# Apparel Manufacturing — company-by-company sector analysis

> Apparel Manufacturing: V.F. Corporation owns the largest revenue base; Gildan Activewear Inc. has the fastest current growth.

Sector Alpha — machine-written from the numbers. Data as of 2026-07-28. Not investment advice.

## Bottom line

Apparel Manufacturing has outperformed S&P 500 by 17% over 52 weeks and 9.1% over 13 weeks. 10 of 16 covered companies beat the S&P 500 on Mansfield relative strength, while 5 of 16 beat the sector itself. V.F. Corporation leads with revenue of $9,606 million, based on 13 of 16 comparable companies through Mar 2026.

### Is the Apparel Manufacturing sector outperforming S&P 500?

Apparel Manufacturing has outperformed S&P 500 by 17% over 52 weeks and 9.1% over 13 weeks. 10 of 16 covered companies beat the S&P 500 on Mansfield relative strength, while 5 of 16 beat the sector itself.

### Which Apparel Manufacturing company is largest by revenue?

V.F. Corporation leads with revenue of $9,606 million, based on 13 of 16 comparable companies through Mar 2026.

### Which Apparel Manufacturing company is growing fastest?

Gildan Activewear Inc. has the fastest current revenue growth at 23.9%, across 13 of 16 comparable companies.

### Which Apparel Manufacturing company has the strongest 4-Factor Sector Score?

G-III Apparel Group, Ltd. ranks first at 67.1/100 with 80.2% evidence confidence. The score prioritizes research; it is not a buy recommendation.

### Which Apparel Manufacturing company reports the most CAPEX?

Ralph Lauren Corporation reports the largest latest CAPEX at $51 million, with 16 of 16 companies comparable.

### Which Apparel Manufacturing company has the least gross debt?

Lakeland Industries, Inc. has the lowest comparable gross debt at $41 million. Gildan Activewear Inc. has the highest at $5,012 million.

### Which Apparel Manufacturing company has the lowest comparable PEG?

PVH Corp. has the lowest comparable Guarded PEG at 0.18, among 8 of 16 companies that pass the metric’s comparability rules.

### How much history does this Apparel Manufacturing comparison include?

The page compares up to 20 reported quarters per company for fundamentals, CAPEX, debt and valuation, ending Jun 2026. Missing observations remain blank rather than being estimated.

### How is the 4-Factor Sector Score calculated?

The four visible contributions add directly: growth and earnings up to 35 points, capital efficiency up to 25, valuation up to 20, and relative strength up to 20. Missing or stale evidence moves only the affected contribution toward neutral.

## Sector relative strength

Apparel Manufacturing has outperformed S&P 500 by 17% over the last 52 weeks. Over 13 weeks the gap is a lead of 9.1%. 10 of 16 covered companies currently beat the S&P 500 on Mansfield relative strength, so leadership inside the sector is selective. Ermenegildo Zegna N.V. is the strongest against the sector itself at +16%.

13-week sector return versus NIFTY 500: 9.1%
52-week sector return versus NIFTY 500: 17%
Stocks leading NIFTY: 10/16
Stocks leading sector: 5/16

Central tension: The central tension: the companies with the most scale are not necessarily the companies creating the most change.

Companies: 16
Combined market value: ₹73.2K Cr

## 4-Factor Sector Score

An additive sector-relative research score. The four displayed point contributions always equal the total: Growth & earnings (35), Capital efficiency (25), Valuation (20), and Relative strength (20). Missing or stale evidence is absorbed inside the affected factor, never applied as a hidden adjustment.

1. G-III Apparel Group, Ltd. (GIII): 67/100 — Favorable setup; evidence 80%
   - Growth & earnings 19.5/35 | Capital efficiency 17.4/25 | Valuation 15.0/20 | Relative strength 15.2/20
   - Exact sum: 19.5 + 17.4 + 15 + 15.2 = 67.1
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
2. Levi Strauss & Co. (LEVI): 62/100 — Mixed-positive evidence; evidence 86%
   - Growth & earnings 21.0/35 | Capital efficiency 12.9/25 | Valuation 15.1/20 | Relative strength 12.9/20
   - Exact sum: 21 + 12.9 + 15.1 + 12.9 = 61.9
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
3. Kontoor Brands, Inc. (KTB): 61/100 — Thin evidence · provisional; evidence 59%
   - Growth & earnings 20.7/35 | Capital efficiency 13.5/25 | Valuation 10.9/20 | Relative strength 16.2/20
   - Exact sum: 20.7 + 13.5 + 10.9 + 16.2 = 61.3
   - Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral.
4. PVH Corp. (PVH): 58/100 — Mixed-positive evidence; evidence 78%
   - Growth & earnings 24.5/35 | Capital efficiency 10.9/25 | Valuation 14.3/20 | Relative strength 7.8/20
   - Exact sum: 24.5 + 10.9 + 14.3 + 7.8 = 57.5
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
5. Ralph Lauren Corporation (RL): 54/100 — Mixed-positive evidence; evidence 82%
   - Growth & earnings 22.6/35 | Capital efficiency 13.8/25 | Valuation 11.5/20 | Relative strength 6.3/20
   - Exact sum: 22.6 + 13.8 + 11.5 + 6.3 = 54.2
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
6. Under Armour, Inc. (UAA): 53/100 — Mixed-positive evidence; evidence 65%
   - Growth & earnings 13.2/35 | Capital efficiency 9.2/25 | Valuation 11.5/20 | Relative strength 18.8/20
   - Exact sum: 13.2 + 9.2 + 11.5 + 18.8 = 52.7
   - Decision use: Price leads the evidence: RS versus the benchmark is 16.5%, but earnings trajectory is weak. Wait for revenue and profit confirmation.
7. Superior Group of Companies, Inc. (SGC): 51/100 — Mixed-positive evidence; evidence 69%
   - Growth & earnings 16.7/35 | Capital efficiency 9.1/25 | Valuation 12.4/20 | Relative strength 12.3/20
   - Exact sum: 16.7 + 9.1 + 12.4 + 12.3 = 50.5
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
8. FIGS, Inc. (FIGS): 48/100 — Mixed-negative evidence; evidence 69%
   - Growth & earnings 23.2/35 | Capital efficiency 12.0/25 | Valuation 8.1/20 | Relative strength 4.8/20
   - Exact sum: 23.2 + 12 + 8.1 + 4.8 = 48.1
   - Decision use: Acceleration candidate, not a confirmed leader: earnings are strong but sector-relative strength is -19.3% and the one-year return is 66.3%. Do not upgrade until sector-relative strength is above zero and another reported period confirms growth.
9. Lakeland Industries, Inc. (LAKE): 46/100 — Mixed-negative evidence; evidence 62%
   - Growth & earnings 23.7/35 | Capital efficiency 9.9/25 | Valuation 8.5/20 | Relative strength 4.2/20
   - Exact sum: 23.7 + 9.9 + 8.5 + 4.2 = 46.3
   - Decision use: Acceleration candidate, not a confirmed leader: earnings are strong but sector-relative strength is -22.8% and the one-year return is -19.6%. Do not upgrade until sector-relative strength is above zero and another reported period confirms growth.
10. Columbia Sportswear Company (COLM): 45/100 — Mixed-negative evidence; evidence 72%
   - Growth & earnings 12.8/35 | Capital efficiency 13.2/25 | Valuation 10.5/20 | Relative strength 8.5/20
   - Exact sum: 12.8 + 13.2 + 10.5 + 8.5 = 45
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
11. Canada Goose Holdings Inc. (GOOS): 39/100 — Mixed-negative evidence; evidence 82%
   - Growth & earnings 13.9/35 | Capital efficiency 12.4/25 | Valuation 12.2/20 | Relative strength 0.9/20
   - Exact sum: 13.9 + 12.4 + 12.2 + 0.9 = 39.4
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
12. V.F. Corporation (VFC): 37/100 — Mixed-negative evidence; evidence 65%
   - Growth & earnings 18.9/35 | Capital efficiency 4.2/25 | Valuation 9.5/20 | Relative strength 4.3/20
   - Exact sum: 18.9 + 4.2 + 9.5 + 4.3 = 36.9
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
13. Oxford Industries, Inc. (OXM): 32/100 — Adverse evidence; evidence 70%
   - Growth & earnings 4.9/35 | Capital efficiency 10.4/25 | Valuation 11.3/20 | Relative strength 5.8/20
   - Exact sum: 4.9 + 10.4 + 11.3 + 5.8 = 32.4
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
14. Gildan Activewear Inc. (GIL): 32/100 — Adverse evidence; evidence 82%
   - Growth & earnings 12.9/35 | Capital efficiency 6.6/25 | Valuation 11.8/20 | Relative strength 0.6/20
   - Exact sum: 12.9 + 6.6 + 11.8 + 0.6 = 31.9
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
15. Ermenegildo Zegna N.V. (ZGN): 56/100 — Thin evidence · provisional; evidence 35%
   - Growth & earnings 17.1/35 | Capital efficiency 11.5/25 | Valuation 9.7/20 | Relative strength 17.9/20
   - Exact sum: 17.1 + 11.5 + 9.7 + 17.9 = 56.2
   - Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral.
16. JX Luxventure Group Inc. (JXG): 51/100 — Thin evidence · provisional; evidence 29%
   - Growth & earnings 15.9/35 | Capital efficiency 8.3/25 | Valuation 10.1/20 | Relative strength 16.4/20
   - Exact sum: 15.9 + 8.3 + 10.1 + 16.4 = 50.7
   - Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral.

## Revenue Scale & Growth Durability

What the numbers say: V.F. Corporation is the scale leader at $9,606 million, 6.8% ahead of PVH Corp.. Gildan Activewear Inc.'s growth is 23.9% from a $4,074 million base, with 19 reported observations in the 20-quarter window. Treat the growth leader as an acceleration candidate, not as equally proven scale.

Investor read: V.F. Corporation is the scale benchmark; Gildan Activewear Inc. is the acceleration watch. Promote the challenger only if growth persists and converts into margin and returns.

This conclusion weakens if: V.F. Corporation's growth falls below Gildan Activewear Inc.'s for two consecutive comparable reports while operating margin also compresses.

Evidence: V.F. Corporation · $9,606 million | 6.8% versus #2 · PVH Corp. | 5/8 recent comparable periods | 13/16 companies · 284 observations

Definition: Revenue is compared on a common reported-currency basis. Growth is year-on-year, so seasonality does not masquerade as progress.

### Revenue — largest
1. V.F. Corporation (VFC): ₹9.6K Cr
2. PVH Corp. (PVH): ₹9.0K Cr
3. Ralph Lauren Corporation (RL): ₹8.1K Cr
4. Levi Strauss & Co. (LEVI): ₹6.6K Cr
5. Under Armour, Inc. (UAA): ₹5.0K Cr

### Revenue growth — fastest growers
1. Gildan Activewear Inc. (GIL): 24%
2. FIGS, Inc. (FIGS): 19%
3. Ralph Lauren Corporation (RL): 15%
4. Canada Goose Holdings Inc. (GOOS): 13%
5. Lakeland Industries, Inc. (LAKE): 7.8%

### 20-quarter Revenue history
- RL: Sep 2021 ₹1.5K Cr | Dec 2021 ₹1.8K Cr | Mar 2022 — | Jun 2022 ₹1.5K Cr | Sep 2022 ₹1.5K Cr | Dec 2022 ₹1.6K Cr | Mar 2023 — | Jun 2023 ₹1.5K Cr | Sep 2023 ₹1.5K Cr | Dec 2023 ₹1.9K Cr | Mar 2024 ₹1.6K Cr | Jun 2024 ₹1.5K Cr | Sep 2024 ₹1.7K Cr | Dec 2024 ₹2.1K Cr | Mar 2025 ₹1.7K Cr | Jun 2025 ₹1.7K Cr | Sep 2025 ₹2.0K Cr | Dec 2025 ₹2.4K Cr | Mar 2026 ₹2.0K Cr | Jun 2026 —
- LEVI: Sep 2021 ₹1.5K Cr | Dec 2021 ₹1.7K Cr | Mar 2022 ₹1.6K Cr | Jun 2022 ₹1.5K Cr | Sep 2022 ₹1.5K Cr | Dec 2022 ₹1.6K Cr | Mar 2023 ₹1.7K Cr | Jun 2023 ₹1.3K Cr | Sep 2023 ₹1.5K Cr | Dec 2023 ₹1.6K Cr | Mar 2024 ₹1.5K Cr | Jun 2024 ₹1.4K Cr | Sep 2024 ₹1.4K Cr | Dec 2024 ₹1.8K Cr | Mar 2025 ₹1.5K Cr | Jun 2025 ₹1.4K Cr | Sep 2025 ₹1.5K Cr | Dec 2025 ₹1.8K Cr | Mar 2026 ₹1.7K Cr | Jun 2026 ₹1.6K Cr
- GIL: Sep 2021 ₹747 Cr | Dec 2021 ₹802 Cr | Mar 2022 ₹784 Cr | Jun 2022 ₹775 Cr | Sep 2022 ₹896 Cr | Dec 2022 ₹850 Cr | Mar 2023 ₹720 Cr | Jun 2023 ₹703 Cr | Sep 2023 ₹840 Cr | Dec 2023 ₹870 Cr | Mar 2024 ₹696 Cr | Jun 2024 ₹862 Cr | Sep 2024 ₹891 Cr | Dec 2024 ₹822 Cr | Mar 2025 ₹712 Cr | Jun 2025 ₹919 Cr | Sep 2025 ₹911 Cr | Dec 2025 ₹1.1K Cr | Mar 2026 ₹1.2K Cr | Jun 2026 —
- VFC: Sep 2021 ₹2.2K Cr | Dec 2021 ₹3.2K Cr | Mar 2022 ₹3.6K Cr | Jun 2022 ₹2.8K Cr | Sep 2022 ₹2.3K Cr | Dec 2022 ₹3.1K Cr | Mar 2023 — | Jun 2023 ₹2.2K Cr | Sep 2023 ₹2.1K Cr | Dec 2023 ₹2.8K Cr | Mar 2024 ₹2.2K Cr | Jun 2024 ₹1.8K Cr | Sep 2024 ₹2.8K Cr | Dec 2024 ₹2.8K Cr | Mar 2025 ₹2.1K Cr | Jun 2025 ₹1.8K Cr | Sep 2025 ₹2.8K Cr | Dec 2025 ₹2.9K Cr | Mar 2026 ₹2.2K Cr | Jun 2026 —
- KTB: Sep 2021 ₹652 Cr | Dec 2021 ₹681 Cr | Mar 2022 ₹680 Cr | Jun 2022 ₹614 Cr | Sep 2022 ₹607 Cr | Dec 2022 ₹732 Cr | Mar 2023 ₹667 Cr | Jun 2023 ₹616 Cr | Sep 2023 ₹655 Cr | Dec 2023 ₹670 Cr | Mar 2024 ₹631 Cr | Jun 2024 ₹607 Cr | Sep 2024 ₹670 Cr | Dec 2024 ₹699 Cr | Mar 2025 ₹423 Cr | Jun 2025 ₹658 Cr | Sep 2025 ₹853 Cr | Dec 2025 — | Mar 2026 ₹1.0K Cr | Jun 2026 ₹613 Cr
- ZGN: Sep 2021 — | Dec 2021 ₹689 Cr | Mar 2022 — | Jun 2022 ₹729 Cr | Sep 2022 — | Dec 2022 ₹764 Cr | Mar 2023 — | Jun 2023 ₹903 Cr | Sep 2023 — | Dec 2023 ₹1.0K Cr | Mar 2024 — | Jun 2024 ₹960 Cr | Sep 2024 — | Dec 2024 ₹987 Cr | Mar 2025 — | Jun 2025 ₹928 Cr | Sep 2025 — | Dec 2025 ₹989 Cr | Mar 2026 — | Jun 2026 —
- PVH: Sep 2021 ₹2.3K Cr | Dec 2021 ₹2.3K Cr | Mar 2022 ₹2.4K Cr | Jun 2022 ₹2.1K Cr | Sep 2022 ₹2.1K Cr | Dec 2022 ₹2.3K Cr | Mar 2023 ₹2.5K Cr | Jun 2023 ₹2.2K Cr | Sep 2023 ₹2.2K Cr | Dec 2023 ₹2.4K Cr | Mar 2024 — | Jun 2024 ₹2.0K Cr | Sep 2024 ₹2.1K Cr | Dec 2024 ₹2.3K Cr | Mar 2025 ₹2.4K Cr | Jun 2025 ₹2.0K Cr | Sep 2025 ₹2.2K Cr | Dec 2025 ₹2.3K Cr | Mar 2026 ₹2.5K Cr | Jun 2026 ₹2.0K Cr
- COLM: Sep 2021 ₹805 Cr | Dec 2021 ₹1.1K Cr | Mar 2022 ₹762 Cr | Jun 2022 ₹578 Cr | Sep 2022 ₹955 Cr | Dec 2022 ₹1.2K Cr | Mar 2023 ₹821 Cr | Jun 2023 ₹621 Cr | Sep 2023 ₹986 Cr | Dec 2023 ₹1.1K Cr | Mar 2024 ₹770 Cr | Jun 2024 ₹570 Cr | Sep 2024 ₹932 Cr | Dec 2024 ₹1.1K Cr | Mar 2025 ₹778 Cr | Jun 2025 ₹605 Cr | Sep 2025 ₹943 Cr | Dec 2025 ₹1.1K Cr | Mar 2026 ₹779 Cr | Jun 2026 —
- UAA: Sep 2021 ₹1.5K Cr | Dec 2021 ₹1.5K Cr | Mar 2022 ₹1.3K Cr | Jun 2022 ₹1.3K Cr | Sep 2022 ₹1.6K Cr | Dec 2022 ₹1.6K Cr | Mar 2023 ₹1.4K Cr | Jun 2023 ₹1.3K Cr | Sep 2023 ₹1.6K Cr | Dec 2023 ₹1.5K Cr | Mar 2024 ₹1.3K Cr | Jun 2024 ₹1.2K Cr | Sep 2024 ₹1.4K Cr | Dec 2024 ₹1.4K Cr | Mar 2025 ₹1.2K Cr | Jun 2025 ₹1.1K Cr | Sep 2025 ₹1.3K Cr | Dec 2025 ₹1.3K Cr | Mar 2026 ₹1.2K Cr | Jun 2026 —
- FIGS: Sep 2021 ₹103 Cr | Dec 2021 ₹129 Cr | Mar 2022 ₹110 Cr | Jun 2022 ₹122 Cr | Sep 2022 ₹129 Cr | Dec 2022 ₹145 Cr | Mar 2023 ₹120 Cr | Jun 2023 ₹138 Cr | Sep 2023 ₹142 Cr | Dec 2023 ₹145 Cr | Mar 2024 ₹119 Cr | Jun 2024 ₹144 Cr | Sep 2024 ₹140 Cr | Dec 2024 ₹152 Cr | Mar 2025 ₹125 Cr | Jun 2025 ₹153 Cr | Sep 2025 ₹152 Cr | Dec 2025 ₹202 Cr | Mar 2026 ₹160 Cr | Jun 2026 —
- GIII: Sep 2021 ₹483 Cr | Dec 2021 ₹1.0K Cr | Mar 2022 ₹748 Cr | Jun 2022 ₹689 Cr | Sep 2022 ₹605 Cr | Dec 2022 ₹1.1K Cr | Mar 2023 ₹854 Cr | Jun 2023 ₹607 Cr | Sep 2023 ₹660 Cr | Dec 2023 ₹1.1K Cr | Mar 2024 ₹765 Cr | Jun 2024 ₹610 Cr | Sep 2024 ₹645 Cr | Dec 2024 ₹1.1K Cr | Mar 2025 ₹840 Cr | Jun 2025 ₹584 Cr | Sep 2025 ₹613 Cr | Dec 2025 ₹989 Cr | Mar 2026 ₹771 Cr | Jun 2026 ₹536 Cr
- GOOS: Sep 2021 ₹233 Cr | Dec 2021 — | Mar 2022 ₹586 Cr | Jun 2022 ₹223 Cr | Sep 2022 ₹70 Cr | Dec 2022 ₹277 Cr | Mar 2023 ₹577 Cr | Jun 2023 ₹293 Cr | Sep 2023 ₹85 Cr | Dec 2023 ₹281 Cr | Mar 2024 ₹358 Cr | Jun 2024 ₹88 Cr | Sep 2024 ₹268 Cr | Dec 2024 ₹608 Cr | Mar 2025 ₹385 Cr | Jun 2025 ₹108 Cr | Sep 2025 ₹273 Cr | Dec 2025 ₹695 Cr | Mar 2026 ₹453 Cr | Jun 2026 —
- OXM: Sep 2021 ₹329 Cr | Dec 2021 ₹248 Cr | Mar 2022 ₹300 Cr | Jun 2022 ₹353 Cr | Sep 2022 ₹363 Cr | Dec 2022 ₹313 Cr | Mar 2023 ₹382 Cr | Jun 2023 ₹420 Cr | Sep 2023 ₹420 Cr | Dec 2023 ₹327 Cr | Mar 2024 ₹404 Cr | Jun 2024 ₹398 Cr | Sep 2024 ₹420 Cr | Dec 2024 ₹308 Cr | Mar 2025 ₹391 Cr | Jun 2025 ₹393 Cr | Sep 2025 ₹403 Cr | Dec 2025 ₹307 Cr | Mar 2026 ₹374 Cr | Jun 2026 ₹391 Cr
- SGC: Sep 2021 ₹123 Cr | Dec 2021 ₹142 Cr | Mar 2022 ₹144 Cr | Jun 2022 ₹148 Cr | Sep 2022 ₹139 Cr | Dec 2022 ₹149 Cr | Mar 2023 ₹131 Cr | Jun 2023 ₹129 Cr | Sep 2023 ₹136 Cr | Dec 2023 ₹147 Cr | Mar 2024 ₹139 Cr | Jun 2024 ₹132 Cr | Sep 2024 ₹150 Cr | Dec 2024 ₹145 Cr | Mar 2025 ₹137 Cr | Jun 2025 ₹144 Cr | Sep 2025 ₹138 Cr | Dec 2025 ₹147 Cr | Mar 2026 ₹141 Cr | Jun 2026 —
- LAKE: Sep 2021 ₹27 Cr | Dec 2021 ₹30 Cr | Mar 2022 ₹27 Cr | Jun 2022 ₹27 Cr | Sep 2022 ₹28 Cr | Dec 2022 ₹28 Cr | Mar 2023 ₹29 Cr | Jun 2023 ₹29 Cr | Sep 2023 ₹33 Cr | Dec 2023 ₹32 Cr | Mar 2024 ₹31 Cr | Jun 2024 ₹36 Cr | Sep 2024 ₹39 Cr | Dec 2024 ₹46 Cr | Mar 2025 ₹47 Cr | Jun 2025 ₹47 Cr | Sep 2025 ₹52 Cr | Dec 2025 ₹48 Cr | Mar 2026 ₹46 Cr | Jun 2026 ₹47 Cr
- JXG: Sep 2021 — | Dec 2021 ₹46 Cr | Mar 2022 — | Jun 2022 ₹51 Cr | Sep 2022 — | Dec 2022 ₹28 Cr | Mar 2023 — | Jun 2023 ₹22 Cr | Sep 2023 — | Dec 2023 ₹10 Cr | Mar 2024 — | Jun 2024 ₹28 Cr | Sep 2024 — | Dec 2024 ₹22 Cr | Mar 2025 — | Jun 2025 ₹25 Cr | Sep 2025 — | Dec 2025 ₹58 Cr | Mar 2026 — | Jun 2026 —

