Birkenstock Holding plc (BIRK)
Birkenstock makes sandals and other footwear built around a contoured footbed. The brand's origins date back to 1774, and in 2021 L Catterton, a consumer-focused investment firm, invested and acquired a majority stake through affiliated entities. Birkenstock Holding plc was formed on 19 February 2021 as a Luxembourg private limited liability company, re-domiciled to Jersey in April 2023 and became a Jersey public limited company on 4 October 2023, with its registered office in St Helier and its principal executive offices at Berkeley Square in London. It became publicly traded on the New York Stock Exchange in October 2023, reports under IFRS in euros, and its financial year ends in September.
Birkenstock Holding plc files a 20-F with the SEC once a year, in euros. In the year to 30 September 2025 it reported revenue of EUR 2,097 million ($2.3 billion at the year's average rate), up 16.2% on the year before. Its profit attributable to shareholders was EUR 348 million, up 81.8%, and diluted earnings per share EUR 1.87.
Birkenstock Holding (BIRK) in brief
Birkenstock Holding (BIRK) reported revenue of EUR 2.1 billion for the year to 30 September 2025, up 16.2% on the year before.
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Profit attributable to shareholders was EUR 348 million and diluted earnings per share EUR 1.87. Revenue was EUR 1.8 billion in the year to 30 September 2024, EUR 1.5 billion in the year to 30 September 2023 and EUR 1.2 billion in the year to 30 September 2022. Profit attributable to shareholders in the same years was EUR 192 million, EUR 75 million and EUR 187 million. At the close of 10 November 2026 the market cap of Birkenstock Holding was $6.9 billion, 17.9 times its earnings for the year to 30 September 2025.The share in the US
| Last close | $37.27 on 10 November 2026 |
| 52-week range | $30.01 (15 September 2026) to $48.97 (16 June 2026) |
| Over one year | down 4.6% |
| Market cap | $6.9 billion: 183,906,056 shares outstanding at 30 September 2025 (20-F), each US share standing for one ordinary share |
| P/E, latest fiscal year | 17.9: the last close over diluted EPS for the year to Sep 2025, EUR 1.87 per ordinary share, $2.09 at 1.1154 US dollars per EUR on 6 November 2026 (FRED DEXUSEU). The company reports once a year, so this is the latest fiscal year, not the last four quarters. |
US dollars per share as it trades in the US; the market cap and the P/E are worked out here, not filed. Prices from IEX, for splits.
Ratios
From the latest annual report, the year to Sep 2025, in dollars
ROE12.8%
ROCE14.2%
Operating margin26.2%
Net margin16.6%
FCF margin14.7%
Interest cover6.91
Debt to equity0.42
Cash conversion1.10
Share count, last 12 months-0.6%
Sales CAGR, 3 years19.1%
Profit CAGR, 3 years23.0%
EPS$2.09
At the close of 10 November 2026
Price$37.27
Market cap$6.9 billion
Stock P/E17.87
Price to book2.26
EV / EBITDAn/a
Dividend yieldn/a
Market cap / sales2.93
52-week high$48.97
52-week low$30.01
Price, 1 year-4.6%
Price CAGR, 3 yearsn/a
Price CAGR, 5 yearsn/a
Worked from the filed figures; hover a name for the formula.
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The priced ones use the latest price, the last regular-hours trade on IEX. Debt to equity here stands on the borrowing lines of Birkenstock Holding plc's balance sheet, added together, finance leases inside them only where the company puts them there; operating leases are a separate line. Nothing here is a valuation or a view.BIRKgreeksoup.ai
Daily prices to 10 November 2026, adjusted for splits; from 28 September 2026 each day's price is the last regular-hours trade on IEX.
