LEVI STRAUSS & CO
$24.29
+0.25 (+1.04%) · delayed · Nov 13, 2026
Five-year price
52w $17.72 to $25.70
- Market cap
- $9.7B
- Enterprise value
- $10.0B
- P/E
- 16.8×
- 28.1× on 3y avg EPS
- EV / EBIT
- 14.7×
- FCF yield
- 3.2%
- ROIC
- 21.0%
- Debt / equity
- 0.46
- Piotroski F
- 7/9
Value scorecard · FY2025
Does it pass the value tests?
Quality
83
- ●ROIC > 12% (5y avg)5y avg ROIC 20.5%
- ●ROE > 15% (5y avg)5y avg ROE 22.3%
- ●Stable operating marginsMargin volatility 3.0% (σ, 5y)
- ●Earnings convert to cashFCF / net income 103% (5y avg)
- ●Growing revenueRevenue CAGR 5y 7.1%
- ○Shrinking share countDiluted shares 0.6% over 5y
Value
0
- ○P/E below 15P/E 16.8
- ○EV/EBIT below 12EV/EBIT 14.7
- ○FCF yield above 6%FCF yield 3.2%
- ○Price below Graham NumberGraham Number $13.64
- ○P/B below 3P/B 4.3
Safety
100
- ●Debt / equity below 0.5D/E 0.46
- ●Debt payable in < 4 yrs of earningsNet debt $0.3B
- ●Interest coverage > 8xCoverage 13.9x
- ●Current ratio > 1.5Current ratio 1.55
- ●Piotroski F-score ≥ 6F-score 7/9
Graham Defensive
29
- ●Adequate size (revenue > $2B)Revenue $6.3B
- ○Strong condition (current ratio ≥ 2)Current ratio 1.55
- ○Earnings stability (no loss, 10y)10 years of data
- ●Uninterrupted dividendsDividends paid every year on record
- ○Earnings growth ≥ 33% (10y, 3y avgs)EPS growth 18%
- ○Moderate P/E (≤ 15 on 3y avg EPS)P/E (3y avg) 28.1
- ○P/E × P/B ≤ 22.5Product 119.9
Valuation lab
What do you have to believe?
At $24.29, the market is pricing in about 12.0% annual free-cash-flow growth for the next decade (9% discount rate, 2.5% terminal growth).
Starting cash flow
Net debt $281M · 400M shares · 5y revenue CAGR 7.1%
Intrinsic value
$16.37
Price
$24.29
Premium paid
48%
What the price implies
The market is paying for 12.0% annual cash-flow growth for 10 years at a 9.0% discount rate.
Terminal value share
59% of the value sits beyond year 10.
Financial statements
A decade of the record.
USD millions · fiscal years · source: SEC 10-K XBRL
| Line item | FY16 | FY17 | FY18 | FY19 | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | 4,553 | 4,904 | 5,575 | 5,763 | 4,453 | 5,764 | 6,169 | 5,842 | 6,032 | 6,282 |
| Gross profit | 2,329 | 2,563 | 2,998 | 3,101 | 2,353 | 3,347 | 3,549 | 3,361 | 3,657 | 3,878 |
| Operating income | 462 | 480 | 540 | 567 | (85) | 686 | 647 | 354 | 263 | 678 |
| Operating margin | 10.2% | 9.8% | 9.7% | 9.8% | -1.9% | 11.9% | 10.5% | 6.1% | 4.4% | 10.8% |
| Pre-tax income | 407 | 349 | 500 | 478 | (190) | 580 | 650 | 266 | 218 | 634 |
| Income tax | 116 | 64 | 215 | 83 | (63) | 27 | 81 | 16 | 7 | 132 |
| Net income | 291 | 281 | 283 | 395 | (127) | 554 | 569 | 250 | 211 | 578 |
| EPS (diluted) | — | 0.73 | 0.73 | 0.97 | -0.32 | 1.35 | 1.41 | 0.62 | 0.52 | 1.45 |
| Diluted shares | — | 384 | 389 | 408 | 397 | 410 | 404 | 402 | 402 | 400 |
Who owns it
Superinvestors
Filings wire