Revenue minus cost of goods sold. Graham's ≥40% threshold identifies businesses with durable pricing power. Note: software and financial companies naturally exceed this; retailers and manufacturers rarely reach it due to their cost structures.
Operating Margin7.3%
Profit after operating costs before interest and taxes. A consistent ≥15% operating margin signals a business with real competitive advantages. Capital-intensive industries (airlines, auto, commodities) rarely hit this threshold due to their structural cost base — compare within industry for context.
Net Income Margin0.3%
Bottom-line profit as a percentage of revenue. The ≥20% target reflects Buffett's preference for highly profitable businesses. Financial engineering (buybacks, tax optimisation) can inflate this temporarily — look for consistency across multiple years rather than a single strong result.
Financial Health
D
Years to Pay Off Debt169.9 yrs
Total Debt ÷ Net Income. Lower = stronger balance sheet. Important caveat: utilities, telecoms, REITs, and infrastructure companies carry large structural debt by design — their bond-like cash flows service it comfortably at ratios that would alarm Graham. Compare within sector.
Working Capital vs Long-Term Debt-$1.1B
Working Capital minus Long-Term Debt. Negative results are common and expected in capital-return-focused businesses like Apple, Domino's, and McDonald's — where aggressive buybacks and dividends intentionally reduce book equity. This does not indicate financial distress in high-FCF businesses.
Working Capital$1.2B
Current Assets minus Current Liabilities. Negative working capital can be a deliberate efficiency strategy in businesses that collect cash before paying suppliers (retailers, fast food franchises, subscription businesses). Assess alongside free cash flow generation for full context.
Valuation
N/A
Cash Flow
C
Free Cash Flow$538M
Operating cash flow minus capital expenditures. Buffett's most important metric — cash a business actually generates for its owners after maintaining and growing its asset base. Consistently positive FCF is one of the strongest indicators of a durable, well-run business regardless of accounting profits.
CapEx % of Net Income561.3%
Capital expenditure as a share of net income. Low CapEx signals a capital-light business that doesn't need heavy reinvestment to sustain earnings — Buffett's ideal. High CapEx is structurally necessary in manufacturing, airlines, telecoms, and semiconductors. For these industries, a high reading reflects the business model, not poor management.
Owner Earnings$440M
Net Income + Depreciation & Amortisation − Capital Expenditures. Buffett's preferred measure of a company's true annual earning power — what could theoretically be distributed to owners without impairing the business. More reliable than reported EPS because it accounts for the capital cost of maintaining the business.
Metric Explanations
What each dimension measures and where the thresholds come from.
Gross Profit Margin
Revenue minus cost of goods sold. Graham's ≥40% threshold identifies businesses with durable pricing power. Note: software and financial companies naturally exceed this; retailers and manufacturers rarely reach it due to their cost structures.
Operating Margin
Profit after operating costs before interest and taxes. A consistent ≥15% operating margin signals a business with real competitive advantages. Capital-intensive industries (airlines, auto, commodities) rarely hit this threshold due to their structural cost base — compare within industry for context.
Net Income Margin
Bottom-line profit as a percentage of revenue. The ≥20% target reflects Buffett's preference for highly profitable businesses. Financial engineering (buybacks, tax optimisation) can inflate this temporarily — look for consistency across multiple years rather than a single strong result.
Years to Pay Off Debt
Total Debt ÷ Net Income. Lower = stronger balance sheet. Important caveat: utilities, telecoms, REITs, and infrastructure companies carry large structural debt by design — their bond-like cash flows service it comfortably at ratios that would alarm Graham. Compare within sector.
Working Capital vs Long-Term Debt
Working Capital minus Long-Term Debt. Negative results are common and expected in capital-return-focused businesses like Apple, Domino's, and McDonald's — where aggressive buybacks and dividends intentionally reduce book equity. This does not indicate financial distress in high-FCF businesses.
Working Capital
Current Assets minus Current Liabilities. Negative working capital can be a deliberate efficiency strategy in businesses that collect cash before paying suppliers (retailers, fast food franchises, subscription businesses). Assess alongside free cash flow generation for full context.
