Deckers Outdoor Corporation DECK

Deckers Outdoor looks like a rare footwear firm that can both sprint and last the marathon: its two headline brands generate fat cash flows, returns on new capital exceed 60%, and a cash-heavy balance sheet lets management compound value with minimal financial risk. The critical watch-item is brand heat—lose that and the moat evaporates—but if HOKA keeps winning runners’ hearts overseas and UGG successfully broadens beyond winter boots, shareholders could enjoy years of double-digit free-cash-flow growth at today’s still-reasonable valuation.