# VF (VFC.US)

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

Analysis as of: 2026-10-16T07:32:51.336Z. Financial observations: FY2018–FY2026.

Listing currency: USD. Reporting currency: USD.

## Verdict

Not a wonderful business

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

Share price: $17.00 per share; close as of 2026-10-15.

Estimated value: low $3.83 per share, central $4.19 per share, high $4.66 per share. Buy at or below the central value $4.19 per share. Valuation as of 2026-10-16T07:32:51.336Z; scenarios are not confidence intervals.

Expected annual return: 4.3% at the stated quote. About 4.3% a year at today's price (required return 10.0%). required return 10.0% a year (10% floor; US 10-year bond 5.1% + 4 points).

## Checklist

### understandable: fail

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

- operating margin variation exceeds 0.35

- Financial history: 9 years

- Years with declining revenue: 5

- Years with a net loss: 2

- Operating margin variation: 0.58×

Chart: Operating margin; fiscal year observations.

- FY2018: 0.12×

- FY2019: 0.12×

- FY2020: 0.09×

- FY2021: 0.07×

- FY2022: 0.14×

- FY2023: 0.09×

- FY2024: -0.01×

- FY2025: 0.03×

- FY2026: 0.06×

### moat: fail

- ROIC median below threshold

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

- ROIC, median of available years: 12.1%

- ROIC, second-lowest year: 3.4%

- Typical minus recent gross margin: 0.0 pp

- Typical gross margin (annual median): 53.5%

- Recent gross margin (lower of latest and 3-year median): 53.5%

- Years with nonpositive capital: 0

- Capital spending / revenue: 2.4%

- ROIC including acquisitions, ten-year median: 6.0%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2018: 16.7%

- FY2019: 19.2%

- FY2020: 13.3%

- FY2021: 7.2%

- FY2022: 19.6%

- FY2023: 12.1%

- FY2024: -1.5%

- FY2025: 3.4%

- FY2026: 8.4%

### economics: fail

- incremental invested capital return below threshold

- Owner earnings / net income, 5-yr: 1.56×

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: $936M

- Net income, five-year total: $602M

- Return on incremental invested capital: 0.0%

- Working capital / revenue, annual change: 0.4 pp

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

- FY2022: 1.00×

- FY2023: 0.92×

- FY2024: 0.90×

- FY2025: 0.30×

- FY2026: 1.45×

### management: fail

- Historical market-dollar context (not the management verdict): 2018 to 2026 (8 years)

- potential debt-funded buybacks (informational)

- buybacks leaned toward cheaper years (informational)

- ROIC first 3 years vs last 3 years: 16.7% vs 3.4%

- Per-share earnings: 1.70 to -0.48 (three-year endpoint medians)

- per-share value declined or ends nonpositive

- Management verdict uses per-share economic progress: Yes

- Ordinary dilution, 5-year annual growth: 0.2%

- Market cap gain: -$23B

- Cumulative retained earnings: -$1.8B

- Diluted shares, 5-year annual growth: 0.2%

- $1 test, starting fiscal year: FY2018

- $1 test, ending fiscal year: FY2026

- Per-share value change: -$2.18

- Per-share value, starting three-year median: $1.70

- Per-share value, ending three-year median: -$0.48

- Buybacks concentrated in cheaper years (correlation): 0.68

- Average buyback yield: 1.1%

- Buyback history: 7 years

- Debt-funded buybacks: Yes

- ROIC, first three-year median: 16.7%

- ROIC, last three-year median: 3.4%

Chart: Earnings per share; fiscal year observations.

- FY2018: $1.65

- FY2019: $3.15

- FY2020: $1.70

- FY2021: $1.04

- FY2022: $3.53

- FY2023: $0.31

- FY2024: -$2.49

- FY2025: -$0.48

- FY2026: $0.64

### accounting: pass

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

- Sloan accruals: -4.5%

- Receivables to sales index (DSRI): 1.07×

- Restructuring years, last five: 5

- Stock compensation / operating cash flow: 11.5%

- Earnings backed by cash: Yes

- Operating cash / earnings: 2.63×

- Accounting red flags: 1

- Goodwill and intangibles / equity: 1.11×

Chart: Sloan accruals; fiscal year observations.

- FY2018: 8.7%

- FY2019: -3.9%

- FY2020: -1.8%

- FY2021: -6.6%

- FY2022: 3.9%

- FY2023: 5.5%

- FY2024: -17.1%

- FY2025: -7.0%

- FY2026: -4.5%

## Holders

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

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

## Price story

Down 77% since Dec 2021 · "VFC Slides 14.2% in a Month as Vans Weakness Tests the Turnaround" (finance.yahoo.com, Aug 2026) · sales +1.1%

Story as of 2026-10-16T09:59:47.766Z; price observation 2026-10-15.

