Deckers Brands

DECK · NYSE · Consumer Discretionary · Financials, fiscal 2017 to 2026

DECK · Last close · October 26, 2026

$80.37

Deckers Brands' revenue rose 9.8% to $5.5 billion in fiscal 2026. Its operating margin was 23.1%, down from 23.6% a year earlier. Free cash flow was $1.1 billion, up 14.5%. It paid out $1.1 billion in dividends and buybacks, 98% of free cash flow. The diluted share count fell 4.5%.

DECKERS OUTDOOR CORP Latest fiscal year ended March 31, 2026 10-K filed May 22, 2026 · 0001628280-26-037664 Updated October 10, 2026

Revenue

$5.5B

9.8%

Operating margin

23.1%

0.6 pts

Net income

$1.0B

6.0%

Free cash flow

$1.1B

14.5%

Return on capital

160.3%

11.3 pts

Market cap

$11.1B

Oct 26 close

P/E

11.4x

On $7.07 EPS, 4 qtrs

Operating margin is operating income as a share of revenue. Free cash flow is cash from operations minus capital spending. Return on capital is after-tax operating income as a share of the money invested in the business: debt plus equity, minus cash. Market cap is the last closing share price times the latest diluted share count, so it is approximate. P/E is the last close divided by diluted earnings per share over the last four quarters, or the latest fiscal year where the quarters aren't available; there is none when the company made a loss.

About these figures. Debt before fiscal 2021 is the mortgage on Deckers' headquarters, repaid in fiscal 2021; Deckers has had no borrowings since. Share counts and per-share figures for earlier years are restated for a stock split (6-for-1), so every year is on today's share basis.

What Deckers Brands does

Deckers Brands designs, markets and distributes footwear, apparel and accessories for everyday casual wear and for high-performance activities. It sells mainly under three brands it owns: HOKA, UGG and Teva. Independent contract manufacturers make all of its products.

HOKA sells year-round performance footwear with extra cushioning, first designed for ultra-runners and now covering running, trail, hiking, fitness and lifestyle shoes plus apparel. UGG sells footwear, apparel and accessories, started in California, that is focused on comfort and warmth. Teva sells sandals and outdoor footwear.

Deckers sells in two ways. In its wholesale channel, it sells to domestic and international retailers and to international distributors. In its direct-to-consumer channel, it sells to shoppers through its own e-commerce sites and retail stores. Its brands compete in the fashion, casual lifestyle, performance, running and outdoor markets, and it says its products appeal to a broad range of buyers.

Its biggest risks, as it describes them

Rapid changes in consumer taste that could leave its brands out of favor and cut sales.
Relying on independent manufacturers, and their suppliers, to make all of its products.
Unusual weather that reduces demand for seasonal products, particularly UGG.
Weaker consumer spending, including from tariffs, inflation and high interest rates.
Disruptions from extreme weather, war or other events that hurt its supply chain.

From Deckers Brands's annual report on Form 10-K, filed May 22, 2026, in our words; the 10-K has the full description and every risk factor. Updated with each new 10-K.

Charts show fiscal years, from the 10-K filings.

Revenue and margins

Revenue

US$ billions, fiscal years

Margins

Percent of revenue

GrossOperatingNetFree cash flow

Net income and earnings per share

From fiscal 2017 to 2026, earnings per share grew 83.3% a year and net income 78.0% a year, as buybacks cut the share count by 25%.

Net income

US$ billions, fiscal years; loss years in red.

Diluted earnings per share

US$ per share, fiscal years, restated for any stock splits; loss years in red.

Returns on capital

Return on capital and on equity

Percent. Return on capital is after-tax operating income over the money invested in the business (debt plus equity, minus cash); return on equity is net income over shareholders' equity. Both use the average of opening and closing balances.

Return on capitalReturn on equity

Cash flow

Free cash flow

US$ billions. Cash from operations minus capital expenditure; negative years in red.

Payouts and share count

Dividends and buybacks

US$ billions, cash paid in each fiscal year

DividendsShare buybacks

Diluted share count

Weighted-average diluted shares, millions

Valuation

Two ways to value Deckers Brands yourself, both starting from its filings: a discounted cash flow model and the price-to-earnings method.

