# Hugo Boss AG (BOSS.XETRA)

Canonical: https://gigainvestors.com/s/BOSS.XETRA

Analysis as of: 2026-10-16T07:39:21.484Z. Financial observations: FY2004–FY2025.

Listing currency: EUR. Reporting currency: EUR.

## Verdict

Not a wonderful business

Quality tests for Buy: not passed (profit record: pass; earnings resilience is evidence only). Published buy qualification: no.

Share price: EUR 38.07 per share; close as of 2026-10-15.

Estimated value: low EUR 35.60 per share, central EUR 40.14 per share, high EUR 46.18 per share. Buy at or below the central value EUR 40.14 per share. Valuation as of 2026-10-16T07:39:21.484Z; scenarios are not confidence intervals.

Expected annual return: 10.4% at the stated quote. About 10.4% a year at today's price (required return 10.0%). required return 10.0% a year (10% floor; DE 10-year bond 3.4% + 4 points).

## Checklist

### understandable: fail

- 3 revenue declines in the last 10 years (informational)

- operating margin variation exceeds 0.35

- Financial history: 10 years

- Years with declining revenue: 3

- Years with a net loss: 1

- Operating margin variation: 0.83×

Chart: Operating margin; fiscal year observations.

- FY2016: 0.13×

- FY2017: 0.12×

- FY2018: 0.12×

- FY2019: 0.12×

- FY2020: -0.12×

- FY2021: 0.08×

- FY2022: 0.09×

- FY2023: 0.10×

- FY2024: 0.09×

- FY2025: 0.10×

### moat: fail

- ROIC median below threshold

- Recent gross margin fell 8.6pp below the typical margin (limit 4pp)

- ROIC, median of available years: 13.7%

- ROIC, second-lowest year: 11.4%

- Typical minus recent gross margin: 8.6 pp

- Typical gross margin (annual median): 61.8%

- Recent gross margin (lower of latest and 3-year median): 53.2%

- Years with nonpositive capital: 0

- Capital spending / revenue: 4.9%

- ROIC including acquisitions, ten-year median: 10.7%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2016: 28.8%

- FY2017: 28.5%

- FY2018: 26.5%

- FY2019: 11.8%

- FY2020: -11.1%

- FY2021: 11.4%

- FY2022: 14.6%

- FY2023: 13.8%

- FY2024: 11.7%

- FY2025: 13.6%

### economics: fail

- incremental invested capital return below threshold

- Owner earnings / net income, 5-yr: 0.95×

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: EUR 1.0B

- Net income, five-year total: EUR 1.1B

- Return on incremental invested capital: 0.0%

- Working capital / revenue, annual change: -0.3 pp

- Working capital / revenue, change between three-year averages: -1.2 pp

- Working capital / revenue, final three-year average: 19.5%

Chart: Annual owner cash / profit; fiscal year observations.

- FY2021: 1.34×

- FY2022: 0.89×

- FY2023: 0.74×

- FY2024: 0.75×

- FY2025: 1.19×

### management: pass

- Historical market-dollar context (not the management verdict): 2016 to 2025 (9 years)

- buybacks unrelated to price (informational)

- ROIC first 3 years vs last 3 years: 28.5% vs 13.6%

- Per-share earnings: 3.37 to 3.61 (three-year endpoint medians)

- Management verdict uses per-share economic progress: Yes

- Ordinary dilution, 10-year annual growth: 0.0%

- Ordinary dilution, 5-year annual growth: 0.1%

- Market cap gain: EUR -1.5B

- Cumulative retained earnings: EUR 659M

- Diluted shares, 10-year annual growth: 0.0%

- Diluted shares, 5-year annual growth: 0.1%

- $1 test, starting fiscal year: FY2016

- $1 test, ending fiscal year: FY2025

- Per-share value growth: 0.9%

- Per-share value change: EUR 0.25

- Per-share value, starting three-year median: EUR 3.37

- Per-share value, ending three-year median: EUR 3.61

- Buyback history: 0 years

- Debt-funded buybacks: No

- Acquisition spending: EUR 108M

- Cumulative net income, 10 years: EUR 1.7B

- ROIC, first three-year median: 28.5%

- ROIC, last three-year median: 13.6%

Chart: Earnings per share; fiscal year observations.

