VF
VFC NYSE Apparel, Accessories & Luxury Goods Financials FY2016–FY2026
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%.
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.
- Legal name
- V. F. CORPORATION
- Fiscal year ends
- March 28, 2026
- Latest annual report
- 10-K · May 20, 2026
- Accession · CIK
- 0000103379-26-000030
0000103379
Revenue and margins
VF had $9.6B of revenue in fiscal 2026, up 1.1% on the year before.
Net income and earnings per share
From fiscal 2016 to 2026, diluted EPS grew −14.2% a year. 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 $557M in fiscal 2026, 5.8% of revenue. Cash from operations minus capital spending.
Dividends, buybacks and share count
VF returned $141M to shareholders in fiscal 2026, 25% of free cash flow. The diluted share count rose 0.8%.
Value VF 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 −$2.7B and divides by 395.9M diluted shares. Ten years of cash flows plus a terminal value, discounted to today.
Earnings multiple
Value per share
—
Reference multiples: today 27.0x · peers 15.2x · sector 17.7x.
Balance sheet
Cash, debt and the ratios that show how comfortably VF can carry it.
| Fiscal year end | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Cash and short-term investments | $1.3B | $799M | $656M | $429M | $824M |
| Debt incl. finance leases | $5.4B | $6.6B | $6.0B | $4.0B | $3.5B |
| Net debt / EBITDA | 2.2x | 4.7x | 32.5x | 6.3x | 3.2x |
| Debt / 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 | 1.5x | 1.2x | 1.4x | 1.8x |
| Quick ratio | 1.0x | 0.8x | 0.7x | 0.8x | 1.2x |
| Total assets | $13.3B | $14.0B | $11.6B | $9.4B | $9.3B |
| Total liabilities | $9.8B | $11.1B | $10.0B | $7.9B | $7.4B |
| Shareholders' equity | $3.5B | $2.9B | $1.7B | $1.5B | $1.8B |
| Net debt (− = net cash) | $4.1B | $5.8B | $5.3B | $3.5B | $2.7B |
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
$1.3M
2 insiders
Sold, 12 months
$0.1M
1 insider
Of sales under plans
0%
$0.0M
| Date | Insider | Trade | Shares | Price | Value | Filing |
|---|---|---|---|---|---|---|
| Aug 13, 2026 | Richard CarucciDirector | Bought | 20,000 | $14.73 | $0.3M | Form 4 |
| Jul 31, 2026 | Bracken DarrellPresident & Chief Exec Officer, Director | Bought | 32,894 | $14.98 | $0.5M | Form 4 |
| Jun 9, 2026 | Richard CarucciDirector | Bought | 30,000 | $17.17 | $0.5M | Form 4 |
| Feb 10, 2026 | Juliana L ChuggDirector | Sold | 6,678 | $21.30 | $0.1M | Form 4 |
Piotroski F-score
Nine pass/fail tests of profitability, funding and efficiency. 8–9 is strong, 0–2 weak.
| Test | FY24 | FY25 | FY26 |
|---|---|---|---|
| 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 | 4 / 9 | 7 / 9 | 7 / 9 |
| Accruals ratio | −15.5% | −6.2% | −4.5% |
| Altman Z'' | 0.25 | 0.77 | 1.64 |
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 | |
|---|---|---|---|---|---|---|---|---|
| VF VFC | $6.8B | 1.1% | 6.0% | 5.8% | 9.0% | 27.0x | 7 | |
| PVH PVH | $3.9B | 3.4% | 2.6% | 6.0% | 1.8% | — | 6 | Compare → |
| Lululemon Athletica LULU | $11.2B | 4.9% | 19.9% | 8.3% | 56.8% | 8.1x | 5 | Compare → |
| Ralph Lauren RL | $23.1B | 14.6% | 14.5% | 9.2% | 45.4% | 23.8x | 8 | Compare → |
| Tapestry TPR | $23.2B | 14.2% | 23.9% | 22.6% | 77.9% | 15.2x | 7 | Compare → |
10 years of figures
US$ millions unless stated. Hover a ratio's name for its definition.
