Latest Ratios: P/E Ratio 11.1x · EV/EBITDA 7.4x · ROE 40.9%. (1997–2026 historical series)
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
| Metric | TTM | FY 2026 | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $11.8B | $14.6B | $17.1B | $24.5B | $12.0B | $7.6B | $9.4B | $3.8B | $4.4B | $2.9B | $1.9B |
| Enterprise Value | $10.3B | $13.1B | $15.5B | $23.3B | $11.3B | $7.0B | $8.5B | $3.5B | $3.8B | $2.5B | $1.7B |
| P/E Ratio → | 11.07 | 14.26 | 17.66 | 32.28 | 23.20 | 16.84 | 24.48 | 13.96 | 16.63 | 25.16 | 332.00 |
| P/S Ratio | 2.12 | 2.67 | 3.42 | 5.72 | 3.31 | 2.42 | 3.69 | 1.80 | 2.18 | 1.51 | 1.08 |
| P/B Ratio | 5.06 | 5.84 | 6.79 | 11.63 | 6.79 | 4.94 | 6.50 | 3.37 | 4.21 | 3.06 | 2.03 |
| P/FCF | 11.22 | 13.30 | 17.81 | 25.98 | 26.29 | 62.70 | 16.64 | 15.14 | 13.30 | 9.85 | 12.49 |
| P/OCF | 9.99 | 12.35 | 16.34 | 23.73 | 22.32 | 44.14 | 15.74 | 13.43 | 12.23 | 8.80 | 9.70 |
P/E links to full P/E history page with 30-year chart
Enterprise-value multiples — capital-structure-neutral measures of total business value
| Metric | TTM | FY 2026 | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 2.39 | 3.10 | 5.43 | 3.10 | 2.22 | 3.35 | 1.64 | 1.90 | 1.30 | 0.94 |
| EV / EBITDA | 7.40 | 9.76 | 12.38 | 23.65 | 16.07 | 11.50 | 15.64 | 9.26 | 10.31 | 9.16 | 33.02 |
| EV / EBIT | 8.14 | 9.83 | 12.40 | 23.72 | 16.82 | 12.33 | 16.79 | 10.09 | 11.50 | 11.02 | 5028.24 |
| EV / FCF | — | 11.90 | 16.13 | 24.67 | 24.68 | 57.58 | 15.11 | 13.75 | 11.61 | 8.49 | 10.81 |
Margins and return-on-capital ratios measuring operating efficiency
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2026 | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 57.7% | 57.7% | 57.9% | 55.6% | 50.3% | 51.0% | 54.0% | 51.8% | 51.5% | 48.9% | 46.7% |
| Operating Margin | 23.1% | 23.1% | 23.6% | 21.6% | 18.0% | 17.9% | 19.8% | 15.9% | 16.2% | 11.7% | -0.1% |
| Net Profit Margin | 18.7% | 18.7% | 19.4% | 17.7% | 14.2% | 14.3% | 15.0% | 12.9% | 13.1% | 6.0% | 0.3% |
| Metric | TTM | FY 2026 | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 40.9% | 40.9% | 41.8% | 39.2% | 31.3% | 30.3% | 29.6% | 25.3% | 26.6% | 12.1% | 0.6% |
| ROA | 28.0% | 28.0% | 28.5% | 26.7% | 21.1% | 20.1% | 19.5% | 17.3% | 19.6% | 9.3% | 0.5% |
| ROIC | 101.4% | 101.4% | 99.7% | 73.1% | 50.3% | 56.6% | 55.4% | 39.8% | 47.7% | 27.0% | -0.2% |
| ROCE | 44.0% | 44.0% | 44.7% | 41.5% | 33.9% | 32.4% | 31.9% | 25.6% | 29.1% | 21.1% | -0.2% |
Solvency and debt-coverage ratios — lower is generally safer
| Metric | TTM | FY 2026 | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 0.15 | 0.15 | 0.11 | 0.13 | 0.14 | 0.14 | 0.15 | 0.26 | 0.03 | 0.03 | 0.03 |
| Debt / EBITDA | 0.28 | 0.28 | 0.22 | 0.27 | 0.35 | 0.37 | 0.41 | 0.78 | 0.08 | 0.12 | 0.64 |
| Net Debt / Equity | — | -0.61 | -0.64 | -0.59 | -0.42 | -0.40 | -0.60 | -0.31 | -0.53 | -0.42 | -0.27 |
| Net Debt / EBITDA | -1.14 | -1.14 | -1.29 | -1.25 | -1.05 | -1.02 | -1.59 | -0.94 | -1.50 | -1.47 | -5.11 |
| Debt / FCF | — | -1.40 | -1.68 | -1.31 | -1.61 | -5.12 | -1.54 | -1.39 | -1.69 | -1.36 | -1.67 |
