Crocs, Inc. (CROX) Margin Analysis - Discounting Cash Flows

Crocs, Inc.

CROX (NASDAQ)

(%)

Models
Crocs, Inc. Margin Analysis

# --- Years and Quarters
assumptions.set({
    "timeseries": "annual",
    "data": {
        "#years": """
            4
        """,
        "#quarters": """
            8
        """,
    },
    "titles": {
        "#years": "Years",
        "#quarters": "Quarters",
    },
    "properties": {
        "width": "responsive",
        "title": "Years and Quarters",
        "id": "component-1",
        "bindTo": None
    },
    "descriptions": {
        "#years": r"""
The number of historical years used to render the annual chart and tables.
        """,
        "#quarters": r"""
The number of historical quarters used to render the quarterly chart and tables.
        """,
    }
})

# Render description block
model.render_description({
    "data": r"""
## Margin Analysis Report

Margins refer to the ratio between a financial report item and the revenue (example: Net Income Margin = Net Income / Revenue).

This analysis provides annual and quarterly sections for reporting key financial margins.
""",
    "properties": {
        "width": "responsive"
    }
})

# Render description block
model.render_description({
    "data": r"""
## Annual Section

The annual section uses annual data to calculate margins and growth rates.
""",
    "properties": {
        "width": "full"
    }
})

# --- Income Statement Margins
data.compute({
    "user:%revenueGrowthRate": """
        ( income:revenue / income:revenue:-1 ) - 1
    """,
    "user:%grossMargin": """
        income:grossProfit / income:revenue
    """,
    "user:%operatingMargin": """
        income:operatingIncome / income:revenue
    """,
    "user:%netMargin": """
        income:netIncome / income:revenue
    """,
}, forecast=0, timeseries="annual")

model.render_table({
    "timeseries": "annual",
    "data": {
        "income:revenue": "Revenue",
        "user:%revenueGrowthRate": "Revenue Growth Rate",
        "income:costOfRevenue": "Cost of Revenue",
        "income:grossProfit": "Gross Profit",
        "user:%grossMargin": "Gross Margin",
        "income:operatingIncome": "Operating Income",
        "user:%operatingMargin": "Operating Margin",
        "income:netIncome": "Net Income",
        "user:%netMargin": "Net Margin",
    },
    "start": data.get("""
        -assumption:#years
    """),
    "end": 0,
    "properties": {
        "title": "Income Statement Margins",
        "order": "descending",
        "number_format": "M",
        "include_ltm": True,
        "display_averages": False,
        "width": "responsive"
    }
})

# --- Cash Flow Statement Margins
data.compute({
    "user:%cashFromOperatingActivitiesMargin": """
        flow:netCashProvidedByOperatingActivities / income:revenue
    """,
    "user:%freeCashFlowMargin": """
        flow:freeCashFlow / income:revenue
    """,
    "user:%depreciationAndAmortizationMargin": """
        flow:depreciationAndAmortization / income:revenue
    """,
    "user:%capitalExpenditureMargin": """
        flow:capitalExpenditure / income:revenue
    """,
}, forecast=0, timeseries="annual")

model.render_table({
    "timeseries": "annual",
    "data": {
        "income:revenue": "Revenue",
        "flow:netCashProvidedByOperatingActivities": "Cash from Operating Activities",
        "user:%cashFromOperatingActivitiesMargin": "Cash from Operating Activities Margin",
        "flow:freeCashFlow": "Free Cash Flow",
        "user:%freeCashFlowMargin": "Free Cash Flow Margin",
        "flow:depreciationAndAmortization": "Depreciation and Amortization",
        "user:%depreciationAndAmortizationMargin": "Depreciation and Amortization Margin",
        "flow:capitalExpenditure": "Capital Expenditure",
        "user:%capitalExpenditureMargin": "Capital Expenditure Margin",
    },
    "start": data.get("""
        -assumption:#years
    """),
    "end": 0,
    "properties": {
        "title": "Cash Flow Statement Margins",
        "order": "descending",
        "number_format": "M",
        "include_ltm": True,
        "display_averages": False,
        "width": "responsive"
    }
})

model.render_chart({
    "timeseries": "annual",
    "data": {
        "user:%grossMargin": "Gross Margin",
        "user:%operatingMargin": "Operating Margin",
        "user:%netMargin": "Net Margin",
        "user:%freeCashFlowMargin": "Free Cash Flow Margin",
    },
    "start": data.get("""
        -assumption:#years
    """),
    "end": 0,
    "properties": {
        "title": "Annual Chart",
        "include_ltm": False,
        "set_editable": [],
        "hidden_keys": [],
        "bar_keys": ["user:%grossMargin", "user:%operatingMargin", "user:%netMargin", "user:%freeCashFlowMargin"],
        "width": "full"
    }
})

