Deckers Outdoor (DECK)
Market Price (7/2/2026): $100.33 | Market Cap: $14.2 BilInvestor Relations Sector: Consumer Discretionary | Industry: Footwear
Deckers Outdoor (DECK)
Market Price (7/2/2026): $100.33Market Cap: $14.2 BilSector: Consumer DiscretionaryIndustry: Footwear
Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.
Attractive yieldTotal YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 7.2%, FCF Yield is 7.7% Cash is significant % of market capNet D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is -11% Attractive operating marginsOp Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is 23% Attractive cash flow generationCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 22%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 20% Stock buyback supportStock Buyback 3Y Total is 2.1 Bil Low stock price volatilityVol 12M is 46% Megatrend and thematic driversMegatrends include E-commerce & Digital Retail, Experience Economy & Premiumization, and Health & Wellness Trends. Themes include Direct-to-Consumer Brands, Show more. | Weak multi-year price returns2Y Excs Rtn is -75%, 3Y Excs Rtn is -55% | Key risksDECK key risks include [1] its dependence on a limited supply of quality sheepskin for its UGG brand and [2] its significant sales concentration in the UGG and HOKA brands. |
| Attractive yieldTotal YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 7.2%, FCF Yield is 7.7% |
| Cash is significant % of market capNet D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is -11% |
| Attractive operating marginsOp Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is 23% |
| Attractive cash flow generationCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 22%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 20% |
| Stock buyback supportStock Buyback 3Y Total is 2.1 Bil |
| Low stock price volatilityVol 12M is 46% |
| Megatrend and thematic driversMegatrends include E-commerce & Digital Retail, Experience Economy & Premiumization, and Health & Wellness Trends. Themes include Direct-to-Consumer Brands, Show more. |
| Weak multi-year price returns2Y Excs Rtn is -75%, 3Y Excs Rtn is -55% |
| Key risksDECK key risks include [1] its dependence on a limited supply of quality sheepskin for its UGG brand and [2] its significant sales concentration in the UGG and HOKA brands. |
Qualitative Assessment
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Deckers Outdoor (DECK) stock has remained largely at the same level since 3/31/2026 because of the following key factors:
1. Strong Fiscal Year 2026 Performance Offset by Conservative Fiscal Year 2027 Guidance.
Deckers Outdoor reported robust financial results for its fiscal year 2026 (ended March 31, 2026), with revenue increasing 10% to $5.47 billion and diluted earnings per share (EPS) rising 11% to $7.02. The company's key brands, HOKA and UGG, demonstrated significant growth, with HOKA revenue up 16% to nearly $2.6 billion and UGG up 8% to $2.74 billion for the full fiscal year. In Q4 fiscal 2026, EPS of $0.96 beat consensus estimates of $0.81-$0.85, and revenue of $1.12 billion surpassed expectations of $1.09 billion. Despite this strong performance, the company's guidance for fiscal year 2027 tempered investor enthusiasm. Deckers projected FY27 revenue between $5.86 billion and $5.91 billion and diluted EPS between $7.30 and $7.45. This forecast implies a deceleration in earnings growth to approximately 4-6% at the midpoint, compared to 11% in FY26, which caused investor concern and an initial stock drop of about 11% in premarket trading following the announcement.
2. Anticipated Gross Margin Pressure from Higher Costs.
A significant factor contributing to the cautious FY27 outlook was the expected compression in gross margins. Deckers projected its gross margin for fiscal year 2027 to be approximately 56.5%, a decline from the 57.7% achieved in fiscal year 2026. Management attributed this anticipated contraction primarily to "higher freight costs" and "tariff pressures," leading to investor apprehension regarding future profitability.
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Deckers Outdoor (DECK) stock has remained largely at the same level since 3/31/2026 because of the following key factors:
1. Strong Fiscal Year 2026 Performance Offset by Conservative Fiscal Year 2027 Guidance.
Deckers Outdoor reported robust financial results for its fiscal year 2026 (ended March 31, 2026), with revenue increasing 10% to $5.47 billion and diluted earnings per share (EPS) rising 11% to $7.02. The company's key brands, HOKA and UGG, demonstrated significant growth, with HOKA revenue up 16% to nearly $2.6 billion and UGG up 8% to $2.74 billion for the full fiscal year. In Q4 fiscal 2026, EPS of $0.96 beat consensus estimates of $0.81-$0.85, and revenue of $1.12 billion surpassed expectations of $1.09 billion. Despite this strong performance, the company's guidance for fiscal year 2027 tempered investor enthusiasm. Deckers projected FY27 revenue between $5.86 billion and $5.91 billion and diluted EPS between $7.30 and $7.45. This forecast implies a deceleration in earnings growth to approximately 4-6% at the midpoint, compared to 11% in FY26, which caused investor concern and an initial stock drop of about 11% in premarket trading following the announcement.
2. Anticipated Gross Margin Pressure from Higher Costs.
A significant factor contributing to the cautious FY27 outlook was the expected compression in gross margins. Deckers projected its gross margin for fiscal year 2027 to be approximately 56.5%, a decline from the 57.7% achieved in fiscal year 2026. Management attributed this anticipated contraction primarily to "higher freight costs" and "tariff pressures," leading to investor apprehension regarding future profitability.
3. Mixed Analyst Sentiment and Price Target Revisions.
Analyst ratings for Deckers Outdoor during this period were mixed, reflecting the balance between strong past performance and more conservative future guidance. While some analysts maintained "Buy" ratings and increased price targets (e.g., UBS raised its target from $145.00 to $161.00), others reaffirmed "Market Perform" or lowered ratings. The consensus rating for DECK is currently "Hold" based on 24 analysts, with an average price target of $121.11, ranging from $90.00 to $161.00. This divergence in analyst opinions, coupled with a wide range of price targets, contributed to the stock's relatively flat movement as the market digested these varied perspectives.