Free Cash Flow
Operating cash flow minus capital expenditures. Buffett's most important metric — cash a business actually generates for its owners after maintaining and growing its asset base. Consistently positive FCF is one of the strongest indicators of a durable, well-run business regardless of accounting profits.
CapEx % of Net Income
Capital expenditure as a share of net income. Low CapEx signals a capital-light business that doesn't need heavy reinvestment to sustain earnings — Buffett's ideal. High CapEx is structurally necessary in manufacturing, airlines, telecoms, and semiconductors. For these industries, a high reading reflects the business model, not poor management.
Owner Earnings
Net Income + Depreciation & Amortisation − Capital Expenditures. Buffett's preferred measure of a company's true annual earning power — what could theoretically be distributed to owners without impairing the business. More reliable than reported EPS because it accounts for the capital cost of maintaining the business.
Market Data
Key Margins
Gross Profit57.5%
Operating Margin7.3%
Net Margin0.3%
Company Info
Showing Key Metrics
Income Highlights
Metric
2026
2025
2024
2023
2022
Gross Profit %
57.5%▼
59.4%▲
58.2%▲
56.8%•
N/A
Operating Margin %
7.3%▼
8.5%▼
8.9%▲
8.3%•
N/A
Net Income %
0.3%▼
6.9%▼
7.2%▲
2.2%•
N/A
Diluted EPS
0.52▼
10.56▼
10.76▲
3.03•
N/A
Balance Sheet Highlights
Metric
2026
2025
2024
2023
2022
Total Assets
$11.7B
$11.0B
$11.2B
$11.8B
N/A
Total Debt
$4.3B▲
$3.4B▼
$3.5B▼
$3.8B•
N/A
Working Capital
$1.2B▲
$746M▲
$488M▼
$813M•
N/A
Years to Pay Debt
169.92
5.67
5.33
19.11
N/A
Cash Flow Highlights
Metric
2026
2025
2024
2023
2022
Free Cash Flow
$538M▼
$582M▼
$725M▲
-$251M•
N/A
Owner Earnings
$440M
$1.0B
$1.2B
$792M
N/A
CapEx % of Net Income
561.3%
26.5%
36.9%
144.8%
N/A
Income Statement
2026
2025
2024
2023
2022
Tax Effect Of Unusual Items
-191,800
0
0
-107,487
Tax Rate For Calcs
0
0
0
0
Normalized EBITDA
997,300
1,077,700
1,238,900
1,196,400
Total Unusual Items
-479,500
0
0
-417,100
Total Unusual Items Excluding Goodwill
-479,500
0
0
-417,100
Net Income From Continuing Operation Net Minority Interest
25,300
598,500
663,600
200,400
Reconciled Depreciation
272,300
282,200
298,600
301,500
Reconciled Cost Of Revenue
3,801,600
3,510,400
3,854,500
3,901,300
EBITDA
517,800
1,077,700
1,238,900
779,300
EBIT
245,500
795,500
940,300
477,800
Net Interest Income
-79,300
-66,600
-87,800
-82,500
Interest Expense
94,200
89,800
99,300
89,600
Interest Income
14,900
23,200
11,500
7,100
Normalized Income
313,000
598,500
663,600
510,013
Net Income From Continuing And Discontinued Operation
25,300
598,500
663,600
200,400
Total Expenses
8,293,700
7,921,700
8,397,100
8,278,700
Diluted Average Shares
48,500
56,700
61,700
66,200
Basic Average Shares
48,100
56,000
61,000
65,700
Diluted EPS
0
0
0
0
Basic EPS
0
0
0
0
Diluted NI Availto Com Stockholders
25,300
598,500
663,600
200,400
Net Income Common Stockholders
25,300
598,500
663,600
200,400
Net Income
25,300
598,500
663,600
200,400
Minority Interests
0
0
300
Net Income Including Noncontrolling Interests
25,300
598,500
663,600
200,400
Net Income Continuous Operations
25,300
598,500
663,600
200,400
Tax Provision
126,000
107,200
177,400
187,800
Pretax Income
151,300
705,700
841,000
388,200
Other Income Expense
-425,900
41,100
108,200
-274,800
Other Non Operating Income Expenses
8,900
-7,100
62,500
91,900
