Double peaked, losing money with high debtCrocs, Inc.BATS:CROXtaijizhu 1. Financial Disaster - UNPROFITABLE: Lost $492.3M on $1.15B revenue (-42.8% net margin) - Debt Crisis: $1.77B debt vs only $200M cash (8.8x ratio) - Operating Losses: -37.2% operating margin (bleeding cash daily) 2. Manufacturing Moat = ZERO - Just molded foam: EVA foam costs $2-3/kg, anyone can make it - Production cost: $3-5 per pair vs $40-60 selling price (10-15x markup) - No patents: Simple holes pattern, standard injection molding - Competition everywhere: Chinese knockoffs $5-10, Walmart/Target $10-15