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-5.0%
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-5.8%
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
D
Years to Pay Off Debt-51.0 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$1.3B
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.
Valuation
F
Price-to-Book3.32x
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 like software and consumer brands.
Cash Flow
C
Free Cash Flow-$116M
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$14M
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.
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 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 incorporated in 1899 and is headquartered in Denver, Colorado.
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 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 incorporated in 1899 and is headquartered in Denver, Colorado.
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 like software and consumer brands.
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.
Net Income From Continuing Operation Net Minority Interest
-97,152
300,845
Reconciled Depreciation
57,786
78,882
Reconciled Cost Of Revenue
752,335
1,247,460
EBITDA
-18,688
481,488
EBIT
-76,474
402,606
Net Interest Income
-24,611
-34,611
Interest Expense
30,418
39,747
Interest Income
5,807
5,136
Normalized Income
-97,152
326,312
Net Income From Continuing And Discontinued Operation
-97,152
300,845
Total Expenses
1,752,451
2,556,031
Total Operating Income As Reported
-83,072
289,054
Diluted Average Shares
392,107
397,157
Basic Average Shares
392,107
390,915
Diluted EPS
0
0
Basic EPS
0
0
Diluted NI Availto Com Stockholders
-97,152
300,845
Net Income Common Stockholders
-97,152
300,845
Net Income
-97,152
300,845
Net Income Including Noncontrolling Interests
-97,152
300,845
Net Income Discontinuous Operations
0
Net Income Continuous Operations
-97,152
300,845
Tax Provision
-9,740
62,014
Pretax Income
-106,892
362,859
Other Income Expense
791
77,700
Other Non Operating Income Expenses
791
108,416
Special Income Charges
-30,716
-51,000
Net Non Operating Interest Income Expense
-24,611
-34,611
Interest Expense Non Operating
30,418
39,747
Interest Income Non Operating
5,807
5,136
Operating Income
-83,072
319,770
Operating Expense
1,000,116
1,308,571
Selling General And Administration
1,000,116
1,308,571
Gross Profit
917,044
1,628,341
Cost Of Revenue
752,335
1,247,460
Total Revenue
1,669,379
2,875,801
Operating Revenue
1,669,379
2,875,801
Balance Sheet
2026
2025
2024
Ordinary Shares Number
393,117
391,080
Share Issued
393,117
391,080
Net Debt
2,842,417
2,689,181
Total Debt
4,953,682
5,338,701
Tangible Book Value
-284,868
-281,835
Invested Capital
5,277,097
5,940,093
Working Capital
1,254,148
1,765,028
Net Tangible Assets
-284,868
-281,835
Capital Lease Obligations
1,441,202
1,183,051
Common Stock Equity
1,764,617
1,784,443
Total Capitalization
4,768,034
5,341,375
Total Equity Gross Minority Interest
1,764,617
1,784,443
Stockholders Equity
1,764,617
1,784,443
Gains Losses Not Affecting Retained Earnings
-777,515
-1,001,286
Other Equity Adjustments
-777,515
-1,001,286
Retained Earnings
-1,037,065
-808,221
Additional Paid In Capital
3,480,918
3,496,180
Capital Stock
98,279
97,770
Common Stock
98,279
97,770
Total Liabilities Net Minority Interest
7,699,765
8,647,186
Total Non Current Liabilities Net Minority Interest
4,751,343
5,430,102
Other Non Current Liabilities
632,120
690,119
Derivative Product Liabilities
Employee Benefits
Non Current Pension And Other Postretirement Benefit Plans
Non Current Accrued Expenses
Tradeand Other Payables Non Current
Non Current Deferred Liabilities
Non Current Deferred Taxes Liabilities
Long Term Debt And Capital Lease Obligation
4,119,223
4,739,983
Long Term Capital Lease Obligation
1,115,806
1,183,051
Long Term Debt
3,003,417
3,556,932
Current Liabilities
2,948,422
3,217,084
Other Current Liabilities
Current Deferred Liabilities
Current Deferred Revenue
Current Debt And Capital Lease Obligation
834,459
598,718
Current Capital Lease Obligation
325,396
Current Debt
509,063
598,718
Other Current Borrowings
509,063
Pensionand Other Post Retirement Benefit Plans Current
Payables And Accrued Expenses
2,113,963
2,618,366
Current Accrued Expenses
839,250
1,604,003
Interest Payable
Payables
1,274,713
1,014,363
Total Tax Payable
Income Tax Payable
Accounts Payable
1,274,713
1,014,363
Total Assets
9,464,382
10,431,629
Total Non Current Assets
5,261,812
5,449,517
Other Non Current Assets
1,230,463
1,331,328
Defined Pension Benefit
Non Current Prepaid Assets
Non Current Deferred Assets
Non Current Deferred Taxes Assets
Non Current Accounts Receivable
Financial Assets
Investments And Advances
Other Investments
Goodwill And Other Intangible Assets
2,049,485
2,066,278
Other Intangible Assets
1,463,187
1,474,532
Goodwill
586,298
591,746
Net PPE
1,981,864
2,051,911
Accumulated Depreciation
Gross PPE
1,981,864
2,051,911
Other Properties
1,981,864
2,051,911
Machinery Furniture Equipment
Buildings And Improvements
Land And Improvements
Current Assets
4,202,570
4,982,112
Other Current Assets
417,758
441,059
Hedging Assets Current
Assets Held For Sale Current
