# Crocs, Inc. (CROX)

> Source: Nexqual · https://nexqual.com/CROX · data as of 2026-10-22 20:00 UTC · cite as "Nexqual, Crocs, Inc. (CROX), nexqual.com/CROX" · informational, not investment advice.

**Price:** USD 120.99 (+2.11% on the day) · last close of Oct 22, 2026; US market pre market, not a live price. Prev close 118.49 · day 117–121.26 · 52w 73.21–141.28 · market cap $5.80B · NMS

## Key facts
- Last four reported quarters (through Jun 30, 2026): revenue $4.05B, net income $593M (14.6% margin), free cash flow $705M (SEC filings).
- Valuation: P/E 9.8x (avg 7.1x at the last 2 fiscal year-ends), EV/EBITDA 7.5x, net debt $1.14B.
- 6 of 80 tracked superinvestors hold CROX (13F, Q2 2026): 0 new, 1 added, 3 reduced, 2 unchanged.
- Insider open-market sales, last ~7 months: 2 Form 4 filings, $8.0M; 2 not under a Rule 10b5-1 plan ($8.0M); 0 by opportunistic insiders, 0 by routine insiders (three-year test, Cohen, Malloy & Pomorski 2012).
- Insider open-market purchases, last ~7 months: 3 Form 4 filings, $613K; 2 by opportunistic insiders, 0 by routine insiders.
- Analysts: Buy (mean 2.33 on a 1–5 scale) (15 analysts), mean target USD 138.75 (range 95–163).
- Total return with dividends: 1Y +42.1% vs S&P 500 +14.9%; 5Y -19.2% vs S&P 500 +80.3%.
- Next earnings: 2026-10-29, EPS estimate USD 3.31, revenue estimate $1.00B.

## Financials (SEC 10-K; TTM = last four 10-Q/10-K quarters)
| USD | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | TTM |
|---|---|---|---|---|---|---|
| Revenue | $2.31B | $3.55B | $3.96B | $4.10B | $4.04B | $4.05B |
| Gross profit | $1.42B | $1.86B | $2.21B | $2.41B | $2.36B | — |
| Operating income | $683M | $851M | $1.04B | $1.02B | $150M | $841M |
| Net income | $726M | $540M | $793M | $950M | -$81.2M | $593M |
| EPS (diluted) | $11.39 | $8.71 | $12.79 | $15.88 | -$1.50 | — |
| Free cash flow | $511M | $499M | $815M | $923M | $659M | $705M |
| Gross margin | 61.4% | 52.3% | 55.8% | 58.8% | 58.3% | — |
| Operating margin | 29.5% | 23.9% | 26.2% | 24.9% | 3.7% | 20.7% |
| Net margin | 31.4% | 15.2% | 20.0% | 23.2% | -2.0% | 14.6% |
| Revenue growth | +66.9% | +53.7% | +11.5% | +3.5% | -1.5% | — |
| Cash + short-term investments | $213M | $192M | $149M | $180M | $130M | — |
| Total debt | $771M | $2.32B | $1.66B | $1.35B | $1.23B | — |
Fiscal years end Dec. EPS is split-adjusted.

## Valuation (price ÷ last four quarters, through Jun 30, 2026)
P/E 9.8x · P/S 1.4x · EV/EBITDA 7.5x · EV/Sales 1.7x · P/FCF 8.2x · P/B 4.2x · FCF yield 12.15% · Earnings yield 10.23% · Buyback yield (TTM) 11.11% · Net debt $1.14B · EV $6.94B
P/E at fiscal year-ends: Dec 2024 6.9x, Dec 2023 7.3x.

