NYSE: DECK · Footwear
Deckers Brands
Deckers Brands designs and markets footwear, apparel and accessories, mainly under HOKA (performance running shoes) and UGG. It sells through wholesale partners and its own direct-to-consumer channels and outsources production, mainly to Vietnam and Indonesia. FY2026 (year ended March 2026) net sales were $5.47 billion (+9.8%): HOKA $2.59 billion (+15.9%) and UGG $2.74 billion (+8.2%). Net income was $1.02 billion. It had no outstanding balance on its credit facilities at March 31, 2026, and spent heavily on buybacks. It is phasing out the Koolaburra and AHNU brands.
Last updated
Analysis last edited: November 6, 2026 · Financial data fetched: October 17, 2026 10:21 (SEC EDGAR) · Source 10-K filed: May 22, 2026
Built on10-K FY2026 · filed 2026-05-2210-Q (quarter ended 2026-09-30) · filed 2026-10-29
Next update expectedAfter FY2027’s 10-K is filed (roughly 60–90 days after fiscal year end (sooner for larger filers)), financials and analysis will be refreshed.
01
At a glanceFrom SEC data
Eight headline measures, each placed among the companies covered on this site.
- Revenue growthCAGRSmooths out year-to-year swings into "grew X% a year on average." Makes growth pace comparable across companies of very different sizes.
- 16.5%
- Operating marginOperating marginHow many cents of operating profit are left per dollar of revenue. Reflects pricing power and cost structure.
- 23.1%
- ROIC minus WACCROIC − WACC spreadThe difference between ROIC and WACC. Consistently positive implies value creation; consistently negative implies value destruction.
- +27.4 pts
- Net debt ÷ EBITDAEBITDAOperating income with D&A added back. A rough proxy for cash-generating power that’s less distorted by capital intensity, depreciation method, or financing/tax differences than net income.
- -1.4x
- Cash conversionOperating CF ÷ net income (cash conversion)How much of reported profit shows up as actual cash. 1x or higher means profit is backed by cash.
- 1.15x
- Dividend raisesDividend per shareTotal annual dividend paid per share (sum of all declared payments for the year).
- —
- P/E todayP/EShare price ÷ EPS — how many years of current earnings the stock price represents. This site uses the period-end figure as reported in the filing.
- 11.6x
- Betaβ (beta)How much a stock moves, on average, for a 1% move in the overall market. Above 1 means more volatile than the market, which raises the return shareholders require. This site computes it from about 2.5 years (roughly 130 weeks) of weekly returns, built from Yahoo Finance daily prices, regressed against an S&P 500 ETF (SPY) as the market proxy, then applies the well-known long-run mean-reversion adjustment (0.67 × β + 0.33) as the WACC default.
- 1.21
Higher than 83% of 372 non-financial companies
Average yearly growth over the years shown
Higher than 64% of 311 non-financial companies
Latest fiscal year (FY2026)
Higher than 93% of 311 non-financial companies
Return on capital above (or below) its estimated cost
Higher than 7% of 304 non-financial companies
Below 0 means more cash than debt
Higher than 19% of 349 non-financial companies
Operating cash flow ÷ net income
Years the dividend per share rose, of the last 5
Latest close 2026-11-04; trailing 12 months to 2026-09-30
Above 1 = moves more than the market
Each marker shows where this company sits among the non-financial companies covered on this site, not all listed companies (left = lowest, right = highest). A high position is not automatically good — for net debt ÷ EBITDA, higher means more debt. Details and formulas are in the sections below and in How to read this.
02
Valuation todayFrom SEC data
Price-based measures at the latest close, next to the same measures at the last fiscal year-end.
Share price$87.99close on 2026-11-04
Market cap$12.32B
- P/EP/EShare price ÷ EPS — how many years of current earnings the stock price represents. This site uses the period-end figure as reported in the filing. today
- 11.6x
- P/BP/BShare price ÷ book value per share. Below 1x means the market values the company below its accounting net worth. This site uses the closing price nearest the fiscal year-end and highlights sub-1x readings. today
- 4.9x
- EV/EBITDAEV/EBITDAEnterprise value (≈ market cap + interest-bearing debt − cash) as a multiple of EBITDA — roughly, "how many years of EBITDA to buy the whole company." Lower is generally viewed as cheaper, and it’s more comparable than P/E across companies with different debt loads or depreciation policies. This site excludes noncontrolling interests from the EV calculation. today
- 7.8x
- FCF yieldFree cash flow (FCF)Operating CF minus capital expenditures — cash generated by the business after funding its own investment, available for dividends, buybacks, acquisitions, or debt paydown. Acquisitions and securities purchases (also in investing CF) are not subtracted, so FCF can be positive in a year when total investing CF exceeds operating CF. today
- 8.9%
- Dividend yieldDividend per shareTotal annual dividend paid per share (sum of all declared payments for the year). today
- —
At FY2026 year-end: 14.3x
Earnings: trailing 12 months to 2026-09-30
At FY2026 year-end: 5.6x
Book value at FY2026 year-end
At FY2026 year-end: 9.0x
EBITDA for FY2026
At FY2026 year-end: 7.8%
Free cash flow for FY2026
Dividends per share for FY2026
“Today” uses the latest closing price (2026-11-04, Yahoo Finance daily closing prices) and shares outstanding at the last fiscal year-end. The rest of this page — including the financial table and ROIC vs. WACC — uses fiscal year-end prices. These are reference figures, not a judgment of whether the stock is cheap or expensive.
