MeritValue

V F CORP

VFCdata completeness 100%19 fiscal years on file
The thesis, from the filings

V F CORP earns about 4% on invested capital, below its ~9% cost of capital, with a roughly flat share count — no moat visible in the numbers. The estimate methods put fair value between $2.85 and $4.36 a share.Whether it’s worth owning at today’s price is the last question — and yours to answer, below.

i. The business — what you’d actually own
FigureFY 2022FY 2023FY 2024FY 2025FY 2026
Revenue$11.8B1$11.1B2$9.92B3$9.5B3$9.61B3
Net income$1.39B4$118.6M5−$968.9M6−$189.7M6$254.9M6
Operating cash flow$864.3M7−$655.8M8$1.01B9$465.2M9$671.3M9
Capital expenditure$245.4M10$152M11$135.8M12$86.3M12$114.7M12
Free cash flow (derived)$618.8M7−$807.8M8$878.8M9$379M9$556.6M9
Total debt$10.8B13$13.2B14$11.9B15$7.91B16$7.05B17
Cash & equivalents$1.28B18$799.4M19$656.4M20$429.4M20$823.9M20
Diluted shares392.4M388.4M388.4M392.6M395.9M

Superscripts are receipts. Each links to the SEC filing the number came from (full list at the bottom).

ii. Your slice — ownership made literal
If you owned
shares
Net assets behind them
$46.73
your share of equity
Profit it earned you last year
$6.44
Free cash flow it threw off
$14.06
Debt you’d be carrying
$178.08

10 shares is a claim on $46.73 of net worth that earned you $6.44 and generated $14.06 of cash last year, against $178.08 of debt.

iii. Is this a good business?
Moat signal · return on invested capital
4% avg · 5y
FY22 10%FY23 6%FY24 -0%FY25 1%FY26 3%

It earned about 4% on invested capital against a ~9% cost of capital — below the cost of funding. The numbers show no moat.

seeing a moat in the numbers →
Management signal · capital allocation
+1% shares · 5y

Share count is roughly flat over 5 years — little dilution, little buyback. Total debt has fallen 35% — deleveraging.

reading capital allocation →

Signals, not verdicts — read from the filings above. Numbers don’t prove a moat; they show its footprint. You decide.

iv. What it’s worth — engine v0.1.0

The 3 estimate methods that apply put fair value between $2.85 and $4.36 a share. They rest on different assumptions, so where they diverge is the story; the Graham Number is a stricter floor, not a target.

DCF · Growth Exit 10Y
$2.85
assumptions (10)
  • riskFreeRate4.7%
  • equityRiskPremium5.0%
  • beta100.0%
  • equityWeight85.0%
  • costOfDebtSpread1.5%
  • taxRate21.0%
  • terminalGrowth2.5%
  • projectionYears10
  • fcfGrowth0.0%
  • fcfBase$556.6M
DCF · Growth Exit 5Y
$4.36
assumptions (10)
  • riskFreeRate4.7%
  • equityRiskPremium5.0%
  • beta100.0%
  • equityWeight85.0%
  • costOfDebtSpread1.5%
  • taxRate21.0%
  • terminalGrowth2.5%
  • projectionYears5
  • fcfGrowth0.0%
  • fcfBase$556.6M
Earnings Power Value
$3.1
assumptions (8)
  • riskFreeRate4.7%
  • equityRiskPremium5.0%
  • beta100.0%
  • equityWeight85.0%
  • costOfDebtSpread1.5%
  • taxRate21.0%
  • normalizedEarnings$118.6M
  • growthAssumed0.0%
Graham Number
$8.2
assumptions (1)
  • grahamMultiplier2250.0%

Different models answer different questions — which to trust when →

v. The price question — last, on purpose
Is today’s price fair?
See live price ↗
Type a price. The ledger answers.
Or set your own belief
FCF growth, next 5 years0.0%
Discount rate (WACC)8.93%
Terminal growth2.5%
At your growth, a share is worth $4.36
The three cases
Bear0.0%$4.36
Base0.0%$4.36
Bull5.0%$9.22

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.

Sources — the receipts
  1. 10-K · period ending 2022-04-02 · accession 0000103379-24-000008 (RevenueFromContractWithCustomerExcludingAssessedTax)
  2. 10-K · period ending 2023-04-01 · accession 0000103379-25-000023 (RevenueFromContractWithCustomerExcludingAssessedTax)
  3. 10-K · period ending 2024-03-30 · accession 0000103379-26-000030 (RevenueFromContractWithCustomerExcludingAssessedTax)
  4. 10-K · period ending 2022-04-02 · accession 0000103379-24-000008 (NetIncomeLoss)
  5. 10-K · period ending 2023-04-01 · accession 0000103379-25-000023 (NetIncomeLoss)
  6. 10-K · period ending 2024-03-30 · accession 0000103379-26-000030 (NetIncomeLoss)
  7. 10-K · period ending 2022-04-02 · accession 0000103379-24-000008 (NetCashProvidedByUsedInOperatingActivities)
  8. 10-K · period ending 2023-04-01 · accession 0000103379-25-000023 (NetCashProvidedByUsedInOperatingActivities)
  9. 10-K · period ending 2024-03-30 · accession 0000103379-26-000030 (NetCashProvidedByUsedInOperatingActivities)
  10. 10-K · period ending 2022-04-02 · accession 0000103379-24-000008 (PaymentsForCapitalImprovements)
  11. 10-K · period ending 2023-04-01 · accession 0000103379-25-000023 (PaymentsForCapitalImprovements)
  12. 10-K · period ending 2024-03-30 · accession 0000103379-26-000030 (PaymentsForCapitalImprovements)
  13. 10-K · period ending 2022-04-02 · accession 0000103379-22-000006 (LongTermDebtNoncurrent)
  14. 10-K · period ending 2023-04-01 · accession 0000103379-23-000006 (LongTermDebtNoncurrent)
  15. 10-K · period ending 2024-03-30 · accession 0000103379-24-000008 (LongTermDebtNoncurrent)
  16. 10-K · period ending 2025-03-29 · accession 0000103379-25-000023 (LongTermDebtNoncurrent)
  17. 10-K · period ending 2026-03-28 · accession 0000103379-26-000030 (LongTermDebtNoncurrent)
  18. 10-K · period ending 2022-04-02 · accession 0000103379-24-000008 (CashAndCashEquivalentsAtCarryingValue)
  19. 10-K · period ending 2023-04-01 · accession 0000103379-25-000023 (CashAndCashEquivalentsAtCarryingValue)
  20. 10-K · period ending 2024-03-30 · accession 0000103379-26-000030 (CashAndCashEquivalentsAtCarryingValue)