Deckers Outdoor Corporation
DECK 6.5Price and target zones价格与目标区间
What the company does公司做什么
Deckers designs and sells footwear. It owns two big brands: HOKA and UGG. HOKA makes performance running shoes. UGG makes sheepskin boots and casual footwear. The company sells through its own stores and website, and through other retailers.Deckers设计和销售鞋类产品。公司旗下有两大品牌:HOKA和UGG。HOKA生产专业跑步鞋。UGG生产羊皮靴和休闲鞋。公司通过自营门店和网站销售,也通过其他零售商销售。
Earns from营收来源 the sale of shoes and boots, direct to consumers and through wholesale retail partners.销售鞋靴产品,既有直接面向消费者的渠道,也有批发零售合作伙伴渠道。
Read the full description查看完整介绍
Deckers Outdoor Corporation, together with its subsidiaries, designs, markets, and distributes footwear, apparel, and accessories for casual lifestyle use and high-performance activities in the United States and internationally. The company offers footwear, apparel, and accessories under the UGG brand; footwear, such as running, trail, hiking, fitness, and lifestyle shoes, as well as apparel and accessories under the HOKA brand; and sandals, shoes, and boots under the Teva brand name. It also provides a casual footwear fashion line under the Koolaburra brand name; and footwear products under the AHNU brand name. The company sells its products through domestic and international retailers, international distributors, and directly to its consumers through its direct-to-consumer business, which includes e-commerce websites and retail stores. Deckers Outdoor Corporation was founded in 1973 and is headquartered in Goleta, California.
Revenue breakdown营收构成 share of revenue按营收占比计算
UGG is the largest brand by revenue. It sells fastest in the fall and winter holiday quarter. Demand swings with fashion trends — the brand had a multi-year sales slump from 2015 to 2018. It grew 8% in fiscal year 2026, but slowed sharply in one quarter before recovering.UGG是营收规模最大的品牌。它在秋冬假日季销售最快。需求随时尚潮流波动——该品牌曾在2015年至2018年间经历多年销售低迷。2026财年增长8%,但某一季度大幅放缓后又有所恢复。
- UGG classic bootsUGG经典靴 — the sheepskin boot that built the brand, still the top seller.打造该品牌声誉的羊皮靴,至今仍是最畅销款式。
- UGG slippers and casual shoesUGG拖鞋和休闲鞋 — everyday indoor and outdoor styles that widen the brand beyond boots.日常室内外款式,使品牌业务拓展到靴子以外。
HOKA is the growth engine of the company. Revenue grew 16% in fiscal year 2026, but growth slowed to under 8% in the next quarter. On Holding and Nike compete hard for the same runners. The brand still gains share, but growth is not guaranteed.HOKA是公司的增长引擎。2026财年营收增长16%,但下一季度增速放缓至不足8%。On Holding和Nike都在激烈争夺同样的跑者群体。该品牌仍在获取市场份额,但增长并非板上钉钉。
- HOKA road running shoesHOKA公路跑鞋 — daily trainers with soft cushioning, bought by runners who log high mileage.具有柔软缓震的日常训练鞋,由高里程跑者购买。
- HOKA trail running shoesHOKA越野跑鞋 — rugged soles for off-road runners.为越野跑者设计的坚固鞋底。
This group is a minor part of revenue and shrank in fiscal year 2026. It does not move the company's results.这一部分在营收中占比很小,并在2026财年有所萎缩。它不会对公司整体业绩产生影响。
- Teva sandalsTeva凉鞋 — outdoor sport sandals with strap closures.带有绑带扣的户外运动凉鞋。
Company facts公司资料
- Founded成立时间
- 1973
- Headquarters总部
- Goleta, California
- Employees员工人数
- 6,000
- Industry行业
- Footwear & Accessories
- Country国家
- United States
Investment thesis投资逻辑 from the watchlist来自关注列表
Would upgrade on
- ANALYZED 8/28 — ACCUMULATE, first file. HOKA/UGG at 11.5x current-FY EPS vs a 28-33x own-history band, a net-cash balance sheet, 34% ROIC, and both brands still growing — a genuine multiple compression, not a value trap. But the compression has real fuel: Q1 FY27 posted a negative (−18%) incremental operating margin on a tariff-rate step-up to 12.5%, and HOKA growth halved (16%→7.7%) in two quarters, with no insider buying. Both readings are true at once. FV $95-130. Entry $80-95. Trim 22x fwd (deliberately below the 28-33x peak — assumes partial, not full, re-rating).
🟢 8/28 分析——增持，首份报告。 HOKA/UGG 以当年 EPS 的 11.5x 交易，对比自身 28-33x 历史区间，净现金资产负债表，34% ROIC，两大品牌仍在增长——是真实的倍数压缩，而非价值陷阱。 但压缩有真实燃料：FY27 Q1 增量营业利润率转为负（-18%），因关税税率上调至 12.5%，且 HOKA 增速两个季度内腰斩（16%→7.7%），无内部人买入。 两种解读同时成立。 公允价值 $95-130，买入区 $80-95，减持 22x fwd（刻意低于 28-33x 峰值——假设部分而非完全重估）。
Historical results历史业绩 past fiscal years — these values do not change过去财年——这些数值不会变动
Profit margins利润率 the share of revenue that stays as profit营收中留存为利润的比例
of every $1 of revenue每 $1 营收中的占比
- Return on equity净资产收益率
- 43%
- Revenue growth营收增长
- +6%
Competitors竞争对手
Why customers stay客户为什么留下
HOKA and UGG both have loyal repeat buyers and control their own direct-to-consumer sales, which protects profit margin. Neither brand owns its category outright — On Holding and Nike both compete hard for the same running customer.HOKA和UGG都拥有忠实的回头客,并掌控自己的直接面向消费者销售渠道,这有助于保护利润率。这两个品牌都没有完全垄断各自的品类——On Holding和Nike都在激烈争夺同样的跑步消费者群体。