At a glance
PVH Corp is worth $3.93B, about 164 times its fiscal 2026 earnings. Revenue grew 3.4% to $8.95B in fiscal 2026, with 0.3% kept as profit; over 5 years it has grown 4.6% a year. It pays a 0.19% dividend yield, and returned $2.49B to shareholders in dividends and buybacks over FY2022–FY2026. The stock returned +1.8% over the past year with dividends reinvested and −4.7% a year over five years, against +11.5% and +11.7% for the S&P 500. At its worst it fell 66.5% in the 2020 crash (S&P 500: 33.7%) and 59.8% in the 2022 bear market (S&P 500: 24.5%), and was back at its earlier high 8 months and 14 months after the lows.
The business in plain English
PVH is one of the world's largest apparel companies, built around two brands it owns: Tommy Hilfiger and Calvin Klein. Together they brought in more than 95% of revenue in each of the two fiscal years through February 1, 2026. PVH designs and markets casual clothing, jeans, underwear, intimate apparel, swimwear, dress shirts, handbags, footwear and accessories. It also licenses names such as Van Heusen and Nike from their owners for certain products. It has about 26,000 employees and operates in more than 40 countries.
It earns money three ways. It sells wholesale, meaning in bulk to other retailers such as department and specialty stores, online sellers and off-price chains. It runs its own full-price and outlet stores, plus websites such as tommy.com. And it licenses its brands to other companies, including Movado for watches, Safilo for eyewear and TH Beauty for fragrance, in return for royalties (fees tied to the licensee's sales). PVH is also bringing in-house much of the North American women's wholesale business it once licensed to G-III Apparel Group, as those licenses expire through 2026.
In the fiscal year ended February 1, 2026, revenue was $8.95 billion. The EMEA segment (Europe, the Middle East and Africa) produced 47.7% of it, the Americas 30.6%, Asia-Pacific 16.9% and licensing 4.7%.
Price history
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PVH +1.8% over the year to Oct 28, 2026, total return with dividends reinvested.
How it makes money
By business segment
| EMEA Segment | $4.27B | 47.7% |
| Americas Segment | $2.74B | 30.6% |
| APAC Segment | $1.52B | 16.9% |
| Licensing Segment | $421.2M | 4.7% |
By geography
| EMEA | $4.34B | 48.5% |
| Americas | $3.06B | 34.2% |
| APAC | $1.55B | 17.3% |
Latest results
- In Q2 FY2027 (ended Aug 2, 2026), revenue was $2.10B, down 3.2% from a year earlier, and net income was $-102.9M (-145.9%).
- For fiscal 2026, revenue was $8.95B (+3.4% year over year; +4.6% a year from FY2021 to FY2026) with a 0.3% net margin.
Financial health check
| Revenue growth a year (FY2021–FY2026) | +4.6% watch |
|---|---|
| Operating margin | 2.6% weak |
| Free cash flow margin | 6% watch |
| Return on equity (FY2026) | 0.5% weak |
| Return on assets (FY2026) | 0.2% weak |
| Net cash (cash minus debt) | $-1.28B weak |
| Fiscal year | Revenue | Net income | Free cash flow |
|---|---|---|---|
| FY2021 | $7.13B | $-1.14B | $471.1M |
| FY2022 | $9.15B | $952.3M | $803.3M |
| FY2023 | $9.02B | $200.4M | $-250.9M |
| FY2024 | $9.22B | $663.6M | $724.7M |
| FY2025 | $8.65B | $598.5M | $582.2M |
| FY2026 | $8.95B | $25.3M | $538.4M |
Valuation snapshot
| Market value | $3.93B |
|---|---|
| P/E ratio | 163.9 |
| Dividend yield | 0.19% |
Rank among 1514 US companies
Market value at each year end
PVH’s market value went from $7.15B at the end of 2016 to $3.93B on Oct 28, 2026, down 45%; since the end of 2025 it is up 28%.
