Birkenstock Holding plc is a US-listed company in the footwear industry. Its financial year ends in September.
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Under review: valuation models disagree too widely to rate.
Under review: valuation models disagree too widely to rate. We'll show the comparison once resolved.
Birkenstock Holding plc valuation: adjust assumptions and compare models →
What company insiders, investment funds and members of Congress have been doing with the stock, from their own filings.
Revenue for the twelve months was $2.32bn. That growth ranks 2 of 10 among the footwear companies we cover. Free-cash-flow margin held at 14.7%. Against its peers on growth, profitability, cash generation and balance sheet, it grades B+. It passes 2 of our 5 financial-health checks.
Our model value for Birkenstock Holding is under review, so past values are not shown until it is resolved.
Written from the company's filings and our models when each quarter's report arrives. Figures in older notes are as published at the time. Not investment advice.
Birkenstock Holding plc's trailing-twelve-month revenue grew 18.6% year on year, with a free-cash-flow margin of 14.7%. Where it stands out: operating margin of 26.2% ranks 1 of 10 footwear companies we cover. Where it lags: change in growth rate of -4.2pp ranks 9 of 10 footwear companies we cover.
Current signal Free cash flow diverging from earnings: TTM free cash flow fell 13.6% while net income grew 85.5%: a 99pp divergence.
Assembled from SEC-filed figures — the full workings are on this page and in our methodology. Observations, not recommendations.
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Company announcements, filed results and changes that matter to shareholders.
The inputs used by the models below have passed source checks. Individual model values are available below and in the interactive valuator. Their differences are shown explicitly; the platform combined value and recommendation remain withheld.
We value Birkenstock Holding plc as an operating company, with every model that fits that kind of business. Cost of equity 9.8%: the 10-year Treasury yield (4.9%) plus a beta of 1.07 times a 4.5% equity risk premium.
| Model | Value per share | In the combined value? |
|---|---|---|
| Price-to-earnings vs peers Earnings per share times peers' typical (harmonic-mean) price-to-earnings. | ~$29 ~$22–$37 | Primary model, counts double |
| Residual income Book value plus the present value of returns above the cost of equity, fading over ten years. | ~$13 ~$8.9–$21 | Included |
| Justified price-to-book Book value times (return on equity - growth) / (cost of equity - growth): steady-state returns. | ~$13 ~$11–$15 | Included |
| Revenue-to-maturity model Revenue grown to maturity with the cash margin moving to the industry's; for companies not yet profitable. | ~$24 ~$19–$30 | Included |
| Price-to-sales vs peers Sales per share times peers' typical price-to-sales; used only when earnings are negative. | — | Does not apply: This model is withheld pending its input or assumption review. |
| Combined value Individual source-checked model scenarios are available. The platform combined value and recommendation remain withheld. | — | Combined value withheld. Review the individual models and their assumptions. |
Different models fail in different ways, so where several apply we average them rather than trust one. Peer-based models compare Birkenstock Holding plc with Footwear in our coverage, using third-party market data. Model values are estimates under stated assumptions, updated as new filings arrive; not price targets or investment advice. How each model works.
Not assessed: fewer than five years of comparable figures in the filings. AI disruption exposure for this industry: Medium.
Next results: December 17, 2026, before the open.
No analyst estimates are published for Birkenstock Holding plc: too few analysts cover it.
| Quarter to | Estimate | Actual | Surprise |
|---|---|---|---|
| Jun 2026 | $0.76 | $0.74 | −2.0% |
| Mar 2026 | $0.59 | $0.50 | −15.8% |
| Dec 2025 | $0.26 | $0.27 | +3.4% |
| Sept 2025 | $0.36 | $0.51 | +41.7% |
Adjusted EPS as companies report it, against the average analyst estimate.
