Levi Strauss
LEVI NYSE Apparel, Accessories & Luxury Goods Financials FY2016–FY2025
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%.
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.
- Legal name
- LEVI STRAUSS & CO
- Fiscal year ends
- November 30, 2025
- Latest annual report
- 10-K · Jan 28, 2026
- Accession · CIK
- 0000094845-26-000008
0000094845
Revenue and margins
Levi Strauss had $6.3B of revenue in fiscal 2025, up 4.1% on the year before.
Net income and earnings per share
Loss periods are shown in red.
Returns on capital
After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
Cash flow
Free cash flow was $308M in fiscal 2025, 4.9% of revenue. Cash from operations minus capital spending.
Dividends, buybacks and share count
Levi Strauss returned $243M to shareholders in fiscal 2025, 79% of free cash flow. The diluted share count fell 0.7%.
Value Levi Strauss yourself
Change the assumptions and see what they imply per share. These are models, not forecasts or price targets — the answer depends entirely on what you put in.
Discounted cash flow
Value per share
—
Adds net cash of −$276M and divides by 399.7M diluted shares. Ten years of cash flows plus a terminal value, discounted to today.
Earnings multiple
Value per share
—
Reference multiples: today 14.1x · peers 19.5x · sector 17.9x.
Balance sheet
Cash, debt and the ratios that show how comfortably Levi Strauss can carry it.
| Fiscal year end | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|
| Cash and short-term investments | $902M | $500M | $399M | $690M | $849M |
| Debt incl. finance leases | $1.0B | $996M | $1.0B | $1,000M | $1.1B |
| Net debt / EBITDA | 0.2x | 0.6x | 1.2x | 0.7x | 0.3x |
| Debt / 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 | 1.5x | 1.4x | 1.5x | 1.4x | 1.6x |
| Quick ratio | 1.0x | 0.7x | 0.8x | 0.9x | 0.9x |
| Total assets | $5.9B | $6.0B | $6.1B | $6.4B | $6.8B |
| Total liabilities | $4.2B | $4.1B | $4.0B | $4.4B | $4.6B |
| Shareholders' equity | $1.7B | $1.9B | $2.0B | $2.0B | $2.3B |
| Net debt (− = net cash) | $125M | $496M | $623M | $310M | $276M |
Insider trades
Open-market purchases and sales by officers, directors and 10% owners, from Form 4 filings. 'Plan' marks trades under a pre-arranged Rule 10b5-1 plan.
Bought, 12 months
$0.0M
0 insiders
Sold, 12 months
$32.3M
5 insiders
Of sales under plans
100%
$32.3M
| Date | Insider | Trade | Shares | Price | Value | Filing |
|---|---|---|---|---|---|---|
| Jul 23, 2026 | Harmit J SinghEVP & Chief Fin. & Growth Ofc. | Sold plan | 98,144 | $24.22 | $2.4M | Form 4 |
| Jun 12, 2026 | Robert D. Haas10% owner | Sold plan | 202,135 | $24.02 | $4.9M | Form 4 |
| Jun 11, 2026 | Margaret E. Haas10% owner | Sold plan | 47,721 | $24.01 | $1.1M | Form 4 |
| Jun 11, 2026 | Peter E. Haas Jr. Family Fund10% owner | Sold plan | 145,662 | $24.01 | $3.5M | Form 4 |
| Jun 11, 2026 | Robert D. Haas10% owner | Sold plan | 488,851 | $24.11 | $11.8M | Form 4 |
| Jun 10, 2026 | Robert D. Haas10% owner | Sold plan | 3,182 | $24.00 | $0.1M | Form 4 |
| Jun 3, 2026 | David JedrzejekSVP and General Counsel | Sold plan | 336 | $22.82 | $0.0M | Form 4 |
| May 27, 2026 | Margaret E. Haas10% owner | Sold plan | 2,279 | $24.01 | $0.1M | Form 4 |
| May 27, 2026 | Peter E. Haas Jr. Family Fund10% owner | Sold plan | 4,338 | $24.00 | $0.1M | Form 4 |
| May 27, 2026 | Robert D. Haas10% owner | Sold plan | 5,832 | $24.00 | $0.1M | Form 4 |
| May 26, 2026 | Robert D. Haas10% owner | Sold plan | 192,451 | $22.68 | $4.4M | Form 4 |
| May 22, 2026 | Robert D. Haas10% owner | Sold plan | 176,549 | $22.01 | $3.9M | Form 4 |
Piotroski F-score
Nine pass/fail tests of profitability, funding and efficiency. 8–9 is strong, 0–2 weak.
