Levi Strauss & Co LEVI

Consumer DiscretionaryTextiles & ApparelUnited States of America

Last close 22.50 USD on Nov 1, 2026, +11.4% year to date

Quant rating

Quant rating B Rank 102 of 344 in Consumer Discretionary

Growth C 233 of 344
Valuation B 105 of 344
Quality A 48 of 344
Revisions C 233 of 344
Momentum B 103 of 344

Wall Street consensus Buy (1.80)Average target 26.67 USD +18.6%

Historical valuation

Multiples use consensus estimates for the next twelve months. The dashed line is the 5-year average.

Key data

Market cap: 8.6B
Enterprise value: 8.9B
52-week range: 17.73 – 25.70
3-year range: 12.42 – 25.70
Dividend yield: 2.84%
Beta (5 years): 1.32
Shares outstanding: 383M
Next earnings: Jan 26, 2027

About the company

Levi Strauss & Co. is an apparel company. The Company designs and markets jeans, casual wear and related accessories for men, women and children under the Levi's, Levi Strauss Signature, and Beyond Yoga brands. The Company operates through three geographical segments: Americas, Europe and Asia. It designs, markets and sells directly or through third parties and licensees’ products that include jeans, casual and dress pants, activewear, tops, shorts, skirts, dresses, jackets and related accessories for men, women and children around the world. Its products are sold in approximately 120 countries worldwide through a combination of chain retailers, department stores, online sites, and a global footprint of approximately 3,300 retail stores and shop-in shops. Outside the United States, department stores, specialty retailers, franchised or other brand-dedicated stores and shop-in-shops have traditionally been its primary distribution channels.

Growth and profitability fiscal year ends November 30

Growth and profitability by fiscal year
	2025	2024	2023	2022	2021	5Y avg
Revenue (mil)	6,282	6,032	5,842	6,169	5,764	–
Revenue growth	4.1%	3.3%	−5.3%	7.0%	29.5%	7.1%
EPS (basic, normalized)	1.34	1.25	1.10	1.50	1.47	–
EPS growth	7.2%	13.6%	−26.7%	2.0%	–	–
Gross margin	61.7%	60.6%	57.5%	57.5%	58.1%	59.1%
Net margin	8.0%	3.5%	4.3%	9.2%	9.6%	6.9%
ROE	23.6%	10.5%	12.7%	31.9%	37.3%	23.2%

Balance sheet, last quarter
Cash & short-term investments (mil)	779
Current ratio	1.63x
Long-term debt (mil)	1,044
Net debt (mil)	264
Total equity (mil)	2,415
Net debt / equity	0.11x
Net debt / EBITDA	0.29x

Estimates and valuation

Consensus estimates and implied multiples
	Sales (mil)			EBITDA (mil)			EPS
Fiscal year	Mean est.	Growth	EV/Sales	Mean est.	Growth	EV/EBITDA	Mean est.	Growth	P/E
2025 actual	6,282	+4.1%	1.4x	925	+12.3%	9.6x	1.34	+7.2%	16.8x
2026	6,740	+7.3%	1.3x	1,030	+11.3%	8.6x	1.56	+16.2%	14.4x
2027	7,055	+4.7%	1.3x	1,089	+5.7%	8.2x	1.68	+7.6%	13.4x
2028	7,416	+5.1%	1.2x	1,181	+8.5%	7.5x	1.91	+13.9%	11.8x

Estimate revisions

Change in consensus estimates over 1, 3 and 6 months
	Sales				EPS
Fiscal year	Estimate (mil)	1M	3M	6M	Estimate	1M	3M	6M
2026	6,740	−0.2%	−0.2%	+0.7%	1.56	+1.2%	+1.1%	+3.8%
2027	7,055	−0.4%	−0.4%	+0.6%	1.68	−1.8%	−2.0%	−0.2%
2028	7,416	−1.3%	−1.1%	−0.1%	1.91	−2.6%	−2.2%	−2.1%

