Hoka Parent Deckers Has Lost the Pep In Its Step, Down 50% YTD and Dead Last in the S&P 500 — Why?
After a biblical 17,000% run from its 1993 listing to its January all-time high, Hoka parent Deckers OutdoorDECK seems to be losing the pep in its step. Down 54% from its January peak, the company is now the S&P 500’s worst-performing stock — putting it in ranks with Enphase EnergyENPH, LululemonLULU, and UnitedHealthUNH. How did it get here?
- Most of the stock’s big decline came in February when the firm issued disappointing guidance — a blow that only worsened when tariff troubles started in April.
- By May, Deckers ultimately withdrew its annual guidance for fiscal 2026, citing the tariff situation, pushing the stock down even more.
This could be a misunderstanding: Despite the uncertainty, Deckers has continued to show strength since its February fall, with its latest quarterly showing a 6.5% increase in net sales. While that growth was slower year-over-year, its FY 2025 revenue reached a record $4.99B. That kind of performance might not repeat in its coming fiscal year (which began Apr. 1), but the business has no debt and nearly $1.9B in cash and cash equivalents — putting it in the best place it could be to weather the storm.