Name: Deckers Outdoor Corp. (NYSE:DECK) | Enterprise Value (EV)
Creator: Stock Analysis on Net

Current EV
Historical EV

Deckers Outdoor Corp., current enterprise value calculation

Current share price (P)	$851.41
No. shares of common stock outstanding	25,668,220
US$ in thousands
Common equity (market value)¹	21,854,179)
Total equity	21,854,179)
Add: Short-term borrowings (per books)	—)
Add: Mortgage payable (per books)	—)
Total equity and debt	21,854,179)
Less: Cash and cash equivalents	981,795)
Enterprise value (EV)	20,872,384)

Based on: 10-K (reporting date: 2023-03-31).

¹ Common equity (market value) = Share price × No. shares of common stock outstanding
= 851.41 × 25,668,220

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Deckers Outdoor Corp., EV calculation

	Mar 31, 2023	Mar 31, 2022	Mar 31, 2021	Mar 31, 2020	Mar 31, 2019	Mar 31, 2018
Share price^1, 2	$465.18	$271.85	$335.44	$195.82	$151.73	$110.00
No. shares of common stock outstanding¹	26,159,846	26,789,861	27,813,023	27,999,468	29,142,002	30,447,808
US$ in thousands
Common equity (market value)³	12,169,037)	7,282,824)	9,329,600)	5,482,856)	4,421,716)	3,349,259)
Total equity	12,169,037)	7,282,824)	9,329,600)	5,482,856)	4,421,716)	3,349,259)
Add: Short-term borrowings (book value)	—)	—)	—)	638)	603)	578)
Add: Mortgage payable (book value)	—)	—)	—)	30,263)	30,901)	31,504)
Total equity and debt	12,169,037)	7,282,824)	9,329,600)	5,513,757)	4,453,220)	3,381,341)
Less: Cash and cash equivalents	981,795)	843,527)	1,089,361)	649,436)	589,692)	429,970)
Enterprise value (EV)	11,187,242)	6,439,297)	8,240,239)	4,864,321)	3,863,528)	2,951,371)

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).

¹ Data adjusted for splits and stock dividends.

² Closing price as at the filing date of Deckers Outdoor Corp. Annual Report.

³ 2023 Calculation
Common equity (market value) = Share price × No. shares of common stock outstanding
= 465.18 × 26,159,846

The enterprise value and equity market valuation exhibit a strong overall upward trajectory between 2018 and 2023, characterized by substantial growth punctuated by a moderate contraction in 2022.

Equity Valuation Trends: Common equity market value increased from US$ 3,349,259 thousand in 2018 to US$ 12,169,037 thousand in 2023. A notable surge occurred between March 31, 2020, and March 31, 2021, during which the value rose from US$ 5,482,856 thousand to US$ 9,329,600 thousand. A subsequent decline to US$ 7,282,824 thousand was observed in 2022, followed by a sharp recovery to peak levels in 2023.
Enterprise Value (EV) Dynamics: Enterprise value followed a trajectory closely mirroring that of market equity, growing from US$ 2,951,371 thousand in 2018 to US$ 11,187,242 thousand in 2023. Notably, the EV remained consistently lower than the market value of common equity across all reported periods. This persistent differential indicates the maintenance of a significant net cash position, where cash and cash equivalents likely exceeded total debt, thereby reducing the total cost to acquire the business relative to its market capitalization.
Capital Structure Analysis: The relationship between total equity and total equity and debt shows a convergence over the analyzed period. While a slight variance existed between 2018 and 2020, total equity and debt figures became identical to common equity values from 2021 through 2023. This suggests a capital structure that became increasingly reliant on equity or an environment where debt was effectively offset by cash holdings.

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Deckers Outdoor Corp. (NYSE:DECK)

Enterprise Value (EV)

Current Enterprise Value (EV)

Historical Enterprise Value (EV)