Analysis of Solvency Ratios
Quarterly Data
Solvency ratios also known as long-term debt ratios measure a company ability to meet long-term obligations.
Solvency Ratios (Summary)
Deckers Outdoor Corp., solvency ratios (quarterly data)
Based on: 10-Q (reporting date: 2023-12-31), 10-Q (reporting date: 2023-09-30), 10-Q (reporting date: 2023-06-30), 10-K (reporting date: 2023-03-31), 10-Q (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-K (reporting date: 2022-03-31), 10-Q (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-K (reporting date: 2021-03-31), 10-Q (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-K (reporting date: 2020-03-31), 10-Q (reporting date: 2019-12-31), 10-Q (reporting date: 2019-09-30), 10-Q (reporting date: 2019-06-30), 10-K (reporting date: 2019-03-31), 10-Q (reporting date: 2018-12-31), 10-Q (reporting date: 2018-09-30), 10-Q (reporting date: 2018-06-30), 10-K (reporting date: 2018-03-31), 10-Q (reporting date: 2017-12-31), 10-Q (reporting date: 2017-09-30), 10-Q (reporting date: 2017-06-30).
- Debt to equity and related ratios
- The debt to equity ratio excluding operating lease liabilities remained very low and relatively stable, generally fluctuating between 0.02 and 0.17 through June 2017 to June 2020, with most values near 0.03. This suggests minimal reliance on debt relative to equity during this period. However, including operating lease liabilities, the debt to equity ratio shows a significant increase starting around June 2019, rising from 0.29 to a peak near 0.32, then gradually declining to around 0.13 by December 2023. This pattern reflects the increasing recognition of lease obligations as part of total indebtedness before a modest reduction in recent periods.
- Debt to capital and related ratios
- Similar to the debt to equity ratios, the debt to capital ratio excluding operating lease liabilities stayed very low and stable, around 0.02 to 0.15 from mid-2017 to mid-2020. When including operating lease liabilities, the ratio increased noticeably beginning in mid-2019, peaking at approximately 0.24 and then exhibited a gradual downward trend towards approximately 0.12 by the end of 2023. This indicates an increased proportion of capital financed by debt when leases are considered, with recent deleveraging.
- Debt to assets and related ratios
- The baseline debt to assets ratio was consistently low and stable before 2020, mostly under 0.03. Including operating lease liabilities, there is a marked increase starting in June 2019 to about 0.17, followed by a steady decline to approximately 0.08 toward late 2023. This pattern aligns with the trends seen in debt to equity and debt to capital ratios, showing an increased debt burden including leases that later eases.
- Financial leverage
- Financial leverage ratios illustrate some volatility but remain within a moderate range over the entire period. Starting at 1.39 in June 2017, the ratio rose to peaks around 1.85 in late 2019 and has oscillated between 1.45 and 1.71 subsequently. This indicates moderate use of debt in the capital structure, with slight fluctuations probably reflecting adjustments in asset or equity base rather than dramatic shifts in indebtedness.
- Interest coverage
- Interest coverage ratios, first reported starting March 2018, demonstrate very strong ability to meet interest obligations, with values consistently exceeding 50 and reaching extraordinarily high levels above 200 in some quarters from 2021 onward. This indicates robust earnings relative to interest expenses, suggesting low financial risk and ample cushion for debt servicing.
- Overall observations
- The inclusion of operating lease liabilities markedly changes the debt ratios, revealing a higher leverage position than traditional metrics suggest. The peak of leverage ratios around 2019 to 2020 followed by a gradual reduction suggests active management of debt and leases. Financial leverage remains moderate, while the consistently high interest coverage ratio indicates strong earnings capacity to support liabilities. The data collectively suggests conservative financial management with careful control of financial risk despite recognized lease obligations.
Debt Ratios
Coverage Ratios
Debt to Equity
Deckers Outdoor Corp., debt to equity calculation (quarterly data)
| Dec 31, 2023 | Sep 30, 2023 | Jun 30, 2023 | Mar 31, 2023 | Dec 31, 2022 | Sep 30, 2022 | Jun 30, 2022 | Mar 31, 2022 | Dec 31, 2021 | Sep 30, 2021 | Jun 30, 2021 | Mar 31, 2021 | Dec 31, 2020 | Sep 30, 2020 | Jun 30, 2020 | Mar 31, 2020 | Dec 31, 2019 | Sep 30, 2019 | Jun 30, 2019 | Mar 31, 2019 | Dec 31, 2018 | Sep 30, 2018 | Jun 30, 2018 | Mar 31, 2018 | Dec 31, 2017 | Sep 30, 2017 | Jun 30, 2017 | |||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in thousands) | |||||||||||||||||||||||||||||||||||
| Short-term borrowings | —) | —) | —) | —) | —) | —) | —) | —) | —) | —) | —) | —) | 663) | 9,965) | 646) | 638) | 6,645) | 13,599) | 611) | 603) | 600) | 71,473) | 585) | 578) | 571) | 133,474) | 557) | ||||||||
| Mortgage payable | —) | —) | —) | —) | —) | —) | —) | —) | —) | —) | —) | —) | 29,768) | 29,938) | 30,101) | 30,263) | 30,430) | 30,592) | 30,747) | 30,901) | 31,056) | 31,210) | 31,358) | 31,504) | 31,656) | 31,803) | 31,943) | ||||||||
| Total debt | —) | —) | —) | —) | —) | —) | —) | —) | —) | —) | —) | —) | 30,431) | 39,903) | 30,747) | 30,901) | 37,075) | 44,191) | 31,358) | 31,504) | 31,656) | 102,683) | 31,943) | 32,082) | 32,227) | 165,277) | 32,500) | ||||||||
| Stockholders’ equity | 2,104,190) | 1,795,130) | 1,802,121) | 1,765,733) | 1,769,172) | 1,515,839) | 1,472,407) | 1,538,825) | 1,564,742) | 1,463,746) | 1,418,987) | 1,444,225) | 1,520,121) | 1,242,964) | 1,136,928) | 1,140,120) | 1,123,747) | 916,304) | 995,279) | 1,045,130) | 1,017,881) | 846,787) | 902,151) | 940,779) | 1,032,869) | 968,826) | 913,674) | ||||||||
| Solvency Ratio | |||||||||||||||||||||||||||||||||||
| Debt to equity1 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.02 | 0.03 | 0.03 | 0.03 | 0.03 | 0.05 | 0.03 | 0.03 | 0.03 | 0.12 | 0.04 | 0.03 | 0.03 | 0.17 | 0.04 | ||||||||
| Benchmarks | |||||||||||||||||||||||||||||||||||
| Debt to Equity, Competitors2 | |||||||||||||||||||||||||||||||||||
| lululemon athletica inc. | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | — | — | — | — | — | — | — | — | ||||||||
| Nike Inc. | 0.63 | 0.63 | 0.64 | 0.64 | 0.65 | 0.62 | 0.60 | 0.62 | 0.64 | 0.63 | 0.66 | 0.74 | 0.79 | 0.89 | 1.03 | 1.20 | 0.38 | 0.40 | 0.40 | — | — | — | — | — | — | — | — | ||||||||
Based on: 10-Q (reporting date: 2023-12-31), 10-Q (reporting date: 2023-09-30), 10-Q (reporting date: 2023-06-30), 10-K (reporting date: 2023-03-31), 10-Q (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-K (reporting date: 2022-03-31), 10-Q (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-K (reporting date: 2021-03-31), 10-Q (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-K (reporting date: 2020-03-31), 10-Q (reporting date: 2019-12-31), 10-Q (reporting date: 2019-09-30), 10-Q (reporting date: 2019-06-30), 10-K (reporting date: 2019-03-31), 10-Q (reporting date: 2018-12-31), 10-Q (reporting date: 2018-09-30), 10-Q (reporting date: 2018-06-30), 10-K (reporting date: 2018-03-31), 10-Q (reporting date: 2017-12-31), 10-Q (reporting date: 2017-09-30), 10-Q (reporting date: 2017-06-30).
