CROCS, INC.
CROX · Materials · $6.8B mkt cap · FY2025 filings · Narrow moat ·
Wonderful & reasonably priced
The five investor questions
2021–2025 (latest 5 aligned FYs; v3 window cap 5): revenue $2.3B to $4.0B, increasing; diluted EPS 11.39 to -1.50, decreasing.
Median gross margin 53.2% over 10y, very stable.
Median ROIC 33.6%, above the 12% hurdle in 80% of years.
Net debt/EBITDA 4.8x, interest coverage 2x.
Owner earnings trend unclear.
Price vs. conservative owner-earnings floor
A cautious baseline, not a price target: what the shares may support if normalized owner earnings simply hold steady.
- Owner earnings (normalized)
- $726M
- Owner-earnings floor / share
- $160.62
- Capped-growth comparison / share
- $160.62
- Recent price
- $134.72
- Price vs. owner-earnings floor
- 16% below owner-earnings floor
A discount this large is often a warning rather than a bargain — the market may expect earnings to keep falling. See the revenue trend above.
How to read this
What today’s price assumes: owner earnings shrinking ~3%/yr over 5 years. The floor assumes owner earnings stay flat (0% growth).
We solve for the constant annual change in owner earnings that would make the five-year floor equal today’s price. This keeps the existing model inputs and calculation unchanged; it is an expectations lens, not a forecast.
This floor assumes trailing owner earnings persist — unreliable for declining businesses. The recent FY revenue series does not trigger the three-consecutive-declines flag.
Among the current top-score group, the median current price is 239% above the floor across 48 of the current top 50 companies by Moat Score with both values.
Score records captured Jul 26, 2026.
Exactly which 50 companies?
FTNT, META, MEDP, IBEX, MSFT, GOOGL, LULU, ANF, IDXX, TXRH, FHI, QLYS, FFIV, ADBE, LLY, MANH, VEEV, GRMN, SSD, MNST, DOCS, MCO, CPRT, NTAP, LRCX, NVDA, CORT, SFM, MPTI, ULTA, SN, RMD, ROL, PAYC, IRMD, INTU, DECK, MORN, LGCY, DAL, GWW, ISRG, MPWR, CTAS, LOPE, MRK, CMG, FAST, BKNG, ORLY
Missing a usable price or floor: ANF, BKNG.
Model details under moat-index@3.0.0: zero-growth floor 11.1×, capped-growth comparison at no more than 18×; 9% discount rate; high-end growth 0% (capped at 4%) using min(5y revenue CAGR, 5y diluted-EPS CAGR), clamped to 0%–4%; maintenance capex uses min(capex, D&A); abstain when D&A is unavailable. This is a disclosed model range, not intrinsic value as fact.
18 years of fundamentals
The business, in plain English
CROCS, INC. booked $4.0B of revenue in FY2025 in the Materials sector and kept 58.3% of it as gross profit — a high-margin business by that measure. After every other cost, −2.0% of each revenue dollar reached the bottom line.
Across the filed record, revenue grew from $646M (FY2009) to $4.0B (FY2025) — about 12.1% a year compounded over 16 years.
It earned 4.1% on invested capital in the latest filed year, FY2025. Across the full 17-year measurable filed record, median ROIC was 31.6%. Over the v3 recent window (10 measurable filed years), median ROIC was 33.6%. The Returns on Capital filter above scores it 93/100.
The balance sheet carried $1.2B of total debt in FY2025. Balance-Sheet Safety scores it 0/100.
Put together: Returns on Capital is the strongest of the five filters (93/100) and Balance-Sheet Safety the weakest (0/100), which is how CROX lands at 60/100 — a Narrow moat.
This breakdown is generated from the filed numbers and sub-scores above — no outside narrative, no estimates. Where a filing doesn’t disclose an input, the sentence that would need it is omitted instead of guessed.
Gaps in a line mean that item isn’t in CROX’s filings for that year — the series is never interpolated or estimated. The Table view lists every filed value, including operating and net margins, total debt, and share count.
