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 Its Portfolio of Brands Has Potential for Higher Sales and Margins

David Swartz

Jun 1, 2026

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. The North Face is a strong performer and VF’s largest brand (42% of fiscal 2026 sales), but we do not believe it is enough to provide a moat for VF. Meanwhile, Vans (22% of sales) has had four straight years of sales declines, Timberland (18%) has had minimal sales growth over the past decade, and VF’s other brands are too niche to generate material sales or profits.

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VF Corp

VF Lacks a Competitive Edge, but Its Portfolio of Brands Has Potential for Higher Sales and Margins

Business Strategy and Outlook

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