Crocs, Inc. (CROX) vs On Holding AG (ONON)

Crocs, Inc. and On Holding AG are both Footwear & Accessories companies. On Holding AG is the larger, with a market value of $10.1B against $5.9B — 1.7× the size. Crocs, Inc. trades at the lower P/E: 10.8× against 38.3×. On Holding AG grew revenue faster over the last twelve months: 29.2% against −2.03%. Crocs, Inc. has the higher net margin (14.6% vs 12.3%) and the lower return on invested capital (20.8% vs 25.0%). Across the 21 metrics below, Crocs, Inc. leads on 12 and On Holding AG on 9.

Valuation

Metric CROX ONON Footwear & Accessories median
P/E 10.80 38.33 15.26
P/S 1.53 4.69 1.16
P/B 4.47 7.88 2.59
Price to free cash flow 8.89 35.97 12.20
EV/EBITDA 7.96 24.72 8.91
EV/Sales 1.81 4.44 1.24
Earnings yield 9.26% 2.61% 6.11%
Free cash flow yield 11.25% 2.78% 4.85%

Profitability

Metric CROX ONON Footwear & Accessories median
Gross margin 57.47% 64.74% 49.76%
Operating margin 20.73% 13.74% 8.44%
Net margin 14.63% 12.25% 5.64%
Free cash flow margin 17.38% 13.05% 8.18%
Return on equity 42.30% 24.18% 12.45%
Return on assets 13.48% 13.83% 6.15%
Return on invested capital 20.83% 25.00% 9.58%

Growth

Metric CROX ONON Footwear & Accessories median
Revenue growth (TTM) (2.03%) 29.22% 3.68%
EPS growth (last fiscal year) (109.45%) (10.54%) —
Revenue growth, 5-year CAGR 23.86% 51.65% 7.17%
Net income growth, 5-year CAGR 0.00% 0.00% 0.00%

Health

Metric CROX ONON Footwear & Accessories median
Debt to equity 0.94 0.25 0.46
Current ratio 1.49 2.83 1.96
Net debt to EBITDA 4.81 (1.27) 1.00

Dividend

Metric CROX ONON Footwear & Accessories median
Dividend yield — — 2.20%
Payout ratio 0.00 0.00 0.00

Size

Metric CROX ONON Footwear & Accessories median
Market cap 5.92b 10.05b 614.40m

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