CROX · CIK 1334036
What Crocs, Inc. told the SEC could break it.
Crocs' manufacturing is concentrated on two fronts that compound each other. By supplier, its largest third-party manufacturer (mostly in Vietnam) made about 45% of production in 2025 and its second largest about 28% — roughly 73% from just two — and by geography about 45% of Crocs Brand and 44% of HEYDUDE production was in Vietnam. That footprint sits squarely in the path of U.S. trade policy: incremental tariffs of roughly 20%, 20%, 19%, 18% and 19% on imports from Vietnam, China, Indonesia, India and Cambodia — its primary manufacturing countries — raised product costs and pressured 2025 gross margin.
3 self-disclosed vulnerabilities, pulled from its own filings, each in the company’s words, with the source. This is the risk register almost nobody reads.
In its own words
What could break it.
Regulatory & policy
- U.S. tariffs on Vietnam/China/Indonesia/India/Cambodiahigh
Incremental U.S. tariffs of ~20%/20%/19%/18%/19% on imports from Vietnam, China, Indonesia, India and Cambodia (Crocs' primary manufacturing countries) raised product costs and pressured 2025 gross margin via unfavorable duties.
“For example, the United States (“U.S.”) has imposed tariffs on foreign imports from multiple countries, including an incremental tariff of 20%, 20%, 19%, 18%, and 19% on all imports from Vietnam, China, Indonesia, India, and Cambodia, respectively, the countries in which our products are primarily manufactured.”
Supplier concentration
- single largest third-party manufacturer (~45% of Crocs production)high
Crocs Brand production is highly concentrated: its largest third-party manufacturer (mostly Vietnam) made ~45% of production in 2025 and the second largest ~28% — roughly 73% from two suppliers.
“Our largest third-party manufacturer for the Crocs Brand, with the majority of operations in Vietnam, produced approximately 45%, 50%, and 47% of our production during the years ended December 31, 2025, 2024, and 2023, respectively, and our second largest third-party manufacturer for the Crocs Brand, primarily operating in both Vietnam and China, produced approximately 28%, 25%, and 26% of our production during the years ended December 31, 2025, 2024, and 2023, respectively.”
SEC filing →As of 2026
Geographic concentration
- Vietnam manufacturing concentrationmedium
~45% of Crocs Brand production (and ~44% of HEYDUDE production) was in Vietnam in 2025, concentrating manufacturing in one country.
“During the years ended December 31, 2025, 2024, and 2023, approximately 45%, 51%, and 56%, respectively, of our Crocs Brand production was in Vietnam.”
The hidden graph
Who it depends on, and who depends on it.
Relationships surfaced from filings, including ones disclosed by the other side, which is how the non-obvious ones come to light.
Its customers
“Nike accounted for approximately 24% of Net Sales in Fiscal 2025, Skechers accounted for approximately 13%, and Crocs accounted for approximately 9%.”
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