VFCV.F. Corporation
Is the business good?
The checks split: 7 of 9 health tests passed and earnings fully cash-backed (1.7×), but margins compressing and returns that lean on debt.
High fundamental quality. Nine pass/fail tests of year-over-year health from the filings.
Operating profit is fully backed by cash. Conversion is improving vs a year ago.
Operating margin has narrowed over the past few years, profitability per dollar of sales is eroding.
Leverage-amplified, a high assets-to-equity ratio does much of the work. ROE 12% = margin × turnover × leverage.
Unless marked, from derived.
Against the whole market›
Percentile against every name Ryufin tracks. Higher is better; the tick marks the middle of the market. Context, not one of the checks above.
Where this answer is blind. The F-score rewards improvement, so an already-elite company can score mid-pack.
How good a business is VFC?
V.F. Corporation earns 10.0% on the capital it employs against a 9.0% cost of capital, so the business is worth more the bigger it gets.
Return on invested capital · cost of capital 9.0% · 0.95 points above what the capital costs: growth creates value
- Operating margin
- 6.1%
Operating margin · Apparel Manufacturing median 7.3% · 12 months to Q1 2027
- Cash conversion
- 1.71×
Cash conversion · 1.55× a year ago · operating cash flow covers the operating profit after tax
- Share count, year on year
- +0.53%
Share count, year on year · flat: no meaningful dilution
| Year | Operating margin |
|---|---|
| FY2021 | 6.6% |
| FY2022 | 14% |
| FY2023 | 9.0% |
| FY2024 | −1.5% |
| FY2025 | 3.2% |
| FY2026 | 6.0% |
Details›
- Gross margin12 months to Q1 2027
- 55%
- Operating margin12 months to Q1 2027
- 6.1%
- Net margin12 months to Q1 2027
- 2.9%
- Free cash flow margin
- 6.6%
- Revenue, trailing twelve months
- $9.51B
- Free cash flow, trailing twelve months
- $628M
- Net income, trailing twelve months
- $274M
- Return on invested capitaloperating profit after tax ÷ debt + equity − cash
- 10.0%
Margins, capital and share counts from the statements as filed with the SEC; cash conversion is operating cash flow over operating profit after tax.
Customers and suppliers
Who buys from VFC and who it buys from, as the companies report it.
- Ten largest customers17%
Combined share of revenue · FY2026 10-K
None disclosed.
A company has to disclose every customer behind 10% or more of its revenue. Each share comes from the latest annual report of the company that states it and shows on both companies’ pages; VFC’s own figures are from its FY2026 10-K. Smaller customers and suppliers go unreported.
Apparel Manufacturing
Ranks #8 of 12 by RyuScore