LEVI STRAUSS & CO

LEVI
About the company

Levi Strauss & Co. designs, markets, and sells apparels and related accessories for men, women, and children in the United States and internationally. The company offers jeans, casual and dress pants, activewears, tops, shorts, skirts, dresses, jumpsuits, shirts, sweaters, jackets, footwear, and related accessories under the Levi's, Levi Strauss Signature, Denizen, and Beyond Yoga brands.

Country: United StatesPrice: $19.75Market Cap: $7.6B

Investment snapshot

38%positive consensus
Scored 36d ago

Positive

5

BUY / PASS

Neutral / negative

6 / 4

NEUTRAL / FAIL

Median fair value

$13.64

-30.9% vs price

Models with upside

1 / 16

Positive margin of safety

Strongest signal

9 of 11 pass — Lynch and Akre object

Key risk

Split decision: 6 NEUTRAL · 4 FAIL · 3 PASS · 2 BUY

Framework analysis

VerdictMeaning
BUYPositive purchase signal: the framework's buy requirements are met.
PASSThe company clears the framework's checklist or screen, but the framework does not produce a buy signal. For valuation frameworks this often means margin of safety is missing, insufficient, or unavailable; some screen-only frameworks have no intrinsic-value BUY state.
NEUTRALNeither a positive nor negative conclusion. It does not mean to hold an existing position.
FAILThe company does not clear the framework's requirements.
RankedRanked strategies do not use PASS: selected cohort is BUY, outside the cohort is FAIL, and unranked is NEUTRAL.
Scored from 10-K36d ago
MetricO'Shaughnessy

Systematic Factor Composite

Lynch

GARP

Buffett

Quality Compounder

Pabrai

Dhandho Framework

Akre

Three-Legged Stool

Schloss

Asset-Value Discipline

Neff

Low-P/E Total Return

Sleep

Scale Economies Shared

Templeton

Global Bargain Hunter

Marks

Risk-Aware Value

Munger

Quality Focus

Ackman

Activist Value

Dreman

Contrarian Value

Piotroski

F-Score

Greenblatt

Magic Formula

Graham

Defensive Value

VerdictFAILFAILPASSNEUTRALFAILNEUTRALNEUTRALBUYNEUTRALNEUTRALBUYPASSPASSNEUTRALBUY · Rank #255 (Top 7.9%)FAIL
Score
Analysis
Intrinsic ValueN/AN/AN/AN/AN/A
Margin of SafetyN/A-656.7%-15.6%-42.7%+67.8%N/AN/AN/A-34.6%-58.9%-18.4%-70.8%-52.5%N/A-131.5%-44.8%
Data As Of10-K (2026-08-25)10-K (2026-08-25)10-K (2026-08-25)10-K (2026-08-25)10-K (2026-08-25)10-K (2026-08-24)10-K (2026-08-24)10-K (2026-08-23)10-K (2026-08-23)10-K (2026-08-23)10-K (2026-08-23)10-K (2026-08-23)10-K (2026-08-23)10-K (2026-08-23)10-K (2026-08-23)10-K (2026-08-23)

Where It Passes

  • Debt & Leverage82% pass✓ 11✗ 3▾

    9 of 11 pass — Lynch and Akre object

    Debt Levels0.46
    ✗AkreDebt/Equity < 0.3✓MungerDebt/Equity < 0.5
    Total Debt / Equity0.46
    ✗Lynch< 0.33
    Cash - Long-term Debt$-281.3M
    ✗LynchPositive preferred
    Debt/Equity & Interest CoverageD/E: 0.46, IC: 18.3x
    ✓BuffettD/E < 0.5 AND Interest Coverage > 5x
    Total Debt / Shareholders' Equity0.46x
    ✓SchlossD/E < 1.00x✓Templeton< 1.0 (fixed cap; proxy for below-sector-median leverage)✓Dreman< 0.8
    Current Assets / Current Liabilities1.55x
    ✓SchlossCurrent ratio >= 1.50x (app cutoff)✓Dreman> 1.5
    Interest Coverage & Debt/EBITDAIC=18.3x, D/EBITDA=1.2x
    ✓MarksInterest Coverage > 3x; Debt/EBITDA < 4x
    Total Debt / Shareholders Equity0.46
    ✓Ackman<= 1.0
    LT Debt / Total Assets Change15.59% -> 15.17%
    ✓PiotroskiDecreased YoY
    LT Debt vs Net Current AssetsLT Debt $1.0B vs NCA $1.1B
    ✓GrahamLT Debt <= Net Current Assets
  • Efficiency63% pass✓ 8✗ 3▾

