Levi Strauss & Co. (LEVI) 10-Year Financial Performance & Capital Metrics

LEVI • • Industrial / General

Consumer CyclicalApparel ManufacturingDenim & Casual WearDenim Specialists

AboutLevi Strauss & Co. operates as an apparel company. The company designs, markets, and sells jeans, casual and dress pants, activewear, tops, shorts, skirts, dresses, jackets, footwear, and related accessories for men, women, and children in the Americas, Europe, and Asia. It also sells its products under the Levi's, Dockers, Signature by Levi Strauss & Co., and Denizen brands. In addition, the company licenses Levi's and Dockers trademarks for various product categories, including footwear, belts, wallets and bags, outerwear, sweaters, dress shirts, kids wear, sleepwear, and hosiery. Further, it sells its products through third-party retailers, such as department stores, specialty retailers, third-party e-commerce sites, and franchisees who operate brand-dedicated stores; and directly to consumers through various formats, including company-operated mainline and outlet stores, company-operated e-commerce sites, and select shop-in-shops located in department stores, and other third-party retail locations. The company also operates approximately 3,100 brand-dedicated stores and shop-in-shops. The company was founded in 1853 and is headquartered in San Francisco, California.Show more

Revenue $6.36B +2.9%
EBITDA $457M -11.8%
Net Income $211M -15.6%
EPS (Diluted) 0.52 -16.1%
Gross Margin 60.04% +5.5%
EBITDA Margin 7.2% -14.3%
Operating Margin 4.16% -27.3%
Net Margin 3.31% -18.0%
ROE 10.49% -17.0%
ROIC 5.41% -24.5%
Debt/Equity 1.12 +5.4%
Interest Coverage 6.32 -17.9%

Technical Analysis

Key Insights

Based on financial data analysis

✓Strengths

✓High quality earnings: Operating CF exceeds net income
✓Good 3Y average ROE of 18.3%
✓Healthy dividend yield of 2.3%

✗Weaknesses

✗Profits declining 11.8% over 5 years

Price & Volume

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Growth Metrics

Revenue CAGR

10Y2.95%

5Y1.98%

3Y3.31%

TTM5.97%

Profit (Net Income) CAGR

10Y7.1%

5Y-11.8%

3Y-27.54%

TTM288.84%

EPS CAGR

10Y6.77%

5Y-11.72%

3Y-27.24%

TTM200.39%

ROCE

10Y Avg15.15%

5Y Avg9.02%

3Y Avg10.2%

Latest6.12%

Peer Comparison

Denim Specialists

Name	Market Cap	Current Price	P/E Ratio	Revenue Growth 1Y	Net Margin	ROE	FCF Yield	Debt/Equity
LEVILevi Strauss & Co.	2.24B	21.75	41.83	2.85%	9.48%	27.87%	29.92%	1.12
KTBKontoor Brands, Inc.	3.31B	59.58	13.67	0%	7.68%	41.1%	10.45%	1.98

