# PVH (PVH.US)

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

Analysis as of: 2026-10-16T07:31:24.175Z. 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: $85.39 per share; close as of 2026-10-15.

Estimated value: low $181.58 per share, central $204.27 per share, high $234.46 per share. Buy at or below the central value $204.27 per share. Valuation as of 2026-10-16T07:31:24.175Z; scenarios are not confidence intervals.

Expected annual return: 23.0% at the stated quote. About 23.0% 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

- 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: 0.41×

Chart: Operating margin; fiscal year observations.

- FY2017: 0.09×

- FY2018: 0.07×

- FY2019: 0.09×

- FY2020: 0.06×

- FY2021: -0.01×

- FY2022: 0.11×

- FY2023: 0.10×

- FY2024: 0.10×

- FY2025: 0.08×

- FY2026: 0.07×

### moat: fail

- ROIC median below threshold

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

- ROIC, median of available years: 11.9%

- ROIC, second-lowest year: 6.7%

- Typical minus recent gross margin: -1.8 pp

- Typical gross margin (annual median): 55.7%

- Recent gross margin (lower of latest and 3-year median): 57.5%

- Years with nonpositive capital: 0

- Capital spending / revenue: 3.1%

- ROIC including acquisitions, ten-year median: 7.4%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2017: 15.7%

- FY2018: 15.6%

- FY2019: 18.5%

- FY2020: 8.3%

- FY2021: -0.7%

- FY2022: 18.3%

- FY2023: 9.9%

- FY2024: 13.3%

- FY2025: 10.5%

- FY2026: 6.7%

### economics: fail

- incremental invested capital return below threshold

- Owner earnings / net income, 5-yr: 1.15×

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: $2.8B

- Net income, five-year total: $2.4B

- Return on incremental invested capital: 0.0%

- Working capital / revenue, annual change: -0.2 pp

- Working capital / revenue, change between three-year averages: -1.6 pp

- Working capital / revenue, final three-year average: 14.3%

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

- FY2022: 1.05×

- FY2023: 1.06×

- FY2024: 1.08×

- FY2025: 1.21×

- FY2026: 6.15×

### management: pass

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

- buybacks leaned toward cheaper years (informational)

- ROIC first 3 years vs last 3 years: 15.7% vs 10.5%

- Per-share earnings: 6.84 to 10.56 (three-year endpoint medians)

- Management verdict uses per-share economic progress: Yes

- Ordinary dilution, 10-year annual growth: -5.2%

- Ordinary dilution, 5-year annual growth: -7.6%

- Market cap gain: -$4.6B

- Cumulative retained earnings: $2.9B

- Diluted shares, 10-year annual growth: -5.2%

- Diluted shares, 5-year annual growth: -7.6%

- $1 test, starting fiscal year: FY2017

- $1 test, ending fiscal year: FY2026

- Per-share value growth: 5.6%

- Per-share value change: $3.71

- Per-share value, starting three-year median: $6.84

- Per-share value, ending three-year median: $10.56

- Buybacks concentrated in cheaper years (correlation): 0.21

- Average buyback yield: 6.7%

- Buyback history: 10 years

- Debt-funded buybacks: No

- Acquisition spending: $696M

- Cumulative net income, 10 years: $3.6B

- ROIC, first three-year median: 15.7%

- ROIC, last three-year median: 10.5%

Chart: Earnings per share; fiscal year observations.

- FY2017: $6.79

- FY2018: $6.84

- FY2019: $9.66

- FY2020: $5.59

- FY2021: -$15.80

- FY2022: $13.24

- FY2023: $3.03

- FY2024: $10.76

- FY2025: $10.56

- FY2026: $0.52

### accounting: pass

- Sloan accruals: -5.6%

- Receivables to sales index (DSRI): 1.12×

- Restructuring years, last five: 0

- Stock compensation / operating cash flow: 6.5%

- Earnings backed by cash: Yes

- Operating cash / earnings: 26.89×

- Accounting red flags: 0

- Goodwill and intangibles / equity: 1.07×

Chart: Sloan accruals; fiscal year observations.

