Deckers Outdoor Corp. (DECK) intrinsic value & 10-year financials
Deckers Outdoor Corp. (DECK) has a Graham intrinsic value of $233.17 per share. At $87.24 on Oct 19, 2026, the stock trades 63% below that value. Over the last 10 fiscal years revenue grew 13.2% a year to $5.5B, with an average return on invested capital of 60.5%.
- Graham intrinsic value
- $233.17
- Share price (Oct 19, 2026)
- $87.24
- Price vs Graham value
- 63% below
- Market cap
- $12.7B
- Revenue (FY2026)
- $5.5B
- Revenue growth (10-yr CAGR)
- 13.2%
- ROIC (10-yr avg)
- 60.5%
- Free cash flow (FY2026)
- $1.1B
DECK 10-year financial history
| Fiscal year | Revenue | Net income | EPS (diluted) | Free cash flow | Operating margin | ROIC |
|---|---|---|---|---|---|---|
| FY2026 | $5.5B | $1.0B | $7.02 | $1.1B | 23.1% | 112.7% |
| FY2025 | $5.0B | $966.1M | $6.33 | $958.4M | 23.6% | 110.0% |
| FY2024 | $4.3B | $759.6M | $4.86 | $943.8M | 21.6% | 80.0% |
| FY2023 | $3.6B | $516.8M | $3.23 | $456.4M | 18.0% | 54.8% |
| FY2022 | $3.2B | $451.9M | $2.71 | $121.3M | 17.9% | 64.6% |
| FY2021 | $2.5B | $382.6M | $2.25 | $564.0M | 19.8% | 62.1% |
| FY2020 | $2.1B | $276.1M | $1.60 | $253.9M | 15.9% | 47.1% |
| FY2019 | $2.0B | $264.3M | $1.47 | $330.4M | 16.2% | 54.4% |
| FY2018 | $1.9B | $114.4M | $0.60 | $292.5M | 11.7% | 19.6% |
| FY2017 | $1.8B | $5.7M | $0.03 | $154.8M | -0.1% | -0.1% |
Source: annual 10-K filings on SEC EDGAR. Figures in USD.
Executive summary
Deckers Brands is a consistent compounder, expanding top-line revenue at 13.2% annually over the past decade.
Deckers Brands has earned high returns on invested capital, averaging 60.5% ROIC over the available history. High ROIC is consistent with a durable franchise, but it is not by itself proof of an economic moat.
Over the decade, Deckers Brands shows that management has aggressively returned capital to shareholders by retiring 24.9% of outstanding shares.
Benjamin Graham lens
Under Benjamin Graham's formula using SEC EDGAR fundamentals, Deckers Brands is modeled at 15.0% normalized earnings growth with a 5.1% bond-yield adjustment. The resulting Graham intrinsic value estimate is $233.17 per share.