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).
The analysis of the financial ratios over the reported periods reveals several important trends and developments in the company's financial structure and operational efficiency.
- Debt to Equity Ratios
- The standard debt to equity ratio exhibited relatively low and stable values, generally fluctuating between 0.02 and 0.12 through mid-2020, with several periods lacking data afterward. When considering operating lease liabilities, the ratio increased notably beginning in mid-2019, peaking initially around 0.32, then gradually declining to approximately 0.13 by late 2023. This indicates a higher leverage level when leasing obligations are included, though a gradual de-leveraging trend appeared in the more recent periods.
- Debt to Capital Ratios
- Standard debt to capital ratios mirrored the patterns seen in debt to equity, remaining low in earlier periods but data was not available beyond December 2020. With the inclusion of operating lease liabilities, the ratio increased significantly starting mid-2019, reaching near 0.24, followed by a consistent decrease to around 0.12 by late 2023. This suggests the capital structure has shifted toward less reliance on debt and leasing obligations over time, especially in the latest quarters.
- Debt to Assets Ratios
- The core debt to assets ratio was low and stable in the available early periods, ranging from 0.01 to 0.07. However, when including operating lease liabilities, the ratio saw a pronounced increase beginning mid-2019, moving from approximately 0.16, then steadily declining to below 0.1 by the most recent quarters. This pattern reinforces the impact of operating leases on the company's leverage and indicates a measured reduction in total debt obligations relative to assets.
- Financial Leverage
- Financial leverage ratios showed moderate variability, ranging from approximately 1.37 to 1.85 in the earlier periods, with subsequent fluctuations that settled around 1.58 to 1.65 in more recent quarters. This suggests the company's use of debt to finance assets remained fairly consistent, with no extreme leverage increases or decreases.
- Interest Coverage Ratio
- Interest coverage ratios demonstrated strong ability to meet interest obligations throughout all periods. Values predominately ranged from approximately 50 to over 100 in earlier and mid-periods, and then showed a marked increase starting in 2022, reaching exceptionally high levels such as 272 and up to nearly 299 by the end of 2023. This dramatic improvement indicates significantly higher earnings relative to interest expenses, possibly due to reduced interest expenses, increased earnings, or a combination thereof, reflecting improved financial health and lower risk concerning interest payments.
In summary, the company maintained generally low traditional debt ratios throughout the periods analyzed, but operating lease liabilities substantially affected leverage metrics starting mid-2019. Despite this, there has been a clear trend toward reducing leverage inclusive of leases, along with a stable financial leverage ratio. Furthermore, the exceptional rise in interest coverage in recent years indicates a strong earnings position relative to debt servicing requirements, highlighting improved profitability or reduced financial costs.
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 | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in thousands) | ||||||||||||||||||||||||||||||
| Short-term borrowings | —) | —) | —) | —) | —) | —) | —) | —) | —) | —) | —) | —) | 663) | 9,965) | 646) | 638) | 6,645) | 13,599) | 611) | 603) | 600) | 71,473) | 585) | |||||||
| Mortgage payable | —) | —) | —) | —) | —) | —) | —) | —) | —) | —) | —) | —) | 29,768) | 29,938) | 30,101) | 30,263) | 30,430) | 30,592) | 30,747) | 30,901) | 31,056) | 31,210) | 31,358) | |||||||
| Total debt | —) | —) | —) | —) | —) | —) | —) | —) | —) | —) | —) | —) | 30,431) | 39,903) | 30,747) | 30,901) | 37,075) | 44,191) | 31,358) | 31,504) | 31,656) | 102,683) | 31,943) | |||||||
| 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) | |||||||
| 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 | |||||||
| 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 | — | — | — | — | — | — | — | — | |||||||
| 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 | — | — | — | — | — | — | — | — | |||||||
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).
1 Q3 2024 Calculation
Debt to equity = Total debt ÷ Stockholders’ equity
= 0 ÷ 2,104,190 = 0.00
2 Click competitor name to see calculations.
The financial data reveals several notable trends regarding the company's leverage and equity over the observed periods.
- Total Debt
- The total debt exhibits variability with fluctuations across quarters from mid-2018 through early 2021, ranging primarily between approximately $30 million and $44 million. The highest values in total debt were observed in the third quarter of 2018 and the third quarter of 2019, peaking around $103 million and $44 million, respectively. However, starting from late 2020 and onwards, no debt values are reported, indicating a possible reduction to zero or lack of disclosed information for subsequent periods.
