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V.F. Corporation

NYSE · Consumer Cyclical
V.F. Corporation
VFC · Apparel Manufacturing
$18.29
▼ -0.72 (-3.78%)
Data cached · refreshes every 10 min
Insufficient data to generate a complete Graham analysis.
Overall Grade
D
Defensive
C
Enterprising
Profitability F
Gross Profit Margin 53.5%
Operating Margin 4.1%
Net Income Margin -2.0%
Fin. Health D
Years to Pay Off Debt -28.3 yrs
Working Capital vs Long-Term Debt -$2.3B
Working Capital $1.1B
Valuation F
Price-to-Book 4.81x
Cash Flow A
Free Cash Flow $339M
Owner Earnings $196M
2/7
Graham Score
Speculative
Defensive — Graham's strict criteria (P/B, P/E, dividends, stability)  ·  Enterprising — Profitability & cash flow focused, accepts higher valuations for quality
Metric Explanations
What each dimension measures and where the thresholds come from.
Gross Profit Margin
Revenue minus cost of goods sold. Graham's ≥40% threshold identifies businesses with durable pricing power. Note: software and financial companies naturally exceed this; retailers and manufacturers rarely reach it due to their cost structures.
Operating Margin
Profit after operating costs before interest and taxes. A consistent ≥15% operating margin signals a business with real competitive advantages. Capital-intensive industries (airlines, auto, commodities) rarely hit this threshold due to their structural cost base — compare within industry for context.
Net Income Margin
Bottom-line profit as a percentage of revenue. The ≥20% target reflects Buffett's preference for highly profitable businesses. Financial engineering (buybacks, tax optimisation) can inflate this temporarily — look for consistency across multiple years rather than a single strong result.
Years to Pay Off Debt
Total Debt ÷ Net Income. Lower = stronger balance sheet. Important caveat: utilities, telecoms, REITs, and infrastructure companies carry large structural debt by design — their bond-like cash flows service it comfortably at ratios that would alarm Graham. Compare within sector.
Working Capital vs Long-Term Debt
Working Capital minus Long-Term Debt. Negative results are common and expected in capital-return-focused businesses like Apple, Domino's, and McDonald's — where aggressive buybacks and dividends intentionally reduce book equity. This does not indicate financial distress in high-FCF businesses.
Working Capital
Current Assets minus Current Liabilities. Negative working capital can be a deliberate efficiency strategy in businesses that collect cash before paying suppliers (retailers, fast food franchises, subscription businesses). Assess alongside free cash flow generation for full context.
Price-to-Book
Market price vs book value per share. Rarely below 1.5x for quality businesses today. Intangible assets (brand, software, patents) don't appear on the balance sheet under accounting rules, making P/B artificially high for asset-light companies. Negative P/B indicates book equity has been reduced by buybacks — common in highly profitable capital-return businesses.
Free Cash Flow
Operating cash flow minus capital expenditures. Buffett's most important metric — cash a business actually generates for its owners after maintaining and growing its asset base. Consistently positive FCF is one of the strongest indicators of a durable, well-run business regardless of accounting profits.
Owner Earnings
Net Income + Depreciation & Amortisation − Capital Expenditures. Buffett's preferred measure of a company's true annual earning power — what could theoretically be distributed to owners without impairing the business. More reliable than reported EPS because it accounts for the capital cost of maintaining the business.
Market Data
Market Cap $7.2B
Enterprise Value $11.4B
P/E (TTM) 32.09
Dividend Yield 9.47%
Exchange NYSE
Key Margins
Gross Profit 53.5%
Operating Margin 4.1%
Net Margin -2.0%
Company Info
Sector Consumer Cyclical
Industry Apparel Manufacturing
Employees 16200
Country United States
Visit website
About V.F. Corporation

V.F. Corporation, together with its subsidiaries, offers branded apparel, footwear, and accessories for men, women, and children in the Americas, Europe, and the Asia-Pacific. It operates through three segments: Outdoor, Active, and Work. The company provides outdoor apparel, footwear, equipment, accessories; style-forward and weather-ready footwear, apparel, and accessories; performance merino wool and other natural fibers-based apparel and accessories; performance-based footwear; and high performance apparel and accessories based on natural fibers under the Timberland, The North Face, Smartwool, Icebreaker, and Altra brands. It also offers youth culture/action sports-inspired and streetwear apparel, footwear, and accessories; handbags, luggage, backpacks, totes, and accessories; outdoor-inspired apparel, footwear, and accessories; and backpacks and luggage under the Vans, Kipling, Napapijri, Eastpak, and JanSport brands. In addition, the company provides work and work-inspired lifestyle apparel and footwear; and protective work footwear under the Dickies, and Timberland PRO brands. It sells its products primarily to specialty stores, department stores, national chains, independently-operated partnership stores, and mass merchants, as well as sells through direct-to-consumer operations, including retail stores, concession retail stores, and e-commerce sites, and other digital platforms. V.F. Corporation was founded in 1899 and is headquartered in Denver, Colorado.

