Levi Strauss

LEVI · NYSE · Consumer Discretionary · Financials, fiscal 2016 to 2025

LEVI · Last close · October 26, 2026

$21.84

Levi Strauss' revenue rose 4.1% to $6.3 billion in fiscal 2025. Its operating margin was 10.8%, up from 4.4% a year earlier. Free cash flow was $308 million, down 54.1%. It paid out $243 million in dividends and buybacks, 79% of free cash flow. The diluted share count fell 0.7%.

LEVI STRAUSS & CO Latest fiscal year ended November 30, 2025 10-K filed January 28, 2026 · 0000094845-26-000008 Updated October 10, 2026

Revenue

$6.3B

4.1%

Operating margin

10.8%

6.4 pts

Net income

$578M

174.5%

Free cash flow

$308M

54.1%

Return on capital

22.2%

11.9 pts

Market cap

$8.5B

Oct 26 close

P/E

14.6x

On $1.50 EPS, 4 qtrs

Operating margin is operating income as a share of revenue. Free cash flow is cash from operations minus capital spending. Return on capital is after-tax operating income as a share of the money invested in the business: debt plus equity, minus cash. Market cap is the last closing share price times the latest diluted share count, so it is approximate. P/E is the last close divided by diluted earnings per share over the last four quarters, or the latest fiscal year where the quarters aren't available; there is none when the company made a loss.

What Levi Strauss does

Levi Strauss designs and sells jeans, casual pants, activewear, tops, jackets and accessories for men, women and children. Its brands include Levi's, Levi Strauss Signature, a lower-priced line sold through mass-market retailers in the U.S. and Canada, and Beyond Yoga, an activewear brand. Its products are sold in about 120 countries and about 50,000 retail locations, and it says over half of its net revenue in fiscal 2025 came from outside the U.S.

The Levi's brand made 94% of net revenue in fiscal 2025, Levi Strauss Signature 4% and Beyond Yoga 2%. It reports the Levi's brands in three regional segments: the Americas, Europe and Asia. It sells both wholesale, to department stores, specialty shops and online sellers, and directly to shoppers. Its own stores brought in 33% of net revenue and its own websites 11%, while its top ten wholesale customers made up 24%. Levi Strauss says its main competitors are specialty clothing chains that make their own goods, other jeans and khaki brands, athletic and activewear companies, store brands and some online sellers.

At November 30, 2025, Levi Strauss had about 19,000 employees and 1,231 company-run stores in 38 countries. Outside contract manufacturers make its products. In July 2025 it sold the Dockers brand and its U.S. and Canadian operations, and agreed to sell the rest of that business.

Its biggest risks, as it describes them

Losing value in the Levi's name and the reputation of its brands.
Failing to predict what shoppers want and to offer new, on-trend products at attractive prices.
Its reliance on a group of key wholesale customers for a large share of sales.
Its reliance on outside contract manufacturers, many of them overseas, and the risk of tariffs or trade disputes.
Its push to open more of its own stores may not succeed.

From Levi Strauss's annual report on Form 10-K, filed January 28, 2026, in our words; the 10-K has the full description and every risk factor. Updated with each new 10-K.

Charts show fiscal years, from the 10-K filings.

Revenue and margins

Revenue

US$ billions, fiscal years

Margins

Percent of revenue

GrossOperatingNetFree cash flow

Net income and earnings per share

From fiscal 2017 to 2025, earnings per share grew 9.0% a year and net income 9.4% a year, as new shares raised the share count by 4% and diluted each share's earnings.

Net income

US$ billions, fiscal years; loss years in red.

Diluted earnings per share

US$ per share, fiscal years, restated for any stock splits; loss years in red. Where the filings' structured data doesn't give a year's earnings per share, the column is blank.

Returns on capital

Return on capital and on equity

Percent. Return on capital is after-tax operating income over the money invested in the business (debt plus equity, minus cash); return on equity is net income over shareholders' equity. Both use the average of opening and closing balances.

Return on capitalReturn on equity

Cash flow

Free cash flow

US$ billions. Cash from operations minus capital expenditure; negative years in red.

Payouts and share count

Dividends and buybacks

US$ billions, cash paid in each fiscal year

DividendsShare buybacks

Diluted share count

Weighted-average diluted shares, millions

Valuation

Two ways to value Levi Strauss yourself, both starting from its filings: a discounted cash flow model and the price-to-earnings method.

What Levi Strauss says to expect

Full year 2026: tariff refunds being redeployedGuidance includes the impact of IEEPA tariff refunds of which the company is redeploying approximately $60 million for the full year, including approximately $35 million for the fourth quarter. This assumes current tariff rates remain in effect for the remainder of the year.

