Vf Corp
VFCAbove valueHeld by 3 superinvestors.
SEC 10-K · fundamentals
Business quality
as of 2026-03-28- Revenue growth
- +1.1%
- Net margin
- 2.7%
- ROE
- 13.8%
- FCF margin
- —
Valuation · value band
Above fair value
Zero-growth floor
$2
Central IV
$2
Optimistic top
$7
Vf Corp (VFC): A conservative value band $2–$7 / sh (zero-growth floor to growth-capped optimistic top); central read about $2. Today’s price sits above that band (price $14 as of 2026-08-25).
The middle figure is the main read. The right end is the optimistic case under the same conservative caps — not an absolute ceiling.
- Recent earnings are below the multi-year average, so the band uses the lower run-rate.
Revenue growth 0% (history declining, capped at zero) · moat 10 yr · discount 14.6% · Zero-growth downside $2
Price as of 2026-08-25 · yahoo · DGS10 4.7% @ 2026-08-24.
Method & numbers
A conservative intrinsic-value band (zero-growth floor to growth-capped DCF) plus a tangible asset floor — not investment advice, not a buy/sell signal, and not a price target.
Owner-earnings DCF $1.90 – $2.30 · Greenwald zero-growth $6.90 · zero-growth base $6.90 · reproduction $2.08
Moat Franchise (moat) · terminal value 26% of present value · owner-earnings yield 2% vs 10Y 4.7%.
Graham earnings-power value (normalized NOPAT)$4.40 – $6.90 / sh
Normalized NOPAT = average operating margin over the years shown × latest-year revenue × (1 − normalized tax); then + D&A − maintenance capex (write A). Unlevered (pre-interest, attributable to all capital). Capitalized at the 9–11% rate band (read as a WACC proxy). Enterprise → equity bridge applied: + cash − total debt.
Years: 2025, 2024, 2023, 2022, 2021
v1 simplifications: Maintenance capex unavailable → degraded to the v1 simplification (maintenance capex = D&A, so the depreciation add-back nets to zero). Share-based compensation is left as a real expense (not added back).
Buffett owner-earnings value$2.03 – $2.34 / sh
Owner earnings = average net income + average D&A − maintenance capex (zero-growth floor; no ΔNWC). Levered (starts from net income, already after interest — an equity-holder stream). Capitalized at the 13.0–15.0% band (9–11% base + 4.0pp leverage premium). No enterprise→equity bridge: the capitalized result is already equity value (subtracting debt would double-count interest).
Years: 2025, 2024, 2023, 2022, 2021
v1 simplifications: Maintenance capex or D&A unavailable → degraded to normalized net income (= average net income over the years shown). One-time items are not separately normalized (multi-year averaging smooths them partially). Share-based compensation is left as a real expense (not added back); see the SBC/OE disclosure. Capitalized at the 9–11% base band plus a 4.0pp leverage premium (cost of equity rises with leverage — MM Proposition II). Net debt is about 22.5 years of owner earnings, adding 4.0pp of cost-of-equity risk premium.
Asset floor: Reproduction value = tangible net assets + acquired-intangible reset proxy, ÷ diluted shares; tangible net assets alone are negative for this asset-light franchise (no R&D history to capitalize).
Moat reading: Franchise test compares earnings power (EPV) against reproduction value (tangible net assets + capitalized R&D). EPV well above reproduction value signals a moat; near it, a commodity; below it, value destruction. A directional reading, not a verdict.
Assumes a narrow moat · competitive-advantage period ≈ 10 years.
Growth value not assessable — No positive growth reinvestment in the matured window, so ROIIC cannot be computed.
Window FY 2025, 2024, 2023, 2022, 2021 · discount band 9%–11% · normalized tax 0% (Average effective tax rate over 5 year(s), capped at the statutory 21%.) · diluted shares.
Baseline 9%–11%, net debt ≈ 22.5 years of owner earnings → +4.0pp cost-of-equity premium → effective 13.0%–15.0%.
Owner-earnings DCF: growth g₁ 0% (history declining → capped at 0) · OE FY 2025, 2024, 2023, 2022, 2021 · Discount band: 13.20%–16.00% (DGS10 +4.5% to a 12% strict end, each +4.00pp for leverage premium, as of 2026-08-24). No enterprise→equity bridge: owner earnings already flow to shareholders (post-interest), so no net cash is added and no debt subtracted — matching the engine owner-earnings lamp.
SEC 13F · holders
Superinvestors Holding This Security
3 holders · $449.6M combined · this quarter +0 opened / -0 exited
- Value$373.7MWeight (prev→now)0.3% → 0.2% ▼
- Value$75.4MWeight (prev→now)26.2% → 23.1% ▼
- Value$390,245Weight (prev→now)0.0% → 0.0% ▼
SEC 13F · notes
Written summary
Written summary
Vf Corp (VFC) is held by 3 of the superinvestors tracked on Compounder, with a combined $449.6M in reported 13F value. The largest position belongs to Dodge & Cox, where it makes up 0.2% of the portfolio.
Other notable holders by value include Glenn Welling (23.1% of its book) and Ray Dalio (0.0% of its book).
Over the latest quarter, 0 of the tracked filers opened a new position in VFC, 0 added to existing ones, 3 trimmed, and 0 sold out entirely.
Holder counts and values reflect the most recent SEC Form 13F filings, through the quarter ended 2026-06-30. Source: SEC EDGAR. A 13F shows only long US-listed positions and can lag the real portfolio by up to 45 days, so this is disclosed long ownership, not a complete picture.
SEC 13F · co-ownership
Also held by these investors
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Sources· SEC EDGAR 13F as of 2026-06-30 · filed 2026-08-14
Educational data only — not investment advice. 13F positions are self-reported and can lag up to 45 days.
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