Crocs, Inc. (CROX) Valuation

Valuation

Model-based estimates, not advice. The DCF is the discounted-cash-flow value per share; compare it with the price, not as a target.

DCF fair value

-43.1%

$88.12

vs $154.84 price

Levered DCF

$108.41

After debt service

Piotroski score

9 / 9

Strong

Altman Z-score

4.52

Safe zone

Rating

A-

Overall 4 / 5

Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
P/E	-57.01×	6.85×	7.24×	12.29×	11.03×	13.5×	24.64×	-25.72×
P/B	3.58×	3.54×	3.94×	8.12×	568.75×	14.53×	22.34×	11.83×
P/S	1.15×	1.59×	1.45×	1.87×	3.46×	3.05×	2.39×	1.63×
EV / EBITDA	25.44×	7.36×	6.94×	10.11×	12.21×	18.47×	21.23×	18.58×
Gross margin	58.3%	58.8%	55.0%	52.3%	61.4%	54.1%	50.1%	51.5%
Operating margin	3.7%	24.9%	26.4%	23.9%	29.5%	15.4%	10.5%	5.8%
Net margin	-2.0%	23.2%	20.0%	15.2%	31.4%	22.6%	9.7%	4.6%
Current ratio	1.27×	1.18×	1.3×	1.6×	1.72×	1.69×	1.65×	2.06×
Debt / equity	1.25×	0.93×	1.37×	3.17×	68.42×	1.29×	2.98×	0.8×
Interest coverage	1.69×	9.35×	6.49×	6.25×	31.55×	31.76×	14.9×	65.91×
Dividend yield	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.1%	1.2%
Payout ratio	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	2.5%	41.7%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	-6.3%	51.8%	54.5%	66.0%	5153.3%	107.6%	90.6%	33.6%
Return on invested capital	-4.7%	24.7%	23.5%	16.2%	56.9%	24.5%	24.3%	17.1%
Return on assets	-1.9%	19.7%	17.1%	12.0%	47.0%	28.0%	16.2%	10.8%
Free cash flow yield	14.2%	14.2%	14.2%	7.5%	6.4%	5.3%	1.8%	5.7%
Earnings yield	-1.8%	14.6%	13.8%	8.1%	9.1%	7.4%	4.1%	2.8%
Enterprise value	$6.1B	$8B	$7.6B	$9B	$8.8B	$4.5B	$3.2B	$1.8B
Net debt / EBITDA	6.17×	1.4×	1.69×	2.69×	1.05×	0.98×	1.87×	-0.06×
Cash conversion cycle (days)	52	45	56	86	55	79	80	69