Forensic Analysis · Durable Goods, Textiles & Apparel · as of Sep 25, 2026
Levi Strauss & Co (LEVI)
A forensic read on Levi Strauss & Co built from its complete SEC filings — financial-health screens, earnings quality, red flags and a price-aware rating. Reproducible math, not opinion.
B · Sound & dependable
Forensic grade
Safe
Financial health
4.4
Distress distance
Clean
Earnings quality
4
Forensic signals
11.9
P / E (ttm)
25.4%
ROE
$7.6B
Market cap
3.12%
Dividend yield
4.1%
Revenue growth
This free snapshot doesn't read filing or proxy text, so the auditor-quality and governance checks that can lower a grade were not evaluated (red flags, auditor quality, say on pay, board independence, going concern, valuation). Those checks only ever lower a grade, so the full analysis can land below the grade above but never above it — treat it as the most favourable reading, not the settled one.
Levi Strauss & Co earns a B (Sound & dependable) forensic quality grade, and its balance-sheet distress test reads 4.4, placing it in the Safe zone. 4 forensic signals were flagged in its latest SEC filings, led by accruals ratio (% of noa).
What the filings flag
+11.6%
FY2024→FY2025
Accruals ratio (% of NOA).Net operating assets grew +11.6% relative to their own average in FY2025 — scaled by NOA itself, not by total assets, which is what the Forensic Screens card's own accrual row divides by. Accruals are building faster than is comfortable — part of profit is sitting in the balance sheet rather than turning to cash. The build is led by payables paid down 10% against +1% in cost of sales and inventory up +9% against +1% in cost of sales. A cash-flow measure on the same base disagrees: reported earnings ran in line with operating cash by 2% of net operating assets, against an accruals ratio of 11.6%. The two are computed differently: the accruals ratio is the change in net operating assets over average net operating assets, while the cash-flow figure is net income less operating cash flow over that same average. Read them as two results, not one.
13.2%
FY2025
Return on invested capital.Return on invested capital is 13.2% in the latest fiscal year, against 8.2% in FY2023, having run between 6.4% and 13.2% across FY2023–FY2025 with no direction held. After-tax operating profit was $319M in FY2023 and $537M in FY2025, with operating income at 6.1% of revenue in FY2023, 4.4% in FY2024 and 10.8% in FY2025. The capital base behind it barely moved across FY2023–FY2025 ($3.9B to $4.1B, +5%), so there has been little new capital for that return to be earned on. FY2023's operating profit carried a $75M goodwill write-off and a $20M restructuring charge that alone took about 2.2 points off that year's return, so about 2.2 of the 5.0-point rise across FY2023–FY2025 is that charge leaving the base year rather than the capital earning more. FY2024's operating profit carried a $186M restructuring charge and a $42M goodwill write-off that alone took about 5.6 points off that year's return; FY2024 sits between the two ends of FY2023–FY2025, so the charge shapes the path between them without moving the change across it.
-0.2%/yr
FY2023–FY2025
Share count.Diluted share count changed 0% over the last 2 years to FY2025 (-0.2%/yr). Roughly flat — buybacks ($30M) are about offsetting stock comp ($82M), not shrinking the count. Per-share value isn't being meaningfully helped or hurt by the count.
Key fundamentals
Latest Revenue$6.28B
Revenue Growth YoY+4.1%
Revenue CAGR (2yr)+3.7%
Net Margin9.2%
Free Cash Flow$308.2M
Return on Equity25.4%
Debt / Equity0.46x
The forensic grade and screens above are free — no account needed. Want the AI investment read on top — the 0–100 rating, thesis, bull-vs-bear, red flags and the 12-month scenario, written from Levi Strauss & Co's actual 10-K/10-Q/8-K filings?
Data from SEC EDGAR public filings · metrics as of Sep 25, 2026. Forensic signals flag probability, not certainty.
Levi Strauss & Co (LEVI) Stock — Forensic Analysis, Red Flags & Rating | Stockonomy · Stockonomy
$120M
FY2023–FY2025
Goodwill impairments.Took $120M of goodwill writedowns across 3 years (FY2023 ($75M), FY2024 ($42M), FY2025 ($2M)) — about 12% of net income over the span. Writedowns mean past acquisitions underperformed what was paid for them.