NYSE · Consumer Cyclical

PVH Corp.

PVH · Apparel Manufacturing

$88.90

▼ -2.74 (-2.99%)

Data cached · refreshes every 10 min

Mr. Market is currently offering PVH Corp. at $88.90.

The business passes 4 of 7 of Graham's defensive criteria — adequate but not exceptional.

Overall Grade

Defensive

Enterprising

Profitability D

Gross Profit Margin 57.5%

Operating Margin 7.3%

Net Income Margin 0.3%

Fin. Health D

Years to Pay Off Debt 169.9 yrs

Working Capital vs Long-Term Debt -$1.1B

Working Capital $1.2B

Valuation D

Margin of Safety 0.0%

Price-to-Book 0.85x

Cash Flow C

Free Cash Flow $538M

CapEx % of Net Income 561.3%

Owner Earnings $440M

4/7

Graham Score

Enterprising

Defensive — Graham's strict criteria (P/B, P/E, dividends, stability) · Enterprising — Profitability & cash flow focused, accepts higher valuations for quality

Market Data

Market Cap $4.1B

Enterprise Value $7.8B

P/E (TTM) 170.96

Dividend Yield 0.16%

Exchange NYSE

Key Margins

Gross Profit 57.5%

Operating Margin 7.3%

Net Margin 0.3%

Company Info

Sector Consumer Cyclical

Industry Apparel Manufacturing

Employees 15000

Country United States

Visit website

📖

Full Graham Analysis

Mr. Market is currently offering PVH Corp. at $88.90.

The business passes 4 of 7 of Graham's defensive criteria — adequate but not exceptional.

At $88.90, the stock trades at a 154% premium to its Graham Number of $34.98. Graham would consider this price speculative.

There is no margin of safety at the current price. Graham would advise patience and waiting for a better entry point.

Negative NCAV — liabilities exceed current assets. Common in capital-return businesses (buybacks, debt-funded dividends) and capital-intensive industries. Not automatically a warning sign..

Conclusion: This stock is better suited for Graham's Enterprising investor — one willing to devote time and skill to security selection.

About PVH Corp.

PVH Corp., together with its subsidiaries, operates as an apparel company in the United States and internationally. The company operates through Tommy Hilfiger North America, Tommy Hilfiger International, Calvin Klein North America, Calvin Klein International, and Heritage Brands Wholesale segments. It designs and markets men's, women's, and children's branded apparel, footwear and accessories, underwear, home furnishings, luggage, dresses, suits and swimwear, activewear, sportswear, socks and accessories, outerwear, golf products, watches and jewelry, eyeglasses and non-ophthalmic sunglasses, jeans wear, performance apparel, intimate apparel, dress shirts, handbags, fragrance, small leather goods, and other related products. The company offers its products under its own brands, such as TOMMY HILFIGER, TOMMY JEANS, Calvin Klein, Calvin Klein Jeans, Calvin Klein Underwear, Calvin Klein collection, and Calvin Klein sport, as well as various other owned, licensed, and private label brands. It distributes its products at wholesale in department, chain, and specialty stores; through warehouse clubs, mass market, and off-price and independent retailers; and through company-operated full-price, outlet stores, and concession locations; and through digital commerce sites. PVH Corp. was formerly known as Phillips-Van Heusen Corporation and changed its name to PVH Corp. in June 2011. The company was founded in 1881 and is based in New York, New York.

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	-87,591
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	529,909
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

These metrics estimate what PVH Corp. is worth based on its fundamentals — independent of what the market currently prices it at. Graham's Fair Value and NCAV are conservative floors rooted in 1930s–60s principles. EPV assumes zero growth. None are price targets — they are reference points for judging whether the current price offers a margin of safety.

Graham's Fair Value

$34.98

Margin of Safety

Market Cap ÷ Company Value

1.48

P/B Ratio

0.85

Warren's Owner Earnings

$440M

Latest fiscal year

Graham's 7 Criteria

Defensive Investor Checklist

4/7 — Enterprising Investor

✅ Adequate Size

$9.0B

vs > $1.5B revenue

❌ Strong Financial Condition

1.52x

vs Current Ratio > 2.0x

✅ Earnings Stability

No loss years (4 yrs data)

vs No negative EPS years

✅ Dividend Record

0.16%

vs Uninterrupted dividends

❌ Earnings Growth

-82.8% EPS growth

vs > 33% EPS growth

❌ Moderate P/E Ratio

171.0x

vs P/E ≤ 15.0x

✅ Moderate Price-to-Book

0.85x P/B (P/E×P/B: 145.3)

vs P/B ≤ 1.5x | P/E × P/B ≤ 22.5

Net Current Asset Value

$-71.67

Negative NCAV — liabilities exceed current assets. Common in capital-return businesses (buybacks, debt-funded dividends) and capital-intensive industries. Not automatically a warning sign.

"Buy at two-thirds of net current assets." — Graham

Earnings Power Value

$159.23

Per share, no-growth floor. Compare to current price.

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 Apparel Manufacturing. 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

Capital Allocation & Alignment

Insider Ownership

1.22%

Low — management has little skin in the game

Return on Equity (ROE)

0.5%

Weak — poor returns on equity

Return on Assets (ROA)

0.2%

Poor — assets are not generating adequate returns

Share Buybacks (Latest Year)

$578M

Management is returning capital to shareholders via buybacks

Debt Trend YoY

+26.8% YoY

Debt is growing — management is leveraging up

Leadership Team

Stefan Larsson

CEO & Director

Age 50

Pay: $4,437,940

17.541% of net income

David Savman

Global Brand President of Calvin Klein

Age 46

Pay: $2,440,930

9.648% of net income

Lea Rytz Goldman

Global Brand President of Tommy Hilfiger

Age 62

Pay: $1,777,534

7.026% of net income

Melissa Stone

Interim CFO and Executive VP of Global Financial Planning & Analysis

Age 46

Sheryl Freeman

Vice President of Investor Relations

Top Institutional Holders

Institution	% Owned	Shares
Pzena Investment Management LLC	12.59%	5,768,906
Vanguard Group Inc	10.46%	4,791,690
Blackrock Inc.	9.77%	4,477,724
FMR, LLC	8.88%	4,069,041
Dimensional Fund Advisors LP	6.67%	3,055,544
Allspring Global Investments Holdings, LLC	4.84%	2,218,143
LSV Asset Management	4.64%	2,127,646
State Street Corporation	3.34%	1,530,290

Risk Analysis

Beta (Market Risk)

1.73

High volatility — moves more than the market

Short Interest

10.5% of float

Moderate short interest

Debt-to-Equity

0.90x

Conservative balance sheet — low financial risk

Current Ratio