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Crown Crafts NasdaqCM:CRWS Stock Report

Last Price


Market Cap







28 Sep, 2022


Company Financials
CRWS fundamental analysis
Snowflake Score
Future Growth0/6
Past Performance3/6
Financial Health6/6

CRWS Stock Overview

Crown Crafts, Inc., through its subsidiaries, operates in the consumer products industry in the United States and internationally.

Crown Crafts Competitors

Price History & Performance

Summary of all time highs, changes and price drops for Crown Crafts
Historical stock prices
Current Share PriceUS$5.81
52 Week HighUS$8.03
52 Week LowUS$5.73
1 Month Change-3.97%
3 Month Change-7.19%
1 Year Change-21.38%
3 Year Change-2.19%
5 Year Change-11.30%
Change since IPO-57.16%

Recent News & Updates

Sep 23

Crown Crafts Can Likely Resist A Recession And Trades At Value Price

Summary CRWS is a nimble company in the baby and toddler clothing and toy industry. The company outsources manufacturing, licenses and retailing. Although its business model seems risky, the company has operated it successfuly for almost 20 years. CRWS has not been able to grow revenues, but has increased both gross and operating margins. Its business seems to provide defenses against a recession. Without any debt, CRWS has returned most of its profits to shareholders in the form of dividends. Crown Crafts (CRWS) is a designer of toddler products, including blankets, bibs and toys. The company outsources all of its products, mostly from China, and has no retail operations, with most sales concentrated in retailers like Wal-Mart or Amazon. CRWS is a nimble company with only 130 employees, concentrated on design and sales. The company has used the outsourcing and wholesaling business model since the beginning of the 2000s. Although CRWS has not been able to grow revenue in these two decades, it has improved its margins, by controlling CoGS and SG&A. It uses minimal debt to finance working capital, and has returned most cash to investors in the form of dividends. CRWS' competitive position is not fantastic. It faces bargaining risk from its retailers (Wal-Mart, Amazon) and licensors (Disney). The company is also exposed to sourcing risk from China. However, CRWS has operated in this environment for two decades without significant problems. In terms of cyclicality, its industry can suffer from lower consumption, but even during the Great Financial Crisis, CRWS' sales and operating income did not suffer much. In my opinion, with $6 per share as a limit, CRWS' stock is an interesting opportunity for an long term investor interested in a steady dividend. With the stock trading well below its average historic P/E, it also represents an interesting capital gain opportunity. Note: Unless otherwise stated, all information has been obtained from CRWS' filings with the SEC. Industry and competitive position CRWS specializes in products for babies and toddlers. These include blankets, bibs and toys. This industry has some interesting characteristics. First, it has the essential requirement for moat building, that is, there is no way for the end customer to compare two products on a rational basis. When the customer is purchasing a baby blanket or toy, he or she may perceive differences in quality but has no metric to actually check those differences. In that perception lies moat building. Second, in most cases, end customer life is short. Most people only have one or two children during their life, usually close in age to each other, and in some cases the second child can receive objects from the first child. It is true however that people may have several nephews, nieces, grandchildren or friends' children during their life, but even these situations are concentrated by generation. Most generations have kids at similar ages, and most parents become grandparents at similar ages. All this means that the relation between acquiring a customer and how much value can be extracted from the end customer is low. Finally, the industry is definitely cyclical but has a defensive component, love for babies. People spend on their kids even in dire situations. If a family is in a tight spot, friends and family will become even more willing to spend on the kid. People can organize parties (baby showers) to help soon to become parents get the stuff they need. Although in difficult economic times people may decide to use other kids' objects passed between friends or family, giving a present to new parents is almost a social mandate. CRWS position in this industry is not as a manufacturer nor as a retailer. In a certain way, it is not even a brand builder completely. Rather, the company is a middle-man, sourcing from China, licensing from companies like Disney and wholesaling to retailers like Wal-Mart. One could argue that CRWS is a relationship builder, and that its most precious assets are the relationships it cultivates, particularly with manufacturing sources and with retailers. This positioning makes some sense. If the end customer's lifetime value is low, then it makes no sense to spend a lot on acquiring the customer from CRWS' perspective. Rather, it may be more beneficial to bond with a retailer that can extract much higher value from that relationship. Retailer relationships are vital for CRWS. According to the company's FY22 (calendar 2021) 10-K report, 52% of its sales come from Wal-Mart and another 21% from Amazon. These add up to 73% in only two customers. Although the company does not disclose further, one might imagine that Target occupies another portion of the remaining 27%. This has been part of CRWS' model for decades. The FY15 10-K report cites Wal-Mart and Toys R Us holding 61% of revenue. These two companies plus Target generated 71% of revenues in 2003. The relationship between retailer and supplier is twofold. In general, the retailer has the upper hand, because it controls the demand source. However, the retailer also needs a reliable source of products that can provide quantity and