Deckers Brands
DECK NYSE Footwear Financials FY2017–FY2026
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%.
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.
- Legal name
- DECKERS OUTDOOR CORP
- Fiscal year ends
- March 31, 2026
- Latest annual report
- 10-K · May 22, 2026
- Accession · CIK
- 0001628280-26-037664
0000910521
Revenue and margins
Deckers Brands had $5.5B of revenue in fiscal 2026, up 9.8% on the year before.
Net income and earnings per share
From fiscal 2017 to 2026, diluted EPS grew 83.3% a year. Loss periods are shown in red.
Returns on capital
After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
Cash flow
Free cash flow was $1.1B in fiscal 2026, 20.1% of revenue. Cash from operations minus capital spending.
Dividends, buybacks and share count
Deckers Brands returned $1.1B to shareholders in fiscal 2026, 98% of free cash flow. The diluted share count fell 4.5%.
Value Deckers Brands yourself
Change the assumptions and see what they imply per share. These are models, not forecasts or price targets — the answer depends entirely on what you put in.
Discounted cash flow
Value per share
—
Adds net cash of $1.9B and divides by 145.8M diluted shares. Ten years of cash flows plus a terminal value, discounted to today.
Earnings multiple
Value per share
—
Reference multiples: today 11.5x · peers 13.1x · sector 17.9x.
Balance sheet
Cash, debt and the ratios that show how comfortably Deckers Brands can carry it.
| Fiscal year end | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Cash and short-term investments | $844M | $982M | $1.5B | $1.9B | $1.9B |
| Debt incl. finance leases | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M |
| Net debt / EBITDA | −1.4x | −1.4x | −1.5x | −1.5x | −1.4x |
| Debt / 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 |
| Total assets | $2.3B | $2.6B | $3.1B | $3.6B | $3.7B |
| Total liabilities | $793M | $791M | $1.0B | $1.1B | $1.2B |
| Shareholders' equity | $1.5B | $1.8B | $2.1B | $2.5B | $2.5B |
| Net debt (− = net cash) | −$844M | −$982M | −$1.5B | −$1.9B | −$1.9B |
Insider trades
Open-market purchases and sales by officers, directors and 10% owners, from Form 4 filings. 'Plan' marks trades under a pre-arranged Rule 10b5-1 plan.
Bought, 12 months
$0.0M
0 insiders
Sold, 12 months
$1.2M
4 insiders
Of sales under plans
10%
$0.1M
| Date | Insider | Trade | Shares | Price | Value | Filing |
|---|---|---|---|---|---|---|
| Feb 13, 2026 | Anne SpangenbergPresident, Fashion Lifestyle | Sold | 4,063 | $116.02 | $0.5M | Form 4 |
| Feb 13, 2026 | Lauri M ShanahanDirector | Sold | 4,682 | $114.84 | $0.5M | Form 4 |
| Feb 13, 2026 | Robin Spring-GreenPresident, Hoka | Sold | 347 | $113.78 | $0.0M | Form 4 |
| Oct 31, 2025 | Angela OgbechieChief Supply Chain Officer | Sold plan | 1,460 | $81.45 | $0.1M | Form 4 |
Piotroski F-score
Nine pass/fail tests of profitability, funding and efficiency. 8–9 is strong, 0–2 weak.
| Test | FY24 | FY25 | FY26 |
|---|---|---|---|
| Net income is positive | ✓ | ✓ | ✓ |
| Cash from operations is positive | ✓ | ✓ | ✓ |
| Return on assets rose | ✓ | ✓ | ✕ |
| Cash from operations exceeds net income | ✓ | ✓ | ✓ |
| Debt fell relative to assets | ✕ | ✕ | ✕ |
| Current ratio rose | ✕ | ✓ | ✕ |
| Share count didn't rise | ✓ | ✓ | ✓ |
| Gross margin rose | ✓ | ✓ | ✕ |
| Revenue rose relative to assets | ✓ | ✕ | ✕ |
| F-score | 7 / 9 | 7 / 9 | 4 / 9 |
| Accruals ratio | −9.6% | −2.3% | −4.4% |
| Altman Z'' | 9.74 | 10.66 | 10.14 |
Similar companies
Each company's latest fiscal year. Fiscal years end in different months, so periods don't line up exactly.
