CROCS, INC. vs On Holding AG, two Footwear stocks. A side-by-side on valuation, growth, margins, returns, and what each price is betting.
On Holding sells performance running shoes at a premium, growing fast enough that the market pays 5.93 times book for it; Crocs sells molded clogs at scale and trades at 4.54 times. This trailing year splits them by accident of accounting: On earns 12.48% on equity at a 6.76% net margin with no debt, while a HeyDude impairment pushed Crocs to a negative 7.27% return and a negative 2.58% margin. Crocs still throws off much more cash, a 9.93% free-cash yield against On's 2.96%, and carries 0.94 turns of leverage where On carries none. The Swiss upstart is priced for growth, the clog maker for recovery.
Comparison updated 2026-07-11.
| Metric | CROX | ONON |
|---|---|---|
| Price | $132.83 | $38.54 |
| Market cap | $6.7B | $11.4B |
| Sector | Footwear | Footwear |
| Stage | Mature | Growth |
| Implied growth (priced in) | +24.6% | — |
| P/B | 4.72 | 6.17 |
| P/S | 1.67 | 3.34 |
| EV/EBITDA | 38.1 | 24.0 |
| Revenue growth | -1.9% | +43.7% |
| Gross margin | 56.8% | 62.8% |
| Operating margin | 21.8% | 12.5% |
| Net margin | -2.6% | 6.8% |
| Return on equity | -7.3% | 12.5% |
| Return on assets | -2.4% | 7.2% |
| Return on invested capital | 3.5% | 22.9% |
| FCF yield | 9.5% | 2.9% |
| Debt / equity | 0.94 | 0.00 |
| Current ratio | 1.67 | 2.71 |
| Altman Z (solvency) | 3.75 | 8.21 |
| Piotroski F (quality) | 3 / 9 | 7 / 9 |
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The stronger value is highlighted per metric where one is strictly better on that single number; it is not an overall verdict on either company. For informational and research purposes only. Not investment advice. Not a recommendation to buy, sell, or hold any security. boothcheck is not a registered investment adviser. Past performance does not guarantee future results.