A Business at a Glance
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V F CORP
VFC
$5.0B
Mkt Cap
$12.62
-2.25%
V.F. Corporation is a diversified portfolio company of leading outdoor, active, and workwear brands including The North Face, Vans, Timberland, and Dickies, operating across apparel, footwear, and accessories categories. The company generates revenue through a dual-channel model combining wholesale distribution (specialty stores, national chains, mass merchants, department stores, and digital partners) and direct-to-consumer operations (company-operated stores, concession retail, brand e-commerce, and digital platforms), with DTC representing 44% of fiscal 2025 revenues. VF sources finished goods globally through independent contractors across three regional hubs to reduce lead times and match product assortment to consumer demand, leveraging inventory replenishment technologies. The company operates three reportable segments—Outdoor (The North Face, Timberland, Altra, Smartwool, Icebreaker), Active (Vans, Kipling, Napapijri, Eastpak, JanSport), and Work (Dickies, Timberland PRO)—with geographic revenue distribution of 51% Americas, 34% Europe, and 15% Asia-Pacific in fiscal 2025. VF's competitive advantages center on its multi-brand portfolio with authentic heritage brands rooted in performance, enabling leverage of scale across product innovation, marketing, and distribution while serving distinct consumer demographics and end-markets.
【Transformation toward sustainable growth】 Management is executing a multi-year transformation focused on returning to profitable growth while strengthening the balance sheet, with fiscal 2026 marking the first year of revenue stabilization after prior declines. The company is advancing toward medium-term targets of 55% or better gross margin, 10% operating margin exit run rate in fiscal 2028, and leverage below 2.5x by fiscal 2028, supported by targeted pricing actions, sourcing savings, and SG&A cost reductions. For fiscal 2027, management expects continued revenue growth with operating margin expansion, though acknowledges near-term headwinds from geopolitical conflicts and wholesale timing shifts, while maintaining confidence in achieving stated medium-term financial commitments through disciplined execution across all brands.
| Metric | TTM | FY2026 | FY2025 | FY2024 | FY2023 | FY2022 |
|---|---|---|---|---|---|---|
| Revenue | 9.6B | 9.6B | 9.5B | 9.9B | 11.1B | 11.8B |
| Net Income | 255M | 255M | -190M | -969M | 119M | 1.4B |
| EPS | $0.64 | $0.64 | $-0.48 | $-2.49 | $0.31 | $3.53 |
| Free Cash Flow | 557M | 557M | 379M | 879M |
