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FRESH Analysis Report
Jun 21, 2026
5 days ago · 62% complete · +8 refreshed

V.F. Corporation

VFC NYSE Categories PDF
Consumer Cyclical · Apparel - Manufacturers
Denver, CO 80202, United States IPO 1980 vfc.com Updated Jun 21, 12:45pm
Price
$17.33
Market Cap
$6.8B
Employees
18,000
Beta
0.97
Avg Volume
7,537,156
CEO
Bracken Darrell
Business Description

V.F. Corporation, operating with its subsidiaries, specializes in the global design, sourcing, marketing, and distribution of branded lifestyle apparel, footwear, and complementary products. Catering to men, women, and children, its offerings reach markets across the Americas, Europe, and Asia-Pacific. The company structures its operations into three distinct segments: Outdoor, Active, and Work. Its expansive product portfolio includes a wide array of apparel, such as outdoor wear, casual and lifestyle clothing, and items crafted from merino wool and other natural fibers. It also provides a diverse selection of footwear, ranging from outdoor-inspired and performance-oriented styles to action sports, streetwear, and protective work footwear. Completing its range are various accessories, including handbags, luggage, backpacks, and totes, as well as specialized equipment and work-appropriate attire. These goods are marketed under renowned brand names like The North Face, Timberland, Smartwool, Icebreaker, Altra, Vans, Supreme, Kipling, Napapijri, Eastpak, JanSport, Dickies, and Timberland PRO. Distribution occurs through wholesale channels to specialty retailers, department stores, national chains, and mass merchants. Furthermore, V.F. Corporation engages in direct-to-consumer sales via its proprietary retail stores, concession stands, e-commerce platforms, and other digital avenues. Established in 1899, V.F. Corporation maintains its corporate headquarters in Denver, Colorado.

