# PVH Corp. (PVH)

> Source: Nexqual · https://nexqual.com/PVH · data as of 2026-10-22 20:00 UTC · cite as "Nexqual, PVH Corp. (PVH), nexqual.com/PVH" · informational, not investment advice.

**Price:** USD 84.26 (+0.80% on the day) · last close of Oct 22, 2026; US market pre market, not a live price. Prev close 83.59 · day 83.57–86.14 · 52w 59.6–100.75 · market cap $3.89B · NYQ

## Key facts
- Last four reported quarters (through Aug 2, 2026): revenue $8.92B, net income -$169M (-1.9% margin), free cash flow $715M (SEC filings).
- 4 of 80 tracked superinvestors hold PVH (13F, Q2 2026): 1 new, 2 added, 1 reduced, 0 unchanged.
- Insider open-market sales, last ~7 months: 1 Form 4 filings, $643K; 1 not under a Rule 10b5-1 plan ($643K); 0 by opportunistic insiders, 0 by routine insiders (three-year test, Cohen, Malloy & Pomorski 2012).
- Insider open-market purchases, last ~7 months: 1 Form 4 filing, $1.0M; 0 by opportunistic insiders, 0 by routine insiders.
- Analysts: Hold (mean 2.67 on a 1–5 scale) (12 analysts), mean target USD 92.82 (range 70–128).
- Total return with dividends: 1Y -2.6% vs S&P 500 +14.9%; 5Y -24.0% vs S&P 500 +80.3%.
- Next earnings: 2026-12-02, EPS estimate USD 2.63, revenue estimate $2.26B.

## Financials (SEC 10-K; TTM = last four 10-Q/10-K quarters)
| USD | FY2022 | FY2023 | FY2024 | FY2025 | FY2026 | TTM |
|---|---|---|---|---|---|---|
| Revenue | $9.15B | $9.02B | $9.22B | $8.65B | $8.95B | $8.92B |
| Gross profit | $5.32B | $5.12B | $5.36B | $5.14B | $5.15B | — |
| Operating income | $1.08B | $471M | $929M | $772M | $231M | $363M |
| Net income | $952M | $200M | $664M | $599M | $25.3M | -$169M |
| EPS (diluted) | $13.25 | $3.03 | $10.76 | $10.56 | $0.52 | — |
| Free cash flow | $803M | -$251M | $725M | $582M | $538M | $715M |
| Gross margin | 58.2% | 56.8% | 58.2% | 59.4% | 57.5% | — |
| Operating margin | 11.8% | 5.2% | 10.1% | 8.9% | 2.6% | 4.1% |
| Net margin | 10.4% | 2.2% | 7.2% | 6.9% | 0.3% | -1.9% |
| Revenue growth | +28.4% | -1.4% | +2.1% | -6.1% | +3.4% | — |
| Cash + short-term investments | $1.24B | $551M | $708M | $748M | $702M | — |
| Total debt | $2.35B | $2.29B | $2.17B | $2.09B | $2.30B | — |
Fiscal years end Feb. EPS is split-adjusted.

## Valuation (price ÷ last four quarters, through Aug 2, 2026)
P/S 0.4x · EV/EBITDA 8.4x · EV/Sales 0.6x · P/FCF 5.4x · P/B 0.8x · FCF yield 18.39% · Earnings yield -4.35% · Buyback yield (TTM) 0.45% · Net debt $1.28B · EV $5.17B
P/E at fiscal year-ends: Feb 2026 131.5x, Feb 2025 7.1x, Feb 2024 12.7x.