- FY2016: EUR 2.79

- FY2017: EUR 3.37

- FY2018: EUR 3.42

- FY2019: EUR 2.98

- FY2020: EUR -3.19

- FY2021: EUR 1.99

- FY2022: EUR 3.04

- FY2023: EUR 3.74

- FY2024: EUR 3.09

- FY2025: EUR 3.61

### accounting: pass

- Sloan accruals: -10.5%

- Receivables to sales index (DSRI): 1.24×

- Restructuring years, last five: 0

- Stock compensation / operating cash flow: 0.0%

- Earnings backed by cash: Yes

- Operating cash / earnings: 2.58×

- Accounting red flags: 0

- Goodwill and intangibles / equity: 0.17×

Chart: Sloan accruals; fiscal year observations.

- FY2016: -9.9%

- FY2017: -11.0%

- FY2018: -4.6%

- FY2019: -15.5%

- FY2020: -17.9%

- FY2021: -19.0%

- FY2022: -4.7%

- FY2023: -2.7%

- FY2024: -13.8%

- FY2025: -10.5%

## Holders

## Price story

Down 48% since Jul 2023 · "Hugo Boss Expects Lower Sales, Earnings in Next Stage of Transformation Plan" (finance.yahoo.com, Mar 2026) · sales -0.9%

Story as of 2026-10-16T10:00:10.726Z; price observation 2026-10-15.

Price needs cash profits to grow 0.2% a year for ten years

- 2025-05-06: Fashion retailer Hugo Boss posts Q1 beat, reiterates 2025 outlook ([uk.finance.yahoo.com](https://uk.finance.yahoo.com/news/hugo-boss-reports-q1-revenue-054734031.html))

- 2025-08-05: Hugo Boss says relatively low exposure to US cushions tariff hit ([finance.yahoo.com](https://finance.yahoo.com/video/hugo-boss-says-relatively-low-105447549.html))

- 2025-11-04: Hugo Boss Expects Sales, Earnings at Lower End of Guidance Amid Economic Volatility ([finance.yahoo.com](https://finance.yahoo.com/m/42b3ef3e-5c95-3bcf-ad91-698a728ecc3b/hugo-boss-expects-sales%2C.html))

- 2026-03-10: Hugo Boss Expects Lower Sales, Earnings in Next Stage of Transformation Plan ([finance.yahoo.com](https://finance.yahoo.com/m/0e1c2043-0b83-3e09-b057-faeb4869102a/hugo-boss-expects-lower.html))

### Sales · FY2024–2025

sales -0.9%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2016: EUR 2.7B 

- FY2017: EUR 2.7B 

- FY2018: EUR 2.8B 

- FY2019: EUR 2.9B 

- FY2020: EUR 1.9B 

- FY2021: EUR 2.8B 

- FY2022: EUR 3.7B 

- FY2023: EUR 4.2B 

- FY2024: EUR 4.3B 

- FY2025: EUR 4.3B 

### Gross margin · FY2025

gross margin 53.2%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2016: 66.0% 

- FY2017: 66.2% 

- FY2018: 65.2% 

- FY2019: 65.0% 

- FY2020: 61.0% 

- FY2021: 61.8% 

- FY2022: 61.8% 

- FY2023: 61.5% 

- FY2024: 53.4% 

- FY2025: 53.2% 

## Owner memo

Memo as of 2026-10-16T08:06:05.509Z.

### How it makes money

Operates in apparel manufacturing; annual sales are EUR 4.3 billion.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:39:21.484Z); FY2025: revenue 4269837999; grossProfit 2271575000; margin = grossProfit / revenue.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); BOSS.XETRA: Hugo Boss AG, together with its subsidiaries, provides apparel, shoes, and accessories for men and women worldwide. It offers licensed products, such as fragrances, eyewear, and watches. The company also provides sportswear for tennis and padel, gym and running, ski, golf, equestrian, and swimming. It markets and sells its products under the BOSS and HUGO brand names through freestanding stores, shop-in-shops, factory outlets, multi-brand stores, and franchise business, as well as online retailers, distribution, and stores. The company was founded in 1924 and is based in Metzingen, Germany.

### Why customers stay

Margins ranged from 53.2% to 61.5% during 2023–25; it earns 13.7% on its capital.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:39:21.484Z); FY2023: grossProfit / revenue = 61.5%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:39:21.484Z); FY2024: grossProfit / revenue = 53.4%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:39:21.484Z); FY2025: grossProfit / revenue = 53.2%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:39:21.484Z); 10-year return on capital observations [[2016,0.2875610434952426],[2017,0.28453245312330844],[2018,0.26464903163492715],[2019,0.11845800691128736],[2020,-0.11068804570757121],[2021,0.11355855998875147],[2022,0.1460671458175409],[2023,0.1382507859655295],[2024,0.11717428920780036],[2025,0.13579953327893768]]; median 0.1370251596222336. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Can it raise prices

Kept about a 62% gross margin through 2022 cost inflation.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:39:21.484Z); Gross margin observations: [[2021,0.6176385713414043],[2022,0.6179379401420505],[2023,0.6148608003079958]]; range within 2 percentage points.

