# V.F. Corporation (VFC)

> Source: Nexqual · https://nexqual.com/VFC · data as of 2026-10-22 20:00 UTC · cite as "Nexqual, V.F. Corporation (VFC), nexqual.com/VFC" · informational, not investment advice.

**Price:** USD 17.48 (+1.92% on the day) · last close of Oct 22, 2026; US market pre market, not a live price. Prev close 17.15 · day 16.98–17.55 · 52w 12.46–22.27 · market cap $6.87B · NYQ

## Key facts
- Last four reported quarters (through Jun 27, 2026): revenue $9.51B, net income $274M (2.9% margin), free cash flow $628M (SEC filings).
- Valuation: P/E 25.1x (avg 26.4x at the last 1 fiscal year-ends), EV/EBITDA 11.4x, net debt $2.83B.
- 2 of 80 tracked superinvestors hold VFC (13F, Q2 2026): 0 new, 0 added, 2 reduced, 0 unchanged.
- Insider open-market purchases, last ~7 months: 3 Form 4 filings, $1.3M; 2 by opportunistic insiders, 0 by routine insiders.
- Analysts: Hold (mean 2.67 on a 1–5 scale) (24 analysts), mean target USD 18.96 (range 13–40).
- Total return with dividends: 1Y +12.5% vs S&P 500 +14.9%; 5Y -70.8% vs S&P 500 +80.3%.
- Next earnings: 2026-10-28, EPS estimate USD 0.54, revenue estimate $2.67B.

## Financials (SEC 10-K; TTM = last four 10-Q/10-K quarters)
| USD | FY2022 | FY2023 | FY2024 | FY2025 | FY2026 | TTM |
|---|---|---|---|---|---|---|
| Revenue | $11.8B | $11.1B | $9.92B | $9.50B | $9.61B | $9.51B |
| Gross profit | $6.46B | $5.80B | $5.11B | $5.08B | $5.26B | — |
| Operating income | $1.63B | $999M | -$144M | $304M | $577M | $580M |
| Net income | $1.39B | $119M | -$969M | -$190M | $255M | $274M |
| EPS (diluted) | $3.53 | $0.31 | -$2.49 | -$0.48 | $0.64 | — |
| Free cash flow | $619M | -$808M | $879M | $379M | $557M | $628M |
| Gross margin | 54.5% | 52.3% | 51.6% | 53.5% | 54.8% | — |
| Operating margin | 13.8% | 9.0% | -1.5% | 3.2% | 6.0% | 6.1% |
| Net margin | 11.7% | 1.1% | -9.8% | -2.0% | 2.7% | 2.9% |
| Revenue growth | +28.2% | -6.4% | -10.6% | -4.1% | +1.1% | — |
| Cash + short-term investments | $1.28B | — | — | $429M | $824M | — |
| Total debt | $5.07B | $6.62B | $5.69B | $3.95B | $3.52B | — |
Fiscal years end Mar. EPS is split-adjusted.

## Valuation (price ÷ last four quarters, through Jun 27, 2026)
P/E 25.1x · P/S 0.7x · EV/EBITDA 11.4x · EV/Sales 1.0x · P/FCF 10.9x · P/B 3.9x · FCF yield 9.14% · Earnings yield 3.99% · Dividend yield (paid, TTM) 2.05% · Net debt $2.83B · EV $9.70B
P/E at fiscal year-ends: Mar 2026 26.4x.

## Superinvestors (SEC 13F-HR, Q2 2026)
2 of 80 tracked investors hold VFC. Each row is the investor's latest 13F; change is vs their prior-quarter share count.
| Investor | Firm | % of portfolio | Value | Change |
|---|---|---|---|---|
| Glenn Welling | Engaged Capital | 23.36% | $75.4M | Reduced -3.4% |
| Dodge & Cox Funds | Dodge & Cox | 0.20% | $374M | Reduced -32.1% |

## Insider purchases (SEC Form 4, open-market, last ~7 months)
3 purchases, $1.3M. Private placements, offerings, dividend reinvestment and employee stock purchase plan buys are excluded.
| Trade date | Insider | Role | Shares | Value | Avg price | Insider type |
|---|---|---|---|---|---|---|
| 2026-08-13 | Carucci Richard | Director | 20,000 | $295K | 14.73 | Opportunistic (traded every year 2023–2025, no repeating month) |
| 2026-07-31 | Darrell Bracken | President & Chief Exec Officer | 32,894 | $493K | 14.98 | Too little history (no open-market trades in 2023) |
| 2026-06-09 | Carucci Richard | Director | 30,000 | $515K | 17.17 | Opportunistic (traded every year 2023–2025, no repeating month) |
Insider type follows Cohen, Malloy & Pomorski (Journal of Finance, 2012). An insider who traded the stock in the same calendar month in each of the past three years is a routine trader; one who traded in each of those years without such a pattern is an opportunistic trader. In their study, trades by opportunistic insiders predicted future returns and trades by routine insiders did not. Counts open-market purchases and sales only (SEC Form 4 codes P and S) by that insider in that company. Not investment advice.

