PVHPVH CORP. /DE/

Men's & Boys' Furnishgs, Work Clothg, & Allied Garments

Revenue: $9.0B; 3.4% YoY
Operating margin: 2.6%; 71% YoY
EBITDA: $503M; 52% YoY
Market cap: $4.2B
Employees: 26,000; $344K revenue each
Net debt / EBITDA: 2.5×; $1.3B net debt
AI in 10-K: 0.7; mentions per 10K words

Takeover score 1 of 13

Fixable underperformance 0 of 7

TSR below peersNo
0 of 5 years
3+ of last 5 years
High CEO pay despite TSRNo
$16M median
Median CEO pay ≥ $15M while TSR trails
Earnings not backed by cashNo
27× net income
Cash flow under 80% of net income
Dilutive SBCNo
0% of revenue
Over 10% of revenue
Payouts exceed cash flowNo
85% of cash flow
Buybacks + dividends over cash flow
Goodwill-heavyNo
14% of assets
Over 40% of assets
Shareholder dissentNo
95% lowest support
Any vote under 80% support

Buyer economics 1 of 4

Low revenue per employeeNo
$344K per employee
Bottom quartile of its SIC industry
Quiet on AINo
0.7 per 10K words · 26th pct
Bottom quartile of AI mentions in 10-Ks
Net cashNo
2.5× EBITDA net debt
More cash than debt, positive EBITDA
Buyout-sizedYes
$4.2B market cap
Market cap $500M–$5B

Catalysts 0 of 2

Active 13DNo
0 filings
Active-intent 13D in 18 months
Net insider sellingNo
$358K net
Net sales over $10M in 12 months

Financials

Metric	FY2022	FY2023	FY2024	FY2025	FY2026	YoY	Trend
Revenue	$9.2B	$9.0B	$9.2B	$8.7B	$9.0B	3.4%
Operating income	$1.1B	$471M	$929M	$772M	$231M	70%
Net income	$952M	$200M	$664M	$599M	$25M	96%
Operating cash flow	$1.1B	$39M	$969M	$741M	$680M	8.2%
Capex	$268M	$290M	$245M	$159M	$142M	11%
Stock-based comp	$47M	$47M	$52M	$54M	$44M	18%
Buybacks	$361M	$419M	$570M	$525M	$578M	10%

Deal filings

None.

13D filers

None on file.

Insider trading

Open-market buys, 12 mo: $1M · 1
Open-market sells, 12 mo: $643K · 3
Net: $358K

Pay vs performance

Year	CEO total comp	Comp actually paid	TSR (indexed)	Peer TSR
FY2026	$16M	−$1M	74	69
FY2025	$16M	$1M	103	85
FY2024	$16M	$31M	140	79
FY2023	$12M	$10M	101	89
FY2022	$15M	$15M	107	96