Business History
Generated: Jun 21, 2026 12:48pm
Price Overview
Last updated: Jun 21, 2026 12:45pm (5d ago)
$17.33
+0.63 (+3.77%)
Day Range
$16.92 – $17.41
52-Week Range
$11.06 – $22.27
50-Day MA
$18.07
200-Day MA
$17.37
Volume
5,781,037.00
Analyst Price Targets
Low $18.00
Consensus $20.50
High $24.00
(78 analysts)
Share Structure
Outstanding 391,770,000.00
Float 391,559,569.00
Free Float 99.9%
High free float — 99.9% of shares trade freely, ~0.1% held by insiders/institutions
Very liquid — most shares trade freely. Low insider ownership can mean less management alignment, but makes large position sizing straightforward.
Price History (1 Year)
Last updated: Jun 21, 2026 12:52pm (5d ago)
Revenue & Net Income Trend
The directional story — useful even when net income is negative.
Last updated: Jun 21, 2026 12:52pm (5d ago)
Revenue
The top line — total sales before any costs or taxes are subtracted. A measure of how much business the company is doing.
Net Income
The bottom line — profit left after subtracting all expenses, interest, and taxes from revenue. Reflects accounting profitability, but includes non-cash items like depreciation, so it isn't the same as cash earned.
Operating Cash Flow
The real cash generated by the day-to-day business — selling products, paying suppliers, collecting from customers. Calculated from net income by adding back non-cash items and adjusting for timing (unpaid bills, unsold inventory). When OCF consistently lags net income, the reported profit may not be converting to real money.
Period Revenue Net Income Net Margin YoY/QoQ
Key Metrics
API Direct from provider CALC Derived from statements
Industry comparison last run: Jun 21, 2026 12:47pm
P/E Ratio (Price per dollar of earnings)
API
Stock Price / EPS (Diluted)
26.61
Stock Price: $17.33
EPS (Diluted): 0.65
P/B Ratio (Price vs net asset value)
API
Stock Price / Book Value Per Share
3.46
Stock Price: $17.33
Total Equity: $1.85B
Shares: 395,875,000
EV/EBITDA (Total value vs operating profit)
API
Enterprise Value / EBITDA
13.31
Market Cap: $6.79B
Total Debt: $3.53B
Cash: $823.94M
EBITDA: $788.52M
Enterprise Value (Takeover price (cap + debt - cash))
API
Market Cap + Total Debt - Cash
$10.6B
Market Cap: $6.79B
Total Debt: $3.53B
Cash: $823.94M
Gross Margin (Revenue left after direct costs)
API
Gross Profit / Revenue
54.8%
Gross Profit: $5.26B
Revenue: $9.61B
Operating Margin (Revenue left after all operations)
API
Operating Income / Revenue
6.3%
Operating Income: $607.29M
Revenue: $9.61B
Net Margin (Revenue left as actual profit)
API
Net Income / Revenue
2.7%
Net Income: $254.92M
Revenue: $9.61B
ROE (Profit from shareholder equity)
API
Net Income / Total Equity
15.9%
Net Income: $254.92M
Total Equity: $1.85B
ROIC (Profit from all invested capital)
API
NOPAT / Invested Capital
5.8%
Operating Income: $607.29M
Tax Rate: 25.3%
Equity: $1.85B
Total Debt: $3.53B
Cash: $823.94M
Current Ratio (Can it pay short-term bills)
API
Current Assets / Current Liabilities
1.84
Current Assets: $4.01B
Current Liabilities: $2.18B
Debt/Equity (Leverage — debt vs equity)
CALC
Total Debt / Total Equity
1.91
Short-Term Debt: $10.14M
Long-Term Debt: $3.52B
Total Debt: $3.53B
Total Equity: $1.85B
Rev/Share (Top-line per share)
CALC
Revenue / Shares Outstanding
$24.26
Revenue: $9.61B
Shares: 395,875,000
