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Crocs
(NASDAQ:CROX)
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Rating:68Neutral
Price Target:
$140.00
▲(3.92% Upside)
Action:Reiterated
Date:08/03/26
The score is driven primarily by strong free cash flow generation but tempered by recent bottom-line volatility and meaningful leverage. The latest earnings call was constructive with raised EPS guidance and aggressive buybacks, while technicals show a longer-term uptrend with near-term softness. Valuation looks favorable with a ~11x P/E, though no dividend yield is provided.
Positive Factors
Free Cash Flow
Sustained, large free cash flow provides durable flexibility: funds capital expenditure, brand investment, buybacks and debt reduction. Consistent cash conversion (~0.93x to net income) means the business generates real liquidity even when reported earnings are volatile, supporting long-term stability.
Negative Factors
Elevated Leverage
Meaningful leverage raises financial risk and limits flexibility in downturns; although improved versus 2021–2022, ~1.2x debt/equity still constrains investment optionality and increases refinancing exposure. Higher leverage can pressure returns and capital allocation if cash flow weakens.
Read all positive and negative factors
Positive Factors
Negative Factors
Free Cash Flow
Sustained, large free cash flow provides durable flexibility: funds capital expenditure, brand investment, buybacks and debt reduction. Consistent cash conversion (~0.93x to net income) means the business generates real liquidity even when reported earnings are volatile, supporting long-term stability.
Read all positive factors
Crocs Key Performance Indicators (KPIs)
Any
Store Count by Brand
Shows the number of physical stores for each brand under the company, indicating market presence and expansion strategy in various regions.
Shows the number of physical stores for each brand under the company, indicating market presence and expansion strategy in various regions.
Data provided by:
The Fly
The FlyCrocs (CROX) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$6.63B
Dividend YieldN/A
Average Volume (3M)991.38K
Price to Earnings (P/E)11.3
Beta (1Y)0.82
Revenue Growth-2.03%
EPS Growth205.97%
CountryUS
Employees8,010
SectorConsumer Cyclical
Sector Strength84
IndustryApparel - Footwear & Accessories
Share Statistics
EPS (TTM)11.66
Shares Outstanding47,945,076
10 Day Avg. Volume792,269
30 Day Avg. Volume991,381
Financial Highlights & Ratios
PEG Ratio0.52
Price to Book (P/B)3.58
Price to Sales (P/S)1.15
P/FCF Ratio7.03
Enterprise Value/Market Cap<0.01
Enterprise Value/Revenue<0.01
Enterprise Value/Gross Profit<0.01
Enterprise Value/Ebitda<0.01
Forecast
1Y Price Target
$140.10Price Target Upside3.99% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering13
EPS Forecast (FY)13.95
Revenue Forecast (FY)$4.10B
Crocs Business Overview & Revenue Model
Company Description
Crocs, Inc., along with its affiliated entities, specializes in the design, development, production, promotion, and distribution of everyday footwear and accessories for men, women, and children. Operating under its well-known Crocs brand, the com...
How the Company Makes Money
Crocs makes money primarily by selling branded footwear and related accessories through two main channels: (1) direct-to-consumer (DTC) and (2) wholesale. In DTC, the company generates revenue from purchases on its brand websites and marketplaces ...
Crocs Earnings Call Summary
Earnings Call Date:Jul 30, 2026
(Q2-2026)
| % Change Since: |
Next Earnings Date:Oct 29, 2026
Earnings Call Sentiment Positive
Overall the call conveyed constructive momentum: record quarterly revenue, a major Crocs brand milestone (> $1B), strong direct-to-consumer performance, EPS upside and an aggressive capital return program. These positives are tempered by margin headwinds from tariffs, continued wholesale softness, a revenue-recognition shift with a major marketplace that will reduce reported DTC revenue and an ongoing HEYDUDE recovery (revenue down 6% but DTC improving). On balance, the company raised guidance, demonstrated cash generation and returned capital while outlining a clear plan to stabilize and grow both brands.Positive Updates
Record Enterprise Revenue and Top-Line Growth
Delivered record enterprise revenue of $1.2 billion, up 2% year-over-year on a constant currency basis; raised full-year enterprise revenue guidance to +1% to +2%.
Negative Updates
HEYDUDE Revenue Decline and Margin Pressure
HEYDUDE revenue was $179 million, down 6% year-over-year; HEYDUDE adjusted gross margin declined 650 basis points to 43.7%, driven by tariffs, channel and product mix despite cost-savings benefits.
Read all updates
Q2-2026 Updates
Positive
Negative
Record Enterprise Revenue and Top-Line Growth
Delivered record enterprise revenue of $1.2 billion, up 2% year-over-year on a constant currency basis; raised full-year enterprise revenue guidance to +1% to +2%.