4. Broader Macroeconomic Headwinds and Softening Consumer Spending.
The general macroeconomic environment also played a role in the stock's trend. In the second quarter of 2026, U.S. consumers faced rising inflation and uneven hiring, leading to a decline in optimism and intentions to reduce spending on discretionary categories. Real consumer spending growth eased to 1.4% year-over-year annualized in Q1 2026, down from an average of 2.6% in 2025. Nominal disposable personal income growth slowed to 2.6% year-over-year in April 2026, with real disposable income falling 1.1% year-over-year. This erosion of consumer purchasing power due to inflation, which rose to 4.2% year-over-year in May 2026, created a cautious outlook for consumer discretionary companies like Deckers.
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Stock Movement Drivers
Fundamental Drivers
The 0.2% change in DECK stock from 3/31/2026 to 7/1/2026 was primarily driven by a 2.0% change in the company's Shares Outstanding (Mil).| (LTM values as of) | 3312026 | 7012026 | Change |
|---|---|---|---|
| Stock Price ($) | 100.09 | 100.33 | 0.2% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 5,375 | 5,472 | 1.8% |
| Net Income Margin (%) | 19.3% | 18.7% | -3.3% |
| P/E Multiple | 13.9 | 13.8 | -0.2% |
| Shares Outstanding (Mil) | 144 | 141 | 2.0% |
| Cumulative Contribution | 0.2% |
Market Drivers
3/31/2026 to 7/1/2026| Return | Correlation | |
|---|---|---|
| DECK | 0.2% | |
| Market (SPY) | 14.7% | 40.9% |
| Sector (XLY) | 8.4% | 64.9% |
Fundamental Drivers
The -3.2% change in DECK stock from 12/31/2025 to 7/1/2026 was primarily driven by a -8.1% change in the company's P/E Multiple.| (LTM values as of) | 12312025 | 7012026 | Change |
|---|---|---|---|
| Stock Price ($) | 103.67 | 100.33 | -3.2% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 5,244 | 5,472 | 4.3% |
| Net Income Margin (%) | 19.4% | 18.7% | -3.4% |
| P/E Multiple | 15.0 | 13.8 | -8.1% |
| Shares Outstanding (Mil) | 147 | 141 | 4.4% |
| Cumulative Contribution | -3.2% |
Market Drivers
12/31/2025 to 7/1/2026| Return | Correlation | |
|---|---|---|
| DECK | -3.2% | |
| Market (SPY) | 9.7% | 36.4% |
| Sector (XLY) | -0.9% | 46.5% |
Fundamental Drivers
The -2.7% change in DECK stock from 6/30/2025 to 7/1/2026 was primarily driven by a -14.2% change in the company's P/E Multiple.| (LTM values as of) | 6302025 | 7012026 | Change |
|---|---|---|---|
| Stock Price ($) | 103.07 | 100.33 | -2.7% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 4,986 | 5,472 | 9.8% |
| Net Income Margin (%) | 19.4% | 18.7% | -3.4% |
| P/E Multiple | 16.1 | 13.8 | -14.2% |
| Shares Outstanding (Mil) | 151 | 141 | 7.0% |
| Cumulative Contribution | -2.7% |
Market Drivers
6/30/2025 to 7/1/2026| Return | Correlation | |
|---|---|---|
| DECK | -2.7% | |
| Market (SPY) | 21.7% | 31.1% |
| Sector (XLY) | 9.3% | 43.6% |
Fundamental Drivers
The 14.1% change in DECK stock from 6/30/2023 to 7/1/2026 was primarily driven by a 50.9% change in the company's Total Revenues ($ Mil).| (LTM values as of) | 6302023 | 7012026 | Change |
|---|---|---|---|
| Stock Price ($) | 87.94 | 100.33 | 14.1% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 3,627 | 5,472 | 50.9% |
| Net Income Margin (%) | 14.2% | 18.7% | 31.3% |
| P/E Multiple | 26.9 | 13.8 | -48.5% |
| Shares Outstanding (Mil) | 158 | 141 | 11.8% |
| Cumulative Contribution | 14.1% |
Market Drivers
6/30/2023 to 7/1/2026| Return | Correlation | |
|---|---|---|
| DECK | 14.1% | |
| Market (SPY) | 74.2% | 43.8% |
| Sector (XLY) | 42.2% | 48.4% |
Price Returns Compared
| 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Total [1] | |
|---|---|---|---|---|---|---|---|
| Returns | |||||||
| DECK Return | 28% | 9% | 67% | 82% | -49% | -4% | 108% |
| Peers Return | 26% | -34% | 0% | 23% | -20% | -2% | -19% |
| S&P 500 Return | 27% | -19% | 24% | 23% | 16% | 10% | 100% |
Monthly Win Rates [3] | |||||||
| DECK Win Rate | 75% | 50% | 67% | 67% | 33% | 50% | |
| Peers Win Rate | 60% | 30% | 52% | 50% | 42% | 50% | |
| S&P 500 Win Rate | 75% | 42% | 67% | 75% | 67% | 50% | |
Max Drawdowns [4] | |||||||
| DECK Max Drawdown | -25% | -38% | -14% | -23% | -64% | -23% | |
| Peers Max Drawdown | -23% | -54% | -40% | -28% | -46% | -29% | |
| S&P 500 Max Drawdown | -5% | -25% | -10% | -8% | -19% | -9% | |
[1] Cumulative total returns since the beginning of 2021
[2] Peers: NKE, ONON, CROX, VFC, COLM. See DECK Returns vs. Peers.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2026 data is for the year up to 7/1/2026 (YTD)
How Low Can It Go
| Event | DECK | S&P 500 |
|---|---|---|
| Summer-Fall 2023 Five Percent Yield Shock | ||
| % Loss | -12.7% | -9.5% |
| % Gain to Breakeven | 14.6% | 10.5% |
| Time to Breakeven | 1 days | 24 days |
| 2022 Inflation Shock & Fed Tightening | ||
| % Loss | -38.4% | -24.5% |
| % Gain to Breakeven | 62.2% | 32.4% |
| Time to Breakeven | 159 days | 427 days |
| 2020 COVID-19 Crash | ||
| % Loss | -54.7% | -33.7% |
| % Gain to Breakeven | 120.6% | 50.9% |
| Time to Breakeven | 76 days | 140 days |
| 2016-2017 Trump Reflation Bond Selloff | ||
| % Loss | -26.2% | -3.7% |
| % Gain to Breakeven | 35.4% | 3.9% |
| Time to Breakeven | 108 days | 6 days |
| 2015-2016 China Devaluation / Global Growth Scare | ||
| % Loss | -40.1% | -12.2% |
| % Gain to Breakeven | 66.9% | 13.9% |
| Time to Breakeven | 499 days | 62 days |
| 2014-2016 Oil Price Collapse | ||
| % Loss | -54.2% | -6.8% |
| % Gain to Breakeven | 118.2% | 7.3% |
| Time to Breakeven | 745 days | 15 days |
In The Past
Deckers Outdoor's stock fell -5.8% during the 2024 Yen Carry Trade Unwind. Such a loss loss requires a 6.2% gain to breakeven.