# Render description block
model.render_description({
    "data": r"""
## Quarterly Section

The quarterly section uses quarterly data to calculate margins and growth rates.
""",
    "properties": {
        "width": "full"
    }
})

model.render_table({
    "timeseries": "quarterly",
    "data": {
        "income:revenue": "Revenue",
        "user:%revenueGrowthRate": "Revenue Growth Rate",
        "income:costOfRevenue": "Cost of Revenue",
        "income:grossProfit": "Gross Profit",
        "user:%grossMargin": "Gross Margin",
        "income:operatingIncome": "Operating Income",
        "user:%operatingMargin": "Operating Margin",
        "income:netIncome": "Net Income",
        "user:%netMargin": "Net Margin",
    },
    "start": data.get("""
        -assumption:#quarters
    """),
    "end": 0,
    "properties": {
        "title": "Income Statement Margins",
        "order": "descending",
        "number_format": "M",
        "display_averages": False,
        "width": "responsive"
    }
})

model.render_table({
    "timeseries": "quarterly",
    "data": {
        "income:revenue": "Revenue",
        "flow:netCashProvidedByOperatingActivities": "Cash from Operating Activities",
        "user:%cashFromOperatingActivitiesMargin": "Cash from Operating Activities Margin",
        "flow:freeCashFlow": "Free Cash Flow",
        "user:%freeCashFlowMargin": "Free Cash Flow Margin",
        "flow:depreciationAndAmortization": "Depreciation and Amortization",
        "user:%depreciationAndAmortizationMargin": "Depreciation and Amortization Margin",
        "flow:capitalExpenditure": "Capital Expenditure",
        "user:%capitalExpenditureMargin": "Capital Expenditure Margin",
    },
    "start": data.get("""
        -assumption:#quarters
    """),
    "end": 0,
    "properties": {
        "title": "Cash Flow Statement Margins",
        "order": "descending",
        "number_format": "M",
        "display_averages": False,
        "width": "responsive"
    }
})

model.render_chart({
    "timeseries": "quarterly",
    "data": {
        "user:%grossMargin": "Gross Margin",
        "user:%operatingMargin": "Operating Margin",
        "user:%netMargin": "Net Margin",
        "user:%freeCashFlowMargin": "Free Cash Flow Margin",
    },
    "start": data.get("""
        -assumption:#quarters
    """),
    "end": 0,
    "properties": {
        "title": "Quarterly Chart",
        "set_editable": [],
        "hidden_keys": [],
        "bar_keys": ["user:%grossMargin", "user:%operatingMargin", "user:%netMargin", "user:%freeCashFlowMargin"],
        "width": "full"
    }
})

Years and Quarters

Years Years The number of historical years used to render the annual chart and tables.	#
Quarters Quarters The number of historical quarters used to render the quarterly chart and tables.	#

Margin Analysis Report

Margins refer to the ratio between a financial report item and the revenue (example: Net Income Margin = Net Income / Revenue).

This analysis provides annual and quarterly sections for reporting key financial margins.

Annual Section

The annual section uses annual data to calculate margins and growth rates.

Income Statement Margins

Monetary values in USD amounts except #	LTM Mar 14	2025 Dec 31	2024 Dec 31	2023 Dec 31	2022 Dec 31
Revenue	4,041	4,041	4,102	3,962	3,555
Revenue Growth Rate	0%	-1.5%	3.53%	11.46%	53.67%
Cost of Revenue	1,684	1,684	1,692	1,785	1,695
Gross Profit	2,357	2,357	2,410	2,178	1,860
Gross Margin	58.33%	58.33%	58.76%	54.96%	52.33%
Operating Income	149.5	149.5	1,022	1,046	850.8
Operating Margin	3.7%	3.7%	24.91%	26.41%	23.93%
Net Income	-81.2	-81.2	950.1	792.6	540.2
Net Margin	-2.01%	-2.01%	23.16%	20%	15.19%

Cash Flow Statement Margins

Monetary values in USD amounts except #	LTM Mar 14	2025 Dec 31	2024 Dec 31	2023 Dec 31	2022 Dec 31
Revenue	4,041	4,041	4,102	3,962	3,555
Cash from Operating Activities	710.4	710.4	992.5	930.4	603.1
Cash from Operating Activities Margin	17.58%	17.58%	24.19%	23.48%	16.97%
Free Cash Flow	659.2	659.2	923.1	814.8	499
Free Cash Flow Margin	16.31%	16.31%	22.5%	20.56%	14.04%
Depreciation and Amortization	79.28	79.28	69.84	54.3	39.23
Depreciation and Amortization Margin	1.96%	1.96%	1.7%	1.37%	1.1%
Capital Expenditure	-51.23	-51.23	-69.35	-115.6	-104.2
Capital Expenditure Margin	-1.27%	-1.27%	-1.69%	-2.92%	-2.93%

