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what it is
Movado sells watches through its own brands, licensed fashion labels, stores, and websites.
how it gets paid
Last year Movado made $653M in revenue. licensed brands watches was the main engine at $327M, or 50% of sales.
why it's growing
Revenue grew 260.0% last year. Gross margin held at 54.2%, which says the product still sells at premium pricing.
what just happened
The last reported quarter showed $0.62 in EPS on $480M of revenue, but the bigger story is how little of that strength shows up in the full-year $0.81.
At a glance
B+ balance sheet — decent shape, but not bulletproof
35/100 earnings predictability — expect surprises
9.6x trailing p/e — the market's not buying it — or you found a deal
6.0% dividend yield — cash in your pocket every quarter
3.8% return on capital — nothing to write home about
xvary composite: 56/100 — below average
What they do
Movado sells watches through its own brands, licensed fashion labels, stores, and websites.
This is a shelf-space business. If you walk into a department store, you already know Coach, Tommy Hilfiger, and HUGO BOSS, and Movado makes watches for all three. That licensed-brand lineup plus 61 outlet stores gives you distribution reach, but the numbers say the grip is loose: operating margin was just 4.5% in fiscal 2025.
How they make money
$653M
annual revenue · their business grew +260.0% last year
owned brands watches
$196M
licensed brands watches
$327M
company stores
$78M
e-commerce
$33M
after-sales and shipping
$19M
The products that matter
sells through retail partners
Wholesale
$522M · 80% of revenue
This is the core engine at $522M, and it declined 4.0% last year. When four-fifths of your revenue sits here, partner demand matters more than brand storytelling.
core revenue base
owned stores and e-commerce
Retail
$131M · 20% of revenue
Retail grew 3.1% last year, which is the better trend. The catch is scale: $131M is not yet large enough to offset weakness in the wholesale channel that pays most of the bills.
smaller bright spot
owned and licensed watch brands
brand portfolio
$653M business · 3.1% margin
Brands like Movado, Concord, Ebel, and Olivia Burton sit inside a $653M business. With operating margin at 3.1%, the portfolio is moving product, but it is not turning that into much operating profit.
margin pressure
Key numbers
$0.81
fy2024 eps est
$653M
fy2024 rev est
9.6x
trailing p/e
6.0%
dividend yield
Financial health
B+
strength
- balance sheet grade B+ — solid but not elite
- risk rank 3 — safer than 50% of stocks
- price stability 45 / 100
- long-term debt $63M (15% of capital)
B+ — functional but not a standout on the balance sheet.
Total return vs. market
Return history isn't available for MOV right now.
source: institutional data · return history unavailable
What just happened
beat estimates
The last reported quarter showed $0.62 in EPS on $480M of revenue, but the bigger story is how little of that strength shows up in the full-year $0.81 outlook.
Gross margin held at 54.2%, which says the product still sells at premium pricing. The problem is below gross profit: annual operating margin was only 4.5%, so revenue strength is not turning into much bottom-line muscle.
$480M
revenue
$0.62
eps
54.2%
gross margin
the number that mattered
The number that matters is 4.5% operating margin, because premium watches with 54.2% gross margin should convert into more profit than this.
source: company earnings report, 2026
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What could go wrong
Movado's risk is not abstract. It is a company with $522M of wholesale revenue, a 3.1% operating margin, and a 6.0% yield that investors notice because growth and returns are weak. If the core channel slips again, several parts of the thesis wobble at once.
high
wholesale stays soft
Wholesale produced $522M last year, or 80% of total revenue, and declined 4.0%. If the largest channel keeps shrinking, the business does not have another engine big enough to absorb the damage.
80% of revenue is tied to the weaker channel
high
margin compression keeps winning
Q2 2026 gross margin fell to 54.1%, down 20 basis points from a year ago. That sounds small until you put it next to a full-year operating margin of 3.1%. Thin-margin businesses do not get to shrug off slippage.
small margin cracks can hit earnings hard
med
dividend story weakens
A 6.0% yield looks generous. It also tells you income is doing real work in the thesis. If operating performance stays uneven, investors stop treating the payout like a feature and start treating it like a question.
income appeal fades fast if payout confidence slips
med
external noise gets louder
The page data points to Coach and investor-law-firm activity tied to Movado. This is not the main thesis, but for a $363M company with 35/100 earnings predictability, legal or partner noise can steal attention from the operating story fast.
small caps feel distractions more than giants do
When 80% of revenue comes from wholesale and operating margin is 3.1%, you do not need a disaster to hurt earnings. You need one more soft quarter.
source: institutional data · regulatory filings · risk analysis
Pay attention to
metric
operating margin above or below 3.1%
This is the number that changes the story. If margin moves up and holds, the cheap multiple starts to mean something. If it slips, the stock is cheap for exactly the reason it looks cheap.
calendar
Q4 and FY 2026 earnings release
Management has a late-march 2026 call on deck. You want full-year margin, cash position, and any signal on dividend durability.
risk
licensed-brand and investigation headlines
Coach exposure and investor-law-firm activity are not the core thesis, but they can turn a quiet small cap into a messier one fast.
trend
wholesale versus retail split
Wholesale fell 4.0% while retail grew 3.1%. If that gap narrows, the business mix gets healthier. If it widens, the core problem is still the core problem.
Analyst rankings
earnings predictability
35 / 100
in human-speak, analysts do not trust this earnings stream to stay smooth. Expect bumps, and expect small disappointments to matter.
risk rank
3
Risk rank 3 means this is not a disaster candidate, but it is not a bunker stock either. The balance sheet does more work here than the business quality does.
source: institutional data
Institutional activity
institutional ownership data for MOV is being compiled.
source: institutional data
Price targets
3-5 year target range
n/a
n/a
$21
current price
n/a
target midpoint · n/a from current
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