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 Margin10.0%
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-4.9%
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 Debt-40.5 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-$670M
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$1.6B
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
A
Price-to-Book0.71x
Market price vs book value per share. Rarely below 1.5x for quality businesses today. Intangible assets (brand, software, patents) don't appear on the balance sheet under accounting rules, making P/B artificially high for asset-light companies like software and consumer brands.
Cash Flow
C
Free Cash Flow$346M
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.
Owner Earnings-$9M
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.
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.
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.
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.
Price-to-Book
Market price vs book value per share. Rarely below 1.5x for quality businesses today. Intangible assets (brand, software, patents) don't appear on the balance sheet under accounting rules, making P/B artificially high for asset-light companies like software and consumer brands.
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.
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.
Net Income From Continuing Operation Net Minority Interest
-102,900
4,200
Reconciled Depreciation
57,300
69,400
Reconciled Cost Of Revenue
775,200
1,001,500
EBITDA
-123,000
252,900
EBIT
-180,300
183,500
Net Interest Income
-11,700
-20,500
Interest Expense
22,300
23,200
Interest Income
10,600
2,700
Normalized Income
160,500
4,200
Net Income From Continuing And Discontinued Operation
-102,900
4,200
Total Expenses
1,887,700
2,122,500
Diluted Average Shares
46,100
47,900
Basic Average Shares
46,100
47,300
Diluted EPS
0
0
Basic EPS
0
0
Diluted NI Availto Com Stockholders
-102,900
4,200
Net Income Common Stockholders
-102,900
4,200
Net Income
-102,900
4,200
Net Income Including Noncontrolling Interests
-102,900
4,200
Net Income Continuous Operations
-102,900
4,200
Tax Provision
-99,700
156,100
Pretax Income
-202,600
160,300
Other Income Expense
-400,200
9,000
Other Non Operating Income Expenses
24,800
-1,000
Special Income Charges
-439,000
0
Impairment Of Capital Assets
439,000
Earnings From Equity Interest
14,000
10,000
Net Non Operating Interest Income Expense
-11,700
-20,500
Interest Expense Non Operating
22,300
23,200
Interest Income Non Operating
10,600
2,700
Operating Income
209,300
171,800
Operating Expense
1,112,500
1,121,000
Selling General And Administration
1,112,500
1,121,000
Gross Profit
1,321,800
1,292,800
Cost Of Revenue
775,200
1,001,500
Total Revenue
2,097,000
2,294,300
Operating Revenue
2,097,000
2,294,300
Balance Sheet
2026
2025
Treasury Shares Number
43,780
Preferred Shares Number
8
8
Ordinary Shares Number
46,133
45,800
Share Issued
46,133
89,580
Net Debt
1,282,100
2,100,600
Total Debt
4,162,700
4,257,000
Tangible Book Value
176,700
-166,200
Invested Capital
7,040,000
7,137,800
Working Capital
1,566,700
1,040,500
Net Tangible Assets
176,700
-166,200
Capital Lease Obligations
1,914,700
1,998,200
Common Stock Equity
4,792,000
4,879,000
Total Capitalization
7,028,500
7,125,100
Total Equity Gross Minority Interest
4,792,000
4,879,000
Stockholders Equity
4,792,000
4,879,000
Gains Losses Not Affecting Retained Earnings
-678,900
-753,800
Other Equity Adjustments
-678,900
-753,800
Treasury Stock
4,104,400
4,087,000
Retained Earnings
5,996,600
6,173,300
Additional Paid In Capital
3,488,600
3,456,900
Capital Stock
90,100
89,600
Common Stock
90,100
89,600
Total Liabilities Net Minority Interest
6,624,700
6,542,200
Total Non Current Liabilities Net Minority Interest
4,208,700
4,307,100
Other Non Current Liabilities
