# Deckers Outdoor (DECK.US)

Canonical: https://gigainvestors.com/s/DECK

Analysis as of: 2026-10-16T07:27:58.174Z. Financial observations: FY1997–FY2027.

Listing currency: USD. Reporting currency: USD.

## Verdict

A wonderful business at a fair price

Quality tests for Buy: pass (profit record: pass; earnings resilience is evidence only). Published buy qualification: yes.

Share price: $86.58 per share; close as of 2026-10-15.

Estimated value: low $108.70 per share, central $150.59 per share, high $174.98 per share. Buy at or below the central value $150.59 per share. Valuation as of 2026-10-16T07:27:58.174Z; scenarios are not confidence intervals.

Expected annual return: 15.5% at the stated quote. About 15.5% a year at today's price (required return 10.0%). required return 10.0% a year (10% floor; US 10-year bond 5.1% + 4 points).

## Checklist

### understandable: fail

- 1 revenue decline in the last 10 years (informational)

- operating margin variation exceeds 0.35

- Financial history: 10 years

- Years with declining revenue: 1

- Years with a net loss: 0

- Operating margin variation: 0.39×

Chart: Operating margin; fiscal year observations.

- FY2017: -0.00×

- FY2018: 0.12×

- FY2019: 0.16×

- FY2020: 0.16×

- FY2021: 0.20×

- FY2022: 0.18×

- FY2023: 0.18×

- FY2024: 0.22×

- FY2025: 0.24×

- FY2026: 0.23×

### moat: pass

- ROIC, median of available years: 61.9%

- ROIC, second-lowest year: 35.5%

- Typical minus recent gross margin: -4.9 pp

- Typical gross margin (annual median): 52.9%

- Recent gross margin (lower of latest and 3-year median): 57.8%

- Years with nonpositive capital: 0

- Capital spending / revenue: 1.6%

- ROIC including acquisitions, ten-year median: 50.0%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2018: 27.4%

- FY2019: 55.6%

- FY2020: 35.5%

- FY2021: 68.2%

- FY2022: 50.0%

- FY2023: 49.8%

- FY2024: 83.8%

- FY2025: >100%

- FY2026: >100%

- LTM to Jun 2026: 83.7%

### economics: pass

- Owner earnings / net income, 5-yr: 1.00×

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: $3.7B

- Net income, five-year total: $3.7B

- Return on incremental invested capital: 959.4%

- Working capital / revenue, annual change: -1.4 pp

- Working capital / revenue, change between three-year averages: -10.1 pp

- Working capital / revenue, final three-year average: 8.8%

Chart: Annual owner cash / profit; fiscal year observations.

- FY2022: 1.00×

- FY2023: 1.00×

- FY2024: 1.00×

- FY2025: 1.00×

- FY2026: 1.00×

### management: pass

- Historical market-dollar context (not the management verdict): 2017 to 2026 (9 years)

- buybacks leaned toward cheaper years (informational)

- ROIC first 3 years vs last 3 years: 27.4% vs 102.3%

- Per-share earnings: 0.60 to 6.33 (three-year endpoint medians)

- Management verdict uses per-share economic progress: Yes

- Ordinary dilution, 10-year annual growth: -3.0%

- Ordinary dilution, 5-year annual growth: -3.1%

- Market cap gain: $12B

- Cumulative retained earnings: $1.4B

- Diluted shares, 10-year annual growth: -3.0%

- Diluted shares, 5-year annual growth: -3.1%

- $1 test, starting fiscal year: FY2017

- $1 test, ending fiscal year: FY2026

- Per-share value growth: 34.4%

- Per-share value change: $5.73

- Per-share value, starting three-year median: $0.60

- Per-share value, ending three-year median: $6.33

- Buybacks concentrated in cheaper years (correlation): 0.77

- Average buyback yield: 3.8%

- Buyback history: 10 years

- Debt-funded buybacks: No

- Acquisition spending: $0

- Cumulative net income, 10 years: $4.8B

- ROIC, first three-year median: 27.4%

- ROIC, last three-year median: >100%

Chart: Earnings per share; fiscal year observations.

- FY2017: $0.03

- FY2018: $0.60

- FY2019: $1.47

- FY2020: $1.60

- FY2021: $2.24

- FY2022: $2.71

- FY2023: $3.23

- FY2024: $4.86

- FY2025: $6.33

- FY2026: $7.02

### accounting: pass

- Sloan accruals: -4.3%

- Receivables to sales index (DSRI): 0.75×

- Restructuring years, last five: 0

- Stock compensation / operating cash flow: 3.8%

- Earnings backed by cash: Yes

- Operating cash / earnings: 1.15×

- Accounting red flags: 0

- Goodwill and intangibles / equity: 0.01×

Chart: Sloan accruals; fiscal year observations.

