ABCDEFGHIJKLMNOPQRSTUVWXYZ
1
2
Company nameVF CorpSummary Financials
3
TickerVFCCalendar2021A2022A2023A2024A2025A2026E2027E2028E2029E2030ECAGR
4
ExchangeNYSEFiscal2022A2023A2024A2025A2026A2027E2028E2029E2030E2031EHist.Forecast
5
Industry / sectorSoftlinesFiscal Date (M/D/Y)4/2/20224/1/20233/30/20243/29/20253/28/20264/3/20274/1/20283/31/20293/30/20303/29/20313Y3Y5Y
6
ActionBuySales$11,842 $11,612 $9,916 $8,963 $9,296 $9,540 $9,913 $10,347 $10,802 $11,278 -7.1%3.6%3.9%
7
Last updated (M/D/Y)10/26/2026% yoy-1.9%-14.6%-9.6%3.7%2.6%3.9%4.4%4.4%4.4%
8
Most recent FY end (M/D/Y)3/28/2026% yoy C$0.9%2.4%3.9%4.4%4.4%4.4%
9
Most recent fiscal qtr1Q27Consensus$9,510 $9,820 $10,170
10
Most recent qtr end date (M/D/Y)
6/27/2026% yoy2.3%3.3%3.6%
11
Active Case:Base
12
Gross profit$6,455 $6,097 $5,112 $4,850 $5,129 $5,304 $5,538 $5,791 $6,051 $6,324 -5.6%4.1%4.3%
13
Cap Table% yoy-5.6%-16.1%-5.1%5.8%3.4%4.4%4.6%4.5%4.5%
14
Price$17 % margin54.5%52.5%51.6%54.1%55.2%55.6%55.9%56.0%56.0%56.1%
15
Diluted shares 408 bps yoy-201 bps-94 bps256 bps106 bps42 bps27 bps10 bps5 bps5 bps
16
Market cap$7,038 % incremental margin156.4%58.0%27.5%83.7%71.5%62.8%58.3%57.2%57.2%
17
+ Claims against EV$5,308
18
- Nonoperating assets$867 SG&A($4,823)($4,972)($4,641)($4,338)($4,479)($4,555)($4,628)($4,733)($4,867)($4,992)-3.4%1.9%2.2%
19
Enterprise value$11,479 % yoy3.1%-6.7%-6.5%3.2%1.7%1.6%2.3%2.8%2.6%
20
% of sales40.7%42.8%46.8%48.4%48.2%47.7%46.7%45.7%45.1%44.3%
21
DCFBearBaseBullbps yoy208 bps399 bps160 bps-22 bps-44 bps-105 bps-95 bps-69 bps-79 bps
22
Enterprise value$9,945 $14,439 $18,155
23
Implied NTM EV/EBITDA10.3x13.8x16.7xEBITDA$1,937 $1,421 $800 $799 $979 $1,044 $1,209 $1,355 $1,480 $1,635 -11.7%11.4%10.8%
24
Implied NTM2 EV/EBITDA9.8x11.9x14.0x% yoy-26.6%-43.7%-0.2%22.5%6.6%15.9%12.1%9.2%10.5%
25
Equity value/share$13 $24 $33 % margin16.4%12.2%8.1%8.9%10.5%10.9%12.2%13.1%13.7%14.5%
26
Implied NTM P/E13.1x21.2x27.5xbps yoy-412 bps-416 bps84 bps162 bps41 bps126 bps90 bps61 bps79 bps
27
Implied NTM2 P/E11.5x15.9x19.9x% incremental margin225.0%36.6%0.1%54.0%26.4%44.5%33.6%27.5%32.5%
28
% return(23.4%)40.5% 93.3% Consensus$1,010 $1,120 $1,180 6.4%
29
Probability20%60%20%% yoy3.2%10.9%5.4%
30
% margin10.6%11.4%11.6%
31
Price% returnbps yoy9 bps78 bps20 bps
32
Wgt-avg PT$24 38.3%% incremental margin14.5%35.5%17.1%
33
Delta - internal vs. street
3.3% 8.0% 14.8%
34
Reward (75% base, 25% bull)
$27 53.7%
35
Risk$13 (23.4%)Operating Income$1,632 $1,125 $471 $512 $650 $749 $909 $1,058 $1,184 $1,331 -16.7%17.6%15.4%
36
R/R2.3x% yoy-31.1%-58.1%8.6%26.9%15.2%21.4%16.3%12.0%12.4%
37
% margin13.8%9.7%4.8%5.7%7.0%7.8%9.2%10.2%11.0%11.8%
38
EPS Valuation (12M PT)BearBaseBullbps yoy-410 bps-493 bps96 bps128 bps86 bps132 bps105 bps74 bps84 bps
39
2028 EPS$1.15 $1.53 $1.68 % incremental margin221.2%38.5%-4.3%41.4%40.5%43.1%34.2%27.8%30.9%
40
P/E13.0x15.0x18.0x
41
