PVH vs Ralph Lauren

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KIRA’s take AI analyst

I put PVH and Ralph Lauren side by side, using each one’s latest annual report. Here is what stands out:

PVH is the larger business, with $9.0B of revenue in fiscal 2025 against $8.1B for Ralph Lauren.
Ralph Lauren grew revenue faster (14.6%, against 3.4%).
Ralph Lauren kept more of each dollar of sales as operating profit (14.5% operating margin, against 2.6%).
Ralph Lauren turned more of its sales into free cash flow (9.2% FCF margin, against 6.0%).
Ralph Lauren earned a higher return on the capital invested in it (45.4%, against 1.8%).

Who comes out ahead

Of the 11 measures where higher (or lower) is clearly better, how many each company leads.

PVH

1/11

Share count change

Ralph Lauren

10/11

Revenue growth5-year growthGross marginOperating marginNet marginFCF marginReturn on capitalReturn on equityPiotroski F-scoreNet debt / EBITDA

Side by side

Best in the row

Latest fiscal year	PVH FY25	RL FY26
Size
Market cap	$3.9B	$24.0B
Revenue	$9.0B	$8.1B
Free cash flow	$538M	$746M
Net income	$25.3M	$941M
Growth
Revenue growth	3.4%	14.6%
5-year growth	4.6%	13.0%
Share count change	−14.5%	−2.7%
Profitability
Gross margin	57.5%	69.9%
Operating margin	2.6%	14.5%
Net margin	0.3%	11.6%
FCF margin	6.0%	9.2%
Return on capital	1.8%	45.4%
Return on equity	0.5%	34.7%
Balance sheet
Net debt	$1.6B	−$593M
Net debt / EBITDA	3.2x	−0.4x
Dividends and buybacks	$585M	$840M
Valuation & quality
P/E	—	24.7x
Piotroski F-score	6	8

Ten years

Revenue

FY17

PVH $8.9B

RL $6.7B

FY18

PVH $9.7B

RL $6.2B

FY19

PVH $9.9B

RL $6.3B

FY20

PVH $7.1B

RL $6.2B

FY21

PVH $9.2B

RL $4.4B

FY22

PVH $9.0B

RL $6.2B

FY23

PVH $9.2B

RL $6.4B

FY24

PVH $8.7B

RL $6.6B

FY25

PVH $9.0B

RL $7.1B

FY26

PVH —

RL $8.1B

FY17 FY18 FY19 FY20 FY21 FY22 FY23 FY24 FY25 FY26

PVH RL

Operating margin

FY17

PVH 7.1%

RL −1.4%

FY18

PVH 9.2%

RL 8.1%

FY19

PVH 5.6%

RL 8.9%

FY20

PVH −15.0%

RL 5.2%

FY21

PVH 11.8%

RL −1.0%

FY22

PVH 5.2%

RL 12.8%

FY23

PVH 10.1%

RL 10.9%

FY24

PVH 8.9%

RL 11.4%

FY25

PVH 2.6%

RL 13.2%

FY26

PVH —

RL 14.5%

FY17 FY18 FY19 FY20 FY21 FY22 FY23 FY24 FY25 FY26

PVH RL

Free cash flow

FY17

PVH $286M

RL $669M

FY18

PVH $473M

RL $814M

FY19

PVH $675M

RL $586M

FY20

PVH $471M

RL $484M

FY21

PVH $803M

RL $273M

FY22

PVH −$251M

RL $549M

FY23

PVH $725M

RL $194M

FY24

PVH $582M

RL $905M

FY25

PVH $538M

RL $1.0B

FY26

PVH —

RL $746M

FY17 FY18 FY19 FY20 FY21 FY22 FY23 FY24 FY25 FY26

PVH RL

Return on capital

FY17

PVH 8.2%

RL −2.5%

FY18

PVH 10.5%

RL 10.9%

FY19

PVH 6.4%

RL 19.5%

FY20

PVH −11.5%

RL 15.2%

FY21

PVH 16.1%

RL −1.8%

FY22

PVH 3.7%

RL 33.5%

FY23

PVH 10.9%

RL 24.9%

FY24

PVH 10.0%

RL 28.4%

FY25

PVH 1.8%

RL 36.5%

FY26

PVH —

RL 45.4%

FY17 FY18 FY19 FY20 FY21 FY22 FY23 FY24 FY25 FY26

PVH RL

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.