LEVI STRAUSS & CO

LEVI

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: $22.55Market Cap: $8.7B

Company Profile

Industry: Apparel
SIC Sector: Apparel Manufacturing
Size: Mid Cap($8.7B)
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%
Buybacks (1y)$30.5M
Buybacks (2y)$120.6M
Shares Retired0.7% / 0.5% 2y

Similar Companies

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RLRALPH LAUREN CORP
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LULUlululemon athletica inc.
$13.6B

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$8.7B$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$1.1B↑6%$994.0M↓2%$1.0B↑3%$984.5M↓4%$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↓9%0.50↑2%0.49↓5%0.52↓16%0.61
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
Scored from 10-K1d ago
MetricMarks

Risk-Aware Value

Akre

Three-Legged Stool

Druckenmiller

Macro-Enhanced Growth

Spier

Value Checklist

Pabrai

Dhandho Framework

Munger

Quality Focus

Ackman

Activist Value

Piotroski

F-Score

Greenblatt

Magic Formula

Lynch

GARP

Buffett

Quality Compounder

Graham

Defensive Value

VerdictBUYPASSBUYBUYBUYBUYPASSHOLDNot rankedFAILPASSFAIL
Score
Analysis
Intrinsic Value
Margin of Safety-81.4%+63.3%+59.3%-40.7%-62.9%-35.2%-95.1%-295.6%-164.4%-764.0%-31.9%-65.3%
Data As Of10-K (2026-08-15)10-K (2026-08-15)10-K (2026-08-15)10-K (2026-08-15)10-K (2026-08-15)10-K (2026-08-15)10-K (2026-08-15)10-K (2026-08-15)10-K (2026-08-15)10-K (2026-08-15)10-K (2026-08-15)10-K (2026-08-15)

Where They Agree

    Where They Disagree

    • Profitability

      3 of 11 pass — Marks, Akre, Spier +5 more object

      Margin of SafetyP/E=13.7x, P/B=3.5x
      ✗SpierP/E < 15 AND P/B < 2.0✓PabraiP/B < 1.5 or P/E < 15
      Discount to Intrinsic Value-53.5% (IV=$12.95 vs Price=$19.88)
      ✗Marks>= 20% below intrinsic value
      Positive Net Income Frequency26/27 years positive
      ✓MarksPositive net income in >= 7 of last 10 years
      Return on Equity16.1% (3-yr avg)
      ✗AkreROE > 20% (3-year avg)
      Show 19 more metrics ▾
      EPS Growth AccelerationLatest: 178.8%, Prior: -16.1%
      ✓DruckenmillerAccelerating EPS growth
      Operating Income / Revenue10.8%
      ✗Ackman>= 15%
      Net Income / Shareholders Equity25.4%
      ✓Ackman>= 15%
      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 Value8.2%
      ✗Greenblatt> 10%
      Earnings Yield + ROC AssessmentEY=8.2%, ROC=64.1%
      ✗GreenblattBoth EY > 10% and ROC > 25%
      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 (5-yr avg)22.3%
      ✓Buffett> 15% (5-yr avg)
      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-1.52x
      ✗Buffett$1 retained -> > $1 market value created
      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
    • Debt & Leverage

      6 of 8 pass — Akre and Lynch object

      Debt Levels0.46
      ✗AkreDebt/Equity < 0.3✓MungerDebt/Equity < 0.5
      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
      Show 4 more metrics ▾
      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
      LT Debt vs Net Current AssetsLT Debt $1.0B vs NCA $1.1B
      ✓GrahamLT Debt <= Net Current Assets
    • Valuation

      3 of 9 pass — Marks, Spier, Ackman +3 more object

      P/B or P/E vs. Historical AverageP/E=13.7x, P/B=3.5x
      ✓MarksP/E < 15 or P/B < 2.0
      Discount to Intrinsic Value-53.5% (IV=$12.95 vs Price=$19.88)
      ✗Marks>= 20% below intrinsic value
      Price vs. 200-day MAQualitative
      ✓DruckenmillerPrice above 200-day moving average
      Margin of SafetyP/E=13.7x, P/B=3.5x
      ✗SpierP/E < 15 AND P/B < 2.0
      Show 9 more metrics ▾
      P/E or FCF YieldP/E=13.7x, FCF Yield=3.9%
      ✓PabraiP/E < 15 or FCF Yield > 10%
      Valuation ReasonablenessP/E=13.7x, OE Yield=7.1%
      ✓MungerP/E < 25 or Owner Earnings Yield > 5%
      Price / FCF per Share25.8x
      ✗Ackman<= 25
      EBIT / Enterprise Value8.2%
      ✗Greenblatt> 10%
      Earnings Yield + ROC AssessmentEY=8.2%, ROC=64.1%
      ✗GreenblattBoth EY > 10% and ROC > 25%
      P/E / EPS Growth Rate7.61
      ✗Lynch< 1.0 (ideally < 0.5)
      Price / 3-yr avg EPS23.0x
      ✗Graham<= 15x
      Price-to-Book Ratio3.5x
      ✗Graham<= 1.5x
      P/E x P/B80.30
      ✗Graham<= 22.5
    • Cash Flow

      3 of 6 pass — Ackman, Piotroski and Lynch object

      FCF Positive21/24 years FCF positive
      ✓MarksPositive FCF in majority of recent years
      P/E or FCF YieldP/E=13.7x, FCF Yield=3.9%
      ✓PabraiP/E < 15 or FCF Yield > 10%
      (OCF - CapEx) / Market Cap3.9%
      ✗Ackman>= 4%
      Price / FCF per Share25.8x
      ✗Ackman<= 25
      Show 4 more metrics ▾
      Operating Cash Flow$529.6M
      ✓PiotroskiCFO > 0
      (CFO / Total Assets) vs ROACFO/Assets=7.73%, ROA=8.44%
      ✗PiotroskiCFO/Assets > ROA
      FCF Positive and Growing$308.2M
      ✗LynchPositive and growing
      Free Cash Flow Proxy$578.1M
      ✓BuffettPositive and growing
    • Growth