quality. That means that the retailer has more power in the negotiation, but that the supplier can also tend to the relationship in order to keep or increase shelf space. For example, CRWC mentions that one of its sales offices is in Bentonville, Arkansas, population 55 thousand, but home of Wal-Mart's headquarters. In a similar vein to wholesaling instead of retailing, CRWC has leveraged other brands to help them acquire the customer. Instead of trying to build a brand in advance of people having kids, CRWC can use brands that are already associated with kids. For FY22, 40% of revenues came from licensed products, 33% of which were licensed from Disney. Again, the model was used in 2015, when Disney represented 44% of sales, and in 2003, when Disney represented 30% of sales. These licenses are expensive. In FY22 CRWS paid $6 million in royalties for $35 million in revenue (40% of FY22's $87 million), or 17% of its wholesale price. But again, they help generate more sales, and if those sales are profitable then the company is better off. Just like with retailers, the licensor has the upper hand in bargaining but also benefits from having a trustworthy partner that can generate recurrent royalties and that will not damage the brand. The relationship with Disney is so vital to CRWS that the CEO of NoJo, CRWS' main brand, was the president of Soft Products North America for Disney for 5 years. Finally there are CRWS' suppliers. The company closed all of its directly controlled manufacturing at the beginning of the 2000s. Since then, the company has been outsourcing, mostly from China. In my opinion, this represents the greatest competitive risk for CRWS. Because retailer relationships are so vital, CRWS risks losing shelf space if it finds itself trapped in supply-chain bottlenecks. A search among CRWS' earning presentations transcripts bears no mention of China's recent COVID related supply-chain bottlenecks. There is also no mention on the company's documents of plans to relocate part of production to other Asian economies, like Vietnam, to fight Chinese labor cost increases and regulatory risks. Cost structure and operating history Given that CRWS does not manufacture and has no retail operations, its structure is relatively nimble. The company only has 130 employees, dedicated to product design (or selection maybe) and sales. Since it adopted its outsource everything business model, CRWS revenues have not grown at all. However, the company has been able to post higher margins, both at the gross and at the operating level. This is a signal that the company can control costs, which is the main determinant of profitability for industries where the company does not have a significant moat. The chart below shows that CRWS has some operational leverage, albeit not substantial, but most importantly, that margins have trended upwards. Data by YCharts In terms of cyclicality, CRWS shows what we commented in terms of baby and toddler products being somewhat protected from cycles. Although there have been variations both at the revenue and the operating income level, those are not enormous. The difference between peak and valley sales in a cycle is $20 million, and the difference in operating income is $4 million. Also, the company's operating profits have essentially never dropped below $6 million, not even in the midst of the Great Financial Crisis. Data by YCharts Financing and capital allocation An important aspect providing CRWS with a margin of safety is its lack of long term debt. The company does make use of a $26 million credit facility yielding SOFR +1.5% maturing in 2025, but only for working capital purposes. The facility is repaid in the same operating cycle. Data by YCharts It is true that this exposes CRWS to cycle risks, for example if it is unable to sell all of its inventory. CRWS' cash-cycle is not short, taking almost half a year. The quarterly data below also shows recent problems collocating inventory. Data by YCharts Another portion of operations is financed with cash generated by CRWS. The company's CFO before working capital has usually been above operating income. The reasons are non-cash compensation to managers, and depreciation that has been substantially higher than fixed investments. Data by YCharts CRWS has also paid substantial dividends. Since 2012, the dividend payout ratio has never been below 60%, averaging $0.32 per share. On occasions, CRWS has been aggressive to maintain its dividend, going above 100% payout ratio. Although a lower dividend might reinforce the company's cash position, returning wealth to shareholders helps avoiding management misallocation of capital. Data by YCharts Going forward In its most recent report, for 1Q23 (May to July 2022), CRWS reported a slight decline in comparable revenues on a YoY basis. After adjusting for comparability, the fall in revenues stands at 10%. However, the company also showed a recovery in margins, generating more gross profits than on 1Q22, with lower revenues. After adjusting for one-time charges to SG&A in 1Q22, 1Q23 shows a 10% increase in SG&A costs, in line with inflation. According to CRWS' management, the situation is not ideal. Its customers are still holding onto inventory and delaying new purchases, and end customers are moving to lower priced items. We have seen those effects on CRWS' longer cash-cycle. According to CRWS' CEO, inventories and revenues should recover by 3Q23 (January 2023). But even in that context, and without resorting to accounting magic, the company was able to generate $1.5 million in net income in the quarter. Annualized, that figure would reach $6 million, yielding earnings of 10% compared to the company's market cap of $60 million. Not only that, but CRWS is exposed to seasonality, with the first quarter being the worst in terms of both sales and income, as can be seen in the chart below. This means that CRWS could still cross the $6 million net income mark. Management has provided no guidance about this issue.