Price needs cash profits to grow 22.3% a year for ten years

- 2025-05-21: VF Corp misses quarterly revenue estimates as tariff uncertainty hits demand ([finance.yahoo.com](https://finance.yahoo.com/news/vf-corp-misses-quarterly-revenue-120119167.html))

- 2025-10-29: VFC Q3 Deep Dive: Turnaround Progress Tempered by Persistent Brand Challenges and Tariff Headwinds ([finance.yahoo.com](https://finance.yahoo.com/news/vfc-q3-deep-dive-turnaround-053121415.html))

- 2026-01-29: VFC Q4 Deep Dive: Mixed Brand Recovery Offsets Weak Forward Guidance ([finance.yahoo.com](https://finance.yahoo.com/news/vfc-q4-deep-dive-mixed-053214590.html))

- 2026-07-29: North Face Parent VF Corp. Stock Nosedives After Disappointing Vans Performance, CFO Departure ([finance.yahoo.com](https://finance.yahoo.com/markets/stocks/articles/north-face-parent-vf-corp-175149386.html))

- 2026-08-18: VFC Slides 14.2% in a Month as Vans Weakness Tests the Turnaround ([finance.yahoo.com](https://finance.yahoo.com/markets/stocks/articles/vfc-slides-14-2-month-181100200.html))

### Sales · FY2025–2026

sales +1.1%; source https://www.sec.gov/Archives/edgar/data/103379/000010337926000030/vfc-20260328.htm; observed 2026-05-20.

- FY2018: $11B 

- FY2019: $10B 

- FY2020: $10B 

- FY2021: $9.2B 

- FY2022: $12B 

- FY2023: $11B 

- FY2024: $9.9B 

- FY2025: $9.5B 

- FY2026: $9.6B 

### Gross margin · FY2026

gross margin 54.8%; source https://www.sec.gov/Archives/edgar/data/103379/000010337926000030/vfc-20260328.htm; observed 2026-05-20.

- FY2018: 51.2% 

- FY2019: 54.8% 

- FY2020: 55.5% 

- FY2021: 53.2% 

- FY2022: 54.5% 

- FY2023: 52.3% 

- FY2024: 51.6% 

- FY2025: 53.5% 

- FY2026: 54.8% 

## Owner memo

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

### How it makes money

Operates in apparel manufacturing; annual sales are USD 9.6 billion.

- Source: https://www.sec.gov/Archives/edgar/data/103379/000010337926000030/vfc-20260328.htm (filed 2026-05-20); FY2026: revenue 9605207000; grossProfit 5261715000; margin = grossProfit / revenue.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); VFC.US: 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.

### Why customers stay

Margins ranged from 51.6% to 54.8% during 2024–26; it earns 12.1% on its capital.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-05-20); FY2024: grossProfit / revenue = 51.6%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-05-20); FY2025: grossProfit / revenue = 53.5%.

- Source: https://www.sec.gov/Archives/edgar/data/103379/000010337926000030/vfc-20260328.htm (filed 2026-05-20); FY2026: grossProfit / revenue = 54.8%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-05-20); 9-year return on capital observations [[2018,0.16682031221992674],[2019,0.19221265433897483],[2020,0.13281670753511532],[2021,0.07182139476405824],[2022,0.19571236500055234],[2023,0.12078983733947593],[2024,-0.014900167951560971],[2025,0.03392269672557695],[2026,0.08387210087186014]]; median 0.12078983733947593. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Where the cash goes

Paid dividends in 9 of 9 years.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-05-20); FY2018: growth capex 0; upkeep 73663000; owner earnings 868549000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-05-20); FY2019: growth capex 0; upkeep 269002000; cash acquisitions 320405000; owner earnings 1246519000. Growth capex plus acquisitions / owner earnings = 0.2570398044474252.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-05-20); FY2020: growth capex 29808407.26592356; upkeep 304027592.73407644; cash acquisitions 0; owner earnings 643040407.2659235. Growth capex plus acquisitions / owner earnings = 0.046355418616168806.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-05-20); FY2021: growth capex 0; upkeep 274200000; cash acquisitions 2009151000; owner earnings 391483999. Growth capex plus acquisitions / owner earnings = 5.132140790254878.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-05-20); FY2022: growth capex 68401000; upkeep 259919000; cash acquisitions 3760000; owner earnings 1386941000. Growth capex plus acquisitions / owner earnings = 0.05202888947691358.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-05-20); FY2023: growth capex 0; upkeep 261251000; cash acquisitions 0; owner earnings 109259000. Growth capex plus acquisitions / owner earnings = 0.

- Source: https://www.sec.gov/Archives/edgar/data/103379/000010337926000030/vfc-20260328.htm (filed 2026-05-20); FY2026: growth capex 0; upkeep 165806000; owner earnings 369643000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-05-20); Dividend observations: [[2018,181373000],[2019,767061000],[2020,748663000],[2021,756784000],[2022,773205000],[2023,702846000],[2024,303140000],[2025,140165000],[2026,140744000]]. Zero only counted when supported by a complete cash-flow statement.

### Are managers owners

Insiders own 1% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); VFC.US SharesStats.PercentInsiders = 1 percentage points; cache date 2026-10-16.

### What the price says

The price assumes cash profits grow 22.3% yearly over ten years.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-05-20); Ten-year compound average after fade. Initial solved rate 0.3123575544162219. Price 17; FX 1; discount 0.1; same standard ten-year fade to terminal 0.03.  Closing-price date 2026-10-15.