      2 of 5 pass — Ackman, Lynch and Graham object

      Positive Net Income Frequency26/27 years positive
      ✓MarksPositive net income in >= 7 of last 10 years
      EPS Growth AccelerationLatest: 178.8%, Prior: -16.1%
      ✓DruckenmillerAccelerating EPS growth
      Revenue Growth RateLatest: 4.1%, Prior: 3.3%
      ✓DruckenmillerRevenue growth accelerating
      3yr Median Revenue Growth3.3%
      ✗Ackman>= 5%
      Show 5 more metrics ▾
      Positive EPS Growth Frequency3/5 years with positive EPS growth
      ✓AckmanPositive EPS growth in >= 3 of last 5 years
      P/E / EPS Growth Rate7.61
      ✗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
      EPS Growth (3-yr avg, 10-yr window)
      ✗Graham>= 33% growth
    • Efficiency

      4 of 6 pass — Piotroski and Graham object

      ROIC (high and growing)13/16 years ROIC > 15% (latest: 16.1%)
      ✓AkreROIC > 15% for 3+ years
      Reinvestment Rate x ROIC10.2% (RR=63% x ROIC=16.1%)
      ✓AkreReinvestment Rate * ROIC > 10%
      Return on Invested Capital16.1%
      ✓Munger> 15%
      Current Ratio Change YoY1.42 -> 1.55
      ✓PiotroskiIncreased YoY
      Show 5 more metrics ▾
      Revenue / Total Assets Change YoY0.95x -> 0.92x
      ✗PiotroskiImproved YoY
      EBIT / (NWC + Net Fixed Assets)64.1%
      ✓Greenblatt> 25%
      ROIC (3-5 yr avg)18.0%
      ✓Buffett> 10%
      ROIC - WACC+8.0%
      ✓BuffettPositive (WACC = 10%)
      Current Ratio1.55
      ✗Graham>= 2.0
    • Verdicts

      Split decision: 5 BUY · 3 PASS · 2 FAIL · 1 HOLD

      Overall verdict
      ✓MarksBUY (7/8)✓AkrePASS (4/7)✓DruckenmillerBUY (7/7)✓SpierBUY (7/8)✓PabraiBUY (8/8)✓MungerBUY (7/7)✓AckmanPASS (5/9)•PiotroskiHOLD (F-Score 7)•GreenblattNot ranked✗LynchFAIL (PEG 7.61)✓BuffettPASS (5/9)✗GrahamFAIL (3/9)
    • Valuation models

      Models split on LEVI at $22.55 — fair values range $2.61–$61.40

      Marks fair value$12.43
      ✗Marks-81.4% margin vs $22.55
      Akre fair value$61.40
      ✓Akre+63.3% margin vs $22.55
      Druckenmiller fair value$55.44
      ✓Druckenmiller+59.3% margin vs $22.55
      Spier fair value$16.03
      ✗Spier-40.7% margin vs $22.55
      Show 8 more metrics ▾
      Pabrai fair value$13.84
      ✗Pabrai-62.9% margin vs $22.55
      Munger fair value$16.68
      ✗Munger-35.2% margin vs $22.55
      Ackman fair value$11.56
      ✗Ackman-95.1% margin vs $22.55
      Piotroski fair value$5.70
      ✗Piotroski-295.6% margin vs $22.55
      Greenblatt fair value$8.53
      ✗Greenblatt-164.4% margin vs $22.55
      Lynch fair value$2.61
      ✗Lynch-764.0% margin vs $22.55
      Buffett fair value$17.09
      ✗Buffett-31.9% margin vs $22.55
      Graham fair value$13.64
      ✗Graham-65.3% margin vs $22.55

    Historical Score Timeline

    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%Bottom 25%
    Curr. Ratio1.55Bottom 25%
    CompanyMarket CapPriceRevenueNet IncomeROED/EOp. MarginCurr. RatioGrahamBuffettLynchGreenblattPiotroski
    CINTAS CORPCTAS$79.8B$199.52$10.3B$1.8B38.7%0.5222.8%2.093/96/91/71/3F-Score 5
    TAPESTRY, INC.TPR$25.7B$128.98$7.0B$183.2M21.4%2.795.9%1.871/94/91/70/3F-Score 4
    RALPH LAUREN CORPRL$23.2B$388.92$8.1B$941.1M33.1%0.4414.5%2.135/96/95/71/3F-Score 8
    lululemon athletica inc.LULU$13.6B$119.55$11.1B$1.6B31.8%—19.9%2.263/93/93/73/3F-Score 5
    DECKERS OUTDOOR CORPDECK$12.7B$93.09$5.5B$1.0B41.0%—23.1%3.542/95/93/71/3F-Score 7
    Gildan Activewear Inc.GIL$10.5B$56.72$3.6B$398.9M11.2%1.0817.1%2.113/96/91/70/3F-Score 4
    Birkenstock Holding plcBIRK$7.0B$39.35$2.5B$408.6M12.8%0.4226.2%2.812/93/93/71/3F-Score 9
    Crocs, Inc.CROX$6.3B$131.72$4.0B$81.2M-6.3%0.953.7%1.272/94/90/71/3F-Score 5