- Stockholders' Equity
- Stockholders' equity shows a consistent upward trend across the whole time frame, increasing from approximately $902 million in June 2018 to over $2.1 billion by December 2023. This steady growth suggests that the company has been building a strong equity base, potentially reflecting retained earnings accumulation or capital increases. There are minor quarter-to-quarter fluctuations, but the overall trajectory is clearly positive.
- Debt to Equity Ratio
- The debt to equity ratio remains very low throughout the periods where data is available, fluctuating between 0.02 and 0.12. This indicates a conservative capital structure with minimal leverage relative to the equity base. Specifically, ratios tend to hover around 0.03, pointing towards limited reliance on debt financing. Notably, debt to equity data is missing for periods after early 2021, coinciding with the absence of reported total debt figures.
In summary, the company maintains a strong equity position with significant growth over the analyzed periods, combined with low and fluctuating debt levels that suggest conservative financing policies. The disappearance of debt data in later periods could indicate a strategic deleveraging or a shift in reporting. Overall, the financial ratios illustrate a stable and progressively strengthened capital structure.
Debt to Equity (including Operating Lease Liability)
Deckers Outdoor Corp., debt to equity (including operating lease liability) calculation (quarterly data)
| Dec 31, 2023 | Sep 30, 2023 | Jun 30, 2023 | Mar 31, 2023 | Dec 31, 2022 | Sep 30, 2022 | Jun 30, 2022 | Mar 31, 2022 | Dec 31, 2021 | Sep 30, 2021 | Jun 30, 2021 | Mar 31, 2021 | Dec 31, 2020 | Sep 30, 2020 | Jun 30, 2020 | Mar 31, 2020 | Dec 31, 2019 | Sep 30, 2019 | Jun 30, 2019 | Mar 31, 2019 | Dec 31, 2018 | Sep 30, 2018 | Jun 30, 2018 | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in thousands) | ||||||||||||||||||||||||||||||
| Short-term borrowings | —) | —) | —) | —) | —) | —) | —) | —) | —) | —) | —) | —) | 663) | 9,965) | 646) | 638) | 6,645) | 13,599) | 611) | 603) | 600) | 71,473) | 585) | |||||||
| Mortgage payable | —) | —) | —) | —) | —) | —) | —) | —) | —) | —) | —) | —) | 29,768) | 29,938) | 30,101) | 30,263) | 30,430) | 30,592) | 30,747) | 30,901) | 31,056) | 31,210) | 31,358) | |||||||
| Total debt | —) | —) | —) | —) | —) | —) | —) | —) | —) | —) | —) | —) | 30,431) | 39,903) | 30,747) | 30,901) | 37,075) | 44,191) | 31,358) | 31,504) | 31,656) | 102,683) | 31,943) | |||||||
| 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) | |||||||
| 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) | |||||||
| 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 | |||||||
| 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 | — | — | — | — | — | — | — | — | |||||||
| 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 | — | — | — | — | — | — | — | — | |||||||
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).
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.
The financial data reflects the company’s capital structure trends over multiple quarters, focusing on total debt, stockholders' equity, and the debt-to-equity ratio.
- Total Debt (including operating lease liability)
- The total debt exhibits considerable fluctuations throughout the period. It initially shows a moderate level around 31,943 to 31,504 thousand US dollars in 2018 and early 2019, then sharply increases to a peak near 294,713 thousand US dollars by September 2019. Following this peak, the debt levels generally decline with some variability, reaching approximately 197,145 thousand US dollars by September 2022. There is a rebound in debt levels in subsequent quarters, climbing again above 270,000 thousand US dollars by the end of 2023. This pattern suggests an increased reliance on debt financing starting mid-2019, followed by efforts to reduce liabilities, and then a renewed increase in debt towards the end of the data range.
- Stockholders’ Equity
- Stockholders' equity consistently remains at a substantially higher magnitude compared to total debt, indicating a strong equity base. Starting around 900,000 thousand US dollars in mid-2018, equity experiences some volatility but generally trends upward over the examined quarters. Significant increases are notable around late 2020 through 2023, culminating in a value exceeding 2,100,000 thousand US dollars by the final quarter. This upward trajectory reflects growth in net assets, which could be derived from retained earnings, capital injections, or asset revaluations, contributing to a strengthening equity position.