Showing Key Metrics
Income Highlights
Metric 2025 2024 2023 2022
Gross Profit % 53.5% ▲ 51.6% 52.3% 54.5%
Operating Margin % 4.1% ▲ 3.7% 9.0% 13.8%
Net Income % -2.0% ▲ -9.8% 1.1% 11.7%
Diluted EPS -0.49 ▲ -2.49 0.31 3.53
Balance Sheet Highlights
Metric 2025 2024 2023 2022
Total Assets $9.4B $11.6B $14.0B $13.3B
Total Debt $5.4B ↓ $7.3B $8.2B $6.8B
Working Capital $1.1B ▲ $770M $1.6B $1.3B
Years to Pay Debt -28.28 -7.59 68.74 4.90
Cash Flow Highlights
Metric 2025 2024 2023 2022
Free Cash Flow $339M ▼ $817M -$901M $536M
Owner Earnings $196M -$464M $616M $2.0B
CapEx % of Net Income N/A N/A 206.7% 23.7%
These metrics estimate what V.F. Corporation is worth based on its fundamentals — independent of what the market currently prices it at. Graham's Fair Value and NCAV are conservative floors rooted in 1930s–60s principles. EPV assumes zero growth. None are price targets — they are reference points for judging whether the current price offers a margin of safety.
Graham's Fair Value
N/A (negative EPS)
Margin of Safety
—
Market Cap ÷ Company Value
3.30
P/B Ratio
4.81
Warren's Owner Earnings
$196M
Latest fiscal year
Graham's 7 Criteria
Defensive Investor Checklist
2/7 — Speculative Investor
✅ Adequate Size
$9.5B
vs > $1.5B revenue
❌ Strong Financial Condition
1.40x
vs Current Ratio > 2.0x
❌ Earnings Stability
2 loss years (4 yrs data)
vs No negative EPS years
✅ Dividend Record
9.47%
vs Uninterrupted dividends
❌ Earnings Growth
-91.2% EPS growth
vs > 33% EPS growth
❌ Moderate P/E Ratio
32.1x
vs P/E ≤ 15.0x
❌ Moderate Price-to-Book
4.81x P/B (P/E×P/B: 154.4)
vs P/B ≤ 1.5x | P/E × P/B ≤ 22.5
Graham's 7 Criteria — Explained
What each criterion measures and why it may or may not apply to modern businesses.
✅ Adequate Size — $9.5B vs > $1.5B revenue
Graham required companies large enough to withstand economic downturns. This threshold ($1.5B) is inflation-adjusted from Graham's original $100M — virtually all S&P 500 companies pass this today.
"The minimum size of an enterprise should be not less than $100 million of annual sales."
❌ Strong Financial Condition — 1.40x vs Current Ratio > 2.0x
Current assets must be at least twice current liabilities. Note: highly profitable companies (Apple, Domino's) often run negative or low working capital deliberately — they collect cash fast and stretch payables. A failing score here is not always a warning sign.
"For industrial companies, current assets should be at least twice current liabilities."
❌ Earnings Stability — 2 loss years (4 yrs data) vs No negative EPS years
Graham required uninterrupted positive earnings. Any loss year is a red flag for defensive investors. Growth companies and cyclicals may show occasional losses during investment cycles or downturns without being fundamentally unsound.
"The company should have shown no deficit in the past ten years."
✅ Dividend Record — 9.47% vs Uninterrupted dividends
Graham valued dividends as evidence of financial discipline and shareholder alignment. Many excellent modern businesses (Alphabet, Amazon, Berkshire Hathaway) pay no dividend, preferring to reinvest cash at high rates of return. Failing this criterion does not indicate a poor business — it may indicate a high-growth one.
"Some current dividend payments — for at least the past 20 years."
❌ Earnings Growth — -91.2% EPS growth vs > 33% EPS growth
EPS grew from $3.53 to $0.31 over 1 years. Graham's 33% threshold was set over a 10-year period. Measured over fewer years (as here), the bar is proportionally lower. Share buybacks can also inflate EPS growth without reflecting underlying business improvement.
"A minimum increase of at least one-third in per-share earnings over ten years."
