Stocks PVH Financial statements
Financial statementsPVH CORP. /DE/ financial statements
Income statement, balance sheet and cash flow statement for the last 10 fiscal years, taken from the XBRL data PVH CORP. /DE/ files with the SEC in its annual reports.
In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.
Income statement
| FY2016 | FY2017 | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | 8,203 | 8,915 | 9,657 | 9,909 | 7,133 | 9,155 | 9,024 | 9,218 | 8,653 | 8,950 |
| Cost of revenue | 3,833 | 4,020 | 4,349 | 4,521 | 3,356 | 3,831 | 3,901 | 3,855 | 3,510 | 3,802 |
| Gross profit | 4,370 | 4,894 | 5,308 | 5,388 | 3,777 | 5,324 | 5,123 | 5,363 | 5,143 | 5,149 |
| Selling, general and administrative | 3,678 | 4,245 | 4,433 | 4,715 | 3,983 | 4,454 | 4,377 | 4,543 | 4,411 | 4,492 |
| Operating income | 789 | 632 | 892 | 559 | -1,072 | 1,077 | 471 | 929 | 772 | 231 |
| Interest expense | 121 | 129 | 121 | 120 | 126 | 109 | 89.6 | 99.3 | 89.8 | 94.2 |
| Interest income | 5.9 | 6.3 | 4.7 | 5.3 | 4.2 | 4.4 | 7.1 | 11.5 | 23.2 | 14.9 |
| Pre-tax income | 674 | 510 | 776 | 444 | -1,193 | 973 | 388 | 841 | 706 | 151 |
| Income tax | 126 | -25.9 | 31 | 28.9 | -55.5 | 20.7 | 188 | 177 | 107 | 126 |
| Net income to minority interests | -0.3 | -1.7 | -1.8 | -2.2 | -1.4 | -0.3 | ||||
| Net income | 549 | 538 | 746 | 417 | -1,136 | 952 | 200 | 664 | 599 | 25.3 |
| EBITDA | 1,111 | 957 | 1,227 | 883 | -746 | 1,390 | 772 | 1,227 | 1,055 | 503 |
| EPS, basic | 6.84 | 6.93 | 9.75 | 5.63 | -15.96 | 13.45 | 3.05 | 10.88 | 10.69 | 0.53 |
| EPS, diluted | 6.79 | 6.84 | 9.65 | 5.60 | -15.96 | 13.25 | 3.03 | 10.76 | 10.56 | 0.52 |
| Shares, basic (weighted) | 80.2 | 77.6 | 76.5 | 74.2 | 71.2 | 70.8 | 65.7 | 61 | 56 | 48.1 |
| Shares, diluted (weighted) | 80.9 | 78.6 | 77.3 | 74.6 | 71.2 | 71.9 | 66.2 | 61.7 | 56.7 | 48.5 |
| Dividend per share | 0.15 | 0.15 | 0.15 | 0.15 | 0.04 | 0.04 | 0.15 | 0.15 | 0.15 | 0.15 |
Balance sheet
| FY2016 | FY2017 | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and equivalents | 730 | 494 | 452 | 503 | 1,651 | 1,243 | 551 | 708 | 748 | 702 |
| Receivables | 616 | 659 | 778 | 741 | 642 | 745 | 924 | 793 | 851 | 995 |
| Inventory | 1,318 | 1,591 | 1,732 | 1,616 | 1,417 | 1,349 | 1,803 | 1,420 | 1,509 | 1,584 |
| Other current assets | 57 | 64.7 | 81.7 | 113 | 50.4 | 128 | 72.7 | 87.5 | 144 | 71 |
| Total current assets | 2,880 | 3,031 | 3,239 | 3,394 | 3,944 | 3,654 | 3,580 | 3,260 | 3,488 | 3,605 |
| Property, plant and equipment | 760 | 900 | 985 | 1,027 | 943 | 906 | 904 | 863 | 741 | 673 |
| Lease right-of-use assets | 0 | 1,676 | 1,565 | 1,349 | 1,296 | 1,214 | 1,158 | 1,862 | ||
| Goodwill | 3,470 | 3,835 | 3,671 | 3,678 | 2,954 | 2,829 | 2,359 | 2,322 | 2,260 | 2,022 |
| Intangible assets | 3,610 | 3,727 | 3,569 | 3,481 | 3,518 | 3,307 | 3,250 | 3,097 | 3,021 | 3,096 |
| Other non-current assets | 349 | 394 | 401 | 376 | 370 | 352 | 379 | 417 | 366 | 423 |
| Total assets | 11,068 | 11,886 | 11,864 | 13,631 | 13,294 | 12,397 | 11,768 | 11,173 | 11,033 | 11,681 |
| Accounts payable | 683 | 890 | 924 | 883 | 1,124 | 1,221 | 1,327 | 1,073 | 1,151 | 1,147 |
| Accrued liabilities | 832 | 923 | 892 | 930 | 940 | 1,101 | 874 | 776 | 736 | 821 |
