How does pvh corp. make money?

pvh corp. generates $8.7B in annual revenue (annual revenue · their business grew -6.1% last year).

What is PVH's XVARY composite score?

pvh corp. (PVH) has an XVARY composite score of 64/100, rated average. This combines growth, value, risk, and momentum factors.

PVH — pvh corp. stock analysis

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what it is

PVH sells clothes, underwear, bags, and accessories through Calvin Klein and Tommy Hilfiger around the world.

how it gets paid

Last year Pvh made $8.7B in revenue. Calvin Klein was the main engine at $3.92B, or 45% of sales.

why growth slowed
Revenue fell 6.1% last year. The 13.2% EPS beat mattered most because it shows cost discipline is doing real work even while annual revenue was $8.7B and down 6.1% in.

what just happened

PVH posted a clean quarter with $2.83 in EPS, ahead of the $2.50 consensus.

At a glance

B++ balance sheet — above average — nothing keeping you up at night

20/100 earnings predictability — expect surprises

6.2x trailing p/e — the market's not buying it — or you found a deal

0.2% dividend yield — cash in your pocket every quarter

10.5% return on capital — nothing to write home about

xvary composite: 64/100 — average

What they do

PVH sells clothes, underwear, bags, and accessories through Calvin Klein and Tommy Hilfiger around the world.

This is a two-brand machine. Calvin Klein and Tommy Hilfiger made over 90% of fiscal 2024 revenue, and PVH runs about 1,400 stores across the U.S., Canada, Europe, Asia-Pacific, and Brazil. Brand equity → people pay for the logo and familiarity → so your customer can switch shirts faster than they switch identities.

consumer mid-cap apparel-brands brand-power global-retail

How they make money

$8.7B annual revenue · their business grew -6.1% last year

Calvin Klein

$3.92B

Tommy Hilfiger

$3.92B

Heritage and other

$0.87B

The products that matter

global lifestyle apparel brand

Calvin Klein

part of the $6.4B revenue base

this is one of the two brands carrying the full $6.4B business. recent quarterly commentary pointed to continued strength in underwear and fashion denim.

brand driver

global lifestyle apparel brand

Tommy Hilfiger

part of the $6.4B revenue base

Tommy Hilfiger is the other half of the revenue base, and management cited 1% growth in the latest brand update. When these brands move, the company moves.

co-core

Key numbers

6.2x

trailing p/e

P/E → how many dollars you pay for $1 of earnings → so what: you are paying a bargain-bin multiple for a company that earned $11.74 a share in fiscal 2024.

10.0%

operating margin

Operating margin → profit after running the business, before interest and taxes → so what: PVH keeps 10 cents from every sales dollar before financing costs.

$2.2B

long-term debt

Debt → money the company owes → so what: the balance sheet is fine at B++, but $2.2B still matters for a company worth about $3B.

10.5%

return on capital

Return on capital → how well management turns invested money into operating profit → so what: PVH is decent here, but not elite for a branded apparel company.

Financial health

B++

strength

balance sheet grade B++ — above average financial health
risk rank 3 — safer than 50% of stocks
price stability 25 / 100
long-term debt $2.2B (42% of capital)
net profit margin 7.2% — keeps 7 cents of every dollar in revenue
return on equity 14% — $0.14 profit for every $1 investors have put in

B++ — functional but not a standout on the balance sheet.

Total return vs. market

You invested $10,000 in PVH 3 years ago → it's now worth $8,940.

The index would have given you $14,770.

same period. same starting point. PVH trailed the market by $5,830.

source: institutional data · total return

What just happened

beat estimates

PVH posted a clean quarter with $2.83 in EPS, ahead of the $2.50 consensus.

Third-quarter sales were $2.294B, up 2% vs. prior year, with Americas up 2% and EMEA up 4% while Asia-Pacific slipped 1%. Gross margin from the latest annual filing was 57.5%, which tells you the brands still have pricing power even when revenue growth looks sleepy.