❌ Moderate P/E Ratio — 32.1x vs P/E ≤ 15.0x
Graham's 15x P/E threshold was calibrated to 1960s market averages when interest rates were higher. Today's lower rate environment structurally supports higher multiples — the S&P 500 long-run average P/E is now closer to 20–25x. A stock trading at 20x is not automatically speculative in the modern context.
"The price-earnings ratio should be no more than 15 times average earnings."
❌ Moderate Price-to-Book — 4.81x P/B (P/E×P/B: 154.4) vs P/B ≤ 1.5x | P/E × P/B ≤ 22.5
Graham's 1.5x P/B threshold made sense when most company value was tangible. Today, intangible assets — brand, software, patents, network effects — rarely appear on the balance sheet. A high P/B in tech, pharma, or consumer brands often reflects intangible value, not overvaluation. P/FCF or EV/EBITDA are more reliable for asset-light businesses.
"The price should not be more than 1½ times book value. P/E × P/B ≤ 22.5."
Net Current Asset Value
$-10.49
Negative NCAV — liabilities exceed current assets. Common in capital-return businesses (buybacks, debt-funded dividends) and capital-intensive industries. Not automatically a warning sign.
"Buy at two-thirds of net current assets." — Graham
Earnings Power Value
$11.16
Per share, no-growth floor. Compare to current price.
Cash Flow Analysis
Metric 2025 2024 2023 2022
Capital Expenditure % of Net Income N/A N/A 206.7% 23.7%
Repurchase of Capital Stock -$3M -$3M -$3M -$350M
Free Cash Flow $339M ▼ $817M ▲ -$901M ▼ $536M •
Warren's Owner Earnings $196M -$464M $616M $2.0B
Peers & Industry
No auto-detected peers for Apparel Manufacturing. You can manually compare VFC against any stock using the Compare tool.
"The management of a business is its most important single factor — more important than market position, patents, or financial structure."
— Benjamin Graham
Capital Allocation & Alignment
Insider Ownership
0.92%
Low — management has little skin in the game
Return on Equity (ROE)
-12.8%
Weak — poor returns on equity
Return on Assets (ROA)
-2.0%
Poor — assets are not generating adequate returns
Share Buybacks (Latest Year)
$3M
Management is returning capital to shareholders via buybacks
Debt Trend YoY
-27.0% YoY
Debt is declining — management is deleveraging
Leadership Team
Bracken Darrell
President, CEO & Director
Age 62
Pay: $4,004,896
Paul Aaron Vogel
EVP & CFO
Age 52
Pay: $1,636,665
Abhishek Dalmia
Executive VP & COO
Age 47
Allegra Perry
Vice President of Investor Relations
Brian Beckstead
Founder & Chief Marketing Officer
Top Institutional Holders
Institution % Owned Shares
PNC Financial Services Group, Inc. 19.01% 74,398,593
Dodge & Cox Inc. 10.40% 40,679,850
Vanguard Group Inc 9.42% 36,871,184
Blackrock Inc. 7.51% 29,364,704
M&G Plc 6.53% 25,550,701
Northern Trust Corporation 5.11% 19,987,028
FMR, LLC 3.26% 12,745,898
State Street Corporation 2.76% 10,785,490
Risk Analysis
Beta (Market Risk)
0.97
Low volatility — more stable than the market
Short Interest
8.6% of float
Moderate short interest
Debt-to-Equity
2.99x
High leverage — significant financial risk
Current Ratio
1.44x
Adequate liquidity
52-Week Price Range
Low: $11.06 Current: $18.29 High: $22.27
Currently at 65% of 52-week range

V.F. Corporation (VFC) fundamental analysis — Overall grade D based on profitability, financial health, valuation and cash flow. Graham's Fair Value: N/A (negative EPS). Gross profit margin: 53.5%. Operating margin: 4.1%. Net margin: -2.0%. Market cap: $7.2B. Sector: Consumer Cyclical. Industry: Apparel Manufacturing. Analysis powered by 360investing — free fundamental stock analysis based on Benjamin Graham and Warren Buffett principles.

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