Deckers Outdoor Corp., FCFE calculation

US$ in thousands

12 months ended:	Mar 31, 2023	Mar 31, 2022	Mar 31, 2021	Mar 31, 2020	Mar 31, 2019	Mar 31, 2018
Net income	516,822)	451,949)	382,575)	276,142)	264,308)	114,394)
Net noncash charges	74,902)	46,401)	77,268)	61,179)	70,702)	79,651)
Changes in operating assets and liabilities	(54,302)	(325,997)	136,374)	(50,987)	24,495)	133,306)
Net cash provided by operating activities	537,422)	172,353)	596,217)	286,334)	359,505)	327,351)
Purchases of property and equipment	(81,025)	(51,017)	(32,218)	(32,455)	(29,086)	(34,813)
Proceeds from sales of property and equipment	12)	8)	49)	491)	68)	116)
Proceeds from short-term borrowings	—)	—)	9,100)	69,336)	162,001)	214,751)
Repayments of short-term borrowings	—)	—)	(9,478)	(69,197)	(161,621)	(214,889)
Debt issuance costs on short-term borrowings	—)	—)	—)	—)	(1,297)	—)
Repayments of mortgage principal	—)	—)	(30,901)	(603)	(578)	(550)
Free cash flow to equity (FCFE)	456,409)	121,344)	532,769)	253,906)	328,992)	291,966)

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).

Download chart

Item	Description	The company
FCFE	Free cash flow to equity is the cash flow available to Deckers Outdoor Corp. equity holders after all operating expenses, interest, and principal payments have been paid and necessary investments in working and fixed capital have been made.	Deckers Outdoor Corp. FCFE decreased from 2021 to 2022 but then increased from 2022 to 2023 not reaching 2021 level.

Deckers Outdoor Corp., current P/FCFE calculation, comparison to benchmarks

No. shares of common stock outstanding	25,668,220
Selected Financial Data (US$)
Free cash flow to equity (FCFE) (in thousands)	456,409)
FCFE per share	17.78
Current share price (P)	851.41
Valuation Ratio
P/FCFE	47.88
Benchmarks
P/FCFE, Competitors¹
lululemon athletica inc.	26.06
Nike Inc.	31.22
P/FCFE, Sector
Consumer Durables & Apparel	38.16
P/FCFE, Industry
Consumer Discretionary	32.42

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

¹ Click competitor name to see calculations.

If the company P/FCFE is lower then the P/FCFE of benchmark then company is relatively undervalued.
Otherwise, if the company P/FCFE is higher then the P/FCFE of benchmark then company is relatively overvalued.

Deckers Outdoor Corp., historical P/FCFE calculation, comparison to benchmarks

	Mar 31, 2023	Mar 31, 2022	Mar 31, 2021	Mar 31, 2020	Mar 31, 2019	Mar 31, 2018
No. shares of common stock outstanding¹	26,159,846	26,789,861	27,813,023	27,999,468	29,142,002	30,447,808
Selected Financial Data (US$)
Free cash flow to equity (FCFE) (in thousands)²	456,409)	121,344)	532,769)	253,906)	328,992)	291,966)
FCFE per share³	17.45	4.53	19.16	9.07	11.29	9.59
Share price^1, 4	465.18	271.85	335.44	195.82	151.73	110.00
Valuation Ratio
P/FCFE⁵	26.66	60.02	17.51	21.59	13.44	11.47
Benchmarks
P/FCFE, Competitors⁶
lululemon athletica inc.	124.26	44.24	72.00	67.67	37.18	—
Nike Inc.	37.66	39.39	44.23	20.27	30.51	31.39
P/FCFE, Sector
Consumer Durables & Apparel	43.71	40.28	46.76	22.57	31.20	—
P/FCFE, Industry
Consumer Discretionary	32.07	38.31	86.53	30.52	28.87	—

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 See details »

³ 2023 Calculation
FCFE per share = FCFE ÷ No. shares of common stock outstanding
= 456,409,000 ÷ 26,159,846 = 17.45

⁴ Closing price as at the filing date of Deckers Outdoor Corp. Annual Report.

⁵ 2023 Calculation
P/FCFE = Share price ÷ FCFE per share
= 465.18 ÷ 17.45 = 26.66

⁶ Click competitor name to see calculations.

Download chart

Valuation ratio	Description	The company
P/FCFE	Price to free cash flow to equity is cash valuation indicator of stockholders’ equity.	Deckers Outdoor Corp. P/FCFE ratio increased from 2021 to 2022 but then slightly decreased from 2022 to 2023 not reaching 2021 level.

Deckers Outdoor Corp. (NYSE:DECK)

Price to FCFE (P/FCFE)

Free Cash Flow to Equity (FCFE)

Price to FCFE Ratio, Current

Price to FCFE Ratio, Historical