# Levi Strauss & (LEVI.US)

Canonical: https://gigainvestors.com/s/LEVI

Analysis as of: 2026-10-16T07:29:48.260Z. Financial observations: FY2012–FY2026.

Listing currency: USD. Reporting currency: USD.

## Verdict

Not a wonderful business

Quality tests for Buy: not passed (profit record: pass; earnings resilience is evidence only). Published buy qualification: no.

Share price: $20.65 per share; close as of 2026-10-15.

## Checklist

### understandable: fail

- 2 revenue declines in the last 10 years (informational)

- operating margin variation exceeds 0.35

- Financial history: 10 years

- Years with declining revenue: 2

- Years with a net loss: 1

- Operating margin variation: 0.51×

Chart: Operating margin; fiscal year observations.

- FY2017: 0.10×

- FY2018: 0.10×

- FY2019: 0.10×

- FY2020: -0.02×

- FY2021: 0.12×

- FY2022: 0.10×

- FY2023: 0.06×

- FY2024: 0.04×

- FY2025: 0.11×

- LTM to May 2026: 0.12×

### moat: fail

- ROIC worst years below threshold (more than 1 bad year allowed)

- ROIC, median of available years: 18.7%

- ROIC, second-lowest year: 7.9%

- Typical minus recent gross margin: -4.5 pp

- Typical gross margin (annual median): 57.2%

- Recent gross margin (lower of latest and 3-year median): 61.7%

- Years with nonpositive capital: 0

- Capital spending / revenue: 3.1%

- ROIC including acquisitions, ten-year median: 16.4%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2017: 37.4%

- FY2018: 36.9%

- FY2019: 35.3%

- FY2020: -3.2%

- FY2021: 25.0%

- FY2022: 18.1%

- FY2023: 9.4%

- FY2024: 7.9%

- FY2025: 15.5%

- LTM to May 2026: 19.4%

### economics: pass

- Owner earnings / net income, 5-yr: 0.92×

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: $2.1B

- Net income, five-year total: $2.2B

- Return on incremental invested capital: 49.6%

- Working capital / revenue, annual change: -0.0 pp

- Working capital / revenue, change between three-year averages: -1.0 pp

- Working capital / revenue, final three-year average: 19.5%

Chart: Annual owner cash / profit; fiscal year observations.

- FY2022: 0.96×

- FY2023: 0.42×

- FY2024: 1.00×

- FY2025: 0.97×

- LTM to May 2026: 1.01×

### management: fail

- buybacks leaned toward cheaper years (informational)

- ROIC first 3 years vs last 3 years: 36.9% vs 9.4%

- Per-share earnings: 0.73 to 0.62 (three-year endpoint medians)

- per-share value declined or ends nonpositive

- Management verdict uses per-share economic progress: Yes

- Ordinary dilution, 10-year annual growth: 0.7%

- Ordinary dilution, 5-year annual growth: 0.1%

- Diluted shares, 10-year annual growth: 0.7%

- Diluted shares, 5-year annual growth: 0.1%

- Per-share value growth: -2.0%

- Per-share value change: -$0.11

- Per-share value, starting three-year median: $0.73

- Per-share value, ending three-year median: $0.62

- Buybacks concentrated in cheaper years (correlation): 0.54

- Average buyback yield: 1.1%

- Buyback history: 7 years

- Debt-funded buybacks: No

- Acquisition spending: $495M

- Cumulative net income, 10 years: $3.3B

- ROIC, first three-year median: 36.9%

- ROIC, last three-year median: 9.4%

Chart: Earnings per share; fiscal year observations.

- FY2016: $0.78

- FY2017: $0.73

- FY2018: $0.73

- FY2019: $0.97

- FY2020: -$0.32

- FY2021: $1.35

- FY2022: $1.41

- FY2023: $0.62

- FY2024: $0.52

- FY2025: $1.45

### accounting: pass

- restructuring or one-time charges in at least three of five years

- Sloan accruals: 0.5%

- Receivables to sales index (DSRI): 1.10×

- Restructuring years, last five: 5

- Stock compensation / operating cash flow: 15.0%

- Earnings backed by cash: Yes

- Operating cash / earnings: 0.94×

- Accounting red flags: 1

- Goodwill and intangibles / equity: 0.21×

Chart: Sloan accruals; fiscal year observations.