Read all positive updates
Company Guidance
Management guided full‑year 2026 enterprise revenue growth of 1–2% (FX as of July 27), with Crocs brand revenue now expected to be up 2–3% (versus prior flat to +2%) and HEYDUDE down ~2–4% (improved from −5% to −7% prior). They raised full‑year adjusted diluted EPS to $13.70–$14.00 (from $13.20–$13.75) and reiterated capital plans: capex $70–$80M and a Board‑approved additional $1.5B repurchase (total available ≈ $2B); Q2 return of cash included ~2.3M shares repurchased for $251M and $31M of debt paydown. Margin and tax guidance: adjusted gross margin expected to be slightly up year‑over‑year despite tariffs (Q2 adj. gross margin was 60%, down 170 bps including ~160 bps tariff impact), adjusted operating margin to expand modestly from FY25’s 22.3% (ex‑$25M nonrecurring), adjusted SG&A roughly flat, non‑GAAP tax rate ~18% (GAAP ~23%). Near‑term outlook: Q3 revenues about flat (FX as of July 27) with Crocs ≈ +1% and HEYDUDE flat to −3%, Q3 adj. operating margin ≈ 21.5% (embedding adj. gross margin ~+170 bps Y/Y) and Q3 adj. EPS $3.20–$3.30; balance sheet/inventory metrics include cash just over $170M, revolver capacity ≈ $870M, inventory $389M (−4% Y/Y), inventory units down high‑single digits and annualized inventory turns above the 4x goal.Crocs Financial Statement Overview
Summary
Income Statement
62
Positive
Balance Sheet
56
Neutral
Cash Flow
78
Positive
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 4.05B | 4.04B | 4.10B | 3.96B | 3.55B | 2.31B |
| Gross Profit | 2.33B | 2.30B | 2.41B | 2.18B | 1.86B | 1.42B |
| EBITDA | 887.44M | 240.55M | 1.09B | 1.09B | 893.89M | 717.47M |
| Net Income | 593.42M | -81.20M | 950.07M | 792.57M | 540.16M | 725.69M |
Balance Sheet | ||||||
| Total Assets | 4.36B | 4.17B | 4.81B | 4.64B | 4.50B | 1.55B |
| Cash, Cash Equivalents and Short-Term Investments | 170.28M | 130.35M | 180.49M | 149.29M | 191.63M | 213.26M |
| Total Debt | 1.69B | 1.61B | 1.70B | 2.00B | 2.59B | 963.56M |
| Total Liabilities | 2.97B | 2.88B | 2.98B | 3.19B | 3.68B | 1.53B |
| Stockholders Equity | 1.38B | 1.29B | 1.84B | 1.45B | 817.93M | 14.08M |
Cash Flow | ||||||
| Free Cash Flow | 704.62M | 659.20M | 923.14M | 814.82M | 498.95M | 511.25M |
| Operating Cash Flow | 762.63M | 710.43M | 992.49M | 930.44M | 603.14M | 567.16M |
| Investing Cash Flow | -58.01M | -51.23M | -69.35M | -115.67M | -2.15B | -55.92M |
| Financing Cash Flow | -728.63M | -714.57M | -886.05M | -859.64M | 1.53B | -429.64M |
Crocs Technical Analysis
Positive
134.72
Price Trends
128.31
Positive
113.27
Positive
99.36
Positive
Market Momentum
2.22
Positive
49.58
Neutral
79.59
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For CROX, the sentiment is Positive. The current price of 134.72 is above the 20-day moving average (MA) of 134.66, above the 50-day MA of 128.31, and above the 200-day MA of 99.36, indicating a neutral trend. The MACD of 2.22 indicates Positive momentum. The RSI at 49.58 is Neutral, neither overbought nor oversold. The STOCH value of 79.59 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for CROX.
Crocs Risk Analysis
Crocs disclosed 43 risk factors in its most recent earnings report. Crocs reported the most risks in the "Finance & Corporate" category.
Finance & Corporate - Financial and accounting risks. Risks related to the execution of corporate activity and strategy
Latest Risks Added 0 New Risks
Crocs Peers Comparison
UnderperformOutperform
Sector (61)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
74 Outperform | $13.27B | 13.80 | 41.10% | ― | 7.48% | 8.03% | |
71 Outperform | $1.55B | 14.56 | 26.91% | 2.10% | 8.31% | 39.91% | |
70 Outperform | $7.30B | 16.90 | 12.95% | ― | 20.35% | 54.59% | |
68 Neutral | $6.63B | 11.30 | 43.41% | ― | -2.03% | 205.97% | |
64 Neutral | $3.58B | 23.91 | 16.05% | 1.96% | 18.33% | 56.39% | |
61 Neutral | $18.38B | 12.79 | -2.54% | 3.03% | 1.52% | -15.83% | |
50 Neutral | $486.04M | 1,447.00 | 0.05% | 2.38% | 4.95% | -100.25% |
* Consumer Cyclical Sector Average
CROX
Crocs
131.71
53.81
69.08%
DECK
Deckers Outdoor
93.84
-9.90
-9.54%
SHOO
Steven Madden
48.29
22.77
89.20%
WWW
Wolverine World Wide
18.20
-8.90
-32.85%
CAL
Caleres
14.15
-0.22
-1.53%
BIRK
Birkenstock Holding plc
37.47
-11.67
-23.75%
Crocs Corporate Events
Business Operations and StrategyStock BuybackFinancial Disclosures
Crocs Delivers Record Q2 Results and Raises Guidance
Positive
Jul 30, 2026
On July 30, 2026, Crocs reported record second-quarter 2026 results, with consolidated revenue rising 2.6% to $1.18 billion and the Crocs brand surpassing $1 billion in quarterly sales for the first time. Direct-to-consumer revenue grew strongly w...
Business Operations and StrategyExecutive/Board ChangesShareholder Meetings
Crocs Shareholders Approve 2026 Equity Incentive Plan
Positive
Jun 10, 2026
At its June 9, 2026 virtual annual meeting of stockholders, Crocs shareholders approved a new 2026 Equity Incentive Plan, authorizing a broad range of stock- and cash-based awards and replacing the prior 2020 plan, under which no new grants will b...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.