DECKERS OUTDOOR CORP

DECK

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.

Country: United StatesPrice: $93.09Market Cap: $12.7B

Company Profile

Industry: Apparel

SIC Sector: Rubber & Plastics

Size: Large Cap($12.7B)

Revenue: $5.5B+9.8% YoY

Net Income: $1.0B+6.0% YoY

Financial Snapshot

Operating Margin23.1%

Return on Equity41.0%

Debt / Equity--

Current Ratio3.54

EPS (Diluted)$7.02+10.9%

Buybacks (1y)$1.1B

Buybacks (2y)$1.6B

Shares Retired6.8% / 8.8% 2y

Similar Companies

LULUlululemon athletica inc.

$13.6B

Shareholder Return

Fiscal 2025

Retired 6.8% of shares last year, 8.8% over two.

Buybacks: $1.1B
Dividends: —

What drove EPS

A buyback raises earnings per share without the company earning more. This splits each year's change into the two.

FY22

−80.1% = 14.4% + −82.6%

FY23

50.5% = 47.0% + 2.4%

FY24

30.2% = 27.2% + 2.4%

FY25

10.9% = 6.0% + 4.6%

Earnings Fewer shares More shares

The two parts do not sum exactly to the total — the difference is the cross-term, plus preferred capital where the company has any. It is left visible rather than distributed into the other two.

Share count is the denominator the filer used for diluted EPS, recovered as net income ÷ EPS — not the balance-sheet count, which is a point-in-time figure and would put the timing difference into this split. Years with a loss are omitted: a smaller share count makes a loss per share larger, so the decomposition inverts.

Company Financials

Annual data (10-K) · Last 5 years

Metric	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021
Market Cap	$12.7B	$26.6Best.	$19.3Best.	$11.4Best.	$1.4Best.
Revenue	$5.5B↑10%	$5.0B↑16%	$4.3B↑18%	$3.6B↑15%	$3.2B
Operating Income	$1.3B↑7%	$1.2B↑27%	$927.5M↑42%	$652.8M↑16%	$564.7M
Net Income	$1.0B↑6%	$966.1M↑27%	$759.6M↑47%	$516.8M↑14%	$451.9M
EPS (Diluted)	$7.02↑11%	$6.33↑30%	$4.86↑50%	$3.23↓80%	$16.26
Gross Margin	57.7%	57.9%↑4%	55.6%↑11%	50.3%↓1%	51.0%
Operating Margin	23.1%↓2%	23.6%↑9%	21.6%↑20%	18.0%	17.9%
ROE	41.0%↑7%	38.4%↑7%	36.0%↑23%	29.3%	29.4%
Total Debt	--	--	--	--	--
Shareholders' Equity	$2.5B↓1%	$2.5B↑19%	$2.1B↑19%	$1.8B↑15%	$1.5B
Current Ratio	3.54↓5%	3.72↑9%	3.39↓12%	3.84↑19%	3.23
Debt / Equity	—	—	—	—	—
Operating Cash Flow	$1.2B↑13%	$1.0B↑1%	$1.0B↑92%	$537.4M↑212%	$172.4M
Free Cash Flow	$1.1B↑15%	$958.4M↑2%	$943.8M↑107%	$456.4M↑276%	$121.3M

Scored from 10-K1d ago

Metric	Marks Risk-Aware Value	Akre Three-Legged Stool	Druckenmiller Macro-Enhanced Growth	Spier Value Checklist	Pabrai Dhandho Framework	Munger Quality Focus	Ackman Activist Value	Piotroski F-Score	Greenblatt Magic Formula	Lynch GARP	Buffett Quality Compounder	Graham Defensive Value
Verdict	HOLD	PASS	PASS	BUY	HOLD	BUY	BUY	HOLD	Not ranked	PASS	PASS	FAIL
Score
Analysis
Intrinsic Value										N/A
Margin of Safety	+15.4%	+47.4%	+55.9%	+28.9%	+23.8%	+34.8%	+66.9%	-421.2%	-46.9%	N/A	-7.7%	-75.3%
Data As Of	10-K (2026-08-15)	10-K (2026-08-15)	10-K (2026-08-15)	10-K (2026-08-15)	10-K (2026-08-15)	10-K (2026-08-15)	10-K (2026-08-15)	10-K (2026-08-15)	10-K (2026-08-15)	10-K (2026-08-15)	10-K (2026-08-15)	10-K (2026-08-15)