1 Q3 2024 Calculation
Debt to equity = Total debt ÷ Stockholders’ equity
= 0 ÷ 2,104,190 = 0.00
2 Click competitor name to see calculations.
- Total Debt
- The total debt figures show significant variability across the periods, with some quarters reflecting substantially elevated debt levels, such as September 30, 2017 (165,277 thousand US$) and September 30, 2018 (102,683 thousand US$). However, for most other quarters, total debt remains relatively low and stable, generally fluctuating near the 30,000 to 44,000 thousand US$ range. Notably, after March 31, 2021, data for total debt is missing, precluding further trend analysis for recent periods.
- Stockholders’ Equity
- The stockholders’ equity demonstrates a consistent upward trend from June 30, 2017 to December 31, 2023. The value increases from approximately 913,674 thousand US$ to over 2,104,190 thousand US$, indicating a strong growth in equity over the analyzed timeframe. Despite some minor fluctuations, particularly between 2017 and early 2018, the overall trajectory of equity is positive and robust, with notable acceleration starting mid-2020 through 2023.
- Debt to Equity Ratio
- The debt to equity ratio remains generally low throughout the periods with most ratios under 0.05, indicating limited leverage relative to equity. There are temporary spikes coinciding with quarters exhibiting increased total debt, such as September 2017 and September 2018, where the ratio rises to 0.17 and 0.12 respectively. Following 2020, the absence of recorded data prevents further observation but earlier quarters suggest a conservative capital structure with minimal reliance on debt financing.
Debt to Equity (including Operating Lease Liability)
Deckers Outdoor Corp., debt to equity (including operating lease liability) calculation (quarterly data)
| Dec 31, 2023 | Sep 30, 2023 | Jun 30, 2023 | Mar 31, 2023 | Dec 31, 2022 | Sep 30, 2022 | Jun 30, 2022 | Mar 31, 2022 | Dec 31, 2021 | Sep 30, 2021 | Jun 30, 2021 | Mar 31, 2021 | Dec 31, 2020 | Sep 30, 2020 | Jun 30, 2020 | Mar 31, 2020 | Dec 31, 2019 | Sep 30, 2019 | Jun 30, 2019 | Mar 31, 2019 | Dec 31, 2018 | Sep 30, 2018 | Jun 30, 2018 | Mar 31, 2018 | Dec 31, 2017 | Sep 30, 2017 | Jun 30, 2017 | |||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in thousands) | |||||||||||||||||||||||||||||||||||
| Short-term borrowings | —) | —) | —) | —) | —) | —) | —) | —) | —) | —) | —) | —) | 663) | 9,965) | 646) | 638) | 6,645) | 13,599) | 611) | 603) | 600) | 71,473) | 585) | 578) | 571) | 133,474) | 557) | ||||||||
| Mortgage payable | —) | —) | —) | —) | —) | —) | —) | —) | —) | —) | —) | —) | 29,768) | 29,938) | 30,101) | 30,263) | 30,430) | 30,592) | 30,747) | 30,901) | 31,056) | 31,210) | 31,358) | 31,504) | 31,656) | 31,803) | 31,943) | ||||||||
| Total debt | —) | —) | —) | —) | —) | —) | —) | —) | —) | —) | —) | —) | 30,431) | 39,903) | 30,747) | 30,901) | 37,075) | 44,191) | 31,358) | 31,504) | 31,656) | 102,683) | 31,943) | 32,082) | 32,227) | 165,277) | 32,500) | ||||||||
| Current portion of operating lease liabilities | 51,124) | 49,496) | 51,234) | 50,765) | 49,298) | 46,886) | 47,490) | 50,098) | 48,290) | 48,867) | 46,279) | 46,768) | 47,774) | 48,728) | 48,009) | 49,091) | 47,521) | 48,944) | 48,139) | —) | —) | —) | —) | —) | —) | —) | —) | ||||||||
| Long-term operating lease liabilities | 222,867) | 201,572) | 209,367) | 195,723) | 151,107) | 150,259) | 159,305) | 171,972) | 171,314) | 182,089) | 185,777) | 176,274) | 186,934) | 196,861) | 205,555) | 215,724) | 192,562) | 201,578) | 206,888) | —) | —) | —) | —) | —) | —) | —) | —) | ||||||||
| Total debt (including operating lease liability) | 273,991) | 251,068) | 260,601) | 246,488) | 200,405) | 197,145) | 206,795) | 222,070) | 219,604) | 230,956) | 232,056) | 223,042) | 265,139) | 285,492) | 284,311) | 295,716) | 277,158) | 294,713) | 286,385) | 31,504) | 31,656) | 102,683) | 31,943) | 32,082) | 32,227) | 165,277) | 32,500) | ||||||||
| Stockholders’ equity | 2,104,190) | 1,795,130) | 1,802,121) | 1,765,733) | 1,769,172) | 1,515,839) | 1,472,407) | 1,538,825) | 1,564,742) | 1,463,746) | 1,418,987) | 1,444,225) | 1,520,121) | 1,242,964) | 1,136,928) | 1,140,120) | 1,123,747) | 916,304) | 995,279) | 1,045,130) | 1,017,881) | 846,787) | 902,151) | 940,779) | 1,032,869) | 968,826) | 913,674) | ||||||||
| Solvency Ratio | |||||||||||||||||||||||||||||||||||
| Debt to equity (including operating lease liability)1 | 0.13 | 0.14 | 0.14 | 0.14 | 0.11 | 0.13 | 0.14 | 0.14 | 0.14 | 0.16 | 0.16 | 0.15 | 0.17 | 0.23 | 0.25 | 0.26 | 0.25 | 0.32 | 0.29 | 0.03 | 0.03 | 0.12 | 0.04 | 0.03 | 0.03 | 0.17 | 0.04 | ||||||||
| Benchmarks | |||||||||||||||||||||||||||||||||||
| Debt to Equity (including Operating Lease Liability), Competitors2 | |||||||||||||||||||||||||||||||||||
| lululemon athletica inc. | 0.33 | 0.34 | 0.33 | 0.34 | 0.34 | 0.33 | 0.34 | 0.32 | 0.32 | 0.30 | 0.30 | 0.31 | 0.36 | 0.39 | 0.43 | 0.38 | 0.42 | 0.46 | 0.49 | — | — | — | — | — | — | — | — | ||||||||
| Nike Inc. | 0.85 | 0.86 | 0.87 | 0.87 | 0.86 | 0.82 | 0.80 | 0.83 | 0.85 | 0.85 | 0.89 | 1.00 | 1.08 | 1.20 | 1.41 | 1.62 | 0.74 | 0.74 | 0.74 | — | — | — | — | — | — | — | — | ||||||||
Based on: 10-Q (reporting date: 2023-12-31), 10-Q (reporting date: 2023-09-30), 10-Q (reporting date: 2023-06-30), 10-K (reporting date: 2023-03-31), 10-Q (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-K (reporting date: 2022-03-31), 10-Q (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-K (reporting date: 2021-03-31), 10-Q (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-K (reporting date: 2020-03-31), 10-Q (reporting date: 2019-12-31), 10-Q (reporting date: 2019-09-30), 10-Q (reporting date: 2019-06-30), 10-K (reporting date: 2019-03-31), 10-Q (reporting date: 2018-12-31), 10-Q (reporting date: 2018-09-30), 10-Q (reporting date: 2018-06-30), 10-K (reporting date: 2018-03-31), 10-Q (reporting date: 2017-12-31), 10-Q (reporting date: 2017-09-30), 10-Q (reporting date: 2017-06-30).
