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Deckers Outdoor Corp DECK

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Stock XNYS Rating as of
$114.37 +3.19 (2.87%)
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As of Delayed Price Pre-Open: $115.73 +1.35

Company Report

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Enduring Popularity of Stylish Shoe Brands Ugg and Hoka Provides Deckers With Competitive Edge

David Swartz

We rate Deckers as a narrow moat company based on a brand intangible asset. Our moat rating is based on the brand strength of Ugg (50% of fiscal 2026 sales) and Hoka (47%). They have powered the firm to nine consecutive years of sales growth above 5%. In absolute terms, Deckers’ total sales were nearly $5.5 billion in fiscal 2026, up from less than $2 billion before fiscal 2019. Its profitability has also risen, with its fiscal 2026 operating margin at 23%, up from around 9%-12% (adjusted) in fiscal years 2015-18.

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Price vs Fair Value

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DECK is trading at a 79% premium.
Price
$114.37
Fair Value
$421.00
Uncertainty
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1-Star Price
$352.50
5-Star Price
$99.00
Economic Moat
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Capital Allocation
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Bulls Say, Bears Say

Bulls

Hoka has experienced tremendous growth over the past few years. The popularity of the brand allows for high full-price sell-through and profit margins. Deckers’ profitability and returns on investment have increased greatly since Hoka became popular.

Bears

Hoka and Ugg are known for specific styles of footwear that could fall out of favor with consumers or be adversely affected by knockoffs given the limited barriers to entry in the space.

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Trading Information

Previous Close Price
$111.18
Day Range
$110.85–114.41
52-Week Range
$78.91–126.50
Bid/Ask
$113.53 / $116.00
Shares Outstanding
138.88M
Market Cap
$15.88B
Volume/Avg
579 / 2M

Key Statistics

Price/Earnings (Normalized)
15.98
Price/Sales
3.00
Dividend Yield (Trailing)
0.00%
Dividend Yield (Forward)
0.00%
Total Yield
6.79%

Company Profile

Founded in 1973, California-based Deckers designs and sells casual and performance footwear, apparel, and accessories. In fiscal 2026, Ugg and Hoka accounted for 50% and 47% of total sales, respectively. The firm also markets a niche sandal brand Teva. Deckers produces most of its sales through wholesale partnerships but also operates e-commerce in more than 50 countries and has more than 200 company-operated stores, about half of which are outlets. The firm generated 58% of its fiscal 2026 sales in the United States.
Sector
Consumer Cyclical
Industry
Footwear & Accessories
Stock Style Box
Mid Core
Total Number of Employees
6,000
Website
https://www.deckers.com

Competitors

Valuation

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Metric
DECK
VFC
UAA
Price/Earnings (Normalized)
 15.9820.2548.17
Price/Book Value
 6.303.601.74
Price/Sales
 3.000.700.50
Price/Cash Flow
 14.105.80227.87
Price/Earnings
DECK
VFC
UAA

Financial Strength

Metric
DECK
VFC
UAA
Quick Ratio
 2.771.050.59
Current Ratio
 3.541.841.62
Interest Coverage
 500.112.94−5.63
Quick Ratio
DECK
VFC
UAA

Profitability

Metric
DECK
VFC
UAA
Return on Assets (Normalized)
 28.04%2.49%1.07%
Return on Equity (Normalized)
 42.40%15.72%2.93%
Return on Invested Capital (Normalized)
 35.79%5.12%2.17%
Return on Assets
DECK
VFC
UAA

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