Birkenstock Holding Plc (BIRK) is undervalued and Crocs Inc (CROX) is undervalued.
Against our estimates of intrinsic value, CROX trades at the wider discount: a margin of safety of +59%, against +44% for BIRK.
Values as of the 22 Sept 2026 close.
Discounting its cash flows at 9.4% (average of 3 methods) values the shares at $56.39; the price of $31.68 is 44% below that value, and 76% of that value comes from beyond year five.
Leak Score 68/100 on 3 of 12 signals
Discounting its cash flows at 10.5% (average of 3 methods) values the shares at $304.23; the price of $124.58 is 59% below that value, and 73% of that value comes from beyond year five.
Leak Score 100/100 on 3 of 12 signals
| Metric | BIRK | CROX |
|---|---|---|
| Verdict | Undervalued | Undervalued |
| Price | $31.68 | $124.58 |
| Intrinsic value | $56.39 | $304.23 |
| Margin of safety | +44% | +59% |
| Leak Score | 68/100 (3/12) | 100/100 (3/12) |
| Market cap | $5.6B | $6.0B |
| Revenue growth, 5 years | 19.1% | 23.9% |
| Operating margin | 24.5% | 20.8% |
| Net margin | 14.8% | 14.6% |
| Return on equity | 12.4% | 42.3% |
| Debt to equity | 0.69 | 1.22 |
| P/E | 14.8x | 10.8x |
| Forward P/E | 11.2x | 8.3x |
| P/B | 1.8x | 4.3x |