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Data provided for free by IEX. By accessing or using IEX Historical Data, you agree to the IEX Historical Data Terms of Use. Day by day for the last three years; before that one point a week, carrying the week's last close and its average daily volume, so a volume bar means the same thing across the whole series; the bars sit under the price on their own scale, on the right. The moving averages need consecutive days and are drawn from the daily part. This company reports once a year, so every view here moves once a year, on the day each annual report was filed, and holds until the next. P/E is the close over the year's EPS per US share: the EPS as filed, in dollars at the year's average exchange rate (Federal Reserve, from FRED). Sales and margin are each year's revenue in dollars and its operating margin. EV/EBITDA, price to book and market cap to sales set the close against that year's balance sheet in dollars at its year-end rate and its share count per US share. The dashed line is the median over the range shown. The P/E above uses today's exchange rate, so the latest point here can differ from it a little. Drawn in your browser; the range and overlay you pick are remembered here only.The public record on BIRK
| Dividends | no dividend in its filings for fiscal 2022 onward |
| Filings | 25 in twelve months: 23 reports on Form 6-K, most often BIRKENSTOCK ANNOUNCES FOURTH quarter AND FULL FISCAL YEAR 2026 (ended SEPTEMBER 30, 2026) results date and conference call scheduled for December 10, 2026 (1); BIRKENSTOCK REPORTS fiscal third quarter 2026 results with 15% constant F/X revenue growth Led by DTC; raises guidance for FY26 Revenue growth to 15% in constant f/x and Adj. EBITDA to at least EUR 71 (1); birkenstock SEEKS to fill VACANCY IN THE BOARD OF DIRECTORS with aN independenT DIRECTOR, following Alexandre Arnault's Resignation DUE TO PROFESSIONAL COMMITTMENTS (1); BIRKENSTOCK ANNOUNCES fiscal third quarter (ended june 30, 2026) results date and conference call scheduled for August 13, 2026 (1); successful pricing of €900,000,000 senior notes due 2033 by birkenstock group B.V. & CO. KG and notice of redemption of 5.25% senior notes due 2029 issued by birkenstock financing s.À R.L. (1) |
| Planned insider sales | 1 Form 144 notice in twelve months, $5.2 million; latest 5 June 2026 |
| Options tape | put/call 0.57 by open interest at the 10 November 2026 close; the straddle prices a 6.8% move to 20 November 2026 |
| 13F holders | 236 funds reported a position for the quarter to 30 June 2026; largest Catterton Management Company, L.L.C. |
| Insider trading | 3 sales and 0 purchases on Form 4 in twelve months |
| Congress | 0 House trades disclosed in six months |
| Short interest | 6.3 million shares short, 2.75 days to cover at 30 October 2026 |
Income statement (profit and loss), 4 fiscal years
Figures in
Play it forward: change any box and its column follows; every box opens at the company's own record, shown under the row's name, and says when you set it outside every year in the table.
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Each column runs from the latest year filed to the year chosen in its heading, at a yearly rate. Sales growth starts at the company's own five-year rate and eases a third of the way each year toward the median of the 25 peers in Apparel (7.5% a year), because a rate far from the rest rarely lasts. Before you open a year, the strip reads today's price backwards: the yearly sales growth that brings EPS, at the company's own margins, tax and share count, to today's price at the median P/E of the 19 peers in Apparel (17.5). Low, middle, high opens three columns for one year: the low and high cases take the company's own weaker and stronger years in the table (the lower and upper quarter of its yearly sales growth and operating margin) and the lower and higher of today's P/E and its peers'; the middle is the boxes as they open. Net income keeps the share that went to minority holders; EPS is net income over the diluted shares, on the same basis as the EPS in the table. The price is that year's EPS at the P/E you set, and the yearly return runs from today's price to the year's end. These are your assumptions and your arithmetic, not an estimate of ours. The link carries your columns, so you can send the forecast to someone.| Year to | Sep 2022 | Sep 2023 | Sep 2024 | Sep 2025 |
|---|---|---|---|---|
| Revenue | 1,243 | 1,492 | 1,805 | 2,097 |
| Cost of sales | 493 | 566 | 744 | 858 |
| Gross profit | 750 | 926 | 1,061 | 1,240 |
| Operating profit | 363 | 261 | 421 | 550 |
| Finance costs | 113 | 107 | 127 | 79.6 |
| Profit before tax | 251 | 154 | 294 | 470 |
| Income tax | 63.4 | 78.6 | 102 | 122 |
| Profit for the year | 187 | 75.0 | 192 | 348 |
| Profit attributable to shareholders | 187 | 75.0 | 192 | 348 |
| Filing | 20-F | 20-F | 20-F | 20-F |
EUR million, from each year's annual report on the SEC's EDGAR, linked in the last row, on the IFRS tags the company filed.
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A line the company does not file under the standard tag is left out rather than estimated. Profit for the year includes the part that belongs to minority shareholders; profit attributable to shareholders is the part EPS is struck on. Each year links to its own page.| Year to | Sep 2022 | Sep 2023 | Sep 2024 | Sep 2025 |
|---|---|---|---|---|
| Diluted EPS | 1.02 | 0.41 | 1.02 | 1.87 |
| Basic EPS | 1.02 | 0.41 | 1.02 | 1.87 |
| Filing | 20-F | 20-F | 20-F | 20-F |
EUR per ordinary share, as filed. One US-listed share can stand for more or fewer ordinary shares; the P/E above puts the two on the same basis.