    5 of 8 pass — Akre, Piotroski and Graham object

    ROIC (3-5 yr avg)18.0%
    ✓Buffett> 10%
    ROIC - WACC+8.0%
    ✓BuffettPositive (WACC = 10%)
    ROIC (high and growing)FY2023: ROIC=9.1%; FY2024: ROIC=7.0%; FY2025: ROIC=16.1%
    ✗AkreLatest 3 consecutive FYs: ROIC > 15% in each
    Reinvestment Rate x ROIC10.2% (RR=63% x ROIC=16.1%)
    ✓AkreReinvestment Rate * ROIC > 10%
    ROIC (5-year)3/5 years above 12% (latest 16.1%)
    ✓SleepROIC > 12% in a majority of years
    Return on Invested Capital16.1%
    ✓Munger> 15%
    Current Assets / Current Liabilities1.55
    ✓Dreman> 1.5
    Current Ratio Change YoY1.42 -> 1.55
    ✓PiotroskiIncreased YoY
    Revenue / Total Assets Change YoY0.95x -> 0.92x
    ✗PiotroskiImproved YoY
    EBIT / (NWC + Net Fixed Assets)64.8%
    ✓Greenblatt> 25%
    Current Ratio1.55
    ✗Graham>= 2.0
  • Verdicts60% pass✓ 6✗ 4▾

    Split decision: 6 NEUTRAL · 4 FAIL · 3 PASS · 2 BUY

    Overall verdict
    ✗OshaughnessyFAIL (Rank #273/953 (Top 28.6%))✗LynchFAIL (2/7)✓BuffettPASS (5/9)•PabraiNEUTRAL (2/3)✗AkreFAIL (2/6)•SchlossNEUTRAL (5/7)•NeffNEUTRAL (4/6)✓SleepBUY (5/6)•TempletonNEUTRAL (5/8)•MarksNEUTRAL (4/5)✓MungerBUY (4/4)✓AckmanPASS (5/9)✓DremanPASS (5/11)•PiotroskiNEUTRAL (F-Score 7)✓GreenblattRank #255✗GrahamFAIL (3/9)

Where It Falls Short

  • Valuation models9% pass✓ 1✗ 10▾

    Models split on LEVI at $19.75 — fair values range $2.61–$61.40

    Lynch fair value$2.61
    ✗Lynch-656.7% margin vs $19.75
    Buffett fair value$17.09
    ✗Buffett-15.6% margin vs $19.75
    Pabrai fair value$13.84
    ✗Pabrai-42.7% margin vs $19.75
    Akre fair value$61.40
    ✓Akre+67.8% margin vs $19.75
    Templeton fair value$14.67
    ✗Templeton-34.6% margin vs $19.75
    Marks fair value$12.43
    ✗Marks-58.9% margin vs $19.75
    Munger fair value$16.68
    ✗Munger-18.4% margin vs $19.75
    Ackman fair value$11.56
    ✗Ackman-70.8% margin vs $19.75
    Dreman fair value$12.95
    ✗Dreman-52.5% margin vs $19.75
    Greenblatt fair value$8.53
    ✗Greenblatt-131.5% margin vs $19.75
    Graham fair value$13.64
    ✗Graham-44.8% margin vs $19.75
  • Valuation17% pass✓ 5✗ 21▾