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| Event | DECK | S&P 500 |
|---|---|---|
| 2022 Inflation Shock & Fed Tightening | ||
| % Loss | -38.4% | -24.5% |
| % Gain to Breakeven | 62.2% | 32.4% |
| Time to Breakeven | 159 days | 427 days |
| 2020 COVID-19 Crash | ||
| % Loss | -54.7% | -33.7% |
| % Gain to Breakeven | 120.6% | 50.9% |
| Time to Breakeven | 76 days | 140 days |
| 2016-2017 Trump Reflation Bond Selloff | ||
| % Loss | -26.2% | -3.7% |
| % Gain to Breakeven | 35.4% | 3.9% |
| Time to Breakeven | 108 days | 6 days |
| 2015-2016 China Devaluation / Global Growth Scare | ||
| % Loss | -40.1% | -12.2% |
| % Gain to Breakeven | 66.9% | 13.9% |
| Time to Breakeven | 499 days | 62 days |
| 2014-2016 Oil Price Collapse | ||
| % Loss | -54.2% | -6.8% |
| % Gain to Breakeven | 118.2% | 7.3% |
| Time to Breakeven | 745 days | 15 days |
| 2011 US Debt Ceiling Crisis & European Contagion | ||
| % Loss | -24.0% | -17.9% |
| % Gain to Breakeven | 31.6% | 21.8% |
| Time to Breakeven | 25 days | 123 days |
| 2008-2009 Global Financial Crisis | ||
| % Loss | -77.1% | -53.4% |
| % Gain to Breakeven | 337.3% | 114.4% |
| Time to Breakeven | 473 days | 1085 days |
In The Past
Deckers Outdoor's stock fell -5.8% during the 2024 Yen Carry Trade Unwind. Such a loss loss requires a 6.2% gain to breakeven.
Preserve Wealth
Limiting losses and compounding gains is essential to preserving wealth.
Asset Allocation
Actively managed asset allocation strategies protect wealth. Learn more.
About Deckers Outdoor (DECK)
Deckers Outdoor Corporation (DECK) is a global designer, marketer, and distributor of a diverse range of footwear, apparel, and accessories. The company caters to both casual lifestyle consumers and high-performance athletes, offering products that span everyday comfort and specialized athletic needs.
Deckers manages a portfolio of well-known brands, each targeting distinct market segments. Its flagship brand, UGG, is recognized for premium casual footwear, apparel, and accessories. Other notable brands include Teva and Sanuk, which offer sandals and relaxed casual shoes, while Hoka provides specialized footwear and apparel for ultra-runners and athletes. The company also offers fashion casual footwear under the Koolaburra brand.
Deckers distributes its products through a multi-channel approach, reaching consumers directly via its own retail stores and e-commerce websites. Additionally, it leverages a broad network of wholesale partners, including department stores, national retail chains, independent specialty retailers, and online retailers. The company's market presence is global, with sales and distribution operations across the United States, Europe, Asia-Pacific, Canada, and Latin America.
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1. A footwear-focused VF Corporation.
2. Like Gap Inc., but for a diverse portfolio of footwear brands rather than apparel.
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- UGG products: Premium footwear, apparel, and accessories, often featuring sheepskin and other plush materials.
- Teva products: Sandals, shoes, and boots designed for various activities.
- Sanuk products: Relaxed casual shoes and sandals.
- Hoka products: Performance footwear and apparel specifically for ultra-runners and athletes.
- Koolaburra products: Fashion casual footwear, frequently utilizing sheepskin and other plush materials.
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Deckers Outdoor Corporation (DECK) sells its products through various channels, including department stores, domestic independent action sports and outdoor specialty footwear retailers, larger national retail chains, and online retailers (B2B wholesale). However, the specific names of these major customer companies are not provided in the background information.
Deckers Outdoor also sells its products directly to individual consumers through its own retail stores and e-commerce websites. Based on its brand portfolio, the company serves the following categories of individual customers:
- Athletes and Active Lifestyle Enthusiasts: This category includes ultra-runners and athletes who purchase performance footwear and apparel under the Hoka brand, as well as individuals seeking durable and functional sandals, shoes, and boots for outdoor activities and an active lifestyle from the Teva brand. These customers prioritize performance, comfort, and durability for high-performance activities and outdoor adventures.
