# Levi Strauss & Co. (LEVI)

> Source: Nexqual · https://nexqual.com/LEVI · data as of 2026-10-22 20:00 UTC · cite as "Nexqual, Levi Strauss & Co. (LEVI), nexqual.com/LEVI" · informational, not investment advice.

**Price:** USD 21.36 (+2.05% on the day) · last close of Oct 22, 2026; US market pre market, not a live price. Prev close 20.93 · day 20.84–21.48 · 52w 17.72–25.7 · market cap $8.19B · NYQ

## Key facts
- Last four reported quarters (through Aug 30, 2026): revenue $6.68B, net income $590M (8.8% margin), free cash flow $643M (SEC filings).
- Valuation: P/E 13.9x (avg 24.4x at the last 3 fiscal year-ends), EV/EBITDA 8.7x, net debt $264M.
- 2 of 80 tracked superinvestors hold LEVI (13F, Q2 2026): 0 new, 1 added, 1 reduced, 0 unchanged.
- Total return with dividends: 1Y +2.8% vs S&P 500 +14.9%; 5Y -5.9% vs S&P 500 +80.3%.
- Next earnings: 2026-10-07, EPS estimate USD 0.38, revenue estimate $1.82B.

## Financials (SEC 10-K; TTM = last four 10-Q/10-K quarters)
| USD | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | TTM |
|---|---|---|---|---|---|---|
| Revenue | $5.76B | $6.17B | $5.84B | $6.03B | $6.28B | $6.68B |
| Gross profit | $3.35B | $3.55B | $3.36B | $3.66B | $3.88B | — |
| Operating income | $686M | $647M | $354M | $263M | $678M | $754M |
| Net income | $554M | $569M | $250M | $211M | $578M | $590M |
| EPS (diluted) | $1.35 | $1.41 | $0.62 | $0.52 | $1.45 | — |
| Free cash flow | $570M | -$39.0M | $122M | $671M | $308M | $643M |
| Gross margin | 58.1% | 57.5% | 57.5% | 60.6% | 61.7% | — |
| Operating margin | 11.9% | 10.5% | 6.1% | 4.4% | 10.8% | 11.3% |
| Net margin | 9.6% | 9.2% | 4.3% | 3.5% | 9.2% | 8.8% |
| Revenue growth | +29.5% | +7.0% | -5.3% | +3.3% | +4.1% | — |
| Cash + short-term investments | $902M | $500M | $399M | $690M | $849M | — |
| Total debt | $1.03B | $996M | $1.02B | $1000M | $1.04B | — |
Fiscal years end Nov. EPS is split-adjusted.

## Valuation (price ÷ last four quarters, through Aug 30, 2026)
P/E 13.9x · P/S 1.2x · EV/EBITDA 8.7x · EV/Sales 1.3x · P/FCF 12.7x · P/B 3.4x · FCF yield 7.85% · Earnings yield 7.20% · Dividend yield (paid, TTM) 2.73% · Buyback yield (TTM) 0.00% · Net debt $264M · EV $8.46B
P/E at fiscal year-ends: Nov 2025 15.2x, Dec 2024 33.1x, Nov 2023 24.9x.

## Superinvestors (SEC 13F-HR, Q2 2026)
2 of 80 tracked investors hold LEVI. Each row is the investor's latest 13F; change is vs their prior-quarter share count.
| Investor | Firm | % of portfolio | Value | Change |
|---|---|---|---|---|
| Jensen Investment Management |  | 0.08% | $3.2M | Reduced -8.1% |
| Thomas Russo | Gardner Russo & Quinn | 0.02% | $2.1M | Added +1.2% |