- Debt to Equity Ratio
- The debt-to-equity ratio remains relatively low throughout the timeline, indicating conservative use of leverage relative to the company’s equity base. It rises from about 0.03-0.04 in 2018 and early 2019 to a higher range around 0.25-0.32 during mid to late 2019, coinciding with the observed peak in total debt. After this, the ratio steadily declines, stabilizing between 0.13 and 0.16 in recent periods, with a slight increase toward the end of 2023. This suggests that despite fluctuations in total debt, the company maintains a solid equity cushion and manages leverage prudently.
Overall, the company demonstrates a strategy of leveraging debt to support operations or growth initiatives particularly around 2019, while maintaining a robust and increasing equity base. The relatively low and stable debt-to-equity ratio over time highlights a generally conservative capital structure, favoring equity over debt financing. Recent increases in debt may warrant monitoring for any implications on financial risk going forward.
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 | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in thousands) | ||||||||||||||||||||||||||||||
| Short-term borrowings | —) | —) | —) | —) | —) | —) | —) | —) | —) | —) | —) | —) | 663) | 9,965) | 646) | 638) | 6,645) | 13,599) | 611) | 603) | 600) | 71,473) | 585) | |||||||
| Mortgage payable | —) | —) | —) | —) | —) | —) | —) | —) | —) | —) | —) | —) | 29,768) | 29,938) | 30,101) | 30,263) | 30,430) | 30,592) | 30,747) | 30,901) | 31,056) | 31,210) | 31,358) | |||||||
| Total debt | —) | —) | —) | —) | —) | —) | —) | —) | —) | —) | —) | —) | 30,431) | 39,903) | 30,747) | 30,901) | 37,075) | 44,191) | 31,358) | 31,504) | 31,656) | 102,683) | 31,943) | |||||||
| 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) | |||||||
| 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) | |||||||
| 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 | |||||||
| 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 | — | — | — | — | — | — | — | — | |||||||
| 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 | — | — | — | — | — | — | — | — | |||||||
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).
1 Q3 2024 Calculation
Debt to capital = Total debt ÷ Total capital
= 0 ÷ 2,104,190 = 0.00
2 Click competitor name to see calculations.
The financial data reveals several notable trends in the company’s debt, capital structure, and related ratios over the observed periods.
- Total Debt
- Total debt values exhibit significant volatility across quarters. Initially, debt was relatively low, near 31,943 thousand USD as of mid-2018, then spiked sharply in the third quarter of 2018 to 102,683 thousand USD. Subsequently, debt levels reverted closer to prior levels and fluctuated between approximately 30,000 and 44,000 thousand USD through early 2020. Afterward, the debt figures ceased to be reported, suggesting possible changes in reporting or restructuring.
- Total Capital
- Total capital consistently increased over the analyzed timeframe, starting around 934 million USD in mid-2018 and rising steadily with some minor fluctuations. From 2018 to early 2024, capital grew substantially, reaching over 2.1 billion USD by the end of 2023. This pattern indicates ongoing capital expansion and potential reinvestment or external funding inflows.
- Debt to Capital Ratio
- The debt to capital ratio displayed considerable variability early on, peaking at around 0.11 in the third quarter of 2018, which reflects the spike in total debt during that period. Outside of this, the ratio mostly hovered between 0.02 and 0.05, indicating a generally low reliance on debt financing relative to overall capital structure. The ratio data is incomplete beyond early 2021, so later trends cannot be fully assessed.
In summary, the company maintained a relatively low level of debt compared to its total capital for most of the period, despite some short-term surges. Capital base growth was steady and significant, indicating robust expansion or capitalization efforts. The intermittent absence of debt and ratio data in later periods may necessitate additional inquiry to fully understand the current leverage position.
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 | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in thousands) | ||||||||||||||||||||||||||||||
| Short-term borrowings | —) | —) | —) | —) | —) | —) | —) | —) | —) | —) | —) | —) | 663) | 9,965) | 646) | 638) | 6,645) | 13,599) | 611) | 603) | 600) | 71,473) | 585) | |||||||
| Mortgage payable | —) | —) | —) | —) | —) | —) | —) | —) | —) | —) | —) | —) | 29,768) | 29,938) | 30,101) | 30,263) | 30,430) | 30,592) | 30,747) | 30,901) | 31,056) | 31,210) | 31,358) | |||||||
| Total debt | —) | —) | —) | —) | —) | —) | —) | —) | —) | —) | —) | —) | 30,431) | 39,903) | 30,747) | 30,901) | 37,075) | 44,191) | 31,358) | 31,504) | 31,656) | 102,683) | 31,943) | |||||||
| 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) | |||||||
| 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) | |||||||
| 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) | |||||||
| 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 | |||||||
| 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 | — | — | — | — | — | — | — | — | |||||||
| 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 | — | — | — | — | — | — | — | — | |||||||
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).
