# Gildan Activewear (GIL.TO)

Canonical: https://gigainvestors.com/s/GIL.TO

Analysis as of: 2026-10-16T07:36:28.442Z. Financial observations: FY1997–FY2025.

Listing currency: CAD. 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: CAD 59.57 per share; close as of 2026-10-15.

Estimated value: low CAD 60.30 per share, central CAD 77.20 per share, high CAD 90.00 per share. Buy at or below the central value CAD 77.20 per share. Valuation as of 2026-10-16T07:36:28.442Z; scenarios are not confidence intervals.

Expected annual return: 12.1% at the stated quote. About 12.1% a year at today's price (required return 10.0%). required return 10.0% a year (10% floor; CA 10-year bond 3.8% + 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: 0.60×

Chart: Operating margin; fiscal year observations.

- FY2016: 0.14×

- FY2017: 0.15×

- FY2018: 0.14×

- FY2019: 0.10×

- FY2020: -0.09×

- FY2021: 0.22×

- FY2022: 0.19×

- FY2023: 0.20×

- FY2024: 0.19×

- FY2025: 0.20×

### moat: fail

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

- ROIC, median of available years: 16.2%

- ROIC, second-lowest year: 8.7%

- Typical minus recent gross margin: -1.7 pp

- Typical gross margin (annual median): 28.5%

- Recent gross margin (lower of latest and 3-year median): 30.2%

- Years with nonpositive capital: 0

- Capital spending / revenue: 4.5%

- ROIC including acquisitions, ten-year median: 13.6%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2016: 14.8%

- FY2017: 16.1%

- FY2018: 16.3%

- FY2019: 11.7%

- FY2020: -7.4%

- FY2021: 30.0%

- FY2022: 23.7%

- FY2023: 23.1%

- FY2024: 18.0%

- FY2025: 8.7%

### economics: pass

- Owner earnings / net income, 5-yr: 0.93×

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: $2.3B

- Net income, five-year total: $2.5B

- Return on incremental invested capital: 21.8%

- Working capital / revenue, annual change: 1.1 pp

- Working capital / revenue, change between three-year averages: 8.4 pp

- Working capital / revenue, final three-year average: 43.1%

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

- FY2021: 0.97×

- FY2022: 0.97×

- FY2023: 0.80×

- FY2024: 0.94×

- FY2025: 0.97×

### management: pass

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

- potential debt-funded buybacks (informational)

- buybacks leaned toward cheaper years (informational)

- ROIC first 3 years vs last 3 years: 16.1% vs 18.0%

- Per-share earnings: 1.49 to 2.53 (three-year endpoint medians)

- Management verdict uses per-share economic progress: Yes

- Ordinary dilution, 10-year annual growth: -4.0%

- Ordinary dilution, 5-year annual growth: -4.2%

- Market cap gain: $4.1B

- Cumulative retained earnings: -$735M

- Diluted shares, 10-year annual growth: -4.0%

- Diluted shares, 5-year annual growth: -4.2%

- $1 test, starting fiscal year: FY2016

- $1 test, ending fiscal year: FY2025

- Per-share value growth: 6.8%

- Per-share value change: $1.04

- Per-share value, starting three-year median: $1.49

- Per-share value, ending three-year median: $2.53

- Buybacks concentrated in cheaper years (correlation): 0.61

- Average buyback yield: 5.7%

- Buyback history: 10 years

- Debt-funded buybacks: Yes

- Acquisition spending: $3.6B

- Cumulative net income, 10 years: $3.6B

- ROIC, first three-year median: 16.1%

- ROIC, last three-year median: 18.0%

Chart: Earnings per share; fiscal year observations.

- FY2016: $1.49

- FY2017: $1.65

- FY2018: $1.71

- FY2019: $1.28

- FY2020: -$1.14

- FY2021: $3.12

- FY2022: $3.01

- FY2023: $3.10

- FY2024: $2.49

- FY2025: $2.53

### accounting: pass

- latest-year receivables to sales index (DSRI) exceeds 1.465

- Sloan accruals: -1.7%

- Receivables to sales index (DSRI): 1.56×

- Restructuring years, last five: 0

- Stock compensation / operating cash flow: 8.2%

- Earnings backed by cash: Yes

- Operating cash / earnings: 1.44×

- Accounting red flags: 1

- Goodwill and intangibles / equity: 1.09×

Chart: Sloan accruals; fiscal year observations.