Aug 17

Crown Crafts declares $0.08 dividend

Crown Crafts (NASDAQ:CRWS) declares $0.08/share quarterly dividend, in line with previous. Forward yield 4.92% Payable Oct. 7; for shareholders of record Sept. 16; ex-div Sept. 15. See CRWS Dividend Scorecard, Yield Chart, & Dividend Growth.

Shareholder Returns

CRWSUS LuxuryUS Market

Return vs Industry: CRWS exceeded the US Luxury industry which returned -35.4% over the past year.

Return vs Market: CRWS matched the US Market which returned -22.1% over the past year.

Price Volatility

Is CRWS's price volatile compared to industry and market?
CRWS volatility
CRWS Average Weekly Movement3.1%
Luxury Industry Average Movement6.3%
Market Average Movement6.9%
10% most volatile stocks in US Market15.8%
10% least volatile stocks in US Market2.8%

Stable Share Price: CRWS is less volatile than 75% of US stocks over the past 3 months, typically moving +/- 3% a week.

Volatility Over Time: CRWS's weekly volatility (3%) has been stable over the past year.

About the Company

1957126Olivia Elliott

Crown Crafts, Inc., through its subsidiaries, operates in the consumer products industry in the United States and internationally. It provides infant, toddler, and juvenile products, including infant and toddler beddings; blankets and swaddle blankets; nursery and toddler accessories; room décors; reusable and disposable bibs; burp cloths; hooded bath towels and washcloths; reusable and disposable placemats, and floor mats; disposable toilet seat covers and changing mats; developmental toys; feeding and care goods; and other infant, toddler, and juvenile soft goods. The company sells its products primarily to mass merchants, large chain stores, mid-tier retailers, juvenile specialty stores, value channel stores, grocery and drug stores, restaurants, internet accounts, wholesale clubs and internet-based retailers through a network of sales force and independent commissioned sales representatives.

Crown Crafts Fundamentals Summary

How do Crown Crafts's earnings and revenue compare to its market cap?
CRWS fundamental statistics
Market CapUS$58.51m
Earnings (TTM)US$8.69m
Revenue (TTM)US$84.36m


P/E Ratio


P/S Ratio

Earnings & Revenue

Key profitability statistics from the latest earnings report
CRWS income statement (TTM)
Cost of RevenueUS$60.55m
Gross ProfitUS$23.81m
Other ExpensesUS$15.12m

Last Reported Earnings

Jul 03, 2022

Next Earnings Date


Earnings per share (EPS)0.86
Gross Margin28.22%
Net Profit Margin10.30%
Debt/Equity Ratio0%

How did CRWS perform over the long term?

