Latest Ratios: P/E Ratio 22.0x · EV/EBITDA 13.5x · ROE 15.3%. (1997–2026 historical series)
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
| Metric | TTM | FY 2026 | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $8.0B | $6.5B | $6.2B | $6.0B | $8.9B | $22.2B | $31.2B | $23.1B | $32.8B | $28.0B | $21.2B |
| Enterprise Value | $12.2B | $10.7B | $11.1B | $12.6B | $16.2B | $27.7B | $37.7B | $27.0B | $35.0B | $31.1B | $22.3B |
| P/E Ratio → | 22.00 | 25.62 | — | — | 73.90 | 16.02 | 76.43 | 33.99 | 25.97 | 110.73 | 19.77 |
| P/S Ratio | 0.85 | 0.68 | 0.65 | 0.60 | 0.80 | 1.87 | 3.37 | 2.20 | 3.19 | 2.44 | 1.92 |
| P/B Ratio | 4.35 | 3.51 | 4.14 | 3.59 | 3.05 | 6.28 | 10.20 | 6.88 | 7.62 | 7.59 | 4.29 |
| P/FCF | 12.58 | 12.84 | 18.16 | 7.41 | — | 41.40 | 30.00 | 42.75 | 23.48 | — | 16.81 |
| P/OCF | 11.92 | 9.67 | 13.24 | 5.87 | — | 25.67 | 23.74 | 26.43 | 19.69 | — | 14.31 |
P/E links to full P/E history page with 30-year chart
Enterprise-value multiples — capital-structure-neutral measures of total business value
| Metric | TTM | FY 2026 | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 1.11 | 1.17 | 1.27 | 1.46 | 2.34 | 4.08 | 2.57 | 3.41 | 2.70 | 2.02 |
| EV / EBITDA | 13.54 | 12.00 | 19.70 | 76.87 | 12.97 | 14.59 | 43.02 | 22.55 | 24.21 | 21.58 | 12.83 |
| EV / EBIT | 20.02 | 20.97 | 23.57 | 26.49 | 18.23 | 16.42 | 47.62 | 20.92 | 28.04 | 22.53 | 14.26 |
| EV / FCF | — | 21.07 | 32.71 | 15.65 | — | 51.70 | 36.30 | 49.85 | 25.09 | — | 17.68 |
Margins and return-on-capital ratios measuring operating efficiency
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2026 | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 54.8% | 54.8% | 53.5% | 51.6% | 52.3% | 54.5% | 53.2% | 55.5% | 54.8% | 51.2% | 49.5% |
| Operating Margin | 6.3% | 6.3% | 3.2% | -1.5% | 9.0% | 13.8% | 6.6% | 8.8% | 11.6% | 11.9% | 13.2% |
| Net Profit Margin | 2.7% | 2.7% | -2.0% | -9.8% | 1.1% | 11.7% | 4.4% | 6.5% | 12.3% | 5.7% | 9.7% |
| Metric | TTM | FY 2026 | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 15.3% | 15.3% | -12.1% | -42.4% | 3.7% | 42.1% | 12.7% | 17.7% | 31.5% | 15.3% | 20.8% |
| ROA | 2.7% | 2.7% | -1.8% | -7.6% | 0.9% | 10.2% | 3.3% | 6.3% | 12.2% | 6.6% | 11.1% |
| ROIC | 7.3% | 7.3% | 3.1% | -1.2% | 7.8% | 13.1% | 5.4% | 10.1% | 13.4% | 16.0% | 17.7% |
| ROCE | 8.8% | 8.8% | 4.1% | -1.5% | 9.8% | 15.1% | 6.2% | 11.7% | 16.0% | 18.1% | 18.6% |
Solvency and debt-coverage ratios — lower is generally safer
| Metric | TTM | FY 2026 | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 2.69 | 2.69 | 3.61 | 4.48 | 2.80 | 1.93 | 2.41 | 1.55 | 0.65 | 1.02 | 0.47 |
| Debt / EBITDA | 5.61 | 5.61 | 9.52 | 45.44 | 6.52 | 3.58 | 8.40 | 4.36 | 1.93 | 2.60 | 1.33 |
