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what it is
Deckers designs and sells footwear, apparel, and accessories under HOKA, UGG, Teva, and other brands.
how it gets paid
Last year Deckers Outdoor made $5.0B in revenue.
why it's growing
Revenue grew 16.3% last year. EPS of $3.33 versus $2.75 expected is the number that mattered.
what just happened
Deckers posted a $3.33 EPS print against $2.75 expected, which is a 21.1% beat.
At a glance
A balance sheet — strong enough to weather a downturn
90/100 earnings predictability — you can trust these numbers
15.7x trailing p/e — the market's not buying it — or you found a deal
36.0% return on capital — every dollar works hard here
xvary composite: 76/100 — average
What they do
Deckers designs and sells footwear, apparel, and accessories under HOKA, UGG, Teva, and other brands.
You are buying brands people ask for by name. HOKA grew 11.1% and UGG grew 10.1% in the latest quarter. That is not a shoe rack. That is two labels carrying a 24.9% operating margin, which means $24.90 of profit before interest and taxes on every $100 sold.
How they make money
$5.0B
annual revenue · their business grew +16.3% last year
total revenue
$5.0B
+16.3%
The products that matter
premium lifestyle footwear
UGG
~50% of revenue
UGG appears to drive roughly half the business, and a 59.8% gross margin tells you customers are still paying premium prices.
core cash engine
performance running footwear
HOKA
~40% of revenue
HOKA is roughly a $2B brand against a ~$5.0B revenue base on this page; some feeds show higher forward guidance—treat the exact FY label as vendor-specific. At +15% growth, it is doing the heavy lifting for the multiple.
growth engine
diversification brands
Teva and other brands
~10% of revenue
The rest of the portfolio appears to be about $0.5B, or roughly 10% of revenue. That means diversification exists, but not enough to offset a real stumble at UGG or HOKA.
small but useful
Key numbers
$5.0B
annual revenue
This is the size of the machine. It tells you the company is already past the hobby stage.
24.9%
operating margin
Operating margin means profit before interest and taxes. At 24.9%, the business keeps $24.90 of every $100 sold.
36.0%
return on capital
Return on capital means profit generated from the money tied up in the business. At 36.0%, Deckers turns cash into earnings fast.
15.7x
trailing p/e
Price-to-earnings means how much you pay for each dollar of profit. At 15.7x, you are not paying software prices for shoe profits.
Financial health
A
strength
- balance sheet grade A — very strong financial position
- risk rank 3 — safer than 50% of stocks
- price stability 35 / 100
A — among the top-rated companies for balance sheet quality.
Total return vs. market
You invested $10,000 in DECK 3 years ago → it's now worth $16,420.
The index would have given you $14,770.
source: institutional data · total return
What just happened
beat estimates
Deckers posted a $3.33 EPS print against $2.75 expected, which is a 21.1% beat.
Revenue came in at ~$1.96B for the cited quarter (news clips below show other quarters near ~$1.42B—different fiscal periods). Gross margin held at 59.8%, which says pricing stayed firm while the brands kept selling at full price.
$1.96B
revenue (Q, approx.)
$3.33
eps
59.8%
gross margin
eps surprise
EPS of $3.33 versus $2.75 expected is the number that mattered. It says the business kept more profit than Wall Street modeled.
-
deckers outdoor’s performance stayed hot in the fiscal second quarter (year ends march 31st).
-
revenues increased 9% vs. prior year to $1.42 billion, driven by continued strength from the hoka and ugg lines.
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these brands posted top-line gains of 11.1% and 10.1%, respectively.
-
things were more mixed from a channel and geography point of view.
-
wholesale results were great, while direct-to-consumer receipts took a step back.
source: company earnings report, 2026
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What could go wrong
the #1 risk is hoka and ugg concentration — roughly 90% of revenue appears to sit in two brands.
high
brand concentration
UGG and HOKA appear to represent roughly 90% of revenue. That is focus when things work and fragility when they do not.
most of the $5.425B fy2026 story depends on two brands
med
quince antitrust lawsuit
Filed March 2, 2026, the case alleges anti-competitive tactics. The direct financial exposure is hard to size from this snapshot, which is exactly why you should not pretend the number is precise.
legal overhang on a premium brand story
med
channel mix deterioration
Wholesale was strong while direct-to-consumer stepped back. If that persists, revenue can still look fine while the quality of the business gets worse underneath.
margin pressure matters more when the stock is sold on premium economics
med
trade and sourcing pressure
January 9, 2026 reporting flagged tariff and supply chain pressure. With gross margin at 59.8%, investors are used to a very high standard.
a squeeze on the 59.8% gross margin would hit earnings fast
Two brands appear to drive roughly 90% of revenue, and the entire premium-brand case leans on sustaining a 59.8% gross margin. That is a strong model when demand holds and an unforgiving one when it does not.
source: institutional data · regulatory filings · risk analysis
Pay attention to
earnings
q4 2026 earnings report
Estimated May 20–28, 2026. This is the check on whether the $5.425B revenue guide was conservative or optimistic.
metric
gross margin staying near 59.8%
The multiple looks cheap partly because the business still prints premium margins. If that number slips, the whole debate changes.
risk
quince case developments
Watch for early rulings, discovery, or settlement signals. It is a real company-specific overhang even if the exact dollar impact is not clear yet.
trend
hoka versus ugg growth split
HOKA at +15% and UGG at +8–10% is a healthy mix. If both start slowing together, the market will stop giving DECK the benefit of the doubt.
Analyst rankings
earnings predictability
90 / 100
A 90 / 100 score means management has produced unusually reliable results. In human-speak: this is not normally a surprise machine.
source: institutional data
Institutional activity
institutions have been net buying for 2 consecutive quarters — 419 buyers vs. 412 sellers in 3q2025. total institutional holdings: 0.1B shares. net buying for 2 quarters.
source: institutional data
Price targets
3-5 year target range
$78
$191
$108
current price
$135
target midpoint · +25% from current · 3-5yr high: $215 (+100% · 19% ann'l return)
Want the deeper analysis?
The full deep dive: dcf model, scenario analysis, competitive moat breakdown, and quarterly tracking — everything on this page, taken further.
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