    10 of 12 flag LEVI's valuation — Oshaughnessy, Lynch, Schloss +7 more

    Revenue / market capitalization+0.8265; #1864/5203 (top 35.8%)
    ✗OshaughnessyTop 10% of eligible cross-section
    Net income / market capitalization+7.61%; #928/6251 (top 14.8%)
    ✗OshaughnessyTop 10% of eligible cross-section
    (Operating cash flow - capex) / market capitalization+4.05%; #1699/4487 (top 37.9%)
    ✗OshaughnessyTop 10% of eligible cross-section
    Trailing six-month price return through the evaluation date+6.81%; #2423/6203 (top 39.1%)
    ✗OshaughnessyTop 10% of eligible cross-section
    Basic earnings-growth PEG (dividends excluded)7.56
    ✗Lynch< 1.0 (ideally < 0.5)
    P/E or FCF YieldP/E=13.6x, FCF Yield=4.1%
    ✓PabraiP/E < 15 or FCF Yield > 10%
    Price / Book Value per Share3.46x
    ✗SchlossP/B <= 0.80x (app cutoff)✗Templeton< 1.5x✗Dreman< 1.2x
    Price / Tangible Book Value per Share4.38x
    ✗SchlossP/TBV <= 1.00x (app cutoff)
    Book Value per Share Change+74.3%
    ✓SchlossLatest BVPS >= earliest BVPS over >= 3 years (app rule)
    Price / Diluted EPS13.6x
    ✓NeffP/E <= 15x (app proxy for a P/E 40%-60% below the market)
    (EPS CAGR % + Dividend Yield %) / P/E0.33
    ✗Neff> 0.7 (Neff's published traditional edge)
    Price / EPS13.6x
    ✗Templeton< 12x (fixed ceiling; proxy for the market's cheapest 40%)✗Dreman< 12x
    Price vs. Trailing Low127% of trailing low ($15.59)
    ✗Templeton<= 120% of trailing low (certified split-adjusted live window)
    P/B or P/E vs. Historical AverageP/E=13.6x, P/B=3.5x
    ✓MarksP/E < 15 or P/B < 2.0
    Discount to Intrinsic Value-52.5% (IV=$12.95 vs Price=$19.75)
    ✗Marks>= 20% below intrinsic value
    Valuation ReasonablenessP/E=13.6x, OE Yield=7.1%
    ✓MungerP/E < 25 or Owner Earnings Yield > 5%
    Price / FCF per Share25.6x
    ✗Ackman<= 25
    Price / (CFO / Shares)14.9x
    ✗Dreman< 8x
    EBIT / Enterprise Value8.6%
    ✗Greenblatt> 10%
    Earnings Yield + ROC AssessmentEY=8.6%, ROC=64.8%
    ✗GreenblattBoth EY > 10% and ROC > 25%
    Price / 3-yr avg EPS22.9x
    ✗Graham<= 15x
    Price-to-Book Ratio3.5x
    ✗Graham<= 1.5x
    P/E x P/B79.30
    ✗Graham<= 22.5
  • Growth25% pass✓ 5✗ 8▾

    6 of 8 flag LEVI's growth — Lynch, Neff, Sleep +3 more

    Basic earnings-growth PEG (dividends excluded)7.56
    ✗Lynch< 1.0 (ideally < 0.5)
    3-5 Year EPS CAGR1.8%
    ✓Lynch15-30% (Fast Grower); > 0% to pass
    Inventory Growth vs Revenue GrowthInv: 9.4% vs Rev: 4.1%
    ✗LynchInventory growth < Revenue growth
    3-5 Year Diluted EPS CAGR1.8% over 4 years
    ✗Neff7%-20% annualized
    Revenue growth vs. gross and operating margin trendgross margin 57.5% -> 61.7%, operating margin 6.1% -> 10.8%
    ✗SleepRevenue rising; gross margin flat or falling; operating margin holding
    5-year Revenue CAGR7.1%
    ✓SleepCAGR > 7%
    5-Year EPS CAGR1.8% CAGR over 4 years
    ✓Templeton> 0% (5-year EPS CAGR)
    Positive Net Income Frequency26/27 years positive
    ✓MarksPositive net income in >= 7 of last 10 years
    3yr Median Revenue Growth3.3%
    ✗Ackman>= 5%
    Positive EPS Growth Frequency3/5 years with positive EPS growth
    ✓AckmanPositive EPS growth in >= 3 of last 5 years
    EPS Growth Direction
    ✗DremanPositive over recent years
    EPS CAGR
    ✗Dreman> 5% annualized
    EPS Growth (3-yr avg, 10-yr window)
    ✗Graham>= 33% growth
  • Profitability27% pass✓ 15✗ 16▾