Book Value/Share (Net assets per share)
CALC
(Total Assets - Total Liabilities) / Shares
$4.67
Total Equity: $1.85B
Shares: 395,875,000
FCF/Share (Real cash generated per share)
CALC
(Operating Cash Flow + CapEx) / Shares
$1.28
Operating CF: $671.27M
CapEx: -$165.81M
Shares: 395,875,000
CapEx is negative (outflow) — added to OCF to get FCF
Div Yield (Annual income from holding)
API
Last Annual Dividend / Stock Price
2.2%
Last Dividend: N/A
Stock Price: $17.33
Payout Ratio (Earnings paid out as dividends)
Dividends Paid / Net Income
—
Dividends Paid: N/A
Net Income: $254.92M
Dividends paid not available in cash flow statement
Industry Benchmarks
Last run: Jun 21, 2026 12:47pm
Compares VFC against LLM-researched typical ranges for its industry. One research call per industry, cached indefinitely — every stock in the same industry reuses the same baseline.
Advanced Analysis Forensic deep-dive · three lenses
Three separate reads — Company Quality (is it a great business?), Valuation (is it mispriced?), and General Sentiment (how macro + narrative are pushing it), kept deliberately apart · 2026-06-21 14:02:42
Delvantic - Cairn AI
Watch closely — small starter only, real buy zone sub-$14 6/10
VFC is a wounded turnaround that's only modestly cheap at $17.33 — not cheap enough to back up the truck on a -40 quality business with $2.7B of net debt.
The cruxWhether the 2026 margin inflection (op margin 6.3%, FCF $505M) is the start of a real repair or a working-capital-aided headfake — that single question decides if the equity is worth $25 or $8.
Forensic checks Derived mechanically from VFC's filed financials — not from the AI lenses
Liquidity & RunwaySelf-Funding
DilutionStable Share Count
Earnings QualityGood Earnings Quality
The three lensesswitch a tab for its full read — score + evidence
Company Quality
-40
Shaky
edge √Σ 87 · risk √Σ 128 · conf 7/10

VFC's five-year trajectory shows real damage: revenue has contracted from $11.84B (2022) to $9.61B (2026), a ~19% top-line decline, while operating margin collapsed from 13.8% to a -1.5% trough in 2024 before clawing back to 6.3% in 2026. Cumulative net income over the last four years is deeply negative (~-$785M ex-2022), reflecting brand impairments and a Vans-led portfolio problem rather than a cyclical blip. Gross margin has held in the low-50s, suggesting the issue is more volume/SG&A leverage and brand health than pricing power destruction.

The balance sheet is the binding constraint: net debt of ~$2.69B against only $836M liquid cash, with Altman Z of 1.89 sitting in the grey zone. The company is self-funding — FCF rebounded to $505M in 2026 — but FCF has been volatile (-$901M in 2023, $804M in 2024 likely working-capital aided, $339M in 2025), and the dividend was already cut. Earnings quality screens clean (Beneish -2.65, negative accruals of -3.8% of assets), and share count is essentially flat (0.2% CAGR) with SBC at a disciplined 0.8% of revenue, so per-share value is not being eroded by issuance.

Management turnover under the Darrell-led reset is visible in the insider tape — large equity awards in May 2026 and one genuine open-market purchase ($515K by Carucci) — which is mildly constructive but not a fortress signal. This reads as a wounded, indebted operator showing early stabilization, not a high-quality compounder.

