# Canada Goose Holdings (GOOS.US)

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

Analysis as of: 2026-10-15T06:34:33.308Z. Financial observations: FY2014–FY2027.

Listing currency: USD. Reporting currency: CAD.

## 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: $8.27 per share; close as of 2026-10-15.

Estimated value: low $14.60 per share, central $16.44 per share, high $18.89 per share. Buy at or below the central value $16.44 per share. Valuation as of 2026-10-15T06:34:33.308Z; scenarios are not confidence intervals.

Expected annual return: 18.7% at the stated quote. About 18.7% 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: fail

- 1 revenue decline in the last 10 years (informational)

- operating margin variation exceeds 0.35

- Financial history: 10 years

- Years with declining revenue: 1

- Years with a net loss: 0

- Operating margin variation: 0.40×

Chart: Operating margin; fiscal year observations.

- FY2018: 0.23×

- FY2019: 0.24×

- FY2020: 0.20×

- FY2021: 0.13×

- FY2022: 0.15×

- FY2023: 0.12×

- FY2024: 0.09×

- FY2025: 0.12×

- FY2026: 0.06×

- LTM to Jun 2026: 0.09×

### moat: fail

- ROIC median below threshold

- ROIC, median of available years: 14.7%

- ROIC, second-lowest year: 10.3%

- Typical minus recent gross margin: 1.0 pp

- Typical gross margin (annual median): 62.1%

- Recent gross margin (lower of latest and 3-year median): 61.1%

- Years with nonpositive capital: 0

- Capital spending / revenue: 4.2%

- ROIC including acquisitions, ten-year median: 17.6%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2017: 12.1%

- FY2018: 34.7%

- FY2019: 38.2%

- FY2020: 29.6%

- FY2021: 14.3%

- FY2022: 18.1%

- FY2023: 12.5%

- FY2024: 10.3%

- FY2025: 15.1%

- FY2026: 6.3%

### economics: pass

- Owner earnings / net income, 5-yr: 2.12×

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: CAD 726M

- Net income, five-year total: CAD 343M

- Return on incremental invested capital: >100%

- Working capital / revenue, annual change: 0.7 pp

- Working capital / revenue, change between three-year averages: 5.5 pp

- Working capital / revenue, final three-year average: 28.8%

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

- FY2022: 1.62×

- FY2023: 1.84×

- FY2024: 2.19×

- FY2025: 2.18×

- FY2026: 4.60×

### management: pass

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

- potential debt-funded buybacks (informational)

- buybacks unrelated to price (informational)

- ROIC first 3 years vs last 3 years: 34.7% vs 10.3%

- Per-share earnings: 0.25 to 0.59 (three-year endpoint medians)

- Management verdict uses per-share economic progress: Yes

- Ordinary dilution, 10-year annual growth: -1.0%

- Ordinary dilution, 5-year annual growth: -2.0%

- Market cap gain: CAD -1.0B

- Cumulative retained earnings: CAD 330M

- Diluted shares, 10-year annual growth: -1.0%

- Diluted shares, 5-year annual growth: -2.0%

- $1 test, starting fiscal year: FY2017

- $1 test, ending fiscal year: FY2026

- Per-share value growth: 11.6%

- Per-share value change: CAD 0.35

- Per-share value, starting three-year median: CAD 0.25

- Per-share value, ending three-year median: CAD 0.59

- Buybacks concentrated in cheaper years (correlation): -0.09

- Average buyback yield: 4.0%

- Buyback history: 6 years

- Debt-funded buybacks: Yes

- Acquisition spending: CAD 96M

- Cumulative net income, 10 years: CAD 823M

- ROIC, first three-year median: 34.7%

- ROIC, last three-year median: 10.3%

Chart: Earnings per share; fiscal year observations.

