# G-III Apparel Group (GIII.US)

Canonical: https://gigainvestors.com/s/GIII

Analysis as of: 2026-10-16T07:28:46.281Z. Financial observations: FY1997–FY2026.

Listing currency: USD. Reporting currency: USD.

## 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: $28.40 per share; close as of 2026-10-15.

Estimated value: low $52.99 per share, central $58.78 per share, high $66.49 per share. Buy at or below the central value $58.78 per share. Valuation as of 2026-10-16T07:28:46.281Z; scenarios are not confidence intervals.

Expected annual return: 23.1% at the stated quote. About 23.1% a year at today's price (required return 10.0%). required return 10.0% a year (10% floor; US 10-year bond 5.1% + 4 points).

## Checklist

### understandable: pass

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

- Financial history: 10 years

- Years with declining revenue: 3

- Years with a net loss: 1

- Operating margin variation: 0.28×

Chart: Operating margin; fiscal year observations.

- FY2017: 0.05×

- FY2018: 0.06×

- FY2019: 0.08×

- FY2020: 0.08×

- FY2021: 0.05×

- FY2022: 0.11×

- FY2023: 0.07×

- FY2024: 0.09×

- FY2025: 0.09×

- FY2026: 0.05×

### moat: fail

- ROIC median below threshold

- ROIC worst years below threshold (more than 1 bad year allowed)

- ROIC, median of available years: 11.2%

- ROIC, second-lowest year: 6.2%

- Typical minus recent gross margin: -3.7 pp

- Typical gross margin (annual median): 34.7%

- Recent gross margin (lower of latest and 3-year median): 38.4%

- Years with nonpositive capital: 0

- Capital spending / revenue: 1.1%

- ROIC including acquisitions, ten-year median: 6.6%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2017: 6.6%

- FY2018: 8.7%

- FY2019: 14.1%

- FY2020: 15.1%

- FY2021: 5.3%

- FY2022: 17.0%

- FY2023: 10.2%

- FY2024: 12.4%

- FY2025: 12.2%

- FY2026: 6.2%

### economics: fail

- incremental invested capital return below threshold

- Owner earnings / net income, 5-yr: 0.99×

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: $499M

- Net income, five-year total: $505M

- Return on incremental invested capital: -10.1%

- Working capital / revenue, annual change: 0.6 pp

- Working capital / revenue, change between three-year averages: 3.2 pp

- Working capital / revenue, final three-year average: 27.1%

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

- FY2022: 1.00×

- FY2023: 0.95×

- FY2024: 1.02×

- FY2025: 0.96×

- FY2026: 0.91×

### management: pass

- Historical market-dollar context (not the management verdict): 2017 to 2026 (9 years)

- potential debt-funded buybacks (informational)

- buybacks leaned toward cheaper years (informational)

- ROIC first 3 years vs last 3 years: 8.7% vs 12.2%

- Per-share earnings: 1.25 to 3.75 (three-year endpoint medians)

- Management verdict uses per-share economic progress: Yes

- Ordinary dilution, 10-year annual growth: -0.4%

- Ordinary dilution, 5-year annual growth: -1.8%

- Market cap gain: $62M

- Cumulative retained earnings: $804M

- Diluted shares, 10-year annual growth: -0.4%

- Diluted shares, 5-year annual growth: -1.8%

- $1 test, starting fiscal year: FY2017

- $1 test, ending fiscal year: FY2026

- Per-share value growth: 14.7%

- Per-share value change: $2.50

- Per-share value, starting three-year median: $1.25

- Per-share value, ending three-year median: $3.75

- Buybacks concentrated in cheaper years (correlation): 0.27

- Average buyback yield: 2.1%

- Buyback history: 9 years

- Debt-funded buybacks: Yes

- Acquisition spending: $664M

- Cumulative net income, 10 years: $924M

- ROIC, first three-year median: 8.7%

- ROIC, last three-year median: 12.2%

Chart: Earnings per share; fiscal year observations.

- FY2017: $1.10

- FY2018: $1.25

- FY2019: $2.75

- FY2020: $2.94

- FY2021: $0.48

- FY2022: $4.05

- FY2023: -$2.79

- FY2024: $3.75

- FY2025: $4.20

- FY2026: $1.51

### accounting: pass

- Sloan accruals: -8.9%

- Receivables to sales index (DSRI): 0.92×

- Restructuring years, last five: 1

- Stock compensation / operating cash flow: 9.7%

- Earnings backed by cash: Yes

- Operating cash / earnings: 4.44×

- Accounting red flags: 0

- Goodwill and intangibles / equity: 0.38×

Chart: Sloan accruals; fiscal year observations.