Where They Agree

Where They Disagree

Profitability
2 of 11 pass — Marks, Druckenmiller, Spier +6 more object
Discount to Intrinsic Value-18.5% (IV=$91.05 vs Price=$107.86)
✗Marks>= 20% below intrinsic value
Positive Net Income Frequency28/28 years positive
✓MarksPositive net income in >= 7 of last 10 years
Return on Equity38.5% (3-yr avg)
✓AkreROE > 20% (3-year avg)
EPS Growth AccelerationLatest: 10.9%, Prior: 30.2%
✗DruckenmillerAccelerating EPS growth
Show 19 more metrics ▾Show fewer ▴
Margin of SafetyP/E=15.4x, P/B=6.0x
✗SpierP/E < 15 AND P/B < 2.0✗PabraiP/B < 1.5 or P/E < 15
Operating Income / Revenue23.1%
✓Ackman>= 15%
Net Income / Shareholders Equity41.0%
✓Ackman>= 15%
Net Income / Total Assets27.77%
✓PiotroskiROA > 0
ROA Change YoY27.06% -> 27.77% (delta: +0.71%)
✓PiotroskiCurrent ROA > Prior ROA
(CFO / Total Assets) vs ROACFO/Assets=32.05%, ROA=27.77%
✓PiotroskiCFO/Assets > ROA
Gross Margin Change YoY57.9% -> 57.7%
✗PiotroskiImproved YoY
EBIT / Enterprise Value9.6%
✗Greenblatt> 10%
Earnings Yield + ROC AssessmentEY=9.6%, ROC=264.8%
✗GreenblattBoth EY > 10% and ROC > 25%
3-5 Year EPS CAGR
✗Lynch15-30% (Fast Grower); > 0% to pass
ROE41.0%
✓Lynch> 15%
Net Income Positive (10+ years)28/29 years positive
✗BuffettPositive every year for 10+ years
ROE (5-yr avg)34.8%
✓Buffett> 15% (5-yr avg)
Operating Margin (10-yr trend)23.1% (latest)
✗BuffettStable or rising over 10 years
Free Cash Flow Proxy$1.0B
✓BuffettPositive and growing
Earnings Variance (10-yr CoV)
✗BuffettCoV < 0.3
Retained Earnings Effectiveness1.61x
✓Buffett$1 retained -> > $1 market value created
Positive EPS (10 years)23/29 years positive
✗GrahamPositive EPS every year for 10 years
EPS Growth (3-yr avg, 10-yr window)
✗Graham>= 33% growth
Debt & Leverage
1 of 8 pass — Marks, Akre, Munger +4 more object
Interest Coverage & Debt/EBITDAIC=506.8x, D/EBITDA=N/A
✗MarksInterest Coverage > 3x; Debt/EBITDA < 4x
Debt Levels
✗AkreDebt/Equity < 0.3✗MungerDebt/Equity < 0.5
Total Debt / Shareholders Equity
✗Ackman<= 1.0
LT Debt / Total Assets Change0.00% -> 0.00%
✓PiotroskiDecreased YoY
Show 4 more metrics ▾Show fewer ▴
Total Debt / Equity
✗Lynch< 0.33
Cash - Long-term Debt
✗LynchPositive preferred
Debt/Equity & Interest Coverage
✗BuffettD/E < 0.5 AND Interest Coverage > 5x
LT Debt vs Net Current Assets
✗GrahamLT Debt <= Net Current Assets
Valuation
3 of 9 pass — Marks, Spier, Pabrai +3 more object
P/B or P/E vs. Historical AverageP/E=15.4x, P/B=6.0x
✗MarksP/E < 15 or P/B < 2.0
Discount to Intrinsic Value-18.5% (IV=$91.05 vs Price=$107.86)
✗Marks>= 20% below intrinsic value
Price vs. 200-day MAQualitative
✓DruckenmillerPrice above 200-day moving average
Margin of SafetyP/E=15.4x, P/B=6.0x
✗SpierP/E < 15 AND P/B < 2.0
Show 9 more metrics ▾Show fewer ▴
P/E or FCF YieldP/E=15.4x, FCF Yield=7.3%
✗PabraiP/E < 15 or FCF Yield > 10%
Valuation ReasonablenessP/E=15.4x, OE Yield=6.7%
✓MungerP/E < 25 or Owner Earnings Yield > 5%
Price / FCF per Share13.8x
✓Ackman<= 25
EBIT / Enterprise Value9.6%
✗Greenblatt> 10%
Earnings Yield + ROC AssessmentEY=9.6%, ROC=264.8%
✗GreenblattBoth EY > 10% and ROC > 25%