Revenue by segment
| Sep 2022 | Sep 2023 | Sep 2024 | Share of the parts, latest year | |
|---|---|---|---|---|
| Total Reportable Segments | 1,240 | 1,487 | 1,800 | 99.8% |
| Corporate / Other | 3.3 | 5.3 | 4.3 | 0.2% |
Total Reportable SegmentsCorporate / Other
EUR million; hover a block for its figure and share
EUR million, from the latest 20-F, in the company's own words. A year is shown only where the parts add up to the revenue above.
Revenue by region
| Sep 2022 | Sep 2023 | Sep 2024 | Sep 2025 | Share of the parts, latest year | |
|---|---|---|---|---|---|
| United States | 598 | 712 | 830 | 962 | 45.9% |
| Rest of world | 488 | 585 | 782 | 928 | 44.3% |
| Germany | 157 | 195 | 193 | 207 | 9.9% |
United StatesRest of worldGermany
EUR million; hover a block for its figure and share
EUR million, from the latest 20-F, in the company's own words. A year is shown only where the parts add up to the revenue above.
Cash flow statement
Follow the cash: free cash flow, which is operating cash flow less capital expenditure and share-based pay, for five years and after, in today's money.
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The figure a share at the top is what a discounted cash flow calls intrinsic value, worked out on your assumptions. Everything after year five is one sum: the sixth year's cash, growing at the long-run rate every year after, added up and brought back to today's money. Each year runs from the latest year filed. Sales growth opens where Play it forward does: the company's own five-year rate, easing a third of the way each year toward the median of the 25 peers in Apparel (7.5% a year); change a year and the years after it follow. Operating cash flow, capital expenditure and share-based pay open at the company's own median share of sales over its last five years, shown under each row. Share-based pay is taken off because operating cash flow adds back the shares paid to staff as if they cost nothing; set it to 0 to leave it in. Capital spending counts every capital line the company files in its cash flow, such as equipment it leases to customers, software, wells or property it develops, named under the row, while the Capital expenditure row in the table below stays the one line as filed; buying a business, securities or a finished property is not counted. The discount rate opens at 10%, about what US stocks have returned a year over the long run, so it is the return you give up by holding this company instead of the market; the growth after year five opens at 3%, a little under the US economy's long-run growth in dollars, because no company outgrows it for ever. Net debt is the debt and short-term borrowings less the cash on the latest balance sheet that shows the debt; the figure per share divides what is left by the diluted share count. These are your assumptions and your arithmetic, not an estimate of ours. The link carries them, so you can send them to someone.| Year to | Sep 2022 | Sep 2023 | Sep 2024 | Sep 2025 |
|---|---|---|---|---|
| Cash from operations | 234 | 359 | 429 | 384 |
| Purchase of property, plant and equipment | 70.8 | 102 | 65.4 | 76.7 |
| Free cash flow | 163 | 257 | 363 | 308 |
| Cash from investing | -71.6 | -101 | -58.8 | -79.0 |
| Cash from financing | -105 | -199 | -355 | -330 |
| Depreciation and amortisation | 81.3 | 83.4 | 101 | 114 |
| Filing | 20-F | 20-F | 20-F | 20-F |
EUR million, from the cash flow statement as filed.
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Purchase of property, plant and equipment is the cash line as filed; purchases of intangible assets and acquisitions are not in it. Free cash flow is cash from operations less that purchase, arithmetic on the two filed lines. Cash from investing and from financing are the company's own section totals, below zero where cash went out. Buybacks are the cash paid for the company's own shares.Balance sheet at year end
| Year to | Sep 2022 | Sep 2023 | Sep 2024 | Sep 2025 |
|---|---|---|---|---|
| Funded by | ||||
| Equity attributable to shareholders | 2,358 | 2,401 | 2,625 | 2,723 |
| Borrowings, as filed | 1,966 | 1,841 | 1,195 | 1,145 |
| Lease liabilities | 116 | 130 | 184 | n/a |
| Other liabilities | 348 | 456 | 881 | 1,074 |
| Total equity and liabilities | 4,789 | 4,827 | 4,885 | 4,942 |
| Owned | ||||
| Property, plant and equipment | 205 | 286 | 319 | 357 |
| Goodwill | 1,674 | 1,594 | 1,555 | 1,512 |
| Other intangible assets | 1,815 | 1,706 | 1,639 | 1,577 |
| Cash and cash equivalents | 307 | 344 | 356 | 329 |
| Trade and other receivables | 66.1 | 91.8 | 114 | 160 |
| Inventories | 536 | 595 | 625 | 704 |
| Other assets | 185 | 211 | 277 | 301 |
| Total assets | 4,789 | 4,827 | 4,885 | 4,942 |
| Filing | 20-F | 20-F | 20-F | 20-F |
EUR million, at each fiscal year end.