Earnings surprises EPS beat in 4 of the last 4 quarters

Reported results versus consensus, last 10 fiscal quarters
Quarter ended	May 2024	Aug 2024	Nov 2024	Feb 2025	May 2025	Aug 2025	Nov 2025	Feb 2026	May 2026	Aug 2026
Sales reported (mil)	1,441	1,517	1,840	1,527	1,446	1,543	1,766	1,742	1,562	1,610
Sales mean (mil)	1,452	1,550	1,728	1,541	1,366	1,501	1,709	1,648	1,520	1,615
Surprise	−0.7%	−2.2%	+6.5%	−1.0%	+5.8%	+2.8%	+3.3%	+5.7%	+2.8%	−0.4%
EPS reported	0.16	0.33	0.50	0.38	0.22	0.34	0.41	0.42	0.28	0.48
EPS mean	0.11	0.31	0.48	0.28	0.13	0.31	0.39	0.37	0.24	0.36
Surprise	+46.9%	+6.6%	+3.4%	+35.4%	+64.4%	+10.7%	+5.2%	+13.9%	+15.0%	+34.2%

Peer comparison Textiles & Apparel

Peers in the same industry group, by market capitalization
Company	Market cap	Net debt/EBITDA	Net margin	P/B	FY1 P/E	FY2 P/E	FY1 EV/EBITDA	FY2 EV/EBITDA
LEVI Levi Strauss & Co	8.6B	0.29x	8.0%	3.57x	14.4x	13.4x	8.6x	8.2x
NKE NIKE, Inc.	57.4B	−0.13x	6.7%	3.77x	30.5x	25.5x	18.0x	15.8x
ADSGn Adidas AG	32.7B	1.23x	5.4%	4.56x	17.7x	14.5x	9.4x	8.2x
RL Ralph Lauren Corporation	23.4B	−0.31x	11.6%	8.60x	20.7x	18.8x	13.3x	12.3x
DECK Deckers Outdoor Corporation	10.9B	−0.90x	18.7%	4.72x	10.5x	10.1x	7.1x	7.0x
ONON On Holding AG	11.3B	−1.22x	6.8%	4.87x	19.6x	16.7x	12.3x	10.2x
Mean		−0.17x	9.5%	5.02x	18.9x	16.5x	11.5x	10.3x
Median		−0.22x	7.4%	4.64x	18.6x	15.6x	10.9x	9.2x

Technical analysis

1M+14.4%
3M−11.0%
1Y+8.7%
3Y+78.9%

Financial statements in millions of USD

Income statement in millions of USD, fiscal years

Income statement, Levi Strauss & Co, fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Total revenue	6,282	6,032	5,842	6,169	5,764	4,453
Cost of revenue	2,404	2,375	2,481	2,620	2,417	2,100
Gross profit	3,878	3,657	3,361	3,549	3,347	2,353
Selling, general & administrative expenses	3,159	3,012	2,896	2,836	2,647	2,264
Research & development	–	–	–	–	–	–
Interest expense (income), operating	–	–	–	–	–	–
Unusual expense (income)	41.4	383	130	53.6	50.2	189
Other operating expenses	0	0	0	0	0	0
Operating income	678	263	335	659	650	−99.9
Net interest income (expense)	−51.9	−43.7	−65.6	−24.6	−76.8	−88.3
Gain (loss) on sale of assets	–	–	–	–	–	–
Other non-operating income (expense)	8.3	−1.4	−3.5	15.2	7.4	−1.6
Net income before taxes	634	218	266	650	580	−190
Provision for taxes	132	7.2	15.7	80.5	26.7	−62.6
Minority interest	–	–	–	–	0	0
Equity in affiliates	–	–	–	–	–	–
U.S. GAAP adjustment	–	–	–	–	–	–
Net income before extraordinary items	502	210	251	569	554	−127
Extraordinary items	76.1	0.2	−1.0	–	–	–
Net income	578	211	250	569	554	−127
EBIT, normalized	719	645	465	737	737	167
EBITDA, normalized	920	829	617	896	880	308
Basic EPS, normalized	1.34	1.25	1.10	1.50	1.47	–

