V.F. CorporationVFC
NYSE•Consumer Cyclical•Apparel Manufacturing
V.F. Corporation, together with its subsidiaries, offers branded apparel, footwear, and accessories for men, women, and children in the Americas, Europe, and the Asia-Pacific. The company operates through two segments: Outdoor and Active. The company provides outdoor apparel, footwear, equipment, accessories; and style-forward and weather-ready footwear, apparel, and accessories under the Timberland, Timberland PRO, and The North Face brands. It also offers youth culture/action sports-inspired and streetwear apparel, footwear, and accessories; handbags, luggage, backpacks, totes, and accessories; and backpacks and luggage under the Vans, Kipling, Eastpak, and JanSport brands. In addition, the company provides performance-based footwear; performance merino wool and other natural fibers-based apparel and accessories; performance-based footwear; and high-performance apparel and accessories based on natural fibers under the Smartwool, Napapijri, Icebreaker, and Altra brands. The company sells its products primarily to specialty stores, department stores, national chains, independently operated partnership stores, and mass merchants, as well as sells through direct-to-consumer operations, including retail stores, concession retail stores, and e-commerce sites, and other digital platforms. V.F. Corporation was founded in 1899 and is headquartered in Denver, Colorado.
V.F. Corporation (VFC) reported trailing twelve months revenue of $9.61B as of March 2026, a 1.1% increase year-over-year. Quarterly revenue reached $2.17B, reflecting continued top-line momentum.
V.F. Corporation generated $254.92M in TTM net income, with quarterly EBITDA of $128.99M. The operating margin expanded from 2.2% to 2.8%, suggesting improving cost efficiency and pricing discipline.
The spread between operating margin (2.8%) and net margin (-5.5%) indicates moderate non-operating costs. Net margin has improved from -7.5% a year ago, signaling stronger bottom-line efficiency.
VFC trades at a P/E of 27.1x (in line with broad market averages) and a P/S of 0.7x. The price-to-book ratio of 3.7x reflects a moderate premium to book value.
The company generated $5.92M in free cash flow over the trailing twelve months, a 103.1% increase year-over-year, indicating cash generation ability. The balance sheet shows $9.29B in total assets with $3.52B in long-term debt against $1.85B in stockholders equity for a debt-to-equity ratio of 1.9. Data based on the most recent quarterly reports.
Competitive analysis based on 21 quarters of fundamental data
Operating margins are under pressure, averaging 3.3%. The business may lack pricing power or face rising costs.'
ROE is low or negative, suggesting limited competitive advantage or capital allocation challenges.
Only 3 of the last 8 quarters had positive FCF — the business may require external capital to sustain operations.
Revenue has been flat or declining over recent quarters, which may indicate eroding demand or competitive pressure.
Data-driven red flags and warnings across 21 quarters
The company posted negative operating margins in recent quarters — core operations are unprofitable.
Free cash flow has been negative in 5 of the last 8 quarters — earnings are not translating to cash.
D/E ratio is 1.9 — conservative capital structure with low financial risk.
Revenue has softened, declining in 4 quarters. Monitor for further erosion.
5 of the last 8 quarters had negative FCF — inconsistent cash generation raises sustainability concerns.
Share count is stable — no significant dilution or buyback activity.