- FY2017: CAD 0.19

- FY2018: CAD 0.86

- FY2019: CAD 1.30

- FY2020: CAD 1.33

- FY2021: CAD 0.65

- FY2022: CAD 0.90

- FY2023: CAD 0.72

- FY2024: CAD 0.59

- FY2025: CAD 0.96

- FY2026: CAD 0.23

### accounting: pass

- Sloan accruals: -9.7%

- Receivables to sales index (DSRI): 1.22×

- Restructuring years, last five: 0

- Stock compensation / operating cash flow: 12.2%

- Earnings backed by cash: Yes

- Operating cash / earnings: 8.53×

- Accounting red flags: 0

- Goodwill and intangibles / equity: 0.33×

Chart: Sloan accruals; fiscal year observations.

- FY2017: -4.6%

- FY2018: -5.5%

- FY2019: 9.7%

- FY2020: 12.3%

- FY2021: -5.5%

- FY2022: -4.3%

- FY2023: -2.7%

- FY2024: -7.2%

- FY2025: -12.2%

- FY2026: -9.7%

## Holders

## Price story

Down 81% since Nov 2021 · "Canada Goose falls to a 52-week low on tariff and Super El Niño worries" (seekingalpha.com, Aug 2026) · sales +0.5%

Story as of 2026-10-16T09:58:50.232Z; price observation 2026-10-15.

Price needs cash profits to shrink 8.9% a year for ten years

- 2025-05-22: Canada Goose sees strong Q4 FY25 with DTC comparable sales growth ([finance.yahoo.com](https://finance.yahoo.com/news/canada-goose-sees-strong-q4-121913652.html))

### Sales · FY2026–2027

sales +0.5%; source https://www.sec.gov/Archives/edgar/data/1690511/000169051126000012/goos-20260329.htm; observed 2026-05-15.

- FY2018: CAD 591M 

- FY2019: CAD 831M 

- FY2020: CAD 958M 

- FY2021: CAD 904M 

- FY2022: CAD 1.1B 

- FY2023: CAD 1.2B 

- FY2024: CAD 1.3B 

- FY2025: CAD 1.3B 

- FY2026: CAD 1.5B 

- FY2027: CAD 1.5B 

### Gross margin · FY2026

gross margin 61.1%; source https://www.sec.gov/Archives/edgar/data/1690511/000169051126000012/goos-20260329.htm; observed 2026-05-15.

- FY2017: 52.5% 

- FY2018: 58.8% 

- FY2019: 62.2% 

- FY2020: 61.9% 

- FY2021: 60.3% 

- FY2022: 66.8% 

- FY2023: 67.0% 

- FY2024: 68.8% 

- FY2025: 69.9% 

- FY2026: 61.1% 

## Owner memo

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

### How it makes money

Operates in apparel manufacturing; annual sales are CAD 1.5 billion.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-05-15); FY2026: revenue 1532149272; grossProfit 936413702; margin = grossProfit / revenue.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-15); GOOS.US: Canada Goose Holdings Inc., together with its subsidiaries, designs, manufactures, and sells performance luxury outerwear, apparel, footwear, and accessories for men, women, youth, children, and babies. It operates through three segments: Direct-to-Consumer, Wholesale, and Other. The company offers leisure wear, including knitwear, sweats, and t-shirts; outerwear products, including rain and everyday collections, jackets for everyday occasions, fleece, and vests; footwear and accessories products, such as sneakers, boots, hats, scarves, gloves, hood trims, socks, bags and eyewear; and lightweight and heavyweight down jackets for the fall, winter, and spring seasons. It sells its products through e-commerce channels and directly operated retail stores. The company offers its products under Canada Goose, Snow Goose, and Baffin brands in Canada, the United States, North America, Greater China, rest of the Asia Pacific, Europe, the Middle East, and Africa. Canada Goose Holdings Inc. was founded in 1957 and is headquartered in Toronto, Canada.