| Test | FY23 | FY24 | FY25 |
|---|---|---|---|
| Net income is positive | ✓ | ✓ | ✓ |
| Cash from operations is positive | ✓ | ✓ | ✓ |
| Return on assets rose | ✕ | ✕ | ✓ |
| Cash from operations exceeds net income | ✓ | ✓ | ✕ |
| Debt fell relative to assets | ✕ | ✓ | ✓ |
| Current ratio rose | ✓ | ✕ | ✓ |
| Share count didn't rise | ✓ | ✕ | ✓ |
| Gross margin rose | ✕ | ✓ | ✓ |
| Revenue rose relative to assets | ✕ | ✓ | ✕ |
| F-score | 5 / 9 | 6 / 9 | 7 / 9 |
| Accruals ratio | −3.1% | −11.1% | 0.7% |
| Altman Z'' | 2.79 | 2.47 | 3.17 |
Similar companies
Each company's latest fiscal year. Fiscal years end in different months, so periods don't line up exactly.
| Company | Market cap | Growth | Op. margin | FCF margin | ROIC | P/E | F-score | |
|---|---|---|---|---|---|---|---|---|
| Levi Strauss LEVI | $8.3B | 4.1% | 10.8% | 4.9% | 22.2% | 14.1x | 7 | |
| Amer Sports AS | $15.9B | 26.7% | 10.7% | 7.8% | 8.5% | — | 7 | Compare → |
| Under Armour UA | $2.0B | −3.8% | −3.3% | −3.3% | −6.0% | — | 3 | Compare → |
| Tapestry TPR | $23.2B | 14.2% | 23.9% | 22.6% | 77.9% | 15.2x | 7 | Compare → |
| Ralph Lauren RL | $23.1B | 14.6% | 14.5% | 9.2% | 45.4% | 23.8x | 8 | Compare → |
10 years of figures
US$ millions unless stated. Hover a ratio's name for its definition.
| Fiscal year | FY16 | FY17 | FY18 | FY19 | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|---|---|---|---|---|
| Income statement | ||||||||||
| Revenue | $4.6B | $4.9B | $5.6B | $5.8B | $4.5B | $5.8B | $6.2B | $5.8B | $6.0B | $6.3B |
| Gross profit | $2.3B | $2.6B | $3.0B | $3.1B | $2.4B | $3.3B | $3.5B | $3.4B | $3.7B | $3.9B |
| Operating income | $462M | $480M | $540M | $567M | −$85.1M | $686M | $647M | $354M | $263M | $678M |
| Interest expense | $73.2M | $68.6M | $55.3M | $66.2M | $82.2M | $72.9M | $25.7M | $45.9M | $41.8M | $48.6M |
| Pretax income | $407M | $349M | $500M | $478M | −$190M | $580M | $650M | $266M | $218M | $634M |
| Income tax | $116M | $64.2M | $215M | $82.6M | −$62.6M | $26.7M | $80.5M | $15.7M | $7.2M | $132M |
| Net income | $291M | $281M | $283M | $395M | −$127M | $554M | $569M | $250M | $211M | $578M |
| Diluted EPS | — | $0.73 | $0.73 | $0.97 | −$0.32 | $1.35 | $1.41 | $0.62 | $0.52 | $1.45 |
| Diluted shares | — | 0.38B | 0.39B | 0.41B | 0.40B | 0.41B | 0.40B | 0.40B | 0.40B | 0.40B |
| Cash flow | ||||||||||
| Cash from operations | $307M | $526M | $420M | $412M | $470M | $737M | $228M | $436M | $898M | $530M |
| Capital expenditure | $103M | $119M | $159M | $175M | $130M | $167M | $267M | $314M | $228M | $221M |
| Free cash flow | $204M | $407M | $261M | $237M | $339M | $570M | −$39.0M | $122M | $671M | $308M |
| Depreciation and amortization | $104M | $117M | $120M | $124M | $142M | $143M | $159M | $165M | $193M | $206M |
| Stock-based compensation | $9.3M | $25.8M | $18.4M | $55.2M | $50.9M | $60.1M | $60.8M | $74.4M | $62.8M | $81.6M |
| Acquisitions | $0.0M | $0.0M | $0.0M | $0.0M | $54.6M | $391M | $0.0M | $12.1M | $34.4M | $0.0M |
| Share buybacks | $2.6M | $25.1M | $27.1M | $3.1M | $56.2M | $85.9M | $176M | $8.1M | $90.1M | $30.5M |
| Dividends paid | $60.0M | $70.0M | $90.0M | $114M | $63.6M | $104M | $174M | $191M | $199M | $213M |
| Dividends and buybacks | $62.6M | $95.1M | $117M | $117M | $120M | $190M | $350M | $199M | $289M | $243M |
| Balance sheet | ||||||||||
| Cash and short-term investments | $376M | $634M | $713M | $1.0B | $1.6B | $902M | $500M | $399M | $690M | $849M |