### 20-quarter Revenue growth history
- RL: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 11% | Sep 2022 -0.9% | Dec 2022 -13% | Mar 2023 — | Jun 2023 1.2% | Sep 2023 0.4% | Dec 2023 22% | Mar 2024 — | Jun 2024 -1.9% | Sep 2024 15% | Dec 2024 11% | Mar 2025 8.2% | Jun 2025 14% | Sep 2025 17% | Dec 2025 12% | Mar 2026 17% | Jun 2026 —
- LEVI: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 1.3% | Dec 2022 -5.7% | Mar 2023 6.1% | Jun 2023 -9.1% | Sep 2023 -0.4% | Dec 2023 3.3% | Mar 2024 -12% | Jun 2024 1.7% | Sep 2024 -4.5% | Dec 2024 6.6% | Mar 2025 3.2% | Jun 2025 6.4% | Sep 2025 6.9% | Dec 2025 0.9% | Mar 2026 14% | Jun 2026 8.0%
- GIL: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 20% | Dec 2022 6.0% | Mar 2023 -8.2% | Jun 2023 -9.3% | Sep 2023 -6.3% | Dec 2023 2.4% | Mar 2024 -3.3% | Jun 2024 23% | Sep 2024 6.1% | Dec 2024 -5.5% | Mar 2025 2.3% | Jun 2025 6.6% | Sep 2025 2.2% | Dec 2025 31% | Mar 2026 64% | Jun 2026 —
- VFC: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 3.1% | Dec 2022 -3.7% | Mar 2023 — | Jun 2023 -22% | Sep 2023 -7.8% | Dec 2023 -9.8% | Mar 2024 — | Jun 2024 -20% | Sep 2024 32% | Dec 2024 1.9% | Mar 2025 -4.6% | Jun 2025 -0.5% | Sep 2025 1.6% | Dec 2025 1.5% | Mar 2026 1.0% | Jun 2026 —
- KTB: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 25% | Sep 2022 -6.9% | Dec 2022 7.5% | Mar 2023 -1.9% | Jun 2023 0.3% | Sep 2023 7.9% | Dec 2023 -8.5% | Mar 2024 -5.4% | Jun 2024 -1.5% | Sep 2024 2.3% | Dec 2024 4.3% | Mar 2025 -33% | Jun 2025 8.4% | Sep 2025 27% | Dec 2025 — | Mar 2026 141% | Jun 2026 -6.8%
- ZGN: Sep 2021 — | Dec 2021 13% | Mar 2022 — | Jun 2022 21% | Sep 2022 — | Dec 2022 11% | Mar 2023 — | Jun 2023 24% | Sep 2023 — | Dec 2023 31% | Mar 2024 — | Jun 2024 6.3% | Sep 2024 — | Dec 2024 -1.4% | Mar 2025 — | Jun 2025 -3.3% | Sep 2025 — | Dec 2025 0.2% | Mar 2026 — | Jun 2026 —
- PVH: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 -7.8% | Dec 2022 -2.2% | Mar 2023 2.4% | Jun 2023 1.7% | Sep 2023 3.5% | Dec 2023 3.6% | Mar 2024 — | Jun 2024 -9.6% | Sep 2024 -6.0% | Dec 2024 -4.6% | Mar 2025 — | Jun 2025 1.6% | Sep 2025 4.5% | Dec 2025 1.7% | Mar 2026 5.6% | Jun 2026 2.1%
- COLM: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 2.1% | Sep 2022 19% | Dec 2022 3.5% | Mar 2023 7.7% | Jun 2023 7.4% | Sep 2023 3.3% | Dec 2023 -9.4% | Mar 2024 -6.2% | Jun 2024 -8.2% | Sep 2024 -5.5% | Dec 2024 3.5% | Mar 2025 1.0% | Jun 2025 6.1% | Sep 2025 1.2% | Dec 2025 -2.5% | Mar 2026 0.1% | Jun 2026 —
- UAA: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 -0.2% | Sep 2022 1.8% | Dec 2022 3.5% | Mar 2023 7.5% | Jun 2023 -2.4% | Sep 2023 -0.4% | Dec 2023 -6.1% | Mar 2024 -4.7% | Jun 2024 -10% | Sep 2024 -11% | Dec 2024 -5.7% | Mar 2025 -11% | Jun 2025 -4.2% | Sep 2025 -4.7% | Dec 2025 -5.2% | Mar 2026 -0.9% | Jun 2026 —
- FIGS: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 21% | Sep 2022 25% | Dec 2022 12% | Mar 2023 9.1% | Jun 2023 13% | Sep 2023 10% | Dec 2023 0.0% | Mar 2024 -0.8% | Jun 2024 4.4% | Sep 2024 -1.4% | Dec 2024 4.8% | Mar 2025 5.0% | Jun 2025 6.3% | Sep 2025 8.6% | Dec 2025 33% | Mar 2026 28% | Jun 2026 —
- GIII: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 25% | Dec 2022 6.2% | Mar 2023 14% | Jun 2023 -12% | Sep 2023 9.1% | Dec 2023 -1.0% | Mar 2024 -10% | Jun 2024 0.5% | Sep 2024 -2.3% | Dec 2024 1.9% | Mar 2025 9.8% | Jun 2025 -4.3% | Sep 2025 -5.0% | Dec 2025 -9.0% | Mar 2026 -8.2% | Jun 2026 -8.2%
- GOOS: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 298% | Sep 2022 -70% | Dec 2022 — | Mar 2023 -1.5% | Jun 2023 31% | Sep 2023 21% | Dec 2023 1.4% | Mar 2024 -38% | Jun 2024 -70% | Sep 2024 215% | Dec 2024 116% | Mar 2025 7.5% | Jun 2025 23% | Sep 2025 1.9% | Dec 2025 14% | Mar 2026 18% | Jun 2026 —
- OXM: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 10% | Dec 2022 26% | Mar 2023 27% | Jun 2023 19% | Sep 2023 16% | Dec 2023 4.5% | Mar 2024 5.8% | Jun 2024 -5.2% | Sep 2024 0.0% | Dec 2024 -5.8% | Mar 2025 -3.2% | Jun 2025 -1.3% | Sep 2025 -4.1% | Dec 2025 -0.3% | Mar 2026 -4.4% | Jun 2026 -0.5%
- SGC: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 13% | Sep 2022 13% | Dec 2022 4.9% | Mar 2023 -9.0% | Jun 2023 -13% | Sep 2023 -2.2% | Dec 2023 -1.3% | Mar 2024 6.1% | Jun 2024 2.3% | Sep 2024 10% | Dec 2024 -1.4% | Mar 2025 -1.4% | Jun 2025 9.1% | Sep 2025 -8.0% | Dec 2025 1.4% | Mar 2026 2.9% | Jun 2026 —
- LAKE: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 3.7% | Dec 2022 -6.7% | Mar 2023 7.4% | Jun 2023 7.4% | Sep 2023 18% | Dec 2023 14% | Mar 2024 6.9% | Jun 2024 24% | Sep 2024 18% | Dec 2024 44% | Mar 2025 52% | Jun 2025 31% | Sep 2025 33% | Dec 2025 4.4% | Mar 2026 -2.1% | Jun 2026 0.0%
- JXG: Sep 2021 — | Dec 2021 667% | Mar 2022 — | Jun 2022 292% | Sep 2022 — | Dec 2022 -39% | Mar 2023 — | Jun 2023 -57% | Sep 2023 — | Dec 2023 -64% | Mar 2024 — | Jun 2024 27% | Sep 2024 — | Dec 2024 120% | Mar 2025 — | Jun 2025 -11% | Sep 2025 — | Dec 2025 164% | Mar 2026 — | Jun 2026 —

## Operating Economics & Margin Trend

What the numbers say: G-III Apparel Group, Ltd. leads opm at 15.9%; PVH Corp. leads margin change at +22.8 percentage points.

Investor read: G-III Apparel Group, Ltd. sets the level benchmark; use the change leader as an inflection watch only after another comparable report confirms it.

This conclusion weakens if: The next two comparable reports reverse the current margin change signal.

Evidence: G-III Apparel Group, Ltd. · 15.9% | 8.2% versus #2 · Kontoor Brands, Inc. | 3/8 recent comparable periods | 14/16 companies · 266 observations

Definition: Operating margin compares operating profit with revenue. Improvement is measured in percentage points, not percentage growth.

### OPM — highest
1. G-III Apparel Group, Ltd. (GIII): 16%
2. Kontoor Brands, Inc. (KTB): 15%
3. Canada Goose Holdings Inc. (GOOS): 14%
4. Ralph Lauren Corporation (RL): 9.5%
5. Levi Strauss & Co. (LEVI): 7.8%

### Margin change — fastest expanders
1. PVH Corp. (PVH): +22.8 pp
2. Lakeland Industries, Inc. (LAKE): +14.7 pp
3. G-III Apparel Group, Ltd. (GIII): +14.4 pp
4. V.F. Corporation (VFC): +6.2 pp
5. Under Armour, Inc. (UAA): +3.2 pp

### 20-quarter OPM history
- RL: Sep 2021 17% | Dec 2021 16% | Mar 2022 — | Jun 2022 2.4% | Sep 2022 12% | Dec 2022 13% | Mar 2023 — | Jun 2023 2.6% | Sep 2023 11% | Dec 2023 16% | Mar 2024 6.9% | Jun 2024 14% | Sep 2024 10% | Dec 2024 18% | Mar 2025 9.1% | Jun 2025 16% | Sep 2025 12% | Dec 2025 20% | Mar 2026 9.5% | Jun 2026 —
- LEVI: Sep 2021 14% | Dec 2021 11% | Mar 2022 15% | Jun 2022 5.2% | Sep 2022 13% | Dec 2022 8.6% | Mar 2023 9.3% | Jun 2023 0.7% | Sep 2023 2.3% | Dec 2023 9.3% | Mar 2024 0.0% | Jun 2024 1.5% | Sep 2024 2.3% | Dec 2024 12% | Mar 2025 13% | Jun 2025 7.5% | Sep 2025 11% | Dec 2025 12% | Mar 2026 11% | Jun 2026 7.8%
- GIL: Sep 2021 21% | Dec 2021 25% | Mar 2022 23% | Jun 2022 21% | Sep 2022 19% | Dec 2022 21% | Mar 2023 13% | Jun 2023 18% | Sep 2023 22% | Dec 2023 18% | Mar 2024 15% | Jun 2024 16% | Sep 2024 22% | Dec 2024 22% | Mar 2025 18% | Jun 2025 22% | Sep 2025 21% | Dec 2025 9.2% | Mar 2026 -0.1% | Jun 2026 —
- VFC: Sep 2021 9.2% | Dec 2021 18% | Mar 2022 19% | Jun 2022 6.8% | Sep 2022 2.8% | Dec 2022 -2.9% | Mar 2023 — | Jun 2023 -7.3% | Sep 2023 -0.4% | Dec 2023 -3.3% | Mar 2024 -17% | Jun 2024 -7.0% | Sep 2024 9.9% | Dec 2024 8.0% | Mar 2025 -3.4% | Jun 2025 -4.9% | Sep 2025 11% | Dec 2025 10% | Mar 2026 2.8% | Jun 2026 —
- KTB: Sep 2021 13% | Dec 2021 10% | Mar 2022 16% | Jun 2022 15% | Sep 2022 12% | Dec 2022 12% | Mar 2023 14% | Jun 2023 10% | Sep 2023 13% | Dec 2023 11% | Mar 2024 13% | Jun 2024 12% | Sep 2024 15% | Dec 2024 12% | Mar 2025 7.4% | Jun 2025 12% | Sep 2025 7.5% | Dec 2025 — | Mar 2026 12% | Jun 2026 15%
- PVH: Sep 2021 12% | Dec 2021 16% | Mar 2022 9.2% | Jun 2022 9.9% | Sep 2022 8.3% | Dec 2022 -9.4% | Mar 2023 12% | Jun 2023 9.2% | Sep 2023 6.5% | Dec 2023 9.7% | Mar 2024 — | Jun 2024 11% | Sep 2024 8.4% | Dec 2024 8.1% | Mar 2025 8.9% | Jun 2025 -17% | Sep 2025 6.1% | Dec 2025 7.9% | Mar 2026 9.9% | Jun 2026 6.1%
- COLM: Sep 2021 17% | Dec 2021 19% | Mar 2022 11% | Jun 2022 1.5% | Sep 2022 15% | Dec 2022 13% | Mar 2023 6.9% | Jun 2023 1.0% | Sep 2023 14% | Dec 2023 11% | Mar 2024 5.8% | Jun 2024 -4.2% | Sep 2024 12% | Dec 2024 13% | Mar 2025 6.0% | Jun 2025 -3.9% | Sep 2025 7.1% | Dec 2025 11% | Mar 2026 5.4% | Jun 2026 —
- UAA: Sep 2021 11% | Dec 2021 5.6% | Mar 2022 -3.5% | Jun 2022 2.6% | Sep 2022 7.6% | Dec 2022 6.0% | Mar 2023 2.5% | Jun 2023 1.7% | Sep 2023 8.9% | Dec 2023 4.8% | Mar 2024 -0.3% | Jun 2024 -25% | Sep 2024 12% | Dec 2024 1.0% | Mar 2025 -6.1% | Jun 2025 0.3% | Sep 2025 1.3% | Dec 2025 -11% | Mar 2026 -2.9% | Jun 2026 —
- FIGS: Sep 2021 10% | Dec 2021 13% | Mar 2022 13% | Jun 2022 7.7% | Sep 2022 8.7% | Dec 2022 2.2% | Mar 2023 2.7% | Jun 2023 4.8% | Sep 2023 7.0% | Dec 2023 9.8% | Mar 2024 0.4% | Jun 2024 1.1% | Sep 2024 -6.2% | Dec 2024 5.9% | Mar 2025 -0.2% | Jun 2025 6.5% | Sep 2025 6.4% | Dec 2025 9.3% | Mar 2026 2.8% | Jun 2026 —
- GIII: Sep 2021 8.1% | Dec 2021 16% | Mar 2022 9.0% | Jun 2022 7.9% | Sep 2022 5.2% | Dec 2022 9.0% | Mar 2023 -34% | Jun 2023 2.5% | Sep 2023 4.8% | Dec 2023 18% | Mar 2024 6.1% | Jun 2024 2.2% | Sep 2024 6.4% | Dec 2024 15% | Mar 2025 8.5% | Jun 2025 1.5% | Sep 2025 2.7% | Dec 2025 11% | Mar 2026 -3.8% | Jun 2026 16%
- GOOS: Sep 2021 5.4% | Dec 2021 — | Mar 2022 35% | Jun 2022 1.7% | Sep 2022 -118% | Dec 2022 7.8% | Mar 2023 33% | Jun 2023 6.0% | Sep 2023 -118% | Dec 2023 0.8% | Mar 2024 6.5% | Jun 2024 -110% | Sep 2024 0.6% | Dec 2024 34% | Mar 2025 14% | Jun 2025 -147% | Sep 2025 -6.5% | Dec 2025 29% | Mar 2026 14% | Jun 2026 —
- OXM: Sep 2021 21% | Dec 2021 12% | Mar 2022 11% | Jun 2022 22% | Sep 2022 21% | Dec 2022 8.7% | Mar 2023 11% | Jun 2023 19% | Sep 2023 16% | Dec 2023 4.4% | Mar 2024 -20% | Jun 2024 13% | Sep 2024 13% | Dec 2024 -2.0% | Mar 2025 5.2% | Jun 2025 9.2% | Sep 2025 6.3% | Dec 2025 -28% | Mar 2026 -2.1% | Jun 2026 5.7%
- SGC: Sep 2021 8.3% | Dec 2021 3.3% | Mar 2022 4.9% | Jun 2022 -19% | Sep 2022 -11% | Dec 2022 0.0% | Mar 2023 2.7% | Jun 2023 3.1% | Sep 2023 4.2% | Dec 2023 3.8% | Mar 2024 4.6% | Jun 2024 1.7% | Sep 2024 5.4% | Dec 2024 2.7% | Mar 2025 0.2% | Jun 2025 2.1% | Sep 2025 3.3% | Dec 2025 3.7% | Mar 2026 1.4% | Jun 2026 —
- LAKE: Sep 2021 15% | Dec 2021 14% | Mar 2022 4.2% | Jun 2022 5.3% | Sep 2022 6.4% | Dec 2022 7.8% | Mar 2023 0.3% | Jun 2023 6.8% | Sep 2023 11% | Dec 2023 11% | Mar 2024 -11% | Jun 2024 6.1% | Sep 2024 -4.1% | Dec 2024 1.8% | Mar 2025 -23% | Jun 2025 -9.9% | Sep 2025 -7.7% | Dec 2025 -3.4% | Mar 2026 -11% | Jun 2026 4.8%