Special Income Charges
-479,500
0
0
-417,100
Impairment Of Capital Assets
479,500
0
0
417,100
Earnings From Equity Interest
44,700
48,200
45,700
50,400
Net Non Operating Interest Income Expense
-79,300
-66,600
-87,800
-82,500
Interest Expense Non Operating
94,200
89,800
99,300
89,600
Interest Income Non Operating
14,900
23,200
11,500
7,100
Operating Income
656,500
731,200
820,600
745,500
Operating Expense
4,492,100
4,411,300
4,542,600
4,377,400
Selling General And Administration
4,492,100
4,411,300
4,542,600
4,377,400
General And Administrative Expense
4,495,400
4,285,500
4,389,800
Other Gand A
4,542,600
4,377,400
4,453,900
Salaries And Wages
-47,200
-91,900
-64,100
Gross Profit
5,148,600
5,142,500
5,363,200
5,122,900
Cost Of Revenue
3,801,600
3,510,400
3,854,500
3,901,300
Total Revenue
8,950,200
8,652,900
9,217,700
9,024,200
Operating Revenue
8,950,200
8,652,900
9,217,700
9,024,200
Balance Sheet
2026
2025
2024
2023
2022
Treasury Shares Number
43,787
35,863
30,935
24,932
Preferred Shares Number
8
8
8
8
Ordinary Shares Number
45,807
53,249
57,633
62,709
Share Issued
89,594
89,112
88,567
87,642
Net Debt
1,603,000
1,342,700
1,461,600
1,784,400
Total Debt
4,298,900
3,391,100
3,533,900
3,828,800
Tangible Book Value
-325,800
-140,500
-300,600
-596,200
Invested Capital
7,096,800
7,231,200
7,288,100
7,347,800
Working Capital
1,229,000
745,800
488,200
812,900
Net Tangible Assets
-325,800
-140,500
-300,600
-596,200
Capital Lease Obligations
1,994,400
1,300,400
1,364,700
1,493,700
Common Stock Equity
4,792,300
5,140,500
5,118,900
5,012,700
Total Capitalization
7,083,700
6,720,400
6,710,600
7,189,700
Total Equity Gross Minority Interest
4,792,300
5,140,500
5,118,900
5,012,700
Stockholders Equity
4,792,300
5,140,500
5,118,900
5,012,700
Gains Losses Not Affecting Retained Earnings
-688,800
-856,800
-753,600
-713,100
Other Equity Adjustments
-688,800
-856,800
-753,600
-713,100
Treasury Stock
4,087,500
3,463,100
2,936,700
2,359,400
Retained Earnings
6,015,000
5,997,200
5,407,300
4,753,100
Additional Paid In Capital
3,464,000
3,374,100
3,313,300
3,244,500
Capital Stock
89,600
89,100
88,600
87,600
Common Stock
89,600
89,100
88,600
87,600
Total Liabilities Net Minority Interest
6,888,700
5,892,700
6,054,000
6,755,600
Total Non Current Liabilities Net Minority Interest
4,512,500
3,150,900
3,282,500
3,988,100
Other Non Current Liabilities
266,000
226,200
268,900
313,600
Non Current Deferred Liabilities
307,300
333,500
346,100
357,500
Non Current Deferred Taxes Liabilities
307,300
333,500
346,100
357,500
Long Term Debt And Capital Lease Obligation
3,939,200
2,591,200
2,667,500
3,317,000
Long Term Capital Lease Obligation
1,647,800
1,011,300
1,075,800
1,140,000
Long Term Debt
2,291,400
1,579,900
1,591,700
2,177,000
Current Liabilities
2,376,200
2,741,800
2,771,500
2,767,500
Current Deferred Liabilities
49,000
55,300
55,500
54,300
Current Deferred Revenue
49,000
55,300
55,500
54,300
Current Debt And Capital Lease Obligation
359,700
799,900
866,400
511,800
Current Capital Lease Obligation
346,600
289,100
288,900
353,700
Current Debt
13,100
510,800
577,500
158,100
Other Current Borrowings
13,100
510,800
577,500
158,100
Line Of Credit
46,200
10,800
Payables And Accrued Expenses
1,967,500
1,886,600
1,849,600
2,201,400
Current Accrued Expenses
820,600
735,600
776,200
874,000
Payables
1,146,900
1,151,000
1,073,400
1,327,400
Accounts Payable
1,146,900
1,151,000
1,073,400