| Interest Coverage | 525.25 | 525.25 | 354.51 | 382.80 | 194.52 | 272.07 | 84.20 | 68.55 | 71.57 | 49.13 | 0.05 |
Net cash position: cash ($1.9B) exceeds total debt ($375M)
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2026 | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 3.54 | 3.54 | 3.72 | 3.39 | 3.84 | 3.23 | 3.52 | 3.97 | 4.37 | 4.81 | 5.16 |
| Quick Ratio | 2.94 | 2.94 | 3.07 | 2.73 | 2.77 | 2.30 | 2.93 | 2.93 | 3.26 | 3.23 | 3.28 |
| Cash Ratio | 2.37 | 2.37 | 2.45 | 2.09 | 1.97 | 1.56 | 2.33 | 2.16 | 2.35 | 2.27 | 1.83 |
| Asset Turnover | — | 1.48 | 1.37 | 1.37 | 1.42 | 1.35 | 1.17 | 1.21 | 1.42 | 1.51 | 1.50 |
| Inventory Turnover | 4.75 | 4.75 | 4.24 | 4.01 | 3.38 | 3.04 | 4.21 | 3.30 | 3.52 | 3.24 | 3.20 |
| Days Sales Outstanding | — | 21.40 | 28.60 | 30.13 | 32.40 | 38.51 | 33.37 | 34.81 | 32.69 | 27.98 | 37.40 |
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2026 | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | — | — | — | — | — | — | — | — | — | — | — |
| Payout Ratio | — | — | — | — | — | — | — | — | — | — | — |
| Metric | TTM | FY 2026 | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 9.0% | 7.0% | 5.7% | 3.1% | 4.3% | 5.9% | 4.1% | 7.2% | 6.0% | 4.0% | 0.3% |
| FCF Yield | 8.9% | 7.5% | 5.6% | 3.8% | 3.8% | 1.6% | 6.0% | 6.6% | 7.5% | 10.2% | 8.0% |
| Buyback Yield | 9.1% | 7.4% | 3.3% | 1.7% | 2.6% | 4.9% | 1.1% | 5.1% | 3.8% | 5.5% | 1.1% |
| Total Shareholder Yield | 9.1% | 7.4% | 3.3% | 1.7% | 2.6% | 4.9% | 1.1% | 5.1% | 3.8% | 5.5% | 1.1% |
| Shares Outstanding | — | $146M | $153M | $156M | $160M | $167M | $170M | $172M | $179M | $192M | $194M |
Includes 30+ ratios · 30 years · Updated daily
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Quick answers to the most common questions about buying DECK stock.
Deckers Outdoor Corporation's current P/E ratio is 11.1x. The historical average is 18.4x. This places it at the 7th percentile of its historical range.
Deckers Outdoor Corporation's current EV/EBITDA is 7.4x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 10.7x.
Deckers Outdoor Corporation's return on equity (ROE) is 40.9%. This is above the typical threshold of 15-20% considered good for most companies. The historical average is 18.6%.
Based on historical data, Deckers Outdoor Corporation is trading at a P/E of 11.1x. This is at the 7th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
Deckers Outdoor Corporation has 57.7% gross margin and 23.1% operating margin. Operating margin above 20% indicates strong pricing power and cost efficiency.
Deckers Outdoor Corporation's Debt/EBITDA ratio is 0.3x, indicating low leverage. A ratio below 2x is generally considered financially healthy.
Key Metrics
Top Statement Risk
Growth deceleration against premium multiple
Metrics are mathematically derived from official filings.
Premium Quality Priced at Value Multiple
As reported in Deckers' current market data, the TTM P/E of 11.55 and EV/EBITDA of 7.10 sit at or below Crocs' 7.66 despite materially superior margins, implying the market is discounting DECK's growth trajectory rather than rewarding its quality.