| Company | Market cap | Growth | Op. margin | FCF margin | ROIC | P/E | F-score | |
|---|---|---|---|---|---|---|---|---|
| Deckers Brands DECK | $11.2B | 9.8% | 23.1% | 20.1% | 160.4% | 11.5x | 4 | |
| Crocs CROX | $5.9B | −1.5% | 3.7% | 16.3% | 2.8% | 10.4x | 5 | Compare → |
| Steven Madden SHOO | $3.1B | 11.0% | 3.2% | 4.7% | 6.0% | 21.6x | 6 | Compare → |
| Wolverine World Wide WWW | $1.7B | 6.8% | 8.0% | 6.7% | 15.1% | 15.8x | 7 | Compare → |
| American Eagle Outfitters AEO | $3.0B | 4.1% | 4.1% | 3.5% | 11.5% | 9.1x | 4 | Compare → |
10 years of figures
US$ millions unless stated. Hover a ratio's name for its definition.
| Fiscal year | FY17 | FY18 | FY19 | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|---|---|---|---|---|
| Income statement | ||||||||||
| Revenue | $1.8B | $1.9B | $2.0B | $2.1B | $2.5B | $3.2B | $3.6B | $4.3B | $5.0B | $5.5B |
| Gross profit | $835M | $932M | $1.0B | $1.1B | $1.4B | $1.6B | $1.8B | $2.4B | $2.9B | $3.2B |
| Research and development | $21.3M | $22.4M | $23.2M | $27.6M | $28.6M | $33.3M | $38.7M | $49.2M | $56.7M | $68.9M |
| Operating income | −$1.9M | $223M | $327M | $338M | $504M | $565M | $653M | $928M | $1.2B | $1.3B |
| Interest expense | $5.5M | $3.8M | $3.8M | $2.5M | $2.9M | $1.8M | $3.4M | $2.6M | $3.5M | $2.5M |
| Pretax income | −$7.0M | $221M | $329M | $341M | $502M | $565M | $666M | $979M | $1.2B | $1.3B |
| Income tax | −$12.7M | $106M | $64.6M | $64.7M | $119M | $113M | $149M | $219M | $277M | $302M |
| Net income | $5.7M | $114M | $264M | $276M | $383M | $452M | $517M | $760M | $966M | $1.0B |
| Diluted EPS | $0.03 | $0.60 | $1.47 | $1.60 | $2.25 | $2.71 | $3.23 | $4.86 | $6.33 | $7.02 |
| Diluted shares | 0.19B | 0.19B | 0.18B | 0.17B | 0.17B | 0.17B | 0.16B | 0.16B | 0.15B | 0.15B |
| Cash flow | ||||||||||
| Cash from operations | $199M | $327M | $360M | $286M | $596M | $172M | $537M | $1.0B | $1.0B | $1.2B |
| Capital expenditure | $44.5M | $34.8M | $29.1M | $32.5M | $32.2M | $51.0M | $81.0M | $89.4M | $86.2M | $84.6M |
| Free cash flow | $155M | $293M | $330M | $254M | $564M | $121M | $456M | $944M | $958M | $1.1B |
| Depreciation and amortization | $52.6M | $48.6M | $44.9M | $38.9M | $40.5M | $42.9M | $47.9M | $57.6M | $69.4M | $75.8M |
| Stock-based compensation | $6.0M | $14.3M | $14.8M | $14.5M | $22.7M | $26.8M | $26.9M | $37.3M | $37.9M | $44.8M |
| Acquisitions | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M |
| Share buybacks | $12.6M | $150M | $161M | $190M | $99.1M | $357M | $297M | $415M | $567M | $1.1B |
| Dividends paid | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M |
| Dividends and buybacks | $12.6M | $150M | $161M | $190M | $99.2M | $357M | $297M | $415M | $567M | $1.1B |
| Balance sheet | ||||||||||
| Cash and short-term investments | $292M | $430M | $590M | $649M | $1.1B | $844M | $982M | $1.5B | $1.9B | $1.9B |
| Total debt | $32.6M | $32.1M | $31.5M | $30.9M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M |
| Finance lease liabilities | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M |
| Current assets | $821M | $911M | $1.1B | $1.2B | $1.7B | $1.8B | $1.9B | $2.4B | $2.9B | $2.9B |