- Casual Lifestyle and Comfort Seekers: This broad category encompasses consumers looking for premium, comfortable, and stylish footwear, apparel, and accessories for everyday wear. Brands like UGG cater to those desiring luxury, warmth, and on-trend casual styles, while Sanuk appeals to individuals seeking relaxed, comfortable, and casual shoes and sandals. These customers value comfort, style, and ease of wear in their daily lives.
- Fashion-Conscious Consumers: Primarily targeted by brands such as UGG and Koolaburra, this segment includes individuals who seek trendy and fashionable footwear and accessories. Koolaburra, in particular, focuses on fashion casual footwear using plush materials, appealing to those who desire stylish options, while UGG also maintains a strong fashion presence. These customers are driven by current trends and the aesthetic appeal of their footwear.
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Stefano Caroti
Chief Executive Officer, President & Director
Mr. Caroti was appointed Chief Executive Officer and President of Deckers Outdoor Corporation on August 1, 2024, and was elected to the Board in September 2024. He brings over 32 years of industry experience across general management, sales, retail, product, marketing, business strategy, and brand management. Prior to his current role, he served as Deckers' Chief Commercial Officer and President of Omni-Channel. Before joining Deckers, Mr. Caroti was the Chief Commercial Officer and Managing Director at PUMA from August 2008 to December 2014, where he was responsible for the company's global wholesale, retail, and e-commerce divisions. He also held several senior executive positions at NIKE, Inc. in general management, sales, product, and marketing, including Vice President of EMEA commerce.
Steven J. Fasching
Chief Financial Officer
Mr. Fasching was appointed Chief Financial Officer of Deckers Outdoor Corporation in June 2018. He joined Deckers in August 2011 as Vice President, Strategic Financial Planning, and subsequently served as Vice President, Strategy & Investor Relations from January 2016 to February 2018, and Senior Vice President, Corporate Strategy, Planning & Investor Relations since February 2018. Mr. Fasching possesses over 30 years of experience in long-term financial and strategic planning within multi-billion dollar organizations. Before his tenure at Deckers, he held senior finance-related roles at Princess Cruises.
Angela Ogbechie
Chief Supply Chain Officer
Ms. Ogbechie was appointed Chief Supply Chain Officer of Deckers Outdoor Corporation in June 2022. Prior to this, she served as Senior Vice President, Global Operations and Supply Chain Strategy since November 2021. Ms. Ogbechie has been with Deckers since 2008, holding various senior supply chain positions and gaining extensive experience in global demand planning, logistics, distribution, and fulfillment. Before joining Deckers, she worked as a Senior Consultant at Grant Thornton LLP from July 2005 to June 2008. She holds a B.A. in Economics from Stanford University and an M.B.A. from Columbia University Business School.
Anne Spangenberg
President, Fashion Lifestyle Group
Ms. Spangenberg was appointed President of the Fashion Lifestyle Group in July 2022. She joined Deckers following a 13-year career at NIKE, Inc., where she held the position of Chief Merchant. Her prior experience includes leadership roles at Gap, Inc. and Macy's West. Ms. Spangenberg has over 25 years of experience in global consumer-focused omni-channel retail, covering product creation, merchandising, buying, analytics, stores, digital, wholesale, and vertical. She earned her B.A. in International Relations from the University of California, Davis.
Robin Green
President, HOKA Brand
Ms. Green was appointed President of HOKA in February 2024. Before joining Deckers, she spent 17 years at NIKE, Inc., where she advanced through various roles, culminating in her position as Global Vice President of Men's Running and Fitness. She has over 20 years of experience across the global consumer products landscape, with strong expertise in leading and operating complex businesses to maximize their potential and drive growth. Ms. Green holds a B.A. in Economics from the University of California, Davis.
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Key Risks to Deckers Outdoor (DECK)
- Macroeconomic Headwinds and Consumer Spending Sensitivity: Deckers operates in the consumer discretionary sector, making its business highly sensitive to economic cycles, inflationary pressures, and changes in consumer disposable income. Economic downturns or cautious consumer behavior can lead to reduced demand for footwear and apparel, increased promotional activities, and potential "demand erosion," directly impacting profitability and sales, particularly for the company's direct-to-consumer strategy which relies on full-price sales.
- Intense Competition: The footwear and apparel industry is highly competitive, with numerous companies vying for market share. Deckers faces significant challenges from aggressive strategies by competitors such as Nike and Adidas, especially in segments where its Hoka brand operates. Maintaining market share and competitive positioning necessitates continuous product innovation, differentiation, and substantial marketing and research and development expenditures. Additionally, the company faces risks from counterfeit product sales, which can dilute brand value and lead to legal disputes.
- Supply Chain Disruptions and Concentration: Deckers' ability to timely source, manufacture, and distribute its products is critical. The company's supply chain is vulnerable to disruptions, including those arising from geopolitical tensions and manufacturing concentration in specific regions, such as Vietnam for a significant portion of its footwear. Furthermore, reliance on specific raw materials like sheepskin for a considerable portion of UGG brand products, coupled with limited suppliers and specific quality requirements, poses a risk if supply is interrupted, prices become unacceptable, or if there are legal or social impediments to its use. Such disruptions can interrupt product flow, increase production and transportation costs, and lead to inventory shortages and lost sales.
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Deckers Outdoor Corporation (symbol: DECK) operates in several footwear market segments through its main brands. The addressable market sizes for their primary products or services are outlined below:
- UGG: The global UGG boots market size was valued at approximately USD 2.5 billion in 2023 and is projected to grow at a compound annual growth rate (CAGR) of 5.2% from 2023 to 2030. North America is the largest market for UGG boots.
- Teva: The global sandals market size is valued at USD 70.62 billion in 2026 and is projected to reach USD 110.28 billion by 2034, exhibiting a CAGR of 5.73%.