Strengths 4
m55
Clean earnings quality and disciplined share count
Beneish M of -2.65, accruals at -3.8% of assets, OCF/NI ratio healthy, and diluted shares only up 0.2% CAGR with buybacks covering 102.7% of SBC. Reported numbers appear real and per-share value isn't being diluted.
m50
Operational inflection in 2026
Gross margin recovered to 54.8% (highest in five years), operating margin doubled to 6.3%, and net income returned to positive $255M. Early evidence the Darrell-led reset is working.
m30
Genuine insider open-market buy
Carucci's $515K June 2026 P-purchase is a real directional signal alongside the May 2026 equity awards; modest but constructive.
m35
Portfolio still includes durable brands
The North Face and Timberland remain category-leading franchises that anchor gross margins in the low-to-mid 50s even through the trough.
Concerns 4
m78
Multi-year revenue and margin erosion
Revenue fell from $11.84B to $9.61B (-19%) over five years; operating margin went 13.8% → 9.0% → -1.5% → 3.2% → 6.3%. The 2026 recovery is real but margins remain less than half of 2022 levels, indicating durable brand/franchise damage (notably Vans).
m72
Leveraged balance sheet, grey-zone Altman Z
Net debt of $2.69B vs. $836M cash; Altman Z of 1.89 sits in the distress-adjacent grey zone. Debt is a constraint that limits reinvestment flexibility during the turnaround.
m55
Volatile and low-quality FCF
FCF swung from $536M → -$901M → $804M → $339M → $505M. The 2024 print likely benefited from inventory liquidation/working-capital release, so the underlying run-rate is closer to $400-500M, thin against the debt load.
m45
Cumulative net losses signal franchise impairment
Aggregate net loss of ~$785M across 2023-2026 reflects impairments and a structural Vans decline, not a one-off.
This is a wounded mature operator, not a great business right now. The five-year tape shows a 19% revenue decline, an operating-margin collapse to negative territory, and a balance sheet carrying $2.7B of net debt against modest FCF — that's a survival-and-repair story, not a quality compounder. The good news is the mechanical quality checks are clean (no accruals games, no dilution, real FCF in 2026, gross margin recovering to 54.8%), and there's a genuine insider buy. But you don't grade a company 'Strong' when net income has been negative three of the last four years and the franchise's core brand (Vans) is impaired. I'd call it Shaky-trending-Mixed: the turnaround is showing pulse, but durability and balance-sheet headroom are not where a quality business should be.
Verify before trusting this (6)
  • Vans segment revenue trajectory and whether 2026 stabilization is real or further deterioration masked by TNF strength
  • Debt maturity schedule and covenant headroom — when do the next big tranches come due?
  • Working-capital normalization: how much of 2024-2026 FCF came from inventory release vs. sustainable conversion
  • Status of any remaining brand divestitures (e.g., Supreme proceeds deployment, other portfolio reshaping)
  • Pension and lease obligations not captured in headline net-debt figure
  • Wholesale vs. DTC mix shift and whether margin recovery is sustainable into 2027
Valuation / Mispricing
-17
Modestly Cheap
edge √Σ 71 · risk √Σ 88 · conf 5/10
Price $17.33 vs deserved ~$19-22 under a credible (not heroic) repair — ~10-20% gap, real but not a margin of safety I'd call decisive given the leverage. attractive below $14.00

VFC trades at $17.33 with a ~$6.8B market cap, against $2.7B of net debt for an EV near $9.5B. The e2e synthesis flagged 'High Conviction Required' — translation: the fair-value methods disagree because the business is mid-turnaround, and any DCF is hostage to margin assumptions. On a normalized basis, if VFC can recover to even mid-single-digit operating margins on ~$10B of revenue, that's ~$500-600M EBIT and a deserved equity value meaningfully above today's price; if margins stay negative-to-flat, the equity is a stub on top of the debt and worth less than current.

The Company-Quality lens grades this 'Shaky' (-40) — revenue down 19% over five years, operating margins negative, balance sheet stretched. That lowers deserved value materially versus a healthy VFC of the past. Earnings quality is clean (no accruals games, no dilution), so no further haircut is warranted. Net: I read deserved value in the high-teens to low-$20s under a credible repair scenario, putting today's $17.33 at roughly fair-to-modestly-cheap, not a fat-pitch bargain. The market is pricing skepticism about the turnaround, not euphoria — which is appropriate.

