VF

VFC · NYSE · Consumer Discretionary · Financials, fiscal 2016 to 2026

VFC · Last close · October 26, 2026

$16.95

VF's revenue rose 1.1% to $9.6 billion in fiscal 2026. Its operating margin was 6.0%, up from 3.2% a year earlier. Free cash flow was $557 million, up 46.9%. It paid out $141 million in dividends and buybacks, 25% of free cash flow. The diluted share count rose 0.8%.

V. F. CORPORATION Latest fiscal year ended March 28, 2026 10-K filed May 20, 2026 · 0000103379-26-000030 Updated October 9, 2026

Revenue

$9.6B

1.1%

Operating margin

6.0%

2.8 pts

Net income

$255M

Free cash flow

$557M

46.9%

Return on capital

9.0%

6.5 pts

Market cap

$6.7B

Oct 26 close

P/E

26.5x

On $0.64 EPS, FY26

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 VF does

VF, short for V.F. Corporation, owns a group of apparel, footwear, equipment and accessory brands, led by The North Face, Vans and Timberland. It also owns brands such as Kipling, Eastpak, JanSport, Smartwool and Napapijri. Its customers are shoppers who buy in outdoor and active-lifestyle categories, from young people drawn to action sports and street fashion to hikers and climbers.

VF sells through wholesale, mainly to specialty stores, national chains, mass merchants and department stores, and directly to shoppers through its own stores and websites. In fiscal 2026 it got 50% of its revenue from the Americas, 35% from Europe and 15% from Asia-Pacific. It reports two segments: Outdoor, which holds The North Face and Timberland, and Active, which holds Vans, Kipling, Eastpak and JanSport. Other brands are grouped as All Other. It buys finished goods from independent contractors around the world.

VF sold the Supreme brand on October 1, 2024, and the Dickies brand on November 12, 2025. It reduced its long-term debt by $2.2 billion over two fiscal years, using cost savings, working capital improvements and the sale proceeds. It describes a turnaround program built around lowering debt, widening margins and returning to growth, including a turnaround of the Vans brand.

Its biggest risks, as it describes them

Weaker consumer spending on apparel and footwear, and trouble keeping up with changing tastes in a highly competitive field.
Its turnaround program and other strategic plans may not succeed.
Disruptions to a supply chain that depends on international suppliers and contract factories.
Relying on a small number of large customers whose loss or inability to pay could cut its revenue.
Harm to the image of its brands, such as The North Face and Vans.

From VF's annual report on Form 10-K, filed May 20, 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 2016 to 2026, earnings per share fell 12.9% a year and net income 13.4% a year, while buybacks cut the share count by 6%.

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.

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 VF yourself, both starting from its filings: a discounted cash flow model and the price-to-earnings method.

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 VF's 10-K 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 VF's fiscal 2026 free cash flow of $557M, net cash of −$2.7B at March 28, 2026 and 396 million diluted shares, from its filings. The scenarios are fitted to VF: the base scenario's growth in years 1 to 5 is its revenue growth over the last 3 years, -4.7% a year, kept between 0% and 20%; 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 13%: 11% for a cyclical or higher-risk business (Apparel, Accessories & Luxury Goods), plus 1 point as a smaller company, worth $6.7B, plus 1 point for unsteady results (a loss in fiscal 2025); 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 2026.

Net cash, US$ millions Cash and short-term investments minus debt and finance leases at March 28, 2026. Negative means net debt.

Diluted shares, millions Weighted-average diluted shares in fiscal 2026.

Your assumptions

Start from

Fitted to VF's own revenue growth, as above. Cautious: growth of -2% then 0% a year, 2% after year 10, a 14% discount rate. Base: growth of 0% then 1% a year, 2.5% after year 10, a 13% discount rate. Optimistic: growth of 2% then 2.5% a year, 3% after year 10, a 12% 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: $16.95
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 VF's earnings per share of $0.64 (in fiscal 2026). Each grows earnings for a year at the cash flow scenarios' rates and applies a multiple to next year's earnings: 17.7×, the middle of VF's 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 14%, 13% and 12%. 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 in fiscal 2026, from the 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: Lululemon Athletica, Ralph Lauren, Tapestry.

Earnings growth in the years ahead (% a year) Starts at VF's revenue growth over the last 3 years, -4.7% a year, kept between 0% and 20%, 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: $16.95
Value at this multiple, against the last close: —
VF's P/E at the last close: 26.5×

Company	Last close	Earnings per share	P/E today
VFVFC	$16.95	$0.64	26.5×
Ralph LaurenRL	$386.95	$15.87	24.4×
TapestryTPR	$110.90	$7.27	15.3×
Lululemon AthleticaLULU	$102.91	$12.17	8.5×

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	FY22	FY23	FY24	FY25	FY26
Cash and short-term investments	1,276	799	656	429	824
Debt incl. finance leases	5,421	6,647	5,967	3,978	3,530
Net debt (negative means net cash)	4,145	5,847	5,310	3,549	2,706
Net debt to EBITDA	2.2x	4.7x	32.5x	6.3x	3.2x
Debt to equity	1.5x	2.3x	3.6x	2.7x	1.9x
Interest coverage	12.0x	5.7x	−0.6x	1.7x	3.5x
Current ratio	1.4x	1.4x	1.2x	1.4x	1.8x
Quick ratio	1.0x	0.8x	0.7x	0.8x	1.2x

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, 2 insiders bought $1.3 million of VF shares on the open market, and 1 insider sold $142,241.