### Where the cash goes

Paid dividends in 10 of 10 years.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:39:21.484Z); FY2016: growth capex 0; upkeep 121477000; owner earnings 210856000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:39:21.484Z); FY2017: growth capex 0; upkeep 91001000; owner earnings 273770000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:39:21.484Z); FY2018: growth capex 9297240.491165012; upkeep 143679759.508835; owner earnings 222152240.491165. Growth capex / owner earnings = 0.04185076175963556.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:39:21.484Z); FY2019: growth capex 0; upkeep 191313000; owner earnings 184828000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:39:21.484Z); FY2021: growth capex 0; upkeep 101544000; owner earnings 184222000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:39:21.484Z); FY2022: growth capex 0; upkeep 190244000; owner earnings 185928400. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:39:21.484Z); FY2023: growth capex 0; upkeep 248994000; owner earnings 192425200. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:39:21.484Z); FY2024: growth capex 0; upkeep 228584000; owner earnings 160443600. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:39:21.484Z); FY2025: growth capex 0; upkeep 137042000; owner earnings 296903000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:39:21.484Z); Dividend observations: [[2016,249839000],[2017,179442000],[2018,182893000],[2019,186344000],[2020,2761000],[2021,2761000],[2022,48311000],[2023,69016000],[2024,93172000],[2025,96623000]]. Zero only counted when supported by a complete cash-flow statement.

### Are managers owners

Insiders own 65.2% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); BOSS.XETRA SharesStats.PercentInsiders = 65.16999999999999 percentage points; cache date 2026-10-16.

### What the price says

The price assumes cash profits grow 0.2% yearly over ten years; actual decline was 0.7%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:39:21.484Z); Ten-year compound average after fade. Initial solved rate -0.010103557778399608. Price 38.07; FX 1; discount 0.1; same standard ten-year fade to terminal 0.03. FY2015 owner earnings/share 4.627260345427147 → FY2025 4.3019320101657295. Closing-price date 2026-10-15.