1 Q3 2024 Calculation
Debt to equity (including operating lease liability) = Total debt (including operating lease liability) ÷ Stockholders’ equity
= 273,991 ÷ 2,104,190 = 0.13
2 Click competitor name to see calculations.
- Total Debt (including operating lease liability)
-
The total debt level of the company exhibits notable fluctuations over the analyzed periods. Initially, debt remains relatively low and stable around the $30 million mark until mid-2018. A significant spike occurs in the third quarter of 2019, where total debt sharply increases to levels above $280 million, peaking near $295 million in the first quarter of 2020. Subsequently, debt gradually declines through 2021, reaching a low around $197 million in the third quarter of 2022.
However, a resurgence in debt is observed starting in the fourth quarter of 2022, with amounts climbing again to nearly $274 million by the end of 2023. This pattern indicates a strategic shift in leverage, with a period of increased borrowing during late 2019 to early 2020, followed by deleveraging, and then a renewed increase in debt by the end of the recent period.
- Stockholders’ Equity
-
Stockholders’ equity demonstrates an overall positive growth trajectory throughout the reported quarters. Beginning around $913 million in mid-2017, equity experiences moderate increases with some variation until reaching approximately $1.04 billion by early 2019.
A period of steady growth is apparent starting in mid-2020, accelerating notably by early 2021 when equity surpasses $1.5 billion, peaking at approximately $1.77 billion by late 2022. The upward trend continues into 2023, with equity values exceeding $2.1 billion by year-end. This growth reflects an accumulation of retained earnings or capital infusion, indicating strengthened financial stability and shareholder value expansion over time.
- Debt to Equity Ratio (including operating lease liability)
-
The debt to equity ratio aligns with the observed patterns in debt and equity. Initially, the ratio remains very low, fluctuating between 0.03 and 0.17 until mid-2018, consistent with relatively modest debt levels and growing equity base.
A sharp increase in leverage is evident in late 2019, with the ratio peaking at 0.32, correlating with the surge in total debt during that period. Following this peak, the ratio declines steadily, stabilizing around 0.13 to 0.16 from 2021 through most of 2023. This suggests careful management of leverage, balancing debt with a growing equity base to maintain a moderate financial risk profile.
Debt to Capital
Deckers Outdoor Corp., debt to capital calculation (quarterly data)
| Dec 31, 2023 | Sep 30, 2023 | Jun 30, 2023 | Mar 31, 2023 | Dec 31, 2022 | Sep 30, 2022 | Jun 30, 2022 | Mar 31, 2022 | Dec 31, 2021 | Sep 30, 2021 | Jun 30, 2021 | Mar 31, 2021 | Dec 31, 2020 | Sep 30, 2020 | Jun 30, 2020 | Mar 31, 2020 | Dec 31, 2019 | Sep 30, 2019 | Jun 30, 2019 | Mar 31, 2019 | Dec 31, 2018 | Sep 30, 2018 | Jun 30, 2018 | Mar 31, 2018 | Dec 31, 2017 | Sep 30, 2017 | Jun 30, 2017 | |||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in thousands) | |||||||||||||||||||||||||||||||||||
| Short-term borrowings | —) | —) | —) | —) | —) | —) | —) | —) | —) | —) | —) | —) | 663) | 9,965) | 646) | 638) | 6,645) | 13,599) | 611) | 603) | 600) | 71,473) | 585) | 578) | 571) | 133,474) | 557) | ||||||||
| Mortgage payable | —) | —) | —) | —) | —) | —) | —) | —) | —) | —) | —) | —) | 29,768) | 29,938) | 30,101) | 30,263) | 30,430) | 30,592) | 30,747) | 30,901) | 31,056) | 31,210) | 31,358) | 31,504) | 31,656) | 31,803) | 31,943) | ||||||||
| Total debt | —) | —) | —) | —) | —) | —) | —) | —) | —) | —) | —) | —) | 30,431) | 39,903) | 30,747) | 30,901) | 37,075) | 44,191) | 31,358) | 31,504) | 31,656) | 102,683) | 31,943) | 32,082) | 32,227) | 165,277) | 32,500) | ||||||||
| Stockholders’ equity | 2,104,190) | 1,795,130) | 1,802,121) | 1,765,733) | 1,769,172) | 1,515,839) | 1,472,407) | 1,538,825) | 1,564,742) | 1,463,746) | 1,418,987) | 1,444,225) | 1,520,121) | 1,242,964) | 1,136,928) | 1,140,120) | 1,123,747) | 916,304) | 995,279) | 1,045,130) | 1,017,881) | 846,787) | 902,151) | 940,779) | 1,032,869) | 968,826) | 913,674) | ||||||||
| Total capital | 2,104,190) | 1,795,130) | 1,802,121) | 1,765,733) | 1,769,172) | 1,515,839) | 1,472,407) | 1,538,825) | 1,564,742) | 1,463,746) | 1,418,987) | 1,444,225) | 1,550,552) | 1,282,867) | 1,167,675) | 1,171,021) | 1,160,822) | 960,495) | 1,026,637) | 1,076,634) | 1,049,537) | 949,470) | 934,094) | 972,861) | 1,065,096) | 1,134,103) | 946,174) | ||||||||
| Solvency Ratio | |||||||||||||||||||||||||||||||||||
| Debt to capital1 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.02 | 0.03 | 0.03 | 0.03 | 0.03 | 0.05 | 0.03 | 0.03 | 0.03 | 0.11 | 0.03 | 0.03 | 0.03 | 0.15 | 0.03 | ||||||||
| Benchmarks | |||||||||||||||||||||||||||||||||||
| Debt to Capital, Competitors2 | |||||||||||||||||||||||||||||||||||
| lululemon athletica inc. | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | — | — | — | — | — | — | — | — | ||||||||
| Nike Inc. | 0.39 | 0.39 | 0.39 | 0.39 | 0.39 | 0.38 | 0.37 | 0.38 | 0.39 | 0.39 | 0.40 | 0.42 | 0.44 | 0.47 | 0.51 | 0.55 | 0.28 | 0.29 | 0.29 | — | — | — | — | — | — | — | — | ||||||||
Based on: 10-Q (reporting date: 2023-12-31), 10-Q (reporting date: 2023-09-30), 10-Q (reporting date: 2023-06-30), 10-K (reporting date: 2023-03-31), 10-Q (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-K (reporting date: 2022-03-31), 10-Q (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-K (reporting date: 2021-03-31), 10-Q (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-K (reporting date: 2020-03-31), 10-Q (reporting date: 2019-12-31), 10-Q (reporting date: 2019-09-30), 10-Q (reporting date: 2019-06-30), 10-K (reporting date: 2019-03-31), 10-Q (reporting date: 2018-12-31), 10-Q (reporting date: 2018-09-30), 10-Q (reporting date: 2018-06-30), 10-K (reporting date: 2018-03-31), 10-Q (reporting date: 2017-12-31), 10-Q (reporting date: 2017-09-30), 10-Q (reporting date: 2017-06-30).
