Latest Ratios: P/E Ratio -83.1x · EV/EBITDA 7.9x · ROE -5.2%. (2003–2025 historical series)
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $6.2B | $4.6B | $6.6B | $5.8B | $6.7B | $8.2B | $4.3B | $3.0B | $1.8B | $913M | $506M |
| Enterprise Value | $7.7B | $6.1B | $8.1B | $7.6B | $9.1B | $8.9B | $4.5B | $3.3B | $1.8B | $740M | $359M |
| P/E Ratio → | -83.08 | — | 6.90 | 7.30 | 12.45 | 11.26 | 13.74 | 25.08 | — | — | — |
| P/S Ratio | 1.53 | 1.15 | 1.60 | 1.46 | 1.89 | 3.53 | 3.10 | 2.44 | 1.63 | 0.89 | 0.49 |
| P/B Ratio | 5.22 | 3.58 | 3.57 | 3.98 | 8.22 | 580.17 | 14.78 | 22.79 | 11.83 | 2.48 | 1.27 |
| P/FCF | 9.39 | 7.03 | 7.10 | 7.10 | 13.47 | 15.98 | 19.10 | 56.32 | 17.40 | 10.73 | 28.83 |
| P/OCF | 8.72 | 6.53 | 6.60 | 6.22 | 11.15 | 14.40 | 16.09 | 33.42 | 15.57 | 9.29 | 12.74 |
P/E links to full P/E history page with 30-year chart
Enterprise-value multiples — capital-structure-neutral measures of total business value
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 1.51 | 1.97 | 1.93 | 2.57 | 3.86 | 3.27 | 2.67 | 1.63 | 0.72 | 0.35 |
| EV / EBITDA | 7.94 | 6.33 | 7.40 | 6.94 | 10.25 | 12.48 | 18.74 | 21.53 | 19.22 | 14.66 | 12.86 |
| EV / EBIT | 8.65 | 37.95 | 7.92 | 7.36 | 10.68 | 13.01 | 21.20 | 25.72 | 26.81 | 38.83 | — |
| EV / FCF | — | 9.28 | 8.75 | 9.37 | 18.29 | 17.45 | 20.15 | 61.64 | 17.34 | 8.69 | 20.42 |
Margins and return-on-capital ratios measuring operating efficiency
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 57.0% | 57.0% | 58.8% | 55.0% | 52.3% | 61.4% | 54.1% | 50.1% | 51.5% | 50.5% | 48.3% |
| Operating Margin | 22.0% | 22.0% | 24.9% | 26.4% | 23.9% | 29.5% | 15.4% | 10.5% | 5.8% | 1.7% | -0.6% |
| Net Profit Margin | -2.0% | -2.0% | 23.2% | 20.0% | 15.2% | 31.4% | 22.6% | 9.7% | 4.6% | 1.0% | -1.6% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | -5.2% | -5.2% | 57.8% | 69.8% | 129.8% | 476.3% | 148.1% | 84.7% | 19.5% | 2.7% | -4.0% |
| ROA | -1.8% | -1.8% | 20.1% | 17.3% | 17.9% | 54.5% | 33.7% | 19.8% | 10.0% | 1.8% | -2.8% |
| ROIC | 21.7% | 21.7% | 23.0% | 24.1% | 32.0% | 79.4% | 34.1% | 34.4% | 27.8% | 5.8% | -1.7% |
| ROCE | 23.5% | 23.5% | 25.5% | 26.8% | 33.9% | 68.9% | 32.7% | 33.6% | 18.8% | 4.3% | -1.4% |
Solvency and debt-coverage ratios — lower is generally safer
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 1.25 | 1.25 | 0.93 | 1.37 | 3.17 | 68.42 | 1.29 | 2.98 | 0.80 | 0.00 | 0.01 |
| Debt / EBITDA | 1.67 | 1.67 | 1.56 | 1.81 | 2.92 | 1.35 | 1.54 | 2.58 | 1.30 | 0.01 | 0.09 |
| Net Debt / Equity | — | 1.15 | 0.83 | 1.27 | 2.94 | 53.28 | 0.81 | 2.15 | -0.04 | -0.47 | -0.37 |
| Net Debt / EBITDA | 1.53 | 1.53 | 1.39 | 1.68 | 2.70 | 1.05 | 0.98 | 1.86 | -0.06 | -3.44 | -5.30 |