Cheap signals 2
m55
Fallen-angel optionality on brand portfolio
The North Face, Vans, Timberland still carry real brand equity; if even one inflects (TNF growth, Vans stabilization), the equity rerates off a depressed ~$6.8B cap. Market is pricing continued decline.
m45
Clean earnings quality, no dilution
Quality lens confirms no accruals games and no share-count inflation — what you see in FCF is real, so the deserved-value math isn't getting silently eroded by issuance.
Rich / priced-in 3
m60
$2.7B net debt amplifies downside
EV/equity ratio means small changes in deserved enterprise value swing equity hard. If margins don't recover, debt-service eats the equity thesis — the 'cheap' optically can vanish.
m50
Fair-value methods diverge — 'High Conviction Required'
The e2e synthesis itself flags low confidence in the composite fair value. That means no single number deserves to be the anchor; I'm triangulating off scenarios, and the cheap case requires margin recovery that hasn't happened yet.
m40
Turnaround not yet evidenced in numbers
Five-year revenue -19%, operating margins still negative. Paying for repair before seeing two quarters of actual margin inflection is paying for a promise.
Modestly cheap, not a steal. At $17.33 I see maybe 10-20% gap to a reasonable deserved value, but $2.7B of net debt means I want a bigger cushion before backing up the truck on a turnaround I can't yet see in the financials. I'd get genuinely interested sub-$14, where the equity stub starts pricing in real distress and the optionality on brand recovery becomes asymmetric. At today's price, this is a 'watch closely, small starter at most' — the market isn't obviously wrong.
Verify before trusting this (5)
  • Latest segment revenue trends for Vans specifically — is the decline decelerating?
  • Gross margin trajectory and SG&A as % of sales — evidence cost restructuring is sticking
  • Net debt trajectory and any covenant headroom; refinancing schedule
  • Management guidance on FY operating margin recovery cadence
  • Inventory levels vs sell-through — channel health check
General Sentiment
-7
Balanced
tail √Σ 55 · head √Σ 62 · conf 6/10

VFC is carrying a moderate-intensity, moderate-durability fallen-angel narrative: the market neither wants to short it aggressively nor is willing to underwrite the turnaround. Recent momentum has been quietly constructive (3-year relative move +12pp, deleveraging from 3.59x to 1.91x D/E), which suggests the bear story has lost its sharpest edge, but Vans relevance and wholesale erosion keep enthusiasm capped. With beta ~1.0, the neutral macro tape (+20 score, VIX 16.8) is a non-event — it neither saves nor sinks this name.

Analyst tone is the most interesting tell: consensus is Hold with only 4 sells against 25 buys, target $20.5 (~18% upside), and a fresh revision this month. That's a quietly constructive setup that diverges modestly from the still-skeptical bear narrative around brand decay. But the apparel/consumer-cyclical cohort is broadly out of favor, and there's no cult bid, no thematic tailwind, and no fresh catalyst flow to force a re-rate. Net: small positive drift potential, but the story isn't strong enough in either direction to dominate the print.

Tailwinds 3
m38
Deleveraging visible in the tape
D/E nearly halved (3.59 → 1.91) and 3-year relative momentum +12pp suggests the existential-bankruptcy bear case has been priced out, removing the worst sentiment overhang.
m35
Analyst tone leans constructive vs narrative
25 Buys vs only 4 Sells with a $20.5 target and a fresh upward revision this month diverges from the still-skeptical 'Vans is dead' narrative — a quiet positive setup.
m20
Neutral tape provides cover
VIX 16.8 and a calm regime means no forced de-risking pressure on lower-quality cyclicals — gives the turnaround story room to play out without a risk-off mauling.
Headwinds 3
m45
Fallen-angel narrative with no catalyst
Moderate-intensity turnaround story with low cult coefficient means no momentum crowd, no thematic bid; the stock needs proof points to move, and apparel turnarounds get long benefit-of-the-doubt windows.
m35
Consumer-cyclical apparel cohort out of favor
Wholesale-channel pressure, fast-fashion disruption narrative, and a sector that's broadly de-rated weigh on the whole cohort regardless of VFC-specific execution.
m25
Rates backdrop unhelpful for a levered name
10y at 4.46% with stretched market PE keeps a bid against leveraged turnarounds; beta ~1.0 means VFC feels the macro the same as the average name despite the deleveraging story.
Net pressure is genuinely balanced with a faint positive lean. The fallen-angel narrative has lost its venom but hasn't been replaced by a believable turnaround story, so there's no strong directional force in either direction. Analyst tone is quietly constructive and diverges modestly from the still-bearish brand-decay narrative, which is the most actionable signal here. The neutral macro tape is a non-event for a beta-1.0 name, and there's no cult bid or thematic narrative to drag it either way. I'd call this a low-conviction Balanced with a faint tailwind tilt — it needs an execution print to break out of narrative limbo.
Verify before trusting this (5)
  • Vans comp trajectory in next earnings — the linchpin of the bull narrative
  • Whether wholesale order books stabilize or deteriorate further into back-to-school
  • Any further analyst upgrades or target hikes that would mark a narrative inflection
  • Sector rotation signal — if consumer cyclicals catch a bid, VFC participates with beta
  • Credit spreads / leverage commentary — a downgrade or refi headline would reignite the bear case
The market-wide tape + this name's exposure to it (beta / sector / narrative durability). Context on the non-fundamental pressure — not a call on the business or the price. processId: detail-general-sentiment
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Three lenses kept deliberately separate — Company Quality (price-agnostic), Valuation (price-conditional), and General Sentiment (non-fundamental macro/narrative pressure). The scores are not blended. Filing-level items (convertibles, lock-ups, customer concentration) are v2 — see each lens's "verify."
Deep Analysis
Last run: Jun 21, 2026 12:51:51 pm