1 Q3 2024 Calculation
Debt to capital = Total debt ÷ Total capital
= 0 ÷ 2,104,190 = 0.00
2 Click competitor name to see calculations.
- Total Debt
- The total debt exhibits notable fluctuations over the periods presented. Initially, it started at 32.5 million USD in mid-2017, sharply increasing to approximately 165.3 million USD by the third quarter of 2017. Subsequently, it decreased markedly, fluctuating around the 30–40 million USD range through early 2020. Another increase to nearly 40 million USD occurred in the third quarter of 2020. Data is missing for subsequent periods from early 2021 onward, precluding analysis for those quarters.
- Total Capital
- Total capital demonstrates an overall increasing trend throughout the periods. Starting at approximately 946.2 million USD in mid-2017, it rose to around 1.13 billion USD by the third quarter of 2017. After some variability, total capital continued a generally upward trajectory, reaching over 1.8 billion USD by the end of 2023. Noteworthy increments are observed particularly from 2020 onward, reflecting growth in the company's capital base.
- Debt to Capital Ratio
- The debt-to-capital ratio shows substantial variability within the recorded periods. It began very low at 0.03 in mid-2017, surged to 0.15 by the third quarter of 2017, and then generally stabilized around 0.02 to 0.05 in the subsequent quarters. The ratio remains low during the periods with available data, indicating a minimal proportion of debt relative to total capital for those intervals. Data gaps from early 2021 onward prevent analysis for later periods.
- Overall Observations
- The financial data reveals a pattern of maintaining low leverage, as indicated by the generally low debt-to-capital ratio. Total capital growth suggests a strengthening capital base, which may provide financial flexibility. While total debt experienced occasional spikes, it generally remained a small portion in relation to total capital. Missing data for the later periods limits a full trend analysis for all quarters.
Debt to Capital (including Operating Lease Liability)
Deckers Outdoor Corp., debt to capital (including operating lease liability) calculation (quarterly data)
| Dec 31, 2023 | Sep 30, 2023 | Jun 30, 2023 | Mar 31, 2023 | Dec 31, 2022 | Sep 30, 2022 | Jun 30, 2022 | Mar 31, 2022 | Dec 31, 2021 | Sep 30, 2021 | Jun 30, 2021 | Mar 31, 2021 | Dec 31, 2020 | Sep 30, 2020 | Jun 30, 2020 | Mar 31, 2020 | Dec 31, 2019 | Sep 30, 2019 | Jun 30, 2019 | Mar 31, 2019 | Dec 31, 2018 | Sep 30, 2018 | Jun 30, 2018 | Mar 31, 2018 | Dec 31, 2017 | Sep 30, 2017 | Jun 30, 2017 | |||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in thousands) | |||||||||||||||||||||||||||||||||||
| Short-term borrowings | —) | —) | —) | —) | —) | —) | —) | —) | —) | —) | —) | —) | 663) | 9,965) | 646) | 638) | 6,645) | 13,599) | 611) | 603) | 600) | 71,473) | 585) | 578) | 571) | 133,474) | 557) | ||||||||
| Mortgage payable | —) | —) | —) | —) | —) | —) | —) | —) | —) | —) | —) | —) | 29,768) | 29,938) | 30,101) | 30,263) | 30,430) | 30,592) | 30,747) | 30,901) | 31,056) | 31,210) | 31,358) | 31,504) | 31,656) | 31,803) | 31,943) | ||||||||
| Total debt | —) | —) | —) | —) | —) | —) | —) | —) | —) | —) | —) | —) | 30,431) | 39,903) | 30,747) | 30,901) | 37,075) | 44,191) | 31,358) | 31,504) | 31,656) | 102,683) | 31,943) | 32,082) | 32,227) | 165,277) | 32,500) | ||||||||
| Current portion of operating lease liabilities | 51,124) | 49,496) | 51,234) | 50,765) | 49,298) | 46,886) | 47,490) | 50,098) | 48,290) | 48,867) | 46,279) | 46,768) | 47,774) | 48,728) | 48,009) | 49,091) | 47,521) | 48,944) | 48,139) | —) | —) | —) | —) | —) | —) | —) | —) | ||||||||
| Long-term operating lease liabilities | 222,867) | 201,572) | 209,367) | 195,723) | 151,107) | 150,259) | 159,305) | 171,972) | 171,314) | 182,089) | 185,777) | 176,274) | 186,934) | 196,861) | 205,555) | 215,724) | 192,562) | 201,578) | 206,888) | —) | —) | —) | —) | —) | —) | —) | —) | ||||||||
| Total debt (including operating lease liability) | 273,991) | 251,068) | 260,601) | 246,488) | 200,405) | 197,145) | 206,795) | 222,070) | 219,604) | 230,956) | 232,056) | 223,042) | 265,139) | 285,492) | 284,311) | 295,716) | 277,158) | 294,713) | 286,385) | 31,504) | 31,656) | 102,683) | 31,943) | 32,082) | 32,227) | 165,277) | 32,500) | ||||||||
| Stockholders’ equity | 2,104,190) | 1,795,130) | 1,802,121) | 1,765,733) | 1,769,172) | 1,515,839) | 1,472,407) | 1,538,825) | 1,564,742) | 1,463,746) | 1,418,987) | 1,444,225) | 1,520,121) | 1,242,964) | 1,136,928) | 1,140,120) | 1,123,747) | 916,304) | 995,279) | 1,045,130) | 1,017,881) | 846,787) | 902,151) | 940,779) | 1,032,869) | 968,826) | 913,674) | ||||||||
| Total capital (including operating lease liability) | 2,378,181) | 2,046,198) | 2,062,722) | 2,012,221) | 1,969,577) | 1,712,984) | 1,679,202) | 1,760,895) | 1,784,346) | 1,694,702) | 1,651,043) | 1,667,267) | 1,785,260) | 1,528,456) | 1,421,239) | 1,435,836) | 1,400,905) | 1,211,017) | 1,281,664) | 1,076,634) | 1,049,537) | 949,470) | 934,094) | 972,861) | 1,065,096) | 1,134,103) | 946,174) | ||||||||
| Solvency Ratio | |||||||||||||||||||||||||||||||||||
| Debt to capital (including operating lease liability)1 | 0.12 | 0.12 | 0.13 | 0.12 | 0.10 | 0.12 | 0.12 | 0.13 | 0.12 | 0.14 | 0.14 | 0.13 | 0.15 | 0.19 | 0.20 | 0.21 | 0.20 | 0.24 | 0.22 | 0.03 | 0.03 | 0.11 | 0.03 | 0.03 | 0.03 | 0.15 | 0.03 | ||||||||
| Benchmarks | |||||||||||||||||||||||||||||||||||
| Debt to Capital (including Operating Lease Liability), Competitors2 | |||||||||||||||||||||||||||||||||||
| lululemon athletica inc. | 0.25 | 0.25 | 0.25 | 0.25 | 0.25 | 0.25 | 0.25 | 0.24 | 0.24 | 0.23 | 0.23 | 0.24 | 0.26 | 0.28 | 0.30 | 0.27 | 0.30 | 0.32 | 0.33 | — | — | — | — | — | — | — | — | ||||||||
| Nike Inc. | 0.46 | 0.46 | 0.47 | 0.46 | 0.46 | 0.45 | 0.44 | 0.45 | 0.46 | 0.46 | 0.47 | 0.50 | 0.52 | 0.55 | 0.58 | 0.62 | 0.42 | 0.43 | 0.43 | — | — | — | — | — | — | — | — | ||||||||
Based on: 10-Q (reporting date: 2023-12-31), 10-Q (reporting date: 2023-09-30), 10-Q (reporting date: 2023-06-30), 10-K (reporting date: 2023-03-31), 10-Q (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-K (reporting date: 2022-03-31), 10-Q (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-K (reporting date: 2021-03-31), 10-Q (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-K (reporting date: 2020-03-31), 10-Q (reporting date: 2019-12-31), 10-Q (reporting date: 2019-09-30), 10-Q (reporting date: 2019-06-30), 10-K (reporting date: 2019-03-31), 10-Q (reporting date: 2018-12-31), 10-Q (reporting date: 2018-09-30), 10-Q (reporting date: 2018-06-30), 10-K (reporting date: 2018-03-31), 10-Q (reporting date: 2017-12-31), 10-Q (reporting date: 2017-09-30), 10-Q (reporting date: 2017-06-30).
