PVH Corp. vs Ermenegildo Zegna N.V., two Apparel stocks. A side-by-side on valuation, growth, margins, returns, and what each price is betting.
PVH owns Calvin Klein and Tommy Hilfiger yet trades below book at 0.71 times, the market pricing it for decline as its net margin thinned to 1.76%. Ermenegildo Zegna, the Italian luxury house, sits at the other end, 31.76 times earnings and 2.85 times book, priced for prestige on a 5.71% net margin. Their returns on equity are not far apart, 3.23% for PVH and 9.96% for Zegna, yet the valuations could hardly differ more. PVH's 15.94% free cash flow yield doubles Zegna's 8.14%. Zegna runs debt-free; PVH carries 0.47. Sentiment, not economics, drives the gap.
Comparison updated 2026-07-11.
| Metric | PVH | ZGN |
|---|---|---|
| Price | $79.37 | $13.44 |