The company's own words, from its earnings release (Form 8-K, Exhibit 99), filed October 7, 2026. They are its expectations, not ours, and not a forecast or price target from The Filing Desk. Replaced when the next release is out.

Discounted cash flow (DCF)

A discounted cash flow (DCF) model values a business as the cash it may generate in future, discounted back to today. The starting figures come from Levi Strauss' 10-K (or, for net cash and shares, its latest 10-Q) and the assumptions are yours: start from one of three example scenarios, then change any figure to see what it implies for a share, and how that compares with the last share price.

Value per share on three example scenarios, from Levi Strauss' fiscal 2025 free cash flow of $308M, net cash of −$276M at November 30, 2025 and 400 million diluted shares, from its filings. The scenarios are fitted to Levi Strauss: the base scenario's growth in years 1 to 5 is its revenue growth over the last 3 years, 0.6% a year; the cautious and optimistic ones are lower and higher, and growth in years 6 to 10 is halfway to the long-run rate. The base scenario's discount rate is 12%: 11% for a cyclical or higher-risk business (Apparel, Accessories & Luxury Goods), plus 1 point as a smaller company, worth $8.5B; the cautious and optimistic ones use a point more and a point less. Select one to load it into the calculator. These are the model's arithmetic on those assumptions, not a forecast or a price target.

From the filings

Starting free cash flow, US$ millions

Cash from operations minus capital spending in fiscal 2025.

Net cash, US$ millions

Cash and short-term investments minus debt and finance leases at November 30, 2025. Negative means net debt.

Diluted shares, millions

Weighted-average diluted shares in fiscal 2025.

Your assumptions

Start from

Fitted to Levi Strauss's own revenue growth, as above. Cautious: growth of -1.5% then 0% a year, 2% after year 10, a 13% discount rate. Base: growth of 0.5% then 1.5% a year, 2.5% after year 10, a 12% discount rate. Optimistic: growth of 2.5% then 3% a year, 3% after year 10, a 11% discount rate.

Free cash flow growth, years 1 to 5 (% a year)

Free cash flow growth, years 6 to 10 (% a year)

Growth after year 10 (% a year)Long-run growth forever after year 10. Usually close to inflation, and always below the discount rate.

Discount rate (% a year)The yearly return an investor wants for the risk. A higher rate gives a lower value.

Value per share on these assumptions

—

Last close, October 26, 2026: $21.84
Value on these assumptions, against the last close: —

Cash flows in years 1 to 10, valued today: —
Everything after year 10, valued today: —
Plus net cash: —
Share of value from after year 10: —

Projected free cash flow

US$ billions. Each column is one year's projected free cash flow, split into what it is worth today and the part removed by discounting.

Value todayRemoved by discounting

How the value changes with two assumptions

Value per share in US$, with the growth rates above. The highlighted cell matches the current assumptions.

How the model works. Free cash flow grows at the first rate for five years and the second rate for five more, and each year is discounted at the discount rate. Everything after year 10 is valued as year-10 cash flow × (1 + growth after year 10) ÷ (discount rate − growth after year 10), discounted back ten years. Net cash is added and the total is divided by diluted shares. The result depends entirely on the assumptions. It is not a forecast, a price target or a recommendation. The last close is the consolidated US closing price, from Databento.

Price-to-earnings (P/E) method

Another common way to value a company is to multiply its earnings per share by a price-to-earnings (P/E) multiple: the number of years of today's earnings an investor pays for a share. A higher multiple usually means investors expect earnings to grow. Choose a multiple, for example from similar companies, to see the value it gives.

Value per share on three example scenarios, from Levi Strauss' earnings per share of $1.50 (over the last four quarters). Each grows earnings for a year at the cash flow scenarios' rates and applies a multiple to next year's earnings: 17.8×, the middle of Levi Strauss' own P/E today, its peers' median and its sector's median (the Consumer Discretionary median) for the base scenario, 20% less and more for the cautious and optimistic ones. The price is brought back a year at 13%, 12% and 11%. Select one to load it into the calculator. These are the model's arithmetic on those assumptions, not a forecast or a price target.

Earnings per share, US$

Diluted earnings per share over the four quarters to August 30, 2026, from the 10-Qs and 10-K.

P/E multiple

P/E today is the last close divided by the latest earnings per share, the four quarters' where available. Peers: Tapestry, Ralph Lauren.

Earnings growth in the years ahead (% a year) Starts at Levi Strauss' revenue growth over the last 3 years, 0.6% a year, as the base scenario does.

Earnings per share in the years ahead, US$

Year 1Year 2Year 3Year 4Year 5

Type your own estimate for any year; the years after it carry on at the growth rate.

Apply the multiple to earnings

A multiple on a future year's earnings gives the price then, brought back to today at the discount rate below.

Discount rate (% a year) The yearly return an investor wants for the risk, as in the cash flow model.