| Current liabilities | $159M | $189M | $251M | $301M | $468M | $542M | $497M | $720M | $770M | $804M |
| Inventory | $299M | $300M | $279M | $312M | $278M | $507M | $533M | $474M | $495M | $487M |
| Property and equipment, net | $226M | $220M | $214M | $209M | $206M | $222M | $267M | $302M | $326M | $338M |
| Total assets | $1.2B | $1.3B | $1.4B | $1.8B | $2.2B | $2.3B | $2.6B | $3.1B | $3.6B | $3.7B |
| Total liabilities | $238M | $324M | $382M | $625M | $724M | $793M | $791M | $1.0B | $1.1B | $1.2B |
| Shareholders' equity | $954M | $941M | $1.0B | $1.1B | $1.4B | $1.5B | $1.8B | $2.1B | $2.5B | $2.5B |
| Margins | ||||||||||
| 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% | 15.9% | 19.8% | 17.9% | 18.0% | 21.6% | 23.7% | 23.1% |
| EBITDA margin | 2.8% | 14.3% | 18.4% | 17.7% | 21.4% | 19.3% | 19.3% | 23.0% | 25.0% | 24.5% |
| Net margin | 0.3% | 6.0% | 13.1% | 13.0% | 15.0% | 14.4% | 14.3% | 17.7% | 19.4% | 18.7% |
| FCF margin | 8.7% | 15.4% | 16.4% | 11.9% | 22.2% | 3.9% | 12.6% | 22.0% | 19.2% | 20.1% |
| Returns | ||||||||||
| Return on capital | −0.2% | 18.6% | 51.1% | 54.3% | 87.8% | 86.1% | 68.5% | 103.6% | 149.1% | 160.4% |
| Return on capital employed | −0.2% | 21.1% | 29.1% | 25.6% | 31.9% | 32.4% | 33.9% | 41.5% | 45.2% | 44.4% |
| 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% |
| Growth | ||||||||||
| Revenue growth | −4.5% | 6.3% | 6.2% | 5.6% | 19.4% | 23.8% | 15.1% | 18.2% | 16.3% | 9.8% |
| Net income growth | −95.3% | 1,903.4% | 131.1% | 4.5% | 38.5% | 18.1% | 14.4% | 47.0% | 27.2% | 6.0% |
| EPS growth | −95.1% | 1,888.9% | 146.9% | 8.8% | 40.0% | 20.7% | 19.2% | 50.5% | 30.3% | 10.9% |
| FCF growth | 159.7% | 88.9% | 13.0% | −23.2% | 122.2% | −78.5% | 276.1% | 106.8% | 1.5% | 14.5% |
| Share count change | −2.1% | −1.1% | −6.5% | −4.0% | −1.0% | −2.2% | −4.0% | −2.4% | −2.3% | −4.5% |
| Financial health | ||||||||||
| Net debt / EBITDA | −5.1x | −1.5x | −1.5x | −1.6x | −2.0x | −1.4x | −1.4x | −1.5x | −1.5x | −1.4x |
| Debt / equity | 0.0x | 0.0x | 0.0x | 0.0x | 0.0x | 0.0x | 0.0x | 0.0x | 0.0x | 0.0x |
| Interest coverage | −0.4x | 59.0x | 85.9x | 137.1x | 172.0x | 306.6x | 189.6x | 361.7x | 335.3x | 499.2x |
| Current ratio | 5.2x | 4.8x | 4.4x | 4.0x | 3.5x | 3.2x | 3.8x | 3.4x | 3.7x | 3.5x |
| Quick ratio | 3.3x | 3.2x | 3.3x | 2.9x | 2.9x | 2.3x | 2.8x | 2.7x | 3.1x | 2.9x |
| Capital allocation | ||||||||||
| Capex / revenue | 2.5% | 1.8% | 1.4% | 1.5% | 1.3% | 1.6% | 2.2% | 2.1% | 1.7% | 1.6% |
| Stock comp / revenue | 0.3% | 0.8% | 0.7% | 0.7% | 0.9% | 0.9% | 0.7% | 0.9% | 0.8% | 0.8% |
| Payouts / FCF | 8.1% | 51.2% | 48.9% | 75.0% | 17.6% | 293.9% | 65.2% | 44.0% | 59.2% | 98.0% |
| Quality scores | ||||||||||
| Piotroski F-score | 7.0 | 8.0 | 8.0 | 6.0 | 7.0 | 4.0 | 7.0 | 7.0 | 7.0 | 4.0 |
| Altman Z'' | 10.1 | 10.0 | 10.3 | 8.3 | 9.1 | 9.0 | 9.7 | 9.7 | 10.7 | 10.1 |
| Accruals ratio | −15.7% | −17.3% | −7.1% | −0.6% | −10.9% | 12.4% | −0.8% | −9.6% | −2.3% | −4.4% |
Source: SEC EDGAR XBRL filings (CIK 0000910521). Data updated October 10, 2026. Quarterly fourth quarters are the full year minus the first nine months. For information only — not investment advice. Check the original filings before relying on any figure.