Date	Insider	Trade	Shares	Price	Value	Filing
Aug 13, 2026	Richard CarucciDirector	Bought	20,000	$14.73	$294,600	Form 4
Jul 31, 2026	Bracken DarrellPresident & Chief Exec Officer, Director	Bought	32,894	$14.98	$492,752	Form 4
Jun 9, 2026	Richard CarucciDirector	Bought	30,000	$17.17	$515,100	Form 4
Feb 10, 2026	Juliana L ChuggDirector	Sold	6,678	$21.30	$142,241	Form 4

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	FY24	FY25	FY26
Net income is positive	Fail	Fail	Pass
Cash from operations is positive	Pass	Pass	Pass
Return on assets rose	Fail	Pass	Pass
Cash from operations exceeds net income	Pass	Pass	Pass
Debt fell relative to assets	Pass	Pass	Fail
Current ratio rose	Fail	Pass	Pass
Share count didn't rise	Pass	Fail	Fail
Gross margin rose	Fail	Pass	Pass
Revenue rose relative to assets	Fail	Pass	Pass
F-score	4 of 9	7 of 9	7 of 9
Accruals ratio	−15.5%	−6.2%	−4.5%

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

Compare

Put VF 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
VF	FY26	1.1%	6.0%	5.8%	9.0%	3.2x	7
PVH	FY25	3.4%	2.6%	6.0%	1.8%	3.2x	6	Compare
Lululemon Athletica	FY25	4.9%	19.9%	8.3%	56.8%	−0.7x	5	Compare
Ralph Lauren	FY26	14.6%	14.5%	9.2%	45.4%	−0.4x	8	Compare
Tapestry	FY26	14.2%	23.9%	22.6%	77.9%	0.6x	7	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	FY19	FY20	FY21	FY22	FY23	FY24	FY25	FY26
Income statement
Revenue	11,026	8,395	10,267	10,489	9,239	11,842	11,089	9,916	9,505	9,605
Revenue growth	0.3%	−23.9%	—	2.2%	−11.9%	28.2%	−6.3%	−10.6%	−4.1%	1.1%
Gross profit	5,436	4,545	5,611	5,798	4,868	6,455	5,796	5,112	5,084	5,262
Research and development	—	—	—	—	—	—	—	—	—	—
Operating income	1,456	883	1,190	928	608	1,632	999	−144	304	577
Net income	1,074	615	1,260	679	408	1,387	119	−969	−190	255
Diluted EPS (US$)	2.54	1.52	3.15	1.70	1.04	3.53	0.31	−2.49	−0.48	0.64
Diluted shares (millions)	422	404	400	400	392	392	388	388	393	396
Cash flow
Cash from operations	1,481	1,475	1,664	874	1,313	864	−656	1,015	465	671
Capital expenditure	176	140	216	288	199	245	152	136	86	115
Free cash flow	1,305	1,334	1,448	586	1,115	619	−808	879	379	557
Dividends paid	636	685	767	749	757	773	703	303	140	141
Share buybacks	1,000	1,200	151	1,000	0	350	0	0	0	0
Acquisitions	0	740	320	0	2,009	4	0	0	0	0
Stock-based compensation	68	64	84	68	71	91	40	58	73	77
Balance sheet at fiscal year end
Cash and short-term investments	1,225	434	402	1,369	1,415	1,276	799	656	429	824
Debt incl. finance leases	2,301	2,882	2,780	3,838	5,721	5,421	6,647	5,967	3,978	3,530
Total assets	9,739	9,958	10,357	11,133	13,754	13,342	13,990	11,613	9,378	9,290
Total liabilities	4,798	6,239	6,058	7,776	10,698	9,812	11,080	9,955	7,890	7,440
Shareholders' equity	4,941	3,720	4,298	3,357	3,056	3,530	2,911	1,658	1,487	1,850
Margins and ratios
Gross margin	49.3%	54.1%	54.6%	55.3%	52.7%	54.5%	52.3%	51.6%	53.5%	54.8%
Operating margin	13.2%	10.5%	11.6%	8.8%	6.6%	13.8%	9.0%	−1.4%	3.2%	6.0%
Net margin	9.7%	7.3%	12.3%	6.5%	4.4%	11.7%	1.1%	−9.8%	−2.0%	2.6%
Free cash flow margin	11.8%	15.9%	14.1%	5.6%	12.1%	5.2%	−7.3%	8.9%	4.0%	5.8%
Return on capital	19.9%	7.2%	—	12.8%	7.2%	17.3%	12.2%	−1.4%	2.5%	9.0%
Return on equity	20.8%	14.2%	—	17.8%	12.7%	42.1%	3.7%	−42.4%	−12.1%	15.3%
Return on assets	11.1%	6.2%	—	6.3%	3.3%	10.2%	0.9%	−7.6%	−1.8%	2.7%
Net debt to EBITDA	0.6x	2.2x	1.6x	2.1x	4.9x	2.2x	4.7x	32.5x	6.3x	3.2x

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