TacticScaleWhat PVH Does & How It Makes Money (PVH)
Updated October 2026 · reflects PVH's latest reported financials
Global apparel company behind Tommy Hilfiger and Calvin Klein brands. PVH earns most of its revenue by selling branded apparel and accessories wholesale to retailers and directly to consumers through its own stores and websites.
How PVH makes money
PVH earns most of its revenue by selling branded apparel and accessories wholesale to retailers and directly to consumers through its own stores and websites. It also licenses its brands to other companies for categories like fragrance, watches, and eyewear.
What PVH does
PVH Corp., founded in 1881 and based in New York, is an apparel company built around two major global brands: Tommy Hilfiger and Calvin Klein. It reports results through five segments: Tommy Hilfiger North America, Tommy Hilfiger International, Calvin Klein North America, Calvin Klein International, and Heritage Brands Wholesale. It was known as Phillips-Van Heusen Corporation until it changed its name in 2011. The company makes a wide range of products, including jeans, underwear, intimate apparel, sportswear, dress shirts, footwear, handbags, and small leather goods. Through owned, licensed, and private-label brands, it also covers fragrance, watches, eyewear, luggage, and home furnishings. PVH sells through department, specialty, off-price, and mass-market retailers and warehouse clubs, as well as its own full-price stores, outlets, concession locations, and websites.
Products & services
- Tommy Hilfiger
- Tommy Jeans
- Calvin Klein
- Calvin Klein Jeans
- Calvin Klein Underwear
- Heritage Brands dress shirts and underwear
What is PVH worth?
On an owner-earnings DCF, PVH's most-likely value is about $213 versus a recent price near $81 (162% below fair value). But TacticScale only calls a stock undervalued when the price sits below its conservative no-growth floor (~$156) with a margin of safety — so the honest verdict here is “Deeply discounted.” Fair value earns its keep only at the extremes, not in the wide middle.
On the financials alone, $81 is below even the no-growth floor ($156); the market's discount — expectations and sentiment beyond the numbers — is pricing in ≈ -10.0%/yr. A bargain only if that pessimism is overdone.
Analysis, not advice. Fair value is a margin-of-safety estimate from a deterministic owner-earnings DCF, not a price target or recommendation. See the full breakdown →
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