Source: SEC EDGAR filings. Retrieved November 2, 2026.
| Period | Revenue (TTM) |
|---|---|
| FY22 Q4 | $1.3B |
| FY23 Q4 | $1.6B |
| FY24 Q4 | $2B |
| FY25 Q4 | $2.3B |
Source: SEC EDGAR filings. Retrieved November 2, 2026.
| Period | Operating margin (TTM) |
|---|---|
| FY22 Q4 | 29.2% |
| FY23 Q4 | 17.5% |
| FY24 Q4 | 23.3% |
| FY25 Q4 | 26.2% |
Source: SEC EDGAR filings. Retrieved November 2, 2026.
| Period | FCF margin (TTM) |
|---|---|
| FY22 Q4 | 13.1% |
| FY23 Q4 | 17.2% |
| FY24 Q4 | 20.1% |
| FY25 Q4 | 14.7% |
Each dollar Birkenstock Holding took in during FY2025, followed through to profit: what it cost to make, what went on running the business, and what was left after tax.
| Revenue | $2.3B | |
|---|---|---|
| Cost of revenue | $949M | 40.9% of revenue |
| Gross profit | $1.4B | 59.1% of revenue |
| Other operating costs | $764M | 32.9% of revenue |
| Operating income | $608M | 26.2% of revenue |
| Income tax | $135M | 5.8% of revenue |
| Interest and other | $88M | 3.8% of revenue |
| Net income | $385M | 16.6% of revenue |
| Fiscal year | 2022 Sept 2022 | 2023 Sept 2023 | 2024 Sept 2024 | 2025 Sept 2025 |
|---|---|---|---|---|
| Income | ||||
| Revenue | 1,346 | 1,594 | 1,957 | 2,321 |
| Gross profit | 812 | 989 | 1,150 | 1,372 |
| EBITDA | 481 | 368 | 566 | 734 |
| Operating income | 393 | 279 | 457 | 608 |
| Net income | 203 | 80 | 208 | 385 |
| Diluted EPS | $1.10 | $0.44 | $1.11 | $2.07 |
| Growth (year on year) | ||||
| Revenue | — | +18.4% | +22.8% | +18.6% |
| EBITDA | — | −23.6% | +54.1% | +29.5% |
| Operating income | — | −29.2% | +63.9% | +33.2% |
| Net income | — | −60.5% | +159.2% | +85.5% |
| Diluted EPS | — | −60.4% | +152.5% | +87.1% |
| Margins | ||||
| Gross margin | 60.3% | 62.1% | 58.8% | 59.1% |
| EBITDA margin | 35.7% | 23.1% | 28.9% | 31.6% |
| Operating margin | 29.2% | 17.5% | 23.3% | 26.2% |
| Net margin | 15.1% | 5.0% | 10.6% | 16.6% |
| Free-cash-flow margin | 13.1% | 17.2% | 20.1% | 14.7% |
| Cash flow | ||||
| Cash from operations | 254 | 383 | 465 | 425 |
| Capital spending | 77 | 109 | 71 | 85 |
| Free cash flow | 177 | 274 | 394 | 340 |
| Stock-based pay | — | −70 | −4 | — |
| Free cash flow after stock pay | — | 344 | 398 | — |
| Balance sheet | ||||
| Cash | 300 | 365 | 397 | 386 |
| Total debt | 1,924 | 1,961 | 1,331 | 1,344 |
| Net debt (negative = net cash) | 1,623 | 1,597 | 935 | 958 |
| Diluted shares | 183m | 183m | 188m | 187m |
| Last 12 months unless stated | BIRK | SHOO | WWW | CAL | ONON | CROX | Median |
|---|---|---|---|---|---|---|---|
| Revenue, last 12 months | $2.3bn | $2.7bn | $2.0bn | $2.8bn | $3.6bn | $4.1bn | $2.5bn |
| Revenue growth, last 12 months | 18.6% | 18.2% | 7.2% | 7.3% | 38.1% | 0.7% | 7.2% |
| Revenue growth, 3-year average | — | 12.3% | −8.5% | −0.1% | — | 1.3% | 0.6% |
| Revenue growth, latest quarter | — | 19.1% | 6.8% | 5.6% | — | 4.6% | 6.8% |
| Gross margin | 59.1% | 46.1% | 47.1% | 46.2% | 62.8% | 59.4% | 48.1% |
| Operating margin | 26.2% | 7.5% | 8.7% | 3.1% | 12.5% | 22.6% | 10.7% |
| Operating margin, 3-year average | — | 7.9% | 3.0% | 4.2% | — | 17.6% | 8.4% |
| Net margin | 16.6% | 5.4% | 5.5% | 1.8% | 6.8% | 16.2% | 6.2% |