The PEG of 0.45 suggests the market is pricing DECK as a low-growth compounder, which appears consistent with the revenue deceleration from 22.1% to 3.5% identified in the income statement work rather than an outright mispricing. However, the trailing and forward P/E being nearly identical at 11.55 and 11.76 implies analysts expect flat per-share earnings, leaving limited room for error if Hoka's maturation accelerates; investors should monitor whether the multiple re-rates on margin delivery or de-rates further on volume stagnation.
Margin Expansion Against SG&A Creep
According to Deckers' reported quarterly ratios, operating margin improved to 26.3% in fiscal 2027 Q2 from 22.8% a year earlier alongside a 60.5% gross margin, yet the net margin of 21.1% remains below the fiscal 2026 Q3 peak of 24.6%, suggesting cost scaling is absorbing part of the gross gain.
The gross margin expansion of roughly 360 basis points over ten quarters appears structural, driven by DTC mix and Hoka's premium pricing rather than one-time benefits, making it the more reliable indicator of earning power than net margin, which has been perturbed by items such as the negative $31.7M stock-compensation reversal in fiscal 2026 Q4. SG&A rising to 34.1% of revenue versus 32.9% two years ago indicates demand-creation spending is running slightly ahead of the top line, a pattern that would compress operating leverage further if the current revenue deceleration persists.
Seasonal ROIC Cycles Around Rising Base
As reported in Deckers' ten-quarter ratio history, ROIC swung from a fiscal Q3 peak of 44.7% to fiscal Q1 troughs near 11%, yet the fiscal 2027 Q2 reading of 20.7% improved against the 17.9% posted a year prior, suggesting the underlying return base is firming rather than decaying.
The seasonal amplitude is a function of the holiday wholesale shipping cycle identified in the cash flow analysis, so year-over-year same-quarter comparison is the only meaningful read; on that basis returns appear stable to improving. Notably, the 60% expansion in net PP&E and the drawdown of the cash balance both enlarge invested capital, meaning sustained 20%+ ROIC will require continued margin discipline rather than balance-sheet tailwinds, a test the current SG&A trajectory makes less certain.
Buyback-Funded Leverage Creep Bears Watching
Per Deckers' reported balance sheet ratios, debt-to-equity has risen to 0.23 in fiscal 2027 Q2 from 0.13 at the fiscal 2026 Q3 low, with D/EBITDA at 1.33, a trajectory that coincides with the roughly $1.98 billion of share repurchases consuming about 91% of cumulative free cash flow.
Even at the current level, leverage remains far below the 0.54 to 1.80 debt-to-equity range of the peer group, and interest coverage readings above 100x in most quarters suggest debt service is not a constraint; the fiscal 2026 Q4 coverage figure of 34,805x reflects immaterial interest expense rather than a meaningful credit signal. The analytical question is directional rather than absolute: continued buybacks funded by debt while cash compresses would slowly erode the fortress profile, so the pace of repurchase relative to free cash generation warrants close monitoring.
Best-in-Class Returns Versus Levered Peers
Based on peer comparison data, DECK's 21.1% net margin and 0.23 debt-to-equity contrast sharply with Crocs' negative 2.0% net margin and 1.25 D/E and Wolverine's 1.80 D/E, indicating DECK's return profile is funded by operations rather than financial engineering, unlike most of the group.
Crocs' 43.4% ROE exceeds DECK's, but that gap appears largely a function of leverage and a depleted equity base rather than superior operating economics, whereas DECK's 20.7% ROIC against Steven Madden's 4.9% and Caleres' 1.5% looks structural and durable. On valuation, DECK's 11.55 P/E against Steven Madden's distorted 68.59 and Crocs' negative multiple suggests the peer group offers few clean comparables, which may itself explain why DECK's quality has not been rewarded with a wider premium.
ROE Misreads Cash-Heavy Brand Economics
The ratio most commonly misapplied to Deckers is ROE, whose fiscal 2027 Q2 reading of 13.5% appears mediocre versus Crocs' 43.4% but is distorted by a $1.2 billion cash balance and by buybacks shrinking equity, making ROIC the cleaner gauge of the underlying brand economics.
Because DECK runs an asset-light model with near-zero interest expense and a large non-operating cash position, ROE simultaneously understates operating quality and is inflated by capital-structure actions, so it can swing from 5.4% to 19.0% purely on seasonality and buyback timing without any change in business health. Analysts should instead anchor on same-quarter ROIC and operating margin, while recognizing that even those metrics can flatter performance in the fiscal Q3 shipping peak and warrant normalization across the full cycle.