Ralph Lauren
RL NYSE Apparel, Accessories & Luxury Goods Financials FY2017–FY2026
Ralph Lauren's revenue rose 14.6% to $8.1 billion in fiscal 2026. Its operating margin was 14.5%, up from 13.2% a year earlier. Free cash flow was $746 million, down 26.8%. It paid out $840 million in dividends and buybacks, 113% of free cash flow. The diluted share count fell 2.7%.
About these figures. Capital spending for fiscal 2026 is Ralph Lauren's purchases of property and equipment, which its latest filing labels differently from earlier years.
What Ralph Lauren does
Ralph Lauren designs, markets and distributes lifestyle products under the Ralph Lauren name. They fall into five categories: apparel, handbags, footwear and accessories, fragrances, and home. It also has a hospitality business. The company was founded in 1967 by Ralph Lauren.
It sells in three ways. Directly to consumers, through 594 retail stores, 644 concession-based shop-within-shops (small sections inside other retailers' stores), and its own and partners' websites. Wholesale, mainly to department stores, specialty stores and online partners, at about 9,500 doors worldwide. And by licensing: it lets other companies use its trademarks to make and sell items such as eyewear, fragrances and home furnishings, and licensing partners run 135 stores. Its three reportable segments are North America, Europe and Asia, and it also has other segments that are not reported separately.
The Lauren family has controlled the company since its founding. As of March 28, 2026, Mr. Lauren or entities controlled by the family held about 85% of the voting power of its common stock. In September 2025 it presented a three-year growth plan for fiscal 2026 to fiscal 2028.
- Legal name
- Ralph Lauren Corporation
- Fiscal year ends
- March 28, 2026
- Latest annual report
- 10-K · May 21, 2026
- Accession · CIK
- 0001628280-26-037074
0001037038
Revenue and margins
Ralph Lauren had $8.1B of revenue in fiscal 2026, up 14.6% on the year before.
Net income and earnings per share
Loss periods are shown in red.
Returns on capital
After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
Cash flow
Free cash flow was $746M in fiscal 2026, 9.2% of revenue. Cash from operations minus capital spending.
Dividends, buybacks and share count
Ralph Lauren returned $840M to shareholders in fiscal 2026, 113% of free cash flow. The diluted share count fell 2.7%.
Value Ralph Lauren 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
—
Adds net cash of $593M and divides by 62.3M diluted shares. Ten years of cash flows plus a terminal value, discounted to today.
Earnings multiple
Value per share
—
Reference multiples: today 23.8x · peers 21.1x · sector 17.7x.
Balance sheet
Cash, debt and the ratios that show how comfortably Ralph Lauren can carry it.
| Fiscal year end | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Cash and short-term investments | $2.6B | $1.6B | $1.8B | $2.1B | $2.1B |
| Debt incl. finance leases | $2.0B | $1.5B | $1.4B | $1.4B | $1.5B |
| Net debt / EBITDA | −0.6x | −0.1x | −0.4x | −0.6x | −0.4x |
| Debt / equity | 0.8x | 0.6x | 0.6x | 0.5x | 0.5x |
| Interest coverage | 14.8x | 17.4x | 17.9x | 21.1x | 21.8x |
| Current ratio | 1.9x | 2.2x | 2.3x | 1.8x | 2.1x |
| Quick ratio | 1.4x | 1.5x | 1.7x | 1.3x | 1.6x |
| Total assets | $7.7B | $6.8B | $6.6B | $7.0B | $7.7B |
| Total liabilities | $5.2B | $4.4B | $4.2B | $4.5B | $4.9B |
| Shareholders' equity | $2.5B | $2.4B | $2.5B | $2.6B | $2.8B |
| Net debt (− = net cash) | −$601M | −$91.6M | −$367M | −$685M | −$593M |
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
$0.0M
0 insiders
Sold, 12 months
$124M
4 insiders
Of sales under plans
13%
$16.6M
| Date | Insider | Trade | Shares | Price | Value | Filing |
|---|---|---|---|---|---|---|
| Aug 18, 2026 | Robert P. RanftlChief Operating Officer | Sold | 2,901 | $377.81 | $1.1M | Form 4 |
| Aug 10, 2026 | Halide AlagozChief Product & Merch. Officer | Sold | 6,559 | $402.77 | $2.6M | Form 4 |
| Jun 3, 2026 | Robert P. RanftlChief Operating Officer | Sold | 6,500 | $359.56 | $2.3M | Form 4 |
| May 26, 2026 | Ralph LaurenExec. Chair, Chief Creative, Director, 10% owner | Sold | 263,654 | $378.25 | $99.7M | Form 4 |
| Mar 4, 2026 | Halide AlagozChief Product & Merch. Officer | Sold | 1,120 | $362.00 | $0.4M | Form 4 |
| Feb 10, 2026 | Patrice LouvetPresident and CEO, Director | Sold plan | 47,000 | $354.22 | $16.6M | Form 4 |
| Dec 2, 2025 | Halide AlagozChief Product Officer | Sold | 1,882 | $366.00 | $0.7M | Form 4 |
Piotroski F-score
Nine pass/fail tests of profitability, funding and efficiency. 8–9 is strong, 0–2 weak.
