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Shoemaker Deckers Outdoor (NYSE: $DECK ) is close to becoming a small-cap stock again after its share price has declined 60% this year.

The California-based company behind popular brands such as Ugg boots and Hoka running shoes had been a high-flying stock for nearly a decade.

However, impacts from U.S. tariffs on goods manufactured in Vietnam and China have led Deckers Outdoor to lower its guidance several times this year, shaking confidence in the stock.

Consequently, DECK stock is one of the worst-performers in the benchmark S&P 500 index this year and its market capitalization has fallen to $12 billion U.S.

That puts Deckers Outdoor close to becoming a small-cap stock, broadly defined as any security with a market cap below $10 billion U.S.

However, there might be a buying opportunity amid the carnage.

Deckers Outdoor's stock is currently trading right around $80 U.S. a share, near a 52-week low and its lowest level in nearly three years.

With a price-to-earnings (P/E) ratio of 12, the stock looks downright cheap at current levels and is trading at half the multiple of the S&P 500.

While cautious guidance has led to a selloff in DECK stock, the company has posted strong earnings throughout this year, consistently beating Wall Street's expectations.

For this year's third quarter, Deckers Outdoor reported earnings per share (EPS) of $1.82 U.S., which was well ahead of the $1.58 U.S. expected on Wall Street.

Revenue for the third quarter came in at $1.43 billion U.S., which managed to top the consensus estimate of $1.42 billion U.S.

Sales of Uggs and Hoka running shoes were each up more than 10% year-over-year in Q3.

It might take some time, and DECK stock may not have bottomed yet, but the current set-up could present an opportunity for long-term investors looking to buy low and eventually sell high.