1 Q3 2024 Calculation
Debt to capital (including operating lease liability) = Total debt (including operating lease liability) ÷ Total capital (including operating lease liability)
= 273,991 ÷ 2,378,181 = 0.12
2 Click competitor name to see calculations.
The analysis of the company's quarterly financial data reveals several notable trends concerning debt levels, total capital, and the ratio of debt to capital over the observed periods.
- Total Debt (including operating lease liability)
-
The total debt exhibits significant fluctuations over time, with certain quarters showing sharp increases. Initially, debt was relatively low at approximately $32.5 million (June 30, 2017), but spiked drastically to over $165 million by September 30, 2017. Following this peak, the debt level returned to a similar lower level around $31-32 million in the subsequent quarters of 2017 and early 2018. Another pronounced surge occurred in mid-2019, reaching close to $286 million by June 30, 2019, followed by a continued rise to about $295 million in the first quarter of 2020.
From this point, although total debt saw a gradual decline to around $197 million by September 30, 2022, the figure rebounded again to approximately $274 million by the end of 2023. These variations indicate periods of increased leverage possibly related to financing activities, acquisitions, or operational needs, responding dynamically to the company's strategic and market conditions.
- Total Capital (including operating lease liability)
-
Total capital shows a generally increasing trend over the entire timeframe, starting at about $946 million in mid-2017 and rising consistently to reach nearly $2.38 billion by the end of 2023. Despite some quarterly volatility, the overall upward trajectory suggests steady capital growth. This growth may reflect accumulation of equity, reinvestment of earnings, or additional debt financing contributing to the capital base.
Periods of accelerated capital growth coincide somewhat with increases in debt levels, indicating that the company may be leveraging debt to expand its capital base or fund its operations and strategic initiatives.
- Debt to Capital Ratio (including operating lease liability)
-
The debt to capital ratio mirrors the fluctuations observed in total debt but remains relatively low throughout the period, generally ranging between 0.03 and 0.24. Initially very low at 0.03, the ratio spikes to 0.15 in the third quarter of 2017 and peaks around 0.24 during mid-2019, aligning with the peaks in total debt.
Following this, the ratio declines gradually, stabilizing around 0.12 toward the later quarters, despite some minor variations, indicating that while the company does take on debt, it maintains a conservative leverage position relative to its overall capital. The trend suggests prudent financial management balancing growth with risk control.
In summary, the company’s financial data reflect dynamic debt management with episodic increases in leverage accompanied by an overall increase in total capital. The debt to capital ratio remains moderate and stable over the long term, highlighting an approach that allows growth and operational flexibility while maintaining a controlled leverage profile.
Debt to Assets
Deckers Outdoor Corp., debt to assets calculation (quarterly data)
| Dec 31, 2023 | Sep 30, 2023 | Jun 30, 2023 | Mar 31, 2023 | Dec 31, 2022 | Sep 30, 2022 | Jun 30, 2022 | Mar 31, 2022 | Dec 31, 2021 | Sep 30, 2021 | Jun 30, 2021 | Mar 31, 2021 | Dec 31, 2020 | Sep 30, 2020 | Jun 30, 2020 | Mar 31, 2020 | Dec 31, 2019 | Sep 30, 2019 | Jun 30, 2019 | Mar 31, 2019 | Dec 31, 2018 | Sep 30, 2018 | Jun 30, 2018 | Mar 31, 2018 | Dec 31, 2017 | Sep 30, 2017 | Jun 30, 2017 | |||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in thousands) | |||||||||||||||||||||||||||||||||||
| Short-term borrowings | —) | —) | —) | —) | —) | —) | —) | —) | —) | —) | —) | —) | 663) | 9,965) | 646) | 638) | 6,645) | 13,599) | 611) | 603) | 600) | 71,473) | 585) | 578) | 571) | 133,474) | 557) | ||||||||
| Mortgage payable | —) | —) | —) | —) | —) | —) | —) | —) | —) | —) | —) | —) | 29,768) | 29,938) | 30,101) | 30,263) | 30,430) | 30,592) | 30,747) | 30,901) | 31,056) | 31,210) | 31,358) | 31,504) | 31,656) | 31,803) | 31,943) | ||||||||
| Total debt | —) | —) | —) | —) | —) | —) | —) | —) | —) | —) | —) | —) | 30,431) | 39,903) | 30,747) | 30,901) | 37,075) | 44,191) | 31,358) | 31,504) | 31,656) | 102,683) | 31,943) | 32,082) | 32,227) | 165,277) | 32,500) | ||||||||
| Total assets | 3,347,459) | 2,848,533) | 2,847,902) | 2,556,203) | 2,809,289) | 2,466,349) | 2,513,252) | 2,332,250) | 2,547,568) | 2,410,432) | 2,291,255) | 2,167,705) | 2,387,850) | 2,050,348) | 1,848,566) | 1,765,118) | 1,888,351) | 1,691,659) | 1,751,056) | 1,427,206) | 1,542,451) | 1,423,968) | 1,386,720) | 1,264,379) | 1,530,963) | 1,520,288) | 1,272,858) | ||||||||
| Solvency Ratio | |||||||||||||||||||||||||||||||||||
| Debt to assets1 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.01 | 0.02 | 0.02 | 0.02 | 0.02 | 0.03 | 0.02 | 0.02 | 0.02 | 0.07 | 0.02 | 0.03 | 0.02 | 0.11 | 0.03 | ||||||||
| Benchmarks | |||||||||||||||||||||||||||||||||||
| Debt to Assets, Competitors2 | |||||||||||||||||||||||||||||||||||
| lululemon athletica inc. | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | — | — | — | — | — | — | — | — | ||||||||
| Nike Inc. | 0.24 | 0.24 | 0.24 | 0.24 | 0.25 | 0.24 | 0.23 | 0.23 | 0.24 | 0.24 | 0.25 | 0.25 | 0.26 | 0.27 | 0.29 | 0.31 | 0.13 | 0.14 | 0.14 | — | — | — | — | — | — | — | — | ||||||||
Based on: 10-Q (reporting date: 2023-12-31), 10-Q (reporting date: 2023-09-30), 10-Q (reporting date: 2023-06-30), 10-K (reporting date: 2023-03-31), 10-Q (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-K (reporting date: 2022-03-31), 10-Q (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-K (reporting date: 2021-03-31), 10-Q (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-K (reporting date: 2020-03-31), 10-Q (reporting date: 2019-12-31), 10-Q (reporting date: 2019-09-30), 10-Q (reporting date: 2019-06-30), 10-K (reporting date: 2019-03-31), 10-Q (reporting date: 2018-12-31), 10-Q (reporting date: 2018-09-30), 10-Q (reporting date: 2018-06-30), 10-K (reporting date: 2018-03-31), 10-Q (reporting date: 2017-12-31), 10-Q (reporting date: 2017-09-30), 10-Q (reporting date: 2017-06-30).
