Latest Ratios: P/E Ratio 11.0x · EV/EBITDA 9.1x · 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 | $7.5B | $4.6B | $6.6B | $5.8B | $6.7B | $8.2B | $4.3B | $3.0B | $1.8B | $913M | $506M |
| Enterprise Value | $9.0B | $6.1B | $8.1B | $7.6B | $9.1B | $8.9B | $4.5B | $3.3B | $1.8B | $740M | $359M |
| P/E Ratio → | 10.96 | — | 6.90 | 7.30 | 12.45 | 11.26 | 13.74 | 25.08 | — | — | — |
| P/S Ratio | 1.84 | 1.15 | 1.60 | 1.46 | 1.89 | 3.53 | 3.10 | 2.44 | 1.63 | 0.89 | 0.49 |
| P/B Ratio | 6.37 | 3.58 | 3.57 | 3.98 | 8.22 | 580.17 | 14.78 | 22.79 | 11.83 | 2.48 | 1.27 |
| P/FCF | 10.01 | 7.03 | 7.10 | 7.10 | 13.47 | 15.98 | 19.10 | 56.32 | 17.40 | 10.73 | 28.83 |
| P/OCF | 10.62 | 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 | 9.11 | 26.75 | 7.40 | 6.94 | 10.25 | 12.48 | 18.74 | 21.53 | 19.22 | 14.66 | 12.86 |
| EV / EBIT | 60.39 | 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 | 58.3% | 58.3% | 58.8% | 55.0% | 52.3% | 61.4% | 54.1% | 50.1% | 51.5% | 50.5% | 48.3% |
| Operating Margin | 3.7% | 3.7% | 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 | 3.7% | 3.7% | 23.0% | 24.1% | 32.0% | 79.4% | 34.1% | 34.4% | 27.8% | 5.8% | -1.7% |
| ROCE | 4.0% | 4.0% | 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 | 7.05 | 7.05 | 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 | 6.48 | 6.48 | 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 | 4.57 | 4.57 | 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 | 9.1% | — | 14.5% | 13.7% | 8.0% | 8.9% | 7.3% | 4.0% | — | — | — |
| FCF Yield | 10.0% | 14.2% | 14.1% | 14.1% | 7.4% | 6.3% | 5.2% | 1.8% | 5.7% | 9.3% | 3.5% |
| Buyback Yield | 7.7% | 12.6% | 8.6% | 3.3% | 0.2% | 12.5% | 4.0% | 4.9% | 13.9% | 5.5% | 0.1% |
| Total Shareholder Yield | 7.7% | 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 11.0x. The historical average is 27.1x. This places it at the 25th percentile of its historical range.
Crocs, Inc.'s current EV/EBITDA is 9.1x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 15.0x.
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 11.0x. This is at the 25th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
Crocs, Inc. has 58.3% gross margin and 3.7% operating margin.
Crocs, Inc.'s Debt/EBITDA ratio is 7.1x, indicating high leverage. A ratio above 4x may signal elevated financial risk.
Key Metrics
Top Statement Risk
Unexplained net-operating margin gap
Metrics are mathematically derived from official filings.
Forward Multiples Imply Earnings Recovery Pricing
Based on reported figures, CROX trades at a forward P/E of 10.58 and forward EV/EBITDA of 7.14, a steep discount to its trailing EV/EBITDA of 9.39, while the trailing P/E of -101.95 is distorted by the negative reported net margin and carries little analytical weight.
The gap between trailing and forward EV/EBITDA suggests the market expects a meaningful EBITDA step-up over the next year, which is consistent with the recent operating margin rise to 28.0% in 2026Q3. Relative to SHOO and WWW, CROX's forward multiples appear inexpensive, though that discount is only meaningful if the operating margin proves durable rather than timing-driven. Investors should monitor whether the forward discount persists once the net income gap is reconciled.
Operating Strength Masked by Net Losses
As reported in financial statements, CROX's operating margin reached 28.0% in 2026Q3 and 24.2% in 2026Q2, yet net margin in the same periods was 20.8% and 17.4%, while 2025Q2 printed a -42.8% net margin against a 27.0% operating margin.
The persistent spread between operating and net margins across the ten quarters points to large non-operating items, such as interest expense or impairments, absorbing a significant share of operating profit. Gross margin expansion from 54.7% in 2025Q4 to 66.2% in 2026Q3 is notable relative to the 41-48% range typical of footwear peers, suggesting pricing or mix benefits. Analysts should treat operating margin as the better reflection of earning power until the non-operating drag is explained.
ROE Recovers Faster Than ROIC
According to recent SEC filings as summarized in the supplied ratios, CROX's ROE climbed from 7.9% in 2025Q4 to 15.9% in 2026Q3, while ROIC moved more modestly from 3.9% to 7.6% over the same window, indicating equity-driven return gains outpacing invested-capital returns.
The divergence between ROE and ROIC suggests recent return improvement is partly a function of a shrinking equity base and leverage rather than purely of improved capital productivity. ROIC remains far below the 101.4% reported for DECK, indicating CROX earns a materially lower return on invested capital than its highest-quality footwear peer. Whether returns are compounding depends on sustaining the operating margin gains against the elevated capital base.
Reported Leverage Conflicts With History
Based on EDBL-style reporting logic applied to the supplied ratios, CROX's debt-to-equity sits near 1.24 in 2026Q3 while D/EBITDA improved from 9.64 in 2025Q4 to 5.61, and interest coverage recovered from -18.92 in 2025Q2 to 15.56.
Interest coverage at 15.56 in 2026Q3 suggests debt service is currently manageable on reported operating earnings. However, the D/E reading of about 1.24 appears inconsistent with the sub-1.0 readings seen in 2024Q4 and 2025Q1, which may indicate a structural shift in capital structure or a data classification issue. Refinancing and covenant exposure cannot be assessed from the supplied data and warrants further investigation.
Current Ratio Adequate Despite Thin Cash
As reported in financial statements, CROX's current ratio was 1.44 and quick ratio 0.86 in 2026Q3, with the quick ratio dropping from 1.04 in 2026Q1 to 0.74 in 2025Q4, suggesting reliance on inventory conversion for short-term coverage.
The gap between current and quick ratios indicates inventory accounts for a meaningful share of current assets, increasing dependence on sell-through during slower demand periods. With cash of roughly $163.5M against current liabilities implied by a 1.44 current ratio, the buffer appears adequate but not expansive under severe stress. Stress resilience would depend on whether receivables and inventory continue to convert on the current DSO and DIO trajectory.
Misapplied Metric: Trailing P/E
Trailing P/E of -101.95 is the ratio most commonly misapplied to CROX, since a negative net margin against a 28.0% operating margin makes the figure reflect non-operating items rather than the operating franchise being valued.
Trailing P/E obscures the gap between operating earning power and reported net income, treating impairments or interest drags as if they were permanent features of the business. A more informative approach is EV/EBITDA adjusted for integration and non-recurring items, paired with operating margin trend analysis. Until the non-operating drivers are reconciled, forward EV/EBITDA and normalized operating earnings offer a cleaner basis for comparison against peers.