PT$15 $23 $30 Interest expense, net($131)($165)($166)($149)($149)($99)($91)($88)($58)($49)
42
% return(13.2%)32.8% 74.9%
43
Probability20%60%20%Net income$1,232 $823 $254 $271 $336 $455 $609 $729 $848 $964 -25.8%29.4%23.5%
44
Diluted avg shares 392 388 388 393 396 397 399 400 402 404 0.6%0.4%0.4%
45
Target% returnEPS (dil.)$3.14 $2.12 $0.65 $0.69 $0.85 $1.15 $1.53 $1.82 $2.11 $2.39 -26.3%28.9%23.0%
46
Wgt-avg PT$23 32.0%%yoy(32.5%)(69.2%)5.9%22.9%34.8%33.5%19.1%16.0%13.2%
47
Consensus$1.10 $1.38 $1.66 25.0%
48
Reward (75% base, 25% bull)
$25 43.3% % yoy29.5%25.5%20.3%
49
Risk$15 (13.2%)
Delta - internal vs. street
4.1% 10.7% 9.7%
50
R/R3.3x
51
NOPAT$1,380 $982 $392 $406 $498 $589 $727 $846 $944 $1,054 -20.2%19.3%16.2%
52
EBITDA Valuation (12M PT)
BearBaseBullNet reinvestment (ex-GW)($482)($1,093)$794 $84 $287 ($156)($179)($86)($153)($161)
53
2028 EBITDA 1,011 1,209 1,294 FCFF$898 ($111)$1,186 $491 $786 $433 $548 $760 $791 $893
54
EV/EBITDA10.0x11.0x12.0x% margin7.6%-1.0%12.0%5.5%8.5%4.5%5.5%7.3%7.3%7.9%
55
EV 10,110 13,301 15,527
% conversion (FCFF/NOPAT)
65%-11%302%121%158%73%75%90%84%85%
56
+ Nonoperating assets 1,224 1,339 1,340
57
- Claims against EV 5,355 5,380 5,396 IC (ex-GW)$3,943 $5,034 $4,211 $4,119 $3,830 $3,986 $4,165 $4,251 $4,404 $4,565 -8.7%3.5%3.6%
58
Market cap 5,979 9,260 11,471 IC$9,761 $10,910 $9,524 $7,745 $7,236 $7,388 $7,567 $7,653 $7,806 $7,967 -12.8%1.9%1.9%
59
Shares outstanding 397 397 397
60
Equity value/share 15 23 29 Sales/IC (ex-GW)3.1x2.4x2.1x2.2x2.3x2.3x2.4x2.4x2.4x2.4x
61
% return(12.7%)35.2% 67.4%
62
Probability20%60%20%ROIC (ex-GW)35.7%20.6%8.3%9.9%12.1%14.4%17.2%19.6%21.2%22.8%
63
ROIC14.2%9.3%3.9%5.0%6.5%7.9%9.5%11.0%12.0%13.2%
64
Target% return
65
Wgt-avg PT$23 32.0%EBITDAR/(interest + rent)4.1x3.1x1.8x2.1x2.4x2.7x3.0x3.2x3.5x3.7x
66
ND/EBITDAR2.4x4.1x5.7x4.3x3.1x2.7x2.2x1.6x1.1x0.7x
67
Reward (75% base, 25% bull)
$25 43.2%
68
Risk$15 (12.7%)EV/Sales1.2x1.2x1.1x1.1x1.0x
69
R/R3.4xEV/NOPAT19.5x15.8x13.6x12.2x10.9x
70
EV/IC1.6x1.5x1.5x1.5x1.4x
71
EPS Valuation (3Y Returns)
BearBaseBullEV/FCFF26.5x20.9x15.1x14.5x12.8x
72
2030 EPS$1.40 $2.11 $2.49 % yield3.8%4.8%6.6%6.9%7.8%
73
P/E13.0x15.0x18.0xEV/EBITDA11.0x9.5x8.5x7.8x7.0x
74
PT$18 $32 $45 Street EV/EBITDA11.4x10.2x9.7x
75
% return5.2% 83.4% 159.8% P/E15.1x11.3x9.5x8.2x7.2x
76
% IRR1.7% 22.4% 37.5% Street P/E15.7x12.5x10.4x
77
x MOIC1.1x1.8x2.6x
78
Probability25%60%15%
79
80
Wgt-avg PT$30
81
% return75.3%
82
% IRR20.6%
83
x MOIC1.8x
84
85
EBITDA Valuation (3Y Returns)
BearBaseBull
86
2030 EBITDA 1,136 1,480 1,684
87
EV/EBITDA10.0x11.0x12.0x
88
EV$11,359 $16,281 $20,210
89
+ Nonoperating assets 529 716 827
90
- Claims against EV 4,228 3,788 3,843
91
Market cap 7,660 13,208 17,195
92
Shares outstanding 400 400 400
93
PT 19 33 43
94
% return10.9% 91.1% 148.8%
95
% IRR3.5% 24.1% 35.5%
96
x MOIC1.1x1.9x2.5x
97
Probability35%50%15%
98
99
Wgt-avg PT$30
100
% return71.7%