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1. Company Snapshot

1.a. Company Description

PVH Corp.operates as an apparel company worldwide.The company operates through six segments: Tommy Hilfiger North America, Tommy Hilfiger International, Calvin Klein North America, Calvin Klein International, Heritage Brands Wholesale, and Heritage Brands Retail.


It designs, markets, and retails men's, women's, and children's apparel and accessories, including branded dress shirts, neckwear, sportswear, jeans wear, performance apparel, intimate apparel, underwear, swimwear, swim-related products, handbags, accessories, footwear, outerwear, home furnishings, luggage products, sleepwear, loungewear, hats, scarves, gloves, socks, watches and jewelry, eyeglasses and non-ophthalmic sunglasses, fragrance, home bed and bath furnishings, small leather goods, and other products.The company offers its products under its own brands, such as Tommy Hilfiger, Calvin Klein, Van Heusen, IZOD, ARROW, Warner's, Olga, Geoffrey Beene, and True&Co., as well as various other owned, licensed, and private label brands.It also licenses its own brands over various products.


The company distributes its products at wholesale in department, chain, and specialty stores, as well as through warehouse clubs, mass market, and off-price and independent retailers; and through company-operated full-price, outlet stores, and concession locations, as well as through digital commerce sites.It markets its products to approximately 40 countries.PVH Corp.


was founded in 1881 and is based in New York, New York.

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1.b. Last Insights on PVH

Breaking News: PVH Corp reported Q3 earnings, beating estimates with revenues up 2% year-over-year to $2.29 billion. However, margins contracted 210bps due to tariff pressures. Management narrowed FY guidance to $10.85-$11.00 EPS. Europe saw a constant-currency sales decline, while China improved and Americas profits were hit hard by tariffs. The company remains cautious, citing muted European demand and limited pricing power. Based on the results, a 'hold' recommendation is given, as tariff pressures and muted demand constrain upside despite a low earnings multiple.

1.c. Company Highlights

2. PVH Corp. Beats Expectations with 4% Revenue Growth

PVH Corp. reported a 4% year-over-year revenue growth, with earnings per share (EPS) of $2.52, beating expectations of $1.97. The company's gross margin was 57.7%, a decrease of 240 basis points compared to last year, largely due to tariffs, higher promotions, and product shipment delays. Despite the challenges, the company reaffirmed its full-year guidance for constant currency revenue, operating margin, and EPS. The revenue growth was driven by a low single-digit growth in wholesale revenue and flat direct-to-consumer revenue in constant currency.

Publication Date: Aug -29

📋 Highlights
  • Revenue Growth:: 4% year-over-year reported revenue growth, driven by low single-digit wholesale growth and stable D2C performance.
  • Gross Margin Pressure:: Gross margin of 57.7%, down 240 basis points YoY due to tariffs, higher promotions, and shipment delays.
  • Guidance Reaffirmed:: Full-year EPS guidance maintained at $10.75–$11, with raised revenue guidance despite doubled tariffs and uneven macro conditions.
  • Regional Performance:: North America revenue up 11% (wholesale-driven), APAC revenue down 3% (constant currency), and EMEA growth in D2C despite overall decline.
  • Operational Improvements:: Sequential margin gains in fall '25 and spring '26 product seasons, with $0.16 EPS boost from FX and $0.06 hit from tariffs.

Regional Performance

Regionally, EMEA revenue was up 3% on a reported basis and down 3% in constant currency, with growth in direct-to-consumer business and retail stores. Americas revenue was up 11%, driven by double-digit growth in wholesale. Asia Pacific revenue was down 3% on a constant currency basis, with growth in digital commerce offset by declines in wholesale and retail. The company is working to stabilize the business in key markets in APAC.

Operational Highlights

The company has made significant progress in strengthening its PVH+ execution, focusing on its biggest product categories, bringing innovation and newness into its most iconic product franchises. According to Stefan Larsson, "We've made significant progress in strengthening our PVH+ execution, focusing on our biggest product categories, bringing innovation and newness into our most iconic product franchises, amplifying them through powerful marketing, and supporting it by next-level execution across all our channels."

Valuation Metrics

PVH Corp.'s valuation metrics indicate a relatively attractive price. The stock trades at a P/E Ratio of 8.58, P/B Ratio of 0.83, and P/S Ratio of 0.46. The company's Return on Invested Capital (ROIC) is 25.34%, and Return on Equity (ROE) is 9.41%. These metrics suggest that the company is generating strong returns on its investments.

Guidance and Outlook

The company expects third-quarter revenue to be flat to slightly up on a reported basis and down slightly on a constant currency basis. Gross margin is expected to decline approximately 175 basis points versus last year, with an unmitigated tariff impact of approximately 80 basis points. For the full year, the company reaffirmed its guidance for flat to slightly up constant currency revenue, operating margin of approximately 8.5%, and EPS in the range of $10.75 to $11.

3. NewsRoom

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PVH Corp shares slide on tariff hit despite Q3 earnings beat

Dec -04

Source: proactiveinvestors.com

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PVH Corp Q3 Earnings Surpass Estimates, Revenues Increase Y/Y

Dec -04

Source: zacks.com

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PVH Corp. (PVH) Q3 2026 Earnings Call Transcript

Dec -04

Source: seekingalpha.com

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PVH Corp shares slide on tariff hit despite Q3 earnings beat

Dec -04

Source: proactiveinvestors.com

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PVH Corp: Q3 Results Show Ongoing Tariff Pressure

Dec -04

Source: seekingalpha.com

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PVH (PVH) Q3 Earnings: Taking a Look at Key Metrics Versus Estimates

Dec -04

Source: zacks.com

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PVH (PVH) Tops Q3 Earnings and Revenue Estimates

Dec -03

Source: zacks.com

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Calvin Klein Parent PVH Stock Slides After Q3 Earnings

Dec -03

Source: benzinga.com

4. Business Breakdown

4.a. Revenues by Country

4.b. Revenues by Segment

5. Expected revenues mid-term growth (2.08%)

6. Segments

Tommy Hilfiger International

Expected Growth: 2.2%

Tommy Hilfiger's 2.2% growth is driven by strong brand recognition, successful marketing campaigns, and strategic expansion into emerging markets. Additionally, the brand's focus on digital transformation, e-commerce growth, and efficient supply chain management have contributed to its growth. Furthermore, PVH Corp's efforts to revamp the brand's product offerings and improve profitability have also supported its growth momentum.