- FY2016: -0.5%

- FY2017: -7.3%

- FY2018: -3.9%

- FY2019: -0.4%

- FY2020: -10.6%

- FY2021: -3.1%

- FY2022: 5.6%

- FY2023: -3.1%

- FY2024: -10.8%

- FY2025: 0.5%

## Holders

- [Thomas Russo](https://gigainvestors.com/GR): tracked 13F investor; follow the investor page for holding quarter and amounts.

- [Allen Bond](https://gigainvestors.com/JIM): tracked 13F investor; follow the investor page for holding quarter and amounts.

## Price story

Down 21% since Oct 2021 · "Levi’s stock falls 5% despite Q2 beat as full-year earnings guidance disappoints" (finance.yahoo.com, Jul 2026) · sales +5.3%

Story as of 2026-10-16T09:59:03.692Z; price observation 2026-10-15.

- 2025-07-11: Levi Strauss raises full-year revenue growth outlook to 4.5%-5.5% as DTC-first strategy accelerates ([seekingalpha.com](https://seekingalpha.com/news/4466662-levi-strauss-raises-full-year-revenue-growth-outlook-to-4_5-percentminus-5_5-percent-as-dtc?utm_source=feed_news_all&utm_medium=referral&feed_item_type=news))

- 2025-10-10: Levi Strauss slips as tariff-related costs overshadow forecast hike ([finance.yahoo.com](https://finance.yahoo.com/video/levi-strauss-slips-tariff-related-192836315.html))

- 2025-11-11: Levi's brings $300 jeans to more stores on premium denim demand ([finance.yahoo.com](https://finance.yahoo.com/video/levis-brings-300-jeans-more-174932311.html))

- 2026-01-29: LEVI Q4 Deep Dive: Flat Sales, DTC Growth, and Margin Pressures Shape 2026 Outlook ([finance.yahoo.com](https://finance.yahoo.com/news/levi-q4-deep-dive-flat-053229777.html))

- 2026-02-18: Levi Strauss Tests Premium Pricing Power And Margin Story After Tariffs ([finance.yahoo.com](https://finance.yahoo.com/news/levi-strauss-tests-premium-pricing-081113036.html))

- 2026-04-07: Levi Strauss beats Q1 estimates, raises full-year guidance on strong global sales ([finance.yahoo.com](https://finance.yahoo.com/markets/stocks/articles/levi-strauss-beats-q1-estimates-203900450.html))

### Sales · FY2025–2026

sales +5.3%; source https://www.sec.gov/Archives/edgar/data/94845/000009484526000008/lvis-20251130.htm; observed 2026-01-28.

- FY2017: $4.9B 

- FY2018: $5.6B 

- FY2019: $5.8B 

- FY2020: $4.5B 

- FY2021: $5.8B 

- FY2022: $6.2B 

- FY2023: $6.2B 

- FY2024: $6.4B 

- FY2025: $6.3B 

- FY2026: $6.6B 

### Gross margin · FY2026

gross margin 61.7%; source https://www.sec.gov/Archives/edgar/data/94845/000009484526000008/lvis-20251130.htm; observed 2026-01-28.

- FY2017: 52.3% 

- FY2018: 53.8% 

- FY2019: 53.8% 

- FY2020: 52.8% 

- FY2021: 58.1% 

- FY2022: 57.5% 

- FY2023: 56.9% 

- FY2024: 60.0% 

- FY2025: 61.7% 

- FY2026: 61.7% 

## Owner memo

Memo as of 2026-10-16T08:06:05.509Z.

### How it makes money

Operates in apparel manufacturing; annual sales are USD 6.3 billion.

- Source: https://www.sec.gov/Archives/edgar/data/94845/000009484526000008/lvis-20251130.htm (filed 2026-01-28); FY2025: revenue 6282000000; grossProfit 3877800000; margin = grossProfit / revenue.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); LEVI.US: Levi Strauss & Co. designs, markets, and sells apparels and related accessories for men, women, and children in the United States and internationally. The company offers jeans, casual and dress pants, activewears, tops, shorts, skirts, dresses, jumpsuits, shirts, sweaters, jackets, footwear, and related accessories under the Levi's, Levi Strauss Signature, Denizen, and Beyond Yoga brands. It sells its products through third-party retailers, such as department stores, specialty retailers, third-party e-commerce sites, and franchisees; and directly to consumers through company-operated mainline and outlet stores, company-operated e-commerce sites, and select shop-in-shops located in department stores and other third-party retail locations. The company also operates brand-dedicated stores and shop-in-shops. Levi Strauss & Co. was founded in 1853 and is headquartered in San Francisco, California.

