MeritValue

PVH CORP. /DE/

PVHdata completeness 100%18 fiscal years on file
The thesis, from the filings

PVH CORP. /DE/ earns about 7% on invested capital, below its ~9% cost of capital, and has bought back 33% of its shares over 5 years — no moat visible in the numbers. The estimate methods put fair value between $127.88 and $194.82 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$9.15B1$9.02B2$9.22B3$8.65B3$8.95B3
Net income$952.3M4$200.4M5$663.6M6$598.5M6$25.3M6
Operating cash flow$1.07B7$39.2M8$969.4M9$740.9M9$680.4M9
Capital expenditure$267.9M10$290.1M11$244.7M12$158.7M12$142M12
Free cash flow (derived)$803.3M7−$250.9M8$724.7M9$582.2M9$538.4M9
Total debt$4.72B13$4.62B14$4.34B15$4.18B16$4.61B16
Cash & equivalents$1.24B17$550.7M18$707.6M19$748M20$701.5M20
Diluted shares71.9M66.2M61.7M56.7M48.5M

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
$988.1
your share of equity
Profit it earned you last year
$5.22
Free cash flow it threw off
$111.01
Debt you’d be carrying
$950.31

10 shares is a claim on $988.1 of net worth that earned you $5.22 and generated $111.01 of cash last year, against $950.31 of debt.

iii. Is this a good business?
Moat signal · return on invested capital
7% avg · 5y
FY22 12%FY23 3%FY24 8%FY25 8%FY26 1%

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
−33% shares · 5y

Share count is down 33% over 5 years — management has been buying back stock, quietly handing owners a bigger slice. Total debt has held roughly steady.

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 $127.88 and $194.82 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
$194.82
assumptions (10)
  • riskFreeRate4.7%
  • equityRiskPremium5.0%
  • beta100.0%
  • equityWeight85.0%
  • costOfDebtSpread1.5%
  • taxRate21.0%
  • terminalGrowth2.5%
  • projectionYears10
  • fcfGrowth7.3%
  • fcfBase$582.2M
DCF · Growth Exit 5Y
$154.36
assumptions (10)
  • riskFreeRate4.7%
  • equityRiskPremium5.0%
  • beta100.0%
  • equityWeight85.0%
  • costOfDebtSpread1.5%
  • taxRate21.0%
  • terminalGrowth2.5%
  • projectionYears5
  • fcfGrowth7.3%
  • fcfBase$582.2M
Earnings Power Value
$127.88
assumptions (8)
  • riskFreeRate4.7%
  • equityRiskPremium5.0%
  • beta100.0%
  • equityWeight85.0%
  • costOfDebtSpread1.5%
  • taxRate21.0%
  • normalizedEarnings$598.5M
  • growthAssumed0.0%
Graham Number
$34
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 years7.3%
Discount rate (WACC)8.93%
Terminal growth2.5%
At your growth, a share is worth $154.36
The three cases
Bear0.0%$90.94
Base7.3%$154.36
Bull12.3%$208.2

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

Default growth 7.3%= 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 2022-01-30 · accession 0000078239-24-000013 (Revenues)
  2. 10-K · period ending 2023-01-29 · accession 0000078239-25-000018 (Revenues)
  3. 10-K · period ending 2024-02-04 · accession 0000078239-26-000021 (Revenues)
  4. 10-K · period ending 2022-01-30 · accession 0000078239-24-000013 (NetIncomeLoss)
  5. 10-K · period ending 2023-01-29 · accession 0000078239-25-000018 (NetIncomeLoss)
  6. 10-K · period ending 2024-02-04 · accession 0000078239-26-000021 (NetIncomeLoss)
  7. 10-K · period ending 2022-01-30 · accession 0000078239-24-000013 (NetCashProvidedByUsedInOperatingActivities)
  8. 10-K · period ending 2023-01-29 · accession 0000078239-25-000018 (NetCashProvidedByUsedInOperatingActivities)
  9. 10-K · period ending 2024-02-04 · accession 0000078239-26-000021 (NetCashProvidedByUsedInOperatingActivities)
  10. 10-K · period ending 2022-01-30 · accession 0000078239-24-000013 (PaymentsToAcquirePropertyPlantAndEquipment)
  11. 10-K · period ending 2023-01-29 · accession 0000078239-25-000018 (PaymentsToAcquirePropertyPlantAndEquipment)
  12. 10-K · period ending 2024-02-04 · accession 0000078239-26-000021 (PaymentsToAcquirePropertyPlantAndEquipment)
  13. 10-K · period ending 2022-01-30 · accession 0000078239-23-000014 (LongTermDebtNoncurrent)
  14. 10-K · period ending 2023-01-29 · accession 0000078239-24-000013 (LongTermDebtNoncurrent)
  15. 10-K · period ending 2024-02-04 · accession 0000078239-25-000018 (LongTermDebtNoncurrent)
  16. 10-K · period ending 2025-02-02 · accession 0000078239-26-000021 (LongTermDebtNoncurrent)
  17. 10-K · period ending 2022-01-30 · accession 0000078239-23-000014 (CashAndCashEquivalentsAtCarryingValue)
  18. 10-K · period ending 2023-01-29 · accession 0000078239-24-000013 (CashAndCashEquivalentsAtCarryingValue)
  19. 10-K · period ending 2024-02-04 · accession 0000078239-25-000018 (CashAndCashEquivalentsAtCarryingValue)
  20. 10-K · period ending 2025-02-02 · accession 0000078239-26-000021 (CashAndCashEquivalentsAtCarryingValue)