- Sanuk: This brand falls under the broader casual footwear market. The global casual shoes market is estimated to reach USD 163.1 billion by 2030, growing at a CAGR of 7.4% from 2024 to 2030. North America held the majority market share of 37% in 2023 within the casual shoes market.
- Hoka: This brand is a key player in the athletic footwear market. The global athletic footwear market size was valued at USD 152.78 billion in 2026 and is expected to reach USD 234.68 billion by 2034, at a CAGR of 5.51%.
- Koolaburra: This brand operates within the sheepskin boots market and casual footwear segment. The global market size for sheepskin boots was valued at approximately USD 1.8 billion in 2023 and is projected to reach around USD 3.6 billion by 2032, growing at a CAGR of 7.8%.
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Deckers Outdoor Corporation (DECK) is expected to drive future revenue growth over the next 2-3 years through several key strategies:
- Continued Expansion of the HOKA Brand: The HOKA brand is consistently highlighted as a primary engine for Deckers' financial performance and is forecast to continue its explosive growth, aiming to surpass $2.5 billion in annual sales by fiscal year 2026. This growth is driven by increasing market share in the performance running category, new product launches, and diversification into apparel.
- UGG Brand Resilience and Expanded Appeal: While HOKA leads growth, the UGG brand is projected to continue its strong performance, with expectations for mid-single-digit growth. The company's strategy focuses on transforming UGG into a year-round luxury lifestyle brand, expanding its men's category, and implementing a "365 initiative" to reduce seasonal concentration and broaden global acceptance.
- Strategic Direct-to-Consumer (DTC) Channel Growth: Deckers is heavily investing in its high-margin direct-to-consumer operations, encompassing e-commerce and a global network of retail stores. The DTC channel is considered a cornerstone of its sales and marketing strategy, delivering higher gross margins and providing valuable first-party customer data, with a five-year compound annual growth rate (CAGR) of 18.3%. In fiscal year 2024, DTC sales accounted for 45% of net sales, and this focus is expected to continue driving revenue and profitability.
- Aggressive International Market Expansion: International markets are a significant growth opportunity for Deckers, particularly for the HOKA brand, and are expected to outpace U.S. growth. The company is actively targeting EMEA (Europe, Middle East, and Africa) and APAC (Asia-Pacific) regions to diversify revenue streams. In fiscal year 2024, HOKA net sales surged by 45.2% in EMEA and 78.5% in APAC, demonstrating the success of this international push.
- Product Category Diversification and Innovation: Deckers continues to invest in innovation and product diversification to capture new market share and increase customer spend. This includes the successful launch of HOKA's dedicated apparel line in 2024, aimed at competing more holistically within the athleticwear market. Additionally, strategic acquisitions, such as Feetures for performance socks, provide immediate entry into new product categories.
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Share Repurchases
- In May 2025, Deckers Outdoor's Board of Directors approved an increase of $2.25 billion to its stock repurchase program, bringing the total authorization to approximately $2.5 billion.
- The company repurchased approximately 3.8 million shares for a total of $567 million in fiscal year 2025.
- In the first quarter of fiscal year 2026, Deckers repurchased an additional 765,000 shares for $84 million as of May 9, 2025.
Outbound Investments
- Deckers Outdoor divested its Sanuk brand in 2024, selling it to Lolë Brands.
Capital Expenditures
- Capital expenditures for Deckers Outdoor averaged $67.959 million from fiscal years ending March 2021 to 2025.
- Capital expenditures peaked in March 2024 at $89.365 million and were $86.171 million in March 2025.
- For fiscal year 2026, the company expects to deploy focused capital expenditures in the range of $120 million to $130 million to support future growth.