### 20-quarter Margin change history
- RL: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 −13.6 pp | Sep 2022 −4.9 pp | Dec 2022 −2.8 pp | Mar 2023 — | Jun 2023 +0.2 pp | Sep 2023 −0.7 pp | Dec 2023 +3.3 pp | Mar 2024 — | Jun 2024 +11.2 pp | Sep 2024 −0.7 pp | Dec 2024 +1.8 pp | Mar 2025 +2.2 pp | Jun 2025 +2.1 pp | Sep 2025 +1.8 pp | Dec 2025 +1.4 pp | Mar 2026 +0.4 pp | Jun 2026 —
- LEVI: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −1.3 pp | Dec 2022 −2.5 pp | Mar 2023 −5.4 pp | Jun 2023 −4.5 pp | Sep 2023 −10.8 pp | Dec 2023 +0.7 pp | Mar 2024 −9.3 pp | Jun 2024 +0.8 pp | Sep 2024 0.0 pp | Dec 2024 +2.6 pp | Mar 2025 +12.5 pp | Jun 2025 +6.0 pp | Sep 2025 +8.5 pp | Dec 2025 0.0 pp | Mar 2026 −1.1 pp | Jun 2026 +0.3 pp
- GIL: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −2.0 pp | Dec 2022 −4.6 pp | Mar 2023 −9.7 pp | Jun 2023 −2.7 pp | Sep 2023 +2.3 pp | Dec 2023 −2.7 pp | Mar 2024 +2.2 pp | Jun 2024 −1.8 pp | Sep 2024 0.0 pp | Dec 2024 +4.0 pp | Mar 2025 +3.1 pp | Jun 2025 +5.3 pp | Sep 2025 −0.6 pp | Dec 2025 −12.6 pp | Mar 2026 −18.3 pp | Jun 2026 —
- VFC: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −6.4 pp | Dec 2022 −20.4 pp | Mar 2023 — | Jun 2023 −14.1 pp | Sep 2023 −3.2 pp | Dec 2023 −0.4 pp | Mar 2024 — | Jun 2024 +0.3 pp | Sep 2024 +10.3 pp | Dec 2024 +11.3 pp | Mar 2025 +13.2 pp | Jun 2025 +2.1 pp | Sep 2025 +1.3 pp | Dec 2025 +2.1 pp | Mar 2026 +6.2 pp | Jun 2026 —
- KTB: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 +7.3 pp | Sep 2022 −0.8 pp | Dec 2022 +1.5 pp | Mar 2023 −1.7 pp | Jun 2023 −4.2 pp | Sep 2023 +0.7 pp | Dec 2023 −0.3 pp | Mar 2024 −0.8 pp | Jun 2024 +2.1 pp | Sep 2024 +1.6 pp | Dec 2024 +0.8 pp | Mar 2025 −6.0 pp | Jun 2025 −0.5 pp | Sep 2025 −7.2 pp | Dec 2025 — | Mar 2026 +4.5 pp | Jun 2026 +2.8 pp
- PVH: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −3.8 pp | Dec 2022 −25.6 pp | Mar 2023 +2.7 pp | Jun 2023 −0.7 pp | Sep 2023 −1.8 pp | Dec 2023 +19.1 pp | Mar 2024 — | Jun 2024 +1.3 pp | Sep 2024 +1.9 pp | Dec 2024 −1.6 pp | Mar 2025 — | Jun 2025 −27.2 pp | Sep 2025 −2.3 pp | Dec 2025 −0.2 pp | Mar 2026 +1.0 pp | Jun 2026 +22.8 pp
- COLM: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 −4.7 pp | Sep 2022 −1.4 pp | Dec 2022 −5.4 pp | Mar 2023 −4.1 pp | Jun 2023 −0.5 pp | Sep 2023 −1.5 pp | Dec 2023 −2.6 pp | Mar 2024 −1.1 pp | Jun 2024 −5.2 pp | Sep 2024 −1.6 pp | Dec 2024 +1.8 pp | Mar 2025 +0.2 pp | Jun 2025 +0.3 pp | Sep 2025 −5.0 pp | Dec 2025 −1.6 pp | Mar 2026 −0.6 pp | Jun 2026 —
- UAA: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 −6.4 pp | Sep 2022 −3.5 pp | Dec 2022 +0.4 pp | Mar 2023 +6.0 pp | Jun 2023 −0.9 pp | Sep 2023 +1.3 pp | Dec 2023 −1.2 pp | Mar 2024 −2.8 pp | Jun 2024 −27.0 pp | Sep 2024 +3.5 pp | Dec 2024 −3.8 pp | Mar 2025 −5.8 pp | Jun 2025 +25.6 pp | Sep 2025 −11.1 pp | Dec 2025 −12.3 pp | Mar 2026 +3.2 pp | Jun 2026 —
- FIGS: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 +39.4 pp | Sep 2022 −1.6 pp | Dec 2022 −10.6 pp | Mar 2023 −9.8 pp | Jun 2023 −2.9 pp | Sep 2023 −1.7 pp | Dec 2023 +7.6 pp | Mar 2024 −2.3 pp | Jun 2024 −3.7 pp | Sep 2024 −13.2 pp | Dec 2024 −3.9 pp | Mar 2025 −0.6 pp | Jun 2025 +5.4 pp | Sep 2025 +12.6 pp | Dec 2025 +3.4 pp | Mar 2026 +3.0 pp | Jun 2026 —
- GIII: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −2.9 pp | Dec 2022 −6.6 pp | Mar 2023 −43.2 pp | Jun 2023 −5.4 pp | Sep 2023 −0.4 pp | Dec 2023 +8.8 pp | Mar 2024 +40.3 pp | Jun 2024 −0.3 pp | Sep 2024 +1.6 pp | Dec 2024 −2.5 pp | Mar 2025 +2.4 pp | Jun 2025 −0.7 pp | Sep 2025 −3.7 pp | Dec 2025 −3.9 pp | Mar 2026 −12.3 pp | Jun 2026 +14.4 pp
- GOOS: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 +111.5 pp | Sep 2022 −123.0 pp | Dec 2022 — | Mar 2023 −1.9 pp | Jun 2023 +4.3 pp | Sep 2023 0.0 pp | Dec 2023 −7.0 pp | Mar 2024 −26.6 pp | Jun 2024 −116.0 pp | Sep 2024 +118.2 pp | Dec 2024 +32.8 pp | Mar 2025 +7.8 pp | Jun 2025 −37.2 pp | Sep 2025 −7.1 pp | Dec 2025 −4.8 pp | Mar 2026 0.0 pp | Jun 2026 —
- OXM: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 0.0 pp | Dec 2022 −3.7 pp | Mar 2023 −0.2 pp | Jun 2023 −2.4 pp | Sep 2023 −4.6 pp | Dec 2023 −4.3 pp | Mar 2024 −30.6 pp | Jun 2024 −5.9 pp | Sep 2024 −3.6 pp | Dec 2024 −6.4 pp | Mar 2025 +25.3 pp | Jun 2025 −4.0 pp | Sep 2025 −6.2 pp | Dec 2025 −25.7 pp | Mar 2026 −7.3 pp | Jun 2026 −3.5 pp
- SGC: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 −23.7 pp | Sep 2022 −19.2 pp | Dec 2022 −3.3 pp | Mar 2023 −2.2 pp | Jun 2023 +22.3 pp | Sep 2023 +15.1 pp | Dec 2023 +3.8 pp | Mar 2024 +1.9 pp | Jun 2024 −1.4 pp | Sep 2024 +1.2 pp | Dec 2024 −1.1 pp | Mar 2025 −4.4 pp | Jun 2025 +0.4 pp | Sep 2025 −2.1 pp | Dec 2025 +1.0 pp | Mar 2026 +1.2 pp | Jun 2026 —
- LAKE: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −8.4 pp | Dec 2022 −6.3 pp | Mar 2023 −3.9 pp | Jun 2023 +1.5 pp | Sep 2023 +4.9 pp | Dec 2023 +3.6 pp | Mar 2024 −10.9 pp | Jun 2024 −0.7 pp | Sep 2024 −15.4 pp | Dec 2024 −9.6 pp | Mar 2025 −12.3 pp | Jun 2025 −16.0 pp | Sep 2025 −3.6 pp | Dec 2025 −5.2 pp | Mar 2026 +11.5 pp | Jun 2026 +14.7 pp

## Profit Scale & Acceleration

What the numbers say: Ralph Lauren Corporation leads with $942 million of TTM profit, 70% above Levi Strauss & Co.. Levi Strauss & Co. shows 31% growth from a $554 million profit base. Compare the size of the base and persistence before ranking acceleration above profit scale.

Investor read: Ralph Lauren Corporation sets the level benchmark; use the change leader as an inflection watch only after another comparable report confirms it.

This conclusion weakens if: The next two comparable reports reverse the current profit growth signal.

Evidence: Ralph Lauren Corporation · $942 million | 70% versus #2 · Levi Strauss & Co. | 8/8 recent comparable periods | 13/16 companies · 285 observations

Definition: Net profit is the residual after operating costs, interest and tax. Growth off a loss or near-zero base is excluded from the fastest-grower rank.

### Net profit — largest
1. Ralph Lauren Corporation (RL): ₹942 Cr
2. Levi Strauss & Co. (LEVI): ₹554 Cr
3. V.F. Corporation (VFC): ₹256 Cr
4. Gildan Activewear Inc. (GIL): ₹254 Cr
5. Columbia Sportswear Company (COLM): ₹169 Cr

### Profit growth — fastest growers
1. Levi Strauss & Co. (LEVI): 31%
2. Ralph Lauren Corporation (RL): 27%
3. Columbia Sportswear Company (COLM): -24%
4. G-III Apparel Group, Ltd. (GIII): -35%
5. Gildan Activewear Inc. (GIL): -37%

### 20-quarter Net profit history
- RL: Sep 2021 ₹193 Cr | Dec 2021 ₹218 Cr | Mar 2022 — | Jun 2022 ₹24 Cr | Sep 2022 ₹123 Cr | Dec 2022 ₹151 Cr | Mar 2023 — | Jun 2023 ₹32 Cr | Sep 2023 ₹132 Cr | Dec 2023 ₹277 Cr | Mar 2024 ₹91 Cr | Jun 2024 ₹169 Cr | Sep 2024 ₹148 Cr | Dec 2024 ₹297 Cr | Mar 2025 ₹129 Cr | Jun 2025 ₹220 Cr | Sep 2025 ₹208 Cr | Dec 2025 ₹362 Cr | Mar 2026 ₹152 Cr | Jun 2026 —
- LEVI: Sep 2021 ₹193 Cr | Dec 2021 ₹153 Cr | Mar 2022 ₹196 Cr | Jun 2022 ₹50 Cr | Sep 2022 ₹173 Cr | Dec 2022 ₹151 Cr | Mar 2023 ₹115 Cr | Jun 2023 ₹-2 Cr | Sep 2023 ₹10 Cr | Dec 2023 ₹127 Cr | Mar 2024 ₹-10 Cr | Jun 2024 ₹17 Cr | Sep 2024 ₹23 Cr | Dec 2024 ₹180 Cr | Mar 2025 ₹140 Cr | Jun 2025 ₹80 Cr | Sep 2025 ₹122 Cr | Dec 2025 ₹160 Cr | Mar 2026 ₹177 Cr | Jun 2026 ₹95 Cr
- GIL: Sep 2021 ₹146 Cr | Dec 2021 ₹188 Cr | Mar 2022 ₹174 Cr | Jun 2022 ₹146 Cr | Sep 2022 ₹158 Cr | Dec 2022 ₹153 Cr | Mar 2023 ₹84 Cr | Jun 2023 ₹98 Cr | Sep 2023 ₹155 Cr | Dec 2023 ₹127 Cr | Mar 2024 ₹79 Cr | Jun 2024 ₹58 Cr | Sep 2024 ₹131 Cr | Dec 2024 ₹132 Cr | Mar 2025 ₹85 Cr | Jun 2025 ₹138 Cr | Sep 2025 ₹120 Cr | Dec 2025 ₹51 Cr | Mar 2026 ₹-55 Cr | Jun 2026 —
- VFC: Sep 2021 ₹154 Cr | Dec 2021 ₹464 Cr | Mar 2022 ₹518 Cr | Jun 2022 ₹80 Cr | Sep 2022 ₹-56 Cr | Dec 2022 ₹-118 Cr | Mar 2023 — | Jun 2023 ₹-215 Cr | Sep 2023 ₹-57 Cr | Dec 2023 ₹-92 Cr | Mar 2024 ₹-412 Cr | Jun 2024 ₹-152 Cr | Sep 2024 ₹203 Cr | Dec 2024 ₹169 Cr | Mar 2025 ₹-150 Cr | Jun 2025 ₹-116 Cr | Sep 2025 ₹190 Cr | Dec 2025 ₹301 Cr | Mar 2026 ₹-119 Cr | Jun 2026 —
- KTB: Sep 2021 ₹63 Cr | Dec 2021 ₹44 Cr | Mar 2022 ₹81 Cr | Jun 2022 ₹62 Cr | Sep 2022 ₹51 Cr | Dec 2022 ₹52 Cr | Mar 2023 ₹66 Cr | Jun 2023 ₹36 Cr | Sep 2023 ₹60 Cr | Dec 2023 ₹69 Cr | Mar 2024 ₹60 Cr | Jun 2024 ₹77 Cr | Sep 2024 ₹103 Cr | Dec 2024 ₹87 Cr | Mar 2025 ₹10 Cr | Jun 2025 ₹74 Cr | Sep 2025 ₹35 Cr | Dec 2025 — | Mar 2026 ₹126 Cr | Jun 2026 ₹61 Cr
- ZGN: Sep 2021 — | Dec 2021 ₹-160 Cr | Mar 2022 — | Jun 2022 ₹21 Cr | Sep 2022 — | Dec 2022 ₹44 Cr | Mar 2023 — | Jun 2023 ₹52 Cr | Sep 2023 — | Dec 2023 ₹84 Cr | Mar 2024 — | Jun 2024 ₹31 Cr | Sep 2024 — | Dec 2024 ₹60 Cr | Mar 2025 — | Jun 2025 ₹48 Cr | Sep 2025 — | Dec 2025 ₹62 Cr | Mar 2026 — | Jun 2026 —
- PVH: Sep 2021 ₹182 Cr | Dec 2021 ₹280 Cr | Mar 2022 ₹391 Cr | Jun 2022 ₹133 Cr | Sep 2022 ₹115 Cr | Dec 2022 ₹-187 Cr | Mar 2023 ₹139 Cr | Jun 2023 ₹136 Cr | Sep 2023 ₹94 Cr | Dec 2023 ₹162 Cr | Mar 2024 ₹272 Cr | Jun 2024 ₹151 Cr | Sep 2024 ₹158 Cr | Dec 2024 ₹132 Cr | Mar 2025 ₹157 Cr | Jun 2025 ₹-45 Cr | Sep 2025 ₹224 Cr | Dec 2025 ₹4 Cr | Mar 2026 ₹-158 Cr | Jun 2026 ₹88 Cr
- COLM: Sep 2021 ₹101 Cr | Dec 2021 ₹157 Cr | Mar 2022 ₹67 Cr | Jun 2022 ₹7 Cr | Sep 2022 ₹112 Cr | Dec 2022 ₹126 Cr | Mar 2023 ₹46 Cr | Jun 2023 ₹8 Cr | Sep 2023 ₹104 Cr | Dec 2023 ₹93 Cr | Mar 2024 ₹42 Cr | Jun 2024 ₹-12 Cr | Sep 2024 ₹90 Cr | Dec 2024 ₹103 Cr | Mar 2025 ₹42 Cr | Jun 2025 ₹-10 Cr | Sep 2025 ₹52 Cr | Dec 2025 ₹93 Cr | Mar 2026 ₹34 Cr | Jun 2026 —
- UAA: Sep 2021 ₹113 Cr | Dec 2021 ₹110 Cr | Mar 2022 ₹-60 Cr | Jun 2022 ₹8 Cr | Sep 2022 ₹87 Cr | Dec 2022 ₹122 Cr | Mar 2023 ₹171 Cr | Jun 2023 ₹10 Cr | Sep 2023 ₹105 Cr | Dec 2023 ₹111 Cr | Mar 2024 ₹7 Cr | Jun 2024 ₹-305 Cr | Sep 2024 ₹170 Cr | Dec 2024 ₹1 Cr | Mar 2025 ₹-67 Cr | Jun 2025 ₹-3 Cr | Sep 2025 ₹-19 Cr | Dec 2025 ₹-431 Cr | Mar 2026 ₹-43 Cr | Jun 2026 —
- FIGS: Sep 2021 ₹7 Cr | Dec 2021 ₹13 Cr | Mar 2022 ₹9 Cr | Jun 2022 ₹5 Cr | Sep 2022 ₹4 Cr | Dec 2022 ₹3 Cr | Mar 2023 ₹2 Cr | Jun 2023 ₹5 Cr | Sep 2023 ₹6 Cr | Dec 2023 ₹10 Cr | Mar 2024 ₹1 Cr | Jun 2024 ₹1 Cr | Sep 2024 ₹-2 Cr | Dec 2024 ₹2 Cr | Mar 2025 ₹0 Cr | Jun 2025 ₹7 Cr | Sep 2025 ₹9 Cr | Dec 2025 ₹19 Cr | Mar 2026 ₹6 Cr | Jun 2026 —
- GIII: Sep 2021 ₹19 Cr | Dec 2021 ₹106 Cr | Mar 2022 ₹48 Cr | Jun 2022 ₹31 Cr | Sep 2022 ₹36 Cr | Dec 2022 ₹61 Cr | Mar 2023 ₹-262 Cr | Jun 2023 ₹3 Cr | Sep 2023 ₹16 Cr | Dec 2023 ₹127 Cr | Mar 2024 ₹28 Cr | Jun 2024 ₹6 Cr | Sep 2024 ₹24 Cr | Dec 2024 ₹115 Cr | Mar 2025 ₹49 Cr | Jun 2025 ₹8 Cr | Sep 2025 ₹11 Cr | Dec 2025 ₹81 Cr | Mar 2026 ₹-32 Cr | Jun 2026 ₹67 Cr
- GOOS: Sep 2021 ₹10 Cr | Dec 2021 — | Mar 2022 ₹151 Cr | Jun 2022 ₹-9 Cr | Sep 2022 ₹-64 Cr | Dec 2022 ₹5 Cr | Mar 2023 ₹138 Cr | Jun 2023 ₹-10 Cr | Sep 2023 ₹-85 Cr | Dec 2023 ₹4 Cr | Mar 2024 ₹8 Cr | Jun 2024 ₹-74 Cr | Sep 2024 ₹6 Cr | Dec 2024 ₹144 Cr | Mar 2025 ₹28 Cr | Jun 2025 ₹-126 Cr | Sep 2025 ₹-17 Cr | Dec 2025 ₹138 Cr | Mar 2026 ₹33 Cr | Jun 2026 —
- OXM: Sep 2021 ₹51 Cr | Dec 2021 ₹26 Cr | Mar 2022 ₹25 Cr | Jun 2022 ₹57 Cr | Sep 2022 ₹57 Cr | Dec 2022 ₹20 Cr | Mar 2023 ₹32 Cr | Jun 2023 ₹59 Cr | Sep 2023 ₹51 Cr | Dec 2023 ₹11 Cr | Mar 2024 ₹-60 Cr | Jun 2024 ₹38 Cr | Sep 2024 ₹41 Cr | Dec 2024 ₹-4 Cr | Mar 2025 ₹18 Cr | Jun 2025 ₹26 Cr | Sep 2025 ₹17 Cr | Dec 2025 ₹-64 Cr | Mar 2026 ₹-7 Cr | Jun 2026 ₹15 Cr
- SGC: Sep 2021 ₹8 Cr | Dec 2021 ₹4 Cr | Mar 2022 ₹5 Cr | Jun 2022 ₹-27 Cr | Sep 2022 ₹-13 Cr | Dec 2022 ₹2 Cr | Mar 2023 ₹1 Cr | Jun 2023 ₹1 Cr | Sep 2023 ₹3 Cr | Dec 2023 ₹4 Cr | Mar 2024 ₹4 Cr | Jun 2024 ₹1 Cr | Sep 2024 ₹5 Cr | Dec 2024 ₹2 Cr | Mar 2025 ₹-1 Cr | Jun 2025 ₹2 Cr | Sep 2025 ₹3 Cr | Dec 2025 ₹3 Cr | Mar 2026 ₹1 Cr | Jun 2026 —
- LAKE: Sep 2021 ₹3 Cr | Dec 2021 ₹3 Cr | Mar 2022 ₹1 Cr | Jun 2022 ₹1 Cr | Sep 2022 ₹-1 Cr | Dec 2022 ₹1 Cr | Mar 2023 ₹0 Cr | Jun 2023 ₹1 Cr | Sep 2023 ₹2 Cr | Dec 2023 ₹3 Cr | Mar 2024 ₹-1 Cr | Jun 2024 ₹2 Cr | Sep 2024 ₹-1 Cr | Dec 2024 ₹0 Cr | Mar 2025 ₹-18 Cr | Jun 2025 ₹-4 Cr | Sep 2025 ₹1 Cr | Dec 2025 ₹-16 Cr | Mar 2026 ₹-6 Cr | Jun 2026 ₹0 Cr
- JXG: Sep 2021 — | Dec 2021 ₹-32 Cr | Mar 2022 — | Jun 2022 ₹-19 Cr | Sep 2022 — | Dec 2022 ₹-54 Cr | Mar 2023 — | Jun 2023 ₹2 Cr | Sep 2023 — | Dec 2023 ₹1 Cr | Mar 2024 — | Jun 2024 ₹3 Cr | Sep 2024 — | Dec 2024 ₹0 Cr | Mar 2025 — | Jun 2025 ₹2 Cr | Sep 2025 — | Dec 2025 ₹-13 Cr | Mar 2026 — | Jun 2026 —