| Fiscal year | FY16 | FY17 | FY19 | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|---|---|---|---|---|
| Income statement | ||||||||||
| Revenue | $11.0B | $8.4B | $10.3B | $10.5B | $9.2B | $11.8B | $11.1B | $9.9B | $9.5B | $9.6B |
| Gross profit | $5.4B | $4.5B | $5.6B | $5.8B | $4.9B | $6.5B | $5.8B | $5.1B | $5.1B | $5.3B |
| Operating income | $1.5B | $883M | $1.2B | $928M | $608M | $1.6B | $999M | −$144M | $304M | $577M |
| Interest expense | $0.0M | $102M | $108M | $92.0M | $136M | $137M | $174M | $245M | $174M | $167M |
| Pretax income | $1.3B | $788M | $1.0B | $727M | $457M | $1.5B | $738M | −$285M | $145M | $341M |
| Income tax | $206M | $520M | $168M | $98.1M | $102M | $307M | −$17.9M | $734M | $75.8M | $86.3M |
| Net income | $1.1B | $615M | $1.3B | $679M | $408M | $1.4B | $119M | −$969M | −$190M | $255M |
| Diluted EPS | $2.54 | $1.52 | $3.15 | $1.70 | $1.04 | $3.53 | $0.31 | −$2.49 | −$0.48 | $0.64 |
| Diluted shares | 0.42B | 0.40B | 0.40B | 0.40B | 0.39B | 0.39B | 0.39B | 0.39B | 0.39B | 0.40B |
| Cash flow | ||||||||||
| Cash from operations | $1.5B | $1.5B | $1.7B | $875M | $1.3B | $864M | −$656M | $1.0B | $465M | $671M |
| Capital expenditure | $176M | $140M | $216M | $288M | $199M | $245M | $152M | $136M | $86.3M | $115M |
| Free cash flow | $1.3B | $1.3B | $1.4B | $586M | $1.1B | $619M | −$808M | $879M | $379M | $557M |
| Depreciation and amortization | $282M | $238M | $256M | $268M | $269M | $267M | $252M | $308M | $260M | $281M |
| Stock-based compensation | $67.8M | $63.9M | $84.3M | $68.2M | $70.8M | $91.4M | $40.0M | $57.8M | $73.2M | $77.0M |
| Acquisitions | $0.0M | $741M | $320M | $0.0M | $2.0B | $3.8M | $0.0M | $0.0M | $0.0M | $0.0M |
| Share buybacks | $1.0B | $1.2B | $151M | $1.0B | $0.0M | $350M | $0.0M | $0.0M | $0.0M | $0.0M |
| Dividends paid | $636M | $685M | $767M | $749M | $757M | $773M | $703M | $303M | $140M | $141M |
| Dividends and buybacks | $1.6B | $1.9B | $918M | $1.7B | $757M | $1.1B | $703M | $303M | $140M | $141M |
| Balance sheet | ||||||||||
| Cash and short-term investments | $1.2B | $434M | $402M | $1.4B | $1.4B | $1.3B | $799M | $656M | $429M | $824M |
| Total debt | $2.3B | $2.9B | $2.7B | $3.8B | $5.7B | $5.4B | $6.6B | $6.0B | $4.0B | $3.5B |
| Finance lease liabilities | $0.0M | $0.0M | $34.1M | $23.8M | $19.3M | $18.3M | $17.2M | $16.2M | $15.0M | $0.0M |
| Current assets | $4.3B | $4.4B | $4.7B | $5.0B | $4.8B | $4.6B | $5.2B | $4.2B | $3.8B | $4.0B |
| Current liabilities | $1.8B | $2.7B | $2.7B | $3.0B | $2.2B | $3.3B | $3.5B | $3.5B | $2.7B | $2.2B |
| Inventory | $1.4B | $1.7B | $1.2B | $1.3B | $1.1B | $1.4B | $2.3B | $1.7B | $1.6B | $1.4B |
| Property and equipment, net | $896M | $1.0B | $876M | $954M | $976M | $1.0B | $911M | $789M | $721M | $675M |