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Both totals are the company's own; other liabilities and other assets are each total less the rows shown. Borrowings is the company's own stated total where it files one; it is never added up from its parts here.Ratios on the filed lines
| Year to | Sep 2022 | Sep 2023 | Sep 2024 | Sep 2025 |
|---|---|---|---|---|
| Gross margin | 60.3% | 62.1% | 58.8% | 59.1% |
| Operating margin | 29.2% | 17.5% | 23.3% | 26.2% |
| Net margin | 15.1% | 5.0% | 10.6% | 16.6% |
| Free cash flow margin | 13.1% | 17.2% | 20.1% | 14.7% |
| Return on year-end equity | 7.9% | 3.1% | 7.3% | 12.8% |
| Effective tax rate | 25.3% | 51.2% | 34.8% | 25.9% |
| Filing | 20-F | 20-F | 20-F | 20-F |
Arithmetic on the filed lines of the same year: margins over revenue, return on equity as profit attributable to shareholders over year-end equity, tax over profit before tax.
Questions
What was Birkenstock Holding's revenue in the year to 30 September 2025?
Birkenstock Holding (BIRK) reported revenue of EUR 2.1 billion for the year to 30 September 2025, up 16.2% on the year before.
How much did Birkenstock Holding earn in the year to 30 September 2025?
Profit attributable to shareholders was EUR 348 million for the year to 30 September 2025, and diluted earnings per share EUR 1.87.
What is Birkenstock Holding's P/E ratio?
At the close of 10 November 2026, Birkenstock Holding traded at 17.9 times its earnings for the year to 30 September 2025.
What is Birkenstock Holding's market cap?
The market cap of Birkenstock Holding was $6.9 billion at the close of 10 November 2026.
The exchange rates used
| Year to | Average over the year US dollars per EUR | At the year end US dollars per EUR |
|---|---|---|
| Sep 2022 | 1.0832 | 0.9783 |
| Sep 2023 | 1.0684 | 1.0584 |
| Sep 2024 | 1.0843 | 1.1145 |
| Sep 2025 | 1.1065 | 1.1735 |
Converted by us, not by the company: the Federal Reserve's daily noon buying rates in New York (H.10), FRED series DEXUSEU.
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Profit and loss, cash flow and EPS use the average of the daily rates over each fiscal year; the balance sheet uses the rate on the year end, or the last one before it. Ratios are the same in either currency. The filed figures are the ones in euros.Peers: Apparel
| Company | Market cap | P/E | ROE | Op. margin | Sales growth TTM | Debt to equity | Div. yield |
|---|---|---|---|---|---|---|---|
| lululemon athletica Inc. LULU | $11.8 billion | 9.04 | 29.6% | 17.8% | 1.7% | 0.00 | n/a |
| On Holding AG ONON * | $11.5 billion | n/a | 12.5% | 12.5% | 30.0% | 0.00 | n/a |
| Levi Strauss & Co. LEVI | $9.5 billion | 16.26 | 24.4% | 11.3% | 5.1% | 0.43 | 2.4% |
| V F Corp. VFC | $8.2 billion | 22.55 | 18.2% | 6.8% | -1.4% | 1.74 | 1.7% |
| Crocs, Inc. CROX | $7.4 billion | 11.92 | 49.4% | 22.6% | 0.7% | 0.96 | n/a |
| Birkenstock Holding plc BIRK * | $6.9 billion | 17.87 | 12.8% | 26.2% | 16.2% | 0.42 | n/a |
| Kontoor Brands, Inc. KTB | $4.5 billion | 23.09 | 35.9% | 13.1% | 2.4% | 2.03 | 2.6% |
| PVH Corp. PVH | $4.3 billion | n/a | -3.5% | 4.1% | 1.6% | 0.47 | 0.2% |
