Price to Book Value (P/BV)
since 2005
Calculation
Deckers Outdoor Corp., P/BV, long-term trends, calculation
| P/BV | = | Share price1, 2, 3 | ÷ | Book value per share1 (BVPS) | BVPS1 | = | Stockholders’ equity1 (in thousands) |
÷ | No. shares of common stock outstanding2 | ||
|---|---|---|---|---|---|---|---|---|---|---|---|
| May 26, 2023 | 6.89 | = | 465.18 | ÷ | 67.50 | 67.50 | = | 1,765,733 | ÷ | 26,159,846 | |
| May 27, 2022 | 4.73 | = | 271.85 | ÷ | 57.44 | 57.44 | = | 1,538,825 | ÷ | 26,789,861 | |
| May 28, 2021 | 6.46 | = | 335.44 | ÷ | 51.93 | 51.93 | = | 1,444,225 | ÷ | 27,813,023 | |
| Jun 1, 2020 | 4.81 | = | 195.82 | ÷ | 40.72 | 40.72 | = | 1,140,120 | ÷ | 27,999,468 | |
| May 30, 2019 | 4.23 | = | 151.73 | ÷ | 35.86 | 35.86 | = | 1,045,130 | ÷ | 29,142,002 | |
| May 30, 2018 | 3.56 | = | 110.00 | ÷ | 30.90 | 30.90 | = | 940,779 | ÷ | 30,447,808 | |
| May 30, 2017 | 2.28 | = | 67.91 | ÷ | 29.83 | 29.83 | = | 954,255 | ÷ | 31,990,065 | |
| May 31, 2016 | 1.74 | = | 52.59 | ÷ | 30.21 | 30.21 | = | 967,471 | ÷ | 32,023,300 | |
| Jun 1, 2015 | 2.43 | = | 68.35 | ÷ | 28.14 | 28.14 | = | 937,012 | ÷ | 33,296,968 | |
| Jun 1, 2015 | 2.56 | = | 68.35 | ÷ | 26.69 | 26.69 | = | 888,849 | ÷ | 33,296,968 | |
| Mar 3, 2014 | 2.84 | = | 72.87 | ÷ | 25.65 | 25.65 | = | 888,119 | ÷ | 34,620,587 | |
| Mar 1, 2013 | 2.17 | = | 46.62 | ÷ | 21.48 | 21.48 | = | 738,801 | ÷ | 34,402,209 | |
| Feb 29, 2012 | 3.46 | = | 74.76 | ÷ | 21.60 | 21.60 | = | 835,936 | ÷ | 38,693,544 | |
| Mar 1, 2011 | 4.94 | = | 83.66 | ÷ | 16.92 | 16.92 | = | 652,987 | ÷ | 38,581,395 | |
| Mar 1, 2010 | 3.22 | = | 40.93 | ÷ | 12.72 | 12.72 | = | 491,358 | ÷ | 38,625,441 | |
| Mar 2, 2009 | 1.28 | = | 12.57 | ÷ | 9.79 | 9.79 | = | 384,252 | ÷ | 39,268,914 | |
| Feb 29, 2008 | 4.82 | = | 36.88 | ÷ | 7.65 | 7.65 | = | 298,638 | ÷ | 39,019,074 | |
| Mar 16, 2007 | 4.18 | = | 23.30 | ÷ | 5.57 | 5.57 | = | 210,410 | ÷ | 37,778,064 | |
| Mar 9, 2006 | 2.48 | = | 11.78 | ÷ | 4.75 | 4.75 | = | 177,555 | ÷ | 37,394,568 |
Based on: 10-K (reporting date: 2023-03-31), 10-K (reporting date: 2022-03-31), 10-K (reporting date: 2021-03-31), 10-K (reporting date: 2020-03-31), 10-K (reporting date: 2019-03-31), 10-K (reporting date: 2018-03-31), 10-K (reporting date: 2017-03-31), 10-K (reporting date: 2016-03-31), 10-K (reporting date: 2015-03-31), 10-K (reporting date: 2014-12-31), 10-K (reporting date: 2013-12-31), 10-K (reporting date: 2012-12-31), 10-K (reporting date: 2011-12-31), 10-K (reporting date: 2010-12-31), 10-K (reporting date: 2009-12-31), 10-K (reporting date: 2008-12-31), 10-K (reporting date: 2007-12-31), 10-K (reporting date: 2006-12-31), 10-K (reporting date: 2005-12-31).
