In its third quarter (ended Sept. 30), Crocs (NASDAQ: CROX) saw revenue increase 57.4% year over year to $985.1 million, with adjusted diluted earnings per share up 20.2% to $2.97. That's outstanding growth and profitability during a time when the economic picture appears to be getting worse. 

This financial performance hasn't gone unnoticed by investors as they have bid up the shares to the tune of nearly 100% over the past six months. But even with the footwear stock soaring in recent months, it might be a good idea to look at Crocs as a company you still need to own in your portfolio. 

After Crocs shares doubled in the past six months, the stock surprisingly only sells at a price-to-earnings (P/E) multiple of 10.5 right now. This valuation is substantially cheaper than the trailing-10-year average of 43. The attractive P/E might signal that the business is struggling today. 

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Source Fool.com