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German heritage footwear brand making sandals and shoes with a distinctive contoured cork-latex footbed, sold globally.
German heritage footwear brand making sandals and shoes with a distinctive contoured cork-latex footbed, sold globally.
Sells through wholesale partners such as department stores and shoe retailers and, increasingly, through its own stores and website. It makes most of its footwear in its own factories in Germany and Portugal, which keeps tight control of supply. L Catterton, an investment firm backed by LVMH, has been a large shareholder.
Moat: narrow (brand, IP / patents, process know-how). 250-year heritage brand with proprietary footbed technology and vertically integrated German manufacturing.
Headquarters: Linz am Rhein, Germany · Founded: 1774 · Employees: 8,400
Size Birkenstock (BIRK) is a United States Consumer Discretionary company (Apparel/Footwear) with a market value of $6.64B, the 987th largest of 3,117 United States companies the cockpit tracks. Shares closed at $37.32 on 6 Nov 2026.
Performance Over six months the shares fell 5.1%, against +4.2% for the median peer and -1.1% for the United States market (cap-weighted) — 5th lowest of 21 in its peer set.
Growth Revenue grew 19.6% over the last twelve months (peer median +4.7%); the operating margin is 24.5% (peer median 13.3%).
Valuation It trades at 13.9× forward earnings against a peer median of 14.4× (9th cheapest of 20).
Price implies For today's price to make sense, revenue must grow about 7% a year for seven years (Req g). Recent delivered growth is +20%, so the hurdle is -12 pp: the price already allows for a slowdown.
Capital Return on invested capital runs 1.4 points above its cost of capital (9.7% WACC).
Short interest Short interest is 4.3% of the free float (15 Oct 2026).
Next results Next results expected around 10 Dec 2026 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | $2.64B | $2.32B | $1.96B | $1.59B | $1.34B |
| Revenue growth | — | +18% | +23% | +18% | — |
| Gross profit | $1.40B | $1.28B | $1.06B | $914M | $738M |
| EBITDA | $796M | $736M | $587M | $407M | $429M |
| Net income | $392M | $385M | $208M | $80.0M | $202M |
| Free cash flow | $283M | $289M | $303M | $156M | $103M |
| Capital expenditure | $129M | $95.4M | $80.1M | $110M | $78.5M |
| Total debt | $2.20B | $1.57B | $1.54B | $2.10B | $2.04B |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g |
|---|---|---|---|---|---|---|
| Birkenstock BIRK | $6.64B | -5% | +20% | 24% | 13.9× | 7.4% |
| Crocs CROX | $6.94B | +47% | +1% | 23% | 9.6× | 1.1% |
| Deckers Brands DECK | $11.6B | -14% | +6% | 23% | 11.0× | -3.3% |
| On Holding AG Class A ONON | $12.3B | +6% | +29% | 14% | 20.0× | 22.0% |
| Dr. Martens DOCS.L | $824M | +3% | -3% | 10% | 13.0× | -3.7% |
| Wolverine World Wide WWW | $1.75B | +28% | +7% | 9% | 12.1× | 9.1% |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | BIRK | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | +12.7% | +11.6% | 10th highest of 21 |
| 6-month return | -5.1% | +4.2% | 5th lowest of 21 |
| Distance from 52-week high | -26.4% | -13.0% | 5th lowest of 21 |
| Revenue growth (TTM) | +19.6% | +4.7% | 2nd highest of 21 |
| Operating margin | 24.5% | 13.3% | highest of 21 |
| Forward P/E | 13.9× | 14.4× | 9th cheapest of 20 |
| Growth the price implies (Req g, 7 yrs) | 7.4% | 5.2% | 9th most demanding of 20 |
| Growth delivered (Del g) | +19.9% | +11.3% | 3rd highest of 20 |
| Hurdle (Req g minus delivered) | -12.5 pp | -2.1 pp | 7th least demanding of 20 |
| ROIC minus cost of capital | +1.4 pp | +7.4 pp | 9th lowest of 21 |
| EV / EBITDA | 10.1× | 9.4× | 8th most expensive of 17 |
| Net debt / EBITDA | 1.8× | 1.5× | 8th most indebted of 17 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Birkenstock BIRK | United States | $6.64B | -5% | +20% | 24% | 13.9× | 7.4% | +19.9% |
| Bosideng International 3998.HK | Hong Kong | $6.64B | +3% | +8% | 18% | 10.3× | -10.8% | +14.2% |
| Brunello Cucinelli BC.MI | Italy | $6.61B | +4% | +10% | 18% | 37.8× | 20.6% | +20.9% |
| Gildan Activewear GIL.TO | Canada | $6.48B | -40% | +40% | 15% | 6.8× | 6.5% | +13.7% |
| Crocs CROX | United States | $6.94B | +47% | +1% | 23% | 9.6× | 1.1% | +23.9% |
| Huali Industrial 300979.SZ | China | $7.09B | +6% | -10% | 14% | 19.7× | -4.4% | +12.4% |
| Ermenegildo Zegna ZGN | United States | $5.96B | +7% | +11% | 9% | 31.1× | 20.3% | +11.3% |
| Youngor Fashion 600177.SS | China | $5.69B | +10% | -5% | -3% | 12.8× | 23.3% | +0.1% |
| V.F VFC | United States | $8.01B | +7% | -2% | 8% | 16.6× | 11.1% | +0.8% |
| Shenzhou Intl 2313.HK | Hong Kong | $8.08B | -7% | +2% | 16% | 11.8× | -4.5% | +5.4% |
| Burberry BRBY.L | United Kingdom | $5.38B | -4% | -2% | 7% | 28.8× | 19.1% | +0.6% |
| Li Ning 2331.HK | Hong Kong | $5.10B | -21% | +7% | 13% | 14.4× | -5.4% | +14.6% |
| Abc-mart 2670.T | Japan | $5.03B | +20% | +4% | 17% | 16.2× | -10.0% | +11.4% |
| Levi Strauss & LEVI | United States | $8.77B | +1% | +5% | 13% | 14.6× | 5.2% | +7.1% |
| Fosun International 0656.HK | Hong Kong | $4.82B | +11% | -1% | 3% | 12.9× | 10.6% | +4.1% |
| HLA 600398.SS | China | $4.47B | -6% | +7% | 11% | 14.3× | -13.1% | +3.8% |
| Puma PUM.DE | Germany | $4.42B | +4% | -19% | -6% | n/a | n/a | n/a |
| Page Industries PAGEIND.NS | India | $4.22B | -4% | +8% | 19% | 46.8× | 27.7% | +13.1% |
| Kontoor Brands KTB | United States | $4.21B | +5% | +16% | 13% | 13.2× | 1.1% | +8.5% |
| K.P.R. Mill KPRMILL.NS | India | $4.21B | +19% | +6% | 18% | 34.8× | 29.9% | +13.3% |
| PVH PVH | United States | $4.15B | +1% | +2% | 8% | 8.1× | 2.5% | +4.6% |