VF Corp

VFC: XNYS (USA)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
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VF Lacks a Competitive Edge, but Transformation Should Bring Sales and Margin Improvement

David Swartz

Jan 31, 2025

Business Strategy and Outlook

VF has built a portfolio of solid brands in multiple apparel categories, but we do not believe it has a competitive advantage. Vans and Timberland have been drivers of value historically, but both have had uneven results over the past couple of years. The North Face has been more consistent, but we do not believe it can provide a moat for the company by itself.

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We sell different types of products and services to both investment professionals and individual investors. These products and services are usually sold through license agreements or subscriptions. Our investment management business generates asset-based fees, which are calculated as a percentage of assets under management. We also sell both admissions and sponsorship packages for our investment conferences and advertising on our websites and newsletters.

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Maintaining independence and editorial freedom is essential to our mission of empowering investor success. We provide a platform for our authors to report on investments fairly, accurately, and from the investor’s point of view. We also respect individual opinions––they represent the unvarnished thinking of our people and exacting analysis of our research processes. Our authors can publish views that we may or may not agree with, but they show their work, distinguish facts from opinions, and make sure their analysis is clear and in no way misleading or deceptive.

To further protect the integrity of our editorial content, we keep a strict separation between our sales teams and authors to remove any pressure or influence on our analyses and research.

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VF Corp

VF Lacks a Competitive Edge, but Transformation Should Bring Sales and Margin Improvement

Business Strategy and Outlook

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