| Deferred revenue | 30.7 | 39.2 | 65.3 | 64.7 | 55.8 | 44.9 | 54.3 | 55.5 | 55.3 | 49 |
| Short-term debt | 0 | 0 | 0 | 13.8 | 41.1 | 34.8 | 112 | 578 | 511 | 13.1 |
| Total current liabilities | 1,565 | 1,872 | 1,894 | 2,361 | 2,582 | 2,788 | 2,768 | 2,772 | 2,742 | 2,376 |
| Long-term debt | 3,197 | 3,061 | 2,819 | 2,694 | 3,514 | 2,318 | 2,177 | 1,592 | 1,580 | 2,291 |
| Lease liabilities | 0 | 1,532 | 1,431 | 1,214 | 1,140 | 1,076 | 1,011 | 1,648 | ||
| Other non-current liabilities | 1,499 | 1,414 | 1,322 | 1,235 | 1,040 | 789 | 671 | 615 | 560 | 573 |
| Total liabilities | 6,263 | 6,349 | 6,036 | 7,820 | 8,563 | 7,108 | 6,756 | 6,054 | 5,893 | 6,889 |
| Total debt | 3,197 | 3,061 | 2,819 | 2,708 | 3,555 | 2,352 | 2,289 | 2,169 | 2,091 | 2,305 |
| Paid-in capital | 2,866 | 2,941 | 3,017 | 3,075 | 3,129 | 3,198 | 3,245 | 3,313 | 3,374 | 3,464 |
| Retained earnings | 3,098 | 3,625 | 4,350 | 4,753 | 3,613 | 4,563 | 4,753 | 5,407 | 5,997 | 6,015 |
| Treasury stock | -533 | -793 | -1,117 | -1,463 | -1,580 | -1,947 | -2,359 | -2,937 | -3,463 | -4,088 |
| Other comprehensive income | -711 | -322 | -508 | -640 | -519 | -613 | -713 | -754 | -857 | -689 |
| Shareholders' equity | 4,805 | 5,536 | 5,828 | 5,812 | 4,730 | 5,289 | 5,013 | 5,119 | 5,141 | 4,792 |
| Total equity | 4,805 | 5,536 | 5,828 | 5,812 | 4,730 | 5,289 | 5,013 | 5,119 | 5,141 | 4,792 |
| Total liabilities and equity | 11,068 | 11,886 | 11,864 | 13,631 | 13,294 | 12,397 | 11,768 | 11,173 | 11,033 | 11,681 |
Cash flow statement
| FY2016 | FY2017 | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Net income | 549 | 536 | 745 | 415 | -1,138 | 952 | 200 | 664 | 599 | 25.3 |
| Depreciation and amortization | 322 | 325 | 335 | 324 | 326 | 313 | 302 | 299 | 282 | 272 |
| Stock-based compensation | 38.2 | 44.9 | 56.2 | 56.1 | 50.5 | 46.8 | 46.6 | 51.9 | 54 | 44.1 |
| Deferred income tax | 1.3 | -225 | -113 | -72.9 | -145 | -64.9 | 9.8 | -14.4 | -25.6 | -44.2 |
| Change in receivables | 22.3 | 3.3 | -151 | -17.1 | 138 | -138 | -189 | 119 | -82.8 | -93.3 |
| Change in inventory | 2.2 | -164 | -212 | 121 | 283 | -33.9 | -467 | 308 | -134 | 28.5 |
| Cash from operations | 903 | 644 | 853 | 1,020 | 698 | 1,071 | 39.2 | 969 | 741 | 680 |
| Capital expenditures | -247 | -358 | -380 | -345 | -227 | -268 | -290 | -245 | -159 | -142 |
| Acquisitions | -158 | -40.1 | -15.9 | -192 | 0 | 0 | ||||
| Cash from investing | -427 | -403 | -395 | -506 | -59.1 | -45 | -278 | -85.1 | -138 | -140 |
| Debt issued | 390 | 0 | 553 | 494 | ||||||
| Debt repaid | 0 | 0 | -100 | -562 | -500 | |||||
| Share buybacks | -322 | -259 | -325 | -345 | -117 | -361 | -419 | -570 | -525 | -578 |
| Dividends paid | -12.2 | -11.9 | -11.6 | -11.3 | -2.7 | -2.7 | -10.1 | -9.4 | -8.6 | -7.5 |
| Cash from financing | -305 | -509 | -479 | -452 | 477 | -1,399 | -428 | -722 | -550 | -606 |
| Exchange rate effect | 3 | 31.3 | -20.5 | -11.4 | 32 | -36.6 | -24.6 | -5.6 | -12.4 | 18.9 |
| Net change in cash | 174 | -236 | -41.9 | 51.4 | 1,148 | -409 | -692 | 157 | 40.4 | -46.5 |
| Free cash flow | 656 | 286 | 473 | 675 | 471 | 803 | -251 | 725 | 582 | 538 |
| Interest paid | 110 | 120 | 115 | 108 | 111 | 96.8 | 82.1 | 96.4 | 78.4 | 91.9 |