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Peer Comparisons
| Peers to compare with: |
Financials
| Median | |
|---|---|
| Name | |
| Mkt Price | 53.38 |
| Mkt Cap | 10.4 |
| Rev LTM | 4,749 |
| Op Inc LTM | 736 |
| FCF LTM | 574 |
| FCF 3Y Avg | 663 |
| CFO LTM | 684 |
| CFO 3Y Avg | 782 |
Growth & Margins
| Median | |
|---|---|
| Name | |
| Rev Chg LTM | 0.8% |
| Rev Chg 3Y Avg | 0.5% |
| Rev Chg Q | 0.6% |
| QoQ Delta Rev Chg LTM | 0.1% |
| Op Inc Chg LTM | -4.0% |
| Op Inc Chg 3Y Avg | -2.4% |
| Op Mgn LTM | 10.1% |
| Op Mgn 3Y Avg | 10.1% |
| QoQ Delta Op Mgn LTM | -0.3% |
| CFO/Rev LTM | 9.9% |
| CFO/Rev 3Y Avg | 13.8% |
| FCF/Rev LTM | 7.7% |
| FCF/Rev 3Y Avg | 11.6% |
Valuation
| Median | |
|---|---|
| Name | |
| Mkt Cap | 10.4 |
| P/S | 1.5 |
| P/Op Inc | 12.8 |
| P/EBIT | 18.6 |
| P/E | 22.8 |
| P/CFO | 13.1 |
| Total Yield | 4.8% |
| Dividend Yield | 0.0% |
| FCF Yield 3Y Avg | 7.1% |
| D/E | 0.2 |
| Net D/E | 0.0 |
Returns
| Median | |
|---|---|
| Name | |
| 1M Rtn | -4.9% |
| 3M Rtn | 1.1% |
| 6M Rtn | -4.6% |
| 12M Rtn | -1.0% |
| 3Y Rtn | 1.4% |
| 1M Excs Rtn | -3.3% |
| 3M Excs Rtn | -12.2% |
| 6M Excs Rtn | -13.2% |
| 12M Excs Rtn | -18.6% |
| 3Y Excs Rtn | -65.6% |
Comparison Analyses
Segment Financials
Revenue by Segment| $ Mil | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| UGG | 2,531 | 1,115 | 1,004 | 1,088 | 872 |
| HOKA | 2,233 | 1,126 | 926 | 629 | 405 |
| Other Brands | 221 | 60 | 54 | 61 | 69 |
| Direct-to-Consumer | 1,855 | 1,467 | 1,214 | 1,067 | |
| Sanuk brand wholesale | 17 | 28 | 30 | 27 | |
| Teva brand wholesale | 114 | 149 | 129 | 106 | |
| Total | 4,986 | 4,288 | 3,627 | 3,150 | 2,546 |
| $ Mil | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| UGG | 1,003 | 350 | 267 | 315 | 293 |
| HOKA | 849 | 376 | 285 | 155 | 111 |
| Other Brands | 35 | 5 | -2 | 14 | 22 |
| Unallocated enterprise and shared brand expenses | -707 | ||||
| Direct-to-Consumer | 749 | 509 | 435 | 349 | |
| Sanuk brand wholesale | -13 | 3 | 6 | -0 | |
| Teva brand wholesale | 19 | 33 | 33 | 27 | |
| Unallocated overhead costs | -558 | -442 | -395 | -298 | |
| Total | 1,179 | 928 | 653 | 565 | 504 |
| $ Mil | 2024 | 2023 | 2022 | 2021 | 2020 |
|---|---|---|---|---|---|
| Unallocated cash and cash equivalents | 1,502 | 982 | 844 | 1,089 | 649 |
| Unallocated other corporate assets | 504 | 414 | 393 | 320 | 312 |
| HOKA | 436 | 446 | 293 | 168 | 125 |
| Direct-to-Consumer | 264 | 219 | 191 | 196 | 243 |
| UGG | 247 | 262 | 383 | 212 | 245 |
| Teva brand wholesale | 82 | 95 | 91 | 87 | 90 |
| Unallocated deferred tax assets, net | 73 | 73 | 64 | 37 | 28 |
| Sanuk brand wholesale | 19 | 41 | 41 | 38 | 50 |
| Other Brands | 9 | 24 | 32 | 19 | 22 |
| Total | 3,136 | 2,556 | 2,332 | 2,168 | 1,765 |
Price Behavior
| Market Price | $100.33 | |
| Market Cap ($ Bil) | 14.2 | |
| First Trading Date | 10/15/1993 | |
| Distance from 52W High | -19.0% | |
| 50 Days | 200 Days | |
| DMA Price | $104.94 | $102.53 |
| DMA Trend | indeterminate | up |
| Distance from DMA | -4.4% | -2.1% |
| 3M | 1YR | |
| Volatility | 39.9% | 45.8% |
| Downside Capture | 156.47 | 109.70 |
| Upside Capture | 80.25 | 78.09 |
| Correlation (SPY) | 40.9% | 31.1% |
| 1M | 2M | 3M | 6M | 1Y | 3Y | |
|---|---|---|---|---|---|---|
| Beta | 0.45 | 0.93 | 1.30 | 1.21 | 1.13 | 1.31 |
| Up Beta | 0.15 | 0.82 | 1.83 | 1.88 | 1.48 | 1.31 |
| Down Beta | 0.83 | 0.95 | 0.52 | 1.41 | 1.33 | 1.30 |
| Up Capture | -41% | 70% | 89% | 72% | 68% | 178% |
| Bmk +ve Days | 11 | 24 | 40 | 67 | 140 | 429 |
| Stock +ve Days | 7 | 16 | 27 | 52 | 113 | 374 |
| Down Capture | 105% | 116% | 158% | 104% | 105% | 108% |
| Bmk -ve Days | 10 | 17 | 23 | 58 | 112 | 321 |
| Stock -ve Days | 14 | 25 | 36 | 73 | 138 | 375 |
[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
Based On 1-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with DECK | |
|---|---|---|---|---|
| DECK | -2.2% | 45.9% | 0.08 | - |
| Sector ETF (XLY) | 9.3% | 18.6% | 0.34 | 43.6% |
| Equity (SPY) | 21.8% | 12.5% | 1.30 | 31.1% |
| Gold (GLD) | 21.7% | 27.7% | 0.69 | -6.5% |
| Commodities (DBC) | 21.4% | 18.6% | 0.90 | -27.6% |
| Real Estate (VNQ) | 13.0% | 13.7% | 0.65 | 33.6% |
