PVH Corp. (PVH) 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

+2.6%

$97.06

vs $94.64 price

Levered DCF

$71.78

After debt service

Piotroski score

6 / 9

Average

Altman Z-score

2.19

Grey zone

Rating

C+

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	118.49×	8.38×	11.05×	29.48×	7.06×	-5.16×	15.51×	11.18×
P/B	0.62×	0.98×	1.43×	1.18×	1.27×	1.24×	1.11×	1.43×
P/S	0.33×	0.58×	0.8×	0.65×	0.73×	0.82×	0.65×	0.86×
EV / EBITDA	12.68×	7.06×	8.18×	11.79×	6.78×	34.81×	12.06×	8.33×
Gross margin	57.5%	59.1%	58.0%	56.4%	58.1%	52.7%	54.1%	55.1%
Operating margin	7.3%	7.9%	10.3%	10.0%	10.6%	-0.7%	5.6%	9.9%
Net margin	0.3%	6.9%	7.2%	2.2%	10.4%	-15.9%	4.2%	7.7%
Current ratio	1.52×	1.27×	1.18×	1.29×	1.31×	1.53×	1.44×	1.71×
Debt / equity	0.9×	0.66×	0.69×	0.76×	0.75×	1.14×	0.8×	0.49×
Interest coverage	6.97×	7.08×	9.24×	10.05×	9.17×	-0.43×	4.69×	7.81×
Dividend yield	0.3%	0.2%	0.1%	0.2%	0.0%	0.0%	0.2%	0.1%
Payout ratio	29.6%	1.4%	1.4%	5.0%	0.3%	-0.2%	2.7%	1.6%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	0.5%	11.6%	13.0%	4.0%	18.0%	-24.0%	7.2%	12.8%
Return on invested capital	1.1%	6.4%	8.1%	4.9%	9.4%	-0.4%	4.3%	10.1%
Return on assets	0.2%	5.4%	5.9%	1.7%	7.7%	-8.6%	3.1%	6.3%
Free cash flow yield	18.1%	11.6%	9.9%	-4.2%	11.9%	8.0%	10.4%	5.7%
Earnings yield	0.9%	11.9%	9.0%	3.4%	14.2%	-19.4%	6.5%	8.9%
Enterprise value	$6.6B	$7.7B	$10.2B	$9.2B	$9.4B	$9.6B	$10.6B	$10.7B
Net debt / EBITDA	6.95×	2.44×	2.28×	4.21×	1.95×	13.58×	4.71×	1.85×
Cash conversion cycle (days)	83	74	65	82	43	66	87	98