    11 of 15 flag LEVI's profitability — Oshaughnessy, Lynch, Buffett +8 more

    Net income / market capitalization+7.61%; #928/6251 (top 14.8%)
    ✗OshaughnessyTop 10% of eligible cross-section
    Basic earnings-growth PEG (dividends excluded)7.56
    ✗Lynch< 1.0 (ideally < 0.5)
    3-5 Year EPS CAGR1.8%
    ✓Lynch15-30% (Fast Grower); > 0% to pass
    ROE25.4%
    ✓Lynch> 15%
    Net Income Positive (10+ years)26/28 years positive
    ✗BuffettPositive every year for 10+ years
    ROE (up to 5-year arithmetic mean)22.3%
    ✓Buffett> 15% arithmetic mean (app rule)
    Operating Margin (10-yr trend)10.8% (latest)
    ✗BuffettStable or rising over 10 years
    Free Cash Flow Proxy$578.1M
    ✓BuffettPositive and growing
    Earnings Variance (10-yr CoV)
    ✗BuffettCoV < 0.3
    Retained Earnings Effectiveness
    ✗Buffett$1 retained -> > $1 market value created
    Margin of SafetyP/E=13.6x, P/B=3.5x
    ✓PabraiP/B < 1.5 or P/E < 15
    Return on Equity16.1% (3-yr avg)
    ✗AkreROE > 20% (3-year avg)
    Positive Diluted-EPS Years8/9 years positive
    ✓Schloss>= 70% positive over 5-10 observed years (app rule)
    3-5 Year Diluted EPS CAGR1.8% over 4 years
    ✗Neff7%-20% annualized
    Revenue growth vs. gross and operating margin trendgross margin 57.5% -> 61.7%, operating margin 6.1% -> 10.8%
    ✗SleepRevenue rising; gross margin flat or falling; operating margin holding
    5-Year EPS CAGR1.8% CAGR over 4 years
    ✓Templeton> 0% (5-year EPS CAGR)
    Operating Margin Trend6.1% (2023) -> 10.8% (2025)
    ✓TempletonNon-negative operating-margin trend over 3 years
    Discount to Intrinsic Value-52.5% (IV=$12.95 vs Price=$19.75)
    ✗Marks>= 20% below intrinsic value
    Positive Net Income Frequency26/27 years positive
    ✓MarksPositive net income in >= 7 of last 10 years
    Operating Income / Revenue10.8%
    ✗Ackman>= 15%
    Net Income / Shareholders Equity25.4%
    ✓Ackman>= 15%
    Pre-Tax Income / Revenue10.1%
    ✓Dreman>= 8%
    Net Income / Shareholders' Equity25.4%
    ✓Dreman> 12%
    Net Income / Total Assets8.44%
    ✓PiotroskiROA > 0
    ROA Change YoY3.30% -> 8.44% (delta: +5.14%)
    ✓PiotroskiCurrent ROA > Prior ROA
    (CFO / Total Assets) vs ROACFO/Assets=7.73%, ROA=8.44%
    ✗PiotroskiCFO/Assets > ROA
    Gross Margin Change YoY60.6% -> 61.7%
    ✓PiotroskiImproved YoY
    EBIT / Enterprise Value8.6%
    ✗Greenblatt> 10%
    Earnings Yield + ROC AssessmentEY=8.6%, ROC=64.8%
    ✗GreenblattBoth EY > 10% and ROC > 25%
    Positive EPS (10 years)11/28 years positive
    ✗GrahamPositive EPS every year for 10 years
    EPS Growth (3-yr avg, 10-yr window)
    ✗Graham>= 33% growth
  • Cash Flow50% pass✓ 6✗ 6▾

    5 of 10 pass — Oshaughnessy, Lynch, Ackman +2 more object

    (Operating cash flow - capex) / market capitalization+4.05%; #1699/4487 (top 37.9%)
    ✗OshaughnessyTop 10% of eligible cross-section
    FCF Positive and Growing$308.2M
    ✗LynchPositive and growing
    Free Cash Flow Proxy$578.1M
    ✓BuffettPositive and growing
    P/E or FCF YieldP/E=13.6x, FCF Yield=4.1%
    ✓PabraiP/E < 15 or FCF Yield > 10%
    Operating Cash Flow - Capital Expenditures$308.2M
    ✓Neff> $0 (app proxy for a strong fundamental case)
    Positive Operating Cash Flow frequency24/24 years positive
    ✓SleepPositive OCF in >= 70% of available years
    FCF Positive21/24 years FCF positive
    ✓MarksPositive FCF in majority of recent years
    (OCF - CapEx) / Market Cap3.9%
    ✗Ackman>= 4%
    Price / FCF per Share25.6x
    ✗Ackman<= 25
    Price / (CFO / Shares)14.9x
    ✗Dreman< 8x
    Operating Cash Flow$529.6M
    ✓PiotroskiCFO > 0
    (CFO / Total Assets) vs ROACFO/Assets=7.73%, ROA=8.44%
    ✗PiotroskiCFO/Assets > ROA

Business & financials

Company Profile

Industry: Apparel
SIC Sector: Apparel Manufacturing
Size: Mid Cap($7.6B)
Revenue: $6.3B+4.1% YoY
Net Income: $578.1M+174.5% YoY

Financial Snapshot

Operating Margin10.8%
Return on Equity25.4%
Debt / Equity0.46
Current Ratio1.55
EPS (Diluted)$1.45+178.8% 1y
Buybacks (1y)$30.5M
Buybacks (2y)$120.6M
Shares Retired0.7% / 0.5% 2y

Similar Companies

CTASCINTAS CORP
$79.0B
TPRTAPESTRY, INC.
$22.8B
ASAmer Sports, Inc.
$15.2B
DECKDECKERS OUTDOOR CORP
$10.8B

Shareholder Return

Fiscal 2025

Retired 0.7% of shares last year, 0.5% over two.