| Total assets | $9.7B | $10.0B | $10.4B | $11.1B | $13.8B | $13.3B | $14.0B | $11.6B | $9.4B | $9.3B |
| Total liabilities | $4.8B | $6.2B | $6.1B | $7.8B | $10.7B | $9.8B | $11.1B | $10.0B | $7.9B | $7.4B |
| Shareholders' equity | $4.9B | $3.7B | $4.3B | $3.4B | $3.1B | $3.5B | $2.9B | $1.7B | $1.5B | $1.8B |
| Margins | ||||||||||
| Gross margin | 49.3% | 54.2% | 54.7% | 55.3% | 52.7% | 54.5% | 52.3% | 51.6% | 53.5% | 54.8% |
| Operating margin | 13.2% | 10.5% | 11.6% | 8.9% | 6.6% | 13.8% | 9.0% | −1.5% | 3.2% | 6.0% |
| EBITDA margin | 15.8% | 13.4% | 14.1% | 11.4% | 9.5% | 16.0% | 11.3% | 1.7% | 5.9% | 8.9% |
| Net margin | 9.7% | 7.3% | 12.3% | 6.5% | 4.4% | 11.7% | 1.1% | −9.8% | −2.0% | 2.7% |
| FCF margin | 11.8% | 15.9% | 14.1% | 5.6% | 12.1% | 5.2% | −7.3% | 8.9% | 4.0% | 5.8% |
| Returns | ||||||||||
| Return on capital | 19.9% | 7.3% | — | 12.8% | 7.2% | 17.3% | 12.2% | −1.5% | 2.5% | 9.0% |
| Return on capital employed | 18.6% | 11.7% | — | 11.7% | 6.2% | 15.1% | 9.8% | −1.6% | 4.1% | 8.4% |
| 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% |
| Growth | ||||||||||
| Revenue growth | 0.3% | −23.9% | — | 2.2% | −11.9% | 28.2% | −6.4% | −10.6% | −4.1% | 1.1% |
| Net income growth | −12.8% | −42.8% | — | −46.1% | −40.0% | 240.1% | −91.5% | −917.0% | — | — |
| EPS growth | −10.9% | −40.2% | — | −46.0% | −38.8% | 239.4% | −91.2% | −903.2% | — | — |
| FCF growth | 37.5% | 2.3% | — | −59.5% | 90.1% | −44.5% | −230.5% | — | −56.9% | 46.9% |
| Share count change | −0.8% | −4.4% | — | −0.1% | −2.0% | 0.1% | −1.0% | 0.0% | 1.1% | 0.8% |
| Financial health | ||||||||||
| Net debt / EBITDA | 0.6x | 2.2x | 1.6x | 2.1x | 4.9x | 2.2x | 4.7x | 32.5x | 6.3x | 3.2x |
| Debt / equity | 0.5x | 0.8x | 0.7x | 1.1x | 1.9x | 1.5x | 2.3x | 3.6x | 2.7x | 1.9x |
| Interest coverage | — | 8.7x | 11.1x | 10.1x | 4.5x | 12.0x | 5.7x | −0.6x | 1.7x | 3.5x |
| Current ratio | 2.4x | 1.6x | 1.8x | 1.7x | 2.2x | 1.4x | 1.5x | 1.2x | 1.4x | 1.8x |
| Quick ratio | 1.6x | 1.0x | 1.3x | 1.2x | 1.7x | 1.0x | 0.8x | 0.7x | 0.8x | 1.2x |
| Capital allocation | ||||||||||
| Capex / revenue | 1.6% | 1.7% | 2.1% | 2.8% | 2.2% | 2.1% | 1.4% | 1.4% | 0.9% | 1.2% |
| Stock comp / revenue | 0.6% | 0.8% | 0.8% | 0.7% | 0.8% | 0.8% | 0.4% | 0.6% | 0.8% | 0.8% |
| Payouts / FCF | 125.4% | 141.3% | 63.4% | 298.2% | 67.9% | 181.5% | — | 34.5% | 37.0% | 25.3% |
| Quality scores | ||||||||||
| Piotroski F-score | 7.0 | 5.0 | — | — | 5.0 | 6.0 | 3.0 | 4.0 | 7.0 | 7.0 |
| Altman Z'' | 4.6 | 2.6 | 3.2 | 2.2 | 1.9 | 1.9 | 1.5 | 0.3 | 0.8 | 1.6 |
| Accruals ratio | −4.2% | −8.7% | — | −1.8% | −7.3% | 3.9% | 5.7% | −15.5% | −6.2% | −4.5% |
Source: SEC EDGAR XBRL filings (CIK 0000103379). Data updated October 9, 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.