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PVH

PVH NYSE Apparel, Accessories & Luxury Goods Financials FY2016–FY2025

PVH's revenue rose 3.4% to $9.0 billion in fiscal 2025. Its operating margin was 2.6%, down from 8.9% a year earlier. Free cash flow was $538 million, down 7.5%. It paid out $585 million in dividends and buybacks, 109% of free cash flow. The diluted share count fell 14.5%.

Last close · Oct 23, 2026

$84.98

0.9%
Value it Compare
Revenue Total sales reported in the income statement.
$9.0B
3.4% vs prior year
Operating margin Operating income as a share of revenue.
2.6%
6.4 pts
Net income Profit after all expenses, interest and tax.
$25.3M
95.8%
Free cash flow Cash from operations minus capital spending.
$538M
7.5%
Return on capital After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
1.8%
8.2 pts
Market cap Last close times the latest diluted share count, so it is approximate.
$3.9B
Oct 23 close
P/E Last close divided by diluted earnings per share over the last four quarters.
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What PVH does

No business description yet.

Legal name
PVH CORP.
Fiscal year ends
February 1, 2026
Latest annual report
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Accession · CIK
0000078239-26-000021
0000078239

Revenue and margins

PVH had $9.0B of revenue in fiscal 2025, up 3.4% on the year before.

Revenue
Revenue
Margins, % of revenue
Gross Operating Net FCF
Margins, % of revenue
Gross Operating Net FCF

Net income and earnings per share

From fiscal 2016 to 2025, diluted EPS grew −24.8% a year. Loss periods are shown in red.

Net income
Net income
Diluted EPS
Diluted EPS

Returns on capital

After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.

Return on capital, equity and assets (annual)
Return on capital Return on equity Return on assets

Cash flow

Free cash flow was $538M in fiscal 2025, 6.0% of revenue. Cash from operations minus capital spending.

Free cash flow
Free cash flow
Cash from operations vs capital spending
Cash from operations Capital spending
Cash from operations vs capital spending
Cash from operations Capital spending

Dividends, buybacks and share count

PVH returned $585M to shareholders in fiscal 2025, 109% of free cash flow. The diluted share count fell 14.5%.

Dividends and buybacks
Dividends Buybacks
Dividends and buybacks
Dividends Buybacks
Diluted shares outstanding (annual)

Value PVH yourself

Change the assumptions and see what they imply per share. These are models, not forecasts or price targets — the answer depends entirely on what you put in.

Discounted cash flow

Value per share

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Adds net cash of −$1.6B and divides by 48.5M diluted shares. Ten years of cash flows plus a terminal value, discounted to today.

Balance sheet

Cash, debt and the ratios that show how comfortably PVH can carry it.

Cash vs debt (incl. leases)
Cash Debt
Fiscal year endFY21FY22FY23FY24FY25
Cash and short-term investments $1.2B$551M$708M$748M$702M
Debt incl. finance leases $2.4B$2.3B$2.2B$2.1B$2.3B
Net debt / EBITDA 0.8x2.3x1.2x1.3x3.2x
Debt / equity 0.5x0.5x0.4x0.4x0.5x
Interest coverage 9.9x5.3x9.4x8.6x2.5x
Current ratio 1.3x1.3x1.2x1.3x1.5x
Quick ratio 0.8x0.6x0.7x0.7x0.9x
Total assets $12.4B$11.8B$11.2B$11.0B$11.7B
Total liabilities $7.1B$6.8B$6.1B$5.9B$6.9B
Shareholders' equity $5.3B$5.0B$5.1B$5.1B$4.8B
Net debt (− = net cash) $1.1B$1.8B$1.5B$1.3B$1.6B

Insider trades

Open-market purchases and sales by officers, directors and 10% owners, from Form 4 filings. 'Plan' marks trades under a pre-arranged Rule 10b5-1 plan.

Bought, 12 months

$1.0M

1 insider

Sold, 12 months

$0.6M

1 insider

Of sales under plans

0%

$0.0M

DateInsiderTradeSharesPriceValueFiling
Sep 11, 2026 Stefan LarssonChief Executive Officer, Director Bought 14,179 $70.53 $1.0M Form 4
Apr 17, 2026 Mark D FischerEVP, General Counsel & Sec. Sold 4,739 $93.80 $0.4M Form 4
Apr 16, 2026 Mark D FischerEVP, General Counsel & Sec. Sold 2,200 $90.00 $0.2M Form 4

Piotroski F-score

Nine pass/fail tests of profitability, funding and efficiency. 8–9 is strong, 0–2 weak.

