PVH vs Tapestry
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The short version
- PVH is the larger business, with $9.0B of revenue in fiscal 2025 against $8.0B for Tapestry.
- Tapestry grew revenue faster (14.2%, against 3.4%).
- Tapestry kept more of each dollar of sales as operating profit (23.9% operating margin, against 2.6%).
- Tapestry turned more of its sales into free cash flow (22.6% FCF margin, against 6.0%).
- Tapestry earned a higher return on the capital invested in it (77.9%, against 1.8%).
| Latest fiscal year | PVH · FY25 | TPR · FY26 |
|---|---|---|
| Size | ||
| Market cap | $3.9B | $23.2B |
| Revenue | $9.0B | $8.0B |
| Free cash flow | $538M | $1.8B |
| Net income | $25.3M | $1.5B |
| Growth | ||
| Revenue growth | 3.4% | 14.2% |
| 5-year growth | 4.6% | 6.9% |
| Share count change | −14.5% | −5.5% |
| Profitability | ||
| Gross margin | 57.5% | 77.8% |
| Operating margin | 2.6% | 23.9% |
| Net margin | 0.3% | 19.1% |
| FCF margin | 6.0% | 22.6% |
| Return on capital | 1.8% | 77.9% |
| Return on equity | 0.5% | 197.1% |
| Balance sheet | ||
| Net debt | $1.6B | $1.2B |
| Net debt / EBITDA | 3.2x | 0.6x |
| Dividends and buybacks | $585M | $1.9B |
| Valuation & quality | ||
| P/E | — | — |
| Piotroski F-score | 6 | 7 |
Revenue
FY17
PVH $8.9B
TPR $4.5B
FY18
PVH $9.7B
TPR $5.9B
FY19
PVH $9.9B
TPR $6.0B
FY20
PVH $7.1B
TPR $5.0B
FY21
PVH $9.2B
TPR $5.7B
FY22
PVH $9.0B
TPR $6.7B
FY23
PVH $9.2B
TPR $6.7B
FY24
PVH $8.7B
TPR $6.7B
FY25
PVH $9.0B
TPR $7.0B
FY26
PVH —
TPR $8.0B
PVH
TPR
Operating margin
FY17
PVH 7.1%
TPR 17.5%
FY18
PVH 9.2%
TPR 11.4%
FY19
PVH 5.6%
TPR 13.6%
FY20
PVH −15.0%
TPR −11.1%
FY21
PVH 11.8%
TPR 16.9%
FY22
PVH 5.2%
TPR 17.6%
FY23
PVH 10.1%
TPR 17.6%
FY24
PVH 8.9%
TPR 17.1%
FY25
PVH 2.6%
TPR 5.9%
FY26
PVH —
TPR 23.9%
PVH
TPR
Free cash flow
FY17
PVH $286M
TPR $571M
FY18
PVH $473M
TPR $730M
FY19
PVH $675M
TPR $518M
FY20
PVH $471M
TPR $202M
FY21
PVH $803M
TPR $1.2B
FY22
PVH −$251M
TPR $759M
FY23
PVH $725M
TPR $791M
FY24
PVH $582M
TPR $1.1B
FY25
PVH $538M
TPR $1.1B
FY26
PVH —
TPR $1.8B
PVH
TPR
Return on capital
FY17
PVH 8.2%
TPR 32.9%
FY18
PVH 10.5%
TPR 17.6%
FY19
PVH 6.4%
TPR 18.4%
FY20
PVH −11.5%
TPR −13.8%
FY21
PVH 16.1%
TPR 34.1%
FY22
PVH 3.7%
TPR 33.0%
FY23
PVH 10.9%
TPR 31.1%
FY24
PVH 10.0%
TPR 31.7%
FY25
PVH 1.8%
TPR 14.8%
FY26
PVH —
TPR 77.9%
PVH
TPR
Each company's latest fiscal year; fiscal years end in different months. The best value in each row is highlighted where higher (or lower) is clearly better. Not investment advice.