- FY2017: -16.2%

- FY2018: -16.8%

- FY2019: -6.7%

- FY2020: -0.6%

- FY2021: -9.9%

- FY2022: 12.0%

- FY2023: -0.8%

- FY2024: -8.7%

- FY2025: -2.2%

- FY2026: -4.3%

## Holders

- [David Einhorn](https://gigainvestors.com/GLRE): tracked 13F investor; follow the investor page for holding quarter and amounts.

- [Christopher Bloomstran](https://gigainvestors.com/SA): tracked 13F investor; follow the investor page for holding quarter and amounts.

## Price story

Down 57% since Dec 2024 · "The footwear company expects tariffs to cost it $150 million this fiscal year." (finance.yahoo.com, Oct 2025) · sales +9.8%

Story as of 2026-10-16T09:58:37.608Z; price observation 2026-10-15.

Price needs cash profits to shrink 1.2% a year for ten years

- 2025-05-23: Deckers Stock Plunges On Hoka Slowdown, Weak Guidance On Tariff Worries ([finance.yahoo.com](https://finance.yahoo.com/m/3196120a-8652-3337-b033-1b92960463c3/deckers-stock-plunges-on-hoka.html))

- 2025-10-24: Deckers Stock Sinks As Tariffs Hurt Guidance, Adding To Industry's Woes ([finance.yahoo.com](https://finance.yahoo.com/m/ad7cfc01-e35c-3864-ae66-a18f34a74a20/deckers-stock-sinks-as.html))

- 2026-01-29: Deckers shares soar 15% as UGG and HOKA drive record Q3 earnings ([finance.yahoo.com](https://finance.yahoo.com/news/deckers-shares-soar-15-ugg-214713273.html))

- 2026-03-04: Teva Growth And UGG Antitrust Questions Shape Deckers Outdoor Outlook ([finance.yahoo.com](https://finance.yahoo.com/news/teva-growth-ugg-antitrust-questions-181339382.html))

- 2026-05-22: DECK Q4 Earnings Beat on HOKA Momentum and UGG Strength, Stock Up 5% ([finance.yahoo.com](https://finance.yahoo.com/markets/stocks/articles/deck-q4-earnings-beat-hoka-145300792.html))

- 2026-08-18: Deckers Outdoor (DECK) Slides On Margin Pressure, Is The 27% Undervaluation Enough? ([finance.yahoo.com](https://finance.yahoo.com/markets/stocks/articles/deckers-outdoor-deck-slides-margin-200902060.html))

### Sales · FY2025–2026

sales +9.8%; source https://www.sec.gov/Archives/edgar/data/910521/000162828026037664/deck-20260331.htm; observed 2026-05-22.

- FY2017: $1.8B 

- FY2018: $1.9B 

- FY2019: $2.0B 

- FY2020: $2.1B 

- FY2021: $2.5B 

- FY2022: $3.2B 

- FY2023: $3.6B 

- FY2024: $4.3B 

- FY2025: $5.0B 

- FY2026: $5.5B 

### Gross margin · FY2027

gross margin 57.8%; source https://www.sec.gov/Archives/edgar/data/910521/000162828026037664/deck-20260331.htm; observed 2026-05-22.

- FY2018: 48.9% 

- FY2019: 51.5% 

- FY2020: 51.8% 

- FY2021: 54.0% 

- FY2022: 51.0% 

- FY2023: 50.3% 

- FY2024: 55.6% 

- FY2025: 57.9% 

- FY2026: 57.7% 

- FY2027: 57.8% 

## Owner memo

Memo as of 2026-10-16T08:06:05.509Z.

### How it makes money

Operates in footwear & accessories; annual sales are USD 5.5 billion.

- Source: https://www.sec.gov/Archives/edgar/data/910521/000162828026037664/deck-20260331.htm (filed 2026-05-22); FY2026: revenue 5472296000; grossProfit 3157726000; margin = grossProfit / revenue.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); DECK.US: Deckers Outdoor Corporation, together with its subsidiaries, designs, markets, and distributes footwear, apparel, and accessories for casual lifestyle use and high-performance activities in the United States and internationally. The company offers footwear, apparel, and accessories under the UGG brand; footwear, such as running, trail, hiking, fitness, and lifestyle shoes, as well as apparel and accessories under the HOKA brand; and sandals, shoes, and boots under the Teva brand name. It also provides a casual footwear fashion line under the Koolaburra brand name; and footwear products under the AHNU brand name. The company sells its products through domestic and international retailers, international distributors, and directly to its consumers through its direct-to-consumer business, which includes e-commerce websites and retail stores. Deckers Outdoor Corporation was founded in 1973 and is headquartered in Goleta, California.

### Why customers stay

Margins ranged from 55.6% to 57.9% during 2024–26; it earns 61.9% on its capital.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-05-22); FY2024: grossProfit / revenue = 55.6%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-05-22); FY2025: grossProfit / revenue = 57.9%.

