Enterprise Value to EBITDA (EV/EBITDA)
Earnings before Interest, Tax, Depreciation and Amortization (EBITDA)
Deckers Outdoor Corp., EBITDA calculation
US$ in thousands
Based on: 10-K (reporting date: 2023-03-31), 10-K (reporting date: 2022-03-31), 10-K (reporting date: 2021-03-31), 10-K (reporting date: 2020-03-31), 10-K (reporting date: 2019-03-31), 10-K (reporting date: 2018-03-31).
A consistent upward trajectory is observed across all profitability metrics from 2018 through 2023. Earnings before interest, tax, depreciation, and amortization (EBITDA) grew steadily, reflecting strong operational expansion and increasing cash-flow generating capacity over the six-year period.
- EBITDA Growth Patterns
- EBITDA increased from US$ 273,853 thousand in March 2018 to US$ 717,382 thousand by March 2023. The most significant acceleration occurred between March 2020 and March 2021, during which EBITDA rose from US$ 384,824 thousand to US$ 548,072 thousand, marking an approximate 42% increase in a single fiscal year.
- Operational Efficiency and EBIT
- Earnings before interest and tax (EBIT) followed a growth path closely aligned with EBITDA, rising from US$ 225,281 thousand in 2018 to US$ 669,524 thousand in 2023. The relatively stable difference between EBIT and EBITDA indicates that depreciation and amortization expenses have not increased proportionally with earnings, suggesting high scalability and efficient management of capital assets.
- Net Income Progression
- Net income exhibited the most aggressive proportional growth of all measured items, increasing from US$ 114,394 thousand in 2018 to US$ 516,822 thousand in 2023. This represents more than a four-fold increase, indicating that operational gains have been effectively translated into bottom-line profitability.
- Earnings Before Tax (EBT) Trends
- EBT mirrored the growth seen in EBIT and Net Income, climbing from US$ 220,696 thousand in 2018 to US$ 666,082 thousand in 2023. The close alignment between EBT and EBIT suggests a minimal impact from interest income or expenses over the analyzed period.
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Enterprise Value to EBITDA Ratio, Current
Deckers Outdoor Corp., current EV/EBITDA calculation, comparison to benchmarks
| Selected Financial Data (US$ in thousands) | |
| Enterprise value (EV) | 20,872,384) |
| Earnings before interest, tax, depreciation and amortization (EBITDA) | 717,382) |
| Valuation Ratio | |
| EV/EBITDA | 29.10 |
| Benchmarks | |
| EV/EBITDA, Competitors1 | |
| lululemon athletica inc. | 3.06 |
| Nike Inc. | 10.14 |
| EV/EBITDA, Sector | |
| Consumer Durables & Apparel | 6.50 |
| EV/EBITDA, Industry | |
| Consumer Discretionary | 26.06 |
Based on: 10-K (reporting date: 2023-03-31).
1 Click competitor name to see calculations.
If the company EV/EBITDA is lower then the EV/EBITDA of benchmark then company is relatively undervalued.
Otherwise, if the company EV/EBITDA is higher then the EV/EBITDA of benchmark then company is relatively overvalued.
Enterprise Value to EBITDA Ratio, Historical
Deckers Outdoor Corp., historical EV/EBITDA calculation, comparison to benchmarks
| Mar 31, 2023 | Mar 31, 2022 | Mar 31, 2021 | Mar 31, 2020 | Mar 31, 2019 | Mar 31, 2018 | ||
|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in thousands) | |||||||
| Enterprise value (EV)1 | 11,187,242) | 6,439,297) | 8,240,239) | 4,864,321) | 3,863,528) | 2,951,371) | |
| Earnings before interest, tax, depreciation and amortization (EBITDA)2 | 717,382) | 609,599) | 548,072) | 384,824) | 378,536) | 273,853) | |
| Valuation Ratio | |||||||
| EV/EBITDA3 | 15.59 | 10.56 | 15.03 | 12.64 | 10.21 | 10.78 | |
| Benchmarks | |||||||
| EV/EBITDA, Competitors4 | |||||||
| lululemon athletica inc. | 24.36 | 27.43 | 39.99 | — | — | — | |
| Nike Inc. | 22.14 | 22.02 | 32.06 | — | — | — | |
| EV/EBITDA, Sector | |||||||
| Consumer Durables & Apparel | 22.54 | 22.92 | 32.97 | — | — | — | |
| EV/EBITDA, Industry | |||||||
| Consumer Discretionary | 18.33 | 20.01 | 21.51 | — | — | — | |
Based on: 10-K (reporting date: 2023-03-31), 10-K (reporting date: 2022-03-31), 10-K (reporting date: 2021-03-31), 10-K (reporting date: 2020-03-31), 10-K (reporting date: 2019-03-31), 10-K (reporting date: 2018-03-31).
3 2023 Calculation
EV/EBITDA = EV ÷ EBITDA
= 11,187,242 ÷ 717,382 = 15.59
4 Click competitor name to see calculations.
An analysis of the financial performance between March 31, 2018, and March 31, 2023, reveals a period of significant expansion in both operational earnings and market valuation. While operational profitability grew steadily throughout the period, the overall enterprise valuation exhibited higher volatility, resulting in fluctuating valuation multiples.
- Enterprise Value Trends
- The enterprise value experienced a substantial overall increase, rising from approximately 2.95 billion in 2018 to 11.19 billion by 2023. A notable spike occurred in 2021, reaching 8.24 billion, followed by a contraction to 6.44 billion in 2022, before surging to its peak in 2023.
- EBITDA Growth
- Earnings before interest, tax, depreciation, and amortization demonstrated consistent year-over-year growth. Starting at 273.85 million in 2018, EBITDA rose steadily to 717.38 million by 2023, indicating a strong and stable upward trajectory in operational cash flow generation.
- EV/EBITDA Ratio Dynamics
- The EV/EBITDA ratio fluctuated between a low of 10.21 in 2019 and a high of 15.59 in 2023. The ratio trended upward from 2019 to 2021, peaking at 15.03, suggesting an expansion in the valuation multiple relative to earnings. A significant correction occurred in 2022, where the ratio dropped to 10.56, closely mirroring the decline in enterprise value. The period concluded with a sharp increase to 15.59 in 2023, reflecting a renewed and heightened market valuation of the company's earning power.
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