1,327,400
Total Assets
11,681,000
11,033,200
11,172,900
11,768,300
Total Non Current Assets
8,075,800
7,545,600
7,913,200
8,187,900
Other Non Current Assets
323,500
329,100
383,500
345,500
Non Current Deferred Assets
99,000
37,000
33,800
33,800
Non Current Deferred Taxes Assets
99,000
37,000
33,800
33,800
Goodwill And Other Intangible Assets
5,118,100
5,281,000
5,419,500
5,608,900
Other Intangible Assets
3,096,200
3,020,900
3,097,400
3,249,900
Goodwill
2,021,900
2,260,100
2,322,100
2,359,000
Net PPE
2,535,200
1,898,500
2,076,400
2,199,700
Accumulated Depreciation
-2,229,400
-1,981,400
-1,899,300
-1,900,000
Gross PPE
4,764,600
3,879,900
3,975,700
4,099,700
Leases
827,300
770,500
770,400
768,200
Construction In Progress
29,100
71,300
80,600
88,300
Other Properties
2,138,200
1,393,700
1,450,400
1,529,700
Machinery Furniture Equipment
1,770,000
1,613,000
1,642,600
1,681,800
Buildings And Improvements
0
30,400
30,700
30,700
Land And Improvements
0
1,000
1,000
1,000
Current Assets
3,605,200
3,487,600
3,259,700
3,580,400
Other Current Assets
71,000
144,100
87,500
72,700
Assets Held For Sale Current
12,300
0
Prepaid Assets
219,000
210,500
237,700
209,200
Inventory
1,583,500
1,508,700
1,419,700
1,802,600
Receivables
1,017,900
876,300
807,200
945,200
Other Receivables
23,300
25,100
13,900
21,500
Accounts Receivable
994,600
851,200
793,300
923,700
Allowance For Doubtful Accounts Receivable
-23,700
-22,400
-41,100
-42,600
Gross Accounts Receivable
1,018,300
873,600
834,400
966,300
Cash Cash Equivalents And Short Term Investments
701,500
748,000
707,600
550,700
Cash And Cash Equivalents
701,500
748,000
707,600
550,700
Cash Flow
2026
2025
2024
2023
2022
Free Cash Flow
538,400
582,200
724,700
-250,900
Repurchase Of Capital Stock
-577,700
-524,800
-570,300
-418,600
Repayment Of Debt
-515,900
-577,400
-116,500
-492,500
Issuance Of Debt
494,000
553,100
0
456,400
Capital Expenditure
-142,000
-158,700
-244,700
-290,100
End Cash Position
701,500
748,000
707,600
550,700
Beginning Cash Position
748,000
707,600
550,700
1,242,500
Effect Of Exchange Rate Changes
18,900
-12,400
-5,600
-24,600
Changes In Cash
-65,400
52,800
162,500
-667,200
Financing Cash Flow
-605,700
-550,400
-721,800
-428,200
Cash Flow From Continuing Financing Activities
-605,700
-550,400
-721,800
-428,200
Net Other Financing Charges
-15,200
Proceeds From Stock Option Exercised
1,400
7,300
17,900
0
Cash Dividends Paid
-7,500
-8,600
-9,400
-10,100
Common Stock Dividend Paid
-7,500
-8,600
-9,400
-10,100
Net Common Stock Issuance
-577,700
-524,800
-570,300
-418,600
Common Stock Payments
-577,700
-524,800
-570,300
-418,600
Net Issuance Payments Of Debt
-21,900
-24,300
-160,000
500
Net Short Term Debt Issuance
0
0
-43,500
36,600
Short Term Debt Issuance
36,600
10,500
Net Long Term Debt Issuance
-21,900
-24,300
-116,500
-36,100
Long Term Debt Payments
-515,900
-577,400
-116,500
-492,500
Long Term Debt Issuance
494,000
553,100
0
456,400
Investing Cash Flow
-140,100
-137,700
-85,100
-278,200
Cash Flow From Continuing Investing Activities
-140,100
-137,700
-85,100
-278,200
Net Other Investing Changes
9,500
Net Investment Purchase And Sale
-600
4,000
-1,800
-7,200
Sale Of Investment
10,900
9,500
2,900
1,400
Purchase Of Investment
-11,500
-5,500
-4,700
-8,600
Net Business Purchase And Sale
2,500
7,500
161,400
19,100
Sale Of Business
2,500
7,500
161,400
19,100
Net Intangibles Purchase And Sale
0
0
222,900