1 Q3 2024 Calculation
Debt to assets = Total debt ÷ Total assets
= 0 ÷ 3,347,459 = 0.00
2 Click competitor name to see calculations.
- Total Debt
- The total debt figures exhibit significant fluctuations over the periods analyzed. Initially, there was a sharp increase from 32,500 thousand USD on June 30, 2017, to a peak of 165,277 thousand USD by September 30, 2017. Following this spike, debt levels predominantly reverted to a lower range, generally staying around the 30,000 to 40,000 thousand USD mark across subsequent quarters until March 31, 2021. Notably, there are several gaps in the data post-March 2021, indicating missing information for the later periods.
- Total Assets
- Total assets demonstrate a general upward trend over the entire timeframe. Starting at approximately 1.27 billion USD in mid-2017, asset levels experienced fluctuations but maintained growth. By June 30, 2020, assets increased to about 1.85 billion USD and continued ascending, reaching approximately 3.35 billion USD by December 31, 2023. Despite some quarterly variability, the overall trajectory reflects a significant expansion in the asset base.
- Debt to Assets Ratio
- The debt to assets ratio indicates relatively low leverage throughout the period. The ratio started near 0.03 in mid-2017, briefly peaked at 0.11 in the third quarter of 2017 coinciding with the spike in total debt, and then returned to a low range near 0.01 to 0.03 in subsequent quarters. The persistence of low ratios suggests that debt constitutes a small proportion of total assets, reflecting a conservative capital structure. However, data for this ratio is limited after March 2021, precluding analysis of leverage trends for the latter periods.
- Overall Insights
- The financial data reveals that the company has managed to substantially increase its asset base over the near six-year horizon, potentially indicating growth and investment initiatives. Despite occasional spikes in debt, the overall leverage remains modest relative to asset size, suggesting a cautious approach to borrowing. The missing debt and debt ratio data for the most recent quarters limits the assessment of current leverage conditions. Continued monitoring of debt levels alongside asset growth will be important to evaluate financial risk and capital strategy going forward.
Debt to Assets (including Operating Lease Liability)
Deckers Outdoor Corp., debt to assets (including operating lease liability) calculation (quarterly data)
| Dec 31, 2023 | Sep 30, 2023 | Jun 30, 2023 | Mar 31, 2023 | Dec 31, 2022 | Sep 30, 2022 | Jun 30, 2022 | Mar 31, 2022 | Dec 31, 2021 | Sep 30, 2021 | Jun 30, 2021 | Mar 31, 2021 | Dec 31, 2020 | Sep 30, 2020 | Jun 30, 2020 | Mar 31, 2020 | Dec 31, 2019 | Sep 30, 2019 | Jun 30, 2019 | Mar 31, 2019 | Dec 31, 2018 | Sep 30, 2018 | Jun 30, 2018 | Mar 31, 2018 | Dec 31, 2017 | Sep 30, 2017 | Jun 30, 2017 | |||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in thousands) | |||||||||||||||||||||||||||||||||||
| Short-term borrowings | —) | —) | —) | —) | —) | —) | —) | —) | —) | —) | —) | —) | 663) | 9,965) | 646) | 638) | 6,645) | 13,599) | 611) | 603) | 600) | 71,473) | 585) | 578) | 571) | 133,474) | 557) | ||||||||
| Mortgage payable | —) | —) | —) | —) | —) | —) | —) | —) | —) | —) | —) | —) | 29,768) | 29,938) | 30,101) | 30,263) | 30,430) | 30,592) | 30,747) | 30,901) | 31,056) | 31,210) | 31,358) | 31,504) | 31,656) | 31,803) | 31,943) | ||||||||
| Total debt | —) | —) | —) | —) | —) | —) | —) | —) | —) | —) | —) | —) | 30,431) | 39,903) | 30,747) | 30,901) | 37,075) | 44,191) | 31,358) | 31,504) | 31,656) | 102,683) | 31,943) | 32,082) | 32,227) | 165,277) | 32,500) | ||||||||
| Current portion of operating lease liabilities | 51,124) | 49,496) | 51,234) | 50,765) | 49,298) | 46,886) | 47,490) | 50,098) | 48,290) | 48,867) | 46,279) | 46,768) | 47,774) | 48,728) | 48,009) | 49,091) | 47,521) | 48,944) | 48,139) | —) | —) | —) | —) | —) | —) | —) | —) | ||||||||
| Long-term operating lease liabilities | 222,867) | 201,572) | 209,367) | 195,723) | 151,107) | 150,259) | 159,305) | 171,972) | 171,314) | 182,089) | 185,777) | 176,274) | 186,934) | 196,861) | 205,555) | 215,724) | 192,562) | 201,578) | 206,888) | —) | —) | —) | —) | —) | —) | —) | —) | ||||||||
| Total debt (including operating lease liability) | 273,991) | 251,068) | 260,601) | 246,488) | 200,405) | 197,145) | 206,795) | 222,070) | 219,604) | 230,956) | 232,056) | 223,042) | 265,139) | 285,492) | 284,311) | 295,716) | 277,158) | 294,713) | 286,385) | 31,504) | 31,656) | 102,683) | 31,943) | 32,082) | 32,227) | 165,277) | 32,500) | ||||||||
