Deckers Outdoor Corporation DECK

Deckers Outdoor looks like a rare footwear outfit that can both mint cash today and reinvest it at enviable rates tomorrow. HOKA’s global runway, UGG’s cash-cow status, an asset-light cost base and a pristine balance sheet together paint the picture of a genuine compounder, yet one whose moat must be defended every season with fresh product and sharp marketing. At roughly two-thirds of estimated fair value, the shares offer meaningful upside—but only investors comfortable with fashion and execution risk should lace up for the ride.