At a glance
Deckers Outdoor Corporation is worth $11.35B, about 12 times its fiscal 2026 earnings. Revenue grew 9.8% to $5.47B in fiscal 2026, with 18.7% kept as profit; over 5 years it has grown 16.5% a year. It pays no dividend; it spent $2.71B buying back its shares over FY2022–FY2026. The stock returned +4.3% over the past year with dividends reinvested and +5.2% a year over five years, against +11.5% and +11.7% for the S&P 500. At its worst it fell 54.7% in the 2020 crash (S&P 500: 33.7%) and 38.4% in the 2022 bear market (S&P 500: 24.5%), and was back at its earlier high 3 months and 5 months after the lows.
The business in plain English
Deckers Outdoor designs and markets footwear, apparel and accessories under three main brands: HOKA, UGG and Teva. Independent contractors make all of its products. HOKA started as a cushioned shoe for ultra-distance runners and now sells running, trail, hiking, fitness and lifestyle footwear. UGG is a premium comfort and fashion brand that sells footwear, apparel and accessories year-round. Teva makes sandals, shoes and boots for outdoor activities.
Deckers sells in two ways. Its wholesale channel supplies retailers and distributors, including running specialty shops, outdoor and sporting goods stores, department stores and online retailers. Its direct-to-consumer channel sells at retail prices through company websites in 54 countries and 203 company-owned stores (141 UGG and 62 HOKA), as of March 31, 2026.
In the fiscal year ended March 31, 2026, revenue was $5.47 billion. UGG brought in 50% and HOKA 47.3%. Most of the remaining 2.7% came from Teva. Deckers has been cutting back on smaller brands. It sold Sanuk in 2024 and finished phasing out Koolaburra and AHNU during that fiscal year. The United States supplied 58.3% of sales and international markets 41.7%. Net income was $1.02 billion. Gross margin, the share of sales left after paying for the products themselves, was 57.7%.
Price history
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DECK +4.3% over the year to Nov 2, 2026, total return with dividends reinvested.
How it makes money
By business segment
| UGG | $2.74B | 50% |
| HOKA | $2.59B | 47.3% |
| Other Brands Segment | $146.2M | 2.7% |
By geography
| United States | $3.19B | 58.3% |
| International | $2.28B | 41.7% |
Latest results
- In Q2 FY2027 (ended Sep 30, 2026), revenue was $1.48B, up 3.5% from a year earlier, and net income was $313.1M (+16.8%).
- For fiscal 2026, revenue was $5.47B (+9.8% year over year; +16.5% a year from FY2021 to FY2026) with a 18.7% net margin.
Financial health check
| Revenue growth a year (FY2021–FY2026) | +16.5% good |
|---|---|
| Operating margin | 23.1% good |
| Free cash flow margin | 20.1% good |
| Return on equity (FY2026) | 41% good |
| Return on assets (FY2026) | 27.8% good |
| Cash and investments | $1.21B (no borrowings found in the filings) good |
| Fiscal year | Revenue | Net income | Free cash flow |
|---|---|---|---|
| FY2021 | $2.55B | $382.6M | $564.0M |
| FY2022 | $3.15B | $451.9M | $121.3M |
| FY2023 | $3.63B | $516.8M | $456.4M |
| FY2024 | $4.29B | $759.6M | $943.8M |
| FY2025 | $4.99B | $966.1M | $958.4M |
| FY2026 | $5.47B | $1.02B | $1.10B |
Valuation snapshot
| Market value | $11.35B |
|---|---|
| P/E ratio | 12.1 |
| Dividend yield | None |
Rank among 1514 US companies
Market value at each year end
Deckers Outdoor’s market value went from $30.85B at the end of 2024 to $11.35B on Nov 2, 2026, down 63%; since the end of 2025 it is down 25%.
Show as a table
| Year end | Market value | Change |
|---|---|---|
| Nov 2, 2026 | $11.35B | -24.9% |
| 2025 | $15.11B | -51.0% |
| 2024 | $30.85B |
Price behavior
| YTD | 1 yr | 3 yr | 5 yr | 10 yr | |
|---|---|---|---|---|---|
| DECK price data to Nov 2, 2026 | -18.0% | +4.3% | -5.3% | +5.2% | +25.9% |
Show as a table
| Year | Price data |
|---|---|
| 2026 (to date) | -18.0% |
| 2025 | -49.0% |
| 2024 | +82.3% |
| 2023 | +67.5% |
| 2022 | +9.0% |
| 2021 | +27.7% |
| 2020 | +69.8% |
| 2019 | +32.0% |
| 2018 | +59.4% |
| 2017 | +44.9% |
| 2016 | +17.4% |
| 2015 | -48.1% |
| 2014 | +7.8% |
| 2013 | +109.7% |
| 2012 | -46.7% |
| 2011 | -5.2% |
| 2010 | +135.2% |
| 2009 | +27.4% |
| 2008 | -48.5% |
| 2007 | +158.7% |
| 2006 | +117.0% |
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Lost 65% over that stretch · deepest drop along the way 77.1%, back to its old high 15.5 months after the low |
|---|---|
| 2020 COVID crash stocks fell Feb 19, 2020 – Mar 23, 2020 | Lost 43.5% over that stretch · deepest drop along the way 54.7%, back to its old high 2.5 months after the low |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Lost 8% over that stretch · deepest drop along the way 38.4%, back to its old high 5.2 months after the low |
Insider activity
Form 4 filings from 2025-10-30 to 2026-10-30 (25 read): 0 open-market purchases and 0 sales ($0.00).