- FY2016: -6.4%

- FY2017: -8.4%

- FY2018: -6.2%

- FY2019: -3.2%

- FY2020: -21.2%

- FY2021: -0.3%

- FY2022: 3.7%

- FY2023: -0.4%

- FY2024: -2.7%

- FY2025: -1.7%

## Holders

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

## Price story

Down 36% since Feb 2026 · "Gildan Activewear CEO Expects Retailer Caution to Linger Over Holiday Period" (finance.yahoo.com, Oct 2025) · sales +12.5%

Story as of 2026-10-16T10:00:07.526Z; price observation 2026-10-15.

Price needs cash profits to grow 0.6% a year for ten years

- 2025-10-29: Gildan Activewear Q3 Adjusted Income, Net Sales, Rise, Updates Fiscal 2025 Guidance ([finance.yahoo.com](https://finance.yahoo.com/news/gildan-activewear-q3-adjusted-income-112809518.html))

- 2026-02-26: Gildan Activewear Sees Stronger Savings From HanesBrands Integration ([finance.yahoo.com](https://finance.yahoo.com/m/09ae55dc-0a1a-3cfc-8371-915e03f3ad41/gildan-activewear-sees.html))

- 2026-04-30: Gildan Reports Record First Quarter Revenue and Maintains its Full Year 2026 Guidance ([finance.yahoo.com](https://finance.yahoo.com/markets/stocks/articles/gildan-reports-record-first-quarter-103000647.html))

### Sales · FY2024–2025

sales +12.5%; source https://www.sec.gov/Archives/edgar/data/1061894/000106189426000006/gil-20251228.htm; observed 2026-02-26.

- FY2016: $2.6B 

- FY2017: $2.8B 

- FY2018: $2.9B 

- FY2019: $2.8B 

- FY2020: $2.0B 

- FY2021: $2.9B 

- FY2022: $3.2B 

- FY2023: $3.2B 

- FY2024: $3.3B 

- FY2025: $3.7B 

### Gross margin · FY2025

gross margin 30.2%; source https://www.sec.gov/Archives/edgar/data/1061894/000106189426000006/gil-20251228.htm; observed 2026-02-26.

- FY2016: 27.8% 

- FY2017: 29.1% 

- FY2018: 27.7% 

- FY2019: 24.9% 

- FY2020: 12.6% 

- FY2021: 32.2% 

- FY2022: 30.6% 

- FY2023: 27.5% 

- FY2024: 30.7% 

- FY2025: 30.2% 

## Owner memo

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

### How it makes money

Operates in apparel manufacturing; annual sales are USD 3.7 billion.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-26); FY2025: revenue 3679336639; grossProfit 1110334598; margin = grossProfit / revenue.

### Why customers stay

Margins ranged from 27.5% to 30.7% during 2023–25; it earns 16.2% on its capital.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-26); FY2023: grossProfit / revenue = 27.5%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-26); FY2024: grossProfit / revenue = 30.7%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-26); FY2025: grossProfit / revenue = 30.2%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-26); 10-year return on capital observations [[2016,0.14763314225624],[2017,0.1605283203894519],[2018,0.16299592378854866],[2019,0.11704846045144537],[2020,-0.07404449740108766],[2021,0.3004248162443664],[2022,0.23683264387924124],[2023,0.23117459876606666],[2024,0.17970109909887638],[2025,0.0867996926329563]]; median 0.16176212208900026. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Where the cash goes