Annual Chart

Monetary values in USD

{"sectionId": "section-chart-1", "sectionType": "chart", "title": "Annual Chart", "timeseries": "annual", "series": [{"label": "Gross Margin", "mappingKey": "user:%grossMargin", "data": [{"l": "2022", "x": "2022-12-31", "y": 52.33}, {"l": "2023", "x": "2023-12-31", "y": 54.96}, {"l": "2024", "x": "2024-12-31", "y": 58.76}, {"l": "2025", "x": "2025-12-31", "y": 58.33}], "dataType": "%", "displayAs": "bar", "dataTimeseries": "annual", "hidden": false}, {"label": "Operating Margin", "mappingKey": "user:%operatingMargin", "data": [{"l": "2022", "x": "2022-12-31", "y": 23.93}, {"l": "2023", "x": "2023-12-31", "y": 26.41}, {"l": "2024", "x": "2024-12-31", "y": 24.91}, {"l": "2025", "x": "2025-12-31", "y": 3.7}], "dataType": "%", "displayAs": "bar", "dataTimeseries": "annual", "hidden": false}, {"label": "Net Margin", "mappingKey": "user:%netMargin", "data": [{"l": "2022", "x": "2022-12-31", "y": 15.19}, {"l": "2023", "x": "2023-12-31", "y": 20}, {"l": "2024", "x": "2024-12-31", "y": 23.16}, {"l": "2025", "x": "2025-12-31", "y": -2.01}], "dataType": "%", "displayAs": "bar", "dataTimeseries": "annual", "hidden": false}, {"label": "Free Cash Flow Margin", "mappingKey": "user:%freeCashFlowMargin", "data": [{"l": "2022", "x": "2022-12-31", "y": 14.04}, {"l": "2023", "x": "2023-12-31", "y": 20.56}, {"l": "2024", "x": "2024-12-31", "y": 22.5}, {"l": "2025", "x": "2025-12-31", "y": 16.31}], "dataType": "%", "displayAs": "bar", "dataTimeseries": "annual", "hidden": false}], "editableDates": {}, "properties": {"display_table": false}, "width": "full"}

Quarterly Section

The quarterly section uses quarterly data to calculate margins and growth rates.

Income Statement Margins

Monetary values in USD amounts except #	2025 (Q4) Dec 31	2025 (Q3) Sep 30	2025 (Q2) Jun 30	2025 (Q1) Mar 31	2024 (Q4) Dec 31	2024 (Q3) Sep 30
Revenue	957.6	996.3	1,149	937.3	989.8	1,062
Revenue Growth Rate	-3.88%	-13.32%	22.62%	-5.3%	-6.82%
Cost of Revenue	434	413.3	440.5	395.8	416.8	428.9
Gross Profit	523.7	583	708.8	541.5	572.9	633.3
Gross Margin	54.68%	58.52%	61.67%	57.78%	57.88%	59.63%
Operating Income	146.4	207.7	-427.5	223	199.9	269.8
Operating Margin	15.29%	20.84%	-37.2%	23.79%	20.2%	25.4%
Net Income	105.2	145.8	-492.3	160.1	368.9	199.8
Net Margin	10.98%	14.64%	-42.83%	17.08%	37.27%	18.81%

Cash Flow Statement Margins

Monetary values in USD amounts except #	2025 (Q4) Dec 31	2025 (Q3) Sep 30	2025 (Q2) Jun 30	2025 (Q1) Mar 31	2024 (Q4) Dec 31	2024 (Q3) Sep 30
Revenue	957.6	996.3	1,149	937.3	989.8	1,062
Cash from Operating Activities	252.5	239.3	285.8	-67.23	321.9	296.9
Cash from Operating Activities Margin	26.37%	24.02%	24.87%	-7.17%	32.53%	27.95%
Free Cash Flow	246.4	226.2	269.2	-82.61	303.4	278.8
Free Cash Flow Margin	25.73%	22.7%	23.42%	-8.81%	30.66%	26.25%
Depreciation and Amortization	20.95	20.33	19.47	18.54	17.95	18.18
Depreciation and Amortization Margin	2.19%	2.04%	1.69%	1.98%	1.81%	1.71%
Capital Expenditure	-6.11	-13.17	-16.57	-15.38	-18.49	-18.05
Capital Expenditure Margin	-0.638%	-1.32%	-1.44%	-1.64%	-1.87%	-1.7%

Quarterly Chart

Monetary values in USD

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