| Total assets | 3,347,459) | 2,848,533) | 2,847,902) | 2,556,203) | 2,809,289) | 2,466,349) | 2,513,252) | 2,332,250) | 2,547,568) | 2,410,432) | 2,291,255) | 2,167,705) | 2,387,850) | 2,050,348) | 1,848,566) | 1,765,118) | 1,888,351) | 1,691,659) | 1,751,056) | 1,427,206) | 1,542,451) | 1,423,968) | 1,386,720) | 1,264,379) | 1,530,963) | 1,520,288) | 1,272,858) | ||||||||
| Solvency Ratio | |||||||||||||||||||||||||||||||||||
| Debt to assets (including operating lease liability)1 | 0.08 | 0.09 | 0.09 | 0.10 | 0.07 | 0.08 | 0.08 | 0.10 | 0.09 | 0.10 | 0.10 | 0.10 | 0.11 | 0.14 | 0.15 | 0.17 | 0.15 | 0.17 | 0.16 | 0.02 | 0.02 | 0.07 | 0.02 | 0.03 | 0.02 | 0.11 | 0.03 | ||||||||
| Benchmarks | |||||||||||||||||||||||||||||||||||
| Debt to Assets (including Operating Lease Liability), Competitors2 | |||||||||||||||||||||||||||||||||||
| lululemon athletica inc. | 0.19 | 0.20 | 0.20 | 0.19 | 0.20 | 0.19 | 0.19 | 0.18 | 0.19 | 0.18 | 0.18 | 0.19 | 0.21 | 0.22 | 0.24 | 0.23 | 0.24 | 0.26 | 0.27 | — | — | — | — | — | — | — | — | ||||||||
| Nike Inc. | 0.32 | 0.33 | 0.33 | 0.32 | 0.33 | 0.32 | 0.31 | 0.31 | 0.32 | 0.33 | 0.34 | 0.34 | 0.36 | 0.37 | 0.39 | 0.42 | 0.25 | 0.26 | 0.26 | — | — | — | — | — | — | — | — | ||||||||
Based on: 10-Q (reporting date: 2023-12-31), 10-Q (reporting date: 2023-09-30), 10-Q (reporting date: 2023-06-30), 10-K (reporting date: 2023-03-31), 10-Q (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-K (reporting date: 2022-03-31), 10-Q (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-K (reporting date: 2021-03-31), 10-Q (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-K (reporting date: 2020-03-31), 10-Q (reporting date: 2019-12-31), 10-Q (reporting date: 2019-09-30), 10-Q (reporting date: 2019-06-30), 10-K (reporting date: 2019-03-31), 10-Q (reporting date: 2018-12-31), 10-Q (reporting date: 2018-09-30), 10-Q (reporting date: 2018-06-30), 10-K (reporting date: 2018-03-31), 10-Q (reporting date: 2017-12-31), 10-Q (reporting date: 2017-09-30), 10-Q (reporting date: 2017-06-30).
1 Q3 2024 Calculation
Debt to assets (including operating lease liability) = Total debt (including operating lease liability) ÷ Total assets
= 273,991 ÷ 3,347,459 = 0.08
2 Click competitor name to see calculations.
The analysis of the quarterly financial data reveals several notable trends related to total debt, total assets, and the debt-to-assets ratio over the observed periods.
- Total Debt (Including Operating Lease Liability)
- Across the quarters, total debt exhibited significant fluctuations. Initial values were relatively low around mid-2017, with a marked spike to over 165 million US dollars by the third quarter of 2017. This sharp increase was followed by a return to lower levels towards the end of 2017 and early 2018. Subsequent periods saw another considerable rise, notably reaching a peak near 286 million US dollars in mid-2019. After this peak, total debt showed a downward adjustment with fluctuations but generally trending downwards into 2021, before increasing again moderately in the subsequent quarters up to the end of 2023. This indicates periods of increased leverage interspersed with deleveraging phases or repayment efforts.
- Total Assets
- Total assets showed an overall upward trajectory throughout the period analyzed. From approximately 1.27 billion US dollars mid-2017, assets increased steadily, with some minor contractions. The asset base grew substantially beyond 2 billion US dollars starting in 2020, followed by continuous accumulation reaching above 3.3 billion US dollars by the final quarter of 2023. This growth reflects either expansion through asset acquisition, appreciation in asset values, or operational growth contributing to the asset base.
- Debt to Assets Ratio
- The debt-to-assets ratio mirrored some of the variability observed in total debt but remained relatively low in absolute terms. Initially very low (around 0.02 to 0.03) in early periods, the ratio spiked alongside debt increases, peaking at approximately 0.17 during mid-2019. After this point, the ratio gradually declined to levels near 0.07 to 0.10, suggesting improving leverage conditions relative to asset size. Noteworthy is the modest uptick in the ratio around early 2023, which corresponds to increased debt levels despite continued asset growth. Overall, the company appears to maintain conservative leverage, with debt generally constituting a small fraction of total assets.
In summary, the financial data indicate strategic management of debt levels aligned with asset growth. The company has experienced periods of increased borrowing that tend to normalize subsequently. Asset growth has been consistent and robust, which, combined with a relatively low and stable debt-to-assets ratio, suggests prudent financial management and a strengthening balance sheet over time.
