NYSE · Consumer Cyclical

V.F. Corporation

VFC · Apparel Manufacturing

$17.33

▲ 0.63 (3.77%)

Cached · 10 min

Overall Grade

Defensive

Enterprising

Profitability

F⤢

Gross Profit Margin 56.4%

Operating Margin 2.8%

Net Income Margin -5.5%

Fin. Health

D⤢

Years to Pay Off Debt -41.8 yrs

Working Capital vs Long-Term Debt -$1.7B

Working Capital $1.8B

Valuation

F⤢

Margin of Safety 0.0%

Price-to-Book 3.68x

Cash Flow

F⤢

Free Cash Flow -$8M

Owner Earnings -$10M

Profitability

Gross Profit Margin 56.4%

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 2.8%

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 -5.5%

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.

Financial Health

Years to Pay Off Debt -41.8 yrs

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 -$1.7B

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 $1.8B

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.

Defensive — Graham's strict criteria (P/B, P/E, dividends, stability) · Enterprising — Profitability & cash flow focused, accepts higher valuations for quality

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. The company operates through two segments: Outdoor and Active. The company provides outdoor apparel, footwear, equipment, accessories; and style-forward and weather-ready footwear, apparel, and accessories under the Timberland, Timberland PRO, and The North Face brands. It also offers youth culture/action sports-inspired and streetwear apparel, footwear, and accessories; handbags, luggage, backpacks, totes, and accessories; and backpacks and luggage under the Vans, Kipling, Eastpak, and JanSport brands. In addition, the company provides performance-based footwear; 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 Smartwool, Napapijri, Icebreaker, and Altra brands. The company 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.

Market Data

Market Cap $6.8B

Enterprise Value $11.1B

P/E (TTM) 27.08

Dividend Yield 10.78%

Exchange NYSE

Key Margins

Gross Profit 56.4%

Operating Margin 2.8%

Net Margin -5.5%

Company Info

Sector Consumer Cyclical

Industry Apparel Manufacturing

Employees 14560

Country United States

Visit website

📖

Full Graham Analysis

Mr. Market is currently offering V.F. Corporation at $17.33.

The business passes only 3 of 7 of Graham's defensive criteria — well below his required standard.

At $17.33, the stock trades at a 110% premium to its Graham Number of $8.24. Graham would consider this price speculative.

There is no margin of safety at the current price. Graham would advise patience and waiting for a better entry point.

Negative NCAV — liabilities exceed current assets. Common in capital-return businesses (buybacks, debt-funded dividends) and capital-intensive industries. Not automatically a warning sign..

Conclusion: By Graham's standards, this stock is speculative at its current price. The intelligent investor would look elsewhere or wait.

Showing Key Metrics

Income Highlights

Metric	Q1 2026	Q4 2025	Q4 2024
Gross Profit %	56.4%▼	56.6%•	N/A
Operating Margin %	2.8%▼	11.1%•	N/A
Net Income %	-5.5%▼	10.5%•	N/A
Diluted EPS	N/A•	0.76▲	0.43

Balance Sheet Highlights

Metric	Q1 2026	Q4 2025	Q4 2024
Total Assets	$9.3B	$10.4B	N/A
Total Debt	$5.0B▼	$5.3B•	N/A
Working Capital	$1.8B▲	$1.8B•	N/A
Years to Pay Debt	-41.78	17.75	N/A

Cash Flow Highlights

Metric	Q1 2026	Q4 2025	Q4 2024
Free Cash Flow	-$8M▼	$967M•	N/A
Owner Earnings	-$10M	$424M	N/A
CapEx % of Net Income	N/A	14.6%	N/A