Paid dividends in 10 of 10 years; bought back USD 216.7 million of shares.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-26); FY2016: growth capex 0; upkeep 140241000; owner earnings 346994000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-26); FY2017: growth capex 0; upkeep 94796000; owner earnings 429688000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-26); FY2018: growth capex 0; upkeep 125220000; owner earnings 383630000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-26); FY2019: growth capex 0; upkeep 140234000; owner earnings 260069000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-26); FY2021: growth capex 0; upkeep 130223000; owner earnings 590541600. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-26); FY2022: growth capex 119628000; upkeep 124926000; owner earnings 522742000. Growth capex / owner earnings = 0.228847117698597.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-26); FY2023: growth capex 0; upkeep 208009000; owner earnings 427602800. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-26); FY2024: growth capex 12150000; upkeep 138202000; owner earnings 377381000. Growth capex / owner earnings = 0.03219557953368082.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-26); FY2025: growth capex 0; upkeep 108299219; owner earnings 392175078. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-26); Dividend observations: [[2016,74382000],[2017,84822000],[2018,94566000],[2019,110346000],[2020,30553000],[2021,90462000],[2022,123769000],[2023,131797000],[2024,133469000],[2025,137604395]]. Zero only counted when supported by a complete cash-flow statement.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-26); FY2025: cash repurchases 216716468 USD.

### Are managers owners

Insiders own 0.6% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); GIL.TO SharesStats.PercentInsiders = 0.5760000000000001 percentage points; cache date 2026-10-16.

### What the price says

The price assumes cash profits grow 0.6% yearly over ten years; actual growth was 8.6%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-26); Ten-year compound average after fade. Initial solved rate -0.004346489614873951. Price 59.57; FX 1.4190435646374344; discount 0.1; same standard ten-year fade to terminal 0.03. FY2015 owner earnings/share 1.0712783110188802 → FY2025 2.4479730718334123. Closing-price date 2026-10-15.

