Deckers Outdoor Corp (DECK) is undervalued and On Holding AG (ONON) is slightly undervalued.
Against our estimates of intrinsic value, DECK trades at the wider discount: a margin of safety of +49%, against +14% for ONON.
Values as of the 22 Sept 2026 close.
Discounting its cash flows at 10.2% (average of 3 methods) values the shares at $157.96; the price of $79.83 is 49% below that value, and 73% of that value comes from beyond year five.
Leak Score 100/100 on 3 of 12 signals
Discounting its cash flows at 13.2% (average of 3 methods) values the shares at $34.31; the price of $29.39 is 14% below that value, and 65% of that value comes from beyond year five.
Leak Score 81/100 on 3 of 12 signals
| Metric | DECK | ONON |
|---|---|---|
| Verdict | Undervalued | Slightly undervalued |
| Price | $79.83 | $29.39 |
| Intrinsic value | $157.96 | $34.31 |
| Margin of safety | +49% | +14% |
| Leak Score | 100/100 (3/12) | 81/100 (3/12) |
| Market cap | $10.9B | $9.7B |
| Revenue growth, 5 years | 16.4% | 51.6% |
| Operating margin | 22.4% | 13.8% |
| Net margin | 18.4% | 12.3% |
| Return on equity | 42.6% | 24.2% |
| Debt to equity | 0.21 | 0.32 |
| P/E | 11.3x | 19.7x |
| Forward P/E | 9.6x | 14.6x |
| P/B | 4.7x | 4.2x |