03
What changed since last earningsFrom SEC data
The latest reported quarter against the same quarter a year earlier, the balance sheet against the previous quarter-end, and what management said in its latest earnings release.
Quarter ended Sep 30, 2026.
- Revenue$1.43B → $1.48B (vs. a year earlier)↑ +3.5%$1.43B → $1.48B (vs. a year earlier)
- Operating margin22.8% → 26.3% (vs. a year earlier)↑ +3.5 pts22.8% → 26.3% (vs. a year earlier)
- Net income$268M → $313M (vs. a year earlier)↑ +16.8%$268M → $313M (vs. a year earlier)
- Diluted EPS$1.82 → $2.31 (vs. a year earlier)↑ +26.9%$1.82 → $2.31 (vs. a year earlier)
- Cash$1.6B → $1.21B (vs. previous quarter-end)↓ −24.5%$1.6B → $1.21B (vs. previous quarter-end)
Source: Form 10-Q ↗ (SEC XBRL). Long-term debt is the tagged long-term debt figure and leaves out short-term borrowings.
From the earnings release of Oct 22, 2026.
Management outlook • Issued
Now expects full-year net sales of $5.700B–$5.725B. Source sentence
Net consolidated sales are now expected to be in the range of $5.700 billion to $5.725 billion.
Key changes
Q2 net sales up 3.5% to $1.481B. Source sentence
Net sales increased 3.5% to $1.481 billion compared to $1.431 billion.
HOKA sales up 6.8% to $677.2M. Source sentence
▪ HOKA® brand net sales increased 6.8% to $677.2 million compared to $634.1 million.
Written by AI. A line appears only if its figures and direction match the quoted sentence, which an automatic check confirms. Companies' outlooks are their own and may not be met. Read the release ↗
04
Company profileFrom SEC dataShow
- Legal name
- DECKERS OUTDOOR CORP
- Headquarters
- GOLETA, CA
- Incorporated in
- Delaware
- Fiscal year end
- 03/31
- Exchange & ticker
- NYSE: DECK
- Industry
- Footwear
- CIK
- 910521
- Website
- https://www.deckers.com/ ↗
- IR page
- https://ir.deckers.com/ ↗
Workforce (as of FY2026 year-end)
Employees
6,000
Source: Form 10-K (FY2026) cover page and business description
05
Earnings calendarFrom SEC dataShow
When the company reports each quarter: the quarter-end date, the day results were released, and when the 10-Q or 10-K was filed.
Next report
Q3 FY2027
Quarter end: December 2026. In past years, Q3 results were released 29–32 days after quarter end (Jan 29, 2026; Jan 30, 2025; Feb 1, 2024). No date has been announced in the sources this site uses.
Reporting pattern
- Fiscal year ends around March 31.
- Reports four times a year: three quarterly reports (10-Q) and an annual report (10-K) for Q4.
- Earnings releases came 22–53 days after quarter end over the last 12 quarters.
| Quarter | Quarter ended | Earnings release (8-K) | Report filed (10-Q / 10-K) |
|---|---|---|---|
| Q2 FY2027 | Sep 30, 2026 | Oct 22, 2026 (+22 days) | Oct 29, 2026 10-Q (+29 days) |
| Q1 FY2027 | Jun 30, 2026 | Jul 23, 2026 (+23 days) | Jul 30, 2026 10-Q (+30 days) |
| Q4 FY2026 | Mar 31, 2026 | May 21, 2026 (+51 days) | May 22, 2026 10-K (+52 days) |
| Q3 FY2026 | Dec 31, 2025 | Jan 29, 2026 (+29 days) | Feb 3, 2026 10-Q (+34 days) |
| Q2 FY2026 | Sep 30, 2025 | Oct 23, 2025 (+23 days) | Oct 31, 2025 10-Q (+31 days) |
| Q1 FY2026 | Jun 30, 2025 | Jul 24, 2025 (+24 days) | Jul 31, 2025 10-Q (+31 days) |
| Q4 FY2025 | Mar 31, 2025 | May 22, 2025 (+52 days) | May 23, 2025 10-K (+53 days) |
| Q3 FY2025 | Dec 31, 2024 | Jan 30, 2025 (+30 days) | Feb 3, 2025 10-Q (+34 days) |
| Q2 FY2025 | Sep 30, 2024 | Oct 24, 2024 (+24 days) | Oct 31, 2024 10-Q (+31 days) |
| Q1 FY2025 | Jun 30, 2024 | Jul 25, 2024 (+25 days) | Aug 1, 2024 10-Q (+32 days) |
| Q4 FY2024 | Mar 31, 2024 | May 23, 2024 (+53 days) | May 24, 2024 10-K (+54 days) |
| Q3 FY2024 | Dec 31, 2023 | Feb 1, 2024 (+32 days) | Feb 5, 2024 10-Q (+36 days) |
Source: SEC EDGAR filing history. Release dates are the dates the earnings release was furnished to the SEC on Form 8-K (Item 2.02), which is normally the day results are announced. For a quarter whose 10-Q or 10-K isn’t filed yet, the date is the latest Item 2.02 8-K since the previous report, which may be a preliminary or other results-related update. Fiscal years are labeled by the calendar year in which they end.
06
Flagship products & servicesSite analysis
HOKA
Performance and lifestyle footwear
Sold through running specialty, outdoor and sporting goods retailers and partner mono-brand stores.
UGG
Footwear, apparel, accessories
Examples: UGGpure, UGGplush
Sold through fashion retailers, department stores, sports style partners and DTC.