| Debt / FCF | — | 2.25 | 1.65 | 2.27 | 4.82 | 1.47 | 1.05 | 5.32 | -0.05 | -2.04 | -8.41 |
| Interest Coverage | 1.83 | 1.83 | 9.33 | 6.43 | 6.28 | 31.67 | 31.70 | 14.82 | 69.23 | 21.92 | -7.63 |
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 1.27 | 1.27 | 1.18 | 1.30 | 1.60 | 1.72 | 1.69 | 1.65 | 2.06 | 2.71 | 2.85 |
| Quick Ratio | 0.74 | 0.74 | 0.70 | 0.75 | 0.86 | 1.17 | 1.09 | 0.98 | 1.39 | 1.88 | 1.87 |
| Cash Ratio | 0.19 | 0.19 | 0.24 | 0.21 | 0.30 | 0.55 | 0.47 | 0.43 | 0.68 | 1.11 | 1.01 |
| Asset Turnover | — | 0.97 | 0.85 | 0.85 | 0.79 | 1.50 | 1.24 | 1.67 | 2.32 | 1.88 | 1.83 |
| Inventory Turnover | 4.72 | 4.72 | 4.75 | 4.64 | 3.59 | 4.18 | 3.63 | 3.57 | 4.24 | 3.88 | 3.65 |
| Days Sales Outstanding | — | 30.09 | 25.26 | 30.51 | 33.80 | 34.27 | 42.80 | 35.07 | 36.35 | 34.89 | 33.79 |
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | — | — | — | — | — | — | — | 0.1% | 1.2% | 1.3% | 2.4% |
| Payout Ratio | — | — | — | — | — | — | — | — | — | — | — |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | — | — | 14.5% | 13.7% | 8.0% | 8.9% | 7.3% | 4.0% | — | — | — |
| FCF Yield | 10.6% | 14.2% | 14.1% | 14.1% | 7.4% | 6.3% | 5.2% | 1.8% | 5.7% | 9.3% | 3.5% |
| Buyback Yield | 9.4% | 12.6% | 8.6% | 3.3% | 0.2% | 12.5% | 4.0% | 4.9% | 13.9% | 5.5% | 0.1% |
| Total Shareholder Yield | 9.4% | 12.6% | 8.6% | 3.3% | 0.2% | 12.5% | 4.0% | 5.0% | 15.1% | 6.8% | 2.4% |
| Shares Outstanding | — | $54M | $60M | $62M | $62M | $64M | $69M | $72M | $68M | $72M | $74M |
Includes 30+ ratios · 23 years · Updated daily
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Quick answers to the most common questions about buying CROX stock.
Crocs, Inc.'s current P/E ratio is -83.1x. The historical average is 27.1x.
Crocs, Inc.'s current EV/EBITDA is 7.9x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 13.8x.
Crocs, Inc.'s return on equity (ROE) is -5.2%. The historical average is 61.9%.
Based on historical data, Crocs, Inc. is trading at a P/E of -83.1x. Compare with industry peers and growth rates for a complete picture.
Crocs, Inc. has 57.0% gross margin and 22.0% operating margin. Operating margin above 20% indicates strong pricing power and cost efficiency.
Crocs, Inc.'s Debt/EBITDA ratio is 1.7x, indicating moderate leverage. A ratio below 2x is generally considered financially healthy.
Key Metrics
Top Statement Risk
Unresolved net margin divergence
Metrics are mathematically derived from official filings.
Operating Strength Masked by Net Distortions
Despite a -2.0% TTM net margin, Crocs' operating margin of 22.0% and gross margin of 59.4% in 2026Q2 underscore structural profitability, per recent financial statements.