Profit & Loss

	Nov 2015	Nov 2016	Nov 2017	Nov 2018	Nov 2019	Nov 2020	Nov 2021	Nov 2022	Nov 2023	Nov 2024
Sales/Revenue+	4.49B	4.55B	4.9B	5.58B	5.76B	4.45B	5.76B	6.17B	6.18B	6.36B
Revenue Growth %	-0.05%	0.01%	0.08%	0.14%	0.03%	-0.23%	0.29%	0.07%	0%	0.03%
Cost of Goods Sold+	2.23B	2.22B	2.34B	2.58B	2.66B	2.1B	2.42B	2.62B	2.66B	2.54B
COGS % of Revenue	0.5%	0.49%	0.48%	0.46%	0.46%	0.47%	0.42%	0.42%	0.43%	0.4%
Gross Profit+	2.27B	2.33B	2.56B	3B	3.1B	2.35B	3.35B	3.55B	3.52B	3.82B
Gross Margin %	0.5%	0.51%	0.52%	0.54%	0.54%	0.53%	0.58%	0.58%	0.57%	0.6%
Gross Profit Growth %	-0.03%	0.03%	0.1%	0.17%	0.03%	-0.24%	0.42%	0.06%	-0.01%	0.09%
Operating Expenses+	1.84B	1.87B	2.08B	2.46B	2.53B	2.44B	2.66B	2.9B	3.16B	3.55B
OpEx % of Revenue	0.41%	0.41%	0.42%	0.44%	0.44%	0.55%	0.46%	0.47%	0.51%	0.56%
Selling, General & Admin	1.82B	1.87B	2.08B	2.46B	2.53B	2.27B	2.66B	2.88B	3.05B	3.25B
SG&A % of Revenue	0.41%	0.41%	0.42%	0.44%	0.44%	0.51%	0.46%	0.47%	0.49%	0.51%
Research & Development	0	0	0	0	0	0	0	0	0	0
R&D % of Revenue	-	-	-	-	-	-	-	-	-	-
Other Operating Expenses	14.07M	0	0	0	-2K	166.01M	0	20.7M	110.5M	305.6M
Operating Income+	431.05M	462.21M	480.07M	540.41M	566.67M	-85.12M	686.2M	646.5M	353.3M	264.1M
Operating Margin %	0.1%	0.1%	0.1%	0.1%	0.1%	-0.02%	0.12%	0.1%	0.06%	0.04%
Operating Income Growth %	0.37%	0.07%	0.04%	0.13%	0.05%	-1.15%	9.06%	-0.06%	-0.45%	-0.25%
EBITDA+	533.09M	566.09M	597.45M	660.62M	690.62M	56.68M	829.4M	805.4M	518.6M	457.3M
EBITDA Margin %	0.12%	0.12%	0.12%	0.12%	0.12%	0.01%	0.14%	0.13%	0.08%	0.07%
EBITDA Growth %	0.26%	0.06%	0.06%	0.11%	0.05%	-0.92%	13.63%	-0.03%	-0.36%	-0.12%
D&A (Non-Cash Add-back)	102.04M	103.88M	117.39M	120.2M	123.94M	141.79M	143.2M	158.9M	165.3M	193.2M
EBIT	391.61M	480.43M	417.38M	555.32M	543.83M	-107.59M	653.1M	675.3M	311.1M	260.8M
Net Interest Income+	-79.96M	-71.79M	-65.22M	-45.9M	-49.06M	-73.8M	-70.36M	-25.7M	-45.9M	-41.8M
Interest Income	1.25M	1.38M	3.38M	9.4M	17.19M	8.39M	2.54M	0	0	0
Interest Expense	81.21M	73.17M	68.6M	55.3M	66.25M	82.19M	72.9M	25.7M	45.9M	41.8M
Other Income/Expense	-120.65M	-54.95M	-131.29M	-40.39M	-89.09M	-104.66M	-106M	3.1M	-88.1M	-45.1M
Pretax Income+	310.4M	407.26M	348.78M	500.02M	477.58M	-189.78M	580.2M	649.6M	265.2M	219M
Pretax Margin %	0.07%	0.09%	0.07%	0.09%	0.08%	-0.04%	0.1%	0.11%	0.04%	0.03%
Income Tax+	100.51M	116.05M	64.22M	214.78M	82.6M	-62.64M	26.7M	80.5M	15.6M	8.4M
Effective Tax Rate %	0.67%	0.71%	0.81%	0.57%	0.83%	0.67%	0.95%	0.88%	0.94%	0.96%
Net Income+	209.44M	291.05M	281.4M	283.14M	394.61M	-127.14M	553.54M	569.1M	249.6M	210.6M
Net Margin %	0.05%	0.06%	0.06%	0.05%	0.07%	-0.03%	0.1%	0.09%	0.04%	0.03%
Net Income Growth %	0.97%	0.39%	-0.03%	0.01%	0.39%	-1.32%	5.35%	0.03%	-0.56%	-0.16%
Net Income (Continuing)	209.89M	291.21M	284.56M	285.24M	394.98M	-127.14M	553.54M	569.1M	249.6M	210.6M
Discontinued Operations	0	0	0	0	0	0	0	0	0	0
Minority Interest	1.59M	2.22M	5.48M	7.35M	8.03M	0	0	0	0	0
EPS (Diluted)+	0.53	0.76	0.72	0.72	0.97	-0.32	1.35	1.41	0.62	0.52
EPS Growth %	0.96%	0.43%	-0.05%	0%	0.35%	-1.33%	5.22%	0.04%	-0.56%	-0.16%
EPS (Basic)	0.56	0.76	0.75	0.75	1.01	-0.32	1.38	1.43	0.63	0.53
Diluted Shares Outstanding	393.23M	385.49M	393.23M	393.23M	408.37M	397.32M	409.78M	403.84M	401.72M	402.37M
Basic Shares Outstanding	377.08M	374.7M	377.08M	377.08M	389.08M	397.32M	401.63M	397.34M	397.21M	398.23M
Dividend Payout Ratio	0.24%	0.21%	0.25%	0.32%	0.29%	-	0.19%	0.31%	0.76%	0.94%