Other
Teva and phased-out brands
Examples: Koolaburra, AHNU (phasing out)
From the FY2026 Form 10-K.
U.S. and worldwide share of flagship products/services
The filings reviewed give no market share figure for the company's products or services.
Reviewed: Form 10-K (FY2026) · Form 10-Q (quarter ended 2026-09-30)
07
Recent strategic focusSite analysis
FY2027 first half.
Q2 FY2027
Net sales rose 3.5% to a record $1.481B (HOKA +6.8% to $677.2M, UGG +3.5% to $786.4M); diluted EPS rose 27% to $2.31, including $0.28 from IEEPA tariff refunds. Full-year EPS guidance was raised to $7.80–7.95, including about $0.52 of refunds.
Source: Q2 FY2027 press release
Buybacks
Deckers repurchased $338M of shares in Q1 FY2027 and $299M in Q2, $637M in the first half.
Source: Q1 and Q2 FY2027 press releases
Credit facility
Amended its credit agreement with Citibank as agent in August 2026.
Source: 8-K filed 2026-08-31
Board
Rati Sahi Levesque will join the board on December 1, 2026, replacing retiring director Lauri Shanahan.
Source: 8-K filed 2026-10-22 (Item 5.02)
Capex ÷ D&A (FY2026)
1.12x
Roughly matches depreciation — mostly maintenance/replacement
formulacapital expenditures ÷ depreciation & amortization
e.g.$85M ÷ $76M = 1.12x
termsCapital expenditures (capex) · Depreciation & amortization (D&A)
R&D-to-revenue ratio (FY2026)
1.3%
formularesearch & development expense ÷ revenue × 100
e.g.$69M ÷ $5,472M × 100 = 1.3%
Where the money goes, over time
Unit: $M. Capex went from $32M in FY2021 to $85M in FY2026
- Capex
- R&D
formulacapital expenditures ÷ depreciation & amortization
termsCapital expenditures (capex) · Depreciation & amortization (D&A)
Source: each period's Form 10-K (SEC EDGAR). Latest: filed 2026-05-22
08
Key figures at a glanceFrom SEC data
FY2021–FY2026, 6 years.
Revenue (FY2026)
$5.47B
As reported in the 10-K
Revenue CAGR (5 years)
+16.5%▲favorable
formula(last-period revenue ÷ first-period revenue) ^ (1 ÷ years) − 1
e.g.($5,472M ÷ $2,546M) ^ (1÷5) − 1 = 16.5%
termsCAGR · ^ (exponent) · Revenue (net sales)
Operating margin (FY2026)
23.1%▲favorable
+3.3pt vs. 5 years ago
formulaoperating income ÷ revenue × 100
e.g.$1,263M ÷ $5,472M × 100 = 23.1%
ROE (FY2026)
40.9%▲favorable
6-year average: 35.0%
As reported in the 10-K
P/B (FY2026 end)
5.60x
formulafiscal year-end closing price ÷ book value per share
e.g.$100.09 ÷ $17.86 = 5.60x
Period-end (fiscal year-end) value, not today's P/B
EV/EBITDA (FY2026 end)
9.0x
formula(market cap + interest-bearing debt − cash and equivalents) ÷ (operating income + depreciation & amortization)
e.g.($14,010M + $0M − $1,907M) ÷ ($1,263M + $76M) = 9.0x
termsEV/EBITDA · Market capitalization · Interest-bearing debt · EBITDA · Depreciation & amortization (D&A)
Period-end (fiscal year-end) value, not today's multiple
- ▲
Revenue grew +16.5% a year over 5 years (strong growth)
From $2.55B in FY2021 to $5.47B in FY2026. The annualized rate (CAGR) makes it possible to compare growth pace across companies of different sizes.
- ▲
Operating margin improved: 19.8% → 23.1%
How much operating profit is left per $100 of revenue. It moved +3.3 points over 5 years — pricing power, cost control, and product mix all show up here.
- ▲
Equity ratio is 67.8% (a high level of financial stability)
The share of total assets funded by equity rather than debt. 50%+ is often read as low bankruptcy risk, though the right level varies by industry (real estate and leasing run lower, for instance).
- ▲
Free cash flow was positive in 6 of 6 years
Operating cash flow minus capital expenditures: the cash left over after funding the business’s own investment, available for dividends, buybacks, acquisitions, or debt paydown. A negative year can mean heavy investment, or weak core earnings — worth distinguishing.
- ▲
ROE averaged 35.0% over 6 years (latest: 40.9%)
How much profit was generated on shareholders’ equity. Roughly 10%+ is often cited as solid for a U.S. company, though this varies a lot by industry and capital intensity.
09
Business modelSite analysis
Business Model Canvas
The whole company in nine blocks. Left side: how it delivers (partners, activities, resources, costs). Right side: who it serves and how it earns. Every entry comes from the company’s filings shown on this page.
08 · who helps
Key partners
No partners or suppliers named in the filings.
07 · what it does
Key activities
- Design, marketing, distribution
06 · what it draws on
Key resources
- Independent manufacturers, mainly in Vietnam and Indonesia
- Brand marketing
02 · why customers buy
Value propositions
- Distinct brands (HOKA, UGG and others) emphasizing fashion, performance, authenticity, functionality, quality and comfort.
04 · how it keeps them
Customer relationships
- Direct-to-consumer relationships through e-commerce and loyalty programs.
03 · how it reaches them
Channels
- Wholesale partners and distributors; its own e-commerce and 203 company-owned retail stores (at March 31, 2026).