Who owns it
Large shareholders (13G filings)
| BlackRock, Inc. | 9.5% | Mar 31, 2025 |
| Vanguard Capital Management | 7.5% | Mar 31, 2026 |
| FMR LLC | 4.3% | Mar 31, 2026 |
ETFs with the most weight in DECK
| FCTE SMI 3Fourteen Full-Cycle Trend ETF | 5.07% |
| EQRR ProShares Equities for Rising Rates ETF | 2.57% |
| BUL Pacer US Cash Cows Growth ETF | 2.29% |
| AGOX Adaptive Alpha Opportunities ETF | 1.99% |
| JMID Janus Henderson Mid Cap Growth Alpha ETF | 1.36% |
| RPG Invesco S&P 500® Pure Growth ETF | 0.95% |
| SPHB Invesco S&P 500® High Beta ETF | 0.94% |
| CHGX Stance Sustainable Beta ETF | 0.87% |
What could go wrong
- Fashion shifts could hurt UGG or HOKA. UGG brought in 50% of revenue and HOKA 47.3% in the fiscal year ended March 31, 2026. If tastes change or either brand falls out of favor, sales could drop and discounting could squeeze margins.
- Premium products suffer when budgets tighten. Many HOKA and UGG products are premium purchases that shoppers can put off. When inflation, job worries or tariffs squeeze budgets, shoppers may switch to cheaper brands or delay buying, which could force more discounting.
- Tariffs and reliance on Southeast Asian factories. Independent contractors make all of Deckers' products, and its suppliers are mainly in Southeast Asia. Shifting trade policies, tariffs or geopolitical tension could raise costs and disrupt the supply chain.
- Dependence on key retail customers. Much of Deckers' sales go through higher-end specialty shops, department stores and online marketplaces. If a major retailer struggles financially, cuts orders or stops carrying the brands, sales could fall.
- Disruption at key distribution centers. US products ship mainly from two distribution centers, in Moreno Valley, California, and Mooresville, Indiana. Damage there, or problems switching to a new international logistics partner, could delay deliveries and hurt sales.
- Tough competition and pressure to innovate. Deckers competes with established companies and newer entrants. HOKA in particular depends on technical advances in cushioning and shoe design. Falling behind could cost market share and hurt results.
Recent events
- Quarterly results released; Executive or board change; Investor presentation or announcement
- Shareholder vote results
- Major agreement signed; New debt or financial obligation
- Quarterly results released
- Quarterly results released
- Quarterly results released
For income and retirement investors
Deckers pays no dividend and paid none from FY2022 through FY2026. An income investor would get no regular cash from the shares, so any return has to come from price gains. The company returns cash through buybacks instead, which means buying back its own shares. It spent about $2.71 billion on buybacks over those five fiscal years. That included $1.08 billion in the year ended March 31, 2026, close to that year's $1.10 billion of free cash flow (the cash left after running and investing in the business).
The stock has fallen hard in downturns. It dropped 77.1% from peak to low in the 2008 financial crisis and did not recover until June 2010. It fell 54.7% in the 2020 COVID crash and 38.4% in the 2022 bear market, recovering within months both times. It lost 49% in calendar 2025 and was down 22.1% year to date as of October 28, 2026. Single stocks carry more risk than diversified funds.
Questions investors ask
How does Deckers Outdoor make money?
Deckers makes money by selling footwear, apparel and accessories under its own brands, mainly UGG and HOKA. It sells to retailers and distributors through its wholesale channel and directly to shoppers through its own websites and stores. In the fiscal year ended March 31, 2026, revenue was $5.47 billion and net income was $1.02 billion. UGG brought in 50% of sales and HOKA 47.3%. Independent contractors manufacture all of its products.
Who owns HOKA and UGG?
Deckers Outdoor Corp owns both HOKA and UGG, along with Teva, its outdoor sandal and shoe brand. Deckers has been trimming its brand lineup. It sold Sanuk on August 15, 2024. It also finished phasing out standalone operations for Koolaburra and AHNU during the fiscal year ended March 31, 2026. The Other brands segment, mostly Teva, made up just 2.7% of revenue that year, so results rest almost entirely on UGG and HOKA.
Does Deckers pay a dividend?
No. Deckers paid no dividends from FY2022 through FY2026, so it has no record of dividend increases. It returns cash by buying back its own shares instead. It spent about $2.71 billion on buybacks over those five fiscal years, including about $1.08 billion in the year ended March 31, 2026. Buybacks do not pay cash to shareholders the way a dividend does, so investors who need regular income would have to sell shares to raise it.
Does Deckers have any debt?
Apparently none as of June 30, 2026. On that date it held about $1.60 billion in cash and investments and $2.30 billion of shareholders' equity. It does have revolving credit facilities, which are lines of credit it can draw on when needed. A filing dated August 31, 2026 reported a major new agreement and a new financial obligation, so its debt may have changed since June 30.
How has Deckers stock performed?
Very well over 10 years, but poorly over shorter periods. As of October 28, 2026, the share price had gained about 24.4% a year over 10 years and 5% a year over five years. Over three years it lost 5.6% a year. It fell 49% in calendar 2025 and was down 22.1% year to date. On that date the stock traded at 11.5 times FY2026 earnings (its price-to-earnings, or P/E, ratio), for a market value of about $11.0 billion.