## Analysts
Consensus Hold (mean 2.67 on a 1–5 scale), 24 analysts; mean target USD 18.96 (low 13, high 40).
Rating changes, last 120 days:
| Date | Firm | Action | Rating | Price target |
|---|---|---|---|---|
| 2026-10-13 | Truist Securities | Upgrade | Hold → Buy | $14 → $20 |
| 2026-10-13 | Piper Sandler | Upgrade | Neutral → Overweight | $16 → $20 |
| 2026-10-12 | Barclays | Target raised | Overweight | $23 → $24 |
| 2026-10-09 | JP Morgan | Upgrade | Underweight → Neutral | $18 |
| 2026-09-14 | Baird | Downgrade | Outperform → Neutral | $15 |
| 2026-07-30 | UBS | Target lowered | Neutral | $18 → $16 |
| 2026-07-30 | Goldman Sachs | Target lowered | Neutral | $18 → $16 |
| 2026-07-30 | Stifel | Target lowered | Hold | $19 → $17 |
| 2026-07-30 | Truist Securities | Target lowered | Hold | $15 → $14 |
| 2026-07-30 | Evercore ISI Group | Target lowered | In-Line | $18 → $16 |
| 2026-07-30 | Wells Fargo | Target lowered | Equal-Weight | $18 → $16 |
| 2026-07-30 | Barclays | Target lowered | Overweight | $24 → $23 |

## Total return (dividends reinvested)
|  | 1Y (from 2025-10-23) | 5Y (from 2021-10-18) |
|---|---|---|
| Total return | +12.5% | -70.8% |
| S&P 500 (SPY) | +14.9% | +80.3% |
| Per year | +12.6% | -21.8% |
| Volatility (annualized) | 48.8% | 51.1% |
| Max drawdown | -40.7% (Apr 2026→Sep 2026) | -84.5% (Nov 2021→Apr 2025) |

## Peers (Apparel Manufacturing)
GIL (Gildan Activewear, Inc.) USD 41.03 +1.79% · LEVI (Levi Strauss & Co) USD 21.36 +2.05% · 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/VFC · 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

## Supply chain and relationships (SEC annual reports)

Named in VFC's own 10-K filed 2026-05-20 (https://www.sec.gov/Archives/edgar/data/103379/000010337926000030/vfc-20260328.htm):

| Relationship | Company | Sentence in the filing |
|---|---|---|
| Customer | VF | "The complete and impactful presentation of products in our stores also helps to increase sell-through of VF products at our wholesale customers due to increased brand awareness, education and visibility." |
| Partner | Kontoor Brands, Inc. (KTB) | "In connection with the spin-off, we entered into a tax matters agreement with Kontoor Brands, pursuant to which Kontoor Brands agreed to not enter into any transaction that could cause any portion of the spin-off to be t…" |

## Revenue by business segment (quarter ended 2026-06-27)

| Line | Revenue | Share | YoY |
|---|---|---|---|
| Outdoor | $857.0M | 51.3% | +5.5% |
| Active | $667.3M | 40.0% | -4.6% |
| Total revenue | $1.67B | 100% | — |
The lines above cover 91.3% of total revenue.

## Revenue by region (quarter ended 2026-06-27)

| Line | Revenue | Share | YoY |
|---|---|---|---|
| Americas | $895.5M | 53.6% | -4.5% |
| Europe | $511.1M | 30.6% | -7.3% |
| Asia-Pacific | $262.7M | 15.7% | -3.3% |
| Total revenue | $1.67B | 100% | — |

## Customer concentration

Period ended 2026-03-28: 4% of revenue from unnamed direct customers (10-K, filed 2026-05-20).

## Company outlook (8-K filed 2026-07-29)

- "Outlook 17 Appendix 19 Q1'27 Earnings Executive Summary 4Q1'27 Earnings Sensitivity: Internal Use Bracken Darrell President & CEO "We had a solid start to the year, beating our revenue and operating income guidance."
- "Given our overall Q1 performance and better visibility into the balance of the year, we are raising our FY'27 revenue guidance." Darrell continued, "Regarding our CFO transition announced today, I would like to thank Paul for his partnership, leadership and contributions to VF."
- "He is a proven leader with deep knowledge of our business and our industry, and I am confident he is well positioned to drive strong execution against our key financial and operational priorities." 5Q1'27 Earnings VF Q1'27 results ahead of guidance • Disclosed Q1'27 figures are shown on both reported and adjusted excluding Dickies®"

## Analyst estimates and revisions

| Period | EPS est. | 90d ago | Change | Revenue est. | Analysts |
|---|---|---|---|---|---|
| Current quarter (ends 2026-09-30) | $0.54 | $0.59 | -8.5% | $2.67B | 21 |
| Next quarter (ends 2026-12-31) | $0.71 | $0.66 | +7.9% | $2.91B | 21 |
| Current fiscal year (ends 2027-03-31) | $1.10 | $1.10 | -0.3% | $9.49B | 23 |
| Next fiscal year (ends 2028-03-31) | $1.35 | $1.36 | -0.7% | $9.79B | 24 |

## Options: expected move (Cboe, 15-min delayed)

Expected move by 2026-10-30 (includes earnings 2026-10-28): ±10.6%; last 8 reports averaged ±10.8%.

| Expiration | Days | ATM IV | Expected move |
|---|---|---|---|
| 2026-10-30 | 7 | 89.3% | ±10.6% |
| 2026-11-06 | 14 | 75.6% | ±12.3% |
| 2026-11-13 | 21 | 65.0% | ±12.8% |
| 2026-11-20 | 28 | 68.5% | ±15.4% |
| 2026-11-27 | 35 | 57.7% | ±14.4% |
| 2026-12-18 | 56 | 54.6% | ±17.1% |
| 2027-01-15 | 84 | 51.8% | ±19.9% |
| 2027-02-19 | 119 | 52.3% | ±23.6% |