01 · who it serves
Customer segments
- Running specialty, sporting goods, fashion and department store retailers; consumers
09 · where money goes
Cost structure
FY2026, share of revenue ($5.47B)
- Cost of revenue42.3%
- Research & development1.3%
- Selling, general & administrative34.6%
Operating profit left: 23.1% of revenue. Depreciation & amortization (inside the costs above): $76M. Capital spending: $85M.
Source: Form 10-K income statement and cash-flow statement (SEC XBRL).
05 · how money comes in
Revenue streams
- Wholesale $3.21B
- Direct-to-consumer $2.26B
Value propositions, channels and customer relationships: Form 10-K (FY2026)
Deckers designs and markets products made by independent manufacturers and sells them through wholesale partners, e-commerce and its own stores.
01 what it draws on
Inputs & resources
- Independent manufacturers, mainly in Vietnam and Indonesia
- Brand marketing
02 what it does
Activities
- Design, marketing, distribution
03 who it serves
Customers
- Running specialty, sporting goods, fashion and department store retailers; consumers
04 how money comes in
How it earns
- Wholesale $3.21B
- Direct-to-consumer $2.26B
How the business makes money
- International net sales grew 26.8% in FY2026; domestic was flat.
Government & regulation around the business
Non-market factors from the company’s filings: what governments and regulators fund, buy, set, approve or restrict, and which part of the flow above each one touches.
Deckers has not recognized potential tariff refunds.
Trade & export rules
Tariffs and trade rules
Has not recognized any potential tariff refunds as of March 31, 2026.
Constrains the businessTouches: Inputs & resourcesSource: Form 10-K (FY2026)
Revenue by segment (FY2026 (Mar))
Unit: $M — bar length = revenue, (%) = share of total company revenue, margin = segment profit ÷ segment revenue × 100
UGG brand
2,738.8 (50%)profit 1,045.3 · margin 38.2%
HOKA brand
2,587.3 (47%)profit 911 · margin 35.2%
Other brands
146.2 (3%)profit 16.4 · margin 11.2%
Source: Form 10-K (FY2026) — MD&A, segment results Profit is segment income from operations before $709.8M of unallocated enterprise and shared brand expenses.
10
Where it earnsSite analysis
Many U.S.-listed companies earn most of their revenue outside the U.S. — this breaks down revenue by country/region so it's clear where the business actually makes its money.
Largest market ()
Domestic (U.S.) — 58% of revenue
Revenue by country / region ()
Unit: — bar length = revenue, (%) = share of total company revenue
Domestic (U.S.)
3,191.5 (58%)International
2,280.8 (42%)
11
Contract structureSite analysisShow
Short-term or spot sales carry different earnings quality than long-term or auto-renewing contracts — this shows how the company actually contracts with its customers.
12
Customers & suppliersSite analysis
Who the company sells to and buys from. Companies rarely name either, so named counterparties come only from the company's own filings and press releases; otherwise this lists the concentration figures the 10-K discloses.
Customers
Wholesale partners (running specialty, sporting goods, fashion, department stores, online) and consumers.
Named by the company
No customer is named.
Suppliers
Independent manufacturers, predominantly in Vietnam and Indonesia; under 5% from China or any other single country.
Named by the company
No supplier is named.
13
Competitors & peersSite analysis
Competitors the 10-K names, and the peer group the company itself chose in its proxy statement. Nothing here is this site's own pick.
The 10-K describes competitors by type without naming them.
Competitors named in the 10-K
Deckers' 10-K doesn't name competitors.
Peer group the company chose
Fiscal 2026 compensation peer group, from the proxy statement. Peers are companies the board considers comparable — for example when setting executive pay — not necessarily direct competitors.
20 consumer brands and retailers; Skechers and Foot Locker were removed for FY2027 after being acquired.
- Abercrombie & Fitchsite ↗
- Estée Lauder Companiessite ↗
- Ralph Laurensite ↗
- Ulta Beautysite ↗
- Capri Holdingssite ↗
- RHsite ↗
- Under Armoursite ↗
- Columbia Sportswearsite ↗
- Levi Strauss & Co.site ↗
- Urban Outfitterssite ↗
- Crocssite ↗
- lululemon athleticasite ↗
- Steve Maddensite ↗
- V.F. Corporationsite ↗
- Dick's Sporting Goodssite ↗
- PVHsite ↗
- Tapestrysite ↗
- Williams-Sonomasite ↗
Company names link to this site’s analysis where one exists; “site ↗” opens the company’s own website.
14
Six years of financialsFrom SEC data
Each chart's axis holds a single unit (never mixing dollars, %, and $/share). The table's per-period header links to the filing the numbers came from.