The gross margin has remained resilient, hovering between 54.7% and 61.7% over the past ten quarters, reflecting the low-cost injection-molded production and high-margin Jibbitz accessories. Operating margin expanded to 24.2% in 2026Q2 from 15.3% in 2025Q4, indicating strong operating leverage as SG&A grew slower than revenue. However, the persistent gap between operating and net margins—driven by non-operating charges such as the 2025Q2 impairment—suggests that net income understates the underlying earning power, and investors should focus on operating income as the truer measure of profitability.
ROIC Recovery After Impairment Distortion
ROIC improved to 7.2% in 2026Q2 from 3.9% in 2025Q4, but remains below the 10%+ levels seen in 2024, per quarterly data.
The 2025Q2 impairment artificially depressed ROE and ROA, but ROIC has shown resilience, recovering to 7.2% in 2026Q2. This recovery is driven by margin expansion rather than asset efficiency, as asset turnover has remained flat around 0.23-0.27. The company's return on capital is still below the 10%+ levels seen in 2024, suggesting that the capital base has not yet fully recovered from the HEYDUDE acquisition and subsequent impairment. Investors should monitor whether ROIC can sustainably exceed its cost of capital, as the current level may indicate value creation is still in progress.
Working Capital Efficiency Shows Seasonal Swings
Cash conversion cycle improved to 62 days in 2026Q2 from 73 days in 2025Q3, driven by lower DIO and DSO, as reported in quarterly data.
The cash conversion cycle has improved to 62 days in 2026Q2, down from a peak of 73 days in 2025Q3, reflecting better inventory management and faster receivables collection. DIO declined to 75 days from 89 days, while DSO remained stable around 36 days, indicating that the company is managing its working capital more efficiently. However, the seasonal swings in CCC—ranging from 55 to 73 days—suggest that the company's working capital needs are highly dependent on the timing of inventory builds and wholesale shipments. The improvement in 2026Q2 is a positive sign, but investors should watch for any deterioration in DIO as the HEYDUDE brand integrates.
Leverage Elevated but Deleveraging Underway
Debt-to-equity of 1.22 in 2026Q2 remains high versus DECK's 0.15, though total debt has declined to $1.7B, per balance sheet data.
The debt-to-equity ratio of 1.22 is elevated relative to peers like Deckers (0.15) and Steven Madden (0.54), reflecting the debt taken on for the HEYDUDE acquisition. However, total debt has decreased from $2.1B in 2024Q1 to $1.7B in 2026Q2, indicating a gradual deleveraging process. Interest coverage improved to 4.72x in 2026Q2 from a negative reading in 2025Q2, but remains below the 10x+ levels seen in 2024, suggesting that debt service is manageable but not yet comfortable. The D/EBITDA ratio of 6.36x is also high, and investors should monitor whether the company can continue to reduce leverage without sacrificing growth investments.
Liquidity Adequate but Cash Buffer Thin
Current ratio of 1.49 in 2026Q2 is adequate, but quick ratio of 0.96 and cash of $170M against $1.7B debt indicate limited short-term cushion, per balance sheet.
The current ratio of 1.49 in 2026Q2 is above 1.0, indicating that current assets cover current liabilities, but the quick ratio of 0.96 suggests that excluding inventory, the company may struggle to meet short-term obligations without selling inventory. Cash of $170.3M is modest relative to total debt of $1.7B, and the company relies on operating cash flow to service debt. While the company has generated strong FCF, the thin cash buffer could be a concern if demand softens or if working capital needs spike. Investors should monitor the company's ability to maintain liquidity through its cash flow generation rather than relying on its cash balance.
Net Margin Misleads on Underlying Health
The most misapplied ratio is net margin, which at -2.0% TTM obscures a 22.0% operating margin and robust cash generation, per financial statements.
Net margin is commonly used to assess profitability, but for Crocs, it is distorted by non-operating charges such as the 2025Q2 impairment and interest expenses. The TTM net margin of -2.0% contrasts sharply with the operating margin of 22.0%, and cumulative operating cash flow of $2.0B over ten quarters exceeds cumulative net income of $1.1B, highlighting the non-cash nature of the charges. Investors should instead focus on operating margin and FCF margin, which better reflect the company's earning power. The negative net margin may trigger algorithmic selling, but it does not represent the underlying cash-generating ability of the business.