| Test | FY24 | FY25 | FY26 |
|---|---|---|---|
| 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 / 9 | 8 / 9 | 8 / 9 |
| Accruals ratio | −6.3% | −7.2% | −2.9% |
| Altman Z'' | 6.75 | 6.55 | 6.88 |
Similar companies
Each company's latest fiscal year. Fiscal years end in different months, so periods don't line up exactly.
| Company | Market cap | Growth | Op. margin | FCF margin | ROIC | P/E | F-score | |
|---|---|---|---|---|---|---|---|---|
| Ralph Lauren RL | $23.1B | 14.6% | 14.5% | 9.2% | 45.4% | 23.8x | 8 | |
| Tapestry TPR | $23.2B | 14.2% | 23.9% | 22.6% | 77.9% | 15.2x | 7 | Compare → |
| PVH PVH | $3.9B | 3.4% | 2.6% | 6.0% | 1.8% | — | 6 | Compare → |
| VF VFC | $6.8B | 1.1% | 6.0% | 5.8% | 9.0% | 27.0x | 7 | Compare → |
| Amer Sports AS | $15.9B | 26.7% | 10.7% | 7.8% | 8.5% | — | 7 | Compare → |
10 years of figures
US$ millions unless stated. Hover a ratio's name for its definition.
| Fiscal year | FY17 | FY18 | FY19 | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|---|---|---|---|---|
| Income statement | ||||||||||
| Revenue | $6.7B | $6.2B | $6.3B | $6.2B | $4.4B | $6.2B | $6.4B | $6.6B | $7.1B | $8.1B |
| Gross profit | $3.7B | $3.8B | $3.9B | $3.7B | $2.9B | $4.1B | $4.2B | $4.4B | $4.9B | $5.7B |
| Operating income | −$92.3M | $498M | $562M | $317M | −$43.6M | $798M | $704M | $756M | $932M | $1.2B |
| Interest expense | $12.4M | $18.2M | $20.7M | $17.6M | $48.5M | $54.0M | $40.4M | $42.2M | $44.1M | $54.2M |
| Pretax income | −$105M | $489M | $583M | $326M | −$74.8M | $755M | $692M | $777M | $951M | $1.2B |
| Income tax | −$5.6M | $326M | $152M | −$57.9M | $46.3M | $155M | $169M | $131M | $208M | $237M |
| Net income | −$99.3M | $163M | $431M | $384M | −$121M | $600M | $523M | $646M | $743M | $941M |
| Diluted EPS | −$1.20 | $1.97 | $5.27 | $4.98 | −$1.65 | $8.07 | $7.58 | $9.71 | $11.61 | $15.11 |
| Diluted shares | 0.08B | 0.08B | 0.08B | 0.08B | 0.07B | 0.07B | 0.07B | 0.07B | 0.06B | 0.06B |
| Cash flow | ||||||||||
| Cash from operations | $953M | $975M | $784M | $755M | $381M | $716M | $411M | $1.1B | $1.2B | $1.2B |
| Capital expenditure | $284M | $162M | $198M | $270M | $108M | $167M | $218M | $165M | $216M | $408M |
| Free cash flow | $669M | $814M | $586M | $484M | $273M | $549M | $194M | $905M | $1.0B | $746M |
| Depreciation and amortization | $308M | $295M | $281M | $270M | $248M | $230M | $221M | $229M | $220M | $233M |
| Stock-based compensation | $63.6M | $74.5M | $88.6M | $101M | $72.7M | $81.7M | $75.5M | $99.5M | $108M | $111M |
| Acquisitions | $6.1M | $4.6M | $4.5M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M |
| Share buybacks | $215M | $17.1M | $503M | $695M | $37.7M | $493M | $489M | $450M | $481M | $624M |
| Dividends paid | $165M | $162M | $191M | $204M | $49.8M | $150M | $198M | $195M | $201M | $217M |
| Dividends and buybacks | $380M | $180M | $693M | $899M | $87.5M | $643M | $687M | $644M | $682M | $840M |
| Balance sheet | ||||||||||
| Cash and short-term investments | $1.4B | $2.0B | $2.0B | $2.1B | $2.8B | $2.6B | $1.6B | $1.8B | $2.1B | $2.1B |
| Total debt | $588M | $596M | $689M | $1.2B | $1.6B | $1.6B | $1.1B | $1.1B | $1.1B | $1.2B |
| Finance lease liabilities | $0.0M | $0.0M | $235M | $199M | $390M | $361M | $336M | $275M | $255M | $233M |
