Gildan Activewear Inc. (GIL.TO) Valuation

Valuation

Model-based estimates, not advice. The DCF is the discounted-cash-flow value per share; compare it with the price, not as a target.

DCF fair value

+3.7%

CA$59.36

vs CA$57.27 price

Levered DCF

CA$32.25

After debt service

Piotroski score

4 / 9

Average

Altman Z-score

1.76

Distress zone

Rating

Overall 2 / 5

Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
P/E	23.57×	19.11×	10.9×	9.3×	13.77×	-24.5×	23.26×	18.29×
P/B	2.69×	5.26×	2.97×	2.68×	4.35×	3.54×	3.29×	3.31×
P/S	2.6×	2.34×	1.82×	1.55×	2.86×	2.79×	2.14×	2.21×
EV / EBITDA	15.66×	12.49×	9.17×	8.21×	11.44×	-125.68×	15.71×	12.68×
Gross margin	30.2%	30.7%	27.5%	30.6%	32.2%	12.6%	24.9%	27.7%
Operating margin	19.8%	18.9%	20.1%	18.6%	22.3%	-9.1%	10.2%	13.9%
Net margin	11.0%	12.3%	16.7%	16.7%	20.8%	-11.4%	9.2%	12.1%
Current ratio	2.11×	2.22×	2.33×	2.69×	3.12×	4.29×	3.58×	3.99×
Debt / equity	1.3×	1.13×	0.55×	0.54×	0.38×	0.69×	0.51×	0.35×
Interest coverage	5.98×	7.24×	11.26×	16.33×	23.85×	-5.37×	9.01×	0×
Dividend yield	1.4%	1.7%	2.3%	2.5%	1.1%	0.6%	1.8%	1.5%
Payout ratio	33.9%	33.3%	24.7%	22.9%	14.9%	-13.6%	42.5%	27.0%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	11.4%	27.5%	27.3%	28.8%	31.6%	-14.5%	14.2%	18.1%
Return on invested capital	7.0%	15.1%	19.6%	19.5%	23.5%	-6.5%	10.3%	14.3%
Return on assets	3.9%	10.8%	15.2%	15.7%	19.4%	-7.5%	8.1%	11.7%
Free cash flow yield	5.0%	4.6%	5.8%	3.4%	5.8%	6.5%	3.7%	6.4%
Earnings yield	4.2%	5.2%	9.2%	10.8%	7.3%	-4.1%	4.3%	5.5%
Enterprise value	CA$13.9B	CA$9.2B	CA$6.8B	CA$5.9B	CA$8.9B	CA$6.1B	CA$6.9B	CA$7B
Net debt / EBITDA	4.89×	2.11×	1.34×	1.21×	0.7×	-11.9×	1.97×	1.12×
Cash conversion cycle (days)	256	160	168	151	103	117	153	143