$2.29B

revenue

$2.83

eps

57.5%

gross margin

the number that mattered

The 13.2% EPS beat mattered most because it shows cost discipline is doing real work even while annual revenue was $8.7B and down 6.1% in the filing data.

pvh corp. reported solid fiscal third-quarter (ended november 2nd) results.
sales of $2.294 billion represented a 2% vs. prior year increase, driving non-gaap earnings per share of $2.83, easily surpassing leadership’s projection of between $2.35 and $2.50.
the americas segment posted a 2% increase compared to the year-ago period, driven by growth in the wholesale business that was partially offset by weakness in the direct-toconsumer business.
the emea (europe, middle east, and africa) segment improved by 4%, while asia-pacific sales slipped 1%, despite sequential improvement out of china.
in terms of revenue performance for the global brands, tommy hilfiger posted 1% growth, delivering modest gains in core lifestyle categories as a result of its racing club campaign, while calvin klein increased 2% on continued strength in underwear and fashion denim.

management tweaked its fiscal 2025 (ends january 26, 2026) sales and earnings outlook slightly higher. it outlined a low-single-digit revenue increase (previously flat to slightly improved) compared to fiscal 2024, and non-gaap share earnings of between $10.85 and $11.00 (previously $10.75-$11.00). the $0.10 increase in the low end of the earnings range derives from a slightly reduced impact on operating income from tariffs. pvh continues to leverage its network of global sourcing partners that spans more than 30 countries to help mitigate production costs. separately, the projection includes an estimated positive impact of approximately $0.45 per share related to foreign-currency translation.

source: company earnings report, 2026

What could go wrong

the #1 risk is brand demand slipping at calvin klein and tommy hilfiger.

∘

med

two-brand concentration

All $6.4B of revenue comes from Calvin Klein and Tommy Hilfiger. That is focus, but it also means there is no third engine if one brand stumbles.

A demand miss is not isolated here — it hits the whole company.

∘

med

china and asia-pacific pressure

Asia-Pacific sales slipped 1% in the latest update, even with sequential improvement in China. The MOFCOM investigation adds another layer of uncertainty.

If China stays soft, one of the main global growth levers remains stuck.

∘

med

tariffs and sourcing costs

PVH uses a sourcing network spanning more than 30 countries to manage production costs. That helps, but it does not make tariff risk disappear.

Management already said a smaller tariff hit improved the low end of EPS guidance by $0.10. That tells you tariff moves matter.

∘

med

direct-to-consumer weakness

The Americas still grew 2%, but wholesale did the heavier lifting while direct-to-consumer was weaker. That's not the mix shift you want from a brand owner.

If DTC stays soft, margins and brand control can erode even if revenue holds up.

all $6.4B of revenue sits on two discretionary brands, and even a modest tariff change already moved the EPS outlook by $0.10 at the low end.

source: institutional data · regulatory filings · risk analysis

Pay attention to

risk

mofcom investigation outcome

watch for the final resolution and any financial or brand impact tied to china's ministry of commerce process.

metric

direct-to-consumer versus wholesale mix

the latest quarter showed weaker direct-to-consumer and stronger wholesale. you want to see that reverse, or at least stabilize.

calendar

fiscal 2025 guidance follow-through

management is guiding to low-single-digit sales growth and $10.85–$11.00 in EPS. the next print tells you whether that range is durable.

trend

brand momentum in asia-pacific

asia-pacific was down 1% last quarter. one good quarter will not fix the narrative, but a second weak one keeps the pressure on the stock.

Analyst rankings

short-term outlook

top 20%

momentum score 2 — analysts expect above-average price performance in the year ahead. in human-speak, they think the stock has bounce potential.

risk profile

average

stability score 3 — neither especially safe nor especially dangerous. you are taking normal equity risk, not bunker-stock risk.

chart momentum

top 20%

technical score 2 — price action has improved enough that analysts see above-average near-term momentum.

earnings predictability

20 / 100

earnings predictability is low. translation: expect revisions, surprises, and a stock that reacts hard when guidance changes.

source: institutional data

Institutional activity

institutions have been net selling for 3 consecutive quarters — 156 buyers vs. 201 sellers in 3q2025. total institutional holdings: 53.7M shares. net selling for 3 quarters.

source: institutional data · 1q2025-3q2025

source: institutional data

Price targets

3-5 year target range

$53 $127

$68 current price

$90 target midpoint · +32% from current · 3-5yr high: $165 (+140% · 25% ann'l return)

source: institutional data · analyst targets

The deep dive

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bull / base / bear scenarios

competitive moat breakdown

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operating model projections

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