Levi Strauss & Co. (LEVI) intrinsic value & 10-year financials
Levi Strauss & Co. (LEVI) has a Graham intrinsic value of $30.65 per share. At $20.44 on Oct 17, 2026, the stock trades 33% below that value. Over the last 10 fiscal years revenue grew 3.6% a year to $6.3B, with an average return on invested capital of 22.7%.
- Graham intrinsic value
- $30.65
- Share price (Oct 17, 2026)
- $20.44
- Price vs Graham value
- 33% below
- Market cap
- $8.2B
- Revenue (FY2025)
- $6.3B
- Revenue growth (10-yr CAGR)
- 3.6%
- ROIC (10-yr avg)
- 22.7%
- Free cash flow (FY2025)
- $308.2M
LEVI 10-year financial history
| Fiscal year | Revenue | Net income | EPS (diluted) | Free cash flow | Operating margin | ROIC |
|---|---|---|---|---|---|---|
| FY2025 | $6.3B | $578.1M | $1.45 | $308.2M | 10.8% | 16.3% |
| FY2024 | $6.4B | $210.6M | $0.52 | $670.9M | 4.2% | 8.6% |
| FY2023 | $6.2B | $249.6M | $0.62 | $120.0M | 5.7% | 12.9% |
| FY2022 | $6.2B | $569.1M | $1.41 | -$39.0M | 10.5% | 26.0% |
| FY2021 | $5.8B | $553.5M | $1.35 | $570.3M | 11.9% | 40.3% |
| FY2020 | $4.5B | -$127.1M | -$0.32 | $339.2M | -1.9% | -3.8% |
| FY2019 | $5.8B | $394.6M | $0.97 | $236.8M | 9.8% | 35.5% |
| FY2018 | $5.6B | $283.1M | $0.73 | $261.0M | 9.6% | 28.5% |
| FY2017 | $4.9B | $281.4M | $0.73 | $407.2M | 9.5% | 33.4% |
| FY2016 | $4.6B | $291.1M | — | $203.6M | 10.2% | 29.0% |
Source: annual 10-K filings on SEC EDGAR. Figures in USD.
Executive summary
LEVI STRAUSS & CO has demonstrated mature, steady growth, with revenue compounding at 3.6% annually over the past decade.
LEVI STRAUSS & CO has earned high returns on invested capital, averaging 22.7% ROIC over the available history. High ROIC is consistent with a durable franchise, but it is not by itself proof of an economic moat.
Over the decade, LEVI STRAUSS & CO shows that the company has leveraged its balance sheet to sustain operations.
Benjamin Graham lens
Under Benjamin Graham's formula using SEC EDGAR fundamentals, LEVI STRAUSS & CO is modeled at 8.0% normalized earnings growth with a 5.1% bond-yield adjustment. The resulting Graham intrinsic value estimate is $30.65 per share.