| Bitcoin (BTCUSD) | -45.0% | 42.6% | -1.28 | 12.9% |
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Based On 5-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with DECK | |
|---|---|---|---|---|
| DECK | 11.4% | 44.1% | 0.38 | - |
| Sector ETF (XLY) | 6.9% | 23.9% | 0.25 | 54.8% |
| Equity (SPY) | 13.5% | 17.1% | 0.61 | 49.8% |
| Gold (GLD) | 17.4% | 18.3% | 0.77 | -2.0% |
| Commodities (DBC) | 6.8% | 19.5% | 0.25 | -1.0% |
| Real Estate (VNQ) | 2.8% | 18.8% | 0.05 | 35.1% |
| Bitcoin (BTCUSD) | 11.9% | 53.7% | 0.41 | 22.5% |
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Based On 10-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with DECK | |
|---|---|---|---|---|
| DECK | 26.4% | 42.5% | 0.70 | - |
| Sector ETF (XLY) | 12.8% | 22.1% | 0.53 | 56.0% |
| Equity (SPY) | 15.4% | 18.0% | 0.73 | 50.0% |
| Gold (GLD) | 11.9% | 16.1% | 0.60 | 1.4% |
| Commodities (DBC) | 5.6% | 18.0% | 0.24 | 10.5% |
| Real Estate (VNQ) | 5.4% | 20.7% | 0.22 | 38.2% |
| Bitcoin (BTCUSD) | 56.6% | 66.3% | 0.97 | 14.1% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Returns Analyses
Earnings Returns History
Updated 6/25/2026| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 5/21/2026 | 3.9% | 10.9% | 1.0% |
| 1/29/2026 | 19.5% | 11.3% | 14.6% |
| 10/23/2025 | -15.2% | -21.1% | -17.0% |
| 7/24/2025 | 11.3% | 1.2% | 4.0% |
| 5/22/2025 | -19.9% | -16.3% | -18.9% |
| 1/30/2025 | -20.5% | -22.8% | -38.5% |
| 10/24/2024 | 10.6% | 5.8% | 26.4% |
| 7/25/2024 | 6.3% | 7.7% | 15.8% |
| ... | |||
| SUMMARY STATS | |||
| # Positive | 14 | 17 | 17 |
| # Negative | 10 | 7 | 7 |
| Median Positive | 9.8% | 8.1% | 9.2% |
| Median Negative | -3.1% | -5.0% | -17.0% |
| Max Positive | 19.5% | 24.0% | 35.5% |
| Max Negative | -20.5% | -22.8% | -38.5% |
| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 5/21/2026 | 3.9% | 10.9% | 1.0% |
| 1/29/2026 | 19.5% | 11.3% | 14.6% |
| 10/23/2025 | -15.2% | -21.1% | -17.0% |
| 7/24/2025 | 11.3% | 1.2% | 4.0% |
| 5/22/2025 | -19.9% | -16.3% | -18.9% |
| 1/30/2025 | -20.5% | -22.8% | -38.5% |
| 10/24/2024 | 10.6% | 5.8% | 26.4% |
| 7/25/2024 | 6.3% | 7.7% | 15.8% |
| 5/23/2024 | 14.2% | 20.9% | 7.8% |
| 2/1/2024 | 14.1% | 7.7% | 19.9% |
| 10/26/2023 | 18.9% | 24.0% | 35.5% |
| 7/27/2023 | -0.6% | 3.4% | -2.9% |
| 5/25/2023 | 3.4% | 5.9% | 13.8% |
| 2/2/2023 | -1.7% | -0.1% | 2.9% |
| 10/27/2022 | -4.1% | -1.0% | 6.5% |
| 7/28/2022 | 9.0% | 9.0% | 14.3% |
| 5/19/2022 | 12.6% | 15.6% | 13.9% |
| 2/3/2022 | -5.7% | -5.0% | -27.1% |
| 10/28/2021 | 3.9% | 9.4% | 9.2% |
| 7/29/2021 | 1.0% | 7.0% | 4.1% |
| 5/20/2021 | 7.9% | 9.0% | 8.2% |
| 2/4/2021 | -0.0% | 0.8% | 0.0% |
| 10/29/2020 | -1.7% | 8.1% | -1.2% |
| 7/30/2020 | -2.1% | -3.4% | -3.7% |
| SUMMARY STATS | |||
| # Positive | 14 | 17 | 17 |
| # Negative | 10 | 7 | 7 |
| Median Positive | 9.8% | 8.1% | 9.2% |
| Median Negative | -3.1% | -5.0% | -17.0% |
| Max Positive | 19.5% | 24.0% | 35.5% |
| Max Negative | -20.5% | -22.8% | -38.5% |
SEC Filings
Expand for More| Report Date | Filing Date | Filing |
|---|---|---|
| 03/31/2026 | 05/22/2026 | 10-K |
| 12/31/2025 | 02/03/2026 | 10-Q |
| 09/30/2025 | 10/31/2025 | 10-Q |
| 06/30/2025 | 07/31/2025 | 10-Q |
| 03/31/2025 | 05/23/2025 | 10-K |
| 12/31/2024 | 02/03/2025 | 10-Q |
| 09/30/2024 | 10/31/2024 | 10-Q |
| 06/30/2024 | 08/01/2024 | 10-Q |
| 03/31/2024 | 05/24/2024 | 10-K |
| 12/31/2023 | 02/05/2024 | 10-Q |
| 09/30/2023 | 11/02/2023 | 10-Q |
| 06/30/2023 | 08/03/2023 | 10-Q |
| 03/31/2023 | 05/26/2023 | 10-K |
| 12/31/2022 | 02/06/2023 | 10-Q |
| 09/30/2022 | 11/03/2022 | 10-Q |
| 06/30/2022 | 08/04/2022 | 10-Q |
| Report Date | Filing Date | Filing |
|---|---|---|
| 03/31/2026 | 05/22/2026 | 10-K |
| 12/31/2025 | 02/03/2026 | 10-Q |
| 09/30/2025 | 10/31/2025 | 10-Q |
| 06/30/2025 | 07/31/2025 | 10-Q |
| 03/31/2025 | 05/23/2025 | 10-K |
| 12/31/2024 | 02/03/2025 | 10-Q |
| 09/30/2024 | 10/31/2024 | 10-Q |
| 06/30/2024 | 08/01/2024 | 10-Q |
| 03/31/2024 | 05/24/2024 | 10-K |
| 12/31/2023 | 02/05/2024 | 10-Q |
| 09/30/2023 | 11/02/2023 | 10-Q |
| 06/30/2023 | 08/03/2023 | 10-Q |
| 03/31/2023 | 05/26/2023 | 10-K |
| 12/31/2022 | 02/06/2023 | 10-Q |
| 09/30/2022 | 11/03/2022 | 10-Q |
| 06/30/2022 | 08/04/2022 | 10-Q |