## Superinvestors (SEC 13F-HR, Q2 2026)
6 of 80 tracked investors hold CROX. Each row is the investor's latest 13F; change is vs their prior-quarter share count.
| Investor | Firm | % of portfolio | Value | Change |
|---|---|---|---|---|
| Norbert Lou | Punch Card Management | 27.20% | $69.6M | Reduced -2.9% |
| Samantha McLemore | Patient Capital Management | 3.20% | $96.4M | Reduced -5.2% |
| Li Lu | Himalaya Capital Management | 2.89% | $107M | Unchanged |
| David Einhorn | Greenlight Capital | 2.07% | $80.7M | Unchanged |
| Bill Miller | Miller Value Partners | 0.82% | $3.5M | Reduced -25.1% |
| Tweedy Browne |  | 0.18% | $2.3M | Added +36.9% |

## Insider sales (SEC Form 4, open-market, last ~7 months)
0 of 2 under a Rule 10b5-1 trading plan (scheduled in advance). Unplanned sales were timed by the insider.
| Trade date | Insider | Role | Shares | Value | % of holdings sold | 10b5-1 plan | Insider type |
|---|---|---|---|---|---|---|---|
| 2026-08-07…2026-08-10 | Rees Andrew | Chief Executive Officer | 30,000 | $4.2M | 2.3% | No | Too little history (no open-market trades in 2025) |
| 2026-06-05 | Rees Andrew | Chief Executive Officer | 32,688 | $3.9M | 2.6% | No | Too little history (no open-market trades in 2025) |
% of holdings sold = shares sold ÷ (shares sold + all holdings the insider reported on that Form 4, direct and through trusts).
Insider type follows Cohen, Malloy & Pomorski (Journal of Finance, 2012). An insider who traded the stock in the same calendar month in each of the past three years is a routine trader; one who traded in each of those years without such a pattern is an opportunistic trader. In their study, trades by opportunistic insiders predicted future returns and trades by routine insiders did not. Counts open-market purchases and sales only (SEC Form 4 codes P and S) by that insider in that company. Not investment advice.

## Insider purchases (SEC Form 4, open-market, last ~7 months)
3 purchases, $613K. Private placements, offerings, dividend reinvestment and employee stock purchase plan buys are excluded.
| Trade date | Insider | Role | Shares | Value | Avg price | Insider type |
|---|---|---|---|---|---|---|
| 2026-09-15 | Smach Thomas J | Director | 680 | $76K | 111.49 | Opportunistic (traded every year 2023–2025, no repeating month) |
| 2026-09-15 | Kaplan Beth J | Director | 885 | $99K | 112.12 | Too little history (no open-market trades in 2023–2025) |
| 2026-09-10 | Smach Thomas J | Director | 4,000 | $438K | 109.38 | Opportunistic (traded every year 2023–2025, no repeating month) |

## Analysts
Consensus Buy (mean 2.33 on a 1–5 scale), 15 analysts; mean target USD 138.75 (low 95, high 163).
Rating changes, last 120 days:
| Date | Firm | Action | Rating | Price target |
|---|---|---|---|---|
| 2026-10-15 | Barclays | Upgrade | Equal-Weight → Overweight | $118 → $139 |
| 2026-07-31 | UBS | Target raised | Neutral | $107 → $120 |
| 2026-07-31 | Barclays | Target raised | Equal-Weight | $110 → $118 |
| 2026-07-23 | B of A Securities | Target raised | Buy | $145 → $160 |
| 2026-07-20 | Seaport Global | Target raised | Buy | $135 → $160 |
| 2026-06-26 | Piper Sandler | Upgrade | Neutral → Overweight | $95 → $150 |

## Total return (dividends reinvested)
|  | 1Y (from 2025-10-23) | 5Y (from 2021-10-18) |
|---|---|---|
| Total return | +42.1% | -19.2% |
| S&P 500 (SPY) | +14.9% | +80.3% |
| Per year | +42.3% | -4.2% |
| Volatility (annualized) | 43.6% | 52.5% |
| Max drawdown | -24.3% (Feb 2026→Mar 2026) | -73.9% (Nov 2021→Jun 2022) |