| Income taxes paid | 85.3 | 165 | 138 | 133 | 131 | 155 | 255 | 210 | 166 | 182 |
Key metrics
Profitability
| Metric | Value | How it is calculated |
|---|---|---|
| Gross margin | 58.8% | Gross profit / revenue. |
| Operating margin | 4.1% | Operating income / revenue. |
| EBITDA margin | 6.9% | EBITDA (operating income + depreciation and amortization) / revenue. |
| Pre-tax margin | 3.3% | Pre-tax income / revenue. |
| Net margin | -1.9% | Net income / revenue. |
| FCF margin | 8.0% | Free cash flow (cash from operations - capital expenditures) / revenue. |
| Operating cash flow margin | 9.8% | Cash from operations / revenue. |
| Effective tax rate | 157.2% | Income tax / pre-tax income, when pre-tax income is positive. |
| Return on equity (ROE) | -3.5% | Net income / average shareholders' equity (opening and closing). Not shown when equity is negative. |
| Return on assets (ROA) | -1.5% | Net income / average total assets. |
| Return on invested capital (ROIC) | 4.7% | Approximation: operating income x (1 - tax rate) / average (total debt + equity - cash). Tax rate is the effective rate when between 0% and 50%, else 21%. |
| SG&A / revenue | 50.7% | Selling, general and administrative expense / revenue. |
| Stock-based pay / revenue | 0.5% | Stock-based compensation (from the cash flow statement) / revenue. |
| Capex / revenue | 1.8% | Capital expenditures / revenue. |
| D&A / revenue | 2.9% | Depreciation and amortization / revenue. |
Growth
| Metric | Value | How it is calculated |
|---|---|---|
| Revenue growth, 1y | 3.4% | Revenue vs the same period a year earlier. Only from a positive base. |
| Revenue CAGR, 3y | -0.3% | Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive. |
| Revenue CAGR, 5y | 4.6% | Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive. |
| Gross profit growth, 1y | 0.1% | Gross profit vs the same period a year earlier. Only from a positive base. |
| Gross profit CAGR, 3y | 0.2% | Compound annual growth of gross profit over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive. |
| Gross profit CAGR, 5y | 6.4% | Compound annual growth of gross profit over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive. |
| Operating income growth, 1y | -70.1% | Operating income vs the same period a year earlier. Only from a positive base. |
| Operating income CAGR, 3y | -21.2% | Compound annual growth of operating income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive. |
| EBITDA growth, 1y | -52.3% | EBITDA vs the same period a year earlier. Only from a positive base. |
| EBITDA CAGR, 3y | -13.3% | Compound annual growth of ebitda over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive. |
| Net income growth, 1y | -95.8% | Net income vs the same period a year earlier. Only from a positive base. |
| Net income CAGR, 3y | -49.8% | Compound annual growth of net income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive. |
| EPS growth, 1y | -95.1% | EPS vs the same period a year earlier. Only from a positive base. |
| EPS CAGR, 3y | -44.4% | Compound annual growth of eps over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive. |
| Operating cash flow growth, 1y | -8.2% | Operating cash flow vs the same period a year earlier. Only from a positive base. |