Show as a table
| Year end | Market value | Change |
|---|---|---|
| Oct 28, 2026 | $3.93B | +28.1% |
| 2025 | $3.07B | -47.8% |
| 2024 | $5.88B | -19.2% |
| 2023 | $7.28B | +62.8% |
| 2022 | $4.47B | -40.1% |
| 2021 | $7.46B | +11.8% |
| 2020 | $6.68B | -13.0% |
| 2019 | $7.67B | +9.0% |
| 2018 | $7.04B | -33.3% |
| 2017 | $10.56B | +47.6% |
| 2016 | $7.15B |
Price behavior
| YTD | 1 yr | 3 yr | 5 yr | 10 yr | |
|---|---|---|---|---|---|
| PVH price data to Oct 28, 2026 | +27.4% | +1.8% | +5.8% | -4.7% | -2.0% |
Show as a table
| Year | Price data |
|---|---|
| 2026 (to date) | +27.4% |
| 2025 | -36.5% |
| 2024 | -13.3% |
| 2023 | +73.3% |
| 2022 | -33.6% |
| 2021 | +13.6% |
| 2020 | -10.6% |
| 2019 | +13.3% |
| 2018 | -32.2% |
| 2017 | +52.3% |
| 2016 | +22.7% |
| 2015 | -42.5% |
| 2014 | -5.7% |
| 2013 | +22.7% |
| 2012 | +57.8% |
| 2011 | +12.2% |
| 2010 | +55.4% |
| 2009 | +103.2% |
| 2008 | -45.1% |
| 2007 | -26.3% |
| 2006 | +55.5% |
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Lost 71.7% over that stretch · deepest drop along the way 73.4%, back to its old high 15.8 months after the low |
|---|---|
| 2020 COVID crash stocks fell Feb 19, 2020 – Mar 23, 2020 | Lost 66.2% over that stretch · deepest drop along the way 66.5%, back to its old high 8.4 months after the low |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Lost 54.8% over that stretch · deepest drop along the way 59.8%, back to its old high 14.4 months after the low |
Insider activity
Form 4 filings from 2025-11-03 to 2026-11-03 (25 read): 1 open-market purchases ($1.0M) and 3 sales ($643K).
| Date | Insider | Type | Value |
|---|---|---|---|
| Sep 11, 2026 | Stefan Larsson Chief Executive Officer, Director | buy | $1.0M |
| Apr 17, 2026 | Mark D Fischer EVP, General Counsel & Sec. | sell | $233K |
| Apr 17, 2026 | Mark D Fischer EVP, General Counsel & Sec. | sell | $211K |
| Apr 16, 2026 | Mark D Fischer EVP, General Counsel & Sec. | sell | $198K |
Who owns it
Large shareholders (13G filings)
| PZENA INVESTMENT MANAGEMENT LLC | 13.4% | Jun 30, 2025 |
| FMR LLC | 9.5% | Sep 30, 2026 |
| BlackRock, Inc. | 9% | Jun 30, 2025 |
| Dimensional Fund Advisors LP | 6.3% | Jun 30, 2025 |
| Vanguard Capital Management | 5.27% | Mar 31, 2026 |
ETFs with the most weight in PVH
| FXD First Trust Consumer Discretionary AlphaDEX Fund | 1.34% |
| GRPM Invesco S&P MidCap 400 GARP ETF | 0.87% |
| FNK First Trust Mid Cap Value AlphaDEX Fund | 0.86% |
| SYLD Cambria Shareholder Yield ETF | 0.75% |
| FLOW Global X U.S. Cash Flow Kings 100 ETF | 0.71% |
| PAMC Pacer Lunt MidCap Multi-Factor Alternator ETF | 0.51% |
| GMOV GMO US Value ETF | 0.42% |
| FNX First Trust Mid Cap Core AlphaDEX Fund | 0.42% |
What could go wrong
- On China's unreliable entities list. After an investigation, China's Ministry of Commerce placed PVH on its List of Unreliable Entities. PVH warns this could lead to fines or limits on doing business in China, hurting revenue and profits.
- Two brands carry almost all sales. Tommy Hilfiger and Calvin Klein produced over 95% of revenue. If either brand loses appeal with shoppers or suffers damage to its reputation, PVH has little else to fall back on.
- Taking licensed lines back in-house. PVH is running much of the North American women's wholesale business it once licensed to G-III, its largest licensee. If it runs these lines less well, new profits may not replace the lost royalties.
