At a glance
V.F. Corp is worth $6.78B, about 27 times its fiscal 2026 earnings. Revenue grew 1.1% to $9.61B in fiscal 2026, with 2.7% kept as profit; over 3 years it has grown 4.7% a year. It pays a 2.09% dividend yield, and returned $2.41B to shareholders in dividends and buybacks over FY2022–FY2026. The stock returned +20.8% over the past year with dividends reinvested and −22.5% a year over five years, against +11.5% and +11.7% for the S&P 500. At its worst it fell 44.8% in the 2020 crash (S&P 500: 33.7%) and 61.4% in the 2022 bear market (S&P 500: 24.5%).
The business in plain English
V.F. Corporation, known as VF, was founded in 1899 and owns a group of outdoor and active-lifestyle brands. The three largest are The North Face, Vans and Timberland. VF designs and markets clothing, footwear, equipment such as tents and backpacks, and accessories. It buys finished goods from independent contractors in many countries and uses three regional sourcing hubs to place production closer to where products are sold.
VF sells in two ways. Wholesale means selling in bulk to retailers such as specialty stores, department stores, national chains, mass merchants and online partners, which then resell to shoppers. Direct-to-consumer means selling straight to shoppers through VF's own stores and brand websites. It made up 44% of revenue in the fiscal year ended March 28, 2026. That year, 50% of revenue came from the Americas, 35% from Europe and 15% from Asia-Pacific.
Total revenue that year was $9.61 billion. The Outdoor segment, made up of The North Face and Timberland, brought in $5.74 billion, or 59.8%. The Active segment, made up of Vans and the bag brands Kipling, Eastpak and JanSport, brought in $2.72 billion, or 28.3%. Smaller brands, including Altra, Smartwool, Napapijri and Icebreaker, make up the rest. VF sold Supreme in October 2024 and Dickies in November 2025, and the proceeds helped cut long-term debt by $2.2 billion over two fiscal years.
Price history
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VFC +20.8% over the year to Oct 28, 2026, total return with dividends reinvested.
How it makes money
By business segment
| Outdoor | $5.74B | 59.8% |
| Active | $2.72B | 28.3% |
Latest results
- In Q2 FY2027 (ended Sep 26, 2026), revenue was $2.70B, down 3.8% from a year earlier, and net income was $285.3M (+50.3%).
- For fiscal 2026, revenue was $9.61B (+1.1% year over year; -4.7% a year from FY2023 to FY2026) with a 2.7% net margin.
Financial health check
| Revenue growth a year (FY2023–FY2026) | -4.7% weak |
|---|---|
| Operating margin | 6% watch |
| Free cash flow margin | 5.8% watch |
| Return on equity (FY2026) | 13.8% watch |
| Return on assets (FY2026) | 2.7% weak |
| Net cash (cash minus debt) | $-3.10B weak |
| Fiscal year | Revenue | Net income | Free cash flow |
|---|---|---|---|
| FY2021 | $9.24B | $407.9M | $1.11B |
| FY2022 | $11.84B | $1.39B | $618.8M |
| FY2023 | $11.09B | $118.6M | $-807.8M |
| FY2024 | $9.92B | $-968.9M | $878.8M |
| FY2025 | $9.50B | $-189.7M | $379.0M |
| FY2026 | $9.61B | $254.9M | $556.6M |
Valuation snapshot
| Market value | $6.78B |
|---|---|
| P/E ratio | 26.9 |
| Dividend yield | 2.09% |
Rank among 1514 US companies
Market value at each year end
V.F.’s market value went from $20.82B at the end of 2016 to $6.78B on Oct 28, 2026, down 67%; since the end of 2025 it is down 4%.