- Source: https://www.sec.gov/Archives/edgar/data/910521/000162828026037664/deck-20260331.htm (filed 2026-05-22); FY2026: grossProfit / revenue = 57.7%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-05-22); 10-year return on capital observations [[2018,0.27354760153601526],[2019,0.5561052796767453],[2020,0.35464269648982716],[2021,0.6820657735606597],[2022,0.5003489449128078],[2023,0.49828842883355523],[2024,0.8384662929195097],[2025,1.0331409195240902],[2026,1.0225319856488118],[2027,0.8370977042333753]]; median 0.6190855266187025. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Where the cash goes

Spends 0.9% of cash earnings on expansion; paid no dividends in 10 years.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-05-22); FY2017: growth capex 0; upkeep 44499000; owner earnings 13839000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-05-22); FY2018: growth capex 0; upkeep 34813000; owner earnings 128153000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-05-22); FY2019: growth capex 0; upkeep 29086000; owner earnings 280163000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-05-22); FY2020: growth capex 0; upkeep 32455000; owner earnings 282599000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-05-22); FY2021: growth capex 0; upkeep 32218000; owner earnings 390887000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-05-22); FY2022: growth capex 8139000; upkeep 42878000; owner earnings 451949000. Growth capex / owner earnings = 0.018008669119745812.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-05-22); FY2023: growth capex 33680000; upkeep 47345000; owner earnings 516822000. Growth capex / owner earnings = 0.06516750447929848.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-05-22); FY2024: growth capex 32199000; upkeep 57166000; owner earnings 759563000. Growth capex / owner earnings = 0.042391480364367407.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-05-22); FY2025: growth capex 17745000; upkeep 68426000; owner earnings 966091000. Growth capex / owner earnings = 0.018367834914102293.

- Source: https://www.sec.gov/Archives/edgar/data/910521/000162828026037664/deck-20260331.htm (filed 2026-05-22); FY2026: growth capex 8850000; upkeep 75773000; owner earnings 1024071000. Growth capex / owner earnings = 0.00864197892528936.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-05-22); Dividend observations: [[2017,0],[2018,0],[2019,0],[2020,0],[2021,0],[2022,0],[2023,0],[2024,0],[2025,0],[2026,0]]. Zero only counted when supported by a complete cash-flow statement.

- Source: https://www.sec.gov/Archives/edgar/data/910521/000162828026037664/deck-20260331.htm (filed 2026-05-22); FY2026: cash repurchases 1079010000 USD.

### Are managers owners

Insiders own 0.7% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); DECK.US SharesStats.PercentInsiders = 0.707 percentage points; cache date 2026-10-16.

### What could break it

"Changes to economic conditions may adversely affect our financial condition and results of operations." (SEC filing, May 2026)

- Source: https://www.sec.gov/Archives/edgar/data/910521/000162828026037664/deck-20260331.htm (filed 2026-05-22); Changes to economic conditions may adversely affect our financial condition and results of operations.

### What the price says

The price assumes cash profits shrink 1.2% yearly over ten years; actual growth was 29.2%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-05-22); Ten-year compound average after fade. Initial solved rate -0.029754377418098776. Price 86.58; FX 1; discount 0.1; same standard ten-year fade to terminal 0.03. FY2016 owner earnings/share 0.5423156098261622 → FY2026 7.023565721340146. Closing-price date 2026-10-15.