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 quarterly financial metrics reveals several notable trends in the company’s capital and debt structure over the examined period.
- Total debt (including operating lease liability):
- The total debt exhibits considerable fluctuations throughout the timeline. Initially, total debt was relatively low, with a marked spike evident in mid-2019 reaching a peak above 294 million USD. Thereafter, a general declining trend is observed until early 2022, with some fluctuations. From mid-2022 onward, total debt shows a renewed increase, peaking around the first quarter of 2023, followed by a slight decline by the end of 2023. This pattern indicates the company’s varying reliance on debt financing, possibly reflecting shifts in investment activities or capital structure optimizations.
- Total capital (including operating lease liability):
- Total capital demonstrates overall growth trends over the entire period. The capital base increased steadily with some periods of acceleration, notably between late 2019 and early 2021, and again from late 2022 to the end of 2023. Minor dips appear occasionally, but the general trajectory is upwards, suggesting ongoing growth or accumulation of capital resources. This sustained increase supports the company’s expanding operational or strategic initiatives.
- Debt to capital ratio (including operating lease liability):
- The debt to capital ratio varies across the quarters, reflecting changes in both debt and capital levels. Initially, the ratio remained very low (around 0.03), but a substantial increase occurred in mid-2019, peaking at approximately 0.24. Following this, there was a gradual decline toward ratios near 0.10 to 0.14 from 2020 onwards, indicating a reduction in relative debt exposure or an increase in capital. From mid-2022 to the end of 2023, the ratio stabilizes around 0.10 to 0.13, suggesting a more conservative and balanced leverage position. This stabilization may indicate improved debt management or a strategic adjustment to maintain a moderate leverage profile.
In summary, total debt shows significant volatility with periods of notable increase followed by controlled reduction phases, while total capital follows a general growth trajectory. The debt to capital ratio corresponds with these movements, initially spiking with rising debt, then declining and stabilizing at a moderate level, reflecting an overall prudent financial leverage approach in recent periods.
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 | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in thousands) | ||||||||||||||||||||||||||||||
| Short-term borrowings | —) | —) | —) | —) | —) | —) | —) | —) | —) | —) | —) | —) | 663) | 9,965) | 646) | 638) | 6,645) | 13,599) | 611) | 603) | 600) | 71,473) | 585) | |||||||
| Mortgage payable | —) | —) | —) | —) | —) | —) | —) | —) | —) | —) | —) | —) | 29,768) | 29,938) | 30,101) | 30,263) | 30,430) | 30,592) | 30,747) | 30,901) | 31,056) | 31,210) | 31,358) | |||||||
| Total debt | —) | —) | —) | —) | —) | —) | —) | —) | —) | —) | —) | —) | 30,431) | 39,903) | 30,747) | 30,901) | 37,075) | 44,191) | 31,358) | 31,504) | 31,656) | 102,683) | 31,943) | |||||||
| 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) | |||||||
| 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 | |||||||
| 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 | — | — | — | — | — | — | — | — | |||||||
| 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 | — | — | — | — | — | — | — | — | |||||||
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).
1 Q3 2024 Calculation
Debt to assets = Total debt ÷ Total assets
= 0 ÷ 3,347,459 = 0.00
2 Click competitor name to see calculations.
The analysis of the financial data reveals several notable trends in the company’s debt levels and asset base over the observed quarters.
- Total Debt
- Total debt exhibited considerable fluctuations throughout the periods available. Beginning at approximately $31.9 million in June 2018, debt spiked sharply to over $102.6 million in September 2018 before quickly declining back to a range between approximately $30 million and $44 million until December 2020. Post-December 2020, debt values are no longer reported, indicating either a possible change in reporting or a significant alteration in the company’s capital structure.
- Total Assets
- The total assets showed a consistent upward trend over the entire period. Starting at roughly $1.39 billion in June 2018, the asset base expanded steadily, reaching nearly $3.35 billion by December 2023. This growth suggests effective asset accumulation or appreciation, reflecting either capital investment, acquisition activity, or organic growth in asset value.