Show as a table
| Year end | Market value | Change |
|---|---|---|
| Oct 28, 2026 | $6.78B | -4.0% |
| 2025 | $7.06B | -15.4% |
| 2024 | $8.35B | +14.3% |
| 2023 | $7.31B | -31.9% |
| 2022 | $10.73B | -62.7% |
| 2021 | $28.76B | -13.7% |
| 2020 | $33.31B | -16.3% |
| 2019 | $39.80B | +49.0% |
| 2018 | $26.71B | -3.2% |
| 2017 | $27.59B | +32.5% |
| 2016 | $20.82B |
Price behavior
| YTD | 1 yr | 3 yr | 5 yr | 10 yr | |
|---|---|---|---|---|---|
| VFC price data to Oct 28, 2026 | -3.0% | +20.8% | +2.9% | -22.5% | -7.6% |
Show as a table
| Year | Price data |
|---|---|
| 2026 (to date) | -3.0% |
| 2025 | -13.8% |
| 2024 | +16.7% |
| 2023 | -28.5% |
| 2022 | -60.4% |
| 2021 | -12.0% |
| 2020 | -11.9% |
| 2019 | +51.4% |
| 2018 | -1.3% |
| 2017 | +42.8% |
| 2016 | -12.1% |
| 2015 | -15.3% |
| 2014 | +22.2% |
| 2013 | +68.3% |
| 2012 | +21.3% |
| 2011 | +50.9% |
| 2010 | +21.4% |
| 2009 | +39.0% |
| 2008 | -17.5% |
| 2007 | -14.0% |
| 2006 | +50.1% |
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Lost 39% over that stretch · deepest drop along the way 52.8%, back to its old high 15.6 months after the low |
|---|---|
| 2020 COVID crash stocks fell Feb 19, 2020 – Mar 23, 2020 | Lost 44.4% over that stretch · deepest drop along the way 44.8%, back to its old high 7.8 months after the low |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Lost 59.3% over that stretch · deepest drop along the way 61.4%, not recovered by the end of the data |
Insider activity
Form 4 filings from 2025-10-29 to 2026-10-29 (25 read): 3 open-market purchases ($1.3M) and 0 sales ($0.00).
| Date | Insider | Type | Value |
|---|---|---|---|
| Jun 9, 2026 | Richard Carucci Director | buy | $515K |
| Jul 31, 2026 | Bracken Darrell President & Chief Exec Officer, Director | buy | $493K |
| Aug 13, 2026 | Richard Carucci Director | buy | $295K |
Who owns it
Large shareholders (13G filings)
| The PNC Financial Services Group, Inc | 9.67% | Dec 31, 2024 |
| BlackRock, Inc. | 7.4% | Mar 31, 2025 |
| M&G Plc on behalf of certain subsidiaries | 6.6% | Dec 31, 2025 |
| Dodge & Cox | 5.7% | Jun 30, 2026 |
| NORTHERN TRUST CORP | 5.1% | Dec 31, 2024 |
ETFs with the most weight in VFC
| VIOV Vanguard S&P Small-Cap 600 Value ETF | 1.26% |
| NIXT Research Affiliates Deletions ETF | 0.66% |
| VIOO Vanguard S&P Small-Cap 600 ETF | 0.62% |
| OASC OneAscent Small Cap Core ETF | 0.45% |
| RWK Invesco S&P MidCap 400 Revenue ETF | 0.32% |
| MDYV SPDR S&P 400 Mid Cap Value ETF | 0.32% |
| VBR Vanguard Small Cap Value ETF | 0.28% |
| NUSC Nuveen ESG Small-Cap ETF | 0.27% |
What could go wrong
- Turnaround plan may fall short. VF is aiming for a 10% operating margin (profit from operations as a share of sales) by fiscal 2028. Its margin was 6% in fiscal 2026, leaving a sizable gap to close.
- Heavy debt could squeeze dividends. Total debt was about $3.54 billion, against $443 million of cash and investments, as of September 26, 2026. VF warns its debt could hurt its credit ratings and may limit dividends and buybacks.
- Brands can fall out of fashion. Results depend on a few brand names staying popular. Vans targets younger shoppers in action sports and street fashion, where tastes change quickly, and VF has been working to turn that brand around.
- Weather and seasons drive sales. Many of The North Face's products are designed for winter sports such as skiing and mountaineering. Warm or unusual weather can hurt demand, and seasonal swings make revenue and cash needs uneven.