| Net Debt / Equity | — | 2.25 | 3.32 | 3.99 | 2.52 | 1.56 | 2.14 | 1.14 | 0.52 | 0.83 | 0.22 |
| Net Debt / EBITDA | 4.69 | 4.69 | 8.76 | 40.46 | 5.87 | 2.91 | 7.47 | 3.21 | 1.55 | 2.13 | 0.63 |
| Debt / FCF | — | 8.23 | 14.55 | 8.24 | — | 10.30 | 6.30 | 7.11 | 1.61 | — | 0.87 |
| Interest Coverage | 3.05 | 3.05 | 2.70 | 2.55 | 5.84 | 12.37 | 5.84 | 14.00 | 11.59 | 56.51 | 16.49 |
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2026 | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 1.84 | 1.84 | 1.40 | 1.22 | 1.45 | 1.38 | 2.17 | 1.66 | 1.76 | 1.49 | 2.40 |
| Quick Ratio | 1.21 | 1.21 | 0.80 | 0.56 | 0.81 | 0.96 | 1.68 | 1.23 | 1.32 | 0.90 | 1.53 |
| Cash Ratio | 0.38 | 0.38 | 0.16 | 0.24 | 0.23 | 0.38 | 0.64 | 0.45 | 0.20 | 0.22 | 0.69 |
| Asset Turnover | — | 1.03 | 1.01 | 0.85 | 0.79 | 0.89 | 0.67 | 0.94 | 0.99 | 1.11 | 1.13 |
| Inventory Turnover | 3.17 | 3.17 | 2.72 | 2.09 | 2.31 | 3.80 | 4.07 | 3.61 | 3.96 | 3.01 | 3.55 |
| Days Sales Outstanding | — | 54.26 | 50.75 | 59.36 | 53.00 | 45.24 | 51.28 | 45.52 | 48.89 | 44.74 | 39.65 |
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2026 | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | 1.7% | 2.2% | 2.3% | 5.1% | 7.9% | 3.5% | 2.4% | 3.2% | 2.3% | 0.6% | 3.0% |
| Payout Ratio | 55.2% | 55.2% | — | — | 592.7% | 55.7% | 185.5% | 110.2% | 60.9% | 27.5% | 59.2% |
| Metric | TTM | FY 2026 | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 4.5% | 3.9% | — | — | 1.4% | 6.2% | 1.3% | 2.9% | 3.9% | 0.9% | 5.1% |
| FCF Yield | 7.9% | 7.8% | 5.5% | 13.5% | — | 2.4% | 3.3% | 2.3% | 4.3% | — | 5.9% |
| Buyback Yield | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 1.6% | 0.0% | 4.3% | 0.5% | 0.9% | 4.7% |
| Total Shareholder Yield | 1.7% | 2.2% | 2.3% | 5.1% | 7.9% | 5.1% | 2.4% | 7.6% | 2.8% | 1.5% | 7.7% |
| Shares Outstanding | — | $396M | $393M | $388M | $388M | $392M | $392M | $400M | $400M | $401M | $422M |
Includes 30+ ratios · 30 years · Updated daily
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Quick answers to the most common questions about buying VFC stock.
V.F. Corporation's current P/E ratio is 22.0x. The historical average is 25.5x. This places it at the 70th percentile of its historical range.
V.F. Corporation's current EV/EBITDA is 13.5x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 14.5x.
V.F. Corporation's return on equity (ROE) is 15.3%. The historical average is 14.5%.
Based on historical data, V.F. Corporation is trading at a P/E of 22.0x. This is at the 70th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
V.F. Corporation's current dividend yield is 1.75% with a payout ratio of 55.2%.
V.F. Corporation has 54.8% gross margin and 6.3% operating margin.