| Total debt | $1.0B | $1.1B | $1.1B | $1.0B | $1.6B | $1.0B | $996M | $1.0B | $1,000M | $1.1B |
| Finance lease liabilities | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $73.5M |
| Current assets | $1.7B | $2.0B | $2.3B | $2.9B | $3.1B | $2.7B | $2.8B | $2.6B | $2.9B | $3.2B |
| Current liabilities | $762M | $879M | $1.1B | $1.2B | $1.5B | $1.9B | $2.0B | $1.8B | $2.0B | $2.0B |
| Inventory | $716M | $759M | $884M | $884M | $818M | $898M | $1.4B | $1.3B | $1.1B | $1.2B |
| Property and equipment, net | $394M | $425M | $461M | $530M | $455M | $503M | $623M | $681M | $687M | $682M |
| Total assets | $3.0B | $3.4B | $3.5B | $4.2B | $5.6B | $5.9B | $6.0B | $6.1B | $6.4B | $6.8B |
| Total liabilities | $2.4B | $2.5B | $2.6B | $2.7B | $4.3B | $4.2B | $4.1B | $4.0B | $4.4B | $4.6B |
| Shareholders' equity | $510M | $697M | $660M | $1.6B | $1.3B | $1.7B | $1.9B | $2.0B | $2.0B | $2.3B |
| Margins | ||||||||||
| 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% |
| EBITDA margin | 12.4% | 12.2% | 11.9% | 12.0% | 1.3% | 14.4% | 13.1% | 8.9% | 7.6% | 14.1% |
| Net margin | 6.4% | 5.7% | 5.1% | 6.9% | −2.9% | 9.6% | 9.2% | 4.3% | 3.5% | 9.2% |
| FCF margin | 4.5% | 8.3% | 4.7% | 4.1% | 7.6% | 9.9% | −0.6% | 2.1% | 11.1% | 4.9% |
| Returns | ||||||||||
| 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 capital employed | 21.7% | 20.4% | 21.8% | 20.4% | −2.4% | 16.9% | 16.0% | 8.5% | 6.1% | 14.8% |
| Return on equity | 69.3% | 46.7% | 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% |
| Growth | ||||||||||
| Revenue growth | 1.3% | 7.7% | 13.7% | 3.4% | −22.7% | 29.5% | 7.0% | −5.3% | 3.3% | 4.1% |
| Net income growth | 39.0% | −3.3% | 0.6% | 39.4% | −132.2% | — | 2.8% | −56.1% | −15.6% | 174.5% |
| EPS growth | — | — | 0.0% | 32.9% | −133.0% | — | 4.4% | −56.0% | −16.1% | 178.9% |
| FCF growth | 79.0% | 100.1% | −35.9% | −9.3% | 43.2% | 68.2% | −106.8% | — | 450.4% | −54.1% |
| Share count change | — | — | 1.1% | 5.1% | −2.7% | 3.1% | −1.5% | −0.5% | 0.2% | −0.7% |
| Financial health | ||||||||||
| Net debt / EBITDA | 1.2x | 0.7x | 0.5x | 0.0x | −0.5x | 0.2x | 0.6x | 1.2x | 0.7x | 0.3x |
| Debt / equity | 2.1x | 1.6x | 1.6x | 0.7x | 1.2x | 0.6x | 0.5x | 0.5x | 0.5x | 0.5x |
| Interest coverage | 6.3x | 7.0x | 9.8x | 8.6x | −1.0x | 9.4x | 25.2x | 7.7x | 6.3x | 13.9x |
| Current ratio | 2.2x | 2.3x | 2.2x | 2.5x | 2.0x | 1.5x | 1.4x | 1.5x | 1.4x | 1.6x |
| Quick ratio | 1.3x | 1.4x | 1.3x | 1.7x | 1.5x | 1.0x | 0.7x | 0.8x | 0.9x | 0.9x |
| Capital allocation | ||||||||||
| Capex / revenue | 2.3% | 2.4% | 2.9% | 3.0% | 2.9% | 2.9% | 4.3% | 5.4% | 3.8% | 3.5% |
| Stock comp / revenue | 0.2% | 0.5% | 0.3% | 1.0% | 1.1% | 1.0% | 1.0% | 1.3% | 1.0% | 1.3% |
| Payouts / FCF | 30.7% | 23.4% | 44.9% | 49.4% | 35.3% | 33.4% | — | 162.9% | 43.0% | 79.0% |
| Quality scores | ||||||||||
| Piotroski F-score | — | — | 6.0 | 7.0 | 3.0 | 6.0 | 5.0 | 5.0 | 6.0 | 7.0 |
| Altman Z'' | 4.3 | 4.5 | 4.6 | 5.2 | 2.7 | 2.9 | 3.0 | 2.8 | 2.5 | 3.2 |
| Accruals ratio | −0.5% | −7.7% | −4.0% | −0.5% | −12.1% | −3.2% | 5.7% | −3.1% | −11.1% | 0.7% |
Source: SEC EDGAR XBRL filings (CIK 0000094845). Data updated October 10, 2026. Quarterly fourth quarters are the full year minus the first nine months. For information only — not investment advice. Check the original filings before relying on any figure.