Gildan Activewear Inc.
GILdata completeness 100%10 fiscal years on fileData notes: no data for concept 'interestExpense'
Gildan Activewear Inc. earns about 17% on invested capital, comfortably above its ~9% cost of capital, and has bought back 4% of its shares over 5 years — the marks of a durable business run for its owners. The estimate methods put fair value between $3.65 and $29.86 a share.Whether it’s worth owning at today’s price is the last question — and yours to answer, below.
| Figure | FY 2022 | FY 2023 | FY 2023 | FY 2024 | FY 2025 |
|---|---|---|---|---|---|
| Revenue | $2.92B1 | $3.24B2 | $3.2B3 | $3.27B4 | $3.62B4 |
| Net income | $607.2M5 | $541.5M6 | $533.6M7 | $400.9M8 | $398.9M8 |
| Operating cash flow | $617.5M9 | $413.5M10 | $546.6M11 | $501.4M12 | $606.3M12 |
| Capital expenditure | $127.5M13 | $239.1M14 | $203.3M15 | $145.3M16 | $106.4M16 |
| Free cash flow (derived) | $490.1M9 | $174.4M10 | $343.3M11 | $356.1M12 | $499.9M12 |
| Total debt | $600M17 | $930M18 | $985M19 | $1.54B20 | $4.31B20 |
| Cash & equivalents | $179.2M21 | $150.4M22 | $89.6M22 | $98.8M23 | $284.5M23 |
| Diluted shares | 192.3M | 179.7M | 170.0M | 152.4M | 185.2M |
Superscripts are receipts. Each links to the SEC filing the number came from (full list at the bottom).
10 shares is a claim on $192.39 of net worth that earned you $21.54 and generated $27 of cash last year, against $232.98 of debt.
It earned about 17% on invested capital against a ~9% cost of capital — comfortably above the cost of funding, a moderate advantage.
seeing a moat in the numbers →Share count is down 4% over 5 years — management has been buying back stock, quietly handing owners a bigger slice. Total debt has risen 619% over the same window.
reading capital allocation →Signals, not verdicts — read from the filings above. Numbers don’t prove a moat; they show its footprint. You decide.
The 3 estimate methods that apply put fair value between $3.65 and $29.86 a share. They rest on different assumptions, so where they diverge is the story; the Graham Number is a stricter floor, not a target.
assumptions (10)
- riskFreeRate4.7%
- equityRiskPremium5.0%
- beta100.0%
- equityWeight85.0%
- costOfDebtSpread1.5%
- taxRate21.0%
- terminalGrowth2.5%
- projectionYears10
- fcfGrowth0.0%
- fcfBase$356.1M
assumptions (10)
- riskFreeRate4.7%
- equityRiskPremium5.0%
- beta100.0%
- equityWeight85.0%
- costOfDebtSpread1.5%
- taxRate21.0%
- terminalGrowth2.5%
- projectionYears5
- fcfGrowth0.0%
- fcfBase$356.1M
assumptions (8)
- riskFreeRate4.7%
- equityRiskPremium5.0%
- beta100.0%
- equityWeight85.0%
- costOfDebtSpread1.5%
- taxRate21.0%
- normalizedEarnings$533.6M
- growthAssumed0.0%
assumptions (1)
- grahamMultiplier2250.0%
Different models answer different questions — which to trust when →
| Bear | 0.0% | $5.71 |
| Base | 0.0% | $5.71 |
| Bull | 5.0% | $12.36 |
Bear/base/bull growth = 0% / filed history / history + 5pp. Type a price to see the return each case implies.
Default growth 0.0%= 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.
- 40-F · period ending 2022-01-02 · accession 0001061894-23-000007 (Revenue)
- 40-F · period ending 2023-01-01 · accession 0001061894-24-000010 (Revenue)
- 40-F · period ending 2023-12-31 · accession 0001061894-25-000007 (Revenue)
- 40-F · period ending 2024-12-29 · accession 0001061894-26-000006 (Revenue)
- 40-F · period ending 2022-01-02 · accession 0001061894-23-000007 (ProfitLossAttributableToOwnersOfParent)
- 40-F · period ending 2023-01-01 · accession 0001061894-24-000010 (ProfitLossAttributableToOwnersOfParent)
- 40-F · period ending 2023-12-31 · accession 0001061894-25-000007 (ProfitLossAttributableToOwnersOfParent)
- 40-F · period ending 2024-12-29 · accession 0001061894-26-000006 (ProfitLossAttributableToOwnersOfParent)
- 40-F · period ending 2022-01-02 · accession 0001061894-23-000007 (CashFlowsFromUsedInOperatingActivities)
- 40-F · period ending 2023-01-01 · accession 0001061894-24-000010 (CashFlowsFromUsedInOperatingActivities)
- 40-F · period ending 2023-12-31 · accession 0001061894-25-000007 (CashFlowsFromUsedInOperatingActivities)
- 40-F · period ending 2024-12-29 · accession 0001061894-26-000006 (CashFlowsFromUsedInOperatingActivities)
- 40-F · period ending 2022-01-02 · accession 0001061894-23-000007 (PurchaseOfPropertyPlantAndEquipmentClassifiedAsInvestingActivities)
- 40-F · period ending 2023-01-01 · accession 0001061894-24-000010 (PurchaseOfPropertyPlantAndEquipmentClassifiedAsInvestingActivities)
- 40-F · period ending 2023-12-31 · accession 0001061894-25-000007 (PurchaseOfPropertyPlantAndEquipmentClassifiedAsInvestingActivities)
- 40-F · period ending 2024-12-29 · accession 0001061894-26-000006 (PurchaseOfPropertyPlantAndEquipmentClassifiedAsInvestingActivities)
- 40-F · period ending 2022-01-02 · accession 0001061894-23-000007 (Borrowings)
- 40-F · period ending 2023-01-01 · accession 0001061894-24-000010 (Borrowings)
- 40-F · period ending 2023-12-31 · accession 0001061894-25-000007 (Borrowings)
- 40-F · period ending 2024-12-29 · accession 0001061894-26-000006 (Borrowings)
- 40-F · period ending 2022-01-02 · accession 0001061894-24-000010 (CashAndCashEquivalents)
- 40-F · period ending 2023-01-01 · accession 0001061894-25-000007 (CashAndCashEquivalents)
- 40-F · period ending 2024-12-29 · accession 0001061894-26-000006 (CashAndCashEquivalents)