- FY2017: -2.9%

- FY2018: -0.9%

- FY2019: 1.6%

- FY2020: -2.5%

- FY2021: -1.4%

- FY2022: 0.5%

- FY2023: -1.0%

- FY2024: -15.3%

- FY2025: -4.9%

- FY2026: -8.9%

## Holders

- [William Browne](https://gigainvestors.com/TB): tracked 13F investor; follow the investor page for holding quarter and amounts.

## Price story

Down 22% since Jul 2026 · "G-III (NASDAQ:GIII) Misses Q2 CY2026 Sales Expectations, Stock Drops" (finance.yahoo.com, Sep 2026) · sales -7%

Story as of 2026-10-16T09:58:49.140Z; price observation 2026-10-15.

Price needs cash profits to shrink 12% a year for ten years

- 2025-06-06: G-III withdraws guidance due to tariff uncertainty ([finance.yahoo.com](https://finance.yahoo.com/news/g-iii-withdraws-guidance-due-113034129.html))

- 2025-09-04: G-III Apparel Slashes Annual Outlook As CEO Flags Tariffs And Retail Weakness ([finance.yahoo.com](https://finance.yahoo.com/news/g-iii-apparel-slashes-annual-150718652.html))

- 2025-12-09: GIII Beats on Q3 Earnings, Ups FY26 Outlook Despite Tariff Pressures ([finance.yahoo.com](https://finance.yahoo.com/news/giii-beats-q3-earnings-ups-172300013.html))

- 2026-06-05: G-III Apparel Boosts FY27 Earnings Outlook; Q1 Profit Soars; Shares Up 4.9% ([nasdaq.com](https://www.nasdaq.com/articles/g-iii-apparel-boosts-fy27-earnings-outlook-q1-profit-soars-shares-49))

- 2026-09-02: G-III (NASDAQ:GIII) Misses Q2 CY2026 Sales Expectations, Stock Drops ([finance.yahoo.com](https://finance.yahoo.com/markets/stocks/articles/g-iii-nasdaq-giii-misses-111149310.html))

### Sales · FY2025–2026

sales -7%; source https://www.sec.gov/Archives/edgar/data/821002/000110465926033891/giii-20260131x10k.htm; observed 2026-03-24.

- FY2017: $2.4B 

- FY2018: $2.8B 

- FY2019: $3.1B 

- FY2020: $3.2B 

- FY2021: $2.1B 

- FY2022: $2.8B 

- FY2023: $3.2B 

- FY2024: $3.1B 

- FY2025: $3.2B 

- FY2026: $3.0B 

### Gross margin · FY2026

gross margin 38.4%; source https://www.sec.gov/Archives/edgar/data/821002/000110465926033891/giii-20260131x10k.htm; observed 2026-03-24.

- FY2017: 33.9% 

- FY2018: 36.2% 

- FY2019: 34.7% 

- FY2020: 34.1% 

- FY2021: 34.3% 

- FY2022: 34.7% 

- FY2023: 33.3% 

- FY2024: 39.2% 

- FY2025: 40.0% 

- FY2026: 38.4% 

## Owner memo

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

### How it makes money

Operates in apparel manufacturing; annual sales are USD 3 billion.

- Source: https://www.sec.gov/Archives/edgar/data/821002/000110465926033891/giii-20260131x10k.htm (filed 2026-03-24); FY2026: revenue 2957012000; grossProfit 1135013000; margin = grossProfit / revenue.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-15); GIII.US: G-III Apparel Group, Ltd. designs, sources, and markets women's and men's apparel in the United States and internationally. It operates through two segments, Wholesale Operations and Retail Operations. The company offers outerwear, dresses, sportswear, swimwear, women's suits, performance wear, suit separates, athleisure, jeans, handbags, footwear, accessories, small leather goods, cold weather accessories, and luggage. It markets apparel and other products under the its owned brands, including Andrew Marc, DKNY, Donna Karan, Eliza J, G.H. Bass, G-III for Her, G-III Sports by Carl Banks, Jessica Howard, Karl Lagerfeld, Karl Lagerfeld Paris, Marc New York, Sonia Rykiel, Vilebrequin, and Wilsons Leather; and under its licensed brands, such as BCBG, Calvin Klein, Champion, Cole Haan, Converse, Dockers, French Connection, Halston, Kenneth Cole, Kensie, Levi's, Margaritaville, Nautica, Tommy Hilfiger, and Vince Camuto. The company also engages in licensed team sports business that has partnerships with the National Football League, National Basketball Association, Major League Baseball, and National Hockey League, as well as U.S. colleges and universities. It distributes its products through retailers, digital channels, and online retail partners. G-III Apparel Group, Ltd. was founded in 1956 and is based in New York, New York.

