Levi Strauss vs Ralph Lauren
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The short version
- Ralph Lauren is the larger business, with $8.1B of revenue in fiscal 2026 against $6.3B for Levi Strauss.
- Ralph Lauren grew revenue faster (14.6%, against 4.1%).
- Ralph Lauren kept more of each dollar of sales as operating profit (14.5% operating margin, against 10.8%).
- Ralph Lauren turned more of its sales into free cash flow (9.2% FCF margin, against 4.9%).
- Ralph Lauren earned a higher return on the capital invested in it (45.4%, against 22.2%).
- Investors pay more for each dollar of Ralph Lauren’s earnings: a P/E of 23.8x against 14.1x for Levi Strauss.
| Latest fiscal year | LEVI · FY25 | RL · FY26 |
|---|---|---|
| Size | ||
| Market cap | $8.3B | $23.1B |
| Revenue | $6.3B | $8.1B |
| Free cash flow | $308M | $746M |
| Net income | $578M | $941M |
| Growth | ||
| Revenue growth | 4.1% | 14.6% |
| 5-year growth | 7.1% | 13.0% |
| Share count change | −0.7% | −2.7% |
| Profitability | ||
| Gross margin | 61.7% | 69.9% |
| Operating margin | 10.8% | 14.5% |
| Net margin | 9.2% | 11.6% |
| FCF margin | 4.9% | 9.2% |
| Return on capital | 22.2% | 45.4% |
| Return on equity | 27.2% | 34.7% |
| Balance sheet | ||
| Net debt | $276M | −$593M |
| Net debt / EBITDA | 0.3x | −0.4x |
| Dividends and buybacks | $243M | $840M |
| Valuation & quality | ||
| P/E | 14.1x | 23.8x |
| Piotroski F-score | 7 | 8 |
Revenue
FY17
LEVI $4.9B
RL $6.7B
FY18
LEVI $5.6B
RL $6.2B
FY19
LEVI $5.8B
RL $6.3B
FY20
LEVI $4.5B
RL $6.2B
FY21
LEVI $5.8B
RL $4.4B
FY22
LEVI $6.2B
RL $6.2B
FY23
LEVI $5.8B
RL $6.4B
FY24
LEVI $6.0B
RL $6.6B
FY25
LEVI $6.3B
RL $7.1B
FY26
LEVI —
RL $8.1B
LEVI
RL
Operating margin
FY17
LEVI 9.8%
RL −1.4%
FY18
LEVI 9.7%
RL 8.1%
FY19
LEVI 9.8%
RL 8.9%
FY20
LEVI −1.9%
RL 5.2%
FY21
LEVI 11.9%
RL −1.0%
FY22
LEVI 10.5%
RL 12.8%
FY23
LEVI 6.1%
RL 10.9%
FY24
LEVI 4.4%
RL 11.4%
FY25
LEVI 10.8%
RL 13.2%
FY26
LEVI —
RL 14.5%
LEVI
RL
Free cash flow
FY17
LEVI $407M
RL $669M
FY18
LEVI $261M
RL $814M
FY19
LEVI $237M
RL $586M
FY20
LEVI $339M
RL $484M
FY21
LEVI $570M
RL $273M
FY22
LEVI −$39.0M
RL $549M
FY23
LEVI $122M
RL $194M
FY24
LEVI $671M
RL $905M
FY25
LEVI $308M
RL $1.0B
FY26
LEVI —
RL $746M
LEVI
RL
Return on capital
FY17
LEVI 33.7%
RL −2.5%
FY18
LEVI 28.6%
RL 10.9%
FY19
LEVI 36.4%
RL 19.5%
FY20
LEVI −4.7%
RL 15.2%
FY21
LEVI 42.8%
RL −1.8%
FY22
LEVI 27.0%
RL 33.5%
FY23
LEVI 13.2%
RL 24.9%
FY24
LEVI 10.3%
RL 28.4%
FY25
LEVI 22.2%
RL 36.5%
FY26
LEVI —
RL 45.4%
LEVI
RL
Each company's latest fiscal year; fiscal years end in different months. The best value in each row is highlighted where higher (or lower) is clearly better. Not investment advice.