V.F. Corporation's Debt/EBITDA ratio is 5.6x, indicating high leverage. A ratio above 4x may signal elevated financial risk.
Key Metrics
Top Statement Risk
Leverage constraining turnaround flexibility
Metrics are mathematically derived from official filings.
Premium Multiples Against Stalled Growth
VFC trades at a trailing P/E of 31.75 and EV/EBITDA of 13.68 versus Columbia at 21.33 and 15.17, a premium that near-zero top-line growth struggles to justify on reported figures.
A trailing P/E above 30 on a company with a 2.7% net margin and a net income series that swung from losses to profits suggests the market is pricing a normalized earnings base rather than current reported earnings. The forward P/E of 24.65 compresses the multiple only modestly, implying analysts expect limited near-term earnings expansion. Investors should monitor whether Project Reinvent translates into operating margin gains that justify the multiple, since the current premium leaves limited room for disappointment.
Debt Burden Versus Thin Interest Coverage
Reported debt-to-equity of 2.46 and total debt near $5.0B, against interest coverage that has swung between negative and roughly 12x, indicates debt service comfort that is highly sensitive to operating swings.
The apparent improvement in leverage from 5.13 to 2.46 reflects a shrinking equity base rather than meaningful debt reduction, so the ratio improvement may overstate balance sheet repair. Interest coverage turning negative in several quarters suggests operating profit is not reliably covering financing costs in weaker periods. Refinancing risk and covenant headroom warrant further investigation given the reported debt load.
Inventory Drag Lengthens Cash Conversion
Based on VFC's reported figures, the cash conversion cycle expanded from roughly 103 days in 2025Q3 to 143 days in 2027Q1 and sits at 102 days in 2027Q2, driven largely by inventory days that peaked above 200.
Days inventory outstanding exceeding 200 in several quarters points to a wholesale channel carrying excess stock, consistent with the destocking narrative around Vans. The offsetting extension in payables days provides some relief, but it may also reflect supplier leverage that could tighten under stress. Working capital efficiency appears to be the primary lever for cash flow improvement, and the trend should be monitored closely.
Returns Oscillating Without Durable Compounding
ROIC has oscillated between roughly -1.1% and 3.3% across the ten quarters, with the latest reading at 4.4%, well below the 8.0% reported for Columbia and the 24.7% for Ralph Lauren.
Returns on invested capital cycling around low single digits indicate the company is not currently compounding capital at a rate that justifies its premium valuation. ROE swings from -17.0% to 18.4% are heavily influenced by equity base changes and one-off items, so ROIC is the more reliable gauge. Sustained ROIC above the cost of capital would require margin recovery that the reported data has not yet shown.
Lagging Peers on Returns and Margins
VFC's latest net margin of 10.6% and ROIC of 4.4% compare unfavorably with Ralph Lauren's 11.6% net margin and 24.7% ROIC, though its leverage sits below Hanesbrands and Under Armour on reported debt-to-equity.
The gap versus Ralph Lauren appears largely structural, reflecting brand pricing power and a cleaner balance sheet that VFC has not replicated. Gaps versus Hanesbrands and Under Armour appear more temporary, since both carry distressed or negative earnings profiles. Relative positioning suggests VFC is a mid-tier operator whose valuation premium depends on a turnaround that peers have not yet required.
Leverage Ratio Improvement May Mislead
As reported in the financial statements, the drop in debt-to-equity from 5.13 to 2.46 may overstate balance sheet repair, since equity rebounded from a low base while total liabilities remain near $7.9B.
The most commonly misapplied ratio for a multi-brand apparel platform is debt-to-equity, because accumulated impairments and buybacks compress book equity and can make leverage look improved without any debt reduction. Net debt to EBITDA or lease-adjusted leverage, which captures the owned-retail footprint, would give a more stable read on repayment capacity. Investors should weigh these alternatives before concluding that financial flexibility has materially improved.