TestFY23FY24FY25
Net income is positive ✓ ✓ ✓
Cash from operations is positive ✓ ✓ ✓
Return on assets rose ✓ ✕ ✕
Cash from operations exceeds net income ✓ ✓ ✓
Debt fell relative to assets ✓ ✓ ✕
Current ratio rose ✕ ✓ ✓
Share count didn't rise ✓ ✓ ✓
Gross margin rose ✓ ✓ ✕
Revenue rose relative to assets ✓ ✕ ✓
F-score 8 / 97 / 96 / 9
Accruals ratio −2.7%−1.3%−5.8%
Altman Z'' 3.313.603.23

Similar companies

Each company's latest fiscal year. Fiscal years end in different months, so periods don't line up exactly.

CompanyMarket capGrowthOp. marginFCF marginROICP/EF-score
PVH PVH $3.9B 3.4% 2.6% 6.0% 1.8% — 6
VF VFC $6.8B 1.1% 6.0% 5.8% 9.0% 27.0x 7 Compare →
Ralph Lauren RL $23.1B 14.6% 14.5% 9.2% 45.4% 23.8x 8 Compare →
Tapestry TPR $23.2B 14.2% 23.9% 22.6% 77.9% 15.2x 7 Compare →
Lululemon Athletica LULU $11.2B 4.9% 19.9% 8.3% 56.8% 8.1x 5 Compare →

10 years of figures

US$ millions unless stated. Hover a ratio's name for its definition.

