Deckers Outdoor (DECK) analysis

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Health is debt against shoe inventory, not against a captive factory. Quality separates HOKA's margin from UGG's, which depends on the season. Growth follows pairs sold, not a share of the decade. P/E is read against a year of heavy HOKA, not against that peak. Shareholder return, if any, comes after inventory. Do not read it as an ROIC already measured or as a brand that never marks down.

The P/E of a year of heavy HOKA is not the earnings if UGG is soft. EV/EBITDA is read with the two brands apart. Do not use Nike's multiple as if a running shoe and a whole sports brand were the same book. A dash if DECK is missing.

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Not advice on Deckers. Vaultflake does not state an ROIC or treat markdowns as impossible. Read the filings. The table is a snapshot, not a target price.

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