| Metric | |||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Income Statement | |||||||||||||
| Revenue | 11.4B | 11.9B | 11.0B | 8.4B | 10.3B | 10.5B | 9.2B | 11.8B | 11.1B | 9.9B | 9.5B | 9.6B | 9.6B |
| Gross Margin | 48.1% | 48.6% | 49.3% | 54.1% | 54.6% | 55.3% | 52.7% | 54.5% | 52.3% | 51.6% | 53.5% | 54.8% | 54.8% |
| R&D | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| SG&A | 3.8B | 4.0B | 3.9B | 3.7B | 4.4B | 4.5B | 4.2B | 4.8B | 4.8B | 4.7B | 4.7B | 4.7B | 4.7B |
| EBIT | 1.6B | 1.8B | 1.5B | 883M | 1.2B | 928M | 608M | 1.6B | 999M | -144M | 304M | 577M | 577M |
| Op. Margin | 14.4% | 15.1% | 13.2% | 10.5% | 11.6% | 8.8% | 6.6% | 13.8% | 9.0% | -1.5% | 3.2% | 6.0% | 6.0% |
| Net Income | 1.2B | 1.0B | 1.1B | 615M | 1.3B | 679M | 408M | 1.4B | 119M | -969M | -190M | 255M | 255M |
| Net Margin | 10.6% | 8.8% | 9.7% | 7.3% | 12.3% | 6.5% | 4.4% | 11.7% | 1.1% | -9.8% | -2.0% | 2.7% | 2.7% |
| Non-Recurring | 0 | 0 | -13M | 27M | 23M | 349M | 74M | 13M | 63M | 578M | 107M | 201M | 201M |
| Returns on Capital | |||||||||||||
| ROIC | 19.5% | 22.9% | 20.2% | 8.7% | 14.7% | 12.9% | 7.2% | 16.7% | 12.6% | -1.9% | 3.3% | 9.5% | 9.5% |
| ROE | 21.6% | 18.6% | 20.3% | 14.2% | 31.5% | 17.7% | 12.7% | 42.1% | 3.7% | -42.4% | -12.1% | 15.3% | 13.8% |
| ROA | 12.2% | 10.6% | 11.0% | 6.2% | 12.2% | 6.3% | 3.3% | 10.2% | 0.9% | -7.6% | -1.8% | 2.7% | 2.7% |
| Cash Flow | |||||||||||||
| Op. Cash Flow | 1.5B | 1.8B | 1.5B | 1.5B | 1.7B | 875M | 1.3B | 864M | -656M | 1.0B | 465M | 671M | 671M |
| Free Cash Flow | 1.2B | 1.5B | 1.3B | 1.3B | 1.4B | 586M | 1.1B | 619M | -808M | 879M | 379M | 557M | 557M |
| Owner Earnings | 1.2B | 1.4B | 1.1B | 1.2B | 1.3B | 539M | 973M | 506M | -948M | 649M | 132M | 314M | 314M |
| CapEx | 271M | 234M | 176M | 140M | 216M | 288M | 199M | 245M | 152M | 136M | 86M | 115M | 115M |
| Maint. CapEx | 253M | 275M | 272M | 238M | 256M | 268M | 269M | 267M | 252M | 308M | 260M | 281M | 281M |
| Growth CapEx | 18M | 0 | 0 | 0 | 0 | 21M | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| D&A | 253M | 275M | 272M | 238M | 256M | 268M | 269M | 267M | 252M | 308M | 260M | 281M | 281M |
| CapEx/OCF | 18.0% | 13.8% | 21.1% | 11.5% | 13.0% | 33.0% | 15.1% | 28.4% | N/A | 13.4% | 18.5% | N/A | 17.1% |
| Capital Allocation | |||||||||||||
| Dividends Paid | 402M | 479M | 636M | 685M | 767M | 749M | 757M | 773M | 703M | 303M | 140M | 141M | 141M |
| Dividend Yield | 0.9% | 2.4% | 3.2% | 4.1% | 3.1% | 2.7% | 3.3% | 3.1% | 5.5% | 4.5% | 2.0% | N/A | 2.8% |
| Share Buybacks | 282M | 728M | 1.0B | 1.2B | 151M | 1.0B | 0 | 350M | 0 | 0 | 0 | 0 | 0 |
| Buyback Yield | 2.1% | 3.0% | 3.5% | 7.4% | 0.6% | 5.3% | N/A | 1.8% | N/A | N/A | N/A | 0.0% | 0.0% |
