Levi Strauss & Co. (LEVI) Valuation

Valuation

Model-based estimates, not advice. The DCF is the discounted-cash-flow value per share; compare it with the price, not as a target.

DCF fair value

-51.2%

$11.28

vs $23.13 price

Levered DCF

$6.85

After debt service

Piotroski score

8 / 9

Strong

Altman Z-score

3.12

Safe zone

Rating

B+

Overall 3 / 5

Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
P/E	15.27×	32.94×	24.59×	11.56×	18.53×	-57.47×	16.61×	29.88×
P/B	3.87×	3.53×	3.01×	3.45×	6.17×	5.62×	4.18×	9.95×
P/S	1.4×	1.09×	1×	1.06×	1.78×	1.64×	1.13×	1.52×
EV / EBITDA	11.66×	18.67×	16.66×	9.87×	14.69×	247.62×	9.9×	13.01×
Gross margin	61.7%	60.0%	56.9%	57.5%	58.1%	52.8%	53.8%	53.8%
Operating margin	10.8%	4.2%	5.7%	10.5%	11.9%	-1.9%	9.8%	9.7%
Net margin	9.2%	3.3%	4.0%	9.2%	9.6%	-2.9%	6.8%	5.1%
Current ratio	1.55×	1.42×	1.48×	1.43×	1.45×	2.02×	2.46×	1.97×
Debt / equity	1.01×	1.12×	1.07×	1.1×	1.35×	2.05×	0.65×	1.24×
Interest coverage	13.94×	6.32×	7.7×	25.16×	9.41×	-1.04×	8.55×	9.77×
Dividend yield	2.4%	2.9%	3.1%	2.7%	1.0%	0.9%	1.7%	1.1%
Payout ratio	36.8%	94.3%	76.3%	30.6%	18.9%	-50.1%	28.9%	31.8%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	25.4%	10.7%	12.2%	29.9%	33.2%	-9.8%	25.2%	33.3%
Return on invested capital	10.6%	5.5%	7.3%	13.2%	15.3%	-1.3%	15.3%	12.8%
Return on assets	8.4%	3.3%	4.1%	9.4%	9.4%	-2.3%	9.3%	8.0%
Free cash flow yield	3.7%	9.6%	2.0%	-0.6%	5.6%	4.6%	3.6%	3.1%
Earnings yield	6.6%	3.0%	4.1%	8.7%	5.4%	-1.7%	6.0%	3.4%
Enterprise value	$10.4B	$8.5B	$7.9B	$8.2B	$11.7B	$8.5B	$6.6B	$8.8B
Net debt / EBITDA	1.74×	3.36×	3.74×	1.99×	1.8×	33.99×	0.12×	0.5×
Cash conversion cycle (days)	142	108	143	147	101	121	121	110