## Monthly share-price history (USD per share)

- 2016-10: $8.70 per share

- 2016-11: $9.91 per share

- 2016-12: $9.23 per share

- 2017-01: $9.60 per share

- 2017-02: $8.81 per share

- 2017-03: $9.96 per share

- 2017-04: $9.93 per share

- 2017-05: $11.56 per share

- 2017-06: $11.38 per share

- 2017-07: $10.81 per share

- 2017-08: $10.65 per share

- 2017-09: $11.40 per share

- 2017-10: $11.37 per share

- 2017-11: $12.46 per share

- 2017-12: $13.38 per share

- 2018-01: $14.28 per share

- 2018-02: $15.76 per share

- 2018-03: $15.01 per share

- 2018-04: $15.54 per share

- 2018-05: $18.86 per share

- 2018-06: $18.82 per share

- 2018-07: $18.81 per share

- 2018-08: $20.31 per share

- 2018-09: $19.76 per share

- 2018-10: $21.20 per share

- 2018-11: $22.21 per share

- 2018-12: $21.33 per share

- 2019-01: $21.41 per share

- 2019-02: $24.66 per share

- 2019-03: $24.50 per share

- 2019-04: $26.37 per share

- 2019-05: $25.35 per share

- 2019-06: $29.33 per share

- 2019-07: $26.05 per share

- 2019-08: $24.58 per share

- 2019-09: $24.56 per share

- 2019-10: $25.48 per share

- 2019-11: $28.03 per share

- 2019-12: $28.14 per share

- 2020-01: $31.82 per share

- 2020-02: $28.97 per share

- 2020-03: $22.33 per share

- 2020-04: $24.79 per share

- 2020-05: $30.42 per share

- 2020-06: $32.73 per share

- 2020-07: $34.88 per share

- 2020-08: $33.98 per share

- 2020-09: $36.67 per share

- 2020-10: $42.23 per share

- 2020-11: $42.43 per share

- 2020-12: $47.80 per share

- 2021-01: $48.66 per share

- 2021-02: $54.35 per share

- 2021-03: $55.07 per share

- 2021-04: $56.37 per share

- 2021-05: $55.91 per share

- 2021-06: $64.01 per share

- 2021-07: $68.48 per share

- 2021-08: $69.74 per share

- 2021-09: $60.03 per share

- 2021-10: $65.89 per share

- 2021-11: $67.57 per share

- 2021-12: $61.05 per share

- 2022-01: $53.37 per share

- 2022-02: $48.11 per share

- 2022-03: $45.63 per share

- 2022-04: $44.29 per share

- 2022-05: $44.76 per share

- 2022-06: $42.56 per share

- 2022-07: $52.20 per share

- 2022-08: $53.60 per share

- 2022-09: $52.10 per share

- 2022-10: $58.32 per share

- 2022-11: $66.48 per share

- 2022-12: $66.53 per share

- 2023-01: $71.25 per share

- 2023-02: $69.39 per share

- 2023-03: $74.93 per share

- 2023-04: $79.89 per share

- 2023-05: $79.17 per share

- 2023-06: $87.94 per share

- 2023-07: $90.62 per share

- 2023-08: $88.18 per share

- 2023-09: $85.68 per share

- 2023-10: $99.51 per share

- 2023-11: $110.66 per share

- 2023-12: $111.40 per share

- 2024-01: $125.62 per share

- 2024-02: $149.27 per share

- 2024-03: $156.88 per share

- 2024-04: $136.41 per share

- 2024-05: $182.32 per share

- 2024-06: $161.33 per share

- 2024-07: $153.77 per share

- 2024-08: $159.88 per share

- 2024-09: $159.45 per share

- 2024-10: $160.89 per share

- 2024-11: $195.96 per share

- 2024-12: $203.09 per share

- 2025-01: $177.36 per share

- 2025-02: $139.36 per share

- 2025-03: $111.81 per share

- 2025-04: $110.83 per share

- 2025-05: $105.52 per share

- 2025-06: $103.07 per share

- 2025-07: $106.17 per share

- 2025-08: $119.63 per share

- 2025-09: $101.37 per share

- 2025-10: $81.50 per share

- 2025-11: $88.03 per share

- 2025-12: $103.67 per share

- 2026-01: $119.34 per share

- 2026-02: $117.27 per share

- 2026-03: $100.09 per share

- 2026-04: $102.20 per share

- 2026-05: $113.85 per share

- 2026-06: $99.29 per share

- 2026-07: $96.88 per share

- 2026-08: $87.08 per share

- 2026-09: $78.14 per share

- 2026-10: $86.58 per share

## Annual estimated value (USD per share)

- FY2017: low $8.34 per share, central $9.31 per share, high $10.60 per share

- FY2018: low $9.34 per share, central $10.34 per share, high $11.68 per share

- FY2019: low $11.35 per share, central $12.49 per share, high $14.01 per share

- FY2020: low $12.64 per share, central $13.90 per share, high $15.57 per share

- FY2021: low $27.73 per share, central $30.71 per share, high $34.68 per share

- FY2022: low $40.30 per share, central $55.56 per share, high $64.45 per share

- FY2023: low $49.56 per share, central $68.37 per share, high $79.32 per share

- FY2024: low $62.57 per share, central $85.50 per share, high $98.85 per share

- FY2025: low $79.89 per share, central $109.10 per share, high $126.12 per share

- FY2026: low $102.72 per share, central $141.45 per share, high $164.01 per share

Historical values use today's bond yield for every fiscal year

Historical values use today's FX rate into trading currency for every fiscal year

Historical values use current restated fundamentals and current commodity classification; they are not point-in-time estimates

Prior published observations retained from 2026-10-15T06:33:39.200Z where newer inputs omit a numeric field or fiscal period.

## Sources

[Original 10-K filing](https://www.sec.gov/Archives/edgar/data/910521/000162828026037664/deck-20260331.htm); period 2026-03-31, filed 2026-05-22.

Estimates depend on assumptions and are not guarantees or investment advice. Underlying data remains subject to its source licenses; public reading does not grant bulk redistribution rights.