Pre-flight intelligence scans the company first, then routes to the right analytical methods.

0 Company Classification — What type of company is this?
1 Industry Landscape — Where is the industry headed?
2 Company Momentum — Where is this company trending?
3 Forward Projection — 1Y & 2Y projected metrics (requires Layer 1 + 2)
4a DCF Valuation — Present value of future cash flows
4b Earnings Power Value — Floor value — worth with zero growth
4c Anchored PE — Industry PE adjusted for growth differential
4d Reverse DCF — What growth is the market pricing in?
4e Revenue-Based DCF — For growth/narrative companies (skip if mature earner)
Not applicable for Mature Earner companies
4f Anchored P/S — Price-to-Sales peer comparison (skip if mature earner)
Not applicable for Mature Earner companies
4g Scenario Analysis — Bull / Base / Bear (skip if mature earner)
Not applicable for Mature Earner companies
4h Dividend Discount Model — For dividend/income stocks only
Not applicable for Mature Earner companies
4i Book Value Analysis — For deep value / turnaround stocks only
Not applicable for Mature Earner companies
4j Insider Activity — Are insiders buying or selling?
4f Cash Flow Quality — How trustworthy is the FCF?
4g Debt Maturity Risk — Can it handle its debt?
4h Macro Environment — Rates, market valuation, volatility
4i Sector Intelligence — How does this company compare within its sector?
4j Revenue Confidence — How reliable is the growth projection?
4k Sensitivity Analysis — How fragile is the fair value estimate?
4l Sector Demand Cycle — Is the sector in a boom, steady state, or contraction?
5 AI Investigation — Adaptive research engine (Claude)
5b Thesis Evaluation — What does the market believe? (narrative/platform stocks only)
Not applicable for Mature Earner companies
6 Valuation Synthesis — Weighted verdict from all methods (requires Layer 4)
Income Statement (Annual)
Last updated: Jun 21, 2026 12:52pm (5d ago)
Metric 2022 2023 2024 2025 2026
Revenue $11.8B $11.1B $9.9B $9.5B $9.6B
Cost of Revenue $5.4B $5.3B $4.8B $4.4B $4.3B
Gross Profit $6.5B $5.8B $5.1B $5.1B $5.3B
Operating Expenses $4.8B $4.8B $5.3B $4.8B $4.7B
Operating Income $1.6B $998.7M -$143.9M $303.8M $607.3M
Net Income $1.4B $118.6M -$968.9M -$189.7M $254.9M
EBITDA $1.9B $1.1B $782.2M $729.0M $788.5M
EPS $3.55 $0.31 $-2.49 $-0.49 $0.65
EPS (Diluted) — — — — —
Balance Sheet (Annual)
Last updated: Jun 21, 2026 12:48pm (5d ago)
Metric 2022 2023 2024 2025 2026
Cash & Equivalents $1.3B $814.9M $814.9M $429.4M $823.9M
Total Current Assets $4.6B $5.2B $4.2B $3.8B $4.0B
Total Assets $13.3B $14.0B $11.6B $9.4B $9.3B
Current Liabilities $3.3B $3.5B $3.5B $2.7B $2.2B
Long-Term Debt $4.6B $5.7B $4.7B $3.4B $3.5B
Total Liabilities $9.8B $11.1B $10.0B $7.9B $7.4B
Total Equity $3.5B $2.9B $1.7B $1.5B $1.8B
Retained Earnings $443.5M $57.1M -$974.6M -$1.2B -$928.8M
Cash Flow (Annual)
Last updated: Jun 21, 2026 12:52pm (5d ago)
Metric 2022 2023 2024 2025 2026
Operating Cash Flow $864.3M -$655.8M $1.0B $465.2M $671.3M
Capital Expenditure -$328.3M -$245.1M -$211.0M -$126.0M -$165.8M
Free Cash Flow $536.0M -$900.9M $803.6M $339.2M $505.5M
Acquisitions (net) $620.7M $0 $0 $1.5B $600.5M
Debt Repayment — — — — —
Dividends Paid — — — — —
Stock Buybacks -$350.0M -$2.8M -$2.8M -$2.7M $0
Net Change in Cash $425.9M -$460.8M -$139.4M -$245.5M $400.9M
Analyst Estimates (Annual)
Last updated: Jun 21, 2026 12:45pm (5d ago)
Metric 2027 2028 2029 2030
Revenue $9.5B
$9.4B – $9.7B
 $9.8B
$9.6B – $10.0B
 $10.0B
$10.0B – $10.0B
 $10.8B
$10.6B – $11.1B
EBITDA $958.4M
$950.3M – $975.5M
 $989.1M
$973.1M – $1.0B
 $1.0B
$1.0B – $1.0B
 $1.1B
$1.1B – $1.1B
Net Income $411.9M
$377.3M – $482.4M
 $507.5M
$428.8M – $625.8M
 $587.9M
$351.6M – $793.0M
 $696.7M
$674.2M – $718.2M
EPS — — — —
Growth Trends (YoY %)
Last updated: Jun 21, 2026 12:52pm (5d ago)
Metric 2023 2024 2025 2026
Revenue Growth -6.4% -10.6% -4.1% +1.1%
Gross Profit Growth -10.2% -11.7% -0.6% +3.5%
Operating Income Growth -38.8% -114.4% +311.0% +99.9%
Net Income Growth -91.4% -917.0% +80.4% +234.4%
EBITDA Growth -41.4% -31.5% -6.8% +8.2%
Insider Trading (Recent)
Last updated: Jun 21, 2026 12:51pm (5d ago)
Type codes PPurchase SSale AAward / grant MOption exercise FIn-kind (tax) CConversion GGift DReturn to issuer
All SEC Form 4 codes
Open market
P Purchase
Open-market or private purchase of shares.
S Sale
Open-market or private sale of shares.
Compensation (Rule 16b-3)
A Award / grant
Grant or award of securities (RSUs, options, etc.) under Rule 16b-3.
D Return to issuer
Securities disposed back to the company under Rule 16b-3.
F In-kind (tax)
Shares withheld or delivered to pay the option-exercise price or tax — not an open-market sale.
I Discretionary
Discretionary transaction under an employee plan — Rule 16b-3(f).
M Option exercise
Exercise or conversion of a derivative (option/RSU) into shares — exempt.
Derivatives
C Conversion
Conversion of a derivative security into the underlying shares.
E Short expiration
Expiration of a short derivative position.
H Long expiration
Expiration or cancellation of a long derivative position with value received.
O OTM exercise
Exercise of an out-of-the-money derivative.
X ITM exercise
Exercise of an in-the-money or at-the-money derivative.
Other exempt
G Gift
Bona fide gift of securities.
L Small acquisition
Small acquisition under Rule 16a-6.
W Inheritance
Acquisition or disposition by will or the laws of descent.
Z Voting trust
Deposit into or withdrawal from a voting trust.
Other
J Other
Other acquisition or disposition (explained in a Form 4 footnote).
K Equity swap
Transaction in an equity swap or similar instrument.
U Tender / buyout
Disposition via tender of shares in a change-of-control transaction.