| Steven Madden, Ltd. SHOO | $3.1 billion | 17.58 | 18.0% | 8.7% | 20.4% | 0.12 | 2.0% |
| Wolverine World Wide Inc. WWW | $1.8 billion | n/a | n/a | 8.8% | 7.2% | 1.34 | 1.8% |
| Caleres Inc. CAL | $466 million | 9.00 | 7.8% | 3.1% | 7.3% | 0.43 | 2.1% |
| Rocky Brands, Inc. RCKY | $403 million | 11.78 | 12.5% | 9.8% | 10.8% | 0.42 | 1.2% |
All 28 in Apparel
| Company | Market cap | P/E | ROE | Op. margin | Sales growth TTM | Debt to equity | Div. yield |
|---|---|---|---|---|---|---|---|
| Cintas Corp. CTAS | $90.0 billion | 44.43 | 39.6% | 23.4% | 9.5% | 0.47 | 0.8% |
| Nike, Inc. NKE | $57.4 billion | 18.59 | 20.3% | n/a | -1.2% | 0.52 | 4.2% |
| Tapestry, Inc. TPR | $26.8 billion | 17.46 | 468.9% | 24.5% | 13.7% | 7.43 | 1.2% |
| Ralph Lauren Corp. RL | $23.6 billion | 22.95 | 39.3% | 16.0% | 12.8% | 0.45 | 1.0% |
| Deckers Outdoor Corp. DECK | $12.0 billion | 11.91 | 45.7% | 23.6% | 6.3% | 0.00 | n/a |
| lululemon athletica Inc. LULU | $11.8 billion | 9.04 | 29.6% | 17.8% | 1.7% | 0.00 | n/a |
| On Holding AG ONON * | $11.5 billion | n/a | 12.5% | 12.5% | 30.0% | 0.00 | n/a |
| Levi Strauss & Co. LEVI | $9.5 billion | 16.26 | 24.4% | 11.3% | 5.1% | 0.43 | 2.4% |
| V F Corp. VFC | $8.2 billion | 22.55 | 18.2% | 6.8% | -1.4% | 1.74 | 1.7% |
| Crocs, Inc. CROX | $7.4 billion | 11.92 | 49.4% | 22.6% | 0.7% | 0.96 | n/a |
| Birkenstock Holding plc BIRK * | $6.9 billion | 17.87 | 12.8% | 26.2% | 16.2% | 0.42 | n/a |
| Kontoor Brands, Inc. KTB | $4.5 billion | 23.09 | 35.9% | 13.1% | 2.4% | 2.03 | 2.6% |
| PVH Corp. PVH | $4.3 billion | n/a | -3.5% | 4.1% | 1.6% | 0.47 | 0.2% |
| Figs, Inc. FIGS | $3.7 billion | 58.95 | 16.0% | 10.8% | 28.9% | 0.00 | n/a |
| Columbia Sportswear Co. COLM | $3.6 billion | 15.85 | 14.6% | 8.7% | 0.1% | 0.00 | 1.7% |
| Steven Madden, Ltd. SHOO | $3.1 billion | 17.58 | 18.0% | 8.7% | 20.4% | 0.12 | 2.0% |
| Capri Holdings Ltd. CPRI | $2.2 billion | n/a | n/a | n/a | n/a | 7.09 | n/a |
| Under Armour, Inc. UAA | $2.2 billion | n/a | -32.7% | -2.5% | -4.2% | 0.40 | n/a |
| Under Armour, Inc. UA | $2.1 billion | n/a | -32.7% | -2.5% | -4.2% | 0.40 | n/a |
| Wolverine World Wide Inc. WWW | $1.8 billion | n/a | n/a | 8.8% | 7.2% | 1.34 | 1.8% |
| G-III Apparel Group, Ltd. GIII | $1.4 billion | 10.60 | 7.4% | 6.3% | -8.7% | 0.00 | 0.3% |
| Carter's, Inc. CRI | $1.3 billion | 5.70 | 20.9% | 10.4% | 5.0% | 0.54 | 2.9% |
| Caleres Inc. CAL | $466 million | 9.00 | 7.8% | 3.1% | 7.3% | 0.43 | 2.1% |
| Oxford Industries Inc. OXM | $439 million | n/a | -1.2% | -0.1% | -1.8% | 0.13 | 9.5% |
| Rocky Brands, Inc. RCKY | $403 million | 11.78 | 12.5% | 9.8% | 10.8% | 0.42 | 1.2% |
| Vera Bradley, Inc. VRA | $229 million | n/a | -7.6% | n/a | -1.7% | 0.00 | n/a |
| Superior Group of Companies, Inc. SGC | $212 million | 24.72 | 4.2% | n/a | 2.9% | 0.40 | 4.2% |
| Jerash Holdings (Us), Inc. JRSH | $96 million | 19.84 | 7.4% | 4.5% | 22.4% | 0.15 | 2.7% |
4 companies share its SEC industry code (Footwear, (No Rubber)); the rest are the names nearest in size in its wider industry, Apparel, one of the Fama-French 48 industries, a published grouping of SEC industry codes.