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V.F. Corporation
$4.9B
Market Cap
25.6
P/E
0.96
PEG
6.9%
ROCE
15.3%
ROE
2.51
D/E
6.0%
OPM
-38.1%
% from 52W High
27
α RS
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🌏 Global Investor Returns
Currency-adjusted total returns for VFC including FX impact
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📈 Price History
Ratio Health
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About

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.

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📈 Growth Pattern
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⭐ Superinvestors Holding VFC
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Manager Shares Value % of Fund Period
Jim Simons Renaissance Technologies LLC 999.2K $17.0M 0.03% Mar 2026
Steve Cohen Point72 Asset Management 713.2K $12.1M 0.02% Mar 2026

SEC Form 13F data. 45-day lag from quarter end.

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3-Statement Financial Model
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📊 MIXED VF returns to growth in FY2026; operating margin 7%, net debt halved to $2.7B
Revenue & Profitability
Q4 FY2026 revenue was $2.2 billion, up 3% YoY, above guidance of flat to up 2%. Full-year FY2026 revenue grew 1%, the first growth in three years. Q4 operating margin was 2.5%, up 170 bps YoY; full-year operating margin was 7%, expanding 220 bps from 4.8% in fiscal 2024. Net debt reduced from $5.8 billion to $2.7 billion, with leverage improving from 5.1x to 2x (year-end leverage 3.1x). Free cash flow for FY2026 was $505 million including $100 million pension benefit; normalized free cash flow was $405 million, up $90 million YoY. Gross margin for full year FY2026 was 55.2%, expanding about 360 bps from 51.6% in FY2024.
Outlook
Management noted an evolving macro environment with headwinds from the Middle East conflict and tariffs. The Middle East impact is expected to reduce revenue by about 100 bps in FY2027. Tariffs are anticipated to add $70-80 million in cost headwinds, but mitigation actions (sourcing rebalancing, cost sharing with partners) are expected to offset most of the impact. In Europe, weak traffic persists across the industry, but VF's DTC channel is outperforming wholesale. The company expects to grow again in FY2027 (1-2% constant dollar) despite these headwinds.
Growth Drivers
Key growth drivers include The North Face (Americas up 16% in Q4, five consecutive double-digit quarters in footwear), Timberland (sixth consecutive quarter of growth, DTC up 8%, new full-price stores), and Altra (45% Q4 revenue growth, five consecutive double-digit quarters, surpassing $270 million annually). Vans recovery is led by Americas DTC (grew 5% in Q4, first growth in almost four years), driven by new product drops (Pearlized, Authentic up 80% YoY, Slip-Ons returning to growth) and social-first marketing. The company is also investing in women's apparel at Timberland and expanding full-price store networks.
Balance Sheet & CapEx
VF expects a step-up in CapEx of about $100 million year-over-year in FY2027, driven primarily by new full-price store openings for Timberland. The company is also investing in DTC capabilities, including improved e-commerce platforms and digital marketing. AI is being deployed for markdown optimization and supply chain efficiency, with management communicating progress through operational outcomes rather than investment dollars. The company continues to invest in product creation and marketing to support brand momentum.
Margins
Gross margin expanded 360 basis points from FY2024 to FY2026, reaching 55.2% (including a 100 bps benefit from Dickies divestiture). The improvement came from higher-margin product mix, targeted pricing actions, sharper markdowns (using AI and in-season analytics), and inventory discipline. SG&A savings of $225 million were realized (run rate), partially offset by FX, inflation, and deliberate reinvestment in marketing. For FY2027, operating margin is guided to approximately 8%, supported by gross margin expansion and SG&A leverage. The medium-term target is an exit operating margin of 10% in fiscal 2028, with a slight mix shift between gross margin and SG&A due to the Dickies divestiture.
Key Risks
Management highlighted several risks: the ongoing Middle East conflict impacting wholesale revenue (estimated ~100 bps headwind in FY2027), potential tariffs from Section 301 investigations (estimated $70-80 million impact if tariffs resume in mid-July 2026), oil price fluctuations affecting freight and product costs, and macro headwinds in Europe (weak traffic). In the Q&A, analysts raised concerns about Vans' wholesale sell-through vs DTC, and the company acknowledged that wholesale trends are not as strong as DTC but see DTC as a leading indicator. The company also noted that inventory days are expected to be flat in FY2027 as they invest behind growth brands.
Generated by AI · Q4 2026 results · Not investment advice
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✓ 📞 Earnings Call Transcripts (5 quarters) submit a missing quarter
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📞 Earnings Call Transcripts (5)
Q1 2027 Q1 2027 2026-07-29
Q1 revenue was flat year-over-year at $1.7B, exceeding guidance, with The North Face and Timberland growing and Vans down 9%. Raised full-year revenue outlook to 2%+ growth, maintained 8% operating margin guidance, and continued deleveraging. CFO transition announced.
Q4 2026 Q4 2026 2026-05-20
Q4 and FY2026 saw a return to growth, margin expansion, and significant debt reduction. The North Face, Timberland, and Altra delivered strong results, while Vans showed DTC momentum despite global declines. FY2027 guidance calls for continued growth, margin improvement, and further deleveraging.
Q3 2026 Q3 2026 2026-01-28
Q3 saw a return to growth with 2% revenue increase, margin expansion, and significant debt reduction. The North Face, Timberland, and Altra posted strong gains, while Vans showed early signs of improvement. FY26 guidance calls for flat to modest revenue growth and continued margin progress.
Q2 2026 Q2 2026 2025-10-28
Q2 results exceeded guidance with revenue up 2% reported and operating income of $330M. The sale of Dickies for $600M will accelerate debt reduction, and over 65% of the business is now growing. Outlook remains cautious due to tariffs and macro uncertainty.
Q1 2026 Q1 2026 2025-07-30
Q1 results exceeded guidance with improved margins and a reduced net loss, driven by transformation efforts and strong growth in The North Face, Timberland, and Altra. Tariff impacts are expected but are being mitigated, and leverage reduction remains on track.
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Financial Model
Projections are built from each company's audited annual financials (Income Statement, Balance Sheet, Cash Flow) over the last 5 fiscal years. Forward assumptions — revenue growth %, EBITDA margin, D&A (USD millions), interest expense, tax rate, and capex — are AI-generated using historical context and refreshed twice a year: after the December results season and after the September/Q4 results season.

DCF Valuation
Fair Value = Σ(FCFt / (1+WACC)t) + Terminal Value. Terminal Value uses the Gordon Growth Model: FCF5 × (1+g) / (WACC−g). Default WACC: 10% (US risk-free ~4.5%, equity risk premium ~5.5%). Default terminal growth: 3% (long-run US nominal GDP proxy).

CAGR Tracker
Expected 5-year CAGR = (DCF Fair Value / Current Price)1/5 − 1. Assumes fair value is reached in exactly 5 years — a mechanical estimate only.

Data Sources & Limitations
Financial statements sourced from public filings. Prices updated daily. Forward assumptions are AI-generated. All monetary values in USD millions. Non-US ADR companies may have currency conversion inaccuracies. Models are point-in-time and do not update intra-quarter or account for M&A, macro shocks, or extraordinary items.

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Investment Risk:
Investing in securities, including US equities and ETFs, involves inherent risks including the potential loss of principal. All investments are subject to market fluctuations, economic conditions, regulatory changes, and other factors that may affect their value. Past performance is not indicative of future results. This analysis is provided for informational and educational purposes only and should not be construed as investment advice under any circumstances.

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Information Sources:
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