Revenue over time
Unit: $M
Source: each period's Form 10-K (SEC EDGAR). Latest: filed 2026-05-22
Profit over time (operating → net)
Unit: $M
- Operating income
- Pretax income
- Net income
Source: each period's Form 10-K (SEC EDGAR). Latest: filed 2026-05-22
Margins over time
Unit: %
- Operating margin
- Net margin
formulaoperating income ÷ revenue × 100
formulanet income attributable to the company ÷ revenue × 100
Cash flow over time
Unit: $M (below zero = cash went out)
- Operating CF
- Investing CF
- Free CF
formulacash flow from operations − capital expenditures
termsFree cash flow (FCF) · Cash flow from operations (operating CF) · Capital expenditures (capex)
Source: each period's Form 10-K (SEC EDGAR). Latest: filed 2026-05-22
Financial stability & capital efficiency
Unit: %
- Equity ratio
- ROE
formulatotal equity ÷ total assets × 100 (as reported in the 10-K)
termsStockholders’ equity · Total assets
formulanet income ÷ average equity (beginning + ending, ÷2) × 100 (as reported in the 10-K)
termsNet income (attributable to the company) · Stockholders’ equity
Earnings per share (EPS) and dividend per share
Unit: $
- EPS
Source: each period's Form 10-K (SEC EDGAR). Latest: filed 2026-05-22
| Line item | FY202110-K on EDGAR ↗ | FY202210-K on EDGAR ↗ | FY202310-K on EDGAR ↗ | FY202410-K on EDGAR ↗ | FY202510-K on EDGAR ↗ | FY202610-K on EDGAR ↗ |
|---|---|---|---|---|---|---|
| Income statement ($M) | ||||||
| Revenue | 2,546 | 3,150 | 3,627 | 4,288 | 4,986 | 5,472 |
| Operating income | 504 | 565 | 653 | 928 | 1,179 | 1,263 |
| Pretax income | 502 | 565 | 666 | 979 | 1,243 | 1,326 |
| Net income (attributable) | 383 | 452 | 517 | 760 | 966 | 1,024 |
| Revenue growthcalc(this year’s revenue − last year’s revenue) ÷ last year’s revenue × 100 | — | 23.8% | 15.1% | 18.2% | 16.3% | 9.8% |
| Operating margincalcoperating income ÷ revenue × 100 | 19.8% | 17.9% | 18.0% | 21.6% | 23.6% | 23.1% |
| Net margincalcnet income attributable to the company ÷ revenue × 100 | 15.0% | 14.3% | 14.2% | 17.7% | 19.4% | 18.7% |
| Balance sheet ($M) | ||||||
| Total assets | 2,168 | 2,332 | 2,556 | 3,136 | 3,570 | 3,688 |
| Total equity | 1,444 | 1,539 | 1,766 | 2,107 | 2,513 | 2,500 |
| Interest-bearing debtSum of short- and long-term borrowings, notes/bonds payable | 0 | — | — | — | — | — |
| Equity ratio | 66.6% | 66.0% | 69.1% | 67.2% | 70.4% | 67.8% |
| ROE | 26.5% | 30.3% | 31.3% | 39.2% | 41.8% | 40.9% |
| Cash flow ($M) | ||||||
| Operating CF | 596 | 172 | 537 | 1,033 | 1,045 | 1,182 |
| Investing CF | -32 | -51 | -81 | -89 | -75 | -85 |
| Financing CF | -130 | -367 | -309 | -418 | -581 | -1,084 |
| Free cash flowcalccash flow from operations − capital expenditures | 564 | 121 | 456 | 944 | 958 | 1,097 |
| Cash and equivalents | 1,089 | 844 | 982 | 1,502 | 1,889 | 1,907 |
| Per share & other | ||||||
| EPS ($) | 2.25 | 2.71 | 3.23 | 4.86 | 6.33 | 7.02 |
| BVPS ($) | 8.62 | 9.51 | 11.24 | 13.72 | 16.73 | 17.86 |
| P/E (x) | 24.5 | 16.8 | 23.2 | 32.3 | 17.7 | 14.3 |
| EV/EBITDA (x)calc(market cap + interest-bearing debt − cash and equivalents) ÷ (operating income + depreciation & amortization) | 14.9 | 10.8 | 15.4 | 22.9 | 11.9 | 9.0 |
| P/B (x)calcfiscal year-end closing price ÷ book value per share | 6.39 | 4.80 | 6.67 | 11.43 | 6.68 | 5.60 |
P/B and EV/EBITDA use each period’s period-end (fiscal year-end) figures, not the current share price. Figures without a "calc" tag are as reported in the Form 10-K (the consolidated financial statements and, for older years, earlier 10-Ks), pulled automatically from SEC EDGAR. Where a later filing restated a prior period, the restated figure is used.
Last 8 quarters
Three-month figures from 10-Q filings. Change is versus the same quarter a year earlier. Newest quarter on top.
| Quarter ended | Revenue | Operating income | Net income | Diluted EPS |
|---|---|---|---|---|
| 2026-09-30 | $1.48B+3.5% | $389M+19.3% | $313M+16.8% | $2.31 |
| 2026-06-30 | $1.02B+5.7% | $155M-6.0% | $130M-6.6% | $0.94 |
| 2026-03-31 † | $1.12B+9.6% | $157M-9.9% | $136M-10.5% | — |
| 2025-12-31 | $1.96B+7.1% | $614M+8.3% | $481M+5.3% | $3.33 |
| 2025-09-30 | $1.43B | $327M | $268M | $1.82 |
| 2025-06-30 | $965M | $165M | $139M | $0.93 |
| 2025-03-31 † | $1.02B | $174M | $151M | — |
| 2024-12-31 | $1.83B | $567M | $457M | $3.00 |
† Fourth quarter = the 10-K’s annual figure minus the first three quarters; quarterly EPS isn’t derived this way because share counts change during the year.
15
Is ROIC above WACC?From SEC data
ROIC (the return on money invested in the business) above WACC (the cost of raising that money) means the company is creating value. WACC is an estimate, so its assumptions can be adjusted below.
