CROXCrocs, Inc.

Rubber & Plastics Footwear

Revenue: $4.0B; 1.5% YoY
Operating margin: 3.7%; 85% YoY
EBITDA: $229M; 79% YoY
Market cap: $7.0B
Employees: 8,010; $504K revenue each
Net debt / EBITDA: -0.7×; −$163M net debt
AI in 10-K: 1.6; mentions per 10K words

Takeover score 1 of 13

Fixable underperformance 0 of 7

TSR below peersNo
0 of 5 years
3+ of last 5 years
High CEO pay despite TSRNo
$11M median
Median CEO pay ≥ $15M while TSR trails
Earnings not backed by cashNo
—
Cash flow under 80% of net income
Dilutive SBCNo
1% of revenue
Over 10% of revenue
Payouts exceed cash flowNo
82% of cash flow
Buybacks + dividends over cash flow
Goodwill-heavyNo
9% of assets
Over 40% of assets
Shareholder dissentNo
90% lowest support
Any vote under 80% support

Buyer economics 1 of 4

Low revenue per employeeNo
$504K · 33rd pct
Bottom quartile of its SIC industry
Quiet on AINo
1.6 per 10K words · 47th pct
Bottom quartile of AI mentions in 10-Ks
Net cashYes
Net cash · 0.7× EBITDA
More cash than debt, positive EBITDA
Buyout-sizedNo
$7.0B market cap
Market cap $500M–$5B

Catalysts 0 of 2

Active 13DNo
0 filings
Active-intent 13D in 18 months
Net insider sellingNo
−$9M net
Net sales over $10M in 12 months

Financials

Metric	FY2021	FY2022	FY2023	FY2024	FY2025	YoY	Trend
Revenue	$2.3B	$3.6B	$4.0B	$4.1B	$4.0B	1.5%
Operating income	$683M	$851M	$1.0B	$1.0B	$150M	85%
Net income	$726M	$540M	$793M	$950M	−$81M	109%
Operating cash flow	$567M	$603M	$930M	$992M	$710M	28%
Capex	$56M	$104M	$116M	$69M	$51M	26%
Stock-based comp	$38M	$31M	$29M	$33M	$37M	11%
Buybacks	$1.0B	$0	$175M	$552M	$582M	5.4%

Deal filings

None.

13D filers

Filed	Filer	Form	Stake	Intent
Nov 4, 2019	Blackstone Capital Partners VI L.P.	SC 13D/A	0.0%	Passive

Insider trading

Open-market buys, 12 mo: $836K · 5
Open-market sells, 12 mo: $10M · 12
Net: −$9M

Pay vs performance

Year	CEO total comp	Comp actually paid	TSR (indexed)	Peer TSR
FY2025	$11M	$7M	136	58
FY2024	$12M	$14M	175	75
FY2023	$11M	$9M	149	87
FY2022	$10M	−$4M	173	87
FY2021	$16M	$57M	205	118