Financial Leverage
Deckers Outdoor Corp., financial leverage calculation (quarterly data)
| Dec 31, 2023 | Sep 30, 2023 | Jun 30, 2023 | Mar 31, 2023 | Dec 31, 2022 | Sep 30, 2022 | Jun 30, 2022 | Mar 31, 2022 | Dec 31, 2021 | Sep 30, 2021 | Jun 30, 2021 | Mar 31, 2021 | Dec 31, 2020 | Sep 30, 2020 | Jun 30, 2020 | Mar 31, 2020 | Dec 31, 2019 | Sep 30, 2019 | Jun 30, 2019 | Mar 31, 2019 | Dec 31, 2018 | Sep 30, 2018 | Jun 30, 2018 | Mar 31, 2018 | Dec 31, 2017 | Sep 30, 2017 | Jun 30, 2017 | |||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in thousands) | |||||||||||||||||||||||||||||||||||
| Total assets | 3,347,459) | 2,848,533) | 2,847,902) | 2,556,203) | 2,809,289) | 2,466,349) | 2,513,252) | 2,332,250) | 2,547,568) | 2,410,432) | 2,291,255) | 2,167,705) | 2,387,850) | 2,050,348) | 1,848,566) | 1,765,118) | 1,888,351) | 1,691,659) | 1,751,056) | 1,427,206) | 1,542,451) | 1,423,968) | 1,386,720) | 1,264,379) | 1,530,963) | 1,520,288) | 1,272,858) | ||||||||
| Stockholders’ equity | 2,104,190) | 1,795,130) | 1,802,121) | 1,765,733) | 1,769,172) | 1,515,839) | 1,472,407) | 1,538,825) | 1,564,742) | 1,463,746) | 1,418,987) | 1,444,225) | 1,520,121) | 1,242,964) | 1,136,928) | 1,140,120) | 1,123,747) | 916,304) | 995,279) | 1,045,130) | 1,017,881) | 846,787) | 902,151) | 940,779) | 1,032,869) | 968,826) | 913,674) | ||||||||
| Solvency Ratio | |||||||||||||||||||||||||||||||||||
| Financial leverage1 | 1.59 | 1.59 | 1.58 | 1.45 | 1.59 | 1.63 | 1.71 | 1.52 | 1.63 | 1.65 | 1.61 | 1.50 | 1.57 | 1.65 | 1.63 | 1.55 | 1.68 | 1.85 | 1.76 | 1.37 | 1.52 | 1.68 | 1.54 | 1.34 | 1.48 | 1.57 | 1.39 | ||||||||
| Benchmarks | |||||||||||||||||||||||||||||||||||
| Financial Leverage, Competitors2 | |||||||||||||||||||||||||||||||||||
| lululemon athletica inc. | 1.71 | 1.70 | 1.68 | 1.78 | 1.75 | 1.72 | 1.76 | 1.80 | 1.72 | 1.65 | 1.64 | 1.64 | 1.68 | 1.75 | 1.74 | 1.68 | 1.73 | 1.79 | 1.80 | — | — | — | — | — | — | — | — | ||||||||
| Nike Inc. | 2.63 | 2.63 | 2.63 | 2.68 | 2.64 | 2.60 | 2.60 | 2.64 | 2.67 | 2.61 | 2.64 | 2.96 | 3.03 | 3.27 | 3.61 | 3.89 | 2.90 | 2.84 | 2.85 | — | — | — | — | — | — | — | — | ||||||||
Based on: 10-Q (reporting date: 2023-12-31), 10-Q (reporting date: 2023-09-30), 10-Q (reporting date: 2023-06-30), 10-K (reporting date: 2023-03-31), 10-Q (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-K (reporting date: 2022-03-31), 10-Q (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-K (reporting date: 2021-03-31), 10-Q (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-K (reporting date: 2020-03-31), 10-Q (reporting date: 2019-12-31), 10-Q (reporting date: 2019-09-30), 10-Q (reporting date: 2019-06-30), 10-K (reporting date: 2019-03-31), 10-Q (reporting date: 2018-12-31), 10-Q (reporting date: 2018-09-30), 10-Q (reporting date: 2018-06-30), 10-K (reporting date: 2018-03-31), 10-Q (reporting date: 2017-12-31), 10-Q (reporting date: 2017-09-30), 10-Q (reporting date: 2017-06-30).
1 Q3 2024 Calculation
Financial leverage = Total assets ÷ Stockholders’ equity
= 3,347,459 ÷ 2,104,190 = 1.59
2 Click competitor name to see calculations.
- Total Assets
- The total assets demonstrate a fluctuating but generally increasing trend over the analyzed period. Starting from approximately $1.27 billion in mid-2017, the figure increased notably toward the end of 2019, reaching over $1.88 billion. Thereafter, there was some volatility with a decline in early 2020, followed by a consistent upward trajectory from late 2020 through to the end of 2023, culminating in assets exceeding $3.34 billion. This indicates an expansion of the company's asset base, especially marked in the most recent periods.
- Stockholders’ Equity
- Stockholders’ equity shows an initial increase from $913.7 million in mid-2017 to a peak of about $1.03 billion by late 2017. It then underwent variability with some declines and recoveries through early 2019. A more stable upward movement appears beginning from late 2019 onward, with a significant rise seen in late 2020 to early 2021, reaching around $1.52 billion. Equity levels have generally expanded through subsequent periods, stabilizing above $1.7 billion in 2022 and ultimately surpassing $2.1 billion by late 2023. This reflects growing net assets attributable to shareholders.
- Financial Leverage
- The financial leverage ratio experienced notable fluctuations across the periods reviewed. It moved from 1.39 in mid-2017 up to peaks near 1.85 in late 2019, signifying increased reliance on debt relative to equity during that time. Subsequently, the ratio trended downward toward 1.45 by early 2023, before rising again slightly to around 1.59 by the end of 2023. Overall, the leverage ratio suggests a moderate use of debt financing with some variation tied to changes in equity and asset levels, indicating an ongoing balance between risk and capital structure management.
Interest Coverage
Deckers Outdoor Corp., interest coverage calculation (quarterly data)
Based on: 10-Q (reporting date: 2023-12-31), 10-Q (reporting date: 2023-09-30), 10-Q (reporting date: 2023-06-30), 10-K (reporting date: 2023-03-31), 10-Q (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-K (reporting date: 2022-03-31), 10-Q (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-K (reporting date: 2021-03-31), 10-Q (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-K (reporting date: 2020-03-31), 10-Q (reporting date: 2019-12-31), 10-Q (reporting date: 2019-09-30), 10-Q (reporting date: 2019-06-30), 10-K (reporting date: 2019-03-31), 10-Q (reporting date: 2018-12-31), 10-Q (reporting date: 2018-09-30), 10-Q (reporting date: 2018-06-30), 10-K (reporting date: 2018-03-31), 10-Q (reporting date: 2017-12-31), 10-Q (reporting date: 2017-09-30), 10-Q (reporting date: 2017-06-30).
1 Q3 2024 Calculation
Interest coverage
= (EBITQ3 2024
+ EBITQ2 2024
+ EBITQ1 2024
+ EBITQ4 2023)
÷ (Interest expenseQ3 2024
+ Interest expenseQ2 2024
+ Interest expenseQ1 2024
+ Interest expenseQ4 2023)
= (499,964 + 235,328 + 82,369 + 115,055)
÷ (911 + 1,011 + 1,005 + 197)
= 298.56
- Earnings before interest and tax (EBIT)
- The EBIT figures demonstrate considerable volatility across the periods, with frequent transitions between negative and positive values. Initially, the EBIT was negative at -55,580 thousand USD in June 2017, followed by a strong recovery to positive territory in subsequent quarters, peaking notably in December 2020 at 329,515 thousand USD. Despite some downturns, the overall trend since 2017 appears upward, culminating in a substantial high of 499,964 thousand USD by December 2023. This suggests growing operational profitability over time, notwithstanding periods of decline.
- Interest expense
- Interest expense displays a relatively stable pattern, fluctuating moderately within a range of approximately 900 to 2,600 thousand USD. Notably, there are occasional spikes such as 2,674 thousand USD in March 2021 and 2,248 thousand USD in March 2020. The expense generally remains below 1,500 thousand USD in most quarters, indicating steady financing costs without marked escalation over the examined timeframe.
- Interest coverage ratio
- The interest coverage ratio shows a robust and increasing trend where data is available. Starting from values around the high 40s and low 50s in early periods, the ratio markedly improves, reaching exceptionally high levels exceeding 200 from March 2022 onward. Peaks occur at 298.56 in December 2023. This rising interest coverage ratio reflects a significant improvement in the company's ability to cover interest obligations from earnings, reinforcing the observation of enhanced operational profitability and conservative leverage or borrowing costs over time.
- Overall Trends and Insights
- The company exhibits strong EBIT growth with some quarterly variability, indicating successful operational performance improvements despite occasional setbacks. Interest expenses remain controlled and do not show a corresponding increase with EBIT growth, which suggests effective management of debt or financing structures. The interest coverage ratio’s substantial increase further corroborates improved financial health and reduced risk regarding debt servicing capacity. The positive trajectory in profitability alongside stable interest expenses and rising coverage ratios points to enhanced financial stability and operational efficiency over the analyzed periods.