See historical performance and comparison



Current Dividend Yield


Payout Ratio
We’ve recently updated our valuation analysis.


Is CRWS undervalued compared to its fair value, analyst forecasts and its price relative to the market?

Valuation Score


Valuation Score 4/6

  • Price-To-Earnings vs Peers

  • Price-To-Earnings vs Industry

  • Price-To-Earnings vs Fair Ratio

  • Below Fair Value

  • Significantly Below Fair Value

  • Analyst Forecast

Key Valuation Metric

Which metric is best to use when looking at relative valuation for CRWS?

Other financial metrics that can be useful for relative valuation.

CRWS key valuation metrics and ratios. From Price to Earnings, Price to Sales and Price to Book to Price to Earnings Growth Ratio, Enterprise Value and EBITDA.
Key Statistics
Enterprise Value/Revenue0.7x
Enterprise Value/EBITDA4.8x
PEG Ration/a

Price to Earnings Ratio vs Peers

How does CRWS's PE Ratio compare to its peers?

CRWS PE Ratio vs Peers
The above table shows the PE ratio for CRWS vs its peers. Here we also display the market cap and forecasted growth for additional consideration.
CompanyPEEstimated GrowthMarket Cap
Peer Average11.1x
UFI Unifi
UNIR Uniroyal Global Engineered Products
JRSH Jerash Holdings (US)
LAKE Lakeland Industries
CRWS Crown Crafts

Price-To-Earnings vs Peers: CRWS is good value based on its Price-To-Earnings Ratio (6.7x) compared to the peer average (11.1x).

Price to Earnings Ratio vs Industry

How does CRWS's PE Ratio compare vs other companies in the US Luxury Industry?

Price-To-Earnings vs Industry: CRWS is good value based on its Price-To-Earnings Ratio (6.7x) compared to the US Luxury industry average (9.3x)

Price to Earnings Ratio vs Fair Ratio

What is CRWS's PE Ratio compared to its Fair PE Ratio? This is the expected PE Ratio taking into account the company's forecast earnings growth, profit margins and other risk factors.

CRWS PE Ratio vs Fair Ratio.
Fair Ratio
Current PE Ratio6.7x
Fair PE Ration/a

Price-To-Earnings vs Fair Ratio: Insufficient data to calculate CRWS's Price-To-Earnings Fair Ratio for valuation analysis.

Share Price vs Fair Value

What is the Fair Price of CRWS when looking at its future cash flows? For this estimate we use a Discounted Cash Flow model.

Below Fair Value: CRWS ($5.81) is trading below our estimate of fair value ($10.81)

Significantly Below Fair Value: CRWS is trading below fair value by more than 20%.

Analyst Price Targets

What is the analyst 12-month forecast and do we have any statistical confidence in the consensus price target?

Analyst Forecast: Insufficient data to show price forecast.

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Future Growth

How is Crown Crafts forecast to perform in the next 1 to 3 years based on estimates from 0 analysts?

Future Growth Score


Future Growth Score 0/6

  • Earnings vs Savings Rate

  • Earnings vs Market

  • High Growth Earnings

  • Revenue vs Market

  • High Growth Revenue

  • Future ROE


Forecasted Consumer Durables industry annual growth in earnings

In this section we usually present revenue and earnings growth projections based on the consensus estimates of professional analysts to help investors understand the company’s ability to generate profit. But as Crown Crafts has not provided enough past data and has no analyst forecast, its future earnings cannot be reliably calculated by extrapolating past data or using analyst predictions.

This is quite a rare situation as 97% of companies covered by SimplyWall St do have past financial data.

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  • Examine whether Crown Crafts is trading at an attractive price based on how much it is expected to earn in the future, and relative to its industry peers and the wider market.

Past Performance

How has Crown Crafts performed over the past 5 years?

Past Performance Score


Past Performance Score 3/6

  • Quality Earnings

  • Growing Profit Margin

  • Earnings Trend

  • Accelerating Growth

  • Earnings vs Industry

  • High ROE


Historical annual earnings growth

Earnings and Revenue History

Quality Earnings: CRWS has high quality earnings.

Growing Profit Margin: CRWS's current net profit margins (10.3%) are higher than last year (9.2%).