- Debt to Assets Ratio
- The debt to assets ratio was low and stable in the periods where data is available. It began near 0.02 in mid-2018, rose briefly to 0.07 in the third quarter of 2018, then reverted to the 0.01–0.03 range thereafter. This consistently low ratio indicates strong asset coverage relative to debt, implying a conservative leverage position during those recorded quarters. The absence of data for this ratio after early 2021 limits insight into recent leverage levels.
Overall, the company appears to maintain a low leverage policy with increasing asset growth. The volatile spike in debt during late 2018 is an exception within otherwise moderate debt levels. The significant growth in assets over time may contribute to enhanced financial stability and operational capacity. The missing debt and leverage data in later periods advise caution in comprehensively assessing current financial risk and capital structure.
Debt to Assets (including Operating Lease Liability)
Deckers Outdoor Corp., debt to assets (including operating lease liability) calculation (quarterly data)
| Dec 31, 2023 | Sep 30, 2023 | Jun 30, 2023 | Mar 31, 2023 | Dec 31, 2022 | Sep 30, 2022 | Jun 30, 2022 | Mar 31, 2022 | Dec 31, 2021 | Sep 30, 2021 | Jun 30, 2021 | Mar 31, 2021 | Dec 31, 2020 | Sep 30, 2020 | Jun 30, 2020 | Mar 31, 2020 | Dec 31, 2019 | Sep 30, 2019 | Jun 30, 2019 | Mar 31, 2019 | Dec 31, 2018 | Sep 30, 2018 | Jun 30, 2018 | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in thousands) | ||||||||||||||||||||||||||||||
| Short-term borrowings | —) | —) | —) | —) | —) | —) | —) | —) | —) | —) | —) | —) | 663) | 9,965) | 646) | 638) | 6,645) | 13,599) | 611) | 603) | 600) | 71,473) | 585) | |||||||
| Mortgage payable | —) | —) | —) | —) | —) | —) | —) | —) | —) | —) | —) | —) | 29,768) | 29,938) | 30,101) | 30,263) | 30,430) | 30,592) | 30,747) | 30,901) | 31,056) | 31,210) | 31,358) | |||||||
| Total debt | —) | —) | —) | —) | —) | —) | —) | —) | —) | —) | —) | —) | 30,431) | 39,903) | 30,747) | 30,901) | 37,075) | 44,191) | 31,358) | 31,504) | 31,656) | 102,683) | 31,943) | |||||||
| 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) | |||||||
| 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) | |||||||
| 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 | |||||||
| 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 | — | — | — | — | — | — | — | — | |||||||
| 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 | — | — | — | — | — | — | — | — | |||||||
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).
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 financial data reveals several notable trends in the company's leverage and asset base over the examined periods.
- Total Debt (including operating lease liability)
- The company’s total debt level exhibits significant fluctuations across the periods. Initially, debt values were relatively moderate, around US$31,943 thousand in mid-2018, with a sharp increase to a peak exceeding US$286,385 thousand by mid-2019. Subsequently, the total debt alternates between slight declines and increases, with a general downward trend from late 2019 through 2022. However, during 2023, debt levels experienced another rise, reaching US$273,991 thousand by the end of the year. This pattern suggests episodic borrowing, possibly for expansion or operational needs, with intermittent repayments.
- Total Assets
- The asset base shows a steady upward trajectory over the timeframe. Starting from approximately US$1.39 billion in June 2018, total assets grew consistently with some minor variability, reaching over US$3.34 billion by December 2023. This nearly two-and-a-half-fold increase indicates substantial asset accumulation, which might be due to business growth, acquisitions, or capital investments, enhancing the company's potential earning capability and resource holdings.
- Debt to Assets Ratio (including operating lease liability)
- The debt to assets ratio displays considerable variation, reflecting changes in both debt and asset levels. Early periods show a low ratio around 0.02, which escalates sharply to approximately 0.16–0.17 during mid-2019 to early 2020, coinciding with the high debt levels noted. Following this peak, the ratio generally declines, stabilizing between 0.07 and 0.10 in most recent periods, though an uptick to 0.10 occurs in early 2023 before settling slightly lower. The decreasing trend in the ratio despite fluctuating debt implies that asset growth outpaced debt accumulation, leading to relatively lower financial leverage.