Value per share today at this multiple

—

Last close, October 26, 2026: $21.84
Value at this multiple, against the last close: —
Levi Strauss' P/E at the last close: 14.6×

Company	Last close	Earnings per share	P/E today
Ralph LaurenRL	$386.95	$15.87	24.4×
TapestryTPR	$110.90	$7.27	15.3×
Levi StraussLEVI	$21.84	$1.50	14.6×

How the P/E method works. Value per share is earnings per share times the multiple. On a future year's earnings, that gives the price in that year, which is brought back to today at the discount rate: price ÷ (1 + discount rate) for each year ahead. It is quick and easy to compare across companies, but it ignores debt and cash, and earnings can swing with one-off gains and charges, so a multiple says most about steady, profitable businesses. Like the cash flow model, the result depends entirely on the assumptions you choose. It is not a forecast, a price target or a recommendation.

Balance sheet

Fiscal year end	FY21	FY22	FY23	FY24	FY25
Cash and short-term investments	902	500	399	690	849
Debt incl. finance leases	1,027	996	1,022	1,000	1,124
Net debt (negative means net cash)	125	496	623	310	276
Net debt to EBITDA	0.1x	0.6x	1.2x	0.7x	0.3x
Debt to equity	0.6x	0.5x	0.5x	0.5x	0.5x
Interest coverage	9.4x	25.2x	7.7x	6.3x	13.9x
Current ratio	1.4x	1.4x	1.5x	1.4x	1.6x
Quick ratio	1.0x	0.7x	0.8x	0.9x	0.9x

US$ millions unless stated, at each fiscal year end. Net debt to EBITDA is debt minus cash, divided by operating income before depreciation and amortization: roughly how many years of those earnings the net debt equals. Debt to equity is debt as a multiple of shareholders' equity. Interest coverage is operating income divided by interest expense. The current ratio is current assets over current liabilities; the quick ratio leaves out inventory.

Insider trades

Over the 12 months between October 27, 2025 and October 26, 2026, no insider bought Levi Strauss shares on the open market, and 7 insiders sold $42.5 million, $35.4 million of it under trading plans set up in advance.

Date	Insider	Trade	Shares	Price	Value	Filing
Jul 23, 2026	Harmit J SinghEVP & Chief Fin. & Growth Ofc.	Sold plan	98,144	$24.22	$2.4 million	Form 4
Jun 12, 2026	Robert D. Haas10% owner	Sold plan	202,135	$24.02	$4.9 million	Form 4
Jun 11, 2026	Robert D. Haas10% owner	Sold plan	488,851	$24.11	$11.8 million	Form 4
Jun 11, 2026	Peter E. Haas Jr. Family Fund10% owner	Sold plan	145,662	$24.01	$3.5 million	Form 4
Jun 11, 2026	Margaret E. Haas10% owner	Sold plan	47,721	$24.01	$1.1 million	Form 4
Jun 10, 2026	Robert D. Haas10% owner	Sold plan	3,182	$24.00	$76,368	Form 4
Jun 3, 2026	David JedrzejekSVP and General Counsel	Sold plan	336	$22.82	$7,668	Form 4
May 27, 2026	Robert D. Haas10% owner	Sold plan	5,832	$24.00	$139,968	Form 4
May 27, 2026	Peter E. Haas Jr. Family Fund10% owner	Sold plan	4,338	$24.00	$104,112	Form 4
May 27, 2026	Margaret E. Haas10% owner	Sold plan	2,279	$24.01	$54,719	Form 4
May 26, 2026	Robert D. Haas10% owner	Sold plan	192,451	$22.68	$4.4 million	Form 4
May 22, 2026	Robert D. Haas10% owner	Sold plan	176,549	$22.01	$3.9 million	Form 4

The latest 12 of 21 trades. Open-market purchases and sales by officers, directors and 10% owners, from their Form 4 filings with the SEC: one row per person, day and filing, at the day's average price. Grants, option exercises and shares withheld for tax aren't counted. Insiders buy and sell for many reasons, such as taxes, spreading their savings or a plan set up months earlier, so a trade on its own says little about where a company is heading. For information only, not investment advice. Insider trades at all companies

Piotroski F-score

The F-score counts how many of nine simple tests of profitability, funding and efficiency a company passed in a year (Piotroski, 2000). The more tests passed, the stronger the year: 8 or 9 is strong, 0 to 2 weak. Companies that report no gross profit are scored on the other eight.

