Filing Flows › V F (VFC) › Takeover & LBO
Is V F (VFC) a takeover target?
A leveraged buyout at today's price plus 30% ($26.42 a share) would return a loss of about 1% a year to a private-equity buyer over 5 years; the most a buyer could pay for a 20% return is $12.85 a share (−37% against today's $20.32). Historically 4.1% of companies with its figures were bought within a year (0.82× the average).
The buyout, step by step
| Entry | Amount | How |
|---|---|---|
| Offer price a share | $26.42 | today's $20.32 plus 30% |
| × shares | 399.7 million | |
| = Equity value | $10.6B | |
| + Debt refinanced | $3.5B | |
| − Cash | $443M | |
| = Enterprise value | $13.7B | 15.2× EBITDA of $898M |
| Fees | $273M | 2% of the price |
| New debt | $4.9B | 5.5× EBITDA at 7.65% a year; the limit that binds: 5.5× EBITDA |
| Buyer's own money | $9.0B | 65% of the cost |
5 years under the buyer
| Year | Revenue | EBITDA | Interest | Free cash flow | Debt left |
|---|---|---|---|---|---|
| Year 1 | $9.3B | $885M | $378M | $331M | $4.6B |
| Year 2 | $9.2B | $883M | $352M | $351M | $4.3B |
| Year 3 | $9.3B | $890M | $326M | $371M | $3.9B |
| Year 4 | $9.5B | $906M | $297M | $397M | $3.5B |
| Year 5 | $9.8B | $934M | $267M | $431M | $3.1B |
The exit and the buyer's return
| Exit | Amount | |
|---|---|---|
| Exit multiple | 12.5× EBITDA | today's trading multiple, before any premium |
| Enterprise value at exit | $11.7B | |
| − Debt left | $3.1B | |
| = Buyer's equity | $8.6B | |
| Money multiple | 0.96× | on $9.0B put in |
| Buyer's yearly return (IRR) | −0.9% |
Price against return
What the buyer makes at other premiums over today's $20.32; the IRR reaches 20% at $12.85 a share.
| Premium | Price a share | Buyer's IRR |
|---|---|---|
| 10% | $22.36 | 3.3% |
| 20% | $24.39 | 1.1% |
| 30% | $26.42 | −0.9% |
| 40% | $28.45 | −2.6% |
| 50% | $30.49 | −4.2% |
The figures used
| Figure | Amount | |
|---|---|---|
| Revenue, last 12 months | $9.4B | |
| EBITDA, last 12 months | $898M | 9.5% of revenue |
| Depreciation and amortization | $263M | |
| Capital spending | $139M | |
| Debt | $3.5B | |
| Cash | $443M | |
| Share price | $20.32 | on Nov 6, 2026 |
Fixed rules, the same as the interactive view's starting point: the shares are bought at today's price plus 30%, the company's debt is refinanced and fees take 2%. New debt is the least of 5.5× EBITDA, 65% of the price and the amount whose interest EBITDA covers 2 times, at 7.65% a year (SOFR 3.89% plus the high-yield B spread 3.26% plus 0.5%, rates of Oct 15, 2026). Revenue grows -1.4% in the first year — the company's own rate, held between −3% and +8% — fading to 3% by year 5; the EBITDA margin, depreciation and capital spending stay at today's share of revenue; working capital takes 10% of each year's added revenue; tax is 16% of profit after interest. Every dollar of free cash flow repays debt. After 5 years the buyer sells at today's multiple of EBITDA.
What a takeover could cost
Takeovers on record paid a median premium of 32.5% over the share price before the deal (the middle half 20% to 51.8%), according to the 1,437 merger proxies and tender-offer responses on EDGAR that state a premium. At the median, V F would cost about $26.93 a share, $10.8B for all its shares.
| Premium | % | Price a share | All shares |
|---|---|---|---|
| Low end (a quarter of deals paid less) | 20% | $24.39 | $9.7B |
| Median | 32.5% | $26.93 | $10.8B |
| High end (a quarter paid more) | 51.8% | $30.85 | $12.3B |
The odds, from history
Historically 4.1% of companies with its figures were bought within a year (0.82× the average). Its figures put it in decile 4 of 10 (10 = the most likely to be bought). The odds come from a model of every merger proxy, tender-offer response and going-private statement filed on EDGAR since 2011, set against each company's size, margins, debt, cash flow and growth the year before.
V F's latest quarter
V F, Q2 FY27: revenue $2.7B (-4% year over year), operating margin 13.7%, net earnings $285M, operating cash flow −$152M. The chart follows the revenue to costs, profit and cash.
Questions
Is V F being acquired?
No headline, 8-K or 13D about a sale is on file in the last year.
Could private equity buy V F?
A leveraged buyout at today's price plus 30% ($26.42 a share) would return a loss of about 1% a year to a private-equity buyer over 5 years; the most a buyer could pay for a 20% return is $12.85 a share (−37% against today's $20.32).
What would a takeover of V F cost?
Takeovers on record paid a median premium of 32.5% over the share price before the deal (the middle half 20% to 51.8%), according to the 1,437 merger proxies and tender-offer responses on EDGAR that state a premium. At the median, V F would cost about $26.93 a share, $10.8B for all its shares.
Updated Nov 8, 2026. Read automatically from SEC filings and public data; errors are possible. Not investment advice.