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VF Corp VFC

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Stock XNYS Rating as of
$11.97 −0.36 (2.92%)
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As of Delayed Price Pre-Open: $12.02 +0.04
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Company Report

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VF Earnings: Small Signs of Progress in Otherwise Woeful Period; Shares Significantly Undervalued

David Swartz

Narrow-moat VF closed a difficult (March-ended) fiscal 2024 with fourth-quarter results that missed expectations and sent its shares down 12% in May 22 postmarket trading. While investor confidence is low, CEO Bracken Darrell inherited a troubled company and is making changes that we regard as necessary in VF’s products, marketing, distribution, and management. Indeed, the firm announced the appointment of a new CFO, Paul Vogel, in conjunction with the earnings. Vogel has a background as an equity analyst and was recently the CFO at no-moat Spotify. Vogel, who left Spotify at the end of 2023 after significant layoffs, appears to have adequate experience.

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Price vs Fair Value

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VFC is trading at a 133% premium.
Price
$11.97
Fair Value
$37.00
Uncertainty
Very High
1-Star Price
$62.95
5-Star Price
$59.30
Economic Moat
Kmtjds
Capital Allocation
Rlkybsxl

Bulls Say, Bears Say

Bulls

CEO Bracken Darrell intends to improve results for Vans under the Reinvent strategic plan. We think Vans can be fixed and that it has growth potential given its small share in the global sports-inspired apparel and footwear market, estimated at $164 billion in 2023 (Euromonitor).

Bears

VF paid over $2 billion for Supreme in 2020, but the brand suffered a drop in sales in fiscal 2023. Supreme is an important part of VF's margin expansion plans.

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News

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Trading Information

Previous Close Price
$12.33
Day Range
$11.00–12.19
52-Week Range
$11.00–21.17
Bid/Ask
$11.98 / $12.06
Market Cap
$4.65 Bil
Volume/Avg
6,508 / 9.2 Mil

Key Statistics

Price/Earnings (Normalized)
16.89
Price/Sales
0.46
Dividend Yield (Trailing)
6.33%
Dividend Yield (Forward)
2.92%
Total Yield
6.39%

Company Profile

VF designs, produces, and distributes branded apparel, footwear, and accessories. Its apparel categories are active, outdoor, and work. Its portfolio of about a dozen brands includes Vans, The North Face, Timberland, Supreme, and Dickies. VF markets its products in the Americas, Europe, and Asia-Pacific through wholesale sales to retailers, e-commerce, and branded stores owned by the company and partners. The company has grown through multiple acquisitions and traces its roots to 1899.
Sector
Consumer Cyclical
Industry
Apparel Manufacturing
Stock Style Box
Small Value
Total Number of Employees
33,000
Website
https://www.vfc.com

Competitors

Valuation

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Metric
VFC
UAA
HBI
Price/Earnings (Normalized)
 16.8910.6849.52
Price/Book Value
 2.891.365.14
Price/Sales
 0.460.530.32
Price/Cash Flow
 4.726.9963.18
Price/Earnings
VFC
UAA
HBI

Financial Strength

Metric
VFC
UAA
HBI
Quick Ratio
 0.581.180.51
Current Ratio
 1.232.131.59
Interest Coverage
 0.7577.120.88
Quick Ratio
VFC
UAA
HBI

Profitability

Metric
VFC
UAA
HBI
Return on Assets (Normalized)
 −1.06%5.88%0.33%
Return on Equity (Normalized)
 −5.45%14.17%5.66%
Return on Invested Capital (Normalized)
 0.27%8.23%4.80%
Return on Assets
VFC
UAA
HBI
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