Stock Analysis

Stock Analysis · VF Corporation (VFC)

Overview

VF Corporation (VFC) is a global apparel and footwear company. It designs, markets, and sells branded products, with a business model that combines wholesale distribution (selling to retailers) and direct-to-consumer channels (brand stores and e-commerce). Its portfolio includes well-known lifestyle and performance-oriented brands such as The North Face, Vans, Timberland, and Dickies. The company manages product creation, brand marketing, and distribution, while much of manufacturing is typically sourced through a network of suppliers (a common model in branded apparel).

VF’s revenue is primarily generated by selling branded apparel, footwear, and accessories across multiple geographies. In recent years, the company has emphasized brand-led demand creation and a larger mix of direct-to-consumer sales, which can offer closer consumer relationships but also requires strong execution in inventory and promotions.

In VF’s reporting, revenue is commonly described by brand (and sometimes also by channel and region). The largest revenue contributors have generally been its core brands. A typical ranking by brand importance (exact percentages vary by fiscal year) is:

The North Face (largest contributor in recent years)
Vans
Timberland
Dickies
Other brands / other activities

Overall scale (for context): VF reported about $9.5B in total revenue for the fiscal year ending March 31, 2025.

Across the last several fiscal years shown, revenue peaked around fiscal 2022 (about $11.8B) and then declined to about $9.5B by fiscal 2025. Operating income also fell sharply from fiscal 2022 levels, while interest expense increased versus earlier periods, highlighting how weaker operating performance can be amplified when a company carries meaningful debt.

Key Figures

Metric	Value	Industry ⓘ
Date	Feb 07, 2026
Context
Sector	Consumer Cyclical
Industry	Apparel Manufacturing
Market Cap ⓘ	$7.96B
Beta ⓘ	1.67
Fundamental
P/E Ratio ⓘ	35.68	22.80
Profit Margin ⓘ	2.33%	4.94%
Revenue Growth ⓘ	1.50%	1.60%
Debt to Equity ⓘ	299.18%	99.72%
PEG ⓘ	0.14
Free Cash Flow ⓘ	-$665.70M

VF’s market capitalization is about $8.0B. The stock’s beta of 1.67 suggests the share price has tended to move more than the broader market (higher volatility). The company’s P/E ratio is ~35.7, above the industry median of ~22.8, while its profit margin is ~2.3%, below the industry median of ~4.9%. Revenue growth is modest at roughly 1.5% year-over-year (close to the industry median). The balance sheet stands out: debt-to-equity is ~299% versus an industry median near 100%. Free cash flow over the trailing twelve months is negative (about -$666M), indicating cash outflows exceeded cash generated after capital spending over that period.

Growth (Medium)

VF operates in global apparel and footwear—large categories with long-term demand, but typically not “fast structural growth” industries. Demand is influenced by consumer spending, fashion cycles, brand relevance, and retailer inventory behavior. In this type of industry, strong brands can still grow over time, but results can also swing with product momentum and promotional intensity.

VF’s strategy has often emphasized building brand strength, expanding direct-to-consumer, and improving operational execution (inventory discipline, product assortment, and supply chain efficiency). For future growth, the practical catalysts usually come from a combination of (1) brand turnarounds (especially when a major brand has lost momentum), (2) better inventory and fewer discounts, and (3) cost and working-capital improvements that translate into healthier cash generation.

The year-over-year revenue pattern has been uneven. After very strong growth in 2021 (including a period above 100%, consistent with a rebound effect), growth cooled and turned negative through much of 2022–2024. The most recent quarters shown return to small positives (around 1–2%), indicating stabilization rather than strong expansion.

Free cash flow has also been volatile. It moved from positive levels in fiscal 2021 (about $1.0B) to negative in fiscal 2023 (about -$890M), then back to positive in fiscal 2024 (about $807M) and still positive in fiscal 2025 (about $355M). However, the latest metrics indicate negative trailing twelve-month free cash flow, which can be a sign of ongoing working-capital pressure, restructuring impacts, or weaker earnings quality—factors that matter for a leveraged company.