Discounted cash flow (DCF)

A discounted cash flow (DCF) model values a business as the cash it may generate in future, discounted back to today. The starting figures come from Deckers Brands' 10-K (or, for net cash and shares, its latest 10-Q) and the assumptions are yours: start from one of three example scenarios, then change any figure to see what it implies for a share, and how that compares with the last share price.

Value per share on three example scenarios, from Deckers Brands' fiscal 2026 free cash flow of $1.1B, net cash of $1.9B at March 31, 2026 and 146 million diluted shares, from its filings. The scenarios are fitted to Deckers Brands: the base scenario's growth in years 1 to 5 is its revenue growth over the last 3 years, 14.7% a year; the cautious and optimistic ones are lower and higher, and growth in years 6 to 10 is halfway to the long-run rate. The base scenario's discount rate is 9% for a business of moderate risk (Footwear); the cautious and optimistic ones use a point more and a point less. Select one to load it into the calculator. These are the model's arithmetic on those assumptions, not a forecast or a price target.

From the filings

Starting free cash flow, US$ millions

Cash from operations minus capital spending in fiscal 2026.

Net cash, US$ millions Cash and short-term investments minus debt and finance leases at March 31, 2026. Negative means net debt.

Diluted shares, millions

Weighted-average diluted shares in fiscal 2026.

Your assumptions

Start from

Fitted to Deckers Brands's own revenue growth, as above. Cautious: growth of 7.5% then 5% a year, 2% after year 10, a 10% discount rate. Base: growth of 14.5% then 8.5% a year, 2.5% after year 10, a 9% discount rate. Optimistic: growth of 22% then 12.5% a year, 3% after year 10, a 8% discount rate.

Free cash flow growth, years 1 to 5 (% a year)

Free cash flow growth, years 6 to 10 (% a year)

Growth after year 10 (% a year)Long-run growth forever after year 10. Usually close to inflation, and always below the discount rate.

Discount rate (% a year)The yearly return an investor wants for the risk. A higher rate gives a lower value.

Value per share on these assumptions

—

Last close, October 26, 2026: $80.37
Value on these assumptions, against the last close: —

Cash flows in years 1 to 10, valued today: —
Everything after year 10, valued today: —
Plus net cash: —
Share of value from after year 10: —

Projected free cash flow

US$ billions. Each column is one year's projected free cash flow, split into what it is worth today and the part removed by discounting.

Value todayRemoved by discounting

How the value changes with two assumptions

Value per share in US$, with the growth rates above. The highlighted cell matches the current assumptions.

How the model works. Free cash flow grows at the first rate for five years and the second rate for five more, and each year is discounted at the discount rate. Everything after year 10 is valued as year-10 cash flow × (1 + growth after year 10) ÷ (discount rate − growth after year 10), discounted back ten years. Net cash is added and the total is divided by diluted shares. The result depends entirely on the assumptions. It is not a forecast, a price target or a recommendation. The last close is the consolidated US closing price, from Databento.

Price-to-earnings (P/E) method

Another common way to value a company is to multiply its earnings per share by a price-to-earnings (P/E) multiple: the number of years of today's earnings an investor pays for a share. A higher multiple usually means investors expect earnings to grow. Choose a multiple, for example from similar companies, to see the value it gives.

Value per share on three example scenarios, from Deckers Brands' earnings per share of $7.07 (over the last four quarters). Each grows earnings for a year at the cash flow scenarios' rates and applies a multiple to next year's earnings: 15.7×, the middle of Deckers Brands' own P/E today, its peers' median and its sector's median (its peers' median) for the base scenario, 20% less and more for the cautious and optimistic ones. The price is brought back a year at 10%, 9% and 8%. Select one to load it into the calculator. These are the model's arithmetic on those assumptions, not a forecast or a price target.

Earnings per share, US$

Diluted earnings per share over the four quarters to June 30, 2026, from the 10-Qs and 10-K.

P/E multiple

P/E today is the last close divided by the latest earnings per share, the four quarters' where available. Peers: Crocs, Steven Madden, Wolverine World Wide.

Earnings growth in the years ahead (% a year) Starts at Deckers Brands' revenue growth over the last 3 years, 14.7% a year, as the base scenario does.

Earnings per share in the years ahead, US$

Year 1Year 2Year 3Year 4Year 5

Type your own estimate for any year; the years after it carry on at the growth rate.

Apply the multiple to earnings

A multiple on a future year's earnings gives the price then, brought back to today at the discount rate below.