| Stock-Based Comp | 87M | 104M | 68M | 64M | 84M | 68M | 71M | 91M | 40M | 58M | 73M | 77M | 77M |
| Debt Repayment | 405M | 4.8M | 13M | 254M | 6.3M | 649M | 1.7M | 504M | 501M | 908M | 1.8B | 583M | 583M |
| Balance Sheet | |||||||||||||
| Net Debt | 645M | 453M | 1.1B | 2.4B | 2.3B | 2.4B | 4.3B | 4.1B | 5.8B | 5.3B | 3.5B | 2.7B | 2.7B |
| Cash & Equiv. | 776M | 972M | 1.2B | 434M | 402M | 1.4B | 816M | 1.3B | 799M | 656M | 429M | 824M | 824M |
| Long-Term Debt | 1.4B | 1.4B | 2.0B | 2.2B | 2.1B | 2.6B | 5.7B | 4.6B | 5.7B | 4.7B | 3.4B | 3.5B | 3.5B |
| Debt/Equity | 0.23 | 0.25 | 0.47 | 0.77 | 0.64 | 1.14 | 1.87 | 1.53 | 2.28 | 3.59 | 2.66 | 1.91 | 1.91 |
| Interest Coverage | 19.4 | N/A | N/A | 8.7 | 11.0 | 10.1 | 4.5 | 12.0 | 5.7 | -0.6 | 1.7 | 3.5 | 3.5 |
| Equity | 6.1B | 5.6B | 4.9B | 3.7B | 4.3B | 3.4B | 3.1B | 3.5B | 2.9B | 1.7B | 1.5B | 1.8B | 1.8B |
| Total Assets | 10.2B | 9.8B | 9.7B | 10.0B | 10.4B | 11.1B | 13.8B | 13.3B | 14.0B | 11.6B | 9.4B | 9.3B | 9.3B |
| Total Liabilities | 4.1B | 4.2B | 4.8B | 6.2B | 6.1B | 7.8B | 10.7B | 9.8B | 11.1B | 10.0B | 7.9B | 7.4B | 7.4B |
| Intangibles | 3.0B | 2.4B | 1.5B | 2.1B | 1.9B | 1.9B | 3.0B | 3.0B | 2.6B | 1.8B | 1.7B | 1.5B | 1.5B |
| Retained Earnings | 3.4B | 3.2B | 2.5B | 1.0B | 1.2B | 7.3M | 190M | 443M | 57M | -975M | -1.2B | -929M | -929M |
| Working Capital | 2.3B | 2.4B | 2.5B | 1.6B | 2.0B | 2.0B | 2.6B | 1.3B | 1.6B | 770M | 1.1B | 1.8B | 1.8B |
| Current Assets | 3.9B | 4.0B | 4.3B | 4.4B | 4.7B | 5.0B | 4.8B | 4.6B | 5.2B | 4.2B | 3.8B | 4.0B | 4.0B |
| Current Liabilities | 1.6B | 1.6B | 1.8B | 2.7B | 2.7B | 3.0B | 2.2B | 3.3B | 3.5B | 3.5B | 2.7B | 2.2B | 2.2B |
| Per Share Data | |||||||||||||
| EPS | 0.68 | 2.38 | 2.54 | 1.52 | 3.15 | 1.70 | 1.04 | 3.53 | 0.31 | -2.49 | -0.48 | 0.64 | 0.64 |
| Owner EPS | 0.65 | 3.14 | 2.70 | 2.90 | 3.31 | 1.35 | 2.48 | 1.29 | -2.48 | 1.67 | 0.33 | 0.79 | 0.79 |
| Book Value | 3.40 | 12.79 | 11.68 | 9.20 | 10.75 | 8.40 | 7.79 | 8.99 | 7.61 | 4.26 | 3.76 | 4.64 | 4.64 |
| Cash Flow/Share | 0.84 | 4.00 | 3.50 | 3.65 | 4.16 | 2.19 | 3.35 | 2.20 | -1.71 | 2.61 | 1.18 | 1.69 | 1.34 |
| Dividends/Share | 0.23 | 1.11 | 1.53 | 1.72 | 1.94 | 1.90 | 1.94 | 1.98 | 1.81 | 0.78 | 0.36 | 0.36 | 0.35 |
| Shares Out. | 1.8B | 440.1M | 422.9M | 404.6M | 399.9M | 399.7M | 392.2M | 392.9M | 382.5M | 389.1M | 395.2M | 398.3M | 398.3M |
| Valuation | |||||||||||||
| P/E Ratio | 10.9 | 22.8 | 16.8 | 26.3 | 21.0 | 28.0 | 65.3 | 14.2 | 62.8 | N/A | N/A | N/A | 19.7 |
| P/FCF | 40.3 | 14.7 | 14.6 | 12.1 | 18.3 | 32.5 | 23.9 | 31.8 | N/A | 6.5 | 16.0 | N/A | 9.0 |