- FY2017: -3.7%

- FY2018: -1.4%

- FY2019: -0.9%

- FY2020: -4.4%

- FY2021: -13.8%

- FY2022: -1.0%

- FY2023: 1.4%

- FY2024: -2.7%

- FY2025: -1.3%

- FY2026: -5.6%

## Holders

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

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

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

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

## Price story

Down 39% since Mar 2024 · "PVH (PVH) Is Down 16.6% After Cutting 2026 Revenue Outlook But Holding Earnings Guidance" (finance.yahoo.com, Jun 2026) · sales +3.4%

Story as of 2026-10-16T09:59:27.530Z; price observation 2026-10-15.

Price needs cash profits to shrink 11.9% a year for ten years

- 2025-06-05: PVH’s Weaker Profit Outlook Takes 18% Bite Out of Its Stock ([finance.yahoo.com](https://finance.yahoo.com/news/pvh-weaker-profit-outlook-takes-202951028.html))

- 2025-08-27: PVH Corp Q2 Earnings Beat, Stock Gains on Raised FY25 Revenue View ([finance.yahoo.com](https://finance.yahoo.com/news/pvh-corp-q2-earnings-beat-131100794.html))

- 2025-12-04: PVH narrows full-year EPS guidance to $10.85-$11 while advancing brand innovation ([seekingalpha.com](https://seekingalpha.com/news/4528635-pvh-narrows-full-year-eps-guidance-to-10_85-11-while-advancing-brand-innovation?utm_source=feed_news_all&utm_medium=referral&feed_item_type=news))

- 2026-02-24: PVH (PVH) Valuation Check After Tariff Ruling Strong Quarter Guidance Raise And OpenAI Partnership ([finance.yahoo.com](https://finance.yahoo.com/news/pvh-pvh-valuation-check-tariff-191030162.html))

- 2026-04-01: PVH Corp.'s Q4 Earnings Beat Estimates, DTC Revenues Rise 1% Y/Y ([finance.yahoo.com](https://finance.yahoo.com/markets/stocks/articles/pvh-corp-q4-earnings-beat-142500370.html))

- 2026-06-04: PVH Stock Plummets 20.2% as Iran War Hits Sales Outlook ([finance.yahoo.com](https://finance.yahoo.com/markets/stocks/articles/pvh-stock-plummets-22-iran-172016400.html))

### Sales · FY2025–2026

sales +3.4%; source https://www.sec.gov/Archives/edgar/data/78239/000007823926000021/pvh-20260201.htm; observed 2026-03-31.

- FY2017: $8.2B 

- FY2018: $8.9B 

- FY2019: $9.7B 

- FY2020: $9.9B 

- FY2021: $7.1B 

- FY2022: $9.2B 

- FY2023: $9.0B 

- FY2024: $9.2B 

- FY2025: $8.7B 

- FY2026: $9.0B 

### Gross margin · FY2026

gross margin 57.5%; source https://www.sec.gov/Archives/edgar/data/78239/000007823926000021/pvh-20260201.htm; observed 2026-03-31.

- FY2017: 53.1% 

- FY2018: 55.1% 

- FY2019: 55.0% 

- FY2020: 54.1% 

- FY2021: 52.7% 

- FY2022: 58.1% 

- FY2023: 56.4% 

- FY2024: 58.0% 

- FY2025: 59.1% 

- FY2026: 57.5% 

## Owner memo

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

### How it makes money

Operates in apparel manufacturing; annual sales are USD 9 billion.

- Source: https://www.sec.gov/Archives/edgar/data/78239/000007823926000021/pvh-20260201.htm (filed 2026-03-31); FY2026: revenue 8950200000; grossProfit 5148600000; margin = grossProfit / revenue.

### Why customers stay

Margins ranged from 57.5% to 59.1% during 2024–26; it earns 11.9% on its capital.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-31); FY2024: grossProfit / revenue = 58%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-31); FY2025: grossProfit / revenue = 59.1%.