Discount rate (% a year) The yearly return an investor wants for the risk, as in the cash flow model.

Value per share today at this multiple

—

Last close, October 26, 2026: $80.37
Value at this multiple, against the last close: —
Deckers Brands' P/E at the last close: 11.4×

Company	Last close	Earnings per share	P/E today
Steven MaddenSHOO	$42.76	$2.00	21.4×
Wolverine World WideWWW	$20.28	$1.29	15.7×
Deckers BrandsDECK	$80.37	$7.07	11.4×
CrocsCROX	$118.85	$11.42	10.4×

How the P/E method works. Value per share is earnings per share times the multiple. On a future year's earnings, that gives the price in that year, which is brought back to today at the discount rate: price ÷ (1 + discount rate) for each year ahead. It is quick and easy to compare across companies, but it ignores debt and cash, and earnings can swing with one-off gains and charges, so a multiple says most about steady, profitable businesses. Like the cash flow model, the result depends entirely on the assumptions you choose. It is not a forecast, a price target or a recommendation.

Balance sheet

Fiscal year end	FY22	FY23	FY24	FY25	FY26
Cash and short-term investments	844	982	1,502	1,889	1,907
Debt incl. finance leases	0	0	0	0	0
Net debt (negative means net cash)	−844	−982	−1,502	−1,889	−1,907
Net debt to EBITDA	−1.4x	−1.4x	−1.5x	−1.5x	−1.4x
Debt to equity	0.0x	0.0x	0.0x	0.0x	0.0x
Interest coverage	306.6x	189.6x	361.7x	335.3x	499.2x
Current ratio	3.2x	3.8x	3.4x	3.7x	3.5x
Quick ratio	2.3x	2.8x	2.7x	3.1x	2.9x

US$ millions unless stated, at each fiscal year end. Net debt to EBITDA is debt minus cash, divided by operating income before depreciation and amortization: roughly how many years of those earnings the net debt equals. Debt to equity is debt as a multiple of shareholders' equity. Interest coverage is operating income divided by interest expense. The current ratio is current assets over current liabilities; the quick ratio leaves out inventory.

Insider trades

Over the 12 months between October 27, 2025 and October 26, 2026, no insider bought Deckers Brands shares on the open market, and 4 insiders sold $1.2 million, $118,910 of it under trading plans set up in advance.

Date	Insider	Trade	Shares	Price	Value	Filing
Feb 13, 2026	Lauri M ShanahanDirector	Sold	4,682	$114.84	$537,681	Form 4
Feb 13, 2026	Anne SpangenbergPresident, Fashion Lifestyle	Sold	4,063	$116.02	$471,389	Form 4
Feb 13, 2026	Robin Spring-GreenPresident, Hoka	Sold	347	$113.78	$39,482	Form 4
Oct 31, 2025	Angela OgbechieChief Supply Chain Officer	Sold plan	1,460	$81.45	$118,910	Form 4

Open-market purchases and sales by officers, directors and 10% owners, from their Form 4 filings with the SEC: one row per person, day and filing, at the day's average price. Grants, option exercises and shares withheld for tax aren't counted. Insiders buy and sell for many reasons, such as taxes, spreading their savings or a plan set up months earlier, so a trade on its own says little about where a company is heading. For information only, not investment advice. Insider trades at all companies

Piotroski F-score

The F-score counts how many of nine simple tests of profitability, funding and efficiency a company passed in a year (Piotroski, 2000). The more tests passed, the stronger the year: 8 or 9 is strong, 0 to 2 weak. Companies that report no gross profit are scored on the other eight.

Test	FY24	FY25	FY26
Net income is positive	Pass	Pass	Pass
Cash from operations is positive	Pass	Pass	Pass
Return on assets rose	Pass	Pass	Fail
Cash from operations exceeds net income	Pass	Pass	Pass
Debt fell relative to assets	Fail	Fail	Fail
Current ratio rose	Fail	Pass	Fail
Share count didn't rise	Pass	Pass	Pass
Gross margin rose	Pass	Pass	Fail
Revenue rose relative to assets	Pass	Fail	Fail
F-score	7 of 9	7 of 9	4 of 9
Accruals ratio	−9.6%	−2.3%	−4.3%

The accruals ratio is net income minus cash from operations, over average total assets.