Income Statement

	2026	2025	2024
Tax Effect Of Unusual Items	0	-5,249
Tax Rate For Calcs	0	0
Normalized EBITDA	-62,077	512,204
Total Unusual Items	0	-30,716	-51,000
Total Unusual Items Excluding Goodwill	0	-30,716	-51,000
Net Income From Continuing Operation Net Minority Interest	-119,282	300,845
Reconciled Depreciation	67,483	78,882
Reconciled Cost Of Revenue	944,106	1,247,460
EBITDA	-62,077	481,488
EBIT	-129,560	402,606
Net Interest Income	-26,803	-34,611
Interest Expense	33,769	39,747
Interest Income	6,966	5,136
Normalized Income	-119,282	326,312
Net Income From Continuing And Discontinued Operation	-119,282	300,845
Total Expenses	2,104,530	2,556,031
Total Operating Income As Reported	61,504	289,054
Diluted Average Shares		397,157	393,908
Basic Average Shares		390,915	389,218
Diluted EPS		0	0
Basic EPS		0	0
Diluted NI Availto Com Stockholders	-119,282	300,845
Net Income Common Stockholders	-119,282	300,845
Net Income	-119,282	300,845
Net Income Including Noncontrolling Interests	-119,282	300,845
Net Income Discontinuous Operations	0	0
Net Income Continuous Operations	-119,282	300,845
Tax Provision	-44,047	62,014
Pretax Income	-163,329	362,859
Other Income Expense	-198,030	77,700
Other Non Operating Income Expenses	-198,030	108,416
Special Income Charges	0	-30,716	-51,000
Net Non Operating Interest Income Expense	-26,803	-34,611
Interest Expense Non Operating	33,769	39,747
Interest Income Non Operating	6,966	5,136
Operating Income	61,504	319,770
Operating Expense	1,160,424	1,308,571
Selling General And Administration	1,160,424	1,308,571
Gross Profit	1,221,928	1,628,341
Cost Of Revenue	944,106	1,247,460
Total Revenue	2,166,034	2,875,801
Operating Revenue	2,166,034	2,875,801

Balance Sheet

	2026	2025	2024
Ordinary Shares Number	391,515	391,080
Share Issued	391,515	391,080
Net Debt	2,706,066	2,689,181
Total Debt	4,983,354	5,338,701
Tangible Book Value	-424,924	-281,835
Invested Capital	5,379,887	5,940,093
Working Capital	1,828,342	1,765,028
Net Tangible Assets	-424,924	-281,835
Capital Lease Obligations	1,453,345	1,183,051
Common Stock Equity	1,849,878	1,784,443
Total Capitalization	5,369,748	5,341,375
Total Equity Gross Minority Interest	1,849,878	1,784,443
Stockholders Equity	1,849,878	1,784,443
Gains Losses Not Affecting Retained Earnings	-807,051	-1,001,286
Other Equity Adjustments	-807,051	-1,001,286
Retained Earnings	-928,834	-808,221
Additional Paid In Capital	3,487,884	3,496,180
Capital Stock	97,879	97,770
Common Stock	97,879	97,770
Total Liabilities Net Minority Interest	7,440,299	8,647,186
Total Non Current Liabilities Net Minority Interest	5,259,127	5,430,102
Other Non Current Liabilities	61,994	690,119
Derivative Product Liabilities	2,492
Employee Benefits	72,989
Non Current Pension And Other Postretirement Benefit Plans	72,989
Non Current Accrued Expenses	48,231
Tradeand Other Payables Non Current	355,902
Non Current Deferred Liabilities	77,773
Non Current Deferred Taxes Liabilities	21,057
Long Term Debt And Capital Lease Obligation	4,639,746	4,739,983
Long Term Capital Lease Obligation	1,119,876	1,183,051
Long Term Debt	3,519,870	3,556,932
Current Liabilities	2,181,172	3,217,084
Other Current Liabilities	46,231
Current Deferred Liabilities	89,133
Current Deferred Revenue	76,923
Current Debt And Capital Lease Obligation	343,608	598,718
Current Capital Lease Obligation	333,469
Current Debt	10,139	598,718
Other Current Borrowings	10,139
Pensionand Other Post Retirement Benefit Plans Current	162,342
Payables And Accrued Expenses	1,539,858	2,618,366
Current Accrued Expenses	488,194	1,604,003
Interest Payable	46,194
Payables	1,051,664	1,014,363
Total Tax Payable	225,317
Income Tax Payable	94,264
Accounts Payable	826,347	1,014,363
Total Assets	9,290,177	10,431,629
Total Non Current Assets	5,280,663	5,449,517
Other Non Current Assets	77,054	1,331,328
Defined Pension Benefit	73,645
Non Current Prepaid Assets	36,397
Non Current Deferred Assets	626,320
Non Current Deferred Taxes Assets	626,320
Non Current Accounts Receivable	81,022
Financial Assets	11,114
Investments And Advances	105,068
Other Investments	105,068
Goodwill And Other Intangible Assets	2,274,802	2,066,278
Other Intangible Assets	1,687,097	1,474,532
Goodwill	587,705	591,746
Net PPE	1,995,241	2,051,911
Accumulated Depreciation	-1,160,868
Gross PPE	3,156,109	2,051,911
Other Properties	1,320,733	2,051,911
Machinery Furniture Equipment	965,357
Buildings And Improvements	810,543
Land And Improvements	59,476
Current Assets	4,009,514	4,982,112
Other Current Assets	76,365	441,059
Hedging Assets Current	17,800
Assets Held For Sale Current	5,524		0
Prepaid Assets	254,889
Inventory	1,371,274	1,658,700
Finished Goods	1,337,168	1,618,836
Work In Process	34,106	39,748
Raw Materials	0	116
Receivables	1,447,509	1,415,884
Taxes Receivable	19,552
Accounts Receivable	1,427,957	1,415,884
Allowance For Doubtful Accounts Receivable	-23,964	-26,908
Gross Accounts Receivable	1,451,921	1,442,792
Cash Cash Equivalents And Short Term Investments	836,153	1,466,469
Other Short Term Investments	12,210
Cash And Cash Equivalents	823,943	1,466,469
Cash Equivalents	211,100
Cash Financial	612,843