- Source: https://www.sec.gov/Archives/edgar/data/78239/000007823926000021/pvh-20260201.htm (filed 2026-03-31); FY2026: grossProfit / revenue = 57.5%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-31); 10-year return on capital observations [[2017,0.15657339393145703],[2018,0.15555451873279522],[2019,0.18524388761690147],[2020,0.08280660379724863],[2021,-0.007036622161195325],[2022,0.1833110606864317],[2023,0.09864290771772481],[2024,0.13295779167770047],[2025,0.10526899769556126],[2026,0.06701294010490279]]; median 0.11911339468663087. 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 577.7 million of shares.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-31); FY2017: growth capex 0; upkeep 246600000; owner earnings 624200000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-31); FY2018: growth capex 33200000; upkeep 324900000; owner earnings 537800000. Growth capex / owner earnings = 0.06173298624023801.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-31); FY2019: growth capex 44700000; upkeep 334800000; owner earnings 746400000. Growth capex / owner earnings = 0.05988745980707395.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-31); FY2020: growth capex 21400000; upkeep 323800000; owner earnings 417300000. Growth capex / owner earnings = 0.05128205128205128.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-31); FY2022: growth capex 0; upkeep 267900000; owner earnings 997700000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-31); FY2023: growth capex 0; upkeep 290100000; owner earnings 211800000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-31); FY2024: growth capex 0; upkeep 244700000; owner earnings 717500000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-31); FY2025: growth capex 0; upkeep 158700000; owner earnings 722000000. Growth capex / owner earnings = 0.

- Source: https://www.sec.gov/Archives/edgar/data/78239/000007823926000021/pvh-20260201.htm (filed 2026-03-31); FY2026: growth capex 0; upkeep 142000000; owner earnings 155600000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-31); Dividend observations: [[2017,12200000],[2018,11900000],[2019,11600000],[2020,11300000],[2021,2700000],[2022,2700000],[2023,10100000],[2024,9400000],[2025,8600000],[2026,7500000]]. Zero only counted when supported by a complete cash-flow statement.

- Source: https://www.sec.gov/Archives/edgar/data/78239/000007823926000021/pvh-20260201.htm (filed 2026-03-31); FY2026: cash repurchases 577700000 USD.

### Are managers owners

Insiders own 1.1% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); PVH.US SharesStats.PercentInsiders = 1.1199999999999999 percentage points; cache date 2026-10-16.

### What the price says

The price assumes cash profits shrink 11.9% yearly over ten years; actual decline was 7.3%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-31); Ten-year compound average after fade. Initial solved rate -0.17884159639713998. Price 85.39; FX 1; discount 0.1; same standard ten-year fade to terminal 0.03. FY2016 owner earnings/share 6.81107099879663 → FY2026 3.2082474226804125. Closing-price date 2026-10-15.