248,400
257,900
Non Current Deferred Liabilities
158,400
145,000
Non Current Deferred Taxes Liabilities
158,400
145,000
Long Term Debt And Capital Lease Obligation
3,801,900
3,904,200
Long Term Capital Lease Obligation
1,565,400
1,658,100
Long Term Debt
2,236,500
2,246,100
Current Liabilities
2,416,000
2,235,100
Current Deferred Liabilities
52,700
42,600
Current Deferred Revenue
52,700
42,600
Current Debt And Capital Lease Obligation
360,800
352,800
Current Capital Lease Obligation
349,300
340,100
Current Debt
11,500
12,700
Other Current Borrowings
11,500
12,700
Payables And Accrued Expenses
2,002,500
1,839,700
Current Accrued Expenses
703,700
798,200
Payables
1,298,800
1,041,500
Accounts Payable
1,298,800
1,041,500
Total Assets
11,416,700
11,421,200
Total Non Current Assets
7,434,000
8,145,600
Other Non Current Assets
319,400
309,400
Non Current Deferred Assets
94,700
257,400
Non Current Deferred Taxes Assets
94,700
257,400
Goodwill And Other Intangible Assets
4,615,300
5,045,200
Other Intangible Assets
3,067,400
3,063,300
Goodwill
1,547,900
1,981,900
Net PPE
2,404,600
2,533,600
Accumulated Depreciation
Gross PPE
2,404,600
2,533,600
Leases
Construction In Progress
Other Properties
2,404,600
2,533,600
Machinery Furniture Equipment
Buildings And Improvements
Land And Improvements
Current Assets
3,982,700
3,275,600
Other Current Assets
82,600
78,400
Assets Held For Sale Current
0
16,700
Prepaid Assets
254,400
238,100
Inventory
1,738,200
1,664,000
Receivables
941,600
1,120,200
Other Receivables
20,200
22,000
Accounts Receivable
921,400
1,098,200
Allowance For Doubtful Accounts Receivable
-21,100
-29,200
Gross Accounts Receivable
942,500
1,127,400
Cash Cash Equivalents And Short Term Investments
965,900
158,200
Cash And Cash Equivalents
965,900
158,200
Cash Flow
2026
2025
Free Cash Flow
346,400
-85,100
Repurchase Of Capital Stock
-2,000
-200
Repayment Of Debt
-461,200
-3,700
Issuance Of Debt
452,000
0
Capital Expenditure
-36,500
-40,600
End Cash Position
965,900
158,200
Beginning Cash Position
592,500
248,800
Effect Of Exchange Rate Changes
-2,300
900
Changes In Cash
375,700
-91,500
Financing Cash Flow
-12,900
-5,700
Cash Flow From Continuing Financing Activities
-12,900
-5,700
Proceeds From Stock Option Exercised
0
0
Cash Dividends Paid
-1,700
-1,800
Common Stock Dividend Paid
Net Common Stock Issuance
-2,000
-200
Common Stock Payments
-2,000
-200
Net Issuance Payments Of Debt
-9,200
-3,700
Net Short Term Debt Issuance
452,000
Short Term Debt Issuance
452,000
Net Long Term Debt Issuance
-461,200
-3,700
Long Term Debt Payments
-461,200
-3,700
Long Term Debt Issuance
0
Investing Cash Flow
5,700
-41,300
Cash Flow From Continuing Investing Activities
5,700
-41,300
Net Investment Purchase And Sale
4,500
-700
Sale Of Investment
5,700
200
Purchase Of Investment
-1,200
-900
Net PPE Purchase And Sale
1,200
-40,600
Purchase Of PPE
-36,500
-40,600
Operating Cash Flow
382,900
-44,500
Cash Flow From Continuing Operating Activities
382,900
-44,500
Change In Working Capital
166,700
-227,600
Change In Other Working Capital
20,700
20,800
Change In Payables And Accrued Expense
413,200
-181,600
Change In Payable
413,200
-181,600
Change In Account Payable
413,200
-181,600
Change In Prepaid Assets
11,500
19,800
Change In Inventory
-244,200
117,600
Change In Receivables
-34,500
-204,200
Changes In Account Receivables
-36,000
-200,200
Stock Based Compensation
13,100
11,000
Asset Impairment Charge
442,500
0
Deferred Tax
-154,400
108,500
Deferred Income Tax
-154,400
108,500
Depreciation Amortization Depletion
57,300
69,400
Depreciation And Amortization
57,300
69,400
Operating Gains Losses
-14,000
-10,000
Earnings Losses From Equity Investments
-14,000
-10,000
Net Income From Continuing Operations
-102,900
4,200
📊Quarterly mode — Graham Fair Value & 7 Criteria require annual data. Switch to Annual for full analysis.