## Monthly share-price history (EUR per share)

- 2016-10: EUR 57.21 per share

- 2016-11: EUR 54.10 per share

- 2016-12: EUR 58.13 per share

- 2017-01: EUR 59.30 per share

- 2017-02: EUR 64.98 per share

- 2017-03: EUR 68.41 per share

- 2017-04: EUR 69.83 per share

- 2017-05: EUR 67.03 per share

- 2017-06: EUR 61.30 per share

- 2017-07: EUR 63.73 per share

- 2017-08: EUR 71.11 per share

- 2017-09: EUR 74.59 per share

- 2017-10: EUR 76.84 per share

- 2017-11: EUR 69.09 per share

- 2017-12: EUR 70.94 per share

- 2018-01: EUR 73.98 per share

- 2018-02: EUR 73.36 per share

- 2018-03: EUR 70.76 per share

- 2018-04: EUR 77.80 per share

- 2018-05: EUR 76.88 per share

- 2018-06: EUR 77.76 per share

- 2018-07: EUR 77.08 per share

- 2018-08: EUR 68.82 per share

- 2018-09: EUR 66.32 per share

- 2018-10: EUR 63.18 per share

- 2018-11: EUR 61.00 per share

- 2018-12: EUR 53.92 per share

- 2019-01: EUR 62.64 per share

- 2019-02: EUR 65.02 per share

- 2019-03: EUR 60.88 per share

- 2019-04: EUR 62.16 per share

- 2019-05: EUR 52.10 per share

- 2019-06: EUR 58.50 per share

- 2019-07: EUR 57.16 per share

- 2019-08: EUR 50.68 per share

- 2019-09: EUR 49.15 per share

- 2019-10: EUR 37.72 per share

- 2019-11: EUR 42.75 per share

- 2019-12: EUR 43.26 per share

- 2020-01: EUR 42.80 per share

- 2020-02: EUR 39.56 per share

- 2020-03: EUR 23.11 per share

- 2020-04: EUR 25.38 per share

- 2020-05: EUR 24.54 per share

- 2020-06: EUR 26.90 per share

- 2020-07: EUR 23.12 per share

- 2020-08: EUR 22.20 per share

- 2020-09: EUR 21.38 per share

- 2020-10: EUR 19.67 per share

- 2020-11: EUR 25.81 per share

- 2020-12: EUR 27.29 per share

- 2021-01: EUR 29.40 per share

- 2021-02: EUR 31.34 per share

- 2021-03: EUR 33.47 per share

- 2021-04: EUR 38.38 per share

- 2021-05: EUR 46.50 per share

- 2021-06: EUR 45.88 per share

- 2021-07: EUR 50.54 per share

- 2021-08: EUR 47.26 per share

- 2021-09: EUR 52.08 per share

- 2021-10: EUR 54.06 per share

- 2021-11: EUR 51.62 per share

- 2021-12: EUR 53.50 per share

- 2022-01: EUR 55.76 per share

- 2022-02: EUR 54.80 per share

- 2022-03: EUR 52.64 per share

- 2022-04: EUR 53.86 per share

- 2022-05: EUR 49.98 per share

- 2022-06: EUR 50.36 per share

- 2022-07: EUR 57.50 per share

- 2022-08: EUR 54.40 per share

- 2022-09: EUR 48.06 per share

- 2022-10: EUR 46.64 per share

- 2022-11: EUR 53.38 per share

- 2022-12: EUR 54.16 per share

- 2023-01: EUR 62.22 per share

- 2023-02: EUR 64.74 per share

- 2023-03: EUR 66.12 per share

- 2023-04: EUR 68.22 per share

- 2023-05: EUR 63.58 per share

- 2023-06: EUR 71.54 per share

- 2023-07: EUR 73.50 per share

- 2023-08: EUR 69.50 per share

- 2023-09: EUR 59.92 per share

- 2023-10: EUR 55.10 per share

- 2023-11: EUR 64.24 per share

- 2023-12: EUR 67.46 per share

- 2024-01: EUR 58.14 per share

- 2024-02: EUR 62.88 per share

- 2024-03: EUR 54.62 per share

- 2024-04: EUR 50.54 per share

- 2024-05: EUR 48.71 per share

- 2024-06: EUR 41.77 per share

- 2024-07: EUR 36.75 per share

- 2024-08: EUR 37.81 per share

- 2024-09: EUR 41.09 per share

- 2024-10: EUR 42.08 per share

- 2024-11: EUR 32.07 per share

- 2024-12: EUR 44.78 per share

- 2025-01: EUR 45.23 per share

- 2025-02: EUR 44.21 per share

- 2025-03: EUR 34.86 per share

- 2025-04: EUR 36.57 per share

- 2025-05: EUR 40.80 per share

- 2025-06: EUR 39.27 per share

- 2025-07: EUR 41.04 per share

- 2025-08: EUR 42.09 per share

- 2025-09: EUR 40.44 per share

- 2025-10: EUR 38.45 per share

- 2025-11: EUR 38.26 per share

- 2025-12: EUR 36.15 per share

- 2026-01: EUR 35.00 per share

- 2026-02: EUR 37.38 per share

- 2026-03: EUR 36.73 per share

- 2026-04: EUR 36.07 per share

- 2026-05: EUR 35.70 per share

- 2026-06: EUR 37.57 per share

- 2026-07: EUR 38.03 per share

- 2026-08: EUR 38.65 per share

- 2026-09: EUR 38.05 per share

- 2026-10: EUR 37.98 per share

## Annual estimated value (EUR per share)

- FY2016: low EUR 64.90 per share, central EUR 94.29 per share, high EUR 110.68 per share

- FY2017: low EUR 63.39 per share, central EUR 86.86 per share, high EUR 101.62 per share

- FY2018: low EUR 47.98 per share, central EUR 54.44 per share, high EUR 63.05 per share

- FY2019: low EUR 40.87 per share, central EUR 48.11 per share, high EUR 55.80 per share

- FY2020: low EUR 25.77 per share, central EUR 29.11 per share, high EUR 33.56 per share

- FY2021: low EUR 32.97 per share, central EUR 37.00 per share, high EUR 42.37 per share

- FY2022: low EUR 38.74 per share, central EUR 43.85 per share, high EUR 50.65 per share

- FY2023: low EUR 34.35 per share, central EUR 39.02 per share, high EUR 45.23 per share

- FY2024: low EUR 33.08 per share, central EUR 37.39 per share, high EUR 43.13 per share

- FY2025: low EUR 38.17 per share, central EUR 42.92 per share, high EUR 49.24 per share

Historical values use today's bond yield for every fiscal year

Historical values use today's FX rate into trading currency for every fiscal year

Historical values use current restated fundamentals and current commodity classification; they are not point-in-time estimates

Prior published observations retained from 2026-10-15T06:45:06.714Z where newer inputs omit a numeric field or fiscal period.

## Sources

Estimates depend on assumptions and are not guarantees or investment advice. Underlying data remains subject to its source licenses; public reading does not grant bulk redistribution rights.