| Cash from operations / revenue | 18.3% | 9.6% | 9.4% | 4.1% | 11.9% | 19.8% | 10.8% |
| Free-cash-flow margin | 14.7% | 8.2% | 9.0% | 2.2% | 9.5% | 18.4% | 9.2% |
| Free-cash-flow margin, 3-year average | — | 7.8% | 6.3% | 1.9% | — | 19.7% | 8.1% |
| Stock pay / revenue | −0.2% | 1.1% | 1.2% | 0.4% | 2.2% | 1.1% | 0.8% |
| Change in share count | −0.6% | 0.7% | 2.0% | −0.8% | — | −11.3% | −0.6% |
| Measure | Company | Peer median | Rank |
|---|---|---|---|
| Revenue growth Growth | 18.6% | 7.3% | 2 of 10 |
| Change in growth rate Growth | -4.2pp | +2.4pp | 9 of 10 |
| Gross margin Profitability | 59.1% | 49.1% | 3 of 10 |
| Operating margin Profitability | 26.2% | 12.5% | 1 of 10 |
| Net margin Profitability | 16.6% | 6.8% | 2 of 10 |
| Free-cash-flow margin Cash generation | 14.7% | 9.5% | 4 of 10 |
| Stock pay as % of revenue Cash generation | -0.2% | 0.8% | 1 of 9 |
| Long-term debt as % of assets Balance sheet | 22.8% | 23.3% | 2 of 5 |
| Change in share count Balance sheet | -0.6% | -0.6% | 5 of 9 |
| Days sales outstanding Balance sheet | 30 days | 43 days | 2 of 8 |
Rank 1 = best in the group (for spending, debt and dilution, lower ranks first).
| Manager | Value | Shares | Share of 13F value | Shares QoQ |
|---|---|---|---|---|
| Catterton Management Company, L.L.C. | $4.3B | 99.4M | 58.8% | 0.0% |
| BAMCO Inc | $634M | 14.7M | 8.7% | ▲ 57.4% |
| T. Rowe Price Investment Management, Inc. | $399M | 9.3M | 5.5% | ▼ 21.4% |
| Dimensional Fund Advisors LP | $200M | 4.6M | 2.7% | ▲ 14.8% |
| Massachusetts Financial Services Co | $178M | 4.1M | 2.4% | ▲ 29.8% |
| William Blair Investment Management, LLC | $123M | 2.9M | 1.7% | ▲ 11.3% |
| FMR LLC | $120M | 2.8M | 1.6% | ▼ 44.8% |
| UBS Group AG | $116M | 2.7M | 1.6% | ▲ 17.0% |
| Norges Bank | $93.8M | 2.2M | 1.3% | — |
| Morgan Stanley | $92.5M | 2.1M | 1.3% | ▼ 14.2% |
| Westfield Capital Management Co LP | $84.6M | 2.0M | 1.2% | ▼ 15.9% |
| Goldman Sachs Group Inc | $71.5M | 1.7M | 1.0% | ▲ 87.4% |
From Form 13F filings with the SEC ( quarterly data sets), as reported by each manager for June 30, 2026 and filed up to 45 days later. 13F reports cover long US-listed positions of managers above $100M only, so this is not Birkenstock Holding plc's complete shareholder register. Values are as reported by the filers .
| Insider | Date | Trade | Shares | Price | Value |
|---|---|---|---|---|---|
| Chu James Michael Director | August 17, 2026 | Sell | 28,146,226 | $39.18 | $1.1B |
| Bouyakhf Mehdi Nico President EMEA | June 8, 2026 | Sell | 30,000 | $43.50 | $1.3M |
| Bouyakhf Mehdi Nico President EMEA | June 5, 2026 | Sell | 60,000 | $42.07 | $2.5M |
From insiders' Form 4 filings with the SEC. Excludes awards, option exercises and shares withheld for tax. "Pre-set plan" means the filing marks the trade as made under a Rule 10b5-1 plan. See every insider trade since five years ago, on a price chart.
| Data | Last updated | Source |
|---|---|---|
| Share price | Exchange closing prices | |
| News and updates | Company releases and SEC 8-K filings | |
| Analyst estimates | Aggregated analyst estimates | |
| Valuation and scores | Our models, from the filed figures |
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