0
Prepaid Assets
Inventory
1,899,470
1,658,700
Finished Goods
1,865,067
1,618,836
Work In Process
34,403
39,748
Raw Materials
0
116
Receivables
1,215,279
1,415,884
Taxes Receivable
Accounts Receivable
1,215,279
1,415,884
Allowance For Doubtful Accounts Receivable
-23,149
-26,908
Gross Accounts Receivable
1,238,428
1,442,792
Cash Cash Equivalents And Short Term Investments
670,063
1,466,469
Other Short Term Investments
Cash And Cash Equivalents
670,063
1,466,469
Cash Equivalents
Cash Financial
Cash Flow
2026
2025
2024
Free Cash Flow
-115,762
966,547
Repurchase Of Capital Stock
-5,097
-548
Repayment Of Debt
0
-97
Capital Expenditure
-53,266
-43,889
End Cash Position
680,571
1,479,558
Beginning Cash Position
832,344
435,504
Effect Of Exchange Rate Changes
-4,052
13,577
Changes In Cash
-147,721
1,030,477
Financing Cash Flow
-40,925
-527,691
Cash Flow From Continuing Financing Activities
-40,925
-527,691
Net Other Financing Charges
0
Cash Dividends Paid
-35,377
-35,196
Common Stock Dividend Paid
-35,377
-35,196
Net Common Stock Issuance
-5,097
-548
Common Stock Payments
-5,097
-548
Net Issuance Payments Of Debt
-451
-491,947
Net Short Term Debt Issuance
-451
-491,850
Net Long Term Debt Issuance
0
-97
Long Term Debt Payments
0
-97
Investing Cash Flow
-44,300
547,732
Cash Flow From Continuing Investing Activities
-44,300
547,732
Net Other Investing Changes
20,833
-8,903
Net Business Purchase And Sale
-11,867
Sale Of Business
Purchase Of Business
-11,867
Net Intangibles Purchase And Sale
-13,686
-11,334
Purchase Of Intangibles
-13,686
-11,334
Capital Expenditure Reported
-39,580
-32,555
Operating Cash Flow
-62,496
1,010,436
Cash Flow From Continuing Operating Activities
-62,496
1,010,436
Change In Working Capital
-120,220
584,301
Change In Other Working Capital
-164,884
-68,088
Change In Payables And Accrued Expense
368,139
-41,573
Change In Accrued Expense
-99,782
4,959
Change In Payable
467,921
-46,532
Change In Account Payable
467,921
-46,532
Change In Inventory
-537,005
212,188
Change In Receivables
213,530
481,774
Changes In Account Receivables
213,530
481,774
Other Non Cash Items
70,803
272,690
Stock Based Compensation
22,832
18,737
Provisionand Write Offof Assets
2,130
1,369
Asset Impairment Charge
-141,938
-128,206
Deferred Tax
-7,777
Deferred Income Tax
-7,777
Depreciation Amortization Depletion
57,786
78,882
Depreciation And Amortization
57,786
78,882
Operating Gains Losses
1,325
-104,450
Pension And Employee Benefit Expense
1,325
34,618
Gain Loss On Sale Of Business
Net Income From Continuing Operations
-97,152
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: $1.8B▼ $1.7B-5.2%
Revenue growth vs same quarter last year strips seasonality. Consistent double-digit growth is a Buffett hallmark.
Gross Margin
Prior year: 53.9%▼ 54.9%+1.0pp
Buffett: consistent gross margin above 40% signals durable pricing power and competitive moat.
Operating Margin
Prior year: -4.7%▲ -5.0%-0.3pp
Graham: operating margin reflects true business economics before financing. Trend matters as much as level.
Net Margin
Prior year: -6.6%▲ -5.8%+0.8pp
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.
$1.7B/qtr (≈$6.7B ann.)
vs > $1.5B annualised revenue
❌ Financial Condition
Current assets vs current liabilities — a real-time liquidity snapshot. Valid and reliable on quarterly data.
1.43x 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.
-$116M
vs Positive
Operating Cash Flow
-$62M
Latest quarter · Buffett's cash reality check
ROIC
-1.0%
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
3.3x
Net Assets: $1.8B
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)
-5.5%
Weak — poor returns on equity
Return on Assets (ROA)
-1.0%
Poor — assets are not generating adequate returns
Debt Trend YoY
-0.6% YoY
Debt is declining — management is deleveraging
Leadership Team
Bracken Darrell
President, CEO & Director
Age 62
Pay: $4,410,016
Abhishek Dalmia
Executive VP, CFO & COO
Age 47
Pay: $1,818,828
Allegra Perry
Vice President of Investor Relations
Brian Beckstead
Founder & Chief Marketing Officer
Angelo LaGrega
President of VF Jeans Wear for Mass Brands - Americas
Top Institutional Holders
Institution
% Owned
Shares
PNC Financial Services Group, Inc.
18.86%
74,134,243
Dodge & Cox Inc.
8.40%
33,024,625
Blackrock Inc.
7.76%
30,502,531
M&G Plc
6.56%
25,786,464
Northern Trust Corporation
5.11%
20,073,830
Vanguard Portfolio Management LLC
4.60%
18,074,302
Vanguard Capital Management LLC
4.28%
16,808,785
AQR Capital Management, LLC
3.65%
14,344,320
Risk Analysis
Beta (Market Risk)
0.97
Low volatility — more stable than the market
Short Interest
8.0% of float
Moderate short interest
Debt-to-Equity
2.81x
High leverage — significant financial risk
Current Ratio
1.44x
Adequate liquidity
52-Week Price Range
Low: $11.65Current: $14.92High: $22.27
Currently at 31% of 52-week range
V.F. Corporation (VFC) fundamental analysis — Overall grade F based on profitability, financial health, valuation and cash flow. Graham's
Fair Value: N/A (negative EPS). Gross profit margin: 54.9%. Operating margin: -5.0%. Net margin: -5.8%. Market cap: $5.9B. 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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