### Why customers stay

Margins ranged from 56.9% to 61.7% during 2023–25; it earns 18.7% on its capital.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-01-28); FY2023: grossProfit / revenue = 56.9%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-01-28); FY2024: grossProfit / revenue = 60%.

- Source: https://www.sec.gov/Archives/edgar/data/94845/000009484526000008/lvis-20251130.htm (filed 2026-01-28); FY2025: grossProfit / revenue = 61.7%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-01-28); 10-year return on capital observations [[2017,0.37414522525862476],[2018,0.3689622085603456],[2019,0.3531389296029863],[2020,-0.032008961403512115],[2021,0.25001051295392807],[2022,0.181022807300805],[2023,0.0943473065085755],[2024,0.07896590292466307],[2025,0.15530216733040225],[2026,0.19366291939051153]]; median 0.18734286334565825. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Can it raise prices

Kept about a 58% gross margin through 2022 cost inflation.

- Source: https://www.sec.gov/Archives/edgar/data/94845/000009484526000008/lvis-20251130.htm (filed 2026-01-28); Gross margin observations: [[2021,0.5806311698676243],[2022,0.5753007165321142],[2023,0.568975562388736]]; range within 2 percentage points.

### Where the cash goes

Paid dividends in 10 of 10 years; bought back USD 150.5 million of shares.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-01-28); FY2016: growth capex 0; upkeep 102950000; cash acquisitions 0; owner earnings 291980000. Growth capex plus acquisitions / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-01-28); FY2017: growth capex 1231000; upkeep 117387000; owner earnings 281403000. Growth capex / owner earnings = 0.004374509155908075.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-01-28); FY2018: growth capex 39208000; upkeep 120205000; cash acquisitions 0; owner earnings 283142000. Growth capex plus acquisitions / owner earnings = 0.13847468761257603.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-01-28); FY2019: growth capex 16305335.484898627; upkeep 159050664.51510137; cash acquisitions 0; owner earnings 359503335.4848986. Growth capex plus acquisitions / owner earnings = 0.045355171636741465.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-01-28); FY2021: growth capex 23744000; upkeep 143200000; cash acquisitions 390900000; owner earnings 553541000. Growth capex plus acquisitions / owner earnings = 0.7490754975692857.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-01-28); FY2022: growth capex 83817016.16087064; upkeep 183282983.83912936; cash acquisitions 0; owner earnings 544717016.1608707. Growth capex plus acquisitions / owner earnings = 0.15387258645159904.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-01-28); FY2023: growth capex 2559270.8309999704; upkeep 311040729.169; cash acquisitions 12100000; owner earnings 103859270.83099997. Growth capex plus acquisitions / owner earnings = 0.14114552041149575.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-01-28); FY2024: growth capex 34300000; upkeep 193200000; cash acquisitions 34400000; owner earnings 210600000. Growth capex plus acquisitions / owner earnings = 0.3262108262108262.

- Source: https://www.sec.gov/Archives/edgar/data/94845/000009484526000008/lvis-20251130.htm (filed 2026-01-28); FY2025: growth capex 0; upkeep 221400000; cash acquisitions 0; owner earnings 563000000. Growth capex plus acquisitions / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-01-28); Dividend observations: [[2016,60000000],[2017,70000000],[2018,90000000],[2019,113914000],[2020,63639000],[2021,104431000],[2022,174300000],[2023,190500000],[2024,198500000],[2025,212900000]]. Zero only counted when supported by a complete cash-flow statement.

- Source: https://www.sec.gov/Archives/edgar/data/94845/000009484526000008/lvis-20251130.htm (filed 2026-01-28); FY2025: cash repurchases 150500000 USD.

### Are managers owners

Insiders own 2.3% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); LEVI.US SharesStats.PercentInsiders = 2.2560000000000002 percentage points; cache date 2026-10-16.

