Price to FCFE (P/FCFE)
Free Cash Flow to Equity (FCFE)
Deckers Outdoor Corp., FCFE 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).
An analysis of the cash flow metrics indicates a period of considerable volatility between 2018 and 2023, characterized by sharp fluctuations in both operational liquidity and equity-available cash.
- Net Cash from Operating Activities
- Operating cash flows exhibited an inconsistent trajectory, peaking at 596.2 million US dollars in 2021 before dropping to a period low of 172.4 million US dollars in 2022. A strong recovery was observed in 2023, with cash provided by operations rising to 537.4 million US dollars.
- Free Cash Flow to Equity (FCFE) Trends
- FCFE followed a pattern closely correlated with operating cash flows. The highest value was recorded in 2021 at 532.8 million US dollars, while the lowest occurred in 2022 at 121.3 million US dollars. The 2023 figure shows a significant rebound to 456.4 million US dollars, representing a substantial recovery from the previous year's trough.
- Operating Cash Flow to FCFE Conversion
- The variance between net cash provided by operating activities and FCFE remained relatively stable from 2018 to 2020. However, a widening gap is observed in the later years, particularly in 2023, where the difference reached 81.0 million US dollars. This suggests an increase in capital expenditures or net debt repayments relative to the total cash generated from operations compared to the 2018-2020 period.
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Price to FCFE Ratio, Current
Deckers Outdoor Corp., current P/FCFE calculation, comparison to benchmarks
| No. shares of common stock outstanding | 25,668,220 |
| Selected Financial Data (US$) | |
| Free cash flow to equity (FCFE) (in thousands) | 456,409) |
| FCFE per share | 17.78 |
| Current share price (P) | 851.41 |
| Valuation Ratio | |
| P/FCFE | 47.88 |
| Benchmarks | |
| P/FCFE, Competitors1 | |
| lululemon athletica inc. | 12.17 |
| Nike Inc. | 24.28 |
| P/FCFE, Sector | |
| Consumer Durables & Apparel | 13.67 |
| P/FCFE, Industry | |
| Consumer Discretionary | 43.94 |
Based on: 10-K (reporting date: 2023-03-31).
1 Click competitor name to see calculations.
If the company P/FCFE is lower then the P/FCFE of benchmark then company is relatively undervalued.
Otherwise, if the company P/FCFE is higher then the P/FCFE of benchmark then company is relatively overvalued.
Price to FCFE Ratio, Historical
Deckers Outdoor Corp., historical P/FCFE calculation, comparison to benchmarks
| Mar 31, 2023 | Mar 31, 2022 | Mar 31, 2021 | Mar 31, 2020 | Mar 31, 2019 | Mar 31, 2018 | ||
|---|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | 26,159,846 | 26,789,861 | 27,813,023 | 27,999,468 | 29,142,002 | 30,447,808 | |
| Selected Financial Data (US$) | |||||||
| 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 price1, 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 | — | — | — | |
| Nike Inc. | 37.63 | 39.52 | 43.83 | — | — | — | |
| P/FCFE, Sector | |||||||
| Consumer Durables & Apparel | 43.67 | 40.39 | 46.38 | — | — | — | |
| P/FCFE, Industry | |||||||
| Consumer Discretionary | 30.88 | 36.45 | 83.41 | — | — | — | |
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.
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.
The financial trajectory from 2018 to 2023 reveals a significant expansion in the valuation multiple relative to free cash flow to equity (FCFE). While the share price demonstrated a strong long-term upward trend, the P/FCFE ratio exhibited substantial volatility, peaking in 2022 before moderating in 2023.
- Share Price Evolution
- A consistent growth pattern is observed in the share price, which rose from 110.00 US$ in 2018 to 465.18 US$ by 2023. Although a temporary contraction occurred in 2022, where the price decreased to 271.85 US$, the subsequent recovery in 2023 represents the highest valuation in the analyzed period.
- FCFE per Share Performance
- Cash flow per share exhibited instability throughout the period. After reaching a peak of 19.16 US$ in 2021, a sharp decline to 4.53 US$ was recorded in 2022. This contraction was followed by a robust recovery to 17.45 US$ in 2023, suggesting a period of significant capital expenditure or operational headwinds in 2022 that were subsequently resolved.
- P/FCFE Ratio Analysis
- The P/FCFE ratio increased from 11.47 in 2018 to 26.66 in 2023, indicating that the market began assigning a higher premium to each unit of free cash flow. An extreme anomaly occurred in 2022, where the ratio spiked to 60.02; this was primarily driven by the collapse in FCFE per share rather than a proportional increase in share price. The return to a ratio of 26.66 in 2023 reflects a normalization of cash flows, although the valuation remains elevated compared to the 2018-2021 baseline.
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