Balance Sheet

	Nov 2015	Nov 2016	Nov 2017	Nov 2018	Nov 2019	Nov 2020	Nov 2021	Nov 2022	Nov 2023	Nov 2024
Total Current Assets+	1.53B	1.69B	1.99B	2.29B	2.87B	3.13B	2.71B	2.83B	2.64B	2.85B
Cash & Short-Term Investments	318.57M	375.56M	633.62M	713.12M	1.01B	1.59B	901.82M	500.2M	398.8M	690M
Cash Only	318.57M	375.56M	633.62M	713.12M	934.24M	1.5B	810.27M	429.6M	398.8M	690M
Short-Term Investments	0	0	0	0	80.74M	96.53M	91.55M	70.6M	0	0
Accounts Receivable	498.2M	479.02M	485.49M	534.16M	782.85M	540.23M	707.63M	697M	752.7M	710M
Days Sales Outstanding	40.46	38.4	36.13	34.97	49.58	44.28	44.81	41.24	44.46	40.78
Inventory	606.86M	716.18M	759.4M	883.77M	884.19M	817.69M	897.95M	1.42B	1.29B	1.24B
Days Inventory Outstanding	99.53	117.55	118.39	125.15	121.25	142.14	135.59	197.39	176.81	178.14
Other Current Assets	104.52M	115.39M	118.72M	157M	188.17M	174.64M	202.51M	213.9M	196M	211.7M
Total Non-Current Assets+	1.36B	1.3B	1.36B	1.25B	1.36B	2.52B	3.19B	3.21B	3.42B	3.52B
Property, Plant & Equipment	390.83M	393.61M	424.46M	460.61M	529.56M	1.44B	1.61B	1.59B	1.71B	1.79B
Fixed Asset Turnover	11.50x	11.57x	11.55x	12.10x	10.88x	3.08x	3.59x	3.87x	3.60x	3.56x
Goodwill	235.04M	234.28M	237.33M	236.25M	235.79M	264.77M	386.88M	365.7M	303.7M	277.6M
Intangible Assets	43.35M	42.95M	42.89M	42.84M	42.78M	47.43M	291.33M	286.7M	267.6M	196.6M
Long-Term Investments	0	0	0	0	0	0	0	0	0	0
Other Non-Current Assets	106.39M	107.02M	117.69M	117.12M	146.2M	261.92M	332.57M	339.7M	400.6M	464.4M
Total Assets+	2.88B	2.99B	3.35B	3.54B	4.23B	5.64B	5.9B	6.04B	6.05B	6.38B
Asset Turnover	1.56x	1.52x	1.46x	1.57x	1.36x	0.79x	0.98x	1.02x	1.02x	1.00x
Asset Growth %	-0.01%	0.04%	0.12%	0.06%	0.19%	0.33%	0.05%	0.02%	0%	0.05%
Total Current Liabilities+	846.17M	761.74M	877.63M	1.16B	1.17B	1.55B	1.87B	1.98B	1.79B	2.01B
Accounts Payable	238.31M	270.29M	289.5M	351.33M	360.32M	375.45M	524.8M	657.2M	567.9M	663.4M
Days Payables Outstanding	39.08	44.37	45.13	49.75	49.41	65.27	79.25	91.56	77.83	95.35
Short-Term Debt	147.6M	38.92M	38.45M	31.93M	7.62M	17.63M	5.9M	11.7M	12.5M	5.5M