| EV/EBIT | 8.0 | 16.3 | 12.5 | 11.9 | 23.9 | 24.3 | 52.9 | 14.4 | 13.7 | N/A | 33.8 | N/A | 13.4 |
| Price/Book | 2.2 | 4.2 | 4.2 | 4.3 | 6.2 | 5.7 | 8.7 | 5.6 | 2.6 | 3.4 | 4.1 | N/A | 2.7 |
| Price/Sales | 1.0 | 1.7 | 2.0 | 1.4 | 2.4 | 2.6 | 2.5 | 2.1 | 1.1 | 0.7 | 0.7 | N/A | 0.5 |
| FCF Yield | 9.3% | 6.4% | 6.3% | 8.3% | 5.5% | 3.1% | 4.2% | 3.1% | -10.8% | 15.4% | 6.3% | N/A | 11.1% |
| Market Cap | 13.2B | 23.9B | 20.7B | 16.2B | 26.4B | 19.0B | 26.6B | 19.7B | 7.4B | 5.7B | 6.1B | 0 | 5.0B |
| Avg. Price | 24.85 | 45.73 | 47.35 | 41.21 | 62.56 | 69.18 | 59.04 | 63.34 | 33.45 | 17.12 | 17.46 | 0.00 | 12.62 |
| Year-End Price | 27.86 | 51.15 | 45.20 | 39.92 | 66.13 | 47.66 | 67.86 | 50.04 | 19.47 | 14.68 | 15.33 | 0.00 | 12.62 |
V F CORP passes 2 of 9 quality checks, indicating weak fundamentals.
V F CORP trades at 19.3x trailing earnings, compared to its 15-year median P/E of 26.3x, suggesting it is currently Fair relative to its historical range. On a free-cash-flow basis, the stock trades at 8.9x vs a median of 17.1x. The company's 5-year average ROIC is 8.0% with a gross margin of 53.3%. Total shareholder yield (dividends) is 2.8%. At current prices, the estimated annualized return to fair value is -13.0%.
V F CORP (VFC) has a current P/E ratio of 19.3, compared to its historical median P/E of 26.3. The stock is currently considered Fair based on its historical valuation range.
V F CORP (VFC) has a 5-year average return on invested capital (ROIC) of 8.0%. This is below average and may indicate limited pricing power.
V F CORP (VFC) has a market capitalization of $5.0B. It is classified as a mid-cap stock.
Yes, V F CORP (VFC) pays a dividend with a trailing twelve-month yield of 2.80%.
Based on historical P/E analysis, V F CORP (VFC) appears fair. The current P/E of 19.3 is 26% below its historical median of 26.3. The estimated fair value CAGR (P/E method) is -26.2%.
V F CORP (VFC) operates in the Men'S & Boys' Furnishgs, Work Clothg, & Allied Garments industry, within the Consumer Cyclical sector.
V F CORP (VFC) reported annual revenue of $9.6 billion in its most recent fiscal year, based on SEC EDGAR filings.
| Metric | Target | Period |
|---|---|---|
| Revenue | up 1% - 2% in constant dollars | FY2027 |
| Operating margin | approximately 8% | FY2027 |
| Gross margin | 55% or better | FY2028 |
| Operating margin (exit run rate) | 10% | FY2028 |
| Leverage ratio | 2.5x or less | FY2028 |
| Net operating income expansion | $500.0 - $600.0 million | FY2028 |
| Q1 FY2027 operating income | $100 million loss | Q1 FY2027 |
| Leverage ratio | between 2.6x and 2.9x | FY2027 exit |
Revenue (FY2027): “We expect revenue to be up 1% - 2% in constant dollars.”
