GIIIG III APPAREL GROUP LTD /DE/

Apparel & Other Finishd Prods Of Fabrics & Similar Matl

Revenue: $3.0B; 7.0% YoY
Operating margin: 3.7%; 60% YoY
EBITDA: $137M; 57% YoY
Market cap: $1.3B
Employees: —
Net debt / EBITDA: -3.8×; −$525M net debt
AI in 10-K: 1.7; mentions per 10K words

Takeover score 3 of 13

Fixable underperformance 1 of 7

TSR below peersNo
2 of 5 years
3+ of last 5 years
High CEO pay despite TSRNo
$17M median
Median CEO pay ≥ $15M while TSR trails
Earnings not backed by cashNo
4441× net income
Cash flow under 80% of net income
Dilutive SBCNo
1% of revenue
Over 10% of revenue
Payouts exceed cash flowNo
18% of cash flow
Buybacks + dividends over cash flow
Goodwill-heavyNo
0% of assets
Over 40% of assets
Shareholder dissentYes
75% lowest support
Any vote under 80% support

Buyer economics 2 of 4

Low revenue per employeeNo
—
Bottom quartile of its SIC industry
Quiet on AINo
1.7 per 10K words · 49th pct
Bottom quartile of AI mentions in 10-Ks
Net cashYes
Net cash · 3.8× EBITDA
More cash than debt, positive EBITDA
Buyout-sizedYes
$1.3B market cap
Market cap $500M–$5B

Catalysts 0 of 2

Active 13DNo
0 filings
Active-intent 13D in 18 months
Net insider sellingNo
−$2M net
Net sales over $10M in 12 months

Financials

Metric	FY2022	FY2023	FY2024	FY2025	FY2026	YoY	Trend
Revenue	$2.8B	$3.2B	$3.1B	$3.2B	$3.0B	7.0%
Operating income	$311M	−$109M	$283M	$293M	$108M	63%
Net income	$200K	−$134K	$175K	$193K	$67K	65%
Operating cash flow	$186M	−$105M	$588M	$316M	$299M	5.5%
Capex	$18M	$22M	$25M	$42M	$35M	15%
Stock-based comp	$17M	$32M	$17M	$29M	$23M	19%
Buybacks	$17M	$27M	$26M	$60M	$50M	17%
Dividends	—	—	—	—	$4M

Deal filings

None.

13D filers

None on file.

Insider trading

Open-market buys, 12 mo: $1M · 1
Open-market sells, 12 mo: $3M · 2
Net: −$2M

Pay vs performance

Year	CEO total comp	Comp actually paid	TSR (indexed)	Peer TSR
FY2026	$13M	$9M	109	57
FY2025	$17M	$14M	115	70
FY2024	$31M	$44M	111	76
FY2023	$6M	−$3M	63	92
FY2022	$25M	$26M	100	109