### 20-quarter Profit growth history
- RL: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 -85% | Sep 2022 -36% | Dec 2022 -31% | Mar 2023 — | Jun 2023 33% | Sep 2023 7.3% | Dec 2023 83% | Mar 2024 — | Jun 2024 428% | Sep 2024 12% | Dec 2024 7.2% | Mar 2025 42% | Jun 2025 30% | Sep 2025 41% | Dec 2025 22% | Mar 2026 18% | Jun 2026 —
- LEVI: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 -10% | Dec 2022 -1.3% | Mar 2023 -41% | Jun 2023 -104% | Sep 2023 -94% | Dec 2023 -16% | Mar 2024 -109% | Jun 2024 — | Sep 2024 130% | Dec 2024 42% | Mar 2025 — | Jun 2025 371% | Sep 2025 430% | Dec 2025 -11% | Mar 2026 26% | Jun 2026 19%
- GIL: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 8.2% | Dec 2022 -19% | Mar 2023 -52% | Jun 2023 -33% | Sep 2023 -1.9% | Dec 2023 -17% | Mar 2024 -6.0% | Jun 2024 -41% | Sep 2024 -15% | Dec 2024 3.9% | Mar 2025 7.6% | Jun 2025 138% | Sep 2025 -8.4% | Dec 2025 -61% | Mar 2026 -165% | Jun 2026 —
- VFC: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 -136% | Dec 2022 -125% | Mar 2023 — | Jun 2023 -369% | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 -6.4% | Dec 2025 78% | Mar 2026 — | Jun 2026 —
- KTB: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 158% | Sep 2022 -19% | Dec 2022 18% | Mar 2023 -19% | Jun 2023 -42% | Sep 2023 18% | Dec 2023 33% | Mar 2024 -9.1% | Jun 2024 114% | Sep 2024 72% | Dec 2024 26% | Mar 2025 -83% | Jun 2025 -3.9% | Sep 2025 -66% | Dec 2025 — | Mar 2026 1,160% | Jun 2026 -18%
- ZGN: Sep 2021 — | Dec 2021 -490% | Mar 2022 — | Jun 2022 -34% | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 148% | Sep 2023 — | Dec 2023 91% | Mar 2024 — | Jun 2024 -40% | Sep 2024 — | Dec 2024 -29% | Mar 2025 — | Jun 2025 55% | Sep 2025 — | Dec 2025 3.3% | Mar 2026 — | Jun 2026 —
- PVH: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 -37% | Dec 2022 -167% | Mar 2023 -64% | Jun 2023 2.3% | Sep 2023 -18% | Dec 2023 — | Mar 2024 96% | Jun 2024 11% | Sep 2024 68% | Dec 2024 -19% | Mar 2025 -42% | Jun 2025 -130% | Sep 2025 42% | Dec 2025 -97% | Mar 2026 -201% | Jun 2026 —
- COLM: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 -83% | Sep 2022 11% | Dec 2022 -20% | Mar 2023 -31% | Jun 2023 14% | Sep 2023 -7.1% | Dec 2023 -26% | Mar 2024 -8.7% | Jun 2024 -250% | Sep 2024 -13% | Dec 2024 11% | Mar 2025 0.0% | Jun 2025 — | Sep 2025 -42% | Dec 2025 -9.7% | Mar 2026 -19% | Jun 2026 —
- UAA: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 -86% | Sep 2022 -23% | Dec 2022 11% | Mar 2023 — | Jun 2023 25% | Sep 2023 21% | Dec 2023 -9.0% | Mar 2024 -96% | Jun 2024 -3,150% | Sep 2024 62% | Dec 2024 -99% | Mar 2025 -1,057% | Jun 2025 — | Sep 2025 -111% | Dec 2025 — | Mar 2026 — | Jun 2026 —
- FIGS: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 -43% | Dec 2022 -77% | Mar 2023 -78% | Jun 2023 0.0% | Sep 2023 50% | Dec 2023 233% | Mar 2024 -50% | Jun 2024 -80% | Sep 2024 -133% | Dec 2024 -80% | Mar 2025 -100% | Jun 2025 600% | Sep 2025 — | Dec 2025 850% | Mar 2026 — | Jun 2026 —
- GIII: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 89% | Dec 2022 -42% | Mar 2023 -646% | Jun 2023 -90% | Sep 2023 -56% | Dec 2023 108% | Mar 2024 — | Jun 2024 100% | Sep 2024 50% | Dec 2024 -9.5% | Mar 2025 75% | Jun 2025 33% | Sep 2025 -54% | Dec 2025 -30% | Mar 2026 -165% | Jun 2026 738%
- GOOS: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 -740% | Dec 2022 — | Mar 2023 -8.6% | Jun 2023 — | Sep 2023 — | Dec 2023 -20% | Mar 2024 -94% | Jun 2024 — | Sep 2024 — | Dec 2024 3,500% | Mar 2025 250% | Jun 2025 — | Sep 2025 -383% | Dec 2025 -4.2% | Mar 2026 18% | Jun 2026 —
- OXM: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 12% | Dec 2022 -23% | Mar 2023 28% | Jun 2023 3.5% | Sep 2023 -11% | Dec 2023 -45% | Mar 2024 -288% | Jun 2024 -36% | Sep 2024 -20% | Dec 2024 -136% | Mar 2025 — | Jun 2025 -32% | Sep 2025 -59% | Dec 2025 — | Mar 2026 -139% | Jun 2026 -42%
- SGC: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 -550% | Sep 2022 -263% | Dec 2022 -50% | Mar 2023 -80% | Jun 2023 — | Sep 2023 — | Dec 2023 100% | Mar 2024 300% | Jun 2024 0.0% | Sep 2024 67% | Dec 2024 -50% | Mar 2025 -125% | Jun 2025 100% | Sep 2025 -40% | Dec 2025 50% | Mar 2026 — | Jun 2026 —
- LAKE: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 -133% | Dec 2022 -67% | Mar 2023 -100% | Jun 2023 0.0% | Sep 2023 — | Dec 2023 200% | Mar 2024 — | Jun 2024 100% | Sep 2024 -150% | Dec 2024 -100% | Mar 2025 — | Jun 2025 -300% | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 —
- JXG: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 50% | Sep 2024 — | Dec 2024 -100% | Mar 2025 — | Jun 2025 -33% | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 —

## Capacity Spending & Returns On It

What the numbers say: Ralph Lauren Corporation reports $51 million of CAPEX; Oxford Industries, Inc. has the highest covered intensity at 5.9%. Coverage is only 16 of 16 companies and 273 reported observations, so this is partial evidence—not a complete sector rank.

Investor read: Use the CAPEX rank as a diligence queue. Verify commissioning, utilization, cash conversion and post-investment ROCE before treating spend as value creation.

This conclusion weakens if: CAPEX rises without higher utilization, operating cash flow or incremental returns.

Evidence: Ralph Lauren Corporation · $51 million | 27.5% versus #2 · Levi Strauss & Co. | 8/8 recent comparable periods | 16/16 companies · 273 observations

Definition: CAPEX is cash spent on property, plant, equipment and other reported capital assets. CAPEX intensity divides that spend by revenue; high intensity is a reinvestment signal, not proof that the reinvestment will earn attractive returns.

### CAPEX — largest spenders
1. Ralph Lauren Corporation (RL): ₹51 Cr
2. Levi Strauss & Co. (LEVI): ₹40 Cr
3. PVH Corp. (PVH): ₹40 Cr
4. Ermenegildo Zegna N.V. (ZGN): ₹40 Cr — older report
5. Gildan Activewear Inc. (GIL): ₹29 Cr

### CAPEX intensity — highest reinvestment intensity
1. Oxford Industries, Inc. (OXM): 5.9%
2. Ermenegildo Zegna N.V. (ZGN): 4.0% — older report
3. Canada Goose Holdings Inc. (GOOS): 3.5%
4. Levi Strauss & Co. (LEVI): 2.6%
5. Ralph Lauren Corporation (RL): 2.6%

### 20-quarter CAPEX history
- RL: Sep 2021 ₹35 Cr | Dec 2021 ₹50 Cr | Mar 2022 — | Jun 2022 ₹53 Cr | Sep 2022 ₹39 Cr | Dec 2022 ₹45 Cr | Mar 2023 — | Jun 2023 ₹62 Cr | Sep 2023 ₹40 Cr | Dec 2023 ₹43 Cr | Mar 2024 ₹40 Cr | Jun 2024 ₹33 Cr | Sep 2024 ₹42 Cr | Dec 2024 ₹61 Cr | Mar 2025 ₹80 Cr | Jun 2025 ₹187 Cr | Sep 2025 ₹94 Cr | Dec 2025 ₹76 Cr | Mar 2026 ₹51 Cr | Jun 2026 —
- LEVI: Sep 2021 ₹41 Cr | Dec 2021 ₹58 Cr | Mar 2022 ₹74 Cr | Jun 2022 ₹47 Cr | Sep 2022 ₹76 Cr | Dec 2022 ₹70 Cr | Mar 2023 ₹111 Cr | Jun 2023 ₹71 Cr | Sep 2023 ₹72 Cr | Dec 2023 ₹63 Cr | Mar 2024 ₹72 Cr | Jun 2024 ₹40 Cr | Sep 2024 ₹50 Cr | Dec 2024 ₹66 Cr | Mar 2025 ₹67 Cr | Jun 2025 ₹40 Cr | Sep 2025 ₹64 Cr | Dec 2025 ₹51 Cr | Mar 2026 ₹59 Cr | Jun 2026 ₹40 Cr
- GIL: Sep 2021 ₹29 Cr | Dec 2021 ₹48 Cr | Mar 2022 ₹37 Cr | Jun 2022 ₹32 Cr | Sep 2022 ₹54 Cr | Dec 2022 ₹74 Cr | Mar 2023 ₹79 Cr | Jun 2023 ₹73 Cr | Sep 2023 ₹54 Cr | Dec 2023 ₹42 Cr | Mar 2024 ₹42 Cr | Jun 2024 ₹36 Cr | Sep 2024 ₹28 Cr | Dec 2024 ₹39 Cr | Mar 2025 ₹22 Cr | Jun 2025 ₹33 Cr | Sep 2025 ₹22 Cr | Dec 2025 ₹29 Cr | Mar 2026 ₹29 Cr | Jun 2026 —
- VFC: Sep 2021 ₹93 Cr | Dec 2021 ₹51 Cr | Mar 2022 ₹70 Cr | Jun 2022 ₹31 Cr | Sep 2022 ₹53 Cr | Dec 2022 ₹37 Cr | Mar 2023 — | Jun 2023 ₹36 Cr | Sep 2023 ₹62 Cr | Dec 2023 ₹23 Cr | Mar 2024 ₹21 Cr | Jun 2024 ₹24 Cr | Sep 2024 ₹22 Cr | Dec 2024 ₹18 Cr | Mar 2025 ₹22 Cr | Jun 2025 ₹28 Cr | Sep 2025 ₹27 Cr | Dec 2025 ₹33 Cr | Mar 2026 ₹27 Cr | Jun 2026 —
- KTB: Sep 2021 ₹3 Cr | Dec 2021 ₹4 Cr | Mar 2022 ₹3 Cr | Jun 2022 ₹4 Cr | Sep 2022 ₹6 Cr | Dec 2022 ₹5 Cr | Mar 2023 ₹6 Cr | Jun 2023 ₹7 Cr | Sep 2023 ₹8 Cr | Dec 2023 ₹6 Cr | Mar 2024 ₹4 Cr | Jun 2024 ₹4 Cr | Sep 2024 ₹4 Cr | Dec 2024 ₹7 Cr | Mar 2025 ₹2 Cr | Jun 2025 ₹3 Cr | Sep 2025 ₹8 Cr | Dec 2025 — | Mar 2026 ₹7 Cr | Jun 2026 ₹6 Cr
- ZGN: Sep 2021 — | Dec 2021 ₹63 Cr | Mar 2022 — | Jun 2022 ₹16 Cr | Sep 2022 — | Dec 2022 ₹33 Cr | Mar 2023 — | Jun 2023 ₹26 Cr | Sep 2023 — | Dec 2023 ₹31 Cr | Mar 2024 — | Jun 2024 ₹48 Cr | Sep 2024 — | Dec 2024 ₹52 Cr | Mar 2025 — | Jun 2025 ₹44 Cr | Sep 2025 — | Dec 2025 ₹40 Cr | Mar 2026 — | Jun 2026 —
- PVH: Sep 2021 ₹61 Cr | Dec 2021 ₹61 Cr | Mar 2022 ₹97 Cr | Jun 2022 ₹52 Cr | Sep 2022 ₹56 Cr | Dec 2022 ₹86 Cr | Mar 2023 ₹95 Cr | Jun 2023 ₹58 Cr | Sep 2023 ₹58 Cr | Dec 2023 ₹47 Cr | Mar 2024 ₹81 Cr | Jun 2024 ₹39 Cr | Sep 2024 ₹37 Cr | Dec 2024 ₹40 Cr | Mar 2025 ₹43 Cr | Jun 2025 ₹27 Cr | Sep 2025 ₹31 Cr | Dec 2025 ₹41 Cr | Mar 2026 ₹44 Cr | Jun 2026 ₹40 Cr
- COLM: Sep 2021 ₹8 Cr | Dec 2021 ₹14 Cr | Mar 2022 ₹13 Cr | Jun 2022 ₹16 Cr | Sep 2022 ₹14 Cr | Dec 2022 ₹16 Cr | Mar 2023 ₹14 Cr | Jun 2023 ₹9 Cr | Sep 2023 ₹19 Cr | Dec 2023 ₹13 Cr | Mar 2024 ₹15 Cr | Jun 2024 ₹13 Cr | Sep 2024 ₹14 Cr | Dec 2024 ₹18 Cr | Mar 2025 ₹16 Cr | Jun 2025 ₹14 Cr | Sep 2025 ₹17 Cr | Dec 2025 ₹20 Cr | Mar 2026 ₹12 Cr | Jun 2026 —
- UAA: Sep 2021 ₹30 Cr | Dec 2021 ₹12 Cr | Mar 2022 ₹40 Cr | Jun 2022 ₹36 Cr | Sep 2022 ₹58 Cr | Dec 2022 ₹54 Cr | Mar 2023 ₹10 Cr | Jun 2023 ₹33 Cr | Sep 2023 ₹43 Cr | Dec 2023 ₹41 Cr | Mar 2024 ₹34 Cr | Jun 2024 ₹46 Cr | Sep 2024 ₹46 Cr | Dec 2024 ₹48 Cr | Mar 2025 ₹29 Cr | Jun 2025 ₹35 Cr | Sep 2025 ₹20 Cr | Dec 2025 ₹16 Cr | Mar 2026 ₹15 Cr | Jun 2026 —
- FIGS: Sep 2021 ₹1 Cr | Dec 2021 ₹1 Cr | Mar 2022 ₹0 Cr | Jun 2022 ₹1 Cr | Sep 2022 ₹3 Cr | Dec 2022 ₹1 Cr | Mar 2023 ₹1 Cr | Jun 2023 ₹1 Cr | Sep 2023 ₹8 Cr | Dec 2023 ₹7 Cr | Mar 2024 ₹0 Cr | Jun 2024 ₹9 Cr | Sep 2024 ₹4 Cr | Dec 2024 ₹3 Cr | Mar 2025 ₹1 Cr | Jun 2025 ₹1 Cr | Sep 2025 ₹3 Cr | Dec 2025 ₹3 Cr | Mar 2026 ₹2 Cr | Jun 2026 —
- GIII: Sep 2021 ₹5 Cr | Dec 2021 ₹5 Cr | Mar 2022 ₹5 Cr | Jun 2022 ₹4 Cr | Sep 2022 ₹4 Cr | Dec 2022 ₹6 Cr | Mar 2023 ₹6 Cr | Jun 2023 ₹5 Cr | Sep 2023 ₹6 Cr | Dec 2023 ₹21 Cr | Mar 2024 ₹7 Cr | Jun 2024 ₹13 Cr | Sep 2024 ₹11 Cr | Dec 2024 ₹8 Cr | Mar 2025 ₹10 Cr | Jun 2025 ₹8 Cr | Sep 2025 ₹10 Cr | Dec 2025 ₹9 Cr | Mar 2026 ₹8 Cr | Jun 2026 ₹8 Cr
- GOOS: Sep 2021 ₹8 Cr | Dec 2021 — | Mar 2022 ₹9 Cr | Jun 2022 ₹12 Cr | Sep 2022 ₹3 Cr | Dec 2022 ₹8 Cr | Mar 2023 ₹13 Cr | Jun 2023 ₹22 Cr | Sep 2023 ₹5 Cr | Dec 2023 ₹26 Cr | Mar 2024 ₹9 Cr | Jun 2024 ₹2 Cr | Sep 2024 ₹3 Cr | Dec 2024 ₹10 Cr | Mar 2025 ₹3 Cr | Jun 2025 ₹1 Cr | Sep 2025 ₹10 Cr | Dec 2025 ₹16 Cr | Mar 2026 ₹16 Cr | Jun 2026 —
- OXM: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 ₹9 Cr | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 ₹17 Cr | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 ₹12 Cr | Sep 2024 ₹42 Cr | Dec 2024 ₹39 Cr | Mar 2025 ₹42 Cr | Jun 2025 ₹23 Cr | Sep 2025 ₹31 Cr | Dec 2025 ₹39 Cr | Mar 2026 ₹15 Cr | Jun 2026 ₹23 Cr
- SGC: Sep 2021 ₹3 Cr | Dec 2021 ₹3 Cr | Mar 2022 ₹4 Cr | Jun 2022 ₹3 Cr | Sep 2022 ₹4 Cr | Dec 2022 ₹0 Cr | Mar 2023 ₹2 Cr | Jun 2023 ₹2 Cr | Sep 2023 ₹0 Cr | Dec 2023 ₹1 Cr | Mar 2024 ₹1 Cr | Jun 2024 ₹1 Cr | Sep 2024 ₹1 Cr | Dec 2024 ₹2 Cr | Mar 2025 ₹1 Cr | Jun 2025 ₹2 Cr | Sep 2025 ₹1 Cr | Dec 2025 ₹1 Cr | Mar 2026 ₹1 Cr | Jun 2026 —
- LAKE: Sep 2021 ₹0 Cr | Dec 2021 ₹0 Cr | Mar 2022 ₹0 Cr | Jun 2022 ₹0 Cr | Sep 2022 ₹0 Cr | Dec 2022 ₹1 Cr | Mar 2023 ₹1 Cr | Jun 2023 ₹1 Cr | Sep 2023 ₹0 Cr | Dec 2023 ₹0 Cr | Mar 2024 ₹1 Cr | Jun 2024 ₹0 Cr | Sep 2024 ₹0 Cr | Dec 2024 ₹1 Cr | Mar 2025 ₹0 Cr | Jun 2025 ₹1 Cr | Sep 2025 ₹1 Cr | Dec 2025 ₹1 Cr | Mar 2026 ₹0 Cr | Jun 2026 ₹1 Cr
- JXG: Sep 2021 — | Dec 2021 ₹3 Cr | Mar 2022 — | Jun 2022 ₹0 Cr | Sep 2022 — | Dec 2022 ₹0 Cr | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 ₹0 Cr | Mar 2024 — | Jun 2024 ₹0 Cr | Sep 2024 — | Dec 2024 ₹0 Cr | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 —

### 20-quarter CAPEX intensity history
- RL: Sep 2021 2.3% | Dec 2021 2.8% | Mar 2022 — | Jun 2022 3.5% | Sep 2022 2.6% | Dec 2022 2.8% | Mar 2023 — | Jun 2023 4.0% | Sep 2023 2.7% | Dec 2023 2.2% | Mar 2024 2.6% | Jun 2024 2.2% | Sep 2024 2.4% | Dec 2024 2.8% | Mar 2025 4.7% | Jun 2025 11% | Sep 2025 4.7% | Dec 2025 3.2% | Mar 2026 2.6% | Jun 2026 —
- LEVI: Sep 2021 2.7% | Dec 2021 3.4% | Mar 2022 4.6% | Jun 2022 3.2% | Sep 2022 5.0% | Dec 2022 4.4% | Mar 2023 6.6% | Jun 2023 5.3% | Sep 2023 4.8% | Dec 2023 3.8% | Mar 2024 4.9% | Jun 2024 2.9% | Sep 2024 3.5% | Dec 2024 3.8% | Mar 2025 4.4% | Jun 2025 2.8% | Sep 2025 4.1% | Dec 2025 2.9% | Mar 2026 3.4% | Jun 2026 2.6%
- GIL: Sep 2021 3.9% | Dec 2021 6.0% | Mar 2022 4.7% | Jun 2022 4.1% | Sep 2022 6.0% | Dec 2022 8.7% | Mar 2023 11% | Jun 2023 10% | Sep 2023 6.4% | Dec 2023 4.8% | Mar 2024 6.0% | Jun 2024 4.2% | Sep 2024 3.1% | Dec 2024 4.7% | Mar 2025 3.1% | Jun 2025 3.6% | Sep 2025 2.4% | Dec 2025 2.7% | Mar 2026 2.5% | Jun 2026 —
- VFC: Sep 2021 4.2% | Dec 2021 1.6% | Mar 2022 1.9% | Jun 2022 1.1% | Sep 2022 2.3% | Dec 2022 1.2% | Mar 2023 — | Jun 2023 1.6% | Sep 2023 3.0% | Dec 2023 0.8% | Mar 2024 0.9% | Jun 2024 1.4% | Sep 2024 0.8% | Dec 2024 0.6% | Mar 2025 1.0% | Jun 2025 1.6% | Sep 2025 1.0% | Dec 2025 1.1% | Mar 2026 1.2% | Jun 2026 —
- KTB: Sep 2021 0.5% | Dec 2021 0.6% | Mar 2022 0.4% | Jun 2022 0.7% | Sep 2022 1.0% | Dec 2022 0.7% | Mar 2023 0.9% | Jun 2023 1.1% | Sep 2023 1.2% | Dec 2023 0.9% | Mar 2024 0.6% | Jun 2024 0.7% | Sep 2024 0.6% | Dec 2024 1.0% | Mar 2025 0.5% | Jun 2025 0.5% | Sep 2025 0.9% | Dec 2025 — | Mar 2026 0.7% | Jun 2026 1.0%
- ZGN: Sep 2021 — | Dec 2021 9.1% | Mar 2022 — | Jun 2022 2.2% | Sep 2022 — | Dec 2022 4.3% | Mar 2023 — | Jun 2023 2.9% | Sep 2023 — | Dec 2023 3.1% | Mar 2024 — | Jun 2024 5.0% | Sep 2024 — | Dec 2024 5.3% | Mar 2025 — | Jun 2025 4.7% | Sep 2025 — | Dec 2025 4.0% | Mar 2026 — | Jun 2026 —
- PVH: Sep 2021 2.6% | Dec 2021 2.6% | Mar 2022 4.0% | Jun 2022 2.4% | Sep 2022 2.6% | Dec 2022 3.8% | Mar 2023 3.8% | Jun 2023 2.7% | Sep 2023 2.6% | Dec 2023 2.0% | Mar 2024 — | Jun 2024 2.0% | Sep 2024 1.8% | Dec 2024 1.8% | Mar 2025 1.8% | Jun 2025 1.4% | Sep 2025 1.4% | Dec 2025 1.8% | Mar 2026 1.8% | Jun 2026 2.0%
- COLM: Sep 2021 1.0% | Dec 2021 1.2% | Mar 2022 1.7% | Jun 2022 2.8% | Sep 2022 1.5% | Dec 2022 1.4% | Mar 2023 1.7% | Jun 2023 1.4% | Sep 2023 1.9% | Dec 2023 1.2% | Mar 2024 1.9% | Jun 2024 2.3% | Sep 2024 1.5% | Dec 2024 1.6% | Mar 2025 2.1% | Jun 2025 2.3% | Sep 2025 1.8% | Dec 2025 1.9% | Mar 2026 1.5% | Jun 2026 —
- UAA: Sep 2021 1.9% | Dec 2021 0.8% | Mar 2022 3.1% | Jun 2022 2.7% | Sep 2022 3.7% | Dec 2022 3.4% | Mar 2023 0.7% | Jun 2023 2.5% | Sep 2023 2.7% | Dec 2023 2.8% | Mar 2024 2.6% | Jun 2024 3.9% | Sep 2024 3.3% | Dec 2024 3.4% | Mar 2025 2.5% | Jun 2025 3.1% | Sep 2025 1.5% | Dec 2025 1.2% | Mar 2026 1.3% | Jun 2026 —
- FIGS: Sep 2021 1.0% | Dec 2021 0.8% | Mar 2022 0.0% | Jun 2022 0.8% | Sep 2022 2.3% | Dec 2022 0.7% | Mar 2023 0.8% | Jun 2023 0.7% | Sep 2023 5.6% | Dec 2023 4.8% | Mar 2024 0.0% | Jun 2024 6.3% | Sep 2024 2.9% | Dec 2024 2.0% | Mar 2025 0.8% | Jun 2025 0.7% | Sep 2025 2.0% | Dec 2025 1.5% | Mar 2026 1.3% | Jun 2026 —
- GIII: Sep 2021 1.0% | Dec 2021 0.5% | Mar 2022 0.7% | Jun 2022 0.6% | Sep 2022 0.7% | Dec 2022 0.6% | Mar 2023 0.7% | Jun 2023 0.8% | Sep 2023 0.9% | Dec 2023 2.0% | Mar 2024 0.9% | Jun 2024 2.1% | Sep 2024 1.7% | Dec 2024 0.7% | Mar 2025 1.2% | Jun 2025 1.4% | Sep 2025 1.6% | Dec 2025 0.9% | Mar 2026 1.0% | Jun 2026 1.5%
- GOOS: Sep 2021 3.4% | Dec 2021 — | Mar 2022 1.5% | Jun 2022 5.4% | Sep 2022 4.3% | Dec 2022 2.9% | Mar 2023 2.3% | Jun 2023 7.5% | Sep 2023 5.9% | Dec 2023 9.3% | Mar 2024 2.5% | Jun 2024 2.3% | Sep 2024 1.1% | Dec 2024 1.6% | Mar 2025 0.8% | Jun 2025 0.9% | Sep 2025 3.7% | Dec 2025 2.3% | Mar 2026 3.5% | Jun 2026 —
- OXM: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 2.5% | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 4.0% | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 3.0% | Sep 2024 10% | Dec 2024 13% | Mar 2025 11% | Jun 2025 5.9% | Sep 2025 7.7% | Dec 2025 13% | Mar 2026 4.0% | Jun 2026 5.9%
- SGC: Sep 2021 2.4% | Dec 2021 2.1% | Mar 2022 2.8% | Jun 2022 2.0% | Sep 2022 2.9% | Dec 2022 0.0% | Mar 2023 1.5% | Jun 2023 1.6% | Sep 2023 0.0% | Dec 2023 0.7% | Mar 2024 0.7% | Jun 2024 0.8% | Sep 2024 0.7% | Dec 2024 1.4% | Mar 2025 0.7% | Jun 2025 1.4% | Sep 2025 0.7% | Dec 2025 0.7% | Mar 2026 0.7% | Jun 2026 —
- LAKE: Sep 2021 0.0% | Dec 2021 0.0% | Mar 2022 0.0% | Jun 2022 0.0% | Sep 2022 0.0% | Dec 2022 3.6% | Mar 2023 3.4% | Jun 2023 3.4% | Sep 2023 0.0% | Dec 2023 0.0% | Mar 2024 3.2% | Jun 2024 0.0% | Sep 2024 0.0% | Dec 2024 2.2% | Mar 2025 0.0% | Jun 2025 2.1% | Sep 2025 1.9% | Dec 2025 2.1% | Mar 2026 0.0% | Jun 2026 2.1%
- JXG: Sep 2021 — | Dec 2021 6.5% | Mar 2022 — | Jun 2022 0.0% | Sep 2022 — | Dec 2022 0.0% | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 0.0% | Mar 2024 — | Jun 2024 0.0% | Sep 2024 — | Dec 2024 0.0% | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 —