ROIC (FY2026)
39.1%
formulaoperating income × (1 − tax rate) ÷ invested capital × 100 *invested capital = interest-bearing debt + total equity (average of beginning/ending)
e.g.$1,263M × (1 − 22.5%) ÷ $2,506M × 100 = 39.1%
termsOperating income · Effective tax rate · Invested capital · Interest-bearing debt · Total equity
WACC (this site’s estimate)
11.61%
formulacost of equity × equity weight + cost of debt × (1 − tax rate) × debt weight
e.g.Equity weight: $14.01B ÷ ($14.01B + $0) = 100.0%
e.g.Debt weight: $0 ÷ ($14.01B + $0) = 0.0%
e.g.WACC: 11.6% × 100.0% + 5.0% × (1 − 22.5%) × 0.0% = 11.61%
termsCost of equity · Equity weight (E/(D+E)) · Cost of debt · (1 − tax rate) · Debt weight (D/(D+E)) · Market capitalization
How firm is this? With the equity risk premium ±1 point and beta ±0.2, WACC runs 9.5%–14.1% and ROIC − WACC runs +24.9 to +29.6 points. The sign holds across this range. This describes the latest year and does not predict future value creation.
WACC 11.61% is this site’s estimate under the assumptions below (not a figure the company has published)
- Risk-free rate
- 4.95% (10-year Treasury, 2026-11-03)
- β
- 1.21 (price-derived adjusted beta)
- Equity risk premium
- 5.5%
- Cost of equity
- 11.61%
- Cost of debt
- 4.95% (no debt on record, using the risk-free rate)
- Tax rate
- 22.5% (effective rate, FY2024–FY2026)
- Capital structure (equity : debt)
- 100% : 0%
ROIC over time, vs. WACC
Unit: % — bars = each period's ROIC, horizontal line = latest WACC. Bars above the line are green, below are red
- ROIC (above WACC)
- ROIC (below WACC)
- WACC 11.61%
formulaoperating income × (1 − tax rate) ÷ invested capital × 100 *invested capital = interest-bearing debt + total equity (average of beginning/ending)
termsOperating income · Effective tax rate · Invested capital · Interest-bearing debt · Total equity
formulacost of equity × equity weight + cost of debt × (1 − tax rate) × debt weight
termsCost of equity · Equity weight (E/(D+E)) · Cost of debt · (1 − tax rate) · Debt weight (D/(D+E)) · Market capitalization
Try different WACC assumptions
β and the equity risk premium are estimates with a real range of plausible values — move the sliders to check whether ROIC > WACC still holds. The risk-free rate starts at the 10-year Treasury yield on 2026-11-03 (U.S. Treasury).
Initial β: 1.21 (price-derived adjusted beta. Raw β 1.32, R² 0.19, 130 weeks)
formula0.67 × β + 0.33 (β = the slope of weekly stock returns regressed on weekly market returns)
e.g.0.67 × 1.317 + 0.33 = 1.212
termsβ (beta)
Period 2024-05-10–2026-11-04, using S&P 500 ETF (SPY) as the market proxy. Source: Yahoo Finance price history.
formularisk-free rate + β × equity risk premium
e.g.5.0% + 1.21 × 5.5% = 11.6%
termsCAPM · Risk-free rate · β (beta) · Equity risk premium (market risk premium)
formulafiscal year-end closing price × shares outstanding (= market cap)
formulainterest expense ÷ interest-bearing debt × 100 (clamped to 0–10%; falls back to the risk-free rate if there’s no debt)
16
What the price implies (DCF)From SEC data
A company's value can be written as its free cash flow divided by (cost of capital − perpetual growth). Working that backwards from the market's valuation shows how much growth the share price assumed — compared here with the company's actual past growth.
Growth the price implies (price on 2026-11-04)
1.1%
Perpetual FCF growth: g = r − FCF ÷ EV = 11.6% − 10.5%
Past FCF growth (FY2021–FY2026)
+14.2%
Compound annual rate, 5 years
Past revenue growth (FY2021–FY2026)
+16.5%
Compound annual rate, 5 years
Inputs (FY2026): free cash flow $1.1B (operating CF − capex); enterprise value $10.41B = market cap $12.32B (latest close, 2026-11-04) + debt $0 − cash and short-term investments $1.91B; r = WACC of 11.6% using this page’s default assumptions (β 1.21, risk-free 5.0%, market premium 5.5%).
Three WACC scenarios
The same calculation under cautious, base and optimistic cost-of-capital assumptions (risk-free rate fixed at the 10-year Treasury yield). Pick one to load it into the sliders below.
Try your own assumptions
V = FCF ÷ (r − g). It starts at the implied growth rate, where the theoretical value equals today’s enterprise value.
Theoretical enterprise value
$10.45B
FCF $1.1B ÷ (11.6% − 1.1%)
Theoretical ÷ actual enterprise value
1.00x
Above 1x: these assumptions value the business above the market did
How sensitive the answer is
Theoretical ÷ actual enterprise value for each combination of r and g.
| g \ r | 9.6% | 10.6% | 11.6% | 12.6% | 13.6% |
|---|---|---|---|---|---|
| 0% | 1.10x | 0.99x | 0.91x | 0.84x | 0.78x |
| 2% | 1.39x | 1.23x | 1.10x | 0.99x | 0.91x |
| 4% | 1.88x | 1.60x | 1.39x | 1.23x | 1.10x |
| 6% | 2.93x | 2.29x | 1.88x | 1.60x | 1.39x |
| 8% | 6.59x | 4.05x | 2.93x | 2.29x | 1.88x |
A simplified model for seeing what the market price assumes, not a forecast or a target price. It treats free cash flow as growing at one constant rate forever; the result swings widely with small changes in r and g, and is undefined when g reaches r. Free cash flow here is operating cash flow minus capex, which is after interest — a full DCF of enterprise value would use cash flow before interest. Market cap uses the latest close (2026-11-04) × shares at fiscal year-end; free cash flow and WACC inputs are from the latest fiscal year.