Cash Flow

	2026	2025	2024
Free Cash Flow	-8,017	966,547
Repurchase Of Capital Stock		-548	61
Repayment Of Debt	-582,150	-97
Capital Expenditure	-41,323	-43,889
End Cash Position	832,344	1,479,558
Beginning Cash Position	1,479,558	435,504
Effect Of Exchange Rate Changes	-18,020	13,577
Changes In Cash	-629,194	1,030,477
Financing Cash Flow	-611,929	-527,691
Cash Flow From Continuing Financing Activities	-611,929	-527,691
Net Other Financing Charges	0	0
Cash Dividends Paid	-35,236	-35,196
Common Stock Dividend Paid	-35,236	-35,196
Net Common Stock Issuance	5,841	-548
Common Stock Payments		-548	61
Net Issuance Payments Of Debt	-582,534	-491,947
Net Short Term Debt Issuance	-384	-491,850
Net Long Term Debt Issuance	-582,150	-97
Long Term Debt Payments	-582,150	-97
Investing Cash Flow	-50,571	547,732
Cash Flow From Continuing Investing Activities	-50,571	547,732
Net Other Investing Changes	-9,248	-8,903
Net Business Purchase And Sale	0
Sale Of Business	0
Net Intangibles Purchase And Sale	-13,934	-11,334
Purchase Of Intangibles	-13,934	-11,334
Capital Expenditure Reported	-27,389	-32,555
Operating Cash Flow	33,306	1,010,436
Cash Flow From Continuing Operating Activities	33,306	1,010,436
Change In Working Capital	-270,002	584,301
Change In Other Working Capital	-161,651	-68,088
Change In Payables And Accrued Expense	-356,475	-41,573
Change In Accrued Expense	-161,757	4,959
Change In Payable	-194,718	-46,532
Change In Account Payable	-194,718	-46,532
Change In Inventory	277,077	212,188
Change In Receivables	-28,953	481,774
Changes In Account Receivables	-28,953	481,774
Other Non Cash Items	80,873	272,690
Stock Based Compensation	19,870	18,737
Provisionand Write Offof Assets	1,659	1,369
Asset Impairment Charge	0	-141,938	-128,206
Deferred Tax			-7,777
Deferred Income Tax			-7,777
Depreciation Amortization Depletion	67,483	78,882
Depreciation And Amortization	67,483	78,882
Operating Gains Losses	294,954	-104,450
Pension And Employee Benefit Expense	283,097	34,618
Gain Loss On Sale Of Business	11,857
Net Income From Continuing Operations	-119,282	300,845

📊 Quarterly mode — Graham Fair Value & 7 Criteria require annual data. Switch to Annual for full analysis.