### Why customers stay

Margins ranged from 38.4% to 40% during 2024–26; it earns 11.2% on its capital.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-24); FY2024: grossProfit / revenue = 39.2%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-24); FY2025: grossProfit / revenue = 40%.

- Source: https://www.sec.gov/Archives/edgar/data/821002/000110465926033891/giii-20260131x10k.htm (filed 2026-03-24); FY2026: grossProfit / revenue = 38.4%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-24); 10-year return on capital observations [[2017,0.06582879465947651],[2018,0.08735600421193654],[2019,0.14095232288243983],[2020,0.15087016908825376],[2021,0.05306931493062293],[2022,0.1704897562895002],[2023,0.10169868134706557],[2024,0.12429479153621079],[2025,0.12152325631354277],[2026,0.06210976220122562]]; median 0.11161096883030416. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Can it raise prices

Kept about a 35% gross margin through 2022 cost inflation.

- Source: https://www.sec.gov/Archives/edgar/data/821002/000110465926033891/giii-20260131x10k.htm (filed 2026-03-24); Gross margin observations: [[2021,0.34343886030481535],[2022,0.34720759302782034],[2023,0.3326512181999846]]; range within 2 percentage points.

### Where the cash goes

Paid dividends in 5 of 10 years; bought back USD 49.8 million of shares.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-24); FY2017: growth capex 0; upkeep 24928000; owner earnings 59491000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-24); FY2018: growth capex 0; upkeep 34507000; owner earnings 65400000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-24); FY2019: growth capex 0; upkeep 29205000; owner earnings 147681000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-24); FY2020: growth capex 1359000; upkeep 38735000; owner earnings 143837000. Growth capex / owner earnings = 0.009448194831649714.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-24); FY2021: growth capex 0; upkeep 20128000; owner earnings 42042000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-24); FY2022: growth capex 3879000; upkeep 27626000; owner earnings 200593000. Growth capex / owner earnings = 0.019337663826753674.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-24); FY2024: growth capex 0; upkeep 24679000; owner earnings 179012000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-24); FY2025: growth capex 7891807.400833726; upkeep 35397192.599166274; owner earnings 185612807.40083373. Growth capex / owner earnings = 0.04251758007081508.

- Source: https://www.sec.gov/Archives/edgar/data/821002/000110465926033891/giii-20260131x10k.htm (filed 2026-03-24); FY2026: growth capex 0; upkeep 35221000; owner earnings 61148000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-24); Dividend observations: [[2017,0],[2018,3575000],[2019,0],[2020,3675000],[2021,2695000],[2022,1352000],[2023,0],[2024,0],[2025,0],[2026,4219000]]. Zero only counted when supported by a complete cash-flow statement.

- Source: https://www.sec.gov/Archives/edgar/data/821002/000110465926033891/giii-20260131x10k.htm (filed 2026-03-24); FY2026: cash repurchases 49770000 USD.

### Are managers owners

Insiders own 16% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-15); GIII.US SharesStats.PercentInsiders = 15.970999999999998 percentage points; cache date 2026-10-15.

### What the price says

The price assumes cash profits shrink 12% yearly over ten years; actual decline was 4.9%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-24); Ten-year compound average after fade. Initial solved rate -0.1793262137049106. Price 28.4; FX 1; discount 0.1; same standard ten-year fade to terminal 0.03. FY2016 owner earnings/share 2.26898647043705 → FY2026 1.373988854934388. Closing-price date 2026-10-15.