1 US$
2 Data adjusted for splits and stock dividends.
3 Closing price as at the filing date of Deckers Outdoor Corp. Annual Report.
The analysis of the relationship between market price and book value reveals a long-term trajectory of expanding valuation multiples, underpinned by consistent growth in equity. While the book value per share has maintained a steady upward climb, the share price has experienced higher volatility and more aggressive growth, leading to significant fluctuations in the Price to Book Value (P/BV) ratio over the observed period.
- Growth in Book Value and Share Price
- Book value per share (BVPS) exhibited a consistent and linear increase, rising from 4.75 US$ in 2006 to 67.50 US$ by 2023. In contrast, the share price demonstrated exponential growth, ascending from 11.78 US$ in 2006 to 465.18 US$ in 2023. The divergence between the steady growth of the accounting value and the rapid acceleration of the market price is the primary driver of the increasing P/BV ratio.
- Valuation Cycle Analysis
- The P/BV ratio moved through three distinct phases. The first phase, from 2006 to 2012, was characterized by volatility, including a significant contraction to a period low of 1.28 in 2009, coinciding with a sharp decline in share price. The second phase, spanning 2013 to 2016, saw a period of valuation compression where the ratio declined to 1.74 by May 2016. The third phase, from 2017 to 2023, marked a period of sustained expansion, with the ratio climbing from 2.28 to a peak of 6.89.
- Recent Valuation Trends
- A notable acceleration in market sentiment is observed between 2019 and 2021, where the P/BV ratio jumped from 4.23 to 6.46. Despite a slight correction to 4.73 in 2022, the ratio reached its historical maximum of 6.89 by May 2023, indicating that the market is assigning a significantly higher premium to the company's net assets than in previous decades.
Overall, the trend indicates a transition from a company valued closely to its liquidation or accounting value toward a growth-oriented valuation. The widening gap between the share price and the book value suggests that market participants are attributing substantial value to intangible assets, brand equity, or future earnings potential that is not captured on the balance sheet.
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Comparison to Competitors
Deckers Outdoor Corp., P/BV, long-term trends, comparison to competitors
| Deckers Outdoor Corp. | lululemon athletica inc. | Nike Inc. | |
|---|---|---|---|
| May 26, 2023 | 6.89 | 12.94 | 11.75 |
| May 27, 2022 | 4.73 | 16.06 | 11.46 |
| May 28, 2021 | 6.46 | 16.16 | 19.79 |
| Jun 1, 2020 | 4.81 | 13.39 | 19.06 |
| May 30, 2019 | 4.23 | 13.29 | 15.03 |
| May 30, 2018 | 3.56 | 6.68 | 12.59 |
| May 30, 2017 | 2.28 | 6.68 | 7.83 |
| May 31, 2016 | 1.74 | 9.06 | 7.80 |
| Jun 1, 2015 | 2.43 | 8.33 | 7.67 |
| Jun 1, 2015 | 2.56 | 6.79 | 6.23 |
| Mar 3, 2014 | 2.84 | 10.53 | 5.04 |
| Mar 1, 2013 | 2.17 | 18.13 | 4.08 |
| Feb 29, 2012 | 3.46 | 13.94 | 4.42 |
| Mar 1, 2011 | 4.94 | 11.92 | 3.46 |
| Mar 1, 2010 | 3.22 | 3.80 | 2.93 |
| Mar 2, 2009 | 1.28 | 20.02 | 3.59 |
| Feb 29, 2008 | 4.82 | — | 3.96 |
| Mar 16, 2007 | 4.18 | — | 3.25 |
| Mar 9, 2006 | 2.48 | — | 3.89 |
Based on: 10-K (reporting date: 2023-03-31), 10-K (reporting date: 2022-03-31), 10-K (reporting date: 2021-03-31), 10-K (reporting date: 2020-03-31), 10-K (reporting date: 2019-03-31), 10-K (reporting date: 2018-03-31), 10-K (reporting date: 2017-03-31), 10-K (reporting date: 2016-03-31), 10-K (reporting date: 2015-03-31), 10-K (reporting date: 2014-12-31), 10-K (reporting date: 2013-12-31), 10-K (reporting date: 2012-12-31), 10-K (reporting date: 2011-12-31), 10-K (reporting date: 2010-12-31), 10-K (reporting date: 2009-12-31), 10-K (reporting date: 2008-12-31), 10-K (reporting date: 2007-12-31), 10-K (reporting date: 2006-12-31), 10-K (reporting date: 2005-12-31).