P/E / EPS Growth Rate
✗Lynch< 1.0 (ideally < 0.5)
Price / 3-yr avg EPS17.8x
✗Graham<= 15x
Price-to-Book Ratio6.0x
✗Graham<= 1.5x
P/E x P/B107.30
✗Graham<= 22.5
Cash Flow
5 of 6 pass — Pabrai objects
FCF Positive17/18 years FCF positive
✓MarksPositive FCF in majority of recent years
P/E or FCF YieldP/E=15.4x, FCF Yield=7.3%
✗PabraiP/E < 15 or FCF Yield > 10%
(OCF - CapEx) / Market Cap7.3%
✓Ackman>= 4%
Price / FCF per Share13.8x
✓Ackman<= 25
Show 4 more metrics ▾Show fewer ▴
Operating Cash Flow$1.2B
✓PiotroskiCFO > 0
(CFO / Total Assets) vs ROACFO/Assets=32.05%, ROA=27.77%
✓PiotroskiCFO/Assets > ROA
FCF Positive and Growing$1.1B
✓LynchPositive and growing
Free Cash Flow Proxy$1.0B
✓BuffettPositive and growing
Growth
1 of 5 pass — Druckenmiller, Ackman, Lynch +1 more object
Positive Net Income Frequency28/28 years positive
✓MarksPositive net income in >= 7 of last 10 years
EPS Growth AccelerationLatest: 10.9%, Prior: 30.2%
✗DruckenmillerAccelerating EPS growth
Revenue Growth RateLatest: 9.8%, Prior: 16.3%
✗DruckenmillerRevenue growth accelerating
3yr Median Revenue Growth16.3%
✓Ackman>= 5%
Show 5 more metrics ▾Show fewer ▴
Positive EPS Growth Frequency
✗AckmanPositive EPS growth in >= 3 of last 5 years
P/E / EPS Growth Rate
✗Lynch< 1.0 (ideally < 0.5)
3-5 Year EPS CAGR
✗Lynch15-30% (Fast Grower); > 0% to pass
Inventory Growth vs Revenue GrowthInv: -1.7% vs Rev: 9.8%
✓LynchInventory growth < Revenue growth
EPS Growth (3-yr avg, 10-yr window)
✗Graham>= 33% growth
Efficiency
3 of 6 pass — Akre, Munger and Piotroski object
ROIC (high and growing)1/5 years ROIC > 15% (latest: 15.8%)
✗AkreROIC > 15% for 3+ years
Reinvestment Rate x ROIC
✗AkreReinvestment Rate * ROIC > 10%
Return on Invested Capital
✗Munger> 15%
Current Ratio Change YoY3.72 -> 3.54
✗PiotroskiIncreased YoY
Show 5 more metrics ▾Show fewer ▴
Revenue / Total Assets Change YoY1.40x -> 1.48x
✓PiotroskiImproved YoY
EBIT / (NWC + Net Fixed Assets)264.8%
✓Greenblatt> 25%
ROIC (3-5 yr avg)16.5%
✓Buffett> 10%
ROIC - WACC+6.5%
✓BuffettPositive (WACC = 10%)
Current Ratio3.54
✓Graham>= 2.0
Verdicts
Split decision: 4 PASS · 3 HOLD · 3 BUY · 1 FAIL
Overall verdict
•MarksHOLD (5/8)✓AkrePASS (3/7)✓DruckenmillerPASS (4/7)✓SpierBUY (7/8)•PabraiHOLD (5/8)✓MungerBUY (5/7)✓AckmanBUY (7/9)•PiotroskiHOLD (F-Score 7)•GreenblattNot ranked✓LynchPASS (3/7)✓BuffettPASS (5/9)✗GrahamFAIL (2/9)
Valuation models
Models split on DECK at $93.09 — fair values range $17.86–$280.84
Marks fair value$110.09
✓Marks+15.4% margin vs $93.09
Akre fair value$176.91
✓Akre+47.4% margin vs $93.09
Druckenmiller fair value$210.92
✓Druckenmiller+55.9% margin vs $93.09
Spier fair value$130.97
✓Spier+28.9% margin vs $93.09
Show 7 more metrics ▾Show fewer ▴
Pabrai fair value$122.12
✓Pabrai+23.8% margin vs $93.09
Munger fair value$142.81
✓Munger+34.8% margin vs $93.09
Ackman fair value$280.84
✓Ackman+66.9% margin vs $93.09
Piotroski fair value$17.86
✗Piotroski-421.2% margin vs $93.09
Greenblatt fair value$63.39
✗Greenblatt-46.9% margin vs $93.09
Buffett fair value$86.46
✗Buffett-7.7% margin vs $93.09
Graham fair value$53.11
✗Graham-75.3% margin vs $93.09