| Operating cash flow CAGR, 3y | 158.9% | Compound annual growth of operating cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive. |
| Operating cash flow CAGR, 5y | -0.5% | Compound annual growth of operating cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive. |
| Free cash flow growth, 1y | -7.5% | Free cash flow vs the same period a year earlier. Only from a positive base. |
| Free cash flow CAGR, 5y | 2.7% | Compound annual growth of free cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive. |
| Dividend per share growth, 1y | 0.0% | Dividend per share vs the same period a year earlier. Only from a positive base. |
| Dividend per share CAGR, 3y | 0.0% | Compound annual growth of dividend per share over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive. |
| Dividend per share CAGR, 5y | 32.0% | Compound annual growth of dividend per share over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive. |
| Book value growth, 1y | -6.8% | Book value vs the same period a year earlier. Only from a positive base. |
| Book value CAGR, 3y | -1.5% | Compound annual growth of book value over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive. |
| Book value CAGR, 5y | 0.3% | Compound annual growth of book value over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive. |
| Total assets growth, 1y | 5.9% | Total assets vs the same period a year earlier. Only from a positive base. |
| Total assets CAGR, 3y | -0.2% | Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive. |
| Total assets CAGR, 5y | -2.6% | Compound annual growth of total assets over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive. |
| Share count change, 1y | -14.5% | Change in diluted weighted shares vs a year earlier. Negative means buybacks shrank the share count; positive means dilution. |
| Share count change per year, 3y | -9.9% | Change in diluted weighted shares, per year over 3 years. Negative means buybacks shrank the share count; positive means dilution. |
| Share count change per year, 5y | -7.4% | Change in diluted weighted shares, per year over 5 years. Negative means buybacks shrank the share count; positive means dilution. |
Balance sheet health
| Metric | Value | How it is calculated |
|---|---|---|
| Current ratio | 1.65x | Current assets / current liabilities. |
| Quick ratio | 0.78x | (Cash + short-term investments + receivables) / current liabilities. |
| Cash ratio | 0.40x | (Cash + short-term investments) / current liabilities. |
| Debt / equity | 0.47x | Total debt / shareholders' equity. Not shown when equity is negative. |
| Debt / assets | 19.7% | Total debt / total assets. |
| Liabilities / assets | 58.0% | Total liabilities / total assets. |
| Net debt | $1.28B | Total debt - cash - short-term investments. Negative means more cash than debt. |
| Net debt / EBITDA | 2.07x | Net debt / EBITDA (twelve months), when EBITDA is positive. |
| Interest coverage | 3.99x | Operating income / interest expense. |
| Working capital | $1.57B | Current assets - current liabilities. |
| Goodwill and intangibles / assets | 13.6% | (Goodwill + intangible assets) / total assets. |
| Tangible book value | $3.24B | Shareholders' equity - goodwill - intangible assets. |