## Superinvestors (SEC 13F-HR, Q2 2026)
4 of 80 tracked investors hold PVH. Each row is the investor's latest 13F; change is vs their prior-quarter share count.
| Investor | Firm | % of portfolio | Value | Change |
|---|---|---|---|---|
| Alex Roepers | Atlantic Investment Management | 9.92% | $19.0M | Added +100.3% |
| Mason Hawkins | Southeastern Asset Management | 2.44% | $46.8M | Reduced -14.5% |
| Richard Pzena | Pzena Investment Management | 1.31% | $445M | Added +3.8% |
| David Einhorn | Greenlight Capital | 0.99% | $38.7M | New position |

## Insider sales (SEC Form 4, open-market, last ~7 months)
0 of 1 under a Rule 10b5-1 trading plan (scheduled in advance). Unplanned sales were timed by the insider.
| Trade date | Insider | Role | Shares | Value | % of holdings sold | 10b5-1 plan | Insider type |
|---|---|---|---|---|---|---|---|
| 2026-04-16…2026-04-17 | Fischer Mark D | EVP, General Counsel & Sec. | 6,939 | $643K | 24.8% | No | Too little history (no open-market trades in 2025) |
% of holdings sold = shares sold ÷ (shares sold + all holdings the insider reported on that Form 4, direct and through trusts).
Insider type follows Cohen, Malloy & Pomorski (Journal of Finance, 2012). An insider who traded the stock in the same calendar month in each of the past three years is a routine trader; one who traded in each of those years without such a pattern is an opportunistic trader. In their study, trades by opportunistic insiders predicted future returns and trades by routine insiders did not. Counts open-market purchases and sales only (SEC Form 4 codes P and S) by that insider in that company. Not investment advice.

## Insider purchases (SEC Form 4, open-market, last ~7 months)
1 purchase, $1.0M. Private placements, offerings, dividend reinvestment and employee stock purchase plan buys are excluded.
| Trade date | Insider | Role | Shares | Value | Avg price | Insider type |
|---|---|---|---|---|---|---|
| 2026-09-11 | Larsson Stefan | Chief Executive Officer | 14,179 | $1.0M | 70.53 | Too little history (no open-market trades in 2023 or 2024) |

## Analysts
Consensus Hold (mean 2.67 on a 1–5 scale), 12 analysts; mean target USD 92.82 (low 70, high 128).
Rating changes, last 120 days:
| Date | Firm | Action | Rating | Price target |
|---|---|---|---|---|
| 2026-10-14 | Jefferies | Target raised | Buy | $91 → $95 |
| 2026-09-03 | JP Morgan | Target lowered | Underweight | $84 → $83 |
| 2026-09-03 | Needham | Target lowered | Buy | $102 → $95 |
| 2026-08-04 | JP Morgan | Downgrade | Neutral → Underweight | $70 → $84 |
| 2026-06-25 | B of A Securities | Downgrade | Neutral → Underperform | $90 → $70 |

## Total return (dividends reinvested)
|  | 1Y (from 2025-10-23) | 5Y (from 2021-10-18) |
|---|---|---|
| Total return | -2.6% | -24.0% |
| S&P 500 (SPY) | +14.9% | +80.3% |
| Per year | -2.6% | -5.3% |
| Volatility (annualized) | 48.0% | 46.5% |
| Max drawdown | -30.6% (Apr 2026→Sep 2026) | -63.5% (Nov 2021→Sep 2022) |

## Peers (Apparel Manufacturing)
ZGN (Ermenegildo Zegna N.V.) USD 13.85 +7.20% · KTB (Kontoor Brands, Inc.) USD 77.78 +3.61% · FIGS (FIGS, Inc.) USD 20.46 +2.40% · COLM (Columbia Sportswear Company) USD 62.07 +4.30% · VFC (V.F. Corporation) USD 17.48 +1.92% · UAA (Under Armour, Inc.) USD 4.88 +4.50%

## More
Full page: https://nexqual.com/PVH · Free keyless MCP server with the same data and citations: https://mcp.nexqual.com/mcp · Guide for agents: https://nexqual.com/agents · https://nexqual.com/llms.txt