Calvin Klein International

Expected Growth: 2.1%

Calvin Klein International's 2.1% growth is driven by strong brand recognition, increased online presence, and strategic expansion in Asia. Additionally, the brand's focus on digital marketing, influencer partnerships, and innovative product lines have contributed to its growth. Furthermore, PVH Corp's efforts to improve operational efficiency and reduce costs have also positively impacted the segment's performance.

Tommy Hilfiger North America

Expected Growth: 1.9%

Tommy Hilfiger North America's 1.9% growth is driven by strong brand recognition, increased e-commerce sales, and strategic wholesale partnerships. Additionally, the segment has benefited from PVH Corp's focus on digital marketing, improved product offerings, and effective inventory management. These factors have contributed to a steady revenue increase, despite a competitive market.

Calvin Klein North America

Expected Growth: 2.0%

Calvin Klein North America's 2.0% growth is driven by increasing demand for premium denim, successful marketing campaigns, and strategic wholesale partnerships. Additionally, the brand's focus on digital transformation, including e-commerce and social media, has enhanced customer engagement and contributed to sales growth.

Heritage Brands Wholesale

Expected Growth: 1.8%

Heritage Brands Wholesale from PVH Corp. growth of 1.8% driven by strong demand for Calvin Klein and Tommy Hilfiger brands, increased distribution channels, and strategic pricing. Additionally, the company's focus on digital marketing and e-commerce expansion contributed to the growth.

7. Detailed Products

Calvin Klein Apparel

Fashion apparel for men and women, including denim, dresses, and outerwear

Tommy Hilfiger Apparel

Classic American cool fashion apparel for men, women, and kids

Van Heusen Dress Shirts

High-quality, stylish dress shirts for men

Izod Golf Apparel

Golf-inspired apparel for men and women, including polo shirts and outerwear

Warner's Intimate Apparel

Lingerie and shapewear for women

Olga Intimate Apparel

Lingerie and shapewear for women, focusing on comfort and support

Speedo Swimwear

High-performance swimwear for competitive swimmers and recreational swimmers

8. PVH Corp.'s Porter Forces

Forces Ranking

Threat Of Substitutes

PVH Corp. operates in the apparel industry, where substitutes are available, but the company's strong brand portfolio, including Calvin Klein and Tommy Hilfiger, helps to mitigate the threat.

Bargaining Power Of Customers

PVH Corp.'s customers are primarily retailers and wholesalers, who have limited bargaining power due to the company's strong brand presence and diversified distribution channels.

Bargaining Power Of Suppliers

PVH Corp. relies on a large network of suppliers for raw materials and manufacturing, but the company's scale and diversification help to mitigate the bargaining power of suppliers.

Threat Of New Entrants

The apparel industry has high barriers to entry, including significant capital requirements and the need for established distribution channels, making it difficult for new entrants to compete with PVH Corp.

Intensity Of Rivalry

The apparel industry is highly competitive, with many established players, including VF Corp, Ralph Lauren, and Hanesbrands, competing for market share and customer loyalty.

9. SWOT Analysis

Strength

Weaknesses

Opportunities

Threats

10. Capital Structure

10.a. Balance Sheet

10.b. Weighted Average Cost of capital

Value
Debt Weight 32.44%
Debt Cost 3.95%
Equity Weight 67.56%
Equity Cost 15.11%
WACC 11.49%
Leverage 48.02%

11. Quality Control: PVH Corp. passed 5 out of 9 key points

12.a Historical Valuation

12.b Price/Earnings Ratio

12.c Margin Valuation

12.d Peers Valuation

Peers Group Analysis

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Ralph Lauren

A-Score: 5.6/10

Value: 2.6

Growth: 6.1

Quality: 6.7

Yield: 3.0

Momentum: 8.5

Volatility: 6.7

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Kontoor Brands

A-Score: 5.1/10

Value: 3.9

Growth: 4.0

Quality: 5.8

Yield: 7.0

Momentum: 5.0

Volatility: 4.7

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Columbia Sportswear

A-Score: 4.6/10

Value: 5.6

Growth: 5.6

Quality: 6.2

Yield: 3.0

Momentum: 1.0

Volatility: 6.0

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Albany International

A-Score: 4.1/10

Value: 4.4

Growth: 4.9

Quality: 4.9

Yield: 3.0

Momentum: 2.0

Volatility: 5.3

1-Year Total Return ->

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Stock-Card
PVH

A-Score: 4.0/10

Value: 7.3

Growth: 4.3

Quality: 5.1

Yield: 0.0

Momentum: 3.5

Volatility: 4.0

1-Year Total Return ->

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Under Armour

A-Score: 3.4/10

Value: 7.6

Growth: 2.1

Quality: 5.1

Yield: 0.0

Momentum: 1.5

Volatility: 4.0

1-Year Total Return ->

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Peers Metrics

12.e Scoring Insights

12.f DCF BETA

Parameters

Short Term Growth

Short term Time

Long-Term Growth

WACC

Target Price

78.49$

Current Price

78.49$

Potential

-0.00%

Expected Cash-Flows