### What the price says

The price is 1.3 times annual sales.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-01-28); Closing price 20.65 USD; reporting-to-trading FX 1; FY2025 annual sales per share 15.71485085425799; price multiple 1.3140436515440943. FY2025 cash earnings/share 1.4083828447862543. Closing-price date 2026-10-15.

## Monthly share-price history (USD per share)

- 2019-03: $23.55 per share

- 2019-04: $22.41 per share

- 2019-05: $19.42 per share

- 2019-06: $20.88 per share

- 2019-07: $19.06 per share

- 2019-08: $16.90 per share

- 2019-09: $19.04 per share

- 2019-10: $17.82 per share

- 2019-11: $16.78 per share

- 2019-12: $19.29 per share

- 2020-01: $19.64 per share

- 2020-02: $16.99 per share

- 2020-03: $12.43 per share

- 2020-04: $12.89 per share

- 2020-05: $13.49 per share

- 2020-06: $13.40 per share

- 2020-07: $12.16 per share

- 2020-08: $12.32 per share

- 2020-09: $13.40 per share

- 2020-10: $15.78 per share

- 2020-11: $18.39 per share

- 2020-12: $20.08 per share

- 2021-01: $19.71 per share

- 2021-02: $23.26 per share

- 2021-03: $23.91 per share

- 2021-04: $28.86 per share

- 2021-05: $26.76 per share

- 2021-06: $27.72 per share

- 2021-07: $27.52 per share

- 2021-08: $26.21 per share

- 2021-09: $24.51 per share

- 2021-10: $26.18 per share

- 2021-11: $25.57 per share

- 2021-12: $25.03 per share

- 2022-01: $21.93 per share

- 2022-02: $22.65 per share

- 2022-03: $19.76 per share

- 2022-04: $18.11 per share

- 2022-05: $18.16 per share

- 2022-06: $16.32 per share

- 2022-07: $18.92 per share

- 2022-08: $16.89 per share

- 2022-09: $14.47 per share

- 2022-10: $14.96 per share

- 2022-11: $16.53 per share

- 2022-12: $15.52 per share

- 2023-01: $18.40 per share

- 2023-02: $17.94 per share

- 2023-03: $18.23 per share

- 2023-04: $14.46 per share

- 2023-05: $13.23 per share

- 2023-06: $14.43 per share

- 2023-07: $15.07 per share

- 2023-08: $13.77 per share

- 2023-09: $13.58 per share

- 2023-10: $13.67 per share

- 2023-11: $15.49 per share

- 2023-12: $16.54 per share

- 2024-01: $16.28 per share

- 2024-02: $18.17 per share

- 2024-03: $19.99 per share

- 2024-04: $21.22 per share

- 2024-05: $24.01 per share

- 2024-06: $19.28 per share

- 2024-07: $18.33 per share

- 2024-08: $19.27 per share

- 2024-09: $21.80 per share

- 2024-10: $17.09 per share

- 2024-11: $17.46 per share

- 2024-12: $17.30 per share

- 2025-01: $19.03 per share

- 2025-02: $17.97 per share

- 2025-03: $15.59 per share

- 2025-04: $16.01 per share

- 2025-05: $17.35 per share

- 2025-06: $18.49 per share

- 2025-07: $19.69 per share

- 2025-08: $22.37 per share

- 2025-09: $23.30 per share

- 2025-10: $20.28 per share

- 2025-11: $22.03 per share

- 2025-12: $20.74 per share

- 2026-01: $19.88 per share

- 2026-02: $22.16 per share

- 2026-03: $18.49 per share

- 2026-04: $22.28 per share

- 2026-05: $23.20 per share

- 2026-06: $24.83 per share

- 2026-07: $24.52 per share

- 2026-08: $20.76 per share

- 2026-09: $19.70 per share

- 2026-10: $20.65 per share

## Annual estimated value (USD per share)

Historical values use today's bond yield for every fiscal year

Historical values use today's FX rate into trading currency for every fiscal year

Historical values use current restated fundamentals and current commodity classification; they are not point-in-time estimates

## Sources

[Original 10-K filing](https://www.sec.gov/Archives/edgar/data/94845/000009484526000008/lvis-20251130.htm); period 2025-11-30, filed 2026-01-28.

Estimates depend on assumptions and are not guarantees or investment advice. Underlying data remains subject to its source licenses; public reading does not grant bulk redistribution rights.