Compensation-plan codes (A, D, F, M) are routine and rarely directional. Open-market P (buy) and S (sale) carry the most signal.

Date Insider Type Shares Price Value
2026-06-09 Carucci Richard P-Purchase 30,000.00 $17.17 $515,010
2026-06-04 Phillips Michael Edward F-InKind 1,613.00 $16.41 $26,469
2026-06-04 Sim Jennifer S. F-InKind 4,091.00 $16.41 $67,133
2026-06-04 Hyder Brent F-InKind 20,405.00 $16.41 $334,846
2026-06-04 Darrell Bracken F-InKind 36,446.00 $16.41 $598,079
2026-06-04 Vogel Paul Aaron F-InKind 10,246.00 $16.41 $168,137
2026-06-04 Dalmia Abhishek F-InKind 11,351.00 $16.41 $186,270
2026-05-28 Phillips Michael Edward F-InKind 941.00 $17.41 $16,383
2026-05-28 Dalmia Abhishek F-InKind 36,750.00 $17.41 $639,818
2026-05-22 Vogel Paul Aaron A-Award 107,785.00 $16.70 $1.8M
2026-05-22 Vogel Paul Aaron A-Award 149,266.00 $16.70 $2.5M
2026-05-22 GROSSMAN MINDY F A-Award 11,977.00 $16.70 $200,016
2026-05-22 Phillips Michael Edward A-Award 20,959.00 $16.70 $350,015
2026-05-22 Phillips Michael Edward F-InKind 323.00 $16.54 $5,342
2026-05-22 Sim Jennifer S. A-Award 71,857.00 $16.70 $1.2M
2026-05-22 Sim Jennifer S. A-Award 99,511.00 $16.70 $1.7M
2026-05-22 Hyder Brent A-Award 143,713.00 $16.70 $2.4M
2026-05-22 Hyder Brent A-Award 199,021.00 $16.70 $3.3M
2026-05-22 Dalmia Abhishek A-Award 161,677.00 $16.70 $2.7M
2026-05-22 Dalmia Abhishek A-Award 223,898.00 $16.70 $3.7M
Dividend History (Last 20)
Last updated: Jun 21, 2026 12:45pm (5d ago)
Date Dividend Declaration Record Payment
2026-06-10 $0.09 2026-05-20 2026-06-10 2026-06-18
2026-03-10 $0.09 2026-01-28 2026-03-10 2026-03-19
2025-12-10 $0.09 2025-10-28 2025-12-10 2025-12-18
2025-09-10 $0.09 2025-07-30 2025-09-10 2025-09-18
2025-06-10 $0.09 2025-05-21 2025-06-10 2025-06-18
2025-03-10 $0.09 2025-01-29 2025-03-10 2025-03-20
2024-12-10 $0.09 2024-10-28 2024-12-10 2024-12-18
2024-09-10 $0.09 2024-08-06 2024-09-10 2024-09-18
2024-06-10 $0.09 2024-05-22 2024-06-10 2024-06-20
2024-03-08 $0.09 2024-02-06 2024-03-11 2024-03-20
2023-12-08 $0.09 2023-10-30 2023-12-11 2023-12-20
2023-09-08 $0.30 2023-08-01 2023-09-11 2023-09-20
2023-06-09 $0.30 2023-05-23 2023-06-12 2023-06-20
2023-03-09 $0.30 2023-02-07 2023-03-10 2023-03-21
2022-12-09 $0.51 2022-10-26 2022-12-12 2022-12-20
2022-09-09 $0.50 2022-07-28 2022-09-12 2022-09-20
2022-06-09 $0.50 2022-05-19 2022-06-10 2022-06-21
2022-03-09 $0.50 2022-01-28 2022-03-10 2022-03-21
2021-12-09 $0.50 2021-10-22 2021-12-10 2021-12-20
2021-09-09 $0.49 2021-07-30 2021-09-10 2021-09-20
Narrative Economics
The story the market is telling about this stock — the intangible X-factor (founder mythology, cult dynamics, TAM-of-imagination) that moves price beyond what cash flows alone explain. After Shiller, Narrative Economics.
No narrative profile yet for VFC — it's generated by the pipeline (market-narrative step).
Delvantic AI Findings
Independent analyst synthesis · Delvantic - Cairn AI · generated 2026-06-21 12:52:27
Reviews the pipeline's own verdicts
Verdict Fairly priced recovery, not a bargain — fair value $16-19 on current trajectory; wait for sub-$14 entry or proof Vans has bottomed before sizing up.

The raw numbers tell a more nuanced story than "distressed turnaround." Fiscal 2026 (ending March 2026) just delivered $9.61B revenue (+1.2% YoY), $607M operating income, $255M net income, and $505M FCF — versus a $190M net loss the prior year and a $969M loss two years ago. That's a real inflection, not vapor. Gross margin recovered to 54.8% (from ~51.6% in FY24), and operating margin went from -1.5% to 6.3% in two years. The quarterly cadence confirms it: Q3 (Dec 2025) printed a 10.5% net margin on $2.88B — the best quarter since the peak era. The seasonal Q1 loss (-$116M on $1.76B) is roughly half last year's Q1 loss, suggesting the cost-out program (Reinvent) is flowing through. This is more "early-innings recovery" than "melting ice cube."