Quarter vs Same Quarter Last Year

YoY strips seasonality

Revenue Growth (YoY)

Prior year: $2.1B ▲ $2.2B +1.0%

Revenue growth vs same quarter last year strips seasonality. Consistent double-digit growth is a Buffett hallmark.

Gross Margin

Prior year: 53.3% ▲ 56.4% +3.1pp

Buffett: consistent gross margin above 40% signals durable pricing power and competitive moat.

Operating Margin

Prior year: 2.9% ▲ 2.8% -0.0pp

Graham: operating margin reflects true business economics before financing. Trend matters as much as level.

Net Margin

Prior year: -7.0% ▲ -5.5% +1.5pp

Net margin can be distorted by one-time items, tax timing, or interest costs — compare to operating margin for signal quality.

Quarterly Health Checks

3 Graham/Buffett criteria that are valid and reliable on quarterly data

✅ Adequate Size

Graham required scale for resilience. Quarterly revenue × 4 gives an annualised proxy.

$2.2B/qtr (≈$8.7B ann.)

vs > $1.5B annualised revenue

❌ Financial Condition

Current assets vs current liabilities — a real-time liquidity snapshot. Valid and reliable on quarterly data.

1.84x current ratio

vs ≥ 2.0x

❌ Free Cash Flow

Buffett's most important single metric. A positive FCF quarter means the business generated real cash for owners after maintaining its asset base.

-$8M

vs Positive

Operating Cash Flow

$33M

Latest quarter · Buffett's cash reality check

ROIC

0.7%

Based on latest annual operating income

Return on Invested Capital — Buffett's preferred measure for asset-light businesses. ROIC > 15% consistently signals a durable competitive advantage (moat). More meaningful than P/B for software, pharma, and consumer brand companies where most value is intangible and off-balance-sheet.

Market Cap / Net Assets

3.7x

Net Assets: $1.8B

⚠️ Operating income is positive but net income is negative. This typically reflects below-the-line items: interest expense, impairment charges, tax adjustments, or one-time write-offs. The core business may be healthy — operating margin is a better signal of ongoing profitability here.

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

0.99%

Low — management has little skin in the game

Return on Equity (ROE)

-6.4%

Weak — poor returns on equity

Return on Assets (ROA)

-1.3%

Poor — assets are not generating adequate returns

Debt Trend YoY

-6.7% YoY

Debt is declining — management is deleveraging

Leadership Team

Bracken Darrell

President, CEO & Director

Age 62

Pay: $4,410,016

Paul Aaron Vogel

EVP & CFO

Age 52

Pay: $1,886,978

Abhishek Dalmia

Executive VP & COO

Age 47

Pay: $1,818,828

Allegra Perry

Vice President of Investor Relations

Brian Beckstead

Founder & Chief Marketing Officer

Top Institutional Holders

Institution	% Owned	Shares
PNC Financial Services Group, Inc.	18.90%	74,134,243
Dodge & Cox Inc.	8.42%	33,024,625
Blackrock Inc.	7.77%	30,502,531
M&G Plc	6.57%	25,786,464
Northern Trust Corporation	5.12%	20,073,830
Vanguard Portfolio Management LLC	4.61%	18,074,302
Vanguard Capital Management LLC	4.28%	16,808,785
AQR Capital Management, LLC	3.66%	14,344,320

Risk Analysis

Beta (Market Risk)

0.97

Low volatility — more stable than the market

Short Interest

9.3% of float

Moderate short interest

Debt-to-Equity

2.69x

High leverage — significant financial risk

Current Ratio

1.44x

Adequate liquidity

52-Week Price Range

Low: $11.06 Current: $17.33 High: $22.27

Currently at 56% of 52-week range

V.F. Corporation

Metric Explanations

Full Graham Analysis

Income Highlights

Balance Sheet Highlights

Cash Flow Highlights

Quarter vs Same Quarter Last Year

Quarterly Health Checks

Operating Cash Flow

ROIC

Market Cap / Net Assets

Peers & Industry

Capital Allocation & Alignment

Leadership Team

Top Institutional Holders

Risk Analysis