## Debt Load & Balance-Sheet Headroom

What the numbers say: FIGS, Inc. has the clearest covered balance-sheet capacity with $216 million net cash and gross debt of $61 million. Absolute debt alone does not identify the strongest balance sheet because company scale differs; net debt and debt-to-equity carry more information.

Investor read: Prioritize net-cash capacity and leverage relative to operating scale, not the smallest absolute rupee debt.

This conclusion weakens if: Net debt rises faster than revenue and profit for two consecutive reported periods.

Evidence: Lakeland Industries, Inc. · $41 million | 32.8% versus #2 · FIGS, Inc. | 0/8 recent comparable periods | 14/16 companies · 264 observations

Definition: Gross debt shows contractual borrowings. Net debt subtracts reported cash; a negative value means net cash. Lower debt can create capacity, but should be read against the scale and capital intensity of the business.

### Gross debt — lowest gross debt
1. Lakeland Industries, Inc. (LAKE): ₹41 Cr
2. FIGS, Inc. (FIGS): ₹61 Cr
3. Superior Group of Companies, Inc. (SGC): ₹95 Cr
4. G-III Apparel Group, Ltd. (GIII): ₹294 Cr
5. Columbia Sportswear Company (COLM): ₹473 Cr

### Net debt — lowest net debt
1. FIGS, Inc. (FIGS): ₹-216 Cr
2. G-III Apparel Group, Ltd. (GIII): ₹-100 Cr
3. Columbia Sportswear Company (COLM): ₹-62 Cr
4. Lakeland Industries, Inc. (LAKE): ₹24 Cr
5. Superior Group of Companies, Inc. (SGC): ₹72 Cr

### 20-quarter Gross debt history
- RL: Sep 2021 ₹3.1K Cr | Dec 2021 ₹3.1K Cr | Mar 2022 — | Jun 2022 ₹3.4K Cr | Sep 2022 ₹2.8K Cr | Dec 2022 ₹2.7K Cr | Mar 2023 — | Jun 2023 ₹2.9K Cr | Sep 2023 ₹2.8K Cr | Dec 2023 ₹2.7K Cr | Mar 2024 ₹2.7K Cr | Jun 2024 ₹2.7K Cr | Sep 2024 ₹2.6K Cr | Dec 2024 ₹2.7K Cr | Mar 2025 ₹2.6K Cr | Jun 2025 ₹3.2K Cr | Sep 2025 ₹2.9K Cr | Dec 2025 ₹2.8K Cr | Mar 2026 ₹3.0K Cr | Jun 2026 —
- LEVI: Sep 2021 ₹2.5K Cr | Dec 2021 ₹2.2K Cr | Mar 2022 ₹2.2K Cr | Jun 2022 ₹2.2K Cr | Sep 2022 ₹2.1K Cr | Dec 2022 ₹2.1K Cr | Mar 2023 ₹2.2K Cr | Jun 2023 ₹2.2K Cr | Sep 2023 ₹2.1K Cr | Dec 2023 ₹2.2K Cr | Mar 2024 ₹2.1K Cr | Jun 2024 ₹2.2K Cr | Sep 2024 ₹2.2K Cr | Dec 2024 ₹2.2K Cr | Mar 2025 ₹2.2K Cr | Jun 2025 ₹2.2K Cr | Sep 2025 ₹2.3K Cr | Dec 2025 ₹2.3K Cr | Mar 2026 ₹2.3K Cr | Jun 2026 ₹2.3K Cr
- GIL: Sep 2021 ₹673 Cr | Dec 2021 ₹676 Cr | Mar 2022 ₹709 Cr | Jun 2022 ₹951 Cr | Sep 2022 ₹922 Cr | Dec 2022 ₹1.0K Cr | Mar 2023 ₹1.0K Cr | Jun 2023 ₹1.2K Cr | Sep 2023 ₹1.2K Cr | Dec 2023 ₹1.1K Cr | Mar 2024 ₹1.2K Cr | Jun 2024 ₹1.3K Cr | Sep 2024 ₹1.6K Cr | Dec 2024 ₹1.7K Cr | Mar 2025 ₹1.9K Cr | Jun 2025 ₹2.0K Cr | Sep 2025 ₹1.9K Cr | Dec 2025 ₹4.6K Cr | Mar 2026 ₹5.0K Cr | Jun 2026 —
- VFC: Sep 2021 ₹6.9K Cr | Dec 2021 ₹6.8K Cr | Mar 2022 ₹6.3K Cr | Jun 2022 ₹6.4K Cr | Sep 2022 ₹6.3K Cr | Dec 2022 ₹7.1K Cr | Mar 2023 — | Jun 2023 ₹7.8K Cr | Sep 2023 ₹7.9K Cr | Dec 2023 ₹7.3K Cr | Mar 2024 ₹7.1K Cr | Jun 2024 ₹7.1K Cr | Sep 2024 ₹7.4K Cr | Dec 2024 ₹5.8K Cr | Mar 2025 ₹5.4K Cr | Jun 2025 ₹5.7K Cr | Sep 2025 ₹5.8K Cr | Dec 2025 ₹5.3K Cr | Mar 2026 ₹5.0K Cr | Jun 2026 —
- KTB: Sep 2021 ₹852 Cr | Dec 2021 ₹57 Cr | Mar 2022 ₹841 Cr | Jun 2022 ₹842 Cr | Sep 2022 ₹889 Cr | Dec 2022 ₹851 Cr | Mar 2023 ₹901 Cr | Jun 2023 ₹852 Cr | Sep 2023 ₹848 Cr | Dec 2023 ₹842 Cr | Mar 2024 ₹838 Cr | Jun 2024 ₹808 Cr | Sep 2024 ₹803 Cr | Dec 2024 ₹791 Cr | Mar 2025 ₹756 Cr | Jun 2025 ₹1.5K Cr | Sep 2025 ₹1.5K Cr | Dec 2025 — | Mar 2026 ₹1.3K Cr | Jun 2026 ₹1.3K Cr
- PVH: Sep 2021 ₹4.6K Cr | Dec 2021 ₹4.3K Cr | Mar 2022 ₹4.0K Cr | Jun 2022 ₹3.8K Cr | Sep 2022 ₹3.7K Cr | Dec 2022 ₹3.6K Cr | Mar 2023 ₹3.8K Cr | Jun 2023 ₹3.8K Cr | Sep 2023 ₹3.8K Cr | Dec 2023 ₹3.7K Cr | Mar 2024 ₹3.5K Cr | Jun 2024 ₹3.6K Cr | Sep 2024 ₹3.6K Cr | Dec 2024 ₹3.5K Cr | Mar 2025 ₹3.4K Cr | Jun 2025 ₹3.7K Cr | Sep 2025 ₹4.3K Cr | Dec 2025 ₹4.3K Cr | Mar 2026 ₹4.3K Cr | Jun 2026 ₹4.2K Cr
- COLM: Sep 2021 ₹398 Cr | Dec 2021 ₹385 Cr | Mar 2022 ₹389 Cr | Jun 2022 ₹378 Cr | Sep 2022 ₹385 Cr | Dec 2022 ₹379 Cr | Mar 2023 ₹373 Cr | Jun 2023 ₹368 Cr | Sep 2023 ₹396 Cr | Dec 2023 ₹408 Cr | Mar 2024 ₹412 Cr | Jun 2024 ₹411 Cr | Sep 2024 ₹422 Cr | Dec 2024 ₹449 Cr | Mar 2025 ₹457 Cr | Jun 2025 ₹481 Cr | Sep 2025 ₹480 Cr | Dec 2025 ₹478 Cr | Mar 2026 ₹473 Cr | Jun 2026 —
- UAA: Sep 2021 — | Dec 2021 — | Mar 2022 ₹1.5K Cr | Jun 2022 ₹1.5K Cr | Sep 2022 ₹1.5K Cr | Dec 2022 ₹1.5K Cr | Mar 2023 ₹1.5K Cr | Jun 2023 ₹1.5K Cr | Sep 2023 ₹1.5K Cr | Dec 2023 ₹1.5K Cr | Mar 2024 ₹1.4K Cr | Jun 2024 ₹1.3K Cr | Sep 2024 ₹1.3K Cr | Dec 2024 ₹1.3K Cr | Mar 2025 ₹1.3K Cr | Jun 2025 ₹1.7K Cr | Sep 2025 ₹1.9K Cr | Dec 2025 ₹1.7K Cr | Mar 2026 ₹1.9K Cr | Jun 2026 —
- FIGS: Sep 2021 ₹4 Cr | Dec 2021 — | Mar 2022 ₹21 Cr | Jun 2022 ₹20 Cr | Sep 2022 ₹20 Cr | Dec 2022 ₹19 Cr | Mar 2023 ₹18 Cr | Jun 2023 ₹21 Cr | Sep 2023 ₹20 Cr | Dec 2023 ₹47 Cr | Mar 2024 ₹58 Cr | Jun 2024 ₹59 Cr | Sep 2024 ₹56 Cr | Dec 2024 ₹53 Cr | Mar 2025 ₹51 Cr | Jun 2025 ₹52 Cr | Sep 2025 ₹54 Cr | Dec 2025 ₹60 Cr | Mar 2026 ₹61 Cr | Jun 2026 —
- GIII: Sep 2021 ₹708 Cr | Dec 2021 ₹710 Cr | Mar 2022 ₹705 Cr | Jun 2022 ₹702 Cr | Sep 2022 ₹805 Cr | Dec 2022 ₹1.1K Cr | Mar 2023 ₹877 Cr | Jun 2023 ₹796 Cr | Sep 2023 ₹714 Cr | Dec 2023 ₹701 Cr | Mar 2024 ₹653 Cr | Jun 2024 ₹651 Cr | Sep 2024 ₹633 Cr | Dec 2024 ₹526 Cr | Mar 2025 ₹278 Cr | Jun 2025 ₹289 Cr | Sep 2025 ₹296 Cr | Dec 2025 ₹285 Cr | Mar 2026 ₹285 Cr | Jun 2026 ₹294 Cr
- GOOS: Sep 2021 ₹680 Cr | Dec 2021 — | Mar 2022 ₹645 Cr | Jun 2022 ₹621 Cr | Sep 2022 ₹698 Cr | Dec 2022 ₹831 Cr | Mar 2023 ₹763 Cr | Jun 2023 ₹754 Cr | Sep 2023 ₹759 Cr | Dec 2023 ₹887 Cr | Mar 2024 ₹728 Cr | Jun 2024 ₹826 Cr | Sep 2024 ₹894 Cr | Dec 2024 ₹831 Cr | Mar 2025 ₹743 Cr | Jun 2025 ₹722 Cr | Sep 2025 ₹794 Cr | Dec 2025 ₹754 Cr | Mar 2026 ₹785 Cr | Jun 2026 —
- OXM: Sep 2021 ₹274 Cr | Dec 2021 ₹265 Cr | Mar 2022 ₹261 Cr | Jun 2022 ₹240 Cr | Sep 2022 ₹233 Cr | Dec 2022 ₹419 Cr | Mar 2023 ₹414 Cr | Jun 2023 ₹385 Cr | Sep 2023 ₹335 Cr | Dec 2023 ₹358 Cr | Mar 2024 ₹338 Cr | Jun 2024 ₹380 Cr | Sep 2024 ₹366 Cr | Dec 2024 ₹434 Cr | Mar 2025 ₹449 Cr | Jun 2025 ₹543 Cr | Sep 2025 ₹513 Cr | Dec 2025 ₹566 Cr | Mar 2026 ₹563 Cr | Jun 2026 ₹592 Cr
- SGC: Sep 2021 ₹98 Cr | Dec 2021 ₹120 Cr | Mar 2022 ₹134 Cr | Jun 2022 ₹153 Cr | Sep 2022 ₹166 Cr | Dec 2022 ₹159 Cr | Mar 2023 ₹152 Cr | Jun 2023 ₹136 Cr | Sep 2023 ₹121 Cr | Dec 2023 ₹106 Cr | Mar 2024 ₹102 Cr | Jun 2024 ₹89 Cr | Sep 2024 ₹96 Cr | Dec 2024 ₹97 Cr | Mar 2025 ₹105 Cr | Jun 2025 ₹108 Cr | Sep 2025 ₹108 Cr | Dec 2025 ₹102 Cr | Mar 2026 ₹95 Cr | Jun 2026 —
- LAKE: Sep 2021 ₹2 Cr | Dec 2021 ₹5 Cr | Mar 2022 ₹5 Cr | Jun 2022 ₹5 Cr | Sep 2022 ₹4 Cr | Dec 2022 ₹4 Cr | Mar 2023 ₹5 Cr | Jun 2023 ₹5 Cr | Sep 2023 ₹8 Cr | Dec 2023 ₹11 Cr | Mar 2024 ₹12 Cr | Jun 2024 ₹25 Cr | Sep 2024 ₹44 Cr | Dec 2024 ₹46 Cr | Mar 2025 ₹32 Cr | Jun 2025 ₹40 Cr | Sep 2025 ₹42 Cr | Dec 2025 ₹52 Cr | Mar 2026 ₹47 Cr | Jun 2026 ₹41 Cr