Comparison to Sector (Consumer Durables & Apparel)
Deckers Outdoor Corp., P/BV, long-term trends, comparison to sector (consumer durables & apparel)
| Deckers Outdoor Corp. | Consumer Durables & Apparel | |
|---|---|---|
| May 26, 2023 | 6.89 | 11.97 |
| May 27, 2022 | 4.73 | 12.16 |
| May 28, 2021 | 6.46 | 19.18 |
| Jun 1, 2020 | 4.81 | 17.95 |
| May 30, 2019 | 4.23 | 14.79 |
| May 30, 2018 | 3.56 | 11.76 |
| May 30, 2017 | 2.28 | 7.71 |
| May 31, 2016 | 1.74 | 7.90 |
| Jun 1, 2015 | 2.43 | 7.73 |
| Jun 1, 2015 | 2.56 | 6.29 |
| Mar 3, 2014 | 2.84 | 5.45 |
| Mar 1, 2013 | 2.17 | 4.85 |
| Feb 29, 2012 | 3.46 | 4.79 |
| Mar 1, 2011 | 4.94 | 3.66 |
| Mar 1, 2010 | 3.22 | 2.94 |
| Mar 2, 2009 | 1.28 | 3.82 |
| Feb 29, 2008 | 4.82 | 3.96 |
| Mar 16, 2007 | 4.18 | 3.25 |
| Mar 9, 2006 | 2.48 | 3.89 |
Based on: 10-K (reporting date: 2023-03-31), 10-K (reporting date: 2022-03-31), 10-K (reporting date: 2021-03-31), 10-K (reporting date: 2020-03-31), 10-K (reporting date: 2019-03-31), 10-K (reporting date: 2018-03-31), 10-K (reporting date: 2017-03-31), 10-K (reporting date: 2016-03-31), 10-K (reporting date: 2015-03-31), 10-K (reporting date: 2014-12-31), 10-K (reporting date: 2013-12-31), 10-K (reporting date: 2012-12-31), 10-K (reporting date: 2011-12-31), 10-K (reporting date: 2010-12-31), 10-K (reporting date: 2009-12-31), 10-K (reporting date: 2008-12-31), 10-K (reporting date: 2007-12-31), 10-K (reporting date: 2006-12-31), 10-K (reporting date: 2005-12-31).
Comparison to Industry (Consumer Discretionary)
Deckers Outdoor Corp., P/BV, long-term trends, comparison to industry (consumer discretionary)
| Deckers Outdoor Corp. | Consumer Discretionary | |
|---|---|---|
| May 26, 2023 | 6.89 | 10.06 |
| May 27, 2022 | 4.73 | 9.41 |
| May 28, 2021 | 6.46 | 13.21 |
| Jun 1, 2020 | 4.81 | 17.99 |
| May 30, 2019 | 4.23 | 13.59 |
| May 30, 2018 | 3.56 | 11.35 |
| May 30, 2017 | 2.28 | 10.74 |
| May 31, 2016 | 1.74 | 8.39 |
| Jun 1, 2015 | 2.43 | 7.17 |
| Jun 1, 2015 | 2.56 | 5.83 |
| Mar 3, 2014 | 2.84 | 5.12 |
| Mar 1, 2013 | 2.17 | 4.39 |
| Feb 29, 2012 | 3.46 | 3.84 |
| Mar 1, 2011 | 4.94 | 4.04 |
| Mar 1, 2010 | 3.22 | 4.72 |
| Mar 2, 2009 | 1.28 | 4.98 |
| Feb 29, 2008 | 4.82 | 3.91 |
| Mar 16, 2007 | 4.18 | 4.50 |
| Mar 9, 2006 | 2.48 | 3.49 |
Based on: 10-K (reporting date: 2023-03-31), 10-K (reporting date: 2022-03-31), 10-K (reporting date: 2021-03-31), 10-K (reporting date: 2020-03-31), 10-K (reporting date: 2019-03-31), 10-K (reporting date: 2018-03-31), 10-K (reporting date: 2017-03-31), 10-K (reporting date: 2016-03-31), 10-K (reporting date: 2015-03-31), 10-K (reporting date: 2014-12-31), 10-K (reporting date: 2013-12-31), 10-K (reporting date: 2012-12-31), 10-K (reporting date: 2011-12-31), 10-K (reporting date: 2010-12-31), 10-K (reporting date: 2009-12-31), 10-K (reporting date: 2008-12-31), 10-K (reporting date: 2007-12-31), 10-K (reporting date: 2006-12-31), 10-K (reporting date: 2005-12-31).