- Reliance on a few large retailers. The five largest wholesale customers made up 16.6% of revenue in the fiscal year ended February 1, 2026. There are no long-term contracts, so store closures or retailer cutbacks can quickly reduce sales.
- Heavy reliance on Europe and currencies. Nearly half of revenue comes from Europe, the Middle East and Africa. Weak consumer spending there, or a stronger dollar shrinking the value of foreign sales, can hurt reported results.
- Debt and a lender test. As of August 2, 2026, PVH owed about $2.25 billion against $966 million of cash and investments. Its credit facilities include a financial covenant, a lender test that weaker results could make harder to pass.
Recent events
- Executive or board change
- Other company announcement
- Quarterly results released
- Other company announcement
- Executive or board change; Other company announcement
- Major agreement signed; Major agreement ended; New debt or financial obligation
- Executive or board change; Shareholder vote results
- Quarterly results released
- Other company announcement
- Quarterly results released
For income and retirement investors
PVH pays only a token dividend. Over the five fiscal years through February 1, 2026, dividends per share rose from $0.0375 to $0.15, but they have stayed at $0.15 for four straight years. The yield was 0.19% as of October 28, 2026. That payout used about 30% of sharply lower earnings but just 1.4% of free cash flow (cash left after running and investing in the business). For an income investor, the stock delivers very little cash. PVH returns money mainly through buybacks, or repurchases of its own shares: $2.45 billion over the same five years, against $38 million in dividends. Shares outstanding fell 35% between August 2021 and August 2026.
The stock has fallen hard in downturns: 73% in the 2008 financial crisis, 67% in the 2020 COVID crash and 60% in the 2022 bear market, taking about 8 to 16 months to recover each time. Single stocks carry more risk than diversified funds.
Questions investors ask
How does PVH make money?
PVH makes most of its money selling Tommy Hilfiger and Calvin Klein clothing and accessories. It sells wholesale to department stores, specialty shops, online retailers and off-price chains, and directly to shoppers through its own stores and websites. It also earns royalties by licensing its brands to other companies for products such as watches, eyewear and fragrance. In the fiscal year ended February 1, 2026, revenue was $8.95 billion. Europe, the Middle East and Africa contributed 47.7% of it, and licensing 4.7%.
Does PVH own Tommy Hilfiger and Calvin Klein?
Yes. PVH acquired Calvin Klein in February 2003 and Tommy Hilfiger in May 2010. The two brands, including labels such as Tommy Jeans, Calvin Klein Jeans and Calvin Klein Underwear, produced more than 95% of revenue in each of the two fiscal years through February 1, 2026. PVH does not own Van Heusen or Nike; it licenses those names for certain products. It owned Van Heusen until 2021, and it sold its Warner's, Olga and True&Co. women's intimates business in November 2023.
Does PVH pay a dividend?
Yes, but it is small. PVH paid $0.15 per share in the fiscal year ended February 1, 2026, the same as in each of the three years before, and the yield was 0.19% as of October 28, 2026. The company returns far more cash through buybacks: $577.7 million in that fiscal year, against $7.5 million in dividends. Investors who need steady income may find the payout too small to matter.
Why is PVH's P/E ratio so high?
Because its earnings collapsed. The price-to-earnings (P/E) ratio, which compares the share price with a year's profit per share, was 163.9 as of October 28, 2026. Diluted earnings per share fell to $0.52 in the fiscal year ended February 1, 2026, from $10.56 the year before, as net income dropped about 96% to $25.3 million even though revenue grew 3.4%. Free cash flow held up better, at $538.4 million. In the quarter ended August 2, 2026, PVH reported a net loss of $102.9 million.
How has PVH stock performed over the long term?
Weakly, and with large swings. As of October 28, 2026, the share price was down about 21% over five years and 18% over ten years, not counting the small dividend. Calendar-year results ranged from a 73% gain in 2023 to a 37% loss in 2025, and the stock was up 27% in 2026 through October 28. Its largest peak-to-trough drop in about 21 years of price history was 83%. One-year volatility, a measure of how much the price swings, was about 48%.