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NASDAQ · Consumer Discretionary

CROCS INC CROX

Crocs Inc. is a global casual footwear company that owns the Crocs and HEYDUDE brands and sells them through direct and wholesale channels. The company, best known for its classic Crocs, is expanding the sandal category toward a $500 million goal while turning its HEYDUDE brand around. The international market contributes half of the revenue, and Asian markets such as China and India are experiencing strong growth, which is the key to future growth. The core of investment analysis is to focus on DTC channel growth, new product expansion and the pace of HEYDUDE’s recovery.

Sources Company earnings and call materials quartr.com
Shoe Manufacturing

Company profile

Business mix

  • The company's business is divided into the Crocs brand (crocs shoes, sandals, etc.) and the HEYDUDE brand (casual shoes). Revenue in 2025 will exceed US$4 billion, and HEYDUDE's scale will be approximately US$700 million.
  • The channels are mainly direct-to-consumer (DTC), supplemented by wholesale, and the DTC channel leads the growth; the international market accounts for nearly half of the revenue, and the Chinese market only accounts for 4% of global sales, with huge growth potential.

Current key questions

  • The Crocs brand relies on innovation in classic styles, and the sandals business needs to meet growth expectations from the US$500 million target, facing the risk of shifting consumer preferences.
  • The HEYDUDE brand is in a period of adjustment. Inventory reduction and supply chain integration are underway. The guidance for the second half of 2026 is to return to growth, but there is uncertainty about the time and magnitude of recovery.
  • The company faces pressure from demand for discretionary consumer goods amid macroeconomic fluctuations, and the input-output ratio of the marketing model's shift from performance advertising to brand narrative has yet to be verified.
Holders 3 Current sample portfolio
Public mentions 0 Videos / interviews / letters
Valuation snapshot
PE N/A FCF 10.84% Buyback 10.12%
2026-06-07

Current firm holders

Firm Weight Value Filing period
Himalaya Capital Li Lu 2.3% $73.6M 2026-03-31
Smead Capital Management 0.9% $42.9M 2026-03-31
Miller Value Partners Bill Miller 0.8% $3.2M 2026-03-31

Recent trading changes over the last 2 quarters

Last 1 quarters Last 2 quarters Last 3 quarters Last 4 quarters
Net buyers 3 Last 2 13F filing periods
Net reducers 1 Last 2 13F filing periods
Unchanged holders 0 Share count unchanged
Increase amount $92.2M Estimated from net added shares
Reduction amount $9.7M Estimated from net reduced shares
Net share change / base shares +148.4% +988,148 / 665,891
Himalaya Capital Li Lu 2 filing periods
13F 2025-12-31 Filed 2026-02-17
New Shares - 13F value change +$53.7M
13F 2026-03-31 Filed 2026-05-15
Major increase Shares 41.2% 13F value change +$19.9M
Settlement As of 13F 2026-03-31 · Filed 2026-05-15
Base shares 0 Last 2 periods +887,093 (New) Total shares 887,093 Value $73.6M
Miller Value Partners Bill Miller 1 filing periods
13F 2026-03-31 Filed 2026-05-15
New Shares - 13F value change +$3.2M
Settlement As of 13F 2026-03-31 · Filed 2026-05-15
Base shares 0 Last 2 periods +38,548 (New) Total shares 38,548 Value $3.2M
Smead Capital Management 2 filing periods
13F 2025-12-31 Filed 2026-02-09
Minor reduction Shares -6.2% 13F value change -$2.1M
13F 2026-03-31 Filed 2026-05-14
Minor reduction Shares -13.0% 13F value change -$7.9M
Settlement As of 13F 2026-03-31 · Filed 2026-05-14
Base shares 634,082 Last 2 periods -116,912 (-18.4%) Total shares 517,170 Value $42.9M
Bridgewater Associates Ray Dalio 2 filing periods
13F 2025-09-30 Filed 2025-11-13
Major increase Shares 946.1% 13F value change +$24.6M
13F 2025-12-31 Filed 2026-02-13
Major reduction Shares -36.5% 13F value change -$9.7M
Settlement As of 13F 2025-12-31 · Filed 2026-02-13
Base shares 31,809 Last 2 periods +179,419 (+564.1%) Total shares 211,228 Value $18.1M

Recent mentions

No public mentions.