Compare

Put Deckers Brands side by side with any other company we cover: revenue, growth, margins, cash flow and returns, with ten years of charts.

Similar companies

Company	Year	Revenue growth	Operating margin	Free cash flow margin	Return on capital	Net debt to EBITDA	F-score	Compare
Deckers Brands	FY26	9.8%	23.1%	20.1%	160.3%	−1.4x	4
Crocs	FY25	−1.5%	3.7%	16.3%	2.8%	4.8x	5	Compare
Steven Madden	FY25	11.0%	3.2%	4.7%	6.0%	1.1x	6	Compare
Birkenstock	FY25	16.2%	26.2%	14.7%	11.6%	1.2x	9	Compare
Wolverine World Wide	FY25	6.8%	8.0%	6.7%	15.1%	2.4x	7	Compare

Each company's latest fiscal year. Fiscal years end in different months, so the periods don't line up exactly. Free cash flow margin is free cash flow as a share of revenue. Net debt to EBITDA is explained under the balance sheet, and the F-score above.

10 years of figures

Fiscal year	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	FY26
Income statement
Revenue	1,790	1,903	2,020	2,133	2,546	3,150	3,627	4,288	4,986	5,472
Revenue growth	−4.5%	6.3%	6.2%	5.6%	19.4%	23.8%	15.1%	18.2%	16.3%	9.8%
Gross profit	835	932	1,040	1,104	1,374	1,608	1,825	2,386	2,886	3,158
Research and development	21	22	23	28	29	33	39	49	57	69
Operating income	−2	223	327	338	504	565	653	928	1,179	1,263
Net income	6	114	264	276	383	452	517	760	966	1,024
Diluted EPS (US$)	0.03	0.60	1.47	1.60	2.25	2.71	3.23	4.86	6.33	7.02
Diluted shares (millions)	194	192	179	172	170	167	160	156	153	146
Cash flow
Cash from operations	199	327	360	286	596	172	537	1,033	1,044	1,182
Capital expenditure	44	35	29	32	32	51	81	89	86	85
Free cash flow	155	293	330	254	564	121	456	944	958	1,097
Dividends paid	0	0	0	0	0	0	0	0	0	0
Share buybacks	13	150	161	190	99	357	297	415	567	1,075
Acquisitions	0	0	0	0	0	0	0	0	0	0
Stock-based compensation	6	14	15	14	23	27	27	37	38	45
Balance sheet at fiscal year end
Cash and short-term investments	292	430	590	649	1,089	844	982	1,502	1,889	1,907
Debt incl. finance leases	33	32	32	31	0	0	0	0	0	0
Total assets	1,192	1,264	1,427	1,765	2,168	2,332	2,556	3,136	3,570	3,688
Total liabilities	238	324	382	625	724	793	790	1,028	1,057	1,188
Shareholders' equity	954	941	1,045	1,140	1,444	1,539	1,766	2,108	2,513	2,500
Margins and ratios
Gross margin	46.7%	49.0%	51.5%	51.8%	54.0%	51.0%	50.3%	55.6%	57.9%	57.7%
Operating margin	−0.1%	11.7%	16.2%	15.8%	19.8%	17.9%	18.0%	21.6%	23.6%	23.1%
Net margin	0.3%	6.0%	13.1%	12.9%	15.0%	14.3%	14.2%	17.7%	19.4%	18.7%
Free cash flow margin	8.7%	15.4%	16.4%	11.9%	22.2%	3.9%	12.6%	22.0%	19.2%	20.1%
Return on capital	−0.2%	18.6%	51.1%	54.3%	87.8%	86.1%	68.5%	103.6%	149.1%	160.3%
Return on equity	0.6%	12.1%	26.6%	25.3%	29.6%	30.3%	31.3%	39.2%	41.8%	40.9%
Return on assets	0.5%	9.3%	19.6%	17.3%	19.5%	20.1%	21.1%	26.7%	28.8%	28.2%
Net debt to EBITDA	−5.1x	−1.5x	−1.5x	−1.6x	−2.0x	−1.4x	−1.4x	−1.5x	−1.5x	−1.4x

US$ millions unless stated. Where a later 10-K restated a year, the latest filed figure is shown. Download all figures (CSV, US$ millions)

Source: Deckers Brands' Form 10-K filings, from SEC EDGAR. For information only, not investment advice. The Filing Desk is not affiliated with Deckers Brands.