### 20-quarter Net debt history
- RL: Sep 2021 ₹48 Cr | Dec 2021 ₹81 Cr | Mar 2022 — | Jun 2022 ₹774 Cr | Sep 2022 ₹1.0K Cr | Dec 2022 ₹1.3K Cr | Mar 2023 — | Jun 2023 ₹1.3K Cr | Sep 2023 ₹1.1K Cr | Dec 2023 ₹821 Cr | Mar 2024 ₹873 Cr | Jun 2024 ₹902 Cr | Sep 2024 ₹958 Cr | Dec 2024 ₹522 Cr | Mar 2025 ₹565 Cr | Jun 2025 ₹942 Cr | Sep 2025 ₹1.2K Cr | Dec 2025 ₹587 Cr | Mar 2026 ₹924 Cr | Jun 2026 —
- LEVI: Sep 2021 ₹1.0K Cr | Dec 2021 ₹1.3K Cr | Mar 2022 ₹1.4K Cr | Jun 2022 ₹1.5K Cr | Sep 2022 ₹1.5K Cr | Dec 2022 ₹1.6K Cr | Mar 2023 ₹1.9K Cr | Jun 2023 ₹1.8K Cr | Sep 2023 ₹1.8K Cr | Dec 2023 ₹1.8K Cr | Mar 2024 ₹1.6K Cr | Jun 2024 ₹1.5K Cr | Sep 2024 ₹1.7K Cr | Dec 2024 — | Mar 2025 ₹1.6K Cr | Jun 2025 ₹1.5K Cr | Sep 2025 ₹1.6K Cr | Dec 2025 ₹2.2K Cr | Mar 2026 ₹1.5K Cr | Jun 2026 ₹1.3K Cr
- GIL: Sep 2021 ₹362 Cr | Dec 2021 ₹287 Cr | Mar 2022 ₹530 Cr | Jun 2022 ₹829 Cr | Sep 2022 ₹848 Cr | Dec 2022 ₹944 Cr | Mar 2023 ₹874 Cr | Jun 2023 ₹1.2K Cr | Sep 2023 ₹1.2K Cr | Dec 2023 ₹1.0K Cr | Mar 2024 ₹1.1K Cr | Jun 2024 ₹1.2K Cr | Sep 2024 ₹1.5K Cr | Dec 2024 ₹1.6K Cr | Mar 2025 ₹1.8K Cr | Jun 2025 ₹1.9K Cr | Sep 2025 ₹1.8K Cr | Dec 2025 ₹4.3K Cr | Mar 2026 ₹4.8K Cr | Jun 2026 —
- VFC: Sep 2021 ₹5.1K Cr | Dec 2021 ₹5.5K Cr | Mar 2022 ₹5.0K Cr | Jun 2022 ₹5.2K Cr | Sep 2022 ₹5.8K Cr | Dec 2022 ₹6.5K Cr | Mar 2023 — | Jun 2023 ₹7.0K Cr | Sep 2023 ₹7.1K Cr | Dec 2023 ₹6.3K Cr | Mar 2024 ₹6.4K Cr | Jun 2024 ₹6.4K Cr | Sep 2024 ₹6.9K Cr | Dec 2024 ₹4.4K Cr | Mar 2025 ₹4.9K Cr | Jun 2025 ₹5.0K Cr | Sep 2025 ₹5.4K Cr | Dec 2025 ₹3.9K Cr | Mar 2026 ₹4.2K Cr | Jun 2026 —
- KTB: Sep 2021 ₹637 Cr | Dec 2021 ₹-128 Cr | Mar 2022 ₹647 Cr | Jun 2022 ₹697 Cr | Sep 2022 ₹831 Cr | Dec 2022 ₹792 Cr | Mar 2023 ₹848 Cr | Jun 2023 ₹770 Cr | Sep 2023 ₹770 Cr | Dec 2023 ₹627 Cr | Mar 2024 ₹623 Cr | Jun 2024 ₹584 Cr | Sep 2024 ₹534 Cr | Dec 2024 ₹457 Cr | Mar 2025 ₹435 Cr | Jun 2025 ₹1.4K Cr | Sep 2025 ₹1.4K Cr | Dec 2025 — | Mar 2026 ₹1.2K Cr | Jun 2026 ₹1.2K Cr
- PVH: Sep 2021 ₹3.4K Cr | Dec 2021 ₹3.0K Cr | Mar 2022 ₹2.7K Cr | Jun 2022 ₹3.0K Cr | Sep 2022 ₹3.0K Cr | Dec 2022 ₹3.2K Cr | Mar 2023 ₹3.3K Cr | Jun 2023 ₹3.4K Cr | Sep 2023 ₹3.4K Cr | Dec 2023 ₹3.3K Cr | Mar 2024 ₹2.8K Cr | Jun 2024 ₹3.2K Cr | Sep 2024 ₹2.9K Cr | Dec 2024 ₹3.0K Cr | Mar 2025 ₹2.6K Cr | Jun 2025 ₹3.5K Cr | Sep 2025 ₹4.0K Cr | Dec 2025 ₹4.1K Cr | Mar 2026 ₹3.6K Cr | Jun 2026 ₹3.6K Cr
- COLM: Sep 2021 ₹-203 Cr | Dec 2021 ₹-510 Cr | Mar 2022 ₹-221 Cr | Jun 2022 ₹-36 Cr | Sep 2022 ₹225 Cr | Dec 2022 ₹-52 Cr | Mar 2023 ₹-88 Cr | Jun 2023 ₹65 Cr | Sep 2023 ₹181 Cr | Dec 2023 ₹-357 Cr | Mar 2024 ₹-376 Cr | Jun 2024 ₹-300 Cr | Sep 2024 ₹48 Cr | Dec 2024 ₹-366 Cr | Mar 2025 ₹-201 Cr | Jun 2025 ₹-98 Cr | Sep 2025 ₹244 Cr | Dec 2025 ₹-313 Cr | Mar 2026 ₹-62 Cr | Jun 2026 —
- UAA: Sep 2021 — | Dec 2021 — | Mar 2022 ₹467 Cr | Jun 2022 ₹406 Cr | Sep 2022 ₹657 Cr | Dec 2022 ₹669 Cr | Mar 2023 ₹810 Cr | Jun 2023 ₹788 Cr | Sep 2023 ₹816 Cr | Dec 2023 ₹434 Cr | Mar 2024 ₹584 Cr | Jun 2024 ₹458 Cr | Sep 2024 ₹801 Cr | Dec 2024 ₹578 Cr | Mar 2025 ₹798 Cr | Jun 2025 ₹765 Cr | Sep 2025 ₹1.5K Cr | Dec 2025 ₹1.2K Cr | Mar 2026 ₹1.6K Cr | Jun 2026 —
- FIGS: Sep 2021 ₹-180 Cr | Dec 2021 — | Mar 2022 ₹-168 Cr | Jun 2022 ₹-150 Cr | Sep 2022 ₹-136 Cr | Dec 2022 ₹-141 Cr | Mar 2023 ₹-138 Cr | Jun 2023 ₹-164 Cr | Sep 2023 ₹-212 Cr | Dec 2023 ₹-200 Cr | Mar 2024 ₹-201 Cr | Jun 2024 ₹-210 Cr | Sep 2024 ₹-226 Cr | Dec 2024 ₹-115 Cr | Mar 2025 ₹-200 Cr | Jun 2025 ₹-187 Cr | Sep 2025 ₹-188 Cr | Dec 2025 ₹-241 Cr | Mar 2026 ₹-216 Cr | Jun 2026 —
- GIII: Sep 2021 ₹198 Cr | Dec 2021 ₹430 Cr | Mar 2022 ₹239 Cr | Jun 2022 ₹264 Cr | Sep 2022 ₹654 Cr | Dec 2022 ₹964 Cr | Mar 2023 ₹685 Cr | Jun 2023 ₹506 Cr | Sep 2023 ₹516 Cr | Dec 2023 ₹504 Cr | Mar 2024 ₹145 Cr | Jun 2024 ₹143 Cr | Sep 2024 ₹218 Cr | Dec 2024 ₹421 Cr | Mar 2025 ₹97 Cr | Jun 2025 ₹31 Cr | Sep 2025 ₹-6 Cr | Dec 2025 ₹101 Cr | Mar 2026 ₹-122 Cr | Jun 2026 ₹-100 Cr
- GOOS: Sep 2021 ₹581 Cr | Dec 2021 — | Mar 2022 ₹237 Cr | Jun 2022 ₹333 Cr | Sep 2022 ₹616 Cr | Dec 2022 ₹734 Cr | Mar 2023 ₹419 Cr | Jun 2023 ₹467 Cr | Sep 2023 ₹711 Cr | Dec 2023 ₹849 Cr | Mar 2024 ₹583 Cr | Jun 2024 ₹764 Cr | Sep 2024 ₹825 Cr | Dec 2024 ₹546 Cr | Mar 2025 ₹409 Cr | Jun 2025 ₹541 Cr | Sep 2025 ₹700 Cr | Dec 2025 ₹407 Cr | Mar 2026 ₹377 Cr | Jun 2026 —
- OXM: Sep 2021 ₹94 Cr | Dec 2021 ₹77 Cr | Mar 2022 ₹51 Cr | Jun 2022 ₹74 Cr | Sep 2022 ₹47 Cr | Dec 2022 ₹404 Cr | Mar 2023 ₹405 Cr | Jun 2023 ₹375 Cr | Sep 2023 ₹327 Cr | Dec 2023 ₹350 Cr | Mar 2024 ₹330 Cr | Jun 2024 ₹372 Cr | Sep 2024 ₹348 Cr | Dec 2024 ₹427 Cr | Mar 2025 ₹440 Cr | Jun 2025 ₹535 Cr | Sep 2025 ₹506 Cr | Dec 2025 ₹558 Cr | Mar 2026 ₹555 Cr | Jun 2026 ₹583 Cr
- SGC: Sep 2021 ₹92 Cr | Dec 2021 ₹111 Cr | Mar 2022 ₹126 Cr | Jun 2022 ₹143 Cr | Sep 2022 ₹147 Cr | Dec 2022 ₹141 Cr | Mar 2023 ₹125 Cr | Jun 2023 ₹117 Cr | Sep 2023 ₹103 Cr | Dec 2023 ₹86 Cr | Mar 2024 ₹80 Cr | Jun 2024 ₹76 Cr | Sep 2024 ₹78 Cr | Dec 2024 ₹78 Cr | Mar 2025 ₹85 Cr | Jun 2025 ₹87 Cr | Sep 2025 ₹91 Cr | Dec 2025 ₹78 Cr | Mar 2026 ₹72 Cr | Jun 2026 —
- LAKE: Sep 2021 ₹-58 Cr | Dec 2021 ₹-51 Cr | Mar 2022 ₹-48 Cr | Jun 2022 ₹-46 Cr | Sep 2022 ₹-37 Cr | Dec 2022 ₹-31 Cr | Mar 2023 ₹-20 Cr | Jun 2023 ₹-21 Cr | Sep 2023 ₹-16 Cr | Dec 2023 ₹-15 Cr | Mar 2024 ₹-13 Cr | Jun 2024 ₹-3 Cr | Sep 2024 ₹19 Cr | Dec 2024 ₹30 Cr | Mar 2025 ₹15 Cr | Jun 2025 ₹21 Cr | Sep 2025 ₹24 Cr | Dec 2025 ₹35 Cr | Mar 2026 ₹34 Cr | Jun 2026 ₹24 Cr

## Return On Capital Employed

What the numbers say: Kontoor Brands, Inc. leads ROCE at 5.4%, 0.5 percentage points above Canada Goose Holdings Inc.. PVH Corp. has the strongest latest improvement at +5.3 percentage points. Read the leader beside the density of its reported history: a sparse high return is a candidate; a repeated high return is evidence of durability.

Investor read: Kontoor Brands, Inc. sets the level benchmark; use the change leader as an inflection watch only after another comparable report confirms it.

This conclusion weakens if: The next two comparable reports reverse the current roce change signal.

Evidence: Kontoor Brands, Inc. · 5.4% | 10.2% versus #2 · Canada Goose Holdings Inc. | 5/8 recent comparable periods | 16/16 companies · 294 observations

Definition: ROCE asks how much operating return the business earns on the capital employed. Direction matters, but a single exceptional year should not be mistaken for durability.

### ROCE — highest
1. Kontoor Brands, Inc. (KTB): 5.4%
2. Canada Goose Holdings Inc. (GOOS): 4.9%
3. G-III Apparel Group, Ltd. (GIII): 4.1%
4. Under Armour, Inc. (UAA): 4.0%
5. Ralph Lauren Corporation (RL): 3.5%

### ROCE change — fastest improvers
1. PVH Corp. (PVH): +5.3 pp
2. Lakeland Industries, Inc. (LAKE): +4.1 pp
3. G-III Apparel Group, Ltd. (GIII): +3.7 pp
4. V.F. Corporation (VFC): +1.9 pp
5. FIGS, Inc. (FIGS): +1.0 pp

### 20-quarter ROCE history
- RL: Sep 2021 4.2% | Dec 2021 4.7% | Mar 2022 — | Jun 2022 0.6% | Sep 2022 3.2% | Dec 2022 3.8% | Mar 2023 — | Jun 2023 0.7% | Sep 2023 3.2% | Dec 2023 6.0% | Mar 2024 2.1% | Jun 2024 4.0% | Sep 2024 3.6% | Dec 2024 7.7% | Mar 2025 3.1% | Jun 2025 5.2% | Sep 2025 4.8% | Dec 2025 8.8% | Mar 2026 3.5% | Jun 2026 —
- LEVI: Sep 2021 — | Dec 2021 4.6% | Mar 2022 5.9% | Jun 2022 1.9% | Sep 2022 4.8% | Dec 2022 3.4% | Mar 2023 3.9% | Jun 2023 0.2% | Sep 2023 0.9% | Dec 2023 3.7% | Mar 2024 0.0% | Jun 2024 0.5% | Sep 2024 0.8% | Dec 2024 5.6% | Mar 2025 4.4% | Jun 2025 2.4% | Sep 2025 3.7% | Dec 2025 6.4% | Mar 2026 4.3% | Jun 2026 2.6%
- GIL: Sep 2021 — | Dec 2021 7.8% | Mar 2022 6.6% | Jun 2022 5.8% | Sep 2022 6.5% | Dec 2022 6.5% | Mar 2023 3.4% | Jun 2023 4.4% | Sep 2023 6.2% | Dec 2023 5.5% | Mar 2024 3.5% | Jun 2024 4.7% | Sep 2024 6.7% | Dec 2024 6.3% | Mar 2025 4.1% | Jun 2025 6.2% | Sep 2025 6.5% | Dec 2025 1.8% | Mar 2026 0.0% | Jun 2026 —
- VFC: Sep 2021 — | Dec 2021 5.2% | Mar 2022 6.3% | Jun 2022 1.8% | Sep 2022 0.6% | Dec 2022 -1.0% | Mar 2023 — | Jun 2023 -1.6% | Sep 2023 -0.1% | Dec 2023 -1.0% | Mar 2024 -4.0% | Jun 2024 -1.4% | Sep 2024 3.3% | Dec 2024 2.8% | Mar 2025 -1.0% | Jun 2025 -1.3% | Sep 2025 4.4% | Dec 2025 4.0% | Mar 2026 0.9% | Jun 2026 —
- KTB: Sep 2021 7.4% | Dec 2021 6.2% | Mar 2022 9.9% | Jun 2022 8.2% | Sep 2022 6.7% | Dec 2022 7.6% | Mar 2023 8.1% | Jun 2023 5.5% | Sep 2023 7.2% | Dec 2023 6.3% | Mar 2024 6.7% | Jun 2024 6.1% | Sep 2024 8.0% | Dec 2024 6.7% | Mar 2025 2.5% | Jun 2025 4.6% | Sep 2025 3.8% | Dec 2025 — | Mar 2026 7.5% | Jun 2026 5.4%
- ZGN: Sep 2021 -4.0% | Dec 2021 -4.0% | Mar 2022 2.3% | Jun 2022 2.3% | Sep 2022 2.0% | Dec 2022 2.0% | Mar 2023 3.5% | Jun 2023 3.5% | Sep 2023 2.8% | Dec 2023 2.8% | Mar 2024 2.1% | Jun 2024 2.1% | Sep 2024 2.5% | Dec 2024 2.5% | Mar 2025 1.6% | Jun 2025 1.6% | Sep 2025 1.9% | Dec 2025 1.9% | Mar 2026 — | Jun 2026 —
- PVH: Sep 2021 — | Dec 2021 3.6% | Mar 2022 2.2% | Jun 2022 2.1% | Sep 2022 1.8% | Dec 2022 -2.3% | Mar 2023 3.2% | Jun 2023 2.1% | Sep 2023 1.6% | Dec 2023 2.7% | Mar 2024 4.1% | Jun 2024 2.3% | Sep 2024 2.1% | Dec 2024 2.2% | Mar 2025 2.5% | Jun 2025 -3.9% | Sep 2025 1.5% | Dec 2025 2.0% | Mar 2026 2.8% | Jun 2026 1.4%
- COLM: Sep 2021 6.0% | Dec 2021 9.1% | Mar 2022 3.7% | Jun 2022 0.4% | Sep 2022 6.5% | Dec 2022 6.6% | Mar 2023 2.5% | Jun 2023 0.3% | Sep 2023 6.0% | Dec 2023 4.9% | Mar 2024 1.9% | Jun 2024 -1.1% | Sep 2024 5.0% | Dec 2024 6.0% | Mar 2025 2.1% | Jun 2025 -1.1% | Sep 2025 3.1% | Dec 2025 5.3% | Mar 2026 2.0% | Jun 2026 —
- UAA: Sep 2021 — | Dec 2021 — | Mar 2022 13% | Jun 2022 11% | Sep 2022 8.0% | Dec 2022 7.8% | Mar 2023 7.7% | Jun 2023 7.5% | Sep 2023 7.9% | Dec 2023 7.0% | Mar 2024 6.6% | Jun 2024 7.1% | Sep 2024 7.5% | Dec 2024 7.2% | Mar 2025 6.3% | Jun 2025 7.4% | Sep 2025 3.3% | Dec 2025 -1.0% | Mar 2026 4.0% | Jun 2026 —
- FIGS: Sep 2021 6.5% | Dec 2021 32% | Mar 2022 6.9% | Jun 2022 3.8% | Sep 2022 4.2% | Dec 2022 2.0% | Mar 2023 1.1% | Jun 2023 2.0% | Sep 2023 2.9% | Dec 2023 3.8% | Mar 2024 0.1% | Jun 2024 0.4% | Sep 2024 -2.1% | Dec 2024 2.1% | Mar 2025 0.0% | Jun 2025 2.2% | Sep 2025 2.1% | Dec 2025 4.1% | Mar 2026 1.0% | Jun 2026 —
- GIII: Sep 2021 — | Dec 2021 7.6% | Mar 2022 3.2% | Jun 2022 2.5% | Sep 2022 1.4% | Dec 2022 4.0% | Mar 2023 -13% | Jun 2023 0.7% | Sep 2023 1.4% | Dec 2023 7.9% | Mar 2024 2.1% | Jun 2024 0.6% | Sep 2024 2.0% | Dec 2024 7.7% | Mar 2025 3.5% | Jun 2025 0.4% | Sep 2025 0.8% | Dec 2025 5.3% | Mar 2026 -1.4% | Jun 2026 4.1%
- GOOS: Sep 2021 1.2% | Dec 2021 — | Mar 2022 17% | Jun 2022 0.3% | Sep 2022 -7.4% | Dec 2022 2.0% | Mar 2023 16% | Jun 2023 1.5% | Sep 2023 -9.2% | Dec 2023 0.2% | Mar 2024 1.9% | Jun 2024 -8.7% | Sep 2024 0.1% | Dec 2024 17% | Mar 2025 4.5% | Jun 2025 -14% | Sep 2025 -1.5% | Dec 2025 16% | Mar 2026 4.9% | Jun 2026 —
- OXM: Sep 2021 — | Dec 2021 4.2% | Mar 2022 4.6% | Jun 2022 11% | Sep 2022 10% | Dec 2022 3.3% | Mar 2023 4.9% | Jun 2023 9.6% | Sep 2023 8.2% | Dec 2023 1.6% | Mar 2024 -9.2% | Jun 2024 5.6% | Sep 2024 5.6% | Dec 2024 -0.6% | Mar 2025 2.1% | Jun 2025 3.6% | Sep 2025 2.5% | Dec 2025 -8.2% | Mar 2026 -0.7% | Jun 2026 2.1%
- SGC: Sep 2021 3.5% | Dec 2021 1.4% | Mar 2022 2.0% | Jun 2022 -8.0% | Sep 2022 -4.3% | Dec 2022 0.0% | Mar 2023 0.9% | Jun 2023 1.1% | Sep 2023 1.6% | Dec 2023 1.6% | Mar 2024 1.9% | Jun 2024 0.7% | Sep 2024 2.5% | Dec 2024 1.2% | Mar 2025 0.1% | Jun 2025 1.0% | Sep 2025 1.4% | Dec 2025 1.7% | Mar 2026 0.6% | Jun 2026 —
- LAKE: Sep 2021 — | Dec 2021 3.4% | Mar 2022 0.9% | Jun 2022 1.1% | Sep 2022 1.4% | Dec 2022 1.7% | Mar 2023 0.1% | Jun 2023 1.5% | Sep 2023 2.9% | Dec 2023 2.8% | Mar 2024 -2.5% | Jun 2024 1.6% | Sep 2024 -1.1% | Dec 2024 0.5% | Mar 2025 -6.8% | Jun 2025 -2.8% | Sep 2025 -2.3% | Dec 2025 -0.9% | Mar 2026 -3.0% | Jun 2026 1.3%
- JXG: Sep 2021 -16% | Dec 2021 -16% | Mar 2022 -20% | Jun 2022 -20% | Sep 2022 -96% | Dec 2022 -96% | Mar 2023 6.5% | Jun 2023 6.5% | Sep 2023 2.4% | Dec 2023 2.4% | Mar 2024 9.1% | Jun 2024 9.1% | Sep 2024 2.6% | Dec 2024 2.6% | Mar 2025 4.2% | Jun 2025 4.2% | Sep 2025 -28% | Dec 2025 -28% | Mar 2026 — | Jun 2026 —