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

- 2016-10: $54.21 per share

- 2016-11: $54.51 per share

- 2016-12: $53.35 per share

- 2017-01: $51.48 per share

- 2017-02: $52.45 per share

- 2017-03: $54.97 per share

- 2017-04: $54.63 per share

- 2017-05: $53.80 per share

- 2017-06: $57.60 per share

- 2017-07: $62.19 per share

- 2017-08: $62.87 per share

- 2017-09: $63.57 per share

- 2017-10: $69.65 per share

- 2017-11: $72.96 per share

- 2017-12: $74.00 per share

- 2018-01: $81.14 per share

- 2018-02: $74.57 per share

- 2018-03: $74.12 per share

- 2018-04: $80.87 per share

- 2018-05: $81.16 per share

- 2018-06: $81.52 per share

- 2018-07: $92.07 per share

- 2018-08: $92.13 per share

- 2018-09: $93.45 per share

- 2018-10: $82.88 per share

- 2018-11: $81.29 per share

- 2018-12: $71.34 per share

- 2019-01: $84.17 per share

- 2019-02: $87.36 per share

- 2019-03: $86.91 per share

- 2019-04: $94.41 per share

- 2019-05: $81.88 per share

- 2019-06: $87.35 per share

- 2019-07: $87.39 per share

- 2019-08: $81.95 per share

- 2019-09: $88.99 per share

- 2019-10: $82.29 per share

- 2019-11: $88.54 per share

- 2019-12: $99.66 per share

- 2020-01: $82.97 per share

- 2020-02: $72.00 per share

- 2020-03: $54.08 per share

- 2020-04: $58.10 per share

- 2020-05: $56.10 per share

- 2020-06: $60.94 per share

- 2020-07: $60.36 per share

- 2020-08: $65.75 per share

- 2020-09: $70.25 per share

- 2020-10: $67.20 per share

- 2020-11: $83.40 per share

- 2020-12: $85.41 per share

- 2021-01: $76.87 per share

- 2021-02: $79.13 per share

- 2021-03: $79.92 per share

- 2021-04: $87.66 per share

- 2021-05: $79.72 per share

- 2021-06: $82.04 per share

- 2021-07: $80.20 per share

- 2021-08: $76.47 per share

- 2021-09: $66.99 per share

- 2021-10: $72.88 per share

- 2021-11: $71.73 per share

- 2021-12: $73.22 per share

- 2022-01: $65.21 per share

- 2022-02: $58.02 per share

- 2022-03: $56.86 per share

- 2022-04: $52.00 per share

- 2022-05: $50.46 per share

- 2022-06: $44.17 per share

- 2022-07: $44.68 per share

- 2022-08: $41.45 per share

- 2022-09: $29.91 per share

- 2022-10: $28.25 per share

- 2022-11: $32.82 per share

- 2022-12: $27.61 per share

- 2023-01: $30.94 per share

- 2023-02: $24.82 per share

- 2023-03: $22.91 per share

- 2023-04: $23.51 per share

- 2023-05: $17.22 per share

- 2023-06: $19.09 per share

- 2023-07: $19.81 per share

- 2023-08: $19.76 per share

- 2023-09: $17.67 per share

- 2023-10: $14.73 per share

- 2023-11: $16.73 per share

- 2023-12: $18.80 per share

- 2024-01: $16.46 per share

- 2024-02: $16.34 per share

- 2024-03: $15.34 per share

- 2024-04: $12.46 per share

- 2024-05: $13.28 per share

- 2024-06: $13.50 per share

- 2024-07: $16.96 per share

- 2024-08: $18.21 per share

- 2024-09: $19.95 per share

- 2024-10: $20.71 per share

- 2024-11: $20.23 per share

- 2024-12: $21.46 per share

- 2025-01: $25.97 per share

- 2025-02: $24.93 per share

- 2025-03: $15.52 per share

- 2025-04: $11.88 per share

- 2025-05: $12.46 per share

- 2025-06: $11.75 per share

- 2025-07: $11.72 per share

- 2025-08: $15.13 per share

- 2025-09: $14.43 per share

- 2025-10: $14.04 per share

- 2025-11: $17.50 per share

- 2025-12: $18.08 per share

- 2026-01: $19.59 per share

- 2026-02: $19.42 per share

- 2026-03: $16.99 per share

- 2026-04: $18.93 per share

- 2026-05: $17.18 per share

- 2026-06: $16.68 per share

- 2026-07: $14.32 per share

- 2026-08: $13.44 per share

- 2026-09: $14.06 per share

- 2026-10: $17.00 per share

## Annual estimated value (USD per share)

- FY2022: low $27.58 per share, central $31.01 per share, high $35.59 per share

- FY2023: low $20.66 per share, central $23.30 per share, high $26.81 per share

- FY2024: low $13.41 per share, central $15.04 per share, high $17.21 per share

- FY2025: low $3.22 per share, central $3.58 per share, high $4.05 per share

- FY2026: low $4.24 per share, central $4.60 per share, high $5.08 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/103379/000010337926000030/vfc-20260328.htm); period 2026-03-28, filed 2026-05-20.

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.