Operating margin (FY2027): “we expect fiscal 2027 operating margin of approximately 8%”
Gross margin (FY2028): “Gross margin of at least 55%”
Operating margin (exit run rate) (FY2028): “exit run rate operating margin of 10% in FY 2028”
Leverage ratio (FY2028): “leverage ratio of 2.5x or less by FY 2028”
Net operating income expansion (FY2028): “VF aims to generate between $500.0 and $600.0 million in net operating income expansion in Fiscal 2028.”
Q1 FY2027 operating income (Q1 FY2027): “we do expect a $100 million loss for the quarter”
Leverage ratio (FY2027 exit): “we expect to exit the fiscal year with leverage between 2.6x and 2.9 x”
Generated solely from the company's own reports listed below — not from third-party data. Hallucination risk is low. · Sources: 10-K, Q2 FY2027 Earnings Call, Q1 FY2027 Earnings Call, Q4 FY2026 Earnings Call, Q3 FY2026 Earnings Call
| -808M |
| 619M |
| ROIC | 9.5% | 9.5% | 3.3% | -1.9% | 12.6% | 16.7% |
|---|
| Gross Margin | 54.8% | 54.8% | 53.5% | 51.6% | 52.3% | 54.5% |
|---|
| Debt/Equity | 1.91 | 1.91 | 2.66 | 3.59 | 2.28 | 1.53 |
|---|
| Dividends/Share | $0.35 | $0.36 | $0.36 | $0.78 | $1.81 | $1.98 |
|---|
| Operating Income | 577M | 577M | 304M | -144M | 999M | 1.6B |
|---|
| Operating Margin | 6.0% | 6.0% | 3.2% | -1.5% | 9.0% | 13.8% |
|---|
| ROE | 13.8% | 15.3% | -12.1% | -42.4% | 3.7% | 42.1% |
|---|
| Shares Outstanding | 398M | 398M | 395M | 389M | 383M | 393M |
|---|
V F CORP (VFC) has a net profit margin of 2.7%. This is a modest margin.
V F CORP (VFC) generated $557 million in free cash flow in its most recent fiscal year. Positive free cash flow supports dividends, buybacks, and debt reduction.
V F CORP (VFC) has a debt-to-equity ratio of 1.91. This indicates higher leverage, which may increase financial risk.
V F CORP (VFC) reported earnings per share (EPS) of $0.64 in its most recent fiscal year.
V F CORP (VFC) has a return on equity (ROE) of 15.3%. This indicates the company generates strong returns for shareholders.
V F CORP (VFC) has a 5-year average gross margin of 53.3%. This high margin suggests strong pricing power and a potential competitive moat.
The Ledger Terminal provides 16 years of financial data for V F CORP (VFC), sourced directly from SEC EDGAR filings. This includes income statements, balance sheets, cash flow statements, and key financial ratios.
V F CORP (VFC) has a book value per share of $4.64, based on its most recent annual SEC filing.
Based on recent SEC filings and earnings disclosures, Management is executing a multi-year transformation focused on returning to profitable growth while strengthening the balance sheet, with fiscal 2026 marking the first year of revenue stabilization after prior declines. The company is advancing toward medium-term targets of 55% or better gross margin, 10% operating margin exit run rate in fiscal 2028, and leverage below 2.5x by fiscal 2028, supported by targeted pricing actions, sourcing savings, and SG&A cost reductions. For fiscal 2027, management expects continued revenue growth with operating margin expansion, though acknowledges near-term headwinds from geopolitical conflicts and wholesale timing shifts, while maintaining confidence in achieving stated medium-term financial commitments through disciplined execution across all brands.
Based on recent SEC filings and earnings calls, V F CORP (VFC) has provided the following forward guidance: Revenue: up 1% - 2% in constant dollars (FY2027); Operating margin: approximately 8% (FY2027); Gross margin: 55% or better (FY2028); Operating margin (exit run rate): 10% (FY2028); Leverage ratio: 2.5x or less (FY2028), plus 3 additional metrics.
No recent press releases.