Quarter vs Same Quarter Last Year
YoY strips seasonality
Revenue Growth (YoY)
Prior year: $2.2B▼ $2.1B-3.2%
Revenue growth vs same quarter last year strips seasonality. Consistent double-digit growth is a Buffett hallmark.
Gross Margin
Prior year: 57.7%▲ 63.0%+5.3pp
Buffett: consistent gross margin above 40% signals durable pricing power and competitive moat.
Operating Margin
Prior year: 9.7%▲ 10.0%+0.3pp
Graham: operating margin reflects true business economics before financing. Trend matters as much as level.
Net Margin
Prior year: 10.3%▼ -4.9%-15.3pp
Net margin can be distorted by one-time items, tax timing, or interest costs — compare to operating margin for signal quality.
Quarterly Health Checks
3 Graham/Buffett criteria that are valid and reliable on quarterly data
✅ Adequate Size
Graham required scale for resilience. Quarterly revenue × 4 gives an annualised proxy.
$2.1B/qtr (≈$8.4B ann.)
vs > $1.5B annualised revenue
❌ Financial Condition
Current assets vs current liabilities — a real-time liquidity snapshot. Valid and reliable on quarterly data.
1.65x current ratio
vs ≥ 2.0x
✅ Free Cash Flow
Buffett's most important single metric. A positive FCF quarter means the business generated real cash for owners after maintaining its asset base.
$346M
vs Positive
Operating Cash Flow
$383M
Latest quarter · Buffett's cash reality check
ROIC
1.8%
Based on latest annual operating income
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.
Market Cap / Net Assets
0.7x
Net Assets: $4.8B
⚠️Net margin compressed 15.3pp vs same quarter last year. Common causes: one-time charges (restructuring, write-downs, legal settlements), tax rate changes, or rising interest expense. Check the income statement notes before drawing conclusions about operating health.
⚠️Operating income is positive but net income is negative. This typically reflects below-the-line items: interest expense, impairment charges, tax adjustments, or one-time write-offs. The core business may be healthy — operating margin is a better signal of ongoing profitability here.
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
1.00%
Low — management has little skin in the game
Return on Equity (ROE)
-2.1%
Weak — poor returns on equity
Return on Assets (ROA)
-0.9%
Poor — assets are not generating adequate returns
Share Buybacks (Latest Year)
$578M
Management is returning capital to shareholders via buybacks
Debt Trend YoY
-1.5% YoY
Debt is declining — management is deleveraging
Leadership Team
Stefan Larsson
CEO & Director
Age 50
Pay: $3,919,775
Sheryl Freeman
Vice President of Investor Relations
Ellen Constantinides
Chief Operating Officer of Global Supply Chain
Alexander Tom Chu
Regional President of PVH Asia Pacific
Adelyn Cheong
Chief Executive Officer of PVH Americas
Top Institutional Holders
Institution
% Owned
Shares
FMR, LLC
14.80%
6,827,779
Pzena Investment Management LLC
12.98%
5,986,677
Blackrock Inc.
9.71%
4,480,988
Dimensional Fund Advisors LP
6.69%
3,088,738
Vanguard Portfolio Management LLC
4.69%
2,165,305
LSV Asset Management
4.57%
2,110,140
Vanguard Capital Management LLC
4.52%
2,087,560
Allspring Global Investments Holdings, LLC
4.44%
2,050,561
Risk Analysis
Beta (Market Risk)
1.72
High volatility — moves more than the market
Short Interest
13.2% of float
Moderate short interest
Debt-to-Equity
0.87x
Conservative balance sheet — low financial risk
Current Ratio
1.65x
Adequate liquidity
52-Week Price Range
Low: $59.60Current: $73.40High: $100.75
Currently at 34% of 52-week range
PVH Corp. (PVH) fundamental analysis — Overall grade C based on profitability, financial health, valuation and cash flow. Graham's
Fair Value: N/A (negative EPS). Gross profit margin: 63.0%. Operating margin: 10.0%. Net margin: -4.9%. Market cap: $3.4B. Sector: Consumer Cyclical. Industry: Apparel Manufacturing. Analysis powered by 360investing — free fundamental stock analysis based on Benjamin Graham and Warren Buffett
principles.
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