Historical Score Timeline

Industry Peers

Similar companies in Apparel

DECK vs Peers — Financial Grading

Revenue$5.5BMedian

Net Income$1.0BTop 25%

ROE41.0%Top 25%

D/E—

Op. Margin23.1%Top 25%

Curr. Ratio3.54Top 25%

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TAPESTRY, INC.TPR	$25.7B	$128.98	$7.0B	$183.2M	21.4%	2.79	5.9%	1.87	1/9	4/9	1/7	0/3	F-Score 4
RALPH LAUREN CORPRL	$23.2B	$388.92	$8.1B	$941.1M	33.1%	0.44	14.5%	2.13	5/9	6/9	5/7	1/3	F-Score 8
lululemon athletica inc.LULU	$13.6B	$119.55	$11.1B	$1.6B	31.8%	—	19.9%	2.26	3/9	3/9	3/7	3/3	F-Score 5
Gildan Activewear Inc.GIL	$10.5B	$56.72	$3.6B	$398.9M	11.2%	1.08	17.1%	2.11	3/9	6/9	1/7	0/3	F-Score 4
LEVI STRAUSS & COLEVI	$8.7B	$22.55	$6.3B	$578.1M	25.4%	0.46	10.8%	1.55	3/9	5/9	2/7	1/3	F-Score 7
Birkenstock Holding plcBIRK	$7.0B	$39.35	$2.5B	$408.6M	12.8%	0.42	26.2%	2.81	2/9	3/9	3/7	1/3	F-Score 9
Crocs, Inc.CROX	$6.3B	$131.72	$4.0B	$81.2M	-6.3%	0.95	3.7%	1.27	2/9	4/9	0/7	1/3	F-Score 5