Past Earnings Growth Analysis

Earnings Trend: CRWS's earnings have grown by 18.1% per year over the past 5 years.

Accelerating Growth: CRWS's earnings growth over the past year (15.5%) is below its 5-year average (18.1% per year).

Earnings vs Industry: CRWS earnings growth over the past year (15.5%) underperformed the Luxury industry 30.7%.

Return on Equity

High ROE: CRWS's Return on Equity (18.6%) is considered low.

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Financial Health

How is Crown Crafts's financial position?

Financial Health Score


Financial Health Score 6/6

  • Short Term Liabilities

  • Long Term Liabilities

  • Debt Level

  • Reducing Debt

  • Debt Coverage

  • Interest Coverage

Financial Position Analysis

Short Term Liabilities: CRWS's short term assets ($49.4M) exceed its short term liabilities ($13.3M).

Long Term Liabilities: CRWS's short term assets ($49.4M) exceed its long term liabilities ($2.6M).

Debt to Equity History and Analysis

Debt Level: CRWS is debt free.

Reducing Debt: CRWS had no debt 5 years ago.

Debt Coverage: CRWS has no debt, therefore it does not need to be covered by operating cash flow.

Interest Coverage: CRWS has no debt, therefore coverage of interest payments is not a concern.

Balance Sheet

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What is Crown Crafts's current dividend yield, its reliability and sustainability?

Dividend Score


Dividend Score 4/6

  • Notable Dividend

  • High Dividend

  • Stable Dividend

  • Growing Dividend

  • Earnings Coverage

  • Cash Flow Coverage


Current Dividend Yield

Dividend Yield vs Market

Crown Crafts Dividend Yield vs Market
How does Crown Crafts dividend yield compare to the market?
SegmentDividend Yield
Company (Crown Crafts)11.5%
Market Bottom 25% (US)1.6%
Market Top 25% (US)4.6%
Industry Average (Luxury)1.9%
Analyst forecast in 3 Years (Crown Crafts)n/a

Notable Dividend: CRWS's dividend (11.53%) is higher than the bottom 25% of dividend payers in the US market (1.67%).

High Dividend: CRWS's dividend (11.53%) is in the top 25% of dividend payers in the US market (4.69%)

Stability and Growth of Payments

Stable Dividend: CRWS's dividend payments have been volatile in the past 10 years.

Growing Dividend: CRWS's dividend payments have increased over the past 10 years.

Earnings Payout to Shareholders

Earnings Coverage: With its reasonably low payout ratio (37.1%), CRWS's dividend payments are well covered by earnings.

Cash Payout to Shareholders

Cash Flow Coverage: With its high cash payout ratio (108.6%), CRWS's dividend payments are not well covered by cash flows.

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How experienced are the management team and are they aligned to shareholders interests?


Average management tenure


Olivia Elliott (53 yo)





Ms. Olivia W. Elliott has been a Director of Crown Crafts, Inc. since May 01, 2022. She has been Chief Executive Officer of Crown Crafts, Inc. since March 01, 2022, and has been its President since January...

CEO Compensation Analysis

Olivia Elliott's Compensation vs Crown Crafts Earnings
How has Olivia Elliott's remuneration changed compared to Crown Crafts's earnings?
DateTotal Comp.SalaryCompany Earnings
Jul 03 2022n/an/a


Apr 03 2022US$1mUS$337k


Dec 26 2021n/an/a


Sep 26 2021n/an/a


Jun 27 2021n/an/a


Mar 28 2021US$661kUS$310k


Dec 27 2020n/an/a


Sep 27 2020n/an/a


Jun 28 2020n/an/a


Mar 29 2020US$498kUS$295k


Dec 29 2019n/an/a


Sep 29 2019n/an/a


Jun 30 2019n/an/a


Mar 31 2019US$420kUS$271k


Dec 30 2018n/an/a


Sep 30 2018n/an/a


Jul 01 2018n/an/a


Apr 01 2018US$284kUS$262k


Dec 31 2017n/an/a


Oct 01 2017n/an/a


Jul 02 2017n/an/a


Apr 02 2017US$335kUS$262k


Jan 01 2017n/an/a


Oct 02 2016n/an/a


Jul 03 2016n/an/a


Apr 03 2016US$470kUS$254k


Compensation vs Market: Olivia's total compensation ($USD1.35M) is above average for companies of similar size in the US market ($USD784.47K).

