Deckers Brands

Deckers has no borrowings, substantial liquidity, and strong working‑capital discipline. At March 31, 2025 cash was about 1.89 billion dollars with inventories of about 495 million dollars and no outstanding debt. Operating cash flow was 1.04 billion dollars in FY25; capex was 86 million dollars, leaving FCF near 958 million dollars.

The model remains asset‑light, and management guides annual capex primarily to HOKA retail expansion, DC upgrades, and IT. This balance sheet can absorb macro shocks and fund growth and buybacks without leverage.