| 03/31/2022 | 05/27/2022 | 10-K |
| 12/31/2021 | 02/07/2022 | 10-Q |
| 09/30/2021 | 11/04/2021 | 10-Q |
| 06/30/2021 | 08/05/2021 | 10-Q |
| 03/31/2021 | 05/28/2021 | 10-K |
| 12/31/2020 | 02/08/2021 | 10-Q |
| 09/30/2020 | 11/05/2020 | 10-Q |
| 06/30/2020 | 08/06/2020 | 10-Q |
| 03/31/2020 | 06/01/2020 | 10-K |
| 12/31/2019 | 02/06/2020 | 10-Q |
| 09/30/2019 | 11/08/2019 | 10-Q |
| 06/30/2019 | 08/08/2019 | 10-Q |
Recent Forward Guidance
Updated 5/31/2026Latest: Q4 2026 Earnings Reported 5/21/2026
| Forward Guidance | Guidance Change | ||||||
|---|---|---|---|---|---|---|---|
| Metric | Low | Mid | High | % Chg | % Delta | Change | Prior |
| 2027 Revenue | 5.86 Bil | 5.88 Bil | 5.91 Bil | 8.7% | Raised | Guidance: 5.41 Bil for 2026 | |
| 2027 Gross Margin | 56.5% | -0.9% | -0.5% | Lowered | Guidance: 57.0% for 2026 | ||
| 2027 SG&A Expenses as a percentage of net sales | 0.35 | 1.4% | 0.5% | Raised | Guidance: 0.34 for 2026 | ||
| 2027 Operating Margin | 21.5% | -4.4% | -1.0% | Lowered | Guidance: 22.5% for 2026 | ||
| 2027 Effective Tax Rate | 23.0% | ||||||
| 2027 EPS | 7.3 | 7.38 | 7.45 | 8.1% | Raised | Guidance: 6.83 for 2026 | |
Prior: Q3 2026 Earnings Reported 1/29/2026
| Forward Guidance | Guidance Change | ||||||
|---|---|---|---|---|---|---|---|
| Metric | Low | Mid | High | % Chg | % Delta | Change | Prior |
| 2026 Revenue | 5.40 Bil | 5.41 Bil | 5.42 Bil | 1.2% | Raised | Guidance: 5.35 Bil for 2026 | |
| 2026 HOKA Revenue Growth | 15.0% | 30.4% | 3.5% | Raised | Guidance: 11.5% for 2026 | ||
| 2026 UGG Revenue Growth | 5.0% | 11.1% | 0.5% | Raised | Guidance: 4.5% for 2026 | ||
| 2026 Gross Margin | 57.0% | 1.8% | 1.0% | Raised | Guidance: 56.0% for 2026 | ||
| 2026 SG&A Expenses as a percentage of net sales | 0.34 | 0 | 0 | Affirmed | Guidance: 0.34 for 2026 | ||
| 2026 Operating Margin | 22.5% | 4.7% | 1.0% | Raised | Guidance: 21.5% for 2026 | ||
| 2026 EPS | 6.8 | 6.83 | 6.85 | 7.6% | Raised | Guidance: 6.34 for 2026 | |
| 2026 Share Repurchases | 1.00 Bil | ||||||
Insider Activity
Updated 6/3/2026| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Spangenberg, Anne | President, Fashion Lifestyle | Direct | Sell | 2132026 | 116.02 | 4,063 | 471,389 | 9,333,693 | Form |
| 2 | Spring-Green, Robin | President, Hoka | Direct | Sell | 2132026 | 113.78 | 347 | 39,482 | 4,831,213 | Form |
| 3 | Shanahan, Lauri M | Direct | Sell | 2132026 | 114.84 | 4,682 | 537,681 | 2,873,986 | Form | |
| 4 | Ogbechie, Angela | Chief Supply Chain Officer | Direct | Sell | 11032025 | 81.45 | 1,460 | 118,910 | 2,770,768 | Form |
| 5 | Ibrahim, Maha Saleh | Direct | Sell | 9082025 | 118.02 | 300 | 35,405 | 1,295,687 | Form |
| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Spangenberg, Anne | President, Fashion Lifestyle | Direct | Sell | 2132026 | 116.02 | 4,063 | 471,389 | 9,333,693 | Form |
| 2 | Spring-Green, Robin | President, Hoka | Direct | Sell | 2132026 | 113.78 | 347 | 39,482 | 4,831,213 | Form |
| 3 | Shanahan, Lauri M | Direct | Sell | 2132026 | 114.84 | 4,682 | 537,681 | 2,873,986 | Form | |
| 4 | Ogbechie, Angela | Chief Supply Chain Officer | Direct | Sell | 11032025 | 81.45 | 1,460 | 118,910 | 2,770,768 | Form |
| 5 | Ibrahim, Maha Saleh | Direct | Sell | 9082025 | 118.02 | 300 | 35,405 | 1,295,687 | Form | |
| 6 | Ibrahim, Maha Saleh | Direct | Sell | 6062025 | 109.08 | 300 | 32,723 | 1,165,041 | Form | |
| 7 | Davis, Cindy L | Direct | Buy | 6062025 | 109.76 | 1,825 | 200,319 | 1,464,252 | Form | |
| 8 | Ogbechie, Angela | Chief Supply Chain Officer | Direct | Sell | 6032025 | 103.89 | 6,244 | 648,675 | 2,075,678 | Form |
Industry Resources
| Consumer Discretionary Resources |
| Retail Dive |
| Business of Fashion (BoF) |
| WWD (Women's Wear Daily) |
| National Retail Federation (NRF) |
| McKinsey & Company - Consumer |
| Mintel Consumer Trends |
| Footwear Resources |
| Footwear News |
| Sneaker News |
| Sole Collector |
External Quote Links
| Y Finance | Barrons |
| TradingView | Morningstar |
| SeekingAlpha | ValueLine |
| Motley Fool | Robinhood |
| CNBC | Etrade |
| MarketWatch | Unusual Whales |
| YCharts | Perplexity Finance |
| FinViz |
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