## Analysts
Rating changes, last 120 days:
| Date | Firm | Action | Rating | Price target |
|---|---|---|---|---|
| 2026-10-15 | TD Cowen | Target lowered | Buy | $28 → $23 |
| 2026-10-08 | JP Morgan | Target lowered | Overweight | $34 → $33 |
| 2026-10-08 | Raymond James | Target lowered | Outperform | $24 → $22 |
| 2026-10-08 | Barclays | Target lowered | Overweight | $27 → $26 |
| 2026-10-08 | Wells Fargo | Target lowered | Equal-Weight | $25 → $20 |
| 2026-10-08 | B of A Securities | Target lowered | Buy | $27 → $25 |
| 2026-10-08 | Needham | Reiterated | Buy | $28 |
| 2026-10-08 | BTIG | Reiterated | Buy | $27 |
| 2026-10-01 | Jefferies | Target lowered | Buy | $27 → $25 |
| 2026-09-30 | Citigroup | Target lowered | Neutral | $25 → $22 |
| 2026-09-30 | BTIG | Reiterated | Buy | $27 |
| 2026-08-04 | JP Morgan | Target raised | Overweight | $33 → $34 |

## Total return (dividends reinvested)
|  | 1Y (from 2025-10-23) | 5Y (from 2021-10-18) |
|---|---|---|
| Total return | +2.8% | -5.9% |
| S&P 500 (SPY) | +14.9% | +80.3% |
| Per year | +2.8% | -1.2% |
| Volatility (annualized) | 33.3% | 36.9% |
| Max drawdown | -26.8% (Jul 2026→Oct 2026) | -51.3% (Nov 2021→Sep 2023) |

## Peers (Apparel Manufacturing)
GIL (Gildan Activewear, Inc.) USD 41.03 +1.79% · VFC (V.F. Corporation) USD 17.48 +1.92% · KTB (Kontoor Brands, Inc.) USD 77.78 +3.61% · PVH (PVH Corp.) USD 84.26 +0.80% · ZGN (Ermenegildo Zegna N.V.) USD 13.85 +7.20% · FIGS (FIGS, Inc.) USD 20.46 +2.40%

## More
Full page: https://nexqual.com/LEVI · Free keyless MCP server with the same data and citations: https://mcp.nexqual.com/mcp · Guide for agents: https://nexqual.com/agents · https://nexqual.com/llms.txt

## Revenue by business segment (quarter ended 2026-08-30)

| Line | Revenue | Share | YoY | Operating income | Op. margin |
|---|---|---|---|---|---|
| Americas | $838.8M | 52.1% | +4.0% | $250.9M | 29.9% |
| Europe | $442.1M | 27.5% | +3.7% | $100.8M | 22.8% |
| Asia | $292.8M | 18.2% | +5.4% | $41.6M | 14.2% |
| Beyond Yoga® | $36.0M | 2.2% | +9.1% | — | — |
| Total revenue | $1.61B | 100% | — | $393.3M | 24.4% |

## Revenue by region (fiscal year ended 2025-11-30)

| Line | Revenue | Share | YoY |
|---|---|---|---|
| Non Us | $3.61B | 57.4% | +6.1% |
| United States | $2.67B | 42.6% | +1.6% |
| Total revenue | $6.28B | 100% | — |

## Company outlook (8-K filed 2026-10-07)

- "Guidance for 2026 is based on continuing operations, reflecting the Dockers ® business being reported in discontinued operations."
- "Guidance includes the impact of IEEPA tariff refunds of which the company is redeploying approximately $60 million for the full year, including approximately $35 million for the fourth quarter."
- "This assumes current tariff rates remain in effect for the remainder of the year."

## Analyst estimates and revisions

| Period | EPS est. | 90d ago | Change | Revenue est. | Analysts |
|---|---|---|---|---|---|
| Current quarter (ends 2026-11-30) | $0.38 | $0.48 | -21.0% | $1.82B | 14 |
| Next quarter (ends 2027-02-28) | $0.46 | $0.48 | -3.3% | $1.81B | 10 |
| Current fiscal year (ends 2026-11-30) | $1.57 | $1.54 | +1.7% | $6.74B | 13 |
| Next fiscal year (ends 2027-11-30) | $1.67 | $1.71 | -2.1% | $7.05B | 14 |