17
Earnings qualityFrom SEC dataShow
The same reported profit can mean different things depending on whether it's backed by cash, driven by the core business, or the result of a one-off item. Four checks below.
- ✓
Operating CF ÷ net income: averages 1.10x
Profit is backed by cash coming in.
- ✓
Accrual ratio (latest): -4.4%
A small share of profit rests on accounting estimates.
- ✓
Core-earnings share (operating income ÷ pretax income): 95%
Most profit comes from core operations.
- ✓
Days sales outstanding: 31 → 22 days
No major slowdown in collecting on sales.
Operating CF vs. net income
Unit: $M — operating CF above net income means profit is backed by cash
- Operating CF
- Net income
formulacash flow from operations ÷ net income attributable to the company
termsCash flow from operations (operating CF) · Net income (attributable to the company)
formula(net income − operating CF) ÷ average total assets × 100
termsNet income (attributable to the company) · Cash flow from operations (operating CF) · Total assets
Source: each period's Form 10-K (SEC EDGAR). Latest: filed 2026-05-22
Profit bridge (FY2026)
Unit: $M — what moved profit from operating income to net income
- Profit (each stage)
- Pushed profit up
- Pushed profit down
formulaoperating income ÷ income before income taxes × 100
termsOperating income · Income before income taxes (pretax income)
Source: each period's Form 10-K (SEC EDGAR). Latest: filed 2026-05-22
Receivables & inventory days
Unit: days — days grow when receivables or inventory build up faster than sales
- Days sales outstanding
- Days inventory outstanding
formulaaverage receivables (opening + closing ÷ 2) ÷ revenue × 365
formulaaverage inventory (opening + closing ÷ 2) ÷ cost of revenue × 365
termsInventory · Cost of revenue (COGS)
Worked examples (latest period)
formulacash flow from operations ÷ net income attributable to the company
e.g.$1,182M ÷ $1,024M = 1.15x
termsCash flow from operations (operating CF) · Net income (attributable to the company)
formulaoperating income ÷ income before income taxes × 100
e.g.$1,263M ÷ $1,326M × 100 = 95%
termsOperating income · Income before income taxes (pretax income)
formulaaverage receivables (opening + closing ÷ 2) ÷ revenue × 365
e.g.($333M + $319M) ÷ 2 ÷ $5,472M × 365 = 22 days
formulaaverage inventory (opening + closing ÷ 2) ÷ cost of revenue × 365
e.g.($495M + $487M) ÷ 2 ÷ $2,315M × 365 = 77 days
termsInventory · Cost of revenue (COGS)
18
Who holds the sharesFrom SEC dataShow
How much of the stock large institutional investors report owning on SEC Form 13F, how much the directors and executive officers hold (and how much of the vote they control), and roughly how much is left for individual investors. Shown next to beta so the holder mix can be read alongside how much the stock swings.
Institutions, insiders and everyone else, 13F holdings as of 2026-06-30
“Everyone else” is what remains after shares reported on Form 13F and shares held by directors and executive officers: mostly individual investors, plus non-insider families or foundations and smaller or foreign institutions. The figures have different dates and 13F reports count some shares twice — read it as an approximate split.
- Held by 13F filers
- 98.2%
- Directors & officers (shares)
- 0.4%
- Everyone else (est.)
- 1.4%
- Directors & officers (voting power)
- 0.4%
- Institutional-ownership rank
- 83 of 416
- Beta (adjusted)
- 1.21
individuals and other non-13F holders
no separate voting figure; shown as shares
1 = most institutional; 20% of covered companies have more
above 1 = swings more than the market
- 133.9M shares reported by 863 13F filers ÷ 136.4M shares outstanding on 2026-07-09. Option positions are excluded.
- Directors and executive officers as a group, from the proxy statement’s beneficial-ownership table; includes shares they can acquire within 60 days.
- A large “everyone else” share can still reflect a family, trust or foundation stake held outside the board; check the proxy statement’s 5% holders.
Sources: SEC Form 13F data set (holdings as of 2026-06-30) · Form DEF 14A filed 2026-07-24 (beneficial ownership table) · Form 10-Q cover page (shares outstanding as of 2026-07-09)
19
Strengths & weaknessesSite analysis
Strengths
1. Two growing brands
HOKA and UGG together were 97% of FY2026 sales and both grew.
Evidence: Form 10-K (FY2026)
2. High returns, no debt
Net income of $1.02B; no outstanding balance on its credit facilities at March 31, 2026; ROE about 41%.
Evidence: SEC EDGAR XBRL
3. International growth
International sales rose 26.8% in FY2026.
Evidence: Form 10-K (FY2026)
Weaknesses
1. Flat U.S. sales
Domestic net sales grew only 0.2% in FY2026.
Evidence: Form 10-K (FY2026)
2. Brand concentration
Results depend on two brands.
Evidence: Form 10-K (FY2026)
20
What draws investors to itSite analysis
Why the stock can look attractive to investors — each point paired with what has to hold for it to stay true, and the opposing view. This is this site's analysis, not a recommendation to buy or sell.
P/E (FY2026)
14.3x
Price at fiscal year-end ÷ diluted EPS
Dividend yield (FY2026)
—
Dividends per share ÷ fiscal year-end price
Payout ratio (FY2026)
—
Dividends per share ÷ diluted EPS
FCF yield (FY2026)
7.8%
(Operating CF − capex) ÷ market cap
1. Brand-led growth with capital returns
High margins and aggressive buybacks reduced shares outstanding.