### 20-quarter ROCE change history
- RL: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −1.0 pp | Dec 2022 −0.9 pp | Mar 2023 — | Jun 2023 +0.1 pp | Sep 2023 0.0 pp | Dec 2023 +2.2 pp | Mar 2024 — | Jun 2024 +3.3 pp | Sep 2024 +0.4 pp | Dec 2024 +1.7 pp | Mar 2025 +1.0 pp | Jun 2025 +1.2 pp | Sep 2025 +1.2 pp | Dec 2025 +1.1 pp | Mar 2026 +0.4 pp | Jun 2026 —
- LEVI: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 −1.2 pp | Mar 2023 −2.0 pp | Jun 2023 −1.7 pp | Sep 2023 −3.9 pp | Dec 2023 +0.3 pp | Mar 2024 −3.9 pp | Jun 2024 +0.3 pp | Sep 2024 −0.1 pp | Dec 2024 +1.9 pp | Mar 2025 +4.4 pp | Jun 2025 +1.9 pp | Sep 2025 +2.9 pp | Dec 2025 +0.8 pp | Mar 2026 −0.1 pp | Jun 2026 +0.2 pp
- GIL: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 −1.3 pp | Mar 2023 −3.2 pp | Jun 2023 −1.4 pp | Sep 2023 −0.3 pp | Dec 2023 −1.0 pp | Mar 2024 +0.1 pp | Jun 2024 +0.3 pp | Sep 2024 +0.5 pp | Dec 2024 +0.8 pp | Mar 2025 +0.6 pp | Jun 2025 +1.5 pp | Sep 2025 −0.2 pp | Dec 2025 −4.5 pp | Mar 2026 −4.1 pp | Jun 2026 —
- VFC: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 −6.2 pp | Mar 2023 — | Jun 2023 −3.4 pp | Sep 2023 −0.7 pp | Dec 2023 0.0 pp | Mar 2024 — | Jun 2024 +0.2 pp | Sep 2024 +3.4 pp | Dec 2024 +3.8 pp | Mar 2025 +3.0 pp | Jun 2025 +0.1 pp | Sep 2025 +1.1 pp | Dec 2025 +1.2 pp | Mar 2026 +1.9 pp | Jun 2026 —
- KTB: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −0.7 pp | Dec 2022 +1.4 pp | Mar 2023 −1.8 pp | Jun 2023 −2.7 pp | Sep 2023 +0.5 pp | Dec 2023 −1.3 pp | Mar 2024 −1.4 pp | Jun 2024 +0.6 pp | Sep 2024 +0.8 pp | Dec 2024 +0.4 pp | Mar 2025 −4.2 pp | Jun 2025 −1.5 pp | Sep 2025 −4.2 pp | Dec 2025 — | Mar 2026 +5.0 pp | Jun 2026 +0.8 pp
- ZGN: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +6.0 pp | Dec 2022 +6.0 pp | Mar 2023 +1.2 pp | Jun 2023 +1.2 pp | Sep 2023 +0.8 pp | Dec 2023 +0.8 pp | Mar 2024 −1.4 pp | Jun 2024 −1.4 pp | Sep 2024 −0.3 pp | Dec 2024 −0.3 pp | Mar 2025 −0.5 pp | Jun 2025 −0.5 pp | Sep 2025 −0.6 pp | Dec 2025 −0.6 pp | Mar 2026 — | Jun 2026 —
- PVH: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 −5.9 pp | Mar 2023 +1.0 pp | Jun 2023 0.0 pp | Sep 2023 −0.2 pp | Dec 2023 +5.0 pp | Mar 2024 +0.9 pp | Jun 2024 +0.2 pp | Sep 2024 +0.5 pp | Dec 2024 −0.5 pp | Mar 2025 −1.6 pp | Jun 2025 −6.2 pp | Sep 2025 −0.6 pp | Dec 2025 −0.2 pp | Mar 2026 +0.3 pp | Jun 2026 +5.3 pp
- COLM: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +0.5 pp | Dec 2022 −2.5 pp | Mar 2023 −1.2 pp | Jun 2023 −0.1 pp | Sep 2023 −0.5 pp | Dec 2023 −1.7 pp | Mar 2024 −0.6 pp | Jun 2024 −1.4 pp | Sep 2024 −1.0 pp | Dec 2024 +1.1 pp | Mar 2025 +0.2 pp | Jun 2025 0.0 pp | Sep 2025 −1.9 pp | Dec 2025 −0.7 pp | Mar 2026 −0.1 pp | Jun 2026 —
- UAA: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 −5.7 pp | Jun 2023 −3.1 pp | Sep 2023 −0.1 pp | Dec 2023 −0.8 pp | Mar 2024 −1.1 pp | Jun 2024 −0.4 pp | Sep 2024 −0.4 pp | Dec 2024 +0.2 pp | Mar 2025 −0.3 pp | Jun 2025 +0.3 pp | Sep 2025 −4.2 pp | Dec 2025 −8.2 pp | Mar 2026 −2.3 pp | Jun 2026 —
- FIGS: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −2.3 pp | Dec 2022 −30.4 pp | Mar 2023 −5.8 pp | Jun 2023 −1.8 pp | Sep 2023 −1.3 pp | Dec 2023 +1.8 pp | Mar 2024 −1.0 pp | Jun 2024 −1.6 pp | Sep 2024 −5.0 pp | Dec 2024 −1.7 pp | Mar 2025 −0.1 pp | Jun 2025 +1.8 pp | Sep 2025 +4.2 pp | Dec 2025 +2.0 pp | Mar 2026 +1.0 pp | Jun 2026 —
- GIII: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 −3.6 pp | Mar 2023 −16.6 pp | Jun 2023 −1.8 pp | Sep 2023 0.0 pp | Dec 2023 +3.9 pp | Mar 2024 +15.5 pp | Jun 2024 −0.1 pp | Sep 2024 +0.6 pp | Dec 2024 −0.2 pp | Mar 2025 +1.4 pp | Jun 2025 −0.2 pp | Sep 2025 −1.2 pp | Dec 2025 −2.4 pp | Mar 2026 −4.9 pp | Jun 2026 +3.7 pp
- GOOS: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −8.6 pp | Dec 2022 — | Mar 2023 −1.1 pp | Jun 2023 +1.2 pp | Sep 2023 −1.8 pp | Dec 2023 −1.8 pp | Mar 2024 −14.1 pp | Jun 2024 −10.2 pp | Sep 2024 +9.3 pp | Dec 2024 +16.9 pp | Mar 2025 +2.6 pp | Jun 2025 −5.3 pp | Sep 2025 −1.6 pp | Dec 2025 −1.5 pp | Mar 2026 +0.4 pp | Jun 2026 —
- OXM: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 −0.9 pp | Mar 2023 +0.3 pp | Jun 2023 −1.3 pp | Sep 2023 −2.2 pp | Dec 2023 −1.7 pp | Mar 2024 −14.1 pp | Jun 2024 −4.0 pp | Sep 2024 −2.6 pp | Dec 2024 −2.2 pp | Mar 2025 +11.3 pp | Jun 2025 −2.0 pp | Sep 2025 −3.1 pp | Dec 2025 −7.6 pp | Mar 2026 −2.8 pp | Jun 2026 −1.5 pp
- SGC: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −7.8 pp | Dec 2022 −1.4 pp | Mar 2023 −1.1 pp | Jun 2023 +9.1 pp | Sep 2023 +5.9 pp | Dec 2023 +1.6 pp | Mar 2024 +1.0 pp | Jun 2024 −0.4 pp | Sep 2024 +0.9 pp | Dec 2024 −0.4 pp | Mar 2025 −1.8 pp | Jun 2025 +0.3 pp | Sep 2025 −1.1 pp | Dec 2025 +0.5 pp | Mar 2026 +0.5 pp | Jun 2026 —
- LAKE: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 −1.7 pp | Mar 2023 −0.8 pp | Jun 2023 +0.4 pp | Sep 2023 +1.5 pp | Dec 2023 +1.1 pp | Mar 2024 −2.6 pp | Jun 2024 +0.1 pp | Sep 2024 −4.0 pp | Dec 2024 −2.3 pp | Mar 2025 −4.3 pp | Jun 2025 −4.4 pp | Sep 2025 −1.2 pp | Dec 2025 −1.4 pp | Mar 2026 +3.8 pp | Jun 2026 +4.1 pp
- JXG: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −79.9 pp | Dec 2022 −79.9 pp | Mar 2023 +26.9 pp | Jun 2023 +26.9 pp | Sep 2023 +98.3 pp | Dec 2023 +98.3 pp | Mar 2024 +2.6 pp | Jun 2024 +2.6 pp | Sep 2024 +0.2 pp | Dec 2024 +0.2 pp | Mar 2025 −4.9 pp | Jun 2025 −4.9 pp | Sep 2025 −30.5 pp | Dec 2025 −30.5 pp | Mar 2026 — | Jun 2026 —

## Valuation Against Growth & Quality

What the numbers say: PVH Corp. has the lowest comparable Guarded PEG at 0.18×, 25% below Levi Strauss & Co.. Only 8 of 16 companies pass the guard, so no broad “cheapest stock” conclusion is defensible unless the current multiple, own-history position and growth durability agree.

Investor read: Treat valuation as permission to investigate, never as a standalone reason to buy.

This conclusion weakens if: The next two comparable reports reverse the current p/e signal.

Evidence: PVH Corp. · 0.18× | 25% versus #2 · Levi Strauss & Co. | 0/8 recent comparable periods | 8/16 companies · 25 observations

Definition: PEG is shown only when earnings are positive and three-year EPS growth is between 5% and 60%. It is recomputed consistently as the trailing P/E divided by that growth rate — reported earnings, never an expected-earnings multiple. On Indian companies it is shown only where the two data sources reconciled. A missing PEG is more honest than a low-base fiction.

### Guarded PEG — lowest PEG
1. PVH Corp. (PVH): 0.2
2. Levi Strauss & Co. (LEVI): 0.2
3. G-III Apparel Group, Ltd. (GIII): 0.5
4. Canada Goose Holdings Inc. (GOOS): 0.5
5. Gildan Activewear Inc. (GIL): 0.6

### P/E — lowest P/E
1. Under Armour, Inc. (UAA): -26.8
2. Oxford Industries, Inc. (OXM): 10.0
3. G-III Apparel Group, Ltd. (GIII): 11.0
4. Kontoor Brands, Inc. (KTB): 13.7
5. Levi Strauss & Co. (LEVI): 14.3

### 20-quarter Guarded PEG history
- RL: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 0.4 | Jun 2025 0.9 | Sep 2025 0.8 | Dec 2025 0.7 | Mar 2026 0.7 | Jun 2026 —
- LEVI: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 0.2
- GIL: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 0.5 | Sep 2025 0.6 | Dec 2025 — | Mar 2026 — | Jun 2026 —
- KTB: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 1.1 | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 0.9 | Sep 2024 1.0 | Dec 2024 2.4 | Mar 2025 — | Jun 2025 2.4 | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 —
- PVH: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 0.3 | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 0.2 | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 —
- FIGS: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 1.2 | Jun 2024 1.2 | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 —
- GIII: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 0.6 | Jun 2025 0.5 | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 —
- GOOS: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 0.5 | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 —
- OXM: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 1.2 | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 0.2 | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 —
- SGC: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 0.7 | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 0.7 | Jun 2026 —
- LAKE: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 0.4 | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 —

### 20-quarter P/E history
- RL: Sep 2021 21.8 | Dec 2021 16.8 | Mar 2022 — | Jun 2022 13.9 | Sep 2022 12.0 | Dec 2022 11.8 | Mar 2023 — | Jun 2023 15.4 | Sep 2023 15.8 | Dec 2023 16.4 | Mar 2024 19.3 | Jun 2024 16.9 | Sep 2024 18.7 | Dec 2024 20.9 | Mar 2025 18.6 | Jun 2025 22.1 | Sep 2025 23.1 | Dec 2025 24.4 | Mar 2026 21.7 | Jun 2026 —
- LEVI: Sep 2021 — | Dec 2021 20.2 | Mar 2022 15.3 | Jun 2022 12.7 | Sep 2022 12.9 | Dec 2022 11.4 | Mar 2023 14.5 | Jun 2023 12.3 | Sep 2023 20.6 | Dec 2023 24.8 | Mar 2024 58.7 | Jun 2024 63.3 | Sep 2024 51.3 | Dec 2024 33.6 | Mar 2025 20.2 | Jun 2025 17.0 | Sep 2025 14.7 | Dec 2025 15.2 | Mar 2026 14.1 | Jun 2026 14.3
- GIL: Sep 2021 — | Dec 2021 14.7 | Mar 2022 13.8 | Jun 2022 11.0 | Sep 2022 8.3 | Dec 2022 8.4 | Mar 2023 9.3 | Jun 2023 12.3 | Sep 2023 11.9 | Dec 2023 10.7 | Mar 2024 9.5 | Jun 2024 11.7 | Sep 2024 18.7 | Dec 2024 19.1 | Mar 2025 17.3 | Jun 2025 15.5 | Sep 2025 18.4 | Dec 2025 24.2 | Mar 2026 32.0 | Jun 2026 —
- VFC: Sep 2021 — | Dec 2021 21.9 | Mar 2022 20.4 | Jun 2022 15.8 | Sep 2022 17.0 | Dec 2022 27.4 | Mar 2023 — | Jun 2023 75.1 | Sep 2023 63.4 | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 63.7 | Dec 2025 32.3 | Mar 2026 25.6 | Jun 2026 —
- KTB: Sep 2021 14.7 | Dec 2021 15.1 | Mar 2022 11.0 | Jun 2022 7.4 | Sep 2022 8.0 | Dec 2022 9.3 | Mar 2023 11.7 | Jun 2023 11.5 | Sep 2023 11.7 | Dec 2023 15.4 | Mar 2024 15.0 | Jun 2024 15.4 | Sep 2024 18.2 | Dec 2024 19.6 | Mar 2025 15.5 | Jun 2025 14.6 | Sep 2025 20.3 | Dec 2025 — | Mar 2026 14.9 | Jun 2026 13.7
- ZGN: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 46.5 | Mar 2023 45.6 | Jun 2023 34.2 | Sep 2023 32.1 | Dec 2023 21.8 | Mar 2024 31.2 | Jun 2024 28.3 | Sep 2024 25.6 | Dec 2024 26.5 | Mar 2025 20.4 | Jun 2025 19.6 | Sep 2025 21.5 | Dec 2025 23.0 | Mar 2026 — | Jun 2026 —
- PVH: Sep 2021 — | Dec 2021 15.7 | Mar 2022 7.0 | Jun 2022 5.3 | Sep 2022 4.7 | Dec 2022 8.3 | Mar 2023 29.0 | Jun 2023 27.2 | Sep 2023 30.0 | Dec 2023 8.5 | Mar 2024 11.3 | Jun 2024 10.0 | Sep 2024 7.5 | Dec 2024 8.0 | Mar 2025 8.5 | Jun 2025 9.9 | Sep 2025 8.0 | Dec 2025 11.7 | Mar 2026 119.9 | Jun 2026 29.0
- COLM: Sep 2021 21.7 | Dec 2021 18.3 | Mar 2022 16.3 | Jun 2022 14.2 | Sep 2022 12.6 | Dec 2022 17.7 | Mar 2023 19.3 | Jun 2023 16.4 | Sep 2023 16.1 | Dec 2023 19.5 | Mar 2024 19.8 | Jun 2024 21.0 | Sep 2024 23.0 | Dec 2024 22.0 | Mar 2025 19.4 | Jun 2025 15.6 | Sep 2025 15.8 | Dec 2025 17.0 | Mar 2026 17.5 | Jun 2026 —
- UAA: Sep 2021 20.2 | Dec 2021 25.8 | Mar 2022 — | Jun 2022 21.4 | Sep 2022 19.8 | Dec 2022 27.5 | Mar 2023 10.7 | Jun 2023 8.2 | Sep 2023 7.5 | Dec 2023 9.8 | Mar 2024 13.6 | Jun 2024 — | Sep 2024 -210.8 | Dec 2024 -26.8 | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 —
- FIGS: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 53.6 | Sep 2022 51.6 | Dec 2022 61.2 | Mar 2023 77.4 | Jun 2023 118.1 | Sep 2023 73.8 | Dec 2023 57.9 | Mar 2024 45.3 | Jun 2024 53.3 | Sep 2024 114.0 | Dec 2024 309.5 | Mar 2025 459.0 | Jun 2025 141.0 | Sep 2025 66.9 | Dec 2025 59.8 | Mar 2026 67.1 | Jun 2026 —
- GIII: Sep 2021 — | Dec 2021 8.5 | Mar 2022 6.7 | Jun 2022 6.4 | Sep 2022 4.9 | Dec 2022 5.4 | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 8.0 | Jun 2024 7.4 | Sep 2024 6.9 | Dec 2024 8.0 | Mar 2025 7.4 | Jun 2025 5.8 | Sep 2025 5.8 | Dec 2025 8.1 | Mar 2026 19.4 | Jun 2026 11.0
- GOOS: Sep 2021 87.8 | Dec 2021 — | Mar 2022 47.4 | Jun 2022 37.6 | Sep 2022 28.7 | Dec 2022 28.0 | Mar 2023 38.2 | Jun 2023 37.7 | Sep 2023 47.2 | Dec 2023 39.1 | Mar 2024 28.7 | Jun 2024 30.5 | Sep 2024 28.6 | Dec 2024 19.7 | Mar 2025 12.1 | Jun 2025 33.2 | Sep 2025 75.2 | Dec 2025 91.6 | Mar 2026 63.6 | Jun 2026 —
- OXM: Sep 2021 — | Dec 2021 16.7 | Mar 2022 10.4 | Jun 2022 9.4 | Sep 2022 9.6 | Dec 2022 10.4 | Mar 2023 11.5 | Jun 2023 10.0 | Sep 2023 10.6 | Dec 2023 9.0 | Mar 2024 25.2 | Jun 2024 44.1 | Sep 2024 53.2 | Dec 2024 81.9 | Mar 2025 14.3 | Jun 2025 9.7 | Sep 2025 10.0 | Dec 2025 — | Mar 2026 — | Jun 2026 —
- SGC: Sep 2021 9.8 | Dec 2021 12.0 | Mar 2022 11.9 | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 16.6 | Dec 2023 25.0 | Mar 2024 22.6 | Jun 2024 27.4 | Sep 2024 18.7 | Dec 2024 22.6 | Mar 2025 24.3 | Jun 2025 20.2 | Sep 2025 29.8 | Dec 2025 21.0 | Mar 2026 17.8 | Jun 2026 —
- LAKE: Sep 2021 — | Dec 2021 9.2 | Mar 2022 14.9 | Jun 2022 17.6 | Sep 2022 35.6 | Dec 2022 42.3 | Mar 2023 60.3 | Jun 2023 43.0 | Sep 2023 21.8 | Dec 2023 17.0 | Mar 2024 25.0 | Jun 2024 21.5 | Sep 2024 90.8 | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 —
- JXG: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 2.8 | Mar 2024 2.4 | Jun 2024 2.0 | Sep 2024 4.8 | Dec 2024 5.0 | Mar 2025 19.3 | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 —

## Enterprise Value & Book Value

What the numbers say: G-III Apparel Group, Ltd. leads ev/ebitda at 5.67×; JX Luxventure Group Inc. leads p/bv at 0.35×.

Investor read: Treat valuation as permission to investigate, never as a standalone reason to buy.

This conclusion weakens if: The next two comparable reports reverse the current p/bv signal.

Evidence: G-III Apparel Group, Ltd. · 5.67× | 28.5% versus #2 · Ermenegildo Zegna N.V. | 0/8 recent comparable periods | 16/16 companies · 269 observations

Definition: EV/EBITDA includes debt in enterprise value and is useful across different capital structures. P/BV prices the company against its own book. Both are market multiples on reported figures, not intrinsic-value estimates and not forecasts.

### EV/EBITDA — lowest EV/EBITDA
1. G-III Apparel Group, Ltd. (GIII): 5.7
2. Ermenegildo Zegna N.V. (ZGN): 7.9 — older report
3. PVH Corp. (PVH): 8.2
4. Superior Group of Companies, Inc. (SGC): 8.5
5. V.F. Corporation (VFC): 8.7

### P/BV — lowest P/BV
1. JX Luxventure Group Inc. (JXG): 0.4 — older report
2. G-III Apparel Group, Ltd. (GIII): 0.7
3. Lakeland Industries, Inc. (LAKE): 0.8
4. Superior Group of Companies, Inc. (SGC): 0.8
5. PVH Corp. (PVH): 0.9

### 20-quarter EV/EBITDA history
- RL: Sep 2021 10.1 | Dec 2021 8.3 | Mar 2022 — | Jun 2022 8.4 | Sep 2022 7.3 | Dec 2022 7.5 | Mar 2023 — | Jun 2023 9.7 | Sep 2023 10.0 | Dec 2023 10.9 | Mar 2024 13.0 | Jun 2024 11.6 | Sep 2024 12.7 | Dec 2024 13.3 | Mar 2025 12.0 | Jun 2025 14.5 | Sep 2025 15.7 | Dec 2025 16.2 | Mar 2026 14.6 | Jun 2026 —
- LEVI: Sep 2021 — | Dec 2021 14.7 | Mar 2022 11.8 | Jun 2022 10.2 | Sep 2022 10.2 | Dec 2022 9.8 | Mar 2023 12.2 | Jun 2023 10.7 | Sep 2023 14.7 | Dec 2023 15.2 | Mar 2024 24.1 | Jun 2024 27.0 | Sep 2024 24.2 | Dec 2024 19.9 | Mar 2025 13.3 | Jun 2025 11.2 | Sep 2025 11.7 | Dec 2025 12.2 | Mar 2026 11.2 | Jun 2026 11.2
- GIL: Sep 2021 — | Dec 2021 13.6 | Mar 2022 11.0 | Jun 2022 9.2 | Sep 2022 7.3 | Dec 2022 7.4 | Mar 2023 7.9 | Jun 2023 10.3 | Sep 2023 9.8 | Dec 2023 8.7 | Mar 2024 9.9 | Jun 2024 10.6 | Sep 2024 11.8 | Dec 2024 11.5 | Mar 2025 11.1 | Jun 2025 11.0 | Sep 2025 12.3 | Dec 2025 20.9 | Mar 2026 22.5 | Jun 2026 —
- VFC: Sep 2021 — | Dec 2021 16.2 | Mar 2022 14.9 | Jun 2022 11.8 | Sep 2022 10.6 | Dec 2022 12.2 | Mar 2023 — | Jun 2023 9.8 | Sep 2023 16.0 | Dec 2023 17.7 | Mar 2024 22.8 | Jun 2024 25.8 | Sep 2024 40.4 | Dec 2024 19.6 | Mar 2025 12.1 | Jun 2025 10.2 | Sep 2025 11.2 | Dec 2025 10.2 | Mar 2026 8.7 | Jun 2026 —
- KTB: Sep 2021 11.2 | Dec 2021 8.8 | Mar 2022 8.9 | Jun 2022 6.5 | Sep 2022 7.1 | Dec 2022 7.7 | Mar 2023 9.4 | Jun 2023 8.8 | Sep 2023 8.9 | Dec 2023 11.5 | Mar 2024 11.5 | Jun 2024 11.9 | Sep 2024 13.5 | Dec 2024 13.5 | Mar 2025 12.1 | Jun 2025 15.3 | Sep 2025 19.3 | Dec 2025 — | Mar 2026 11.9 | Jun 2026 12.4
- ZGN: Sep 2021 — | Dec 2021 42.1 | Mar 2022 34.1 | Jun 2022 29.2 | Sep 2022 15.9 | Dec 2022 9.7 | Mar 2023 11.6 | Jun 2023 10.4 | Sep 2023 10.7 | Dec 2023 8.4 | Mar 2024 10.8 | Jun 2024 9.4 | Sep 2024 7.9 | Dec 2024 7.2 | Mar 2025 6.6 | Jun 2025 6.9 | Sep 2025 7.1 | Dec 2025 7.9 | Mar 2026 — | Jun 2026 —
- PVH: Sep 2021 — | Dec 2021 9.0 | Mar 2022 6.6 | Jun 2022 5.7 | Sep 2022 5.5 | Dec 2022 9.3 | Mar 2023 11.4 | Jun 2023 11.6 | Sep 2023 12.4 | Dec 2023 6.5 | Mar 2024 8.1 | Jun 2024 7.9 | Sep 2024 6.6 | Dec 2024 7.0 | Mar 2025 7.0 | Jun 2025 13.9 | Sep 2025 16.1 | Dec 2025 16.4 | Mar 2026 12.8 | Jun 2026 8.2
- COLM: Sep 2021 12.4 | Dec 2021 10.3 | Mar 2022 9.5 | Jun 2022 8.0 | Sep 2022 7.8 | Dec 2022 12.0 | Mar 2023 11.8 | Jun 2023 10.7 | Sep 2023 11.0 | Dec 2023 12.0 | Mar 2024 12.4 | Jun 2024 13.3 | Sep 2024 15.8 | Dec 2024 13.3 | Mar 2025 12.2 | Jun 2025 9.9 | Sep 2025 10.8 | Dec 2025 10.0 | Mar 2026 10.6 | Jun 2026 —
- UAA: Sep 2021 13.2 | Dec 2021 14.4 | Mar 2022 13.4 | Jun 2022 8.7 | Sep 2022 8.2 | Dec 2022 12.5 | Mar 2023 11.6 | Jun 2023 10.0 | Sep 2023 9.1 | Dec 2023 11.9 | Mar 2024 9.5 | Jun 2024 9.6 | Sep 2024 10.8 | Dec 2024 11.3 | Mar 2025 9.5 | Jun 2025 10.4 | Sep 2025 12.4 | Dec 2025 — | Mar 2026 17.0 | Jun 2026 —
- FIGS: Sep 2021 771.1 | Dec 2021 355.8 | Mar 2022 389.5 | Jun 2022 26.4 | Sep 2022 23.9 | Dec 2022 24.5 | Mar 2023 32.9 | Jun 2023 50.4 | Sep 2023 33.0 | Dec 2023 26.0 | Mar 2024 20.2 | Jun 2024 26.0 | Sep 2024 123.0 | Dec 2024 99.3 | Mar 2025 57.7 | Jun 2025 38.9 | Sep 2025 24.5 | Dec 2025 34.8 | Mar 2026 42.2 | Jun 2026 —
- GIII: Sep 2021 — | Dec 2021 6.1 | Mar 2022 4.6 | Jun 2022 4.5 | Sep 2022 5.1 | Dec 2022 6.8 | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 4.9 | Jun 2024 4.5 | Sep 2024 4.5 | Dec 2024 5.9 | Mar 2025 4.6 | Jun 2025 3.6 | Sep 2025 3.4 | Dec 2025 5.2 | Mar 2026 8.2 | Jun 2026 5.7
- GOOS: Sep 2021 196.7 | Dec 2021 — | Mar 2022 27.0 | Jun 2022 19.5 | Sep 2022 170.7 | Dec 2022 133.9 | Mar 2023 18.9 | Jun 2023 18.2 | Sep 2023 245.9 | Dec 2023 169.5 | Mar 2024 14.4 | Jun 2024 76.2 | Sep 2024 72.9 | Dec 2024 11.7 | Mar 2025 7.9 | Jun 2025 — | Sep 2025 — | Dec 2025 42.6 | Mar 2026 29.5 | Jun 2026 —
- OXM: Sep 2021 — | Dec 2021 14.1 | Mar 2022 6.9 | Jun 2022 7.4 | Sep 2022 7.3 | Dec 2022 9.5 | Mar 2023 8.5 | Jun 2023 9.0 | Sep 2023 9.3 | Dec 2023 8.4 | Mar 2024 12.6 | Jun 2024 39.0 | Sep 2024 49.1 | Dec 2024 91.0 | Mar 2025 9.5 | Jun 2025 7.5 | Sep 2025 7.4 | Dec 2025 17.3 | Mar 2026 32.0 | Jun 2026 60.2
- SGC: Sep 2021 7.8 | Dec 2021 10.7 | Mar 2022 9.1 | Jun 2022 12.2 | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 45.1 | Sep 2023 8.6 | Dec 2023 9.4 | Mar 2024 10.0 | Jun 2024 11.7 | Sep 2024 9.2 | Dec 2024 10.4 | Mar 2025 9.5 | Jun 2025 8.9 | Sep 2025 10.8 | Dec 2025 8.9 | Mar 2026 8.5 | Jun 2026 —
- LAKE: Sep 2021 — | Dec 2021 4.3 | Mar 2022 6.3 | Jun 2022 6.2 | Sep 2022 8.2 | Dec 2022 6.7 | Mar 2023 12.3 | Jun 2023 8.8 | Sep 2023 10.0 | Dec 2023 8.3 | Mar 2024 14.8 | Jun 2024 14.0 | Sep 2024 52.0 | Dec 2024 102.6 | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 —
- JXG: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 4.1 | Mar 2024 3.4 | Jun 2024 2.9 | Sep 2024 3.6 | Dec 2024 2.6 | Mar 2025 2.2 | Jun 2025 1.9 | Sep 2025 13.3 | Dec 2025 — | Mar 2026 — | Jun 2026 —