Download CSV
Fiscal yearFY16FY17FY18FY19FY20FY21FY22FY23FY24FY25
Income statement
Revenue $8.2B $8.9B $9.7B $9.9B $7.1B $9.2B $9.0B $9.2B $8.7B $9.0B
Gross profit $4.4B $4.9B $5.3B $5.4B $3.8B $5.3B $5.1B $5.4B $5.1B $5.1B
Operating income $789M $632M $892M $559M −$1.1B $1.1B $471M $929M $772M $231M
Interest expense $121M $129M $121M $120M $126M $109M $89.6M $99.3M $89.8M $94.2M
Pretax income $674M $510M $776M $444M −$1.2B $973M $388M $841M $706M $151M
Income tax $126M −$25.9M $31.0M $28.9M −$55.5M $20.7M $188M $177M $107M $126M
Net income $549M $538M $746M $417M −$1.1B $952M $200M $664M $599M $25.3M
Diluted EPS $6.79 $6.84 $9.65 $5.60 −$15.96 $13.25 $3.03 $10.76 $10.56 $0.52
Diluted shares 0.08B 0.08B 0.08B 0.07B 0.07B 0.07B 0.07B 0.06B 0.06B 0.05B
Cash flow
Cash from operations $903M $644M $853M $1.0B $698M $1.1B $39.2M $969M $741M $680M
Capital expenditure $247M $358M $380M $345M $227M $268M $290M $245M $159M $142M
Free cash flow $656M $286M $473M $675M $471M $803M −$251M $725M $582M $538M
Depreciation and amortization $322M $325M $335M $324M $326M $313M $302M $299M $282M $272M
Stock-based compensation $38.2M $44.9M $56.2M $56.1M $50.5M $46.8M $46.6M $51.9M $54.0M $44.1M
Acquisitions $158M $40.1M $15.9M $192M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M
Share buybacks $322M $259M $325M $345M $117M $361M $419M $570M $525M $578M
Dividends paid $12.2M $11.9M $11.6M $11.3M $2.7M $2.7M $10.1M $9.4M $8.6M $7.5M
Dividends and buybacks $334M $271M $337M $356M $120M $364M $429M $580M $533M $585M
Balance sheet
Cash and short-term investments $730M $494M $452M $503M $1.7B $1.2B $551M $708M $748M $702M
Total debt $3.2B $3.1B $2.8B $2.8B $3.6B $2.4B $2.3B $2.2B $2.1B $2.3B
Finance lease liabilities $0.0M $0.0M $0.0M $14.5M $13.2M $9.2M $11.8M $9.7M $5.9M $2.7M
Current assets $2.9B $3.0B $3.2B $3.4B $3.9B $3.7B $3.6B $3.3B $3.5B $3.6B
Current liabilities $1.6B $1.9B $1.9B $2.4B $2.6B $2.8B $2.8B $2.8B $2.7B $2.4B
Inventory $1.3B $1.6B $1.7B $1.6B $1.4B $1.3B $1.8B $1.4B $1.5B $1.6B
Property and equipment, net $760M $900M $985M $1.0B $943M $906M $904M $863M $741M $673M
Total assets $11.1B $11.9B $11.9B $13.6B $13.3B $12.4B $11.8B $11.2B $11.0B $11.7B
Total liabilities $6.3B $6.3B $6.0B $7.8B $8.6B $7.1B $6.8B $6.1B $5.9B $6.9B
Shareholders' equity $4.8B $5.5B $5.8B $5.8B $4.7B $5.3B $5.0B $5.1B $5.1B $4.8B
Margins
Gross margin 53.3% 54.9% 55.0% 54.4% 53.0% 58.2% 56.8% 58.2% 59.4% 57.5%
Operating margin 9.6% 7.1% 9.2% 5.6% −15.0% 11.8% 5.2% 10.1% 8.9% 2.6%
EBITDA margin 13.5% 10.7% 12.7% 8.9% −10.5% 15.2% 8.6% 13.3% 12.2% 5.6%
Net margin 6.7% 6.0% 7.7% 4.2% −15.9% 10.4% 2.2% 7.2% 6.9% 0.3%
FCF margin 8.0% 3.2% 4.9% 6.8% 6.6% 8.8% −2.8% 7.9% 6.7% 6.0%
Returns
Return on capital 8.9% 8.2% 10.5% 6.4% −11.5% 16.1% 3.7% 10.9% 10.0% 1.8%
Return on capital employed 8.5% 6.5% 8.9% 5.3% −9.8% 10.6% 5.1% 10.7% 9.3% 2.6%
Return on equity 11.7% 10.4% 13.1% 7.2% −21.6% 19.0% 3.9% 13.1% 11.7% 0.5%
Return on assets 5.1% 4.7% 6.3% 3.3% −8.4% 7.4% 1.7% 5.8% 5.4% 0.2%
Growth
Revenue growth 2.3% 8.7% 8.3% 2.6% −28.0% 28.4% −1.4% 2.1% −6.1% 3.4%
Net income growth −4.1% −2.0% 38.8% −44.1% −372.3% — −79.0% 231.1% −9.8% −95.8%
EPS growth −1.5% 0.7% 41.1% −42.0% −385.0% — −77.1% 255.1% −1.9% −95.1%
FCF growth 2.3% −56.4% 65.3% 42.7% −30.2% 70.5% −131.2% — −19.7% −7.5%
Share count change −2.7% −2.8% −1.7% −3.5% −4.6% 1.0% −7.9% −6.8% −8.1% −14.5%
Financial health
Net debt / EBITDA 2.2x 2.7x 1.9x 2.6x — 0.8x 2.3x 1.2x 1.3x 3.2x
Debt / equity 0.7x 0.6x 0.5x 0.5x 0.8x 0.5x 0.5x 0.4x 0.4x 0.5x
Interest coverage 6.5x 4.9x 7.4x 4.7x −8.5x 9.9x 5.3x 9.4x 8.6x 2.5x
Current ratio 1.8x 1.6x 1.7x 1.4x 1.5x 1.3x 1.3x 1.2x 1.3x 1.5x
Quick ratio 1.0x 0.8x 0.8x 0.8x 1.0x 0.8x 0.6x 0.7x 0.7x 0.9x
Capital allocation
Capex / revenue 3.0% 4.0% 3.9% 3.5% 3.2% 2.9% 3.2% 2.7% 1.8% 1.6%
Stock comp / revenue 0.5% 0.5% 0.6% 0.6% 0.7% 0.5% 0.5% 0.6% 0.6% 0.5%
Payouts / FCF 51.0% 94.7% 71.2% 52.8% 25.5% 45.3% — 80.0% 91.6% 108.7%
Quality scores
Piotroski F-score 8.0 7.0 9.0 6.0 4.0 7.0 4.0 8.0 7.0 6.0
Altman Z'' 3.0 2.9 3.5 2.7 1.6 3.0 2.8 3.3 3.6 3.2
Accruals ratio −3.3% −0.9% −0.9% −4.7% −13.6% −0.9% 1.3% −2.7% −1.3% −5.8%

Source: SEC EDGAR XBRL filings (CIK 0000078239). Data updated October 9, 2026. Quarterly fourth quarters are the full year minus the first nine months. For information only — not investment advice. Check the original filings before relying on any figure.

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