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

- 2016-10: $106.98 per share

- 2016-11: $105.94 per share

- 2016-12: $90.24 per share

- 2017-01: $93.81 per share

- 2017-02: $91.60 per share

- 2017-03: $103.47 per share

- 2017-04: $101.03 per share

- 2017-05: $105.95 per share

- 2017-06: $114.50 per share

- 2017-07: $119.29 per share

- 2017-08: $125.89 per share

- 2017-09: $126.06 per share

- 2017-10: $126.81 per share

- 2017-11: $134.55 per share

- 2017-12: $137.21 per share

- 2018-01: $155.08 per share

- 2018-02: $144.28 per share

- 2018-03: $151.43 per share

- 2018-04: $159.67 per share

- 2018-05: $160.00 per share

- 2018-06: $149.72 per share

- 2018-07: $153.52 per share

- 2018-08: $143.16 per share

- 2018-09: $144.40 per share

- 2018-10: $120.79 per share

- 2018-11: $110.51 per share

- 2018-12: $92.95 per share

- 2019-01: $109.11 per share

- 2019-02: $114.84 per share

- 2019-03: $121.95 per share

- 2019-04: $128.99 per share

- 2019-05: $85.19 per share

- 2019-06: $94.64 per share

- 2019-07: $88.92 per share

- 2019-08: $75.80 per share

- 2019-09: $88.23 per share

- 2019-10: $87.16 per share

- 2019-11: $96.96 per share

- 2019-12: $105.15 per share

- 2020-01: $87.17 per share

- 2020-02: $74.11 per share

- 2020-03: $37.64 per share

- 2020-04: $49.23 per share

- 2020-05: $45.47 per share

- 2020-06: $48.05 per share

- 2020-07: $48.66 per share

- 2020-08: $55.76 per share

- 2020-09: $59.64 per share

- 2020-10: $58.29 per share

- 2020-11: $79.49 per share

- 2020-12: $93.89 per share

- 2021-01: $85.26 per share

- 2021-02: $99.96 per share

- 2021-03: $105.70 per share

- 2021-04: $113.18 per share

- 2021-05: $114.82 per share

- 2021-06: $107.59 per share

- 2021-07: $104.62 per share

- 2021-08: $104.79 per share

- 2021-09: $102.79 per share

- 2021-10: $109.33 per share

- 2021-11: $106.78 per share

- 2021-12: $106.65 per share

- 2022-01: $95.01 per share

- 2022-02: $97.89 per share

- 2022-03: $76.61 per share

- 2022-04: $72.78 per share

- 2022-05: $70.87 per share

- 2022-06: $56.90 per share

- 2022-07: $61.92 per share

- 2022-08: $56.25 per share

- 2022-09: $44.80 per share

- 2022-10: $51.32 per share

- 2022-11: $67.18 per share

- 2022-12: $70.59 per share

- 2023-01: $89.90 per share

- 2023-02: $80.24 per share

- 2023-03: $89.16 per share

- 2023-04: $85.81 per share

- 2023-05: $86.02 per share

- 2023-06: $84.97 per share

- 2023-07: $89.64 per share

- 2023-08: $83.60 per share

- 2023-09: $76.51 per share

- 2023-10: $74.35 per share

- 2023-11: $97.78 per share

- 2023-12: $122.12 per share

- 2024-01: $120.26 per share

- 2024-02: $136.67 per share

- 2024-03: $140.61 per share

- 2024-04: $108.80 per share

- 2024-05: $120.01 per share

- 2024-06: $105.87 per share

- 2024-07: $101.99 per share

- 2024-08: $98.69 per share

- 2024-09: $100.83 per share

- 2024-10: $98.46 per share

- 2024-11: $108.37 per share

- 2024-12: $105.75 per share

- 2025-01: $89.60 per share

- 2025-02: $74.84 per share

- 2025-03: $64.64 per share

- 2025-04: $68.98 per share

- 2025-05: $83.77 per share

- 2025-06: $68.60 per share

- 2025-07: $73.42 per share

- 2025-08: $84.32 per share

- 2025-09: $83.77 per share

- 2025-10: $78.33 per share

- 2025-11: $84.76 per share

- 2025-12: $67.02 per share

- 2026-01: $62.36 per share

- 2026-02: $68.60 per share

- 2026-03: $69.76 per share

- 2026-04: $91.44 per share

- 2026-05: $93.28 per share

- 2026-06: $74.26 per share

- 2026-07: $86.66 per share

- 2026-08: $74.16 per share

- 2026-09: $74.05 per share

- 2026-10: $85.39 per share

## Annual estimated value (USD per share)

- FY2017: low $82.89 per share, central $102.51 per share, high $118.51 per share

- FY2018: low $85.25 per share, central $104.84 per share, high $121.64 per share

- FY2019: low $108.93 per share, central $135.60 per share, high $157.72 per share

- FY2020: low $120.15 per share, central $154.60 per share, high $180.08 per share

- FY2021: low $86.28 per share, central $95.28 per share, high $107.27 per share

- FY2022: low $98.69 per share, central $110.27 per share, high $125.68 per share

- FY2023: low $68.34 per share, central $76.99 per share, high $88.51 per share

- FY2024: low $77.25 per share, central $86.73 per share, high $99.35 per share

- FY2025: low $139.98 per share, central $157.88 per share, high $181.71 per share

- FY2026: low $167.78 per share, central $189.43 per share, high $218.25 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/78239/000007823926000021/pvh-20260201.htm); period 2026-02-01, filed 2026-03-31.

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.