Compensation vs Earnings: Olivia's compensation has increased by more than 20% in the past year.

Leadership Team

Experienced Management: CRWS's management team is seasoned and experienced (7.9 years average tenure).

Board Members

Experienced Board: CRWS's board of directors are seasoned and experienced ( 21.2 years average tenure).


Who are the major shareholders and have insiders been buying or selling?

Insider Trading Volume

Insider Buying: Insufficient data to determine if insiders have bought more shares than they have sold in the past 3 months.

Recent Insider Transactions

NasdaqCM:CRWS Recent Insider Transactions by Companies or Individuals
DateValueNameEntityRoleSharesMax Price
28 Feb 22SellUS$188,109E. ChestnutIndividual27,935US$6.76
23 Feb 22SellUS$296,831E. ChestnutIndividual43,479US$6.93
17 Feb 22SellUS$112E. ChestnutIndividual16US$7.00
16 Feb 22SellUS$15,150E. ChestnutIndividual2,162US$7.01
14 Feb 22SellUS$185,311E. ChestnutIndividual26,408US$7.02

Ownership Breakdown

What is the ownership structure of CRWS?
Owner TypeNumber of SharesOwnership Percentage
Hedge Funds558,4845.5%
Individual Insiders1,123,93011.2%
General Public4,928,00848.9%

Dilution of Shares: Shareholders have not been meaningfully diluted in the past year.

Top Shareholders

Top 25 shareholders own 48.48% of the company
OwnershipNameSharesCurrent ValueChange %Portfolio %
North Star Investment Management Corporation
Skylands Capital, LLC
Rutabaga Capital Management LLC
E. Chestnut
385,342$2.2m-0.96%no data
Renaissance Technologies LLC
347,349$2.0m0.2%no data
The Vanguard Group, Inc.
292,941$1.7m1.45%no data
Dimensional Fund Advisors LP
239,361$1.4m0.04%no data
Ardent Capital Management, Inc.
Donald Ratajczak
178,899$1.0m7.01%no data
Synovus Securities, Asset Management Arm
Zenon Nie
174,111$1.0m7.22%no data
Bard Associates Inc.
Perinvest (UK) Ltd
Olivia Elliott
148,762$864.3k0%no data
Sidney Kirschner
117,748$684.1k11.06%no data
Bridgeway Capital Management, LLC
Cutter & Company, Inc., Asset Management Arm
Patricia Stensrud
84,498$490.9k16.11%no data
LSV Asset Management
61,986$360.1k-5.2%no data
Seizert Capital Partners, LLC
Evoke Wealth, LLC
Bertolet Capital LLC
First Manhattan Co.
44,695$259.7k0%no data
Geode Capital Management, LLC
40,540$235.5k101.81%no data
Deutsche Bank Aktiengesellschaft, London
39,687$230.6k0%no data

Company Information

Crown Crafts, Inc.'s employee growth, exchange listings and data sources

Key Information

  • Name: Crown Crafts, Inc.
  • Ticker: CRWS
  • Exchange: NasdaqCM
  • Founded: 1957
  • Industry: Textiles
  • Sector: Consumer Durables
  • Implied Market Cap: US$58.505m
  • Shares outstanding: 10.07m
  • Website:

Number of Employees


  • Crown Crafts, Inc.
  • 916 South Burnside Avenue
  • Suite 300
  • Gonzales
  • Louisiana
  • 70737
  • United States


TickerExchangePrimary SecuritySecurity TypeCountryCurrencyListed on
CRWSNasdaqCM (Nasdaq Capital Market)YesCommon StockUSUSDFeb 1969

Company Analysis and Financial Data Status

All financial data provided by Standard & Poor's Capital IQ.
DataLast Updated (UTC time)
Company Analysis2022/09/28 00:00
End of Day Share Price2022/09/28 00:00
Annual Earnings2022/04/03

Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more here.