of December 31, 2021, it had 193 outlet stores, 107 retail stores, 373 company-operated stores, 73 kiosks and store-in-stores, and 14 company-operated e-commerce sites. The company serves in the Americas, the Asia Pacific, Europe, the Middle East, and Africa. Crocs, Inc. was founded in 1999 and is headquartered in Broomfield, Colorado.

Understand Crocs, Inc.: how it makes money

Crocs makes casual lifestyle footwear (clogs, slides, sandals, boots) under the Crocs and HeyDude brands, selling to consumers in 85 countries via retail stores, e-commerce, and wholesale partners. The Crocs brand generates most revenue, with international markets now contributing a meaningful share and a DTC plus wholesale mix that protects margin.

Proprietary Croslite foam gives Crocs a structural cost moat, supporting 59% gross margins on casual footwear sold at accessible price points across both owned and wholesale channels.

Revenue by segment (latest quarter)
Crocs brand	$0.8B
HeyDude brand	$0.1B

Business quality (Solid): A brand-driven footwear business with 59% gross and 24% operating margins, but growth is decelerating and the HeyDude add-on is shrinking. Quality is solid on the Crocs core; the issue is whether the second brand and North America can re-accelerate.

Valuation: At 10× earnings, CROX trades 36% below the Apparel average (16×). Note: the low multiple may reflect one-time earnings items.

Bull case

Crocs brand crossed $1B/quarter: The Crocs brand surpassed $1 billion in quarterly revenue while international revenue grew 7%, confirming the core clog remains a dominant global lifestyle product with durable attachment.
Sandals open a multi-year lane: Sandals reached approximately $500 million globally and management expects multi-year growth, giving Crocs a second product category that extends its addressable market beyond the signature clog.
Trading at a 36% discount: Crocs trades at 10.2x earnings versus the 16x apparel industry average, implying the market is pricing in long-term headwinds for a business still generating 59% gross margins and 24% operating margins.

Bear case

HeyDude is shrinking and losing margin: HeyDude revenue declined 6% while its wholesale fell 17%, and HeyDude gross margin compressed 650 basis points year over year, raising doubts about whether the 2020 acquisition still adds value.
North America flat into year-end: Management does not expect Crocs North America to return to growth during 2026, leaving the company reliant on international expansion and new categories to push top-line growth.
Accounting change dents reported revenue: A marketplace accounting change beginning in Q3 will reduce reported overall revenue, distorting year-over-year comparisons and making true organic growth harder for investors to read near term.

Valuation — source: SEC EDGAR (first-party)
Price	$122.83
Market Cap	$5.89B
P/E Ratio	9.9
EV / EBITDA	7.6
Price / Book	4.25
Price / Sales	1.45
FCF Yield	12.0%
DCF Value (model)	$311.21
DCF Upside vs Price	153.4%

Profitability & Growth — source: SEC EDGAR
Revenue (TTM)	$4.04B
Net Margin	-2.0%
Revenue Growth (YoY)	2.6%
EPS Growth (YoY)	-147.3%
FCF Growth (YoY)	22.9%

Financial Health — source: SEC EDGAR
Altman Z-Score	3.59 (safe)
Piotroski F-Score	5/9 (moderate)

Valuation vs Sector & Industry
Stock P/E	9.9
Sector P/E (Consumer Discretionary)	20.8
Industry P/E (Apparel)	15.3
vs Sector	-52.3%
vs Industry	-34.9%

Smart-Money Activity — SEC Form 4 / 13F / Congressional disclosures
Top Institutional Holder	VANGUARD GROUP INC ($406.18M)
Institutional Holders Tracked	10
Congressional Trades (recent)	3

Company
Sector	Consumer Discretionary
Industry	Apparel
CEO	Andrew Rees
Employees	7,910
Country	US
IPO Date	2006-02-08

Related Companies (Apparel; 8 comparable apparel companies)

Data as of 2026-08-25.

Figures sourced from U.S. Securities and Exchange Commission (SEC EDGAR) filings and market data. Not personalized investment advice.