Balance sheet in millions of USD, fiscal years

Balance sheet, Levi Strauss & Co, fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Assets
Cash & short-term investments	849	690	399	500	902	1,594
Receivables	775	710	753	697	708	540
Total inventory	1,238	1,239	1,290	1,417	898	818
Prepaid expenses	–	–	–	–	–	–
Other current assets	292	212	196	214	203	175
Total current assets	3,154	2,851	2,638	2,828	2,710	3,126
Property, plant & equipment	1,830	1,787	1,715	1,593	1,606	1,443
Goodwill	281	278	304	366	387	265
Intangibles	194	197	268	287	291	47.4
Long-term investments	–	–	–	–	–	–
Note receivable	–	–	–	–	–	–
Other long-term assets	1,390	1,263	1,130	965	906	759
Total assets	6,849	6,376	6,054	6,038	5,900	5,641
Liabilities
Accounts payable	598	663	568	657	525	375
Payable/accrued	–	–	–	–	–	–
Accrued expenses	1,286	1,222	1,140	1,292	1,292	1,079
Short-term debt	0	5.5	12.5	11.7	5.9	17.6
Current portion of long-term debt	–	–	–	–	–	–
Other current liabilities	148	120	67.5	20.6	46.8	76.7
Total current liabilities	2,032	2,010	1,788	1,982	1,870	1,549
Long-term debt	1,039	994	1,009	984	1,021	1,547
Minority interest	–	–	–	–	–	0
Other liabilities	1,498	1,400	1,210	1,168	1,344	1,246
Total liabilities	4,570	4,405	4,007	4,134	4,234	4,342
Shareholders' equity
Preferred stock	–	–	–	–	–	–
Common stock	0.4	0.4	0.4	0.4	0.4	0.4
Additional paid-in capital	788	733	687	626	585	626
Retained earnings (accumulated deficit)	1,897	1,672	1,750	1,699	1,475	1,114
Treasury stock	–	–	–	–	–	–
Other equity	−407	−434	−391	−422	−394	−441
Total equity	2,279	1,970	2,046	1,904	1,666	1,299
Total liabilities & shareholders' equity	6,849	6,376	6,054	6,038	5,900	5,641

Cash flow statement in millions of USD, fiscal years

Cash flow statement, Levi Strauss & Co, fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Operating activities
Net income	578	211	250	569	554	−127
Depreciation, depletion & amortization	206	193	165	159	143	142
Deferred taxes	−16.4	−91.1	−104	−59.8	−87.9	−95.2
Non-cash items	−80.7	235	233	110	152	168
Changes in working capital	−158	350	−108	−550	−23.8	383
Cash from operations	530	898	436	228	737	470
Investing activities
Capital expenditures	−221	−228	−316	−267	−167	−130
Other investing cash flows	153	−53.6	74.8	31.4	−405	−58.2
Cash from investing	−68.7	−281	−241	−236	−572	−189
Financing activities
Financing cash flow items	−28.9	−30.7	−15.5	−22.8	−112	−115
Cash dividends paid	−213	−198	−190	−174	−104	−63.6
Issuance (retirement) of debt, net	–	–	–	–	–	–
Other financing cash flows	−158	−90.1	−8.1	−168	−624	464
Cash from financing	−400	−319	−214	−365	−841	286
Foreign exchange effects	7.2	−6.8	−11.6	−7.6	−11.6	−4.1
Net change in cash	67.9	291	−30.9	−381	−687	563
Free cash flow	308	671	120	−39.0	570	339

Disclaimer

The financial data presented in this report is delayed and obtained from sources QDD Research believes to be reliable, including stock exchanges, SEDAR, and EDGAR. However, no representation or warranty is made as to the accuracy, completeness, or timeliness of the information. QDD Research accepts no liability for any errors, omissions, or financial losses arising from the use of this data.

This report is generated using a fully systematic and quantitative approach. All factor scores and the overall quant rating (ranging from D to A+) are derived from algorithmic models and are based solely on objective financial metrics. These scores are intended for informational purposes only and should not be interpreted as investment advice or a recommendation to buy, sell, or hold any securities.

QDD Research is not a registered investment advisor or broker-dealer and does not provide personalized financial advice. The content is not tailored to the specific investment goals, financial situation, or risk profile of any individual investor. We strongly encourage readers to consult with a licensed broker or investment advisor before making any investment decisions based on the information contained in this report.

Live quote provided by TradingView. Report data updated Nov 1, 2026 after market close.