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

- 2016-10: $26.12 per share

- 2016-11: $27.16 per share

- 2016-12: $29.56 per share

- 2017-01: $26.26 per share

- 2017-02: $25.73 per share

- 2017-03: $21.89 per share

- 2017-04: $23.70 per share

- 2017-05: $19.57 per share

- 2017-06: $24.95 per share

- 2017-07: $26.03 per share

- 2017-08: $27.50 per share

- 2017-09: $29.02 per share

- 2017-10: $25.34 per share

- 2017-11: $30.80 per share

- 2017-12: $36.89 per share

- 2018-01: $37.35 per share

- 2018-02: $36.91 per share

- 2018-03: $37.68 per share

- 2018-04: $36.49 per share

- 2018-05: $41.90 per share

- 2018-06: $44.40 per share

- 2018-07: $45.70 per share

- 2018-08: $45.48 per share

- 2018-09: $48.19 per share

- 2018-10: $39.86 per share

- 2018-11: $40.08 per share

- 2018-12: $27.89 per share

- 2019-01: $34.87 per share

- 2019-02: $35.61 per share

- 2019-03: $39.96 per share

- 2019-04: $43.15 per share

- 2019-05: $25.73 per share

- 2019-06: $29.42 per share

- 2019-07: $28.66 per share

- 2019-08: $20.51 per share

- 2019-09: $25.77 per share

- 2019-10: $25.11 per share

- 2019-11: $29.60 per share

- 2019-12: $33.50 per share

- 2020-01: $27.21 per share

- 2020-02: $22.36 per share

- 2020-03: $7.70 per share

- 2020-04: $11.33 per share

- 2020-05: $10.33 per share

- 2020-06: $13.29 per share

- 2020-07: $9.89 per share

- 2020-08: $11.06 per share

- 2020-09: $13.11 per share

- 2020-10: $13.48 per share

- 2020-11: $20.37 per share

- 2020-12: $23.74 per share

- 2021-01: $27.04 per share

- 2021-02: $28.79 per share

- 2021-03: $30.14 per share

- 2021-04: $32.49 per share

- 2021-05: $33.04 per share

- 2021-06: $32.86 per share

- 2021-07: $29.86 per share

- 2021-08: $30.93 per share

- 2021-09: $28.30 per share

- 2021-10: $28.66 per share

- 2021-11: $29.64 per share

- 2021-12: $27.64 per share

- 2022-01: $27.17 per share

- 2022-02: $27.74 per share

- 2022-03: $27.05 per share

- 2022-04: $26.48 per share

- 2022-05: $25.06 per share

- 2022-06: $20.23 per share

- 2022-07: $22.09 per share

- 2022-08: $21.07 per share

- 2022-09: $14.95 per share

- 2022-10: $19.50 per share

- 2022-11: $21.63 per share

- 2022-12: $13.71 per share

- 2023-01: $16.92 per share

- 2023-02: $16.61 per share

- 2023-03: $15.55 per share

- 2023-04: $15.70 per share

- 2023-05: $16.08 per share

- 2023-06: $19.27 per share

- 2023-07: $20.71 per share

- 2023-08: $19.85 per share

- 2023-09: $24.92 per share

- 2023-10: $25.55 per share

- 2023-11: $28.77 per share

- 2023-12: $33.98 per share

- 2024-01: $30.09 per share

- 2024-02: $33.27 per share

- 2024-03: $29.01 per share

- 2024-04: $28.15 per share

- 2024-05: $30.06 per share

- 2024-06: $27.07 per share

- 2024-07: $27.57 per share

- 2024-08: $26.47 per share

- 2024-09: $30.52 per share

- 2024-10: $30.28 per share

- 2024-11: $29.63 per share

- 2024-12: $32.62 per share

- 2025-01: $31.22 per share

- 2025-02: $27.07 per share

- 2025-03: $27.35 per share

- 2025-04: $25.22 per share

- 2025-05: $29.05 per share

- 2025-06: $22.40 per share

- 2025-07: $23.60 per share

- 2025-08: $27.00 per share

- 2025-09: $26.61 per share

- 2025-10: $26.85 per share

- 2025-11: $29.15 per share

- 2025-12: $28.96 per share

- 2026-01: $29.35 per share

- 2026-02: $30.59 per share

- 2026-03: $27.70 per share

- 2026-04: $31.19 per share

- 2026-05: $32.33 per share

- 2026-06: $33.71 per share

- 2026-07: $36.41 per share

- 2026-08: $32.59 per share

- 2026-09: $27.12 per share

- 2026-10: $28.40 per share

## Annual estimated value (USD per share)

- FY2017: low $28.50 per share, central $40.42 per share, high $47.36 per share

- FY2018: low $30.83 per share, central $43.69 per share, high $51.30 per share

- FY2019: low $36.73 per share, central $51.11 per share, high $59.94 per share

- FY2020: low $41.55 per share, central $57.09 per share, high $66.53 per share

- FY2021: low $17.85 per share, central $19.43 per share, high $21.54 per share

- FY2022: low $36.09 per share, central $39.92 per share, high $45.02 per share

- FY2023: low $41.83 per share, central $54.84 per share, high $63.75 per share

- FY2024: low $45.84 per share, central $55.58 per share, high $63.32 per share

- FY2025: low $49.69 per share, central $60.82 per share, high $70.52 per share

- FY2026: low $49.77 per share, central $55.56 per share, high $63.26 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

## Sources

[Original 10-K filing](https://www.sec.gov/Archives/edgar/data/821002/000110465926033891/giii-20260131x10k.htm); period 2026-01-31, filed 2026-03-24.

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.