### Why customers stay

Margins ranged from 61.1% to 69.9% during 2024–26; it earns 14.7% on its capital.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-05-15); FY2024: grossProfit / revenue = 68.8%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-05-15); FY2025: grossProfit / revenue = 69.9%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-05-15); FY2026: grossProfit / revenue = 61.1%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-05-15); 10-year return on capital observations [[2017,0.1209340656960132],[2018,0.3473762296802244],[2019,0.3824394867160183],[2020,0.29601132049208584],[2021,0.1427519676101893],[2022,0.18111932987036308],[2023,0.12457473738238019],[2024,0.10277956455037483],[2025,0.15122465143386585],[2026,0.06313026310428638]]; median 0.14698830952202757. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Where the cash goes

Paid dividends in 3 of 10 years.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-05-15); FY2017: growth capex 8729730.122615807; upkeep 17539269.877384193; owner earnings 12621730.122615807. Growth capex / owner earnings = 0.691642907732098.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-05-15); FY2018: growth capex 15632033.077268269; upkeep 18166966.92273173; owner earnings 92107033.07726827. Growth capex / owner earnings = 0.16971595496029723.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-05-15); FY2019: growth capex 20828378.692506995; upkeep 28471621.307493005; owner earnings 137828378.692507. Growth capex / owner earnings = 0.15111821592978894.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-05-15); FY2020: growth capex 0; upkeep 51300000; owner earnings 153800000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-05-15); FY2021: growth capex 0; upkeep 37200000; owner earnings 115041974. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-05-15); FY2022: growth capex 0; upkeep 37200000; owner earnings 153200000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-05-15); FY2023: growth capex 0; upkeep 48100000; owner earnings 133700000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-05-15); FY2024: growth capex 0; upkeep 56500000; owner earnings 127900000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-05-15); FY2025: growth capex 0; upkeep 18400000; owner earnings 207100000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-05-15); FY2026: growth capex 0; upkeep 50630505; owner earnings 103767470. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-05-15); Dividend observations: [[2017,254037000],[2018,0],[2019,0],[2020,2400000],[2021,0],[2022,7100000],[2023,0],[2024,0],[2025,0],[2026,0]]. Zero only counted when supported by a complete cash-flow statement.

### Are managers owners

Insiders own 14.9% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-15); GOOS.US SharesStats.PercentInsiders = 14.91 percentage points; cache date 2026-10-15.

### What the price says

The price assumes cash profits shrink 8.9% yearly over ten years; actual growth was 22%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-05-15); Ten-year compound average after fade. Initial solved rate -0.1369990004300205. Price 8.27; FX 0.704; discount 0.1; same standard ten-year fade to terminal 0.03. FY2016 owner earnings/share 0.14638016695634523 → FY2026 1.0663170420669605. Closing-price date 2026-10-15.