- Dependence on a few large retailers. A significant share of sales comes from a small number of big wholesale customers. Losing one, or a retailer bankruptcy or merger, could cut sales and make bills harder to collect.
- Tariffs and overseas supplier disruptions. VF relies on international suppliers for its finished goods. New tariffs, trade-policy changes or problems at suppliers could raise costs, squeeze margins or delay products reaching stores.
Recent events
- Quarterly results released; Investor presentation or announcement
- Shareholder vote results
- Quarterly results released; Executive or board change; Investor presentation or announcement
- Quarterly results released; Investor presentation or announcement
- Executive or board change
- Quarterly results released; Investor presentation or announcement
- Other company announcement
- Investor presentation or announcement
For income and retirement investors
VF pays a dividend, but the dividend has been cut sharply and has no streak of annual increases. Dividends per share fell from $1.98 in fiscal 2022 to $0.36 in fiscal 2025 and stayed at $0.36 in fiscal 2026. In fiscal 2026, dividends used 55.2% of earnings and 25.3% of free cash flow (the cash left after operating costs and investment). The yield was 2.09% as of October 28, 2026. Paying down debt comes first, and VF's 10-K warns it may not keep paying dividends or buying back shares. Buybacks totaled about $350 million over fiscal 2022–2026, and the share count barely changed.
In past downturns, the shares fell 52.8% in the 2008 financial crisis and took 15.6 months to recover. They fell 44.8% in the 2020 COVID crash and recovered in 7.8 months. In the 2022 bear market they fell 61.4% and had not recovered by October 28, 2026. A single stock like VF carries more risk than a diversified fund.
Questions investors ask
How does VF Corp make money?
VF makes money by selling apparel, footwear, equipment and accessories under brands such as The North Face, Vans and Timberland. It sells wholesale to specialty stores, department stores, chains and online partners. It also sells directly to shoppers through its own stores and brand websites. Direct-to-consumer sales were 44% of revenue in the fiscal year ended March 28, 2026. The Outdoor segment, led by The North Face and Timberland, supplied 59.8% of revenue. The Active segment, led by Vans, supplied 28.3%.
What brands does VF Corp own?
VF's largest brands are The North Face, Vans and Timberland. Its Outdoor segment includes The North Face, Timberland and Timberland PRO. Its Active segment includes Vans and the bag and luggage brands Kipling, Eastpak and JanSport. Smaller brands include Altra running shoes, Smartwool and Icebreaker clothing made from merino wool and other natural fibers, and Napapijri outerwear. VF sold Supreme on October 1, 2024, and Dickies workwear on November 12, 2025.
Does VF Corp still pay a dividend?
Yes, but far less than it used to. VF paid $0.36 per share in fiscal 2026, the same as in fiscal 2025 and down from $1.98 in fiscal 2022. The dividend yield (yearly dividend divided by share price) was 2.09% as of October 28, 2026. The company has put paying down debt first. Its 10-K warns that, because of its debt, it may not continue to pay dividends or buy back stock.
Why has VF Corp stock fallen so much?
The drop came as sales shrank, VF posted two years of losses and the dividend was cut. Revenue fell about 4.7% a year from fiscal 2023 to fiscal 2026. VF lost $969 million in fiscal 2024 and $190 million in fiscal 2025. The stock dropped 60.4% in 2022 and 28.5% in 2023. As of October 28, 2026, the share price was down 72% over five years but up 20.8% over one year. Its largest peak-to-trough drop was 88.4%.
Is VF Corp's turnaround working?
VF has made progress but has not yet hit its targets. By fiscal 2028 it aims for a 10% operating margin (operating profit as a share of sales) and a leverage ratio (debt relative to earnings) of 2.5 times or lower. It cut long-term debt by $2.2 billion over two fiscal years. It earned $255 million in fiscal 2026 after two years of losses, but its operating margin was 6%. In the quarter ended September 26, 2026, revenue fell 3.8% from a year earlier while net income rose 50.3%.