Deferred Revenue (Current)	0	0	0	0	0	0	0	0	0	0
Other Current Liabilities	20.14M	4.88M	-1.44M	0	551.84M	121.65M	13.22M	764M	704.9M	267.4M
Current Ratio	1.81x	2.21x	2.27x	1.97x	2.46x	2.02x	1.45x	1.43x	1.48x	1.42x
Quick Ratio	1.09x	1.27x	1.41x	1.21x	1.70x	1.49x	0.97x	0.71x	0.75x	0.80x
Cash Conversion Cycle	100.9	111.59	109.39	110.37	121.42	121.16	101.16	147.07	143.44	123.57
Total Non-Current Liabilities+	1.64B	1.63B	1.65B	1.52B	1.49B	2.79B	2.36B	2.15B	2.22B	2.39B
Long-Term Debt	1B	1.01B	1.06B	1.02B	1.01B	1.55B	1.02B	984.5M	1.01B	994M
Capital Lease Obligations	12.32M	15.36M	0	0	0	858.29M	969.48M	859.1M	913.1M	960.5M
Deferred Tax Liabilities	0	0	0	0	0	0	0	0	0	0
Other Non-Current Liabilities	620.32M	612.62M	592.26M	503.64M	486.91M	387.89M	374.61M	308.9M	297.2M	440M
Total Liabilities	2.48B	2.4B	2.53B	2.69B	2.66B	4.34B	4.23B	4.13B	4.01B	4.41B
Total Debt+	1.16B	1.06B	1.09B	1.05B	1.01B	2.66B	2.24B	2.09B	2.18B	2.21B
Net Debt	846.29M	684.98M	460.21M	339.03M	80.13M	1.16B	1.43B	1.66B	1.78B	1.52B
Debt / Equity	2.91x	1.79x	1.32x	1.23x	0.65x	2.05x	1.35x	1.10x	1.07x	1.12x
Debt / EBITDA	2.19x	1.87x	1.83x	1.59x	1.47x	46.93x	2.70x	2.60x	4.20x	4.84x
Net Debt / EBITDA	1.59x	1.21x	0.77x	0.51x	0.12x	20.51x	1.73x	2.06x	3.44x	3.33x
Interest Coverage	5.31x	6.32x	7.00x	9.77x	8.55x	-1.04x	9.41x	25.16x	7.70x	6.32x
Total Equity+	400.65M	591.12M	829.42M	856.6M	1.57B	1.3B	1.67B	1.9B	2.05B	1.97B
Equity Growth %	1.59%	0.48%	0.4%	0.03%	0.83%	-0.17%	0.28%	0.14%	0.07%	-0.04%
Book Value per Share	1.02	1.53	2.11	2.18	3.85	3.27	4.06	4.71	5.09	4.90
Total Shareholders' Equity	399.05M	588.9M	823.95M	849.25M	1.56B	1.3B	1.67B	1.9B	2.05B	1.97B
Common Stock	375K	375K	375K	376K	394K	398K	400K	400K	400K	400K
Retained Earnings	-379.07M	-427.31M	1.1B	974.32M	1.31B	1.11B	1.47B	1.7B	1.75B	1.67B
Treasury Stock	0	0	0	0	0	0	0	0	0	0
Accumulated OCI	705.67M	935.05M	-404.38M	-424.58M	-404.99M	-441.45M	-394.39M	-421.7M	-390.9M	-434.5M
Minority Interest	1.59M	2.22M	5.48M	7.35M	8.03M	0	0	0	0	0

