Crocs vs On Holding
Crocs and On Holding are similar in size: $4.04bn and $3.64bn of revenue in their latest fiscal years. On Holding grew faster (38.1% against -1.5%). On Holding kept more of each dollar of sales as profit: a net margin of 6.8% against -2.0%. On Holding carries less debt relative to equity (0.0% against 97.6%).
| Latest fiscal year | CrocsCROX, 2025 | On HoldingONON, 2025 |
|---|---|---|
| Revenue | $4.04bn | $3.64bn |
| Revenue growth | -1.5% | 38.1% |
| Net income | −$81.2m | $246m |
| Operating margin | 3.7% | 12.5% |
| Net margin | -2.0% | 6.8% |
| Return on equity | -5.2% | 13.7% |
| Free cash flow | $659m | $346m |
| Cash | $130m | $1.29bn |
| Total debt | $1.26bn | $0 |
| Debt to equity | 97.6% | 0.0% |
| Dividend per share | — | — |
| Dividend yield | — | — |
| Share buybacks | $582m | — |
| Employees | 8,010 | — |
| Market value | $7.07bn | $10.54bn |
| Price vs our value range | Below our value range | Below our value range |
| Moat score | 75 (Strong) | — |
| Insider trades, 12 months | 5 buys, 12 sales | 8 buys, 9 sales |