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

- 2017-03: $15.96 per share

- 2017-04: $16.83 per share

- 2017-05: $18.05 per share

- 2017-06: $19.75 per share

- 2017-07: $19.06 per share

- 2017-08: $17.53 per share

- 2017-09: $20.55 per share

- 2017-10: $21.48 per share

- 2017-11: $26.88 per share

- 2017-12: $31.56 per share

- 2018-01: $35.94 per share

- 2018-02: $31.63 per share

- 2018-03: $33.42 per share

- 2018-04: $37.08 per share

- 2018-05: $42.05 per share

- 2018-06: $58.85 per share

- 2018-07: $57.43 per share

- 2018-08: $60.87 per share

- 2018-09: $64.54 per share

- 2018-10: $54.57 per share

- 2018-11: $67.35 per share

- 2018-12: $43.72 per share

- 2019-01: $51.46 per share

- 2019-02: $56.91 per share

- 2019-03: $48.02 per share

- 2019-04: $53.39 per share

- 2019-05: $33.65 per share

- 2019-06: $38.73 per share

- 2019-07: $46.79 per share

- 2019-08: $37.30 per share

- 2019-09: $43.97 per share

- 2019-10: $41.83 per share

- 2019-11: $38.15 per share

- 2019-12: $36.24 per share

- 2020-01: $30.00 per share

- 2020-02: $27.57 per share

- 2020-03: $19.89 per share

- 2020-04: $23.85 per share

- 2020-05: $19.52 per share

- 2020-06: $23.17 per share

- 2020-07: $22.28 per share

- 2020-08: $24.49 per share

- 2020-09: $32.17 per share

- 2020-10: $31.18 per share

- 2020-11: $33.24 per share

- 2020-12: $29.77 per share

- 2021-01: $33.46 per share

- 2021-02: $44.83 per share

- 2021-03: $39.25 per share

- 2021-04: $42.27 per share

- 2021-05: $40.33 per share

- 2021-06: $43.74 per share

- 2021-07: $42.43 per share

- 2021-08: $38.37 per share

- 2021-09: $35.67 per share

- 2021-10: $37.10 per share

- 2021-11: $44.59 per share

- 2021-12: $37.06 per share

- 2022-01: $30.71 per share

- 2022-02: $26.10 per share

- 2022-03: $26.33 per share

- 2022-04: $21.77 per share

- 2022-05: $20.06 per share

- 2022-06: $18.01 per share

- 2022-07: $19.58 per share

- 2022-08: $18.01 per share

- 2022-09: $15.24 per share

- 2022-10: $16.36 per share

- 2022-11: $18.76 per share

- 2022-12: $17.81 per share

- 2023-01: $24.19 per share

- 2023-02: $18.81 per share

- 2023-03: $19.25 per share

- 2023-04: $19.62 per share

- 2023-05: $15.90 per share

- 2023-06: $17.80 per share

- 2023-07: $18.24 per share

- 2023-08: $15.73 per share

- 2023-09: $14.66 per share

- 2023-10: $11.10 per share

- 2023-11: $11.10 per share

- 2023-12: $11.85 per share

- 2024-01: $11.99 per share

- 2024-02: $13.61 per share

- 2024-03: $12.06 per share

- 2024-04: $11.29 per share

- 2024-05: $14.46 per share

- 2024-06: $12.93 per share

- 2024-07: $11.55 per share

- 2024-08: $11.67 per share

- 2024-09: $12.53 per share

- 2024-10: $9.82 per share

- 2024-11: $9.44 per share

- 2024-12: $10.03 per share

- 2025-01: $10.95 per share

- 2025-02: $10.22 per share

- 2025-03: $7.95 per share

- 2025-04: $8.36 per share

- 2025-05: $12.07 per share

- 2025-06: $11.19 per share

- 2025-07: $10.95 per share

- 2025-08: $12.98 per share

- 2025-09: $13.79 per share

- 2025-10: $13.93 per share

- 2025-11: $14.03 per share

- 2025-12: $12.95 per share

- 2026-01: $12.16 per share

- 2026-02: $12.31 per share

- 2026-03: $10.97 per share

- 2026-04: $11.38 per share

- 2026-05: $10.16 per share

- 2026-06: $9.51 per share

- 2026-07: $8.93 per share

- 2026-08: $8.24 per share

- 2026-09: $7.78 per share

- 2026-10: $7.92 per share

## Annual estimated value (USD per share)

- FY2018: low $2.72 per share, central $3.02 per share, high $3.43 per share

- FY2019: low $4.28 per share, central $4.80 per share, high $5.50 per share

- FY2020: low $10.35 per share, central $11.77 per share, high $13.66 per share

- FY2021: low $13.05 per share, central $14.43 per share, high $16.28 per share

- FY2022: low $14.23 per share, central $15.95 per share, high $18.24 per share

- FY2023: low $14.71 per share, central $16.49 per share, high $18.86 per share

- FY2024: low $17.40 per share, central $24.49 per share, high $28.63 per share

- FY2025: low $18.76 per share, central $25.86 per share, high $30.00 per share

- FY2026: low $16.05 per share, central $17.88 per share, high $20.33 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 2026-10-15T06:34:33.308Z where newer inputs omit a numeric field or fiscal period.

## Sources

[Original 20-F filing](https://www.sec.gov/Archives/edgar/data/1690511/000169051126000012/goos-20260329.htm); period 2026-03-29, filed 2026-05-15.

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.