LEVI STRAUSS & CO
LEVIdata completeness 100%17 fiscal years on fileLEVI STRAUSS & CO earns about 18% on invested capital, far above its ~9% cost of capital, and has bought back 2% of its shares over 5 years — the marks of a durable business run for its owners. The estimate methods put fair value between $6.85 and $14.35 a share.Whether it’s worth owning at today’s price is the last question — and yours to answer, below.
| Figure | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 |
|---|---|---|---|---|---|
| Revenue | $5.76B1 | $6.17B2 | $5.84B3 | $6.03B3 | $6.28B3 |
| Net income | $553.5M4 | $569.1M5 | $249.6M5 | $210.6M5 | $578.1M6 |
| Operating cash flow | $737.3M7 | $228.1M8 | $435.5M9 | $898.4M9 | $529.6M9 |
| Capital expenditure | $166.9M10 | $267.1M11 | $313.6M12 | $227.5M12 | $221.4M12 |
| Free cash flow (derived) | $570.4M7 | −$39M8 | $121.9M9 | $670.9M9 | $308.2M9 |
| Total debt | $1.03B13 | $996.2M14 | $1.02B15 | $999.5M16 | $2.09B16 |
| Cash & equivalents | $810.3M17 | $429.6M17 | $398.8M18 | $690M19 | $757.9M19 |
| Diluted shares | 409.8M | 403.8M | 401.7M | 402.4M | 399.7M |
Superscripts are receipts. Each links to the SEC filing the number came from (full list at the bottom).
10 shares is a claim on $57 of net worth that earned you $14.46 and generated $7.71 of cash last year, against $52.28 of debt.
It earned about 18% on invested capital, year after year, against a ~9% cost of capital — the footprint of real pricing power. Competition usually drags returns like this back down; here it hasn't.
seeing a moat in the numbers →Share count is down 2% over 5 years — management has been buying back stock, quietly handing owners a bigger slice. Total debt has risen 104% over the same window.
reading capital allocation →Signals, not verdicts — read from the filings above. Numbers don’t prove a moat; they show its footprint. You decide.
The 3 estimate methods that apply put fair value between $6.85 and $14.35 a share. They rest on different assumptions, so where they diverge is the story; the Graham Number is a stricter floor, not a target.
assumptions (10)
- riskFreeRate4.7%
- equityRiskPremium5.0%
- beta100.0%
- equityWeight85.0%
- costOfDebtSpread1.5%
- taxRate21.0%
- terminalGrowth2.5%
- projectionYears10
- fcfGrowth0.0%
- fcfBase$308.2M
assumptions (10)
- riskFreeRate4.7%
- equityRiskPremium5.0%
- beta100.0%
- equityWeight85.0%
- costOfDebtSpread1.5%
- taxRate21.0%
- terminalGrowth2.5%
- projectionYears5
- fcfGrowth0.0%
- fcfBase$308.2M
assumptions (8)
- riskFreeRate4.7%
- equityRiskPremium5.0%
- beta100.0%
- equityWeight85.0%
- costOfDebtSpread1.5%
- taxRate21.0%
- normalizedEarnings$553.5M
- growthAssumed0.0%
assumptions (1)
- grahamMultiplier2250.0%
Different models answer different questions — which to trust when →
| Bear | 0.0% | $7.68 |
| Base | 0.0% | $7.68 |
| Bull | 5.0% | $10.35 |
Bear/base/bull growth = 0% / filed history / history + 5pp. Type a price to see the return each case implies.
Default growth 0.0%= this company’s own filed history (median-to-median FCF CAGR, clamped 0–20%). Your adjustments are recorded anonymously. They become the “what do owners actually believe” dataset.
- 10-K · period ending 2021-11-28 · accession 0000094845-24-000010 (RevenueFromContractWithCustomerExcludingAssessedTax)
- 10-K · period ending 2022-11-27 · accession 0000094845-25-000005 (RevenueFromContractWithCustomerExcludingAssessedTax)
- 10-K · period ending 2023-11-26 · accession 0000094845-26-000008 (RevenueFromContractWithCustomerExcludingAssessedTax)
- 10-K · period ending 2021-11-28 · accession 0000094845-24-000010 (NetIncomeLoss)
- 10-K · period ending 2022-11-27 · accession 0000094845-25-000005 (NetIncomeLoss)
- 10-K · period ending 2025-11-30 · accession 0000094845-26-000008 (ProfitLoss)
- 10-K · period ending 2021-11-28 · accession 0000094845-24-000010 (NetCashProvidedByUsedInOperatingActivities)
- 10-K · period ending 2022-11-27 · accession 0000094845-25-000005 (NetCashProvidedByUsedInOperatingActivities)
- 10-K · period ending 2023-11-26 · accession 0000094845-26-000008 (NetCashProvidedByUsedInOperatingActivities)
- 10-K · period ending 2021-11-28 · accession 0000094845-24-000010 (PaymentsToAcquirePropertyPlantAndEquipment)
- 10-K · period ending 2022-11-27 · accession 0000094845-25-000005 (PaymentsToAcquirePropertyPlantAndEquipment)
- 10-K · period ending 2023-11-26 · accession 0000094845-26-000008 (PaymentsToAcquirePropertyPlantAndEquipment)
- 10-K · period ending 2021-11-28 · accession 0000094845-23-000006 (LongTermDebtNoncurrent)
- 10-K · period ending 2022-11-27 · accession 0000094845-24-000010 (LongTermDebtNoncurrent)
- 10-K · period ending 2023-11-26 · accession 0000094845-25-000005 (LongTermDebtNoncurrent)
- 10-K · period ending 2024-12-01 · accession 0000094845-26-000008 (LongTermDebtNoncurrent)
- 10-K · period ending 2021-11-28 · accession 0000094845-24-000010 (CashAndCashEquivalentsAtCarryingValue)
- 10-K · period ending 2023-11-26 · accession 0000094845-25-000005 (CashAndCashEquivalentsAtCarryingValue)
- 10-K · period ending 2024-12-01 · accession 0000094845-26-000008 (CashAndCashEquivalentsAtCarryingValue)