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

- 2016-10: CAD 34.45 per share

- 2016-11: CAD 36.52 per share

- 2016-12: CAD 34.09 per share

- 2017-01: CAD 34.04 per share

- 2017-02: CAD 33.65 per share

- 2017-03: CAD 35.93 per share

- 2017-04: CAD 38.27 per share

- 2017-05: CAD 39.11 per share

- 2017-06: CAD 39.85 per share

- 2017-07: CAD 37.57 per share

- 2017-08: CAD 39.11 per share

- 2017-09: CAD 38.99 per share

- 2017-10: CAD 39.48 per share

- 2017-11: CAD 40.94 per share

- 2017-12: CAD 40.61 per share

- 2018-01: CAD 41.83 per share

- 2018-02: CAD 37.22 per share

- 2018-03: CAD 37.21 per share

- 2018-04: CAD 37.40 per share

- 2018-05: CAD 37.55 per share

- 2018-06: CAD 37.03 per share

- 2018-07: CAD 33.51 per share

- 2018-08: CAD 38.46 per share

- 2018-09: CAD 39.30 per share

- 2018-10: CAD 39.35 per share

- 2018-11: CAD 43.65 per share

- 2018-12: CAD 41.44 per share

- 2019-01: CAD 44.47 per share

- 2019-02: CAD 47.06 per share

- 2019-03: CAD 48.05 per share

- 2019-04: CAD 49.40 per share

- 2019-05: CAD 48.77 per share

- 2019-06: CAD 50.68 per share

- 2019-07: CAD 51.98 per share

- 2019-08: CAD 48.81 per share

- 2019-09: CAD 47.02 per share

- 2019-10: CAD 33.65 per share

- 2019-11: CAD 39.00 per share

- 2019-12: CAD 38.39 per share

- 2020-01: CAD 36.67 per share

- 2020-02: CAD 32.51 per share

- 2020-03: CAD 17.94 per share

- 2020-04: CAD 19.42 per share

- 2020-05: CAD 19.10 per share

- 2020-06: CAD 21.03 per share

- 2020-07: CAD 23.77 per share

- 2020-08: CAD 25.29 per share

- 2020-09: CAD 26.24 per share

- 2020-10: CAD 27.60 per share

- 2020-11: CAD 33.96 per share

- 2020-12: CAD 35.59 per share

- 2021-01: CAD 31.95 per share

- 2021-02: CAD 38.67 per share

- 2021-03: CAD 38.46 per share

- 2021-04: CAD 42.66 per share

- 2021-05: CAD 43.23 per share

- 2021-06: CAD 45.74 per share

- 2021-07: CAD 43.01 per share

- 2021-08: CAD 48.50 per share

- 2021-09: CAD 46.28 per share

- 2021-10: CAD 45.46 per share

- 2021-11: CAD 51.75 per share

- 2021-12: CAD 53.63 per share

- 2022-01: CAD 50.60 per share

- 2022-02: CAD 49.76 per share

- 2022-03: CAD 46.89 per share

- 2022-04: CAD 43.53 per share

- 2022-05: CAD 39.84 per share

- 2022-06: CAD 37.05 per share

- 2022-07: CAD 37.53 per share

- 2022-08: CAD 38.84 per share

- 2022-09: CAD 39.05 per share

- 2022-10: CAD 42.99 per share

- 2022-11: CAD 38.95 per share

- 2022-12: CAD 37.08 per share

- 2023-01: CAD 41.72 per share

- 2023-02: CAD 43.36 per share

- 2023-03: CAD 44.90 per share

- 2023-04: CAD 44.12 per share

- 2023-05: CAD 37.02 per share

- 2023-06: CAD 42.71 per share

- 2023-07: CAD 41.01 per share

- 2023-08: CAD 40.30 per share

- 2023-09: CAD 38.07 per share

- 2023-10: CAD 39.39 per share

- 2023-11: CAD 49.12 per share

- 2023-12: CAD 43.82 per share

- 2024-01: CAD 44.40 per share

- 2024-02: CAD 47.26 per share

- 2024-03: CAD 50.27 per share

- 2024-04: CAD 47.72 per share

- 2024-05: CAD 52.14 per share

- 2024-06: CAD 51.89 per share

- 2024-07: CAD 56.22 per share

- 2024-08: CAD 61.42 per share

- 2024-09: CAD 63.66 per share

- 2024-10: CAD 68.14 per share

- 2024-11: CAD 69.60 per share

- 2024-12: CAD 67.65 per share

- 2025-01: CAD 74.95 per share

- 2025-02: CAD 78.15 per share

- 2025-03: CAD 63.62 per share

- 2025-04: CAD 63.53 per share

- 2025-05: CAD 63.90 per share

- 2025-06: CAD 67.10 per share

- 2025-07: CAD 69.99 per share

- 2025-08: CAD 74.98 per share

- 2025-09: CAD 80.40 per share

- 2025-10: CAD 81.79 per share

- 2025-11: CAD 80.19 per share

- 2025-12: CAD 85.79 per share

- 2026-01: CAD 88.47 per share

- 2026-02: CAD 92.97 per share

- 2026-03: CAD 77.47 per share

- 2026-04: CAD 84.30 per share

- 2026-05: CAD 84.11 per share

- 2026-06: CAD 73.12 per share

- 2026-07: CAD 77.60 per share

- 2026-08: CAD 72.29 per share

- 2026-09: CAD 60.63 per share

- 2026-10: CAD 59.44 per share

## Annual estimated value (CAD per share)

- FY2016: low CAD 21.63 per share, central CAD 30.90 per share, high CAD 36.30 per share

- FY2017: low CAD 32.41 per share, central CAD 46.30 per share, high CAD 54.38 per share

- FY2018: low CAD 36.04 per share, central CAD 51.48 per share, high CAD 60.48 per share

- FY2019: low CAD 35.42 per share, central CAD 50.57 per share, high CAD 59.39 per share

- FY2020: low CAD 23.76 per share, central CAD 26.58 per share, high CAD 30.33 per share

- FY2021: low CAD 39.33 per share, central CAD 55.22 per share, high CAD 64.60 per share

- FY2022: low CAD 46.89 per share, central CAD 66.53 per share, high CAD 77.97 per share

- FY2023: low CAD 46.78 per share, central CAD 64.16 per share, high CAD 75.14 per share

- FY2024: low CAD 53.19 per share, central CAD 75.59 per share, high CAD 88.65 per share

- FY2025: low CAD 55.45 per share, central CAD 70.81 per share, high CAD 82.45 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 2026-10-15T06:42:11.212Z where newer inputs omit a numeric field or fiscal period.

## Sources

[Original 40-F filing](https://www.sec.gov/Archives/edgar/data/1061894/000106189426000006/gil-20251228.htm); period 2025-12-28, filed 2026-02-26.

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.