| Current assets | $3.0B | $3.5B | $3.6B | $3.4B | $4.2B | $4.2B | $3.3B | $3.4B | $3.8B | $3.9B |
| Current liabilities | $1.2B | $1.6B | $1.2B | $2.1B | $1.6B | $2.3B | $1.5B | $1.5B | $2.1B | $1.8B |
| Inventory | $792M | $761M | $818M | $736M | $759M | $977M | $1.1B | $902M | $950M | $1.0B |
| Property and equipment, net | $1.3B | $1.2B | $1.0B | $980M | $1.0B | $970M | $956M | $850M | $846M | $1.1B |
| Total assets | $5.7B | $6.1B | $5.9B | $7.3B | $7.9B | $7.7B | $6.8B | $6.6B | $7.0B | $7.7B |
| Total liabilities | $2.4B | $2.7B | $2.7B | $4.6B | $5.3B | $5.2B | $4.4B | $4.2B | $4.5B | $4.9B |
| Shareholders' equity | $3.3B | $3.5B | $3.3B | $2.7B | $2.6B | $2.5B | $2.4B | $2.5B | $2.6B | $2.8B |
| Margins | ||||||||||
| Gross margin | 54.9% | 60.7% | 61.6% | 59.3% | 65.0% | 66.7% | 64.7% | 66.8% | 68.6% | 69.9% |
| Operating margin | −1.4% | 8.1% | 8.9% | 5.2% | −1.0% | 12.8% | 10.9% | 11.4% | 13.2% | 14.5% |
| EBITDA margin | 3.2% | 12.8% | 13.4% | 9.5% | 4.6% | 16.5% | 14.4% | 14.9% | 16.3% | 17.4% |
| Net margin | −1.5% | 2.6% | 6.8% | 6.2% | −2.8% | 9.7% | 8.1% | 9.8% | 10.5% | 11.6% |
| FCF margin | 10.1% | 13.2% | 9.3% | 7.9% | 6.2% | 8.8% | 3.0% | 13.7% | 14.4% | 9.2% |
| Returns | ||||||||||
| Return on capital | −2.5% | 10.9% | 19.5% | 15.2% | −1.8% | 33.5% | 24.9% | 28.4% | 36.5% | 45.4% |
| Return on capital employed | −1.9% | 11.0% | 12.1% | 6.4% | −0.8% | 13.6% | 13.1% | 14.5% | 18.6% | 21.8% |
| Return on equity | −2.8% | 4.8% | 12.8% | 12.9% | −4.6% | 23.4% | 21.1% | 26.5% | 29.5% | 34.7% |
| Return on assets | −1.7% | 2.8% | 7.1% | 5.8% | −1.6% | 7.7% | 7.2% | 9.7% | 10.9% | 12.7% |
| Growth | ||||||||||
| Revenue growth | −10.2% | −7.1% | 2.1% | −2.4% | −28.6% | 41.3% | 3.6% | 2.9% | 6.8% | 14.6% |
| Net income growth | −125.1% | — | 164.7% | −10.8% | −131.5% | — | −12.9% | 23.7% | 15.0% | 26.7% |
| EPS growth | −126.0% | — | 167.5% | −5.5% | −133.1% | — | −6.1% | 28.1% | 19.6% | 30.2% |
| FCF growth | 11.6% | 21.7% | −28.0% | −17.4% | −43.6% | 101.0% | −64.8% | 367.7% | 12.6% | −26.8% |
| Share count change | −3.7% | −0.2% | −1.0% | −5.5% | −4.8% | 1.1% | −7.1% | −3.6% | −3.8% | −2.7% |
| Financial health | ||||||||||
| Net debt / EBITDA | −3.6x | −1.8x | −1.3x | −1.3x | −3.7x | −0.6x | −0.1x | −0.4x | −0.6x | −0.4x |
| Debt / equity | 0.2x | 0.2x | 0.3x | 0.5x | 0.8x | 0.8x | 0.6x | 0.6x | 0.5x | 0.5x |
| Interest coverage | −7.4x | 27.4x | 27.1x | 18.0x | −0.9x | 14.8x | 17.4x | 17.9x | 21.1x | 21.8x |
| Current ratio | 2.6x | 2.2x | 3.0x | 1.6x | 2.7x | 1.9x | 2.2x | 2.3x | 1.8x | 2.1x |
| Quick ratio | 1.9x | 1.8x | 2.3x | 1.3x | 2.2x | 1.4x | 1.5x | 1.7x | 1.3x | 1.6x |
| Capital allocation | ||||||||||
| Capex / revenue | 4.3% | 2.6% | 3.1% | 4.4% | 2.5% | 2.7% | 3.4% | 2.5% | 3.1% | 5.0% |
| Stock comp / revenue | 1.0% | 1.2% | 1.4% | 1.6% | 1.7% | 1.3% | 1.2% | 1.5% | 1.5% | 1.4% |
| Payouts / FCF | 56.8% | 22.1% | 118.3% | 185.6% | 32.0% | 117.1% | 355.0% | 71.2% | 66.9% | 112.6% |
| Quality scores | ||||||||||
| Piotroski F-score | 4.0 | 7.0 | 7.0 | 5.0 | 5.0 | 7.0 | 6.0 | 8.0 | 8.0 | 8.0 |
| Altman Z'' | 6.8 | 7.0 | 7.9 | 4.8 | 5.1 | 5.5 | 6.2 | 6.8 | 6.6 | 6.9 |
| Accruals ratio | −17.7% | −13.8% | −5.8% | −5.6% | −6.6% | −1.5% | 1.5% | −6.3% | −7.2% | −2.9% |
Source: SEC EDGAR XBRL filings (CIK 0001037038). 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.