Cash Flow

	Nov 2015	Nov 2016	Nov 2017	Nov 2018	Nov 2019	Nov 2020	Nov 2021	Nov 2022	Nov 2023	Nov 2024
Cash from Operations+	218.33M	306.55M	525.94M	420.37M	412.19M	469.59M	737.3M	228.1M	435.5M	898.4M
Operating CF Margin %	0.05%	0.07%	0.11%	0.08%	0.07%	0.11%	0.13%	0.04%	0.07%	0.14%
Operating CF Growth %	-0.06%	0.4%	0.72%	-0.2%	-0.02%	0.14%	0.57%	-0.69%	0.91%	1.06%
Net Income	209.89M	291.21M	284.56M	285.24M	394.98M	-127.14M	553.5M	569.1M	249.6M	210.6M
Depreciation & Amortization	102.04M	103.88M	117.39M	120.2M	123.94M	141.79M	143.2M	158.9M	165.3M	193.2M
Stock-Based Compensation	15.14M	9.33M	25.81M	18.41M	55.19M	50.95M	60.1M	60.8M	74.4M	62.8M
Deferred Taxes	58.39M	66.08M	-486K	134.26M	-14.96M	-95.24M	-87.9M	-59.8M	-104.3M	-91.1M
Other Non-Cash Items	6.92M	-5.22M	91.43M	901K	16.84M	116.58M	92.2M	49.4M	159M	172.4M
Working Capital Changes	-174.04M	-158.72M	7.25M	-138.64M	-163.8M	382.65M	-23.8M	-550.3M	-108.5M	350.5M
Change in Receivables	4.06M	6.15M	3.98M	-60.47M	-82.34M	234.22M	-181.55M	0	0	14.8M
Change in Inventory	28.57M	-121.38M	-14.41M	-147.39M	-22.43M	93.1M	-84.67M	0	0	14.9M
Change in Payables	-80.22M	43.04M	35.71M	151.13M	8.89M	12.51M	150.51M	0	0	105.1M
Cash from Investing+	-80.83M	-68.35M	-124.39M	-179.39M	-243.34M	-188.56M	-571.8M	-235.7M	-240.7M	-281.1M
Capital Expenditures	-104.58M	-102.95M	-118.62M	-159.41M	-175.36M	-130.38M	-166.9M	-267.1M	-313.6M	-227.5M
CapEx % of Revenue	0.02%	0.02%	0.02%	0.03%	0.03%	0.03%	0.03%	0.04%	0.05%	0.04%
Acquisitions	-	-	-	-	-	-	-	-	-	-
Investments	-	-	-	-	-	-	-	-	-	-
Other Investing	23.75M	34.6M	-5.77M	0	0	0	0	-1.2M	-1.9M	-1.8M
Cash from Financing+	-94.89M	-173.55M	-151.83M	-148.63M	55.02M	286M	-840.9M	-365.4M	-214.1M	-319.3M
Debt Issued (Net)	-	-	-	-	-	-	-	-	-	-
Equity Issued (Net)	-	-	-	-	-	-	-	-	-	-
Dividends Paid	-50M	-60M	-70M	-90M	-113.91M	-63.64M	-104.4M	-174.3M	-190.5M	-198.5M
Share Repurchases	-	-	-	-	-	-	-	-	-	-
Other Financing	-4.62M	-304K	-33.9M	-30.27M	-463K	-100.21M	-116.6M	-15.4M	-15.5M	-84.4M
Net Change in Cash	-	-	-	-	-	-	-	-	-	-
Free Cash Flow+	113.75M	203.6M	407.32M	260.96M	236.83M	339.2M	570.4M	-39M	121.9M	670.9M
FCF Margin %	0.03%	0.04%	0.08%	0.05%	0.04%	0.08%	0.1%	-0.01%	0.02%	0.11%
FCF Growth %	-0.29%	0.79%	1%	-0.36%	-0.09%	0.43%	0.68%	-1.07%	4.13%	4.5%
FCF per Share	0.29	0.53	1.04	0.66	0.58	0.85	1.39	-0.10	0.30	1.67
FCF Conversion (FCF/Net Income)	1.04x	1.05x	1.87x	1.48x	1.04x	-3.69x	1.33x	0.40x	1.74x	4.27x
Interest Paid	77.91M	67.05M	52.1M	51.2M	54M	73.67M	54.4M	37.5M	42.8M	38.2M
Taxes Paid	61.46M	57.15M	54.6M	96.28M	96.54M	50.07M	109.6M	129.3M	89.3M	102.3M

