CROXCrocs, Inc.
Is the business good?
The checks split: earnings fully cash-backed (1.2×), but margins compressing.
Mixed fundamental signals. Nine pass/fail tests of year-over-year health from the filings.
Operating profit is fully backed by cash. Conversion is worsening vs a year ago.
Operating margin has narrowed over the past few years, profitability per dollar of sales is eroding.
A balanced mix of margins, efficiency, and leverage. ROE 11% = margin × turnover × leverage.
Unless marked, from derived.
Against the whole market›
Percentile against every name Ryufin tracks. Higher is better; the tick marks the middle of the market. Context, not one of the checks above.
Where this answer is blind. The F-score rewards improvement, so an already-elite company can score mid-pack.
How good a business is CROX?
Crocs, Inc. earns 26% on the capital it employs against a 9.0% cost of capital, so the business is worth more the bigger it gets.
Return on invested capital · cost of capital 9.0% · 17 points above what the capital costs: growth creates value
- Operating margin
- 21%
Operating margin · Footwear & Accessories median 8.8% · 12 months to Q2 2026
- Cash conversion
- 1.16×
Cash conversion · 4.00× a year ago · operating cash flow covers the operating profit after tax
- Share count, year on year
- −11%
Share count, year on year · bought back, each share owns more of the company
| Year | Operating margin |
|---|---|
| FY2020 | 15% |
| FY2021 | 30% |
| FY2022 | 24% |
| FY2023 | 26% |
| FY2024 | 25% |
| FY2025 | 3.7% |
Details›
- Gross margin12 months to Q2 2026
- 57%
- Operating margin12 months to Q2 2026
- 21%
- Net margin12 months to Q2 2026
- 15%
- Free cash flow margin
- 17%
- Revenue, trailing twelve months
- $4.05B
- Free cash flow, trailing twelve months
- $705M
- Net income, trailing twelve months
- $593M
- Return on invested capitaloperating profit after tax ÷ debt + equity − cash
- 26%
Margins, capital and share counts from the statements as filed with the SEC; cash conversion is operating cash flow over operating profit after tax.
Footwear & Accessories
Ranks #2 of 9 by RyuScore