Moat Score history
Breaks in the line mark methodology or normalizer upgrades — readings across versions aren’t compared, so a level shift there isn’t a change in the business.
Tier changesSame-methodology and same-normalizer crossings of the Wide / Narrow / Shallow bars
- Normalizer upgraded unstamped (version unknown)tomoat-xbrl-normalizer@1.1.0 — readings across versions aren’t comparedJul 26, 2026
- Methodology upgraded moat-index@2.0.0tomoat-index@3.0.0 — readings across versions aren’t comparedJul 23, 2026
- Methodology upgraded moat-index@1.2.0tomoat-index@2.0.0 — readings across versions aren’t comparedJul 20, 2026
Scores are logged append-only and never overwritten — this record cannot be reconstructed retroactively, which is exactly why it’s worth keeping.
Track record
How CROCS, INC.’s moat rated in each of the years we can reconstruct from its filings — scored only on what was knowable at the time — and what its price and returns did afterward. The score never saw a price; the two are joined only in hindsight, for education, not as a signal.
How to read this: each dot is what the engine would have scored CROX on that December 31; the line below is its total-return price path (dividends reinvested) in the years since.
Two tracks, one timeline: the score has its own 0–100 scale (top), the price its own 100-based scale (bottom) — never a shared axis. The price path is a total-return (dividends reinvested) index built from the same data the forward returns use; gaps in the score line are years with no reconstructed rating (see the table for why). The Table view carries every value.
What followed, in the years it rated Wide
In the 5 years CROX rated Wide-moat (2013, 2014, 2021, 2022 and 2024), the median forward total return that followed — measured only after each year’s filings were public — was:
- 1 year −21% vs the S&P 500’s 12% (price basis) · median over 5 years
- 3 years −18% vs the S&P 500’s 27% (price basis) · median over 4 years
- 5 years 151% vs the S&P 500’s 48% (price basis) · median over 2 years
These are medians computed from the data, not a claim about any one year. The company figures are total returns (dividends reinvested); the S&P 500 is the price-only ^GSPC index, which excludes dividends and so understates the index — the gap flatters the company. A quality rating is not a return forecast, and past returns don’t predict future ones. Educational only, not investment advice.
Materials context
#48 of 309 scored Materials companies, ranked by Moat Score.
Nearest peers by Moat Score
- #46CDE COEUR MINING, INC.60.7 out of 100, Narrow moatNarrow moat
- #47SM SM ENERGY CO60.2 out of 100, Narrow moatNarrow moat
- #49IOSP INNOSPEC INC.60.1 out of 100, Narrow moatNarrow moat
- #50AMRZ Amrize Ltd60.1 out of 100, Narrow moatNarrow moat
Compare CROX with its nearest peers →All Materials companies on the Index →
Common questions about CROX
- Does CROCS, INC. have an economic moat?
- Based on its FY2025 SEC filings, the Moat Index scores CROCS, INC. (CROX) 60.2 out of 100 — a Narrow moat. The five questions behind that score begin at 20% each; if exactly one genuinely lacks data, the other four weights are renormalized and disclosed. revenue and EPS trend 60, pricing power 84, returns on capital 93, balance-sheet safety 0, capital discipline 64.
- Is CROX trading below the conservative owner-earnings estimate?
- The conservative owner-earnings floor is $160.62 per share. It capitalizes normalized owner earnings at a 9% rate and assumes 0% growth. Versus a recent price of $134.72, that is 16% below owner-earnings floor. The model also publishes a capped-growth comparison, but the floor is the cautious baseline. It assumes trailing owner earnings persist and is unreliable for declining businesses. This is an educational estimate from primary SEC filings, not intrinsic value as a fact or investment advice.
- How has CROX's Moat Score changed over time?
- The record logs 16 readings since Jul 17, 2026; the latest reads 60.2 out of 100 (narrow moat). No tier changes on record yet. (Methodology or normalizer upgrades on Jul 20, 2026, Jul 23, 2026, Jul 26, 2026 re-based the score; readings across versions aren't compared.) The history is append-only — readings are only ever added, never rewritten.