Buybacks
$30.5M
Dividends
$212.9M

What drove EPS

A buyback raises earnings per share without the company earning more. This splits each year's change into the two.

FY22
4.4% = 2.8% + 1.6%
FY23
−56.0% = −56.1% + 0.3%
FY24
−16.1% = −15.6% + −0.6%
FY25
178.8% = 174.5% + 1.6%
Earnings Fewer shares More shares

The two parts do not sum exactly to the total — the difference is the cross-term, plus preferred capital where the company has any. It is left visible rather than distributed into the other two.

Share count is the denominator the filer used for diluted EPS, recovered as net income ÷ EPS — not the balance-sheet count, which is a point-in-time figure and would put the timing difference into this split. Years with a loss are omitted: a smaller share count makes a loss per share larger, so the decomposition inverts.

Company Financials

Annual data (10-K) · Last 5 years

MetricFY 2025FY 2024FY 2023FY 2022FY 2021
Market Cap$7.6B$7.4Best.$6.1Best.$6.8Best.$8.0Best.
Revenue$6.3B↑4%$6.0B↑3%$5.8B↓5%$6.2B↑7%$5.8B
Operating Income$677.6M↑158%$262.7M↓26%$354.4M↓45%$646.5M↓6%$686.2M
Net Income$578.1M↑175%$210.6M↓16%$249.6M↓56%$569.1M↑3%$553.5M
EPS (Diluted)$1.45↑179%$0.52↓16%$0.62↓56%$1.41↑4%$1.35
Gross Margin61.7%↑2%60.6%↑5%57.5%57.5%↓1%58.1%
Operating Margin10.8%↑148%4.4%↓28%6.1%↓42%10.5%↓12%11.9%
ROE25.4%↑137%10.7%↓12%12.2%↓59%29.9%↓10%33.2%
Total Debt$1.0B↑4%$999.5M↓2%$1.0B↑3%$996.2M↓3%$1.0B
Shareholders' Equity$2.3B↑16%$2.0B↓4%$2.0B↑7%$1.9B↑14%$1.7B
Current Ratio1.55↑9%1.42↓4%1.48↑3%1.43↓2%1.45
Debt / Equity0.46↓10%0.51↑2%0.50↓5%0.52↓15%0.62
Operating Cash Flow$529.6M↓41%$898.4M↑106%$435.5M↑91%$228.1M↓69%$737.3M
Free Cash Flow$308.2M↓54%$670.9M↑450%$121.9M↑413%-$39.0M↓107%$570.4M

Score history

Historical Score Timeline

Industry peers

Industry Peers

Similar companies in Apparel

LEVI vs Peers — Financial Grading

Revenue$6.3BMedian
Net Income$578.1MMedian
ROE25.4%Median
D/E0.46Median
Op. Margin10.8%Median
Curr. Ratio1.55Bottom 25%
CompanyMarket CapPriceRevenueNet IncomeROED/EOp. MarginCurr. RatioGrahamBuffettLynchGreenblattPiotroskiDreman
CINTAS CORPCTAS$79.0B$197.74$10.3B$1.8B38.7%0.5222.8%2.093/95/91/71/3F-Score 55/11
TAPESTRY, INC.TPR$22.8B$114.12$7.0B$183.2M21.4%2.795.9%1.871/93/91/70/3F-Score 53/11
Amer Sports, Inc.AS$15.2B$27.24$6.6B$427.4M7.4%0.1410.7%1.502/93/92/71/3F-Score 74/11
DECKERS OUTDOOR CORPDECK$10.8B$77.68$5.5B$1.0B41.0%—23.1%3.542/95/93/73/3F-Score 75/11
lululemon athletica inc.LULU$10.7B$96.87$11.1B$1.6B31.8%0.0019.9%2.264/95/93/73/3F-Score 45/11
On Holding AGONON$9.9B$29.55$3.8B$257.3M12.5%0.3212.5%2.712/95/92/71/3F-Score 74/11
Gildan Activewear Inc.GIL$7.9B$42.62$3.6B$398.9M11.2%1.2117.1%2.113/95/91/70/3F-Score 45/11
Crocs, Inc.CROX$6.3B$126.14$4.0B$81.2M-6.3%0.953.7%1.272/94/90/71/3F-Score 52/11