Sale Of Intangibles
0
0
222,900
Net PPE Purchase And Sale
-142,000
-158,700
-244,700
-290,100
Purchase Of PPE
-142,000
-158,700
-244,700
-290,100
Operating Cash Flow
680,400
740,900
969,400
39,200
Cash Flow From Continuing Operating Activities
680,400
740,900
969,400
39,200
Change In Working Capital
-53,000
-138,900
70,500
-859,100
Change In Other Working Capital
93,000
-30,600
-14,300
-97,900
Change In Payables And Accrued Expense
-86,100
95,300
-318,800
-62,600
Change In Payable
-86,100
95,300
-318,800
-62,600
Change In Account Payable
-86,100
95,300
-318,800
-62,600
Change In Prepaid Assets
1,800
23,000
-30,100
-41,900
Change In Inventory
28,500
-133,800
307,600
-466,900
Change In Receivables
-90,200
-92,800
126,100
-189,800
Changes In Account Receivables
-93,300
-82,800
118,900
-188,500
Other Non Cash Items
-19,500
-15,300
-118,900
Stock Based Compensation
44,100
54,000
51,900
46,600
Asset Impairment Charge
493,300
10,200
5,700
468,800
Deferred Tax
-44,200
-25,600
-14,400
9,800
Deferred Income Tax
-44,200
-25,600
-14,400
9,800
Depreciation Amortization Depletion
272,300
282,200
298,600
301,500
Depreciation And Amortization
272,300
282,200
298,600
301,500
Operating Gains Losses
-57,400
-20,000
-91,200
-128,800
Pension And Employee Benefit Expense
-12,700
28,200
-45,500
-78,400
Earnings Losses From Equity Investments
-44,700
-48,200
-45,700
-50,400
Net Income From Continuing Operations
25,300
598,500
663,600
200,400
2/5
Graham Score
Speculative Investor
Fails most of Graham's safety criteria. Treat with caution.
Graham's Fair Value
N/A
N/A — requires
positive EPS and positive book value per share. Check the Financials tab for earnings history.
Margin of Safety
—
Market Cap / Net Assets
N/A
Net Assets: $4.8B
Warren's Owner Earnings
$440M
Latest fiscal year
Graham's 7 Criteria
Defensive Investor Checklist
2/5 — Speculative Investor
✅
Adequate Size
Graham required companies large enough to withstand economic downturns. This threshold ($1.5B) is inflation-adjusted from Graham's original $100M — virtually all S&P 500 companies pass this today.
$9.0B
vs > $1.5B revenue
❌
Strong Financial Condition
Current assets must be at least twice current liabilities. Note: highly profitable companies (Apple, Domino's) often run negative or low working capital deliberately — they collect cash fast and stretch payables. A failing score here is not always a warning sign.
1.52x
vs Current Ratio > 2.0x
✅
Earnings Stability
Graham required uninterrupted positive earnings. Any loss year is a red flag for defensive investors. Growth companies and cyclicals may show occasional losses during investment cycles or downturns without being fundamentally unsound.
No loss years (4 yrs data)
vs No negative EPS years
❌
Dividend Record
Graham valued dividends as evidence of financial discipline and shareholder alignment. Many excellent modern businesses (Alphabet, Amazon, Berkshire Hathaway) pay no dividend, preferring to reinvest cash at high rates of return. Failing this criterion does not indicate a poor business — it may indicate a high-growth one.
No dividend
vs Uninterrupted dividends
❌
Earnings Growth
EPS grew from $3.03 to $0.52 over 3 years. Graham's 33% threshold was set over a 10-year period. Measured over fewer years (as here), the bar is proportionally lower. Share buybacks can also inflate EPS growth without reflecting underlying business improvement.
