Filing Flows › PVH (PVH) › Takeover & LBO
Is PVH (PVH) a takeover target?
A leveraged buyout at today's price plus 30% ($117.36 a share) would return about 1% a year to a private-equity buyer over 5 years; the most a buyer could pay for a 20% return is $71.21 a share (−21% against today's $90.28). Historically 4.8% of companies with its figures were bought within a year (0.95× the average).
The buyout, step by step
| Entry | Amount | How |
|---|---|---|
| Offer price a share | $117.36 | today's $90.28 plus 30% |
| × shares | 46.1 million | |
| = Equity value | $5.4B | |
| + Debt refinanced | $2.2B | |
| − Cash | $966M | |
| = Enterprise value | $6.7B | 10.8× EBITDA of $619M |
| Fees | $134M | 2% of the price |
| New debt | $3.4B | 5.5× EBITDA at 7.65% a year; the limit that binds: 5.5× EBITDA |
| Buyer's own money | $3.4B | 50% of the cost |
5 years under the buyer
| Year | Revenue | EBITDA | Interest | Free cash flow | Debt left |
|---|---|---|---|---|---|
| Year 1 | $9.1B | $629M | $260M | $159M | $3.2B |
| Year 2 | $9.2B | $641M | $248M | $171M | $3.1B |
| Year 3 | $9.5B | $656M | $235M | $185M | $2.9B |
| Year 4 | $9.7B | $674M | $221M | $201M | $2.7B |
| Year 5 | $10.0B | $694M | $206M | $219M | $2.5B |
The exit and the buyer's return
| Exit | Amount | |
|---|---|---|
| Exit multiple | 8.8× EBITDA | today's trading multiple, before any premium |
| Enterprise value at exit | $6.1B | |
| − Debt left | $2.5B | |
| = Buyer's equity | $3.6B | |
| Money multiple | 1.06× | on $3.4B put in |
| Buyer's yearly return (IRR) | 1.2% |
Price against return
What the buyer makes at other premiums over today's $90.28; the IRR reaches 20% at $71.21 a share.
| Premium | Price a share | Buyer's IRR |
|---|---|---|
| 10% | $99.30 | 7.2% |
| 20% | $108.33 | 3.9% |
| 30% | $117.36 | 1.2% |
| 40% | $126.39 | −1.1% |
| 50% | $135.41 | −3.2% |
The figures used
| Figure | Amount | |
|---|---|---|
| Revenue, last 12 months | $8.9B | |
| EBITDA, last 12 months | $619M | 6.9% of revenue |
| Depreciation and amortization | $256M | |
| Capital spending | $160M | |
| Debt | $2.2B | |
| Cash | $966M | |
| Share price | $90.28 | on Nov 6, 2026 |
Fixed rules, the same as the interactive view's starting point: the shares are bought at today's price plus 30%, the company's debt is refinanced and fees take 2%. New debt is the least of 5.5× EBITDA, 65% of the price and the amount whose interest EBITDA covers 2 times, at 7.65% a year (SOFR 3.89% plus the high-yield B spread 3.26% plus 0.5%, rates of Oct 15, 2026). Revenue grows 1.6% in the first year — the company's own rate, held between −3% and +8% — fading to 3% by year 5; the EBITDA margin, depreciation and capital spending stay at today's share of revenue; working capital takes 10% of each year's added revenue; tax is 30% of profit after interest. Every dollar of free cash flow repays debt. After 5 years the buyer sells at today's multiple of EBITDA.
What a takeover could cost
Takeovers on record paid a median premium of 32.5% over the share price before the deal (the middle half 20% to 51.8%), according to the 1,437 merger proxies and tender-offer responses on EDGAR that state a premium. At the median, PVH would cost about $119.61 a share, $5.5B for all its shares.
| Premium | % | Price a share | All shares |
|---|---|---|---|
| Low end (a quarter of deals paid less) | 20% | $108.33 | $5.0B |
| Median | 32.5% | $119.61 | $5.5B |
| High end (a quarter paid more) | 51.8% | $137.04 | $6.3B |
The odds, from history
Historically 4.8% of companies with its figures were bought within a year (0.95× the average). Its figures put it in decile 5 of 10 (10 = the most likely to be bought). The odds come from a model of every merger proxy, tender-offer response and going-private statement filed on EDGAR since 2011, set against each company's size, margins, debt, cash flow and growth the year before.
PVH's latest quarter
PVH, Q2 FY27: revenue $2.1B (-3% year over year), operating margin -9.1%, net loss $103M, operating cash flow $383M. The chart follows the revenue to costs, profit and cash.
Questions
Is PVH being acquired?
No headline, 8-K or 13D about a sale is on file in the last year.
Could private equity buy PVH?
A leveraged buyout at today's price plus 30% ($117.36 a share) would return about 1% a year to a private-equity buyer over 5 years; the most a buyer could pay for a 20% return is $71.21 a share (−21% against today's $90.28).
What would a takeover of PVH cost?
Takeovers on record paid a median premium of 32.5% over the share price before the deal (the middle half 20% to 51.8%), according to the 1,437 merger proxies and tender-offer responses on EDGAR that state a premium. At the median, PVH would cost about $119.61 a share, $5.5B for all its shares.
Updated Nov 8, 2026. Read automatically from SEC filings and public data; errors are possible. Not investment advice.