- What has to hold
- HOKA and UGG stay in demand.
- The other side
- Fashion and athletic trends shift.
Evidence: SEC EDGAR XBRL
The fiscal year ends March 31. FY2022–FY2023 per-share data are adjusted for the September 2024 6-for-1 split. Deckers pays no dividend.
21
ResilienceSite analysisShow
How well the company could absorb a bad year: its financial buffer, how its revenue and profit held up in the worst year on record, and what the 10-K says about the business's exposure to shocks. Figures and filing statements only — no overall rating.
1. Financial buffer (FY2026)
Cash & short-term investments ÷ debt due within a year
—
$1.91B vs. —
Interest coverage (operating income ÷ interest expense)
499.2x
$1.26B vs. $3M
Free cash flow ÷ dividends paid
—
2. Worst year in the record, and the recovery
| Figure | Worst year-over-year change | Back to the prior level? |
|---|---|---|
| Revenue | No decline in the record | — |
| Operating income | No decline in the record | — |
Covers only the 6 fiscal years on record (FY2021–FY2026), which may not include a full recession — the worst year here isn’t necessarily how the company would fare in a severe downturn.
3. Business resilience (from the 10-K)
Cash
$1.9B of cash and no outstanding balance on its credit facilities at March 31, 2026.
Source: SEC EDGAR XBRL
Channel mix
Wholesale 59% and DTC 41% of FY2026 sales.
Source: Form 10-K (FY2026)
22
Legal & regulatory mattersSite analysisShow
Lawsuits, government investigations, enforcement actions and settlements the company discloses — where each stands, what is at stake, and what comes next. From the 10-K's Legal Proceedings and contingencies note, the latest 10-Q, and 8-Ks.
Deckers reports ordinary-course matters and actively sues counterfeiters and infringers to protect the UGG and other trademarks, which can draw counterclaims challenging those rights.
Company statement: Deckers believes ordinary-course matters will not, individually or in aggregate, have a material adverse effect.
Based on Form 10-Q (quarter ended 2026-09-30) — Legal Proceedings, reviewed 2026-10-18. Routine ordinary-course claims are not listed. “Major” is this site’s judgment of which matters could materially affect results.
23
Risks (including geopolitical)Site analysis
Starting from the 10-K's Risk Factors section, organized by category — geopolitical, currency, raw materials, regulatory, disaster, and more — with impact and likelihood assessed by this site.
Risk map
Vertical = impact on results, horizontal = likelihood. Upper right = most severe. Numbers match the list below (placement is this site’s own assessment).
Likelihood →
"Company disclosure" vs. "this site’s assessment"
The description and mitigation for each risk are this site’s summary of the 10-K’s "Risk Factors" section. Impact and likelihood are this site’s own assessment, not the company’s — where the company discloses its own likelihood assessment, that is noted in the summary.
Impact is judged from how large the affected business is relative to total revenue/profit, and from the risk’s track record of moving results in the past. Likelihood is judged from the filing’s wording and the current business environment (already occurring, or recurring). See the rating criteria.
- 1Geopolitics & supply chain
Tariffs and sourcing
- Company disclosure (summarized from the 10-K)
- Production is concentrated in Vietnam and Indonesia; U.S. and international trade policies and tariffs affect results.
- Company’s stated mitigation
- Diversifying manufacturers and regions.
- This site’s assessment
- Impact Med / Likelihood High
- 2Competition & technology shift
Competition
- Company disclosure (summarized from the 10-K)
- Competitors include fashion, athletic and lifestyle footwear and apparel companies, many larger; e-commerce eases entry for new brands.
- Company’s stated mitigation
- Also, we continue to invest in research and development to increasingly incorporate recycled, renewable, regenerated, and certified/ natural materials ( preferred materials ) in our products as part of our sustainability efforts.
- This site’s assessment
- Impact Med / Likelihood High
- 3Demand & macro
Consumer preferences
- Company disclosure (summarized from the 10-K)
- Shifts in consumer and wholesale partner behavior can hurt demand.
- Company’s stated mitigation
- Not stated in the filings.
- This site’s assessment
- Impact Med / Likelihood Med
- 4Disaster
Seasonality and weather
- Company disclosure (summarized from the 10-K)
- Seasonality and weather affect demand for Deckers' products.
- Company’s stated mitigation
- Not stated in the filings.
- This site’s assessment
- Impact Low / Likelihood Med
24
What to watch going forwardSite analysis
- HOKA growth rate.
- U.S. demand.
- Tariffs on Vietnam/Indonesia sourcing.
- Buybacks ($637M in the first half of FY2027).
25
Source documentsShow
This page's financial figures come from the Form 10-Ks listed below. Check the original filings for full detail.
Last updated
Analysis last edited: November 6, 2026 · Financial data fetched: October 17, 2026 10:21 (SEC EDGAR) · Source 10-K filed: May 22, 2026
Built on10-K FY2026 · filed 2026-05-22
Next update expectedAfter FY2027’s 10-K is filed (roughly 60–90 days after fiscal year end (sooner for larger filers)), financials and analysis will be refreshed.
This page is this site’s own analysis based on public information, and does not represent Deckers Brands’s views. It is not a recommendation to buy or sell any security, and this site does not guarantee the accuracy of any figure or statement here. Always verify against the original source documents before making an investment decision.