In summary, the company demonstrates an expanding asset base alongside variable debt levels. While the absolute debt fluctuates, the overall financial leverage tends to moderate over time due to consistent asset growth. This pattern suggests an increasing capability to support higher debt loads without substantially elevating financial risk, though the periodic debt spikes indicate strategic borrowing aligned with operational or investment activities.
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 | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 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) | |||||||
| 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) | |||||||
| 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 | |||||||
| 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 | — | — | — | — | — | — | — | — | |||||||
| 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 | — | — | — | — | — | — | — | — | |||||||
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).
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 of the company generally exhibit an upward trend over the period analyzed. Starting from approximately $1.39 billion in mid-2018, the total assets increased consistently, peaking near $3.35 billion by the end of 2023. There are occasional quarters showing minor declines or plateaus, such as in early 2020 and early 2022, but the overall direction is growth. This pattern suggests expansion in asset base, possibly due to investments, acquisitions, or organic growth in business operations.
- Stockholders’ Equity
- Stockholders' equity fluctuates but also shows a broad upward tendency across the timeframe. Beginning with around $902 million in mid-2018, equity dropped to about $847 million by late 2018, then recovered and grew, reaching over $2.1 billion by the end of 2023. There were periods of both growth and decline: for instance, a dip was noted between mid-2018 and late 2019, followed by a general increase until mid-2021, a slight reduction afterward, and renewed growth towards the end of 2023. This variability could reflect changes in retained earnings, issuance or repurchase of shares, and performance results affecting the equity base.
- Financial Leverage
- The financial leverage ratio demonstrates moderate variability while remaining within a relatively tight range of approximately 1.37 to 1.85 over the periods presented. The ratio peaked around 1.85 in late 2019 and recorded a low near 1.37 in early 2019, although most values hovered around the 1.5 to 1.65 range. Toward the end of the period, the leverage stabilized around 1.58 to 1.59. This consistency indicates a stable capital structure with moderate reliance on debt financing relative to equity, suggesting prudent financial management in balancing growth and risk.
- Summary
- The overall financial stance as shown by the asset and equity growth combined with stable leverage suggests that the company has been successful in expanding its asset base while maintaining a balanced and controlled use of financial leverage. Equity growth, although subject to some fluctuations, supports this expansion and points to solid value creation for shareholders over the long term. The stable leverage ratio reinforces a conservative approach to financial risk, with no significant overextension in debt apparent throughout the observed periods.
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).
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
The analysis of the financial data reveals several notable patterns and trends over the observed quarters.
- Earnings before interest and tax (EBIT)
- The EBIT figures demonstrate a generally positive trajectory with significant fluctuations. Initial quarters display volatility with some negative values, notably at June 30, 2018 and June 30, 2019, indicating periods of operational challenges or increased expenses relative to income. Following these lows, the company experienced substantial recoveries with peak EBIT values recorded at December 31, 2020 and December 31, 2023, surpassing 300,000 thousand US dollars. This upward trend suggests operational improvements and enhanced profitability over time. Quarterly results indicate a pattern of seasonal variation, with higher EBIT levels often observed in the fourth quarter, possibly reflecting seasonal sales effects or strategic timing of expenditures.
- Interest expense
- Interest expense values fluctuate within a moderate range, generally between approximately 900 to 2,600 thousand US dollars each quarter. Noteworthy is the negative interest expense at March 31, 2022, which may indicate a non-recurring event such as interest capitalized, refunds, or accounting adjustments. Overall, interest expenses remain relatively stable without long-term trending increases or decreases, suggesting consistent debt servicing costs during the periods analyzed.
- Interest coverage ratio
- The interest coverage ratio shows an overall strong and improving ability to cover interest obligations from operating earnings. Early periods reflect ratios mostly between 50 and 100 times, indicating ample earnings relative to interest expenses. From March 31, 2022 onward, the ratio surges dramatically, reaching values beyond 200 and even approaching 300 by December 31, 2023. This surge is explained by concurrent increases in EBIT combined with stable or slightly decreasing interest expenses. A high interest coverage ratio underscores enhanced financial stability and reduced risk of default on debt obligations.
In summary, the financial data reflects a company that has moved from periods of operational difficulty toward progressively stronger earnings before interest and tax. Stabilized interest expenses and a markedly improved interest coverage ratio further indicate a robust financial position and greater operational efficiency over the timeframe considered. Seasonal variations in EBIT are present but do not detract from the overall positive growth trend.