Test	FY23	FY24	FY25
Net income is positive	Pass	Pass	Pass
Cash from operations is positive	Pass	Pass	Pass
Return on assets rose	Fail	Fail	Pass
Cash from operations exceeds net income	Pass	Pass	Fail
Debt fell relative to assets	Fail	Pass	Pass
Current ratio rose	Pass	Fail	Pass
Share count didn't rise	Pass	Fail	Pass
Gross margin rose	Fail	Pass	Pass
Revenue rose relative to assets	Fail	Pass	Fail
F-score	5 of 9	6 of 9	7 of 9
Accruals ratio	−3.1%	−11.1%	0.7%

The accruals ratio is net income minus cash from operations, over average total assets.

Compare

Put Levi Strauss side by side with any other company we cover: revenue, growth, margins, cash flow and returns, with ten years of charts.

Similar companies

Company	Year	Revenue growth	Operating margin	Free cash flow margin	Return on capital	Net debt to EBITDA	F-score	Compare
Levi Strauss	FY25	4.1%	10.8%	4.9%	22.2%	0.3x	7
Amer Sports	FY25	26.7%	10.7%	7.8%	8.5%	0.3x	7	Compare
Under Armour	FY26	−3.8%	−3.3%	−3.3%	−6.0%	—	3	Compare
Tapestry	FY26	14.2%	23.9%	22.6%	77.9%	0.6x	7	Compare
Ralph Lauren	FY26	14.6%	14.5%	9.2%	45.4%	−0.4x	8	Compare

Each company's latest fiscal year. Fiscal years end in different months, so the periods don't line up exactly. Free cash flow margin is free cash flow as a share of revenue. Net debt to EBITDA is explained under the balance sheet, and the F-score above.

10 years of figures

Fiscal year	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Income statement
Revenue	4,553	4,904	5,575	5,763	4,453	5,764	6,169	5,842	6,032	6,282
Revenue growth	1.3%	7.7%	13.7%	3.4%	−22.7%	29.4%	7.0%	−5.3%	3.2%	4.1%
Gross profit	2,329	2,563	2,998	3,101	2,353	3,347	3,549	3,361	3,657	3,878
Research and development	—	—	—	—	—	—	—	—	—	—
Operating income	462	480	540	567	−85	686	646	354	263	678
Net income	291	281	283	395	−127	554	569	250	211	578
Diluted EPS (US$)	—	0.73	0.73	0.97	−0.32	1.35	1.41	0.62	0.52	1.45
Diluted shares (millions)	—	384	389	408	397	410	404	402	402	400
Cash flow
Cash from operations	307	526	420	412	470	737	228	436	898	530
Capital expenditure	103	119	159	175	130	167	267	314	228	221
Free cash flow	204	407	261	237	339	570	−39	122	671	308
Dividends paid	60	70	90	114	64	104	174	190	198	213
Share buybacks	3	25	27	3	56	86	176	8	90	30
Acquisitions	0	0	0	0	55	391	0	12	34	0
Stock-based compensation	9	26	18	55	51	60	61	74	63	82
Balance sheet at fiscal year end
Cash and short-term investments	376	634	713	1,015	1,594	902	500	399	690	849
Debt incl. finance leases	1,045	1,077	1,052	1,014	1,564	1,027	996	1,022	1,000	1,124
Total assets	2,987	3,358	3,543	4,232	5,641	5,900	6,038	6,054	6,376	6,849
Total liabilities	2,396	2,528	2,576	2,661	4,342	4,234	4,134	4,007	4,405	4,570
Shareholders' equity	510	697	660	1,564	1,300	1,666	1,904	2,046	1,970	2,279
Margins and ratios
Gross margin	51.2%	52.3%	53.8%	53.8%	52.8%	58.1%	57.5%	57.5%	60.6%	61.7%
Operating margin	10.2%	9.8%	9.7%	9.8%	−1.9%	11.9%	10.5%	6.1%	4.4%	10.8%
Net margin	6.4%	5.7%	5.1%	6.8%	−2.9%	9.6%	9.2%	4.3%	3.5%	9.2%
Free cash flow margin	4.5%	8.3%	4.7%	4.1%	7.6%	9.9%	−0.6%	2.1%	11.1%	4.9%
Return on capital	28.2%	33.7%	28.6%	36.4%	−4.7%	42.8%	27.0%	13.2%	10.3%	22.2%
Return on equity	69.3%	46.6%	41.7%	35.5%	−8.9%	37.3%	31.9%	12.6%	10.5%	27.2%
Return on assets	9.9%	8.9%	8.2%	10.2%	−2.6%	9.6%	9.5%	4.1%	3.4%	8.7%
Net debt to EBITDA	1.2x	0.7x	0.5x	−0.0x	−0.5x	0.1x	0.6x	1.2x	0.7x	0.3x

US$ millions unless stated. Where a later 10-K restated a year, the latest filed figure is shown. Download all figures (CSV, US$ millions)

Source: Levi Strauss' Form 10-K filings, from SEC EDGAR. For information only, not investment advice. The Filing Desk is not affiliated with Levi Strauss.