Birkenstock Holding PLC

BIRK: XNYS (USA)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
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Birkenstock: Initiating Coverage With Narrow Moat and $46 Fair Value Estimate

Jelena Sokolova , Svetlana Menshchikova

Oct 20, 2025

We are initiating coverage on Birkenstock, the German shoemaker renowned for its comfort-focused, timeless designs. For much of its 250-year history, the brand primarily appealed to consumers seeking orthopedic footwear. Recently, it has gained popularity with a broader, more diverse customer base.

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Birkenstock Holding PLC

Birkenstock: Initiating Coverage With Narrow Moat and $46 Fair Value Estimate

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