### 20-quarter P/BV history
- RL: Sep 2021 3.0 | Dec 2021 2.9 | Mar 2022 — | Jun 2022 3.1 | Sep 2022 2.6 | Dec 2022 2.5 | Mar 2023 — | Jun 2023 3.2 | Sep 2023 3.3 | Dec 2023 3.6 | Mar 2024 4.9 | Jun 2024 4.6 | Sep 2024 5.0 | Dec 2024 5.6 | Mar 2025 5.1 | Jun 2025 6.7 | Sep 2025 7.3 | Dec 2025 7.5 | Mar 2026 6.9 | Jun 2026 —
- LEVI: Sep 2021 — | Dec 2021 6.5 | Mar 2022 5.3 | Jun 2022 4.2 | Sep 2022 3.9 | Dec 2022 3.3 | Mar 2023 3.5 | Jun 2023 2.8 | Sep 2023 2.9 | Dec 2023 3.0 | Mar 2024 3.7 | Jun 2024 4.5 | Sep 2024 4.1 | Dec 2024 23.1 | Mar 2025 3.5 | Jun 2025 3.3 | Sep 2025 4.0 | Dec 2025 22.6 | Mar 2026 3.9 | Jun 2026 3.9
- GIL: Sep 2021 — | Dec 2021 3.8 | Mar 2022 4.3 | Jun 2022 3.7 | Sep 2022 2.8 | Dec 2022 2.7 | Mar 2023 2.6 | Jun 2023 3.1 | Sep 2023 2.9 | Dec 2023 2.5 | Mar 2024 3.2 | Jun 2024 3.4 | Sep 2024 4.7 | Dec 2024 4.9 | Mar 2025 4.8 | Jun 2025 5.1 | Sep 2025 5.8 | Dec 2025 3.3 | Mar 2026 3.0 | Jun 2026 —
- VFC: Sep 2021 — | Dec 2021 7.4 | Mar 2022 7.8 | Jun 2022 6.2 | Sep 2022 5.1 | Dec 2022 3.8 | Mar 2023 — | Jun 2023 3.1 | Sep 2023 2.7 | Dec 2023 3.5 | Mar 2024 3.6 | Jun 2024 3.8 | Sep 2024 5.4 | Dec 2024 5.0 | Mar 2025 4.1 | Jun 2025 3.6 | Sep 2025 3.9 | Dec 2025 4.0 | Mar 2026 3.5 | Jun 2026 —
- KTB: Sep 2021 15.6 | Dec 2021 19.8 | Mar 2022 12.6 | Jun 2022 10.3 | Sep 2022 9.0 | Dec 2022 8.9 | Mar 2023 9.0 | Jun 2023 7.3 | Sep 2023 7.1 | Dec 2023 9.4 | Mar 2024 8.7 | Jun 2024 10.0 | Sep 2024 12.6 | Dec 2024 11.8 | Mar 2025 8.3 | Jun 2025 7.4 | Sep 2025 8.4 | Dec 2025 — | Mar 2026 6.0 | Jun 2026 6.2
- ZGN: Sep 2021 — | Dec 2021 3.7 | Mar 2022 3.7 | Jun 2022 3.9 | Sep 2022 3.9 | Dec 2022 3.5 | Mar 2023 4.1 | Jun 2023 3.8 | Sep 2023 3.9 | Dec 2023 3.1 | Mar 2024 4.0 | Jun 2024 3.3 | Sep 2024 2.4 | Dec 2024 2.2 | Mar 2025 2.0 | Jun 2025 2.1 | Sep 2025 2.0 | Dec 2025 2.3 | Mar 2026 — | Jun 2026 —
- PVH: Sep 2021 — | Dec 2021 1.5 | Mar 2022 1.2 | Jun 2022 0.9 | Sep 2022 0.8 | Dec 2022 0.7 | Mar 2023 1.1 | Jun 2023 1.1 | Sep 2023 1.1 | Dec 2023 0.9 | Mar 2024 1.4 | Jun 2024 1.3 | Sep 2024 1.0 | Dec 2024 1.0 | Mar 2025 0.9 | Jun 2025 0.8 | Sep 2025 0.7 | Dec 2025 0.7 | Mar 2026 0.6 | Jun 2026 0.9
- COLM: Sep 2021 3.3 | Dec 2021 3.2 | Mar 2022 3.1 | Jun 2022 2.6 | Sep 2022 2.3 | Dec 2022 2.8 | Mar 2023 2.9 | Jun 2023 2.5 | Sep 2023 2.4 | Dec 2023 2.5 | Mar 2024 2.5 | Jun 2024 2.6 | Sep 2024 2.7 | Dec 2024 2.7 | Mar 2025 2.4 | Jun 2025 2.0 | Sep 2025 1.7 | Dec 2025 1.7 | Mar 2026 1.8 | Jun 2026 —
- UAA: Sep 2021 — | Dec 2021 — | Mar 2022 4.5 | Jun 2022 2.1 | Sep 2022 1.6 | Dec 2022 2.4 | Mar 2023 2.0 | Jun 2023 1.5 | Sep 2023 1.4 | Dec 2023 1.7 | Mar 2024 1.5 | Jun 2024 1.6 | Sep 2024 1.9 | Dec 2024 1.7 | Mar 2025 1.4 | Jun 2025 1.5 | Sep 2025 1.1 | Dec 2025 1.4 | Mar 2026 1.8 | Jun 2026 —
- FIGS: Sep 2021 27.7 | Dec 2021 — | Mar 2022 13.5 | Jun 2022 5.4 | Sep 2022 4.7 | Dec 2022 3.6 | Mar 2023 3.2 | Jun 2023 4.1 | Sep 2023 2.8 | Dec 2023 3.1 | Mar 2024 2.2 | Jun 2024 2.3 | Sep 2024 2.9 | Dec 2024 2.7 | Mar 2025 2.0 | Jun 2025 2.3 | Sep 2025 2.7 | Dec 2025 4.3 | Mar 2026 5.7 | Jun 2026 —
- GIII: Sep 2021 — | Dec 2021 0.9 | Mar 2022 0.9 | Jun 2022 0.8 | Sep 2022 0.7 | Dec 2022 0.6 | Mar 2023 0.6 | Jun 2023 0.5 | Sep 2023 0.7 | Dec 2023 0.8 | Mar 2024 0.9 | Jun 2024 0.8 | Sep 2024 0.8 | Dec 2024 0.8 | Mar 2025 0.8 | Jun 2025 0.7 | Sep 2025 0.6 | Dec 2025 0.6 | Mar 2026 0.7 | Jun 2026 0.7
- GOOS: Sep 2021 14.6 | Dec 2021 — | Mar 2022 10.0 | Jun 2022 8.1 | Sep 2022 7.1 | Dec 2022 6.2 | Mar 2023 5.2 | Jun 2023 5.8 | Sep 2023 6.4 | Dec 2023 5.8 | Mar 2024 3.8 | Jun 2024 5.0 | Sep 2024 4.6 | Dec 2024 2.8 | Mar 2025 2.1 | Jun 2025 3.5 | Sep 2025 4.3 | Dec 2025 3.0 | Mar 2026 2.3 | Jun 2026 —
- OXM: Sep 2021 — | Dec 2021 3.2 | Mar 2022 2.7 | Jun 2022 2.8 | Sep 2022 2.9 | Dec 2022 3.0 | Mar 2023 3.3 | Jun 2023 2.7 | Sep 2023 2.7 | Dec 2023 2.1 | Mar 2024 2.7 | Jun 2024 2.9 | Sep 2024 2.4 | Dec 2024 1.9 | Mar 2025 2.2 | Jun 2025 1.3 | Sep 2025 0.9 | Dec 2025 1.0 | Mar 2026 1.1 | Jun 2026 1.2
- SGC: Sep 2021 1.7 | Dec 2021 1.6 | Mar 2022 1.2 | Jun 2022 1.4 | Sep 2022 0.8 | Dec 2022 0.9 | Mar 2023 0.7 | Jun 2023 0.8 | Sep 2023 0.7 | Dec 2023 1.1 | Mar 2024 1.4 | Jun 2024 1.6 | Sep 2024 1.3 | Dec 2024 1.4 | Mar 2025 0.9 | Jun 2025 0.9 | Sep 2025 0.9 | Dec 2025 0.8 | Mar 2026 0.8 | Jun 2026 —
- LAKE: Sep 2021 — | Dec 2021 1.3 | Mar 2022 1.3 | Jun 2022 1.0 | Sep 2022 1.0 | Dec 2022 0.7 | Mar 2023 0.9 | Jun 2023 0.7 | Sep 2023 0.9 | Dec 2023 0.9 | Mar 2024 1.1 | Jun 2024 1.0 | Sep 2024 1.4 | Dec 2024 1.1 | Mar 2025 1.5 | Jun 2025 1.1 | Sep 2025 0.9 | Dec 2025 1.2 | Mar 2026 0.7 | Jun 2026 0.8
- JXG: Sep 2021 3.3 | Dec 2021 4.3 | Mar 2022 9.2 | Jun 2022 3.3 | Sep 2022 4.2 | Dec 2022 4.0 | Mar 2023 2.2 | Jun 2023 0.9 | Sep 2023 0.5 | Dec 2023 0.5 | Mar 2024 0.4 | Jun 2024 0.4 | Sep 2024 0.5 | Dec 2024 0.5 | Mar 2025 0.2 | Jun 2025 0.2 | Sep 2025 0.1 | Dec 2025 0.4 | Mar 2026 — | Jun 2026 —

## Market action

Ermenegildo Zegna N.V. has the strongest one-year price move in Apparel Manufacturing at +93.2%. It also leads on Mansfield relative strength against the S&P 500 at +27.3%. 10 of 16 covered companies are above zero on that measure. Every line covers 314 weekly closes through 2026-07-28.

### Strongest one-year price performers
1. Ermenegildo Zegna N.V. (ZGN): 93%
2. FIGS, Inc. (FIGS): 66%
3. Kontoor Brands, Inc. (KTB): 61%
4. G-III Apparel Group, Ltd. (GIII): 58%
5. V.F. Corporation (VFC): 57%

### Strongest relative strength versus NIFTY 500
1. Ermenegildo Zegna N.V. (ZGN): 27%
2. JX Luxventure Group Inc. (JXG): 20%
3. Under Armour, Inc. (UAA): 17%
4. G-III Apparel Group, Ltd. (GIII): 15%
5. Kontoor Brands, Inc. (KTB): 12%

## What can make this comparison misleading?
- A high growth rate can be a low-base artefact. The page keeps level and change separate for that reason.
- A high ROCE can be temporary or flattered by a small capital base. Read it beside margin, cash conversion and reinvestment.
- The 4-Factor Sector Score ranks research priority, not portfolio action. Management quality, catalysts and risks need equally fresh evidence before capital is deployed.
- An “all companies” line chart preserves completeness, but rank changes should be checked against reporting dates before drawing a conclusion.
- 2 companies have older fundamental reporting dates than the sector’s freshest reporters; their ranks carry a stale marker.

## Every company
- Ralph Lauren Corporation (RL) — market value ₹22.5K Cr; latest fundamentals Mar 2026
- Levi Strauss & Co. (LEVI) — market value ₹9.8K Cr; latest fundamentals Jun 2026
- Gildan Activewear Inc. (GIL) — market value ₹9.4K Cr; latest fundamentals Mar 2026
- V.F. Corporation (VFC) — market value ₹7.2K Cr; latest fundamentals Mar 2026
- Kontoor Brands, Inc. (KTB) — market value ₹4.9K Cr; latest fundamentals Jun 2026
- Ermenegildo Zegna N.V. (ZGN) — market value ₹4.0K Cr; latest fundamentals Dec 2025
- PVH Corp. (PVH) — market value ₹4.0K Cr; latest fundamentals Jun 2026
- Columbia Sportswear Company (COLM) — market value ₹3.3K Cr; latest fundamentals Mar 2026
- Under Armour, Inc. (UAA) — market value ₹3.0K Cr; latest fundamentals Mar 2026
- FIGS, Inc. (FIGS) — market value ₹1.7K Cr; latest fundamentals Mar 2026
- G-III Apparel Group, Ltd. (GIII) — market value ₹1.6K Cr; latest fundamentals Jun 2026
- Canada Goose Holdings Inc. (GOOS) — market value ₹898 Cr; latest fundamentals Mar 2026
- Oxford Industries, Inc. (OXM) — market value ₹613 Cr; latest fundamentals Jun 2026
- Superior Group of Companies, Inc. (SGC) — market value ₹202 Cr; latest fundamentals Mar 2026
- Lakeland Industries, Inc. (LAKE) — market value ₹106 Cr; latest fundamentals Jun 2026
- JX Luxventure Group Inc. (JXG) — market value ₹77 Cr; latest fundamentals Dec 2025

## Methodology and freshness

Fundamentals through Jun 2026; prices through 2026-07-28.
Up to 20 quarters per company. Reported history is normalized to Indian rupees crore. Missing values are not interpolated. Derived metrics are calculated only when their inputs are comparable.

## Frequently asked questions

### Which Apparel Manufacturing company is the biggest?

V.F. Corporation is the largest, with trailing-twelve-month revenue of $9,606 million, ahead of PVH Corp. at $8,991 million. That covers 13 of 16 companies with comparable reporting through Mar 2026.

### Which Apparel Manufacturing company is growing fastest?

Gildan Activewear Inc. has the fastest revenue growth at 23.9% year on year, across 13 of 16 comparable companies. Fast growth off a small base is not the same as proven scale — check whether the rate holds across several quarters on the chart above before treating it as a trend.

### Which Apparel Manufacturing company has the best profit margins?

G-III Apparel Group, Ltd. has the highest operating margin at 15.9%, from 14 of 16 comparable companies. PVH Corp. shows the biggest recent improvement, at +22.8 percentage points. A high margin matters most when it is holding or rising, not when it is peaking.

### Which Apparel Manufacturing company makes the most profit?

Ralph Lauren Corporation earns the most, at $942 million of trailing-twelve-month net profit, from 13 of 16 comparable companies. Levi Strauss & Co. has the fastest profit growth at 31%, though growth off a small or recovering profit base overstates how much has actually changed.

### Which Apparel Manufacturing company earns the highest return on capital?

Kontoor Brands, Inc. leads on return on capital employed at 5.4%, across 16 of 16 companies. Read it beside the length of its reported history: a high return that repeats for years is evidence of a durable business, while a single high reading can be a small capital base or one good year.

### Which Apparel Manufacturing stock is the cheapest?

On guarded PEG — where a LOWER number is cheaper — PVH Corp. screens cheapest at 0.18×. Only 8 of 16 companies pass the comparability guard, so this is not a sector-wide "cheapest stock" verdict. Cheap on a multiple is a reason to investigate, never a reason to buy on its own.

### Which Apparel Manufacturing company has the strongest balance sheet?

Lakeland Industries, Inc. carries the lowest comparable gross debt at $41 million, from 14 of 16 companies. Absolute rupee debt alone does not settle it, because company scale differs — net debt and debt-to-equity in the chart above carry more information, and a very low-debt balance sheet can also mean under-investment.

### Which Apparel Manufacturing company is investing most in new capacity?

Ralph Lauren Corporation reports the largest capital spending at $51 million, across 16 of 16 companies. Spending consumes cash before it earns anything, so treat the ranking as a diligence queue: check commissioning, utilisation and the return earned on the completed assets before reading spend as value creation.

### Is the Apparel Manufacturing sector beating the market?

Apparel Manufacturing has outperformed S&P 500 by 17% over the last 52 weeks and 9.1% over 13 weeks, measured on an equal-weight index of its current members. Inside the sector, 10 of 16 covered companies are beating the market on their own. Sector strength does not transfer evenly to every stock in it.

### Which Apparel Manufacturing stock has the strongest price momentum?

Ermenegildo Zegna N.V. has the strongest relative strength against S&P 500. Relative strength answers last, after growth, quality and valuation: price can move well before the fundamentals confirm it, and sometimes without them confirming at all.

### Which Apparel Manufacturing company scores highest for research priority?

G-III Apparel Group, Ltd. scores 67.1 out of 100 with 80.2% evidence confidence, from 19.5 points on growth and earnings, 17.4 on capital efficiency, 15 on valuation and 15.2 on relative strength. This ranks what deserves work next. It is not a buy recommendation, and management quality, catalysts and risk still need separate research.

### How many Apparel Manufacturing companies does this comparison cover, and over what period?

It compares 16 listed companies over up to 20 reported quarters of fundamentals and 6 fiscal years of capital allocation, ending Jun 2026, plus weekly price and relative-strength history. Membership is the full sector list — nothing is dropped for having thin data.

### What is the total market cap of the Apparel Manufacturing sector?

The 16 Apparel Manufacturing companies on this page carry $73,228 million of combined market value. Ralph Lauren Corporation is the largest at $22,465 million, about 31% of the sector's total on its own. Market value moves with price, so this reading is dated 2026-07-28.

### What is the Apparel Manufacturing sector's P/E ratio?

The median price-to-earnings ratio across the 16 Apparel Manufacturing companies on this page is 21.7×, measured on the 15 that report a comparable figure. A sector-level history for this multiple is not held here, so this is a cross-section of today, not a comparison with the sector’s own past. Figures are as of 2026-07-28.

### How is the Apparel Manufacturing sector performing?

10 of the 16 covered Apparel Manufacturing companies are beating S&P 500 on Mansfield relative strength. The sector itself is 17% ahead of S&P 500 over 52 weeks on an equal-weight index of its current members. Readings are as of 2026-07-28.

### How many Apparel Manufacturing stocks are listed in the US?

This comparison covers 16 listed Apparel Manufacturing companies in the US, each above the size floor the site applies. The full ranked list is on this page, with reported fundamentals through Jun 2026. Membership is the full industry list — nothing is dropped for having thin data.

### Why are some values on this page blank?

A blank means that company did not report a comparable figure for that period, so nothing is shown. Missing observations are never interpolated, carried forward, or replaced with a similar-looking accounting line, and a company with missing evidence has its research score pulled toward neutral rather than being scored as bad.

### Is this investment advice?

No. Every figure here is a deterministic calculation from reported company filings and market data, published for research. It contains no recommendation to buy or sell any security, does not account for your circumstances, and is not a substitute for advice from a licensed adviser.

Narrative sector analysis: https://www.sectoralpha.in/sectors/apparel-manufacturing