Can Crocs Stock Hit $100 in 2022?

Heightened consumer focus on affordability and comfort throughout the pandemic has propelled Crocs (NASDAQ: CROX) to new heights. The well-known maker of foam clogs has been booming over the past couple of years. Despite the superb performance, however, the stock has taken a beating. 

While it's impossible to predict what Crocs' shares will do in such a short time frame, I think it's extremely reasonable to expect the stock to reach $100 (which implies almost 25% upside from the closing price of $83.38 on March 29) by year's end. Here's why that's possible. 

In 2021, Crocs' revenue jumped nearly 67% year over year to $2.3 billion. Operating income of $683.1 million was 219% higher than the prior year. And with tiny capital expenditures of only $55.9 million in 2021, Crocs was able to generate more than $500 million in free cash flow (FCF) for the full year. This is truly an outstanding financial profile for a business that gets 80% of its footwear sales from one product, the popular foam clog. 

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Source Fool.com