That said, the synthesis verdict of "High Conviction Required" is fair, and I'd push back on the pre-flight's "distress mode" framing as already stale. The real risk isn't terminal decline — it's that the recovery is being driven by SG&A cuts and gross margin normalization rather than top-line growth. Revenue is still $2.2B below the FY22 peak, and the 1.1% YoY recent print is barely positive against easy comps. Vans is still the elephant: it was ~$3.5B at peak and is reportedly running closer to $2B now, and there's no evidence in these numbers that it has stabilized — the consolidated growth is being carried by The North Face. If Vans takes another leg down in FY27, the whole margin recovery thesis cracks because operating leverage works both ways. The balance sheet redaction is also a real problem: VFC carried ~$5.7B of debt at last disclosure, sold Supreme for ~$1.5B, and the $824M cash position doesn't tell us net leverage. At 13.3x EV/EBITDA, this isn't cheap on enterprise value even if 0.67x P/S looks optically distressed.

A careful contrarian would note three things. First, the insider activity is weak signal, not strong — one 30,000 share purchase against a wall of F-InKind (tax withholding on vesting, not a buy) and an A-Award. The "Net Insider Buying" tag oversells it. Second, the FCF CAGR of -20.7% over five years is the real history; one good year of $505M FCF doesn't establish a new baseline, especially when working capital swings in apparel can fabricate or destroy $200M+ of FCF in a single year. Third, the bull case requires believing apparel wholesale recovers AND DTC scales AND Vans returns — and the consumer cyclical backdrop in 2026 (tariff pressure, weakening discretionary spend) is the worst possible setup for that triple. The market narrative engine's "fair value $18-24" range feels generous; on $505M FCF and a 9% required return for a no-growth leveraged apparel name, you get an equity value around $5.6B, or $14/share, before subtracting net debt risk.

I dissent mildly from the synthesis "High Conviction Required" framing — I think it's actually closer to a fairly-priced recovery with asymmetric downside. At $17.33, you're paying 13.4x trailing FCF for a business with -1.6% revenue CAGR, unresolved Vans exposure, opaque leverage, and macro headwinds. The bull case (mid-single-digit growth, 8%+ operating margin, $700M+ FCF) gets you to $24-28; the bear case (Vans down another 15%, margin reversion, recession) gets you to $10-12. That's not a high-conviction long — it's a coin flip with a 2.2% dividend to wait. I'd want either (a) two more quarters of Vans-positive comps or (b) a price below $14 before committing. The market isn't wrong here; it's pricing exactly what the data supports.

GPT Critique
Second-opinion review · gpt-4o · generated 2026-06-21 12:52:35
Reviews the Opus findings above
Verdict I agree with Opus — fairly priced at $17.33, but I'd recommend caution, seeking a sub-$15 entry to better hedge against ongoing risks and uncertainties, particularly with Vans' performance.

V.F. Corporation (VFC) presents a complex financial picture that demands careful scrutiny. The raw data suggests a narrative of recovery, albeit fragile, rather than outright distress. The most recent fiscal year ending March 2026 showed slight revenue growth to $9.61 billion, reversing previous declines, and a significant swing to profitability with $255 million in net income, following a $968.9 million loss two years prior. Gross margins have improved to 54.8%, and operating margins have turned positive, reflecting the impact of cost-cutting measures. However, the quarterly revenue oscillations and persistent vulnerability in net margins, as seen in a -5.5% margin for the most recent quarter, highlight ongoing challenges. The cash flow statement indicates a healthy free cash flow of $505.5 million, but the risk remains that this is a temporary improvement driven more by cost reductions than by sustainable revenue growth.

I find myself in partial agreement with Claude Opus's analysis but with some distinctions. Opus rightly notes the importance of VFC’s cost-cutting initiatives and improvement in margins, which are indeed indicative of an early-stage recovery. However, I diverge on the degree of optimism regarding the company's trajectory. Opus suggests that VFC is moving away from a state of distress, but I believe the recovery is tenuous due to continued reliance on SG&A cuts instead of robust top-line growth. The significant drop in revenue from Vans, one of VFC's key brands, underlines a critical vulnerability that Opus acknowledges but perhaps underestimates in terms of its potential impact on the overall margin recovery. I also agree with Opus on the fair valuation range of $16-19 based on current metrics, though I would advise caution given the broader market headwinds and competitive pressures in the apparel industry.

A careful skeptic might argue that both Opus and I might be underestimating the potential for further operational setbacks. They could point to the FCF CAGR of -20.7% over five years as a sign that the recent positive cash flow might not be sustainable. Additionally, the lack of transparency regarding VFC's exact debt situation could amplify risks, especially if the macroeconomic environment deteriorates further. The insider activity, as Opus notes, offers little reassurance about management's confidence in a turnaround.

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My Notes personal — only you see this
Data via Financial Modeling Prep · Cached for performance · fmp
v1.1.352 · d1100787 · 2026-06-26 11:39:30