Is the business good?
How good a business is LEVI?
Levi Strauss & Co. earns 24% on the capital it employs against a 9.0% cost of capital, so the business is worth more the bigger it gets.
24%
Return on invested capital · cost of capital 9.0% · 15 points above what the capital costs: growth creates value
- Operating margin
- 11%
Operating margin · Apparel Manufacturing median 6.9% · 12 months to Q2 2026
- Cash conversion
- 0.88×
Cash conversion · 0.90× a year ago · some of the reported profit has not turned into cash yet
- Share count, year on year
- −2.4%
Share count, year on year · bought back, each share owns more of the company
| Year | Operating margin |
|---|---|
| FY2020 | −1.9% |
| FY2021 | 12% |
| FY2022 | 10% |
| FY2023 | 6.1% |
| FY2024 | 4.4% |
| FY2025 | 11% |
Details›
- Gross margin12 months to Q2 2026
- 62%
- Operating margin12 months to Q2 2026
- 11%
- Net margin12 months to Q2 2026
- 9.7%
- Free cash flow margin
- 8.5%
- Revenue, trailing twelve months
- $6.61B
- Free cash flow, trailing twelve months
- $559M
- Net income, trailing twelve months
- $639M
- Return on invested capitaloperating profit after tax ÷ debt + equity − cash
- 24%
Margins, capital and share counts from the statements as filed with the SEC; cash conversion from the cash flow statement.
Apparel Manufacturing
Ranks #2 of 11 by Smart Score