Efficiency
| Metric | Value | How it is calculated |
|---|---|---|
| Asset turnover | 0.78x | Revenue / average total assets. |
| Fixed asset turnover | 14.4x | Revenue / average property, plant and equipment. |
| Inventory turnover | 2.12x | Cost of revenue / average inventory. |
| Days inventory | 173 days | 365 x average inventory / cost of revenue. |
| Receivables turnover | 9.68x | Revenue / average receivables. |
| Days sales outstanding | 38 days | 365 x average receivables / revenue. |
| Days payables | 129 days | 365 x average accounts payable / cost of revenue. |
| Cash conversion cycle | 81 days | Days inventory + days sales outstanding - days payables. |
| Capex / operating cash flow | 18.3% | Capital expenditures / cash from operations, when that is positive. |
Per share
| Metric | Value | How it is calculated |
|---|---|---|
| EPS, diluted | -$3.67 | Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS. |
| Revenue per share | $193.53 | Revenue / diluted weighted shares. |
| FCF per share | $15.51 | Free cash flow / diluted weighted shares. |
| Operating cash flow per share | $18.98 | Cash from operations / diluted weighted shares. |
| Book value per share | $103.95 | Shareholders' equity / shares outstanding (diluted weighted shares when not reported). |
| Tangible book per share | $70.37 | Tangible book value / shares outstanding. |
| Cash per share | $20.95 | (Cash + short-term investments) / shares outstanding. |
| Dividends / FCF | 1.0% | Dividends paid / free cash flow, when free cash flow is positive. |
| Buybacks / FCF | 2.5% | Share buybacks / free cash flow, when free cash flow is positive. |
Valuation
| Metric | Value | How it is calculated |
|---|---|---|
| Market cap | $3.50B | Share price x shares outstanding. |
| Enterprise value | $4.79B | Market cap + total debt - cash - short-term investments. |
| P/S | 0.39x | Market cap / revenue. |
| P/B | 0.73x | Market cap / shareholders' equity. Only when equity is positive. |
| Price / tangible book | 1.08x | Market cap / tangible book value, when positive. |
| P/FCF | 4.90x | Market cap / free cash flow. Only when free cash flow is positive. |
| P/OCF | 4.00x | Market cap / cash from operations, when positive. |
| EV/Sales | 0.54x | Enterprise value / revenue. |
| EV/EBIT | 13.2x | Enterprise value / operating income, when both are positive. |
| EV/EBITDA | 7.73x | Enterprise value / EBITDA, when both are positive. |
| EV/FCF | 6.69x | Enterprise value / free cash flow, when both are positive. |
| FCF yield | 20.4% | Free cash flow / market cap. |
| Earnings yield | -4.8% | Net income / market cap (the inverse of P/E). |
| Dividend yield | 0.2% | Dividends paid over the period / market cap. |
| Shareholder yield | 0.7% | (Dividends paid + share buybacks) / market cap. |
What was PVH CORP. /DE/'s revenue in fiscal 2025?
PVH CORP. /DE/ reported revenue of $8.95B for fiscal 2025, 3.4% higher than the year before.
Was PVH CORP. /DE/ profitable in fiscal 2025?
Yes. Net income was $25.3M, a net margin of 0.3%.
How much free cash flow did PVH CORP. /DE/ generate in fiscal 2025?
Cash from operations of $680.4M minus capital expenditures of $142.0M left free cash flow of $538.4M.