Crocs (NASDAQ: CROX) has been banished to the penalty box. As of this writing, shares of the foam clogs maker are down 55% so far in 2022, despite beating its own financial expectations in the first quarter and raising full-year guidance. The market clearly isn't buying the growth narrative this shoe business has established, reflected in a lowly price tag of just five times trailing 12-month earnings per share and 9 times trailing 12-month free cash flow. 

Crocs is far from perfect. It went shopping and came home with a big $2.5 billion purchase of casual footwear brand Hey Dude late in 2021, just in time for a global economic slowdown and cries of possible recession on the way. The company is also trying to expand during a period of high inflation in key areas like shipping and transportation. Poor timing aside, though, there's enough good stuff happening that makes me think this is a screaming deal for the long haul. 

Image source: Getty Images.

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Source Fool.com