Well-diversified brand portfolio and leading market positions in outdoor and action sports and jeanswear; Large scale and efficient operations that support above-average operating margins and profitability; and Subject to fashion risk and changing consumer preferences while operating in the highly competitive apparel industry. Consistent low financial leverage, with debt to EBITDA projected in the low-1x area over our forecast horizon; Strong free operating cash flow (FOCF) that funds dividends and share repurchase activities; and Likely to pursue small to midsize acquisitions to further strengthen its brand portfolio and invest in growth categories, which could lead to temporary higher levels of financial leverage. The stable outlook reflects S&P Global Ratings' view that VF Corp.'s strong brand portfolio across its coalitions (categories),