## Peers (Footwear & Accessories)
BIRK (Birkenstock Holding plc) USD 33.68 +4.21% · SHOO (Steven Madden, Ltd.) USD 44.42 -0.60% · ONON (On Holding AG) USD 34 -0.64% · DECK (Deckers Outdoor Corporation) USD 85.28 -0.25% · WWW (Wolverine World Wide, Inc.) USD 20.68 +2.83% · NKE (Nike, Inc.) USD 38.32 +2.10%

## More
Full page: https://nexqual.com/CROX · Free keyless MCP server with the same data and citations: https://mcp.nexqual.com/mcp · Guide for agents: https://nexqual.com/agents · https://nexqual.com/llms.txt

## Supply chain and relationships (SEC annual reports)

Named in CROX's own 10-K filed 2026-02-12 (https://www.sec.gov/Archives/edgar/data/1334036/000133403626000006/crox-20251231.htm):

| Relationship | Company | Sentence in the filing |
|---|---|---|
| Supplier | Xinjiang Production and Construction | "Even if we were not subject to penalties, fines or sanctions, if products we source are linked in any way to XPCC, the XUAR, or an entity on the UFLPA entity list, our reputation could be damaged." |

Other companies that name CROX in their own reports (relationship from CROX's side):

| Relationship | Company | Their filing | Sentence |
|---|---|---|---|
| customer | SHOE STATION GROUP INC (SHOE) | 10-K 2026-03-26 | "Three branded suppliers, Nike, Skechers and Crocs, collectively accounted for approximately 46% of our Net Sales in Fiscal 2025, 48% of our Net Sales in Fiscal 2024 and 45% of our Net Sales in Fiscal …" |

## Revenue by business segment (quarter ended 2026-06-30)

| Line | Revenue | Share | YoY | Operating income | Op. margin |
|---|---|---|---|---|---|
| Crocs Brand | $1.00B | 84.8% | +4.3% | $352.1M | 35.2% |
| HEYDUDE Brand | $179.0M | 15.2% | -5.7% | $22.4M | 12.5% |
| Corporate costs (not allocated) | — | — | — | -$88.8M | — |
| Total revenue | $1.18B | 100% | — | $374.5M | 31.8% |

## Revenue by region (fiscal year ended 2025-12-31)

| Line | Revenue | Share | YoY |
|---|---|---|---|
| United States | $2.26B | 55.9% | -8.9% |
| Non Us | $1.78B | 44.0% | +9.9% |
| Total revenue | $4.04B | 100% | — |

## Company outlook (8-K filed 2026-07-30)

- "Outlook • Full-Year 2026 Outlook Raised On Both The Top- And Bottom-Line • Crocs Brand Surpasses $1 Billion In Quarterly Revenue For The First Time • Share Repurchase Authorization Increased By $1.5 Billion To Approximately $2 Billion ___________________________________________________________________________ BROOMFIELD, COLORADO — July 30, 2026 — Crocs, Inc."
- "(NASDAQ: CROX), a world leader in innovative casual footwear for all, today announced its second quarter 2026 financial results. "We are pleased to have delivered a stronger-than-expected second quarter, highlighted by record enterprise revenue, including the Crocs Brand surpassing $1 billion in quarterly revenue for the first time ever."

## Analyst estimates and revisions

| Period | EPS est. | 90d ago | Change | Revenue est. | Analysts |
|---|---|---|---|---|---|
| Current quarter (ends 2026-09-30) | $3.31 | $3.55 | -6.7% | $1.00B | 14 |
| Next quarter (ends 2026-12-31) | $3.12 | $2.85 | +9.6% | $994.6M | 13 |
| Current fiscal year (ends 2026-12-31) | $13.97 | $13.68 | +2.1% | $4.10B | 15 |
| Next fiscal year (ends 2027-12-31) | $15.01 | $14.54 | +3.2% | $4.20B | 15 |