-82.8% EPS growth
vs > 33% EPS growth
Graham's 7 Criteria — Explained
What each criterion measures and why it matters.
✅ Adequate Size — $9.0Bvs > $1.5B revenue
Graham required companies large enough to withstand economic downturns. This threshold ($1.5B) is inflation-adjusted from Graham's original $100M — virtually all S&P 500 companies pass this today.
"The minimum size of an enterprise should be not less than $100 million of annual sales."
❌ Strong Financial Condition — 1.52xvs Current Ratio > 2.0x
Current assets must be at least twice current liabilities. Note: highly profitable companies (Apple, Domino's) often run negative or low working capital deliberately — they collect cash fast and stretch payables. A failing score here is not always a warning sign.
"For industrial companies, current assets should be at least twice current liabilities."
✅ Earnings Stability — No loss years (4 yrs data)vs No negative EPS years
Graham required uninterrupted positive earnings. Any loss year is a red flag for defensive investors. Growth companies and cyclicals may show occasional losses during investment cycles or downturns without being fundamentally unsound.
"The company should have shown no deficit in the past ten years."
❌ Dividend Record — No dividendvs Uninterrupted dividends
Graham valued dividends as evidence of financial discipline and shareholder alignment. Many excellent modern businesses (Alphabet, Amazon, Berkshire Hathaway) pay no dividend, preferring to reinvest cash at high rates of return. Failing this criterion does not indicate a poor business — it may indicate a high-growth one.
"Some current dividend payments — for at least the past 20 years."
EPS grew from $3.03 to $0.52 over 3 years. Graham's 33% threshold was set over a 10-year period. Measured over fewer years (as here), the bar is proportionally lower. Share buybacks can also inflate EPS growth without reflecting underlying business improvement.
"A minimum increase of at least one-third in per-share earnings over ten years."
These metrics estimate what PVH is worth based on fundamentals — independent of what the market prices it at.
Graham's Fair Value and NCAV are conservative floors.
EPV assumes zero growth. These are reference points, not price targets.
Net Current Asset Value
N/A
"Buy at two-thirds of net current assets." — Graham
Earnings Power Value
N/A
Per share, no-growth floor. Compare to current price.
ROIC — Return on Invested Capital
5.6%
Return on Invested Capital — Buffett's preferred measure for asset-light businesses. ROIC > 15% consistently signals a durable competitive advantage (moat). More meaningful than P/B for software, pharma, and consumer brand companies where most value is intangible and off-balance-sheet.
Cash Flow Analysis
Metric
2026
2025
2024
2023
2022
Capital Expenditure % of Net Income
561.3%
26.5%
36.9%
144.8%
N/A
Repurchase of Capital Stock
-$578M
-$525M
-$570M
-$419M
N/A
Free Cash Flow
$538M▼
$582M▼
$725M▲
-$251M•
N/A•
Warren's Owner Earnings
$440M
$1.0B
$1.2B
$792M
N/A
Peers & Industry
No auto-detected peers for this industry. You can manually compare PVH against any stock using the Compare tool.
"The management of a business is its most important single factor — more important than market position, patents, or financial structure."
— Benjamin Graham
No management data available.
Risk Analysis
PVH (PVH) fundamental analysis — Overall grade D based on profitability, financial health, valuation and cash flow. Graham's
Fair Value: N/A. Gross profit margin: 57.5%. Operating margin: 7.3%. Net margin: 0.3%. Analysis powered by 360investing — free fundamental stock analysis based on Benjamin Graham and Warren Buffett
principles.
Disclaimer: 360investing is provided for informational and educational purposes only and does not constitute financial, investment, legal, or tax advice. All data is sourced from public third-party providers
and may be delayed, inaccurate, or incomplete. Past performance is not indicative of future results. Analysis, scores, and valuations are algorithmic and do not represent professional investment recommendations. Always conduct your own due
diligence and consult a qualified financial adviser before making any investment decision. Use of this tool constitutes acceptance that 360investing and its operators bear no liability for decisions made based on information presented here.