## Supply chain and relationships (SEC annual reports)

Named in PVH's own 10-K filed 2026-03-31 (https://www.sec.gov/Archives/edgar/data/78239/000007823926000021/pvh-20260201.htm):

| Relationship | Company | Sentence in the filing |
|---|---|---|
| Partner | Calvin Klein | "In these arrangements, Calvin Klein combines its design, marketing and branding skills with the specific manufacturing, distribution and geographic capabilities of its partners to develop, market and distribute these goo…" |
| Partner | PVH Legwear | "Our Americas segment includes the results of our Tommy Hilfiger wholesale and retail activities in the Americas, and our proportionate share of the net income or loss of our investments in our joint venture in Mexico and…" |
| Partner | Tommy Hilfiger | "Our Americas segment includes the results of our Tommy Hilfiger wholesale and retail activities in the Americas, and our proportionate share of the net income or loss of our investments in our joint venture in Mexico and…" |
| Partner | OpenAI | "We recently announced a partnership with OpenAI to integrate an enterprise ChatGPT platform throughout various aspects of our operations for which there can be no assurance that we will be fully successful in our utiliza…" |

## Revenue by business segment (quarter ended 2026-08-02)

| Line | Revenue | Share | YoY | Operating income | Op. margin |
|---|---|---|---|---|---|
| EMEA | $986.3M | 47.0% | -5.9% | $159.0M | 16.1% |
| Americas | $680.1M | 32.4% | -0.6% | $195.0M | 28.7% |
| APAC | $343.7M | 16.4% | +2.5% | $47.6M | 13.8% |
| Licensing | $86.9M | 4.1% | -12.7% | $73.6M | 84.7% |
| Total revenue | $2.10B | 100% | — | -$190.9M | -9.1% |

## Revenue by region (quarter ended 2025-11-02)

| Line | Revenue | Share | YoY |
|---|---|---|---|
| EMEA | $1.11B | 48.6% | +3.8% |
| Americas | $682.8M | 29.8% | +2.5% |
| Asia Pacific | $391.9M | 17.1% | -1.5% |
| Licensing | $105.7M | 4.6% | -10.7% |
| Total revenue | $2.29B | 100% | — |

## Company outlook (8-K filed 2026-09-02)

- "Full Year 2026 Guidance • Revenue: Reaffirming outlook of approximately flat on a reported basis (decrease slightly on a constant currency basis). • Operating margin: Reaffirming outlook of approximately 8.8% on a non-GAAP basis, flat compared to 8.8% in the prior year."
- "Operating margin on a GAAP basis was 2.6% in the prior year. • EPS: Reaffirming outlook in a range of $11.80 to $12.10 on a non-GAAP basis compared to $11.40 on a non-GAAP basis in the prior year."
- "The full year 2026 EPS projection includes an estimated positive impact of approximately $0.40 per share related to foreign currency translation, which is the same as prior guidance."
- "EPS on a non-GAAP basis for the prior year period excluded these amounts. • Net interest expense is projected to be approximately $70 million compared to $79 million in the prior year period."

## Analyst estimates and revisions

| Period | EPS est. | 90d ago | Change | Revenue est. | Analysts |
|---|---|---|---|---|---|
| Current quarter (ends 2026-10-31) | $2.63 | $2.99 | -12.2% | $2.26B | 12 |
| Next quarter (ends 2027-01-31) | $3.76 | $4.00 | -5.9% | $2.52B | 12 |
| Current fiscal year (ends 2027-01-31) | $12.07 | $12.03 | +0.3% | $8.91B | 12 |
| Next fiscal year (ends 2028-01-31) | $12.50 | $12.50 | -0.0% | $9.05B | 12 |

## Options: expected move (Cboe, 15-min delayed)

Expected move by 2026-12-18 (includes earnings 2026-12-02): ±15.1%; earnings reaction alone ±9.0%; last 8 reports averaged ±10.8%.

| Expiration | Days | ATM IV | Expected move |
|---|---|---|---|
| 2026-11-20 | 28 | 38.2% | ±8.7% |
| 2026-12-18 | 56 | 47.5% | ±15.1% |
| 2027-01-15 | 84 | 44.2% | ±17.1% |
| 2027-03-19 | 147 | 42.9% | ±21.9% |
| 2027-06-17 | 237 | 46.0% | ±29.6% |