Key Ratios

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Return on Equity (ROE)	75.46%	58.69%	39.62%	33.59%	32.5%	-8.86%	37.34%	31.89%	12.64%	10.49%
Return on Invested Capital (ROIC)	27.82%	27.48%	28.07%	32.62%	29.85%	-3.1%	18.52%	14.56%	7.17%	5.41%
Gross Margin	50.48%	51.16%	52.26%	53.77%	53.81%	52.84%	58.06%	57.53%	56.9%	60.04%
Net Margin	4.66%	6.39%	5.74%	5.08%	6.85%	-2.86%	9.6%	9.23%	4.04%	3.31%
Debt / Equity	2.91x	1.79x	1.32x	1.23x	0.65x	2.05x	1.35x	1.10x	1.07x	1.12x
Interest Coverage	5.31x	6.32x	7.00x	9.77x	8.55x	-1.04x	9.41x	25.16x	7.70x	6.32x
FCF Conversion	1.04x	1.05x	1.87x	1.48x	1.04x	-3.69x	1.33x	0.40x	1.74x	4.27x
Revenue Growth	-5.46%	1.3%	7.72%	13.69%	3.37%	-22.74%	29.45%	7.02%	0.17%	2.85%

Revenue by Geography

	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Americas	2.73B	2.68B	2.77B	3.04B	3.06B	2.35B	2.93B	3.19B	3.09B	3.2B
Americas Growth	-	-1.59%	3.39%	9.68%	0.47%	-23.28%	25.13%	8.61%	-3.15%	3.68%
Europe segment	1.02B	1.09B	1.31B	1.65B	1.77B	1.44B	1.7B	1.6B	1.58B	1.62B
Europe segment Growth	-	7.37%	20.24%	25.45%	7.40%	-18.80%	18.70%	-6.27%	-1.11%	2.43%
Asia	751.61M	778.37M	817.7M	886.54M	938.01M	671.65M	834.65M	952.1M	1.06B	1.08B
Asia Growth	-	3.56%	5.05%	8.42%	5.81%	-28.40%	24.27%	14.07%	11.30%	2.14%
Other Brands	-	-	-	-	-	-	290.44M	431.9M	452.9M	454.4M
Other Brands Growth	-	-	-	-	-	-	-	48.70%	4.86%	0.33%

Frequently Asked Questions

Valuation & Price

Levi Strauss & Co. (LEVI) has a price-to-earnings (P/E) ratio of 41.8x. This suggests investors expect higher future growth.

Growth & Financials

Levi Strauss & Co. (LEVI) reported $6.36B in revenue for fiscal year 2024. This represents a 33% increase from $4.76B in 2011.

Levi Strauss & Co. (LEVI) grew revenue by 2.9% over the past year. Growth has been modest.

Yes, Levi Strauss & Co. (LEVI) is profitable, generating $602.7M in net income for fiscal year 2024 (3.3% net margin).

Dividend & Returns

Yes, Levi Strauss & Co. (LEVI) pays a dividend with a yield of 2.27%. This makes it attractive for income-focused investors.

Levi Strauss & Co. (LEVI) has a return on equity (ROE) of 10.5%. This is reasonable for most industries.

Levi Strauss & Co. (LEVI) generated $324.1M in free cash flow for fiscal year 2024. Positive FCF indicates the company can fund dividends, buybacks, or reinvestment.

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