MeritValue

G III APPAREL GROUP LTD /DE/

GIIIdata completeness 100%17 fiscal years on file
The thesis, from the filings

G III APPAREL GROUP LTD /DE/ earns about 7% on invested capital, below its ~9% cost of capital, and has bought back 10% of its shares over 5 years — no moat visible in the numbers. The estimate methods put fair value between $41.02 and $377.41 a share.Whether it’s worth owning at today’s price is the last question — and yours to answer, below.

i. The business — what you’d actually own
FigureFY 2022FY 2023FY 2024FY 2025FY 2026
Revenue$2.77B1$3.23B2$3.1B3$3.18B3$2.96B3
Net income$200.6M4−$133.1M5$176.2M6$193.6M6$67.4M6
Operating cash flow$185.8M7−$104.6M8$587.6M9$316.4M9$299.1M9
Capital expenditure$18.3M10$21.5M11$24.7M12$41.5M12$35.2M12
Free cash flow (derived)$167.5M7−$126.1M8$562.9M9$274.9M9$263.9M9
Total debt$515.3M13$483.8M14$402.8M15$3.05M16$4.64M16
Cash & equivalents$466M17$191.7M18$507.8M19$181.4M20$406.7M20
Diluted shares49.5M47.7M47.0M46.1M44.5M

Superscripts are receipts. Each links to the SEC filing the number came from (full list at the bottom).

ii. Your slice — ownership made literal
If you owned
shares
Net assets behind them
$395.54
your share of equity
Profit it earned you last year
$15.13
Free cash flow it threw off
$59.3
Debt you’d be carrying
$1.04

10 shares is a claim on $395.54 of net worth that earned you $15.13 and generated $59.3 of cash last year, against $1.04 of debt.

iii. Is this a good business?
Moat signal · return on invested capital
7% avg · 5y
FY22 13%FY23 -7%FY24 12%FY25 13%FY26 5%

It earned about 7% on invested capital against a ~9% cost of capital — below the cost of funding. The numbers show no moat.

seeing a moat in the numbers →
Management signal · capital allocation
−10% shares · 5y

Share count is down 10% over 5 years — management has been buying back stock, quietly handing owners a bigger slice. Total debt has fallen 99% — deleveraging.

reading capital allocation →

Signals, not verdicts — read from the filings above. Numbers don’t prove a moat; they show its footprint. You decide.

iv. What it’s worth — engine v0.1.0

The 3 estimate methods that apply put fair value between $41.02 and $377.41 a share. They rest on different assumptions, so where they diverge is the story; the Graham Number is a stricter floor, not a target.

DCF · Growth Exit 10Y
$377.41
assumptions (10)
  • riskFreeRate4.7%
  • equityRiskPremium5.0%
  • beta100.0%
  • equityWeight85.0%
  • costOfDebtSpread1.5%
  • taxRate21.0%
  • terminalGrowth2.5%
  • projectionYears10
  • fcfGrowth20.0%
  • fcfBase$274.9M
DCF · Growth Exit 5Y
$210.41
assumptions (10)
  • riskFreeRate4.7%
  • equityRiskPremium5.0%
  • beta100.0%
  • equityWeight85.0%
  • costOfDebtSpread1.5%
  • taxRate21.0%
  • terminalGrowth2.5%
  • projectionYears5
  • fcfGrowth20.0%
  • fcfBase$274.9M
Earnings Power Value
$41.02
assumptions (8)
  • riskFreeRate4.7%
  • equityRiskPremium5.0%
  • beta100.0%
  • equityWeight85.0%
  • costOfDebtSpread1.5%
  • taxRate21.0%
  • normalizedEarnings$176.2M
  • growthAssumed0.0%
Graham Number
$36.66
assumptions (1)
  • grahamMultiplier2250.0%

Different models answer different questions — which to trust when →

v. The price question — last, on purpose
Is today’s price fair?
See live price ↗
Type a price. The ledger answers.
Or set your own belief
FCF growth, next 5 years20.0%
Discount rate (WACC)8.93%
Terminal growth2.5%
At your growth, a share is worth $210.41
The three cases
Bear0.0%$97.28
Base20.0%$210.41
Bull20.0%$210.41

Bear/base/bull growth = 0% / filed history / history + 5pp. Type a price to see the return each case implies.

Default growth 20.0%= this company’s own filed history (median-to-median FCF CAGR, clamped 0–20%). Your adjustments are recorded anonymously. They become the “what do owners actually believe” dataset.

Sources — the receipts
  1. 10-K · period ending 2022-01-31 · accession 0001558370-24-003856 (RevenueFromContractWithCustomerIncludingAssessedTax)
  2. 10-K · period ending 2023-01-31 · accession 0001558370-25-003540 (RevenueFromContractWithCustomerIncludingAssessedTax)
  3. 10-K · period ending 2024-01-31 · accession 0001104659-26-033891 (RevenueFromContractWithCustomerIncludingAssessedTax)
  4. 10-K · period ending 2022-01-31 · accession 0001558370-24-003856 (NetIncomeLoss)
  5. 10-K · period ending 2023-01-31 · accession 0001558370-25-003540 (NetIncomeLoss)
  6. 10-K · period ending 2024-01-31 · accession 0001104659-26-033891 (NetIncomeLoss)
  7. 10-K · period ending 2022-01-31 · accession 0001558370-24-003856 (NetCashProvidedByUsedInOperatingActivities)
  8. 10-K · period ending 2023-01-31 · accession 0001558370-25-003540 (NetCashProvidedByUsedInOperatingActivities)
  9. 10-K · period ending 2024-01-31 · accession 0001104659-26-033891 (NetCashProvidedByUsedInOperatingActivities)
  10. 10-K · period ending 2022-01-31 · accession 0001558370-24-003856 (PaymentsToAcquireProductiveAssets)
  11. 10-K · period ending 2023-01-31 · accession 0001558370-25-003540 (PaymentsToAcquireProductiveAssets)
  12. 10-K · period ending 2024-01-31 · accession 0001104659-26-033891 (PaymentsToAcquireProductiveAssets)
  13. 10-K · period ending 2022-01-31 · accession 0001558370-23-004739 (LongTermDebt)
  14. 10-K · period ending 2023-01-31 · accession 0001558370-24-003856 (LongTermDebt)
  15. 10-K · period ending 2024-01-31 · accession 0001558370-25-003540 (LongTermDebt)
  16. 10-K · period ending 2025-01-31 · accession 0001104659-26-033891 (LongTermDebt)
  17. 10-K · period ending 2022-01-31 · accession 0001558370-23-004739 (CashAndCashEquivalentsAtCarryingValue)
  18. 10-K · period ending 2023-01-31 · accession 0001558370-24-003856 (CashAndCashEquivalentsAtCarryingValue)
  19. 10-K · period ending 2024-01-31 · accession 0001558370-25-003540 (CashAndCashEquivalentsAtCarryingValue)
  20. 10-K · period ending 2025-01-31 · accession 0001104659-26-033891 (CashAndCashEquivalentsAtCarryingValue)