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 $11.2B against $5.8B — 1.9× the size. Crocs, Inc. trades at the lower P/E: 10.2× against 41.5×. 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 10.21 41.52 15.55
P/S 1.44 5.08 1.12
P/B 4.23 8.53 3.17
Price to free cash flow 8.40 38.97 12.19
EV/EBITDA 7.59 26.90 9.58
EV/Sales 1.73 4.83 1.20
Earnings yield 9.80% 2.41% 6.31%
Free cash flow yield 11.90% 2.57% 5.10%

Profitability

Metric CROX ONON Footwear & Accessories median
Gross margin 57.47% 64.74% 49.08%
Operating margin 20.73% 13.74% 8.69%
Net margin 14.63% 12.25% 5.72%
Free cash flow margin 17.38% 13.05% 8.58%
Return on equity 42.30% 24.18% 13.13%
Return on assets 13.48% 13.83% 6.28%
Return on invested capital 20.83% 25.00% 10.98%

Growth

Metric CROX ONON Footwear & Accessories median
Revenue growth (TTM) (2.03%) 29.22% (0.32%)
EPS growth (last fiscal year) (109.45%) (10.54%) 12.95%
Revenue growth, 5-year CAGR 23.86% 51.65% 9.43%
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 0.49
Current ratio 1.49 2.83 2.26
Net debt to EBITDA 4.81 (1.27) 0.38

Dividend

Metric CROX ONON Footwear & Accessories median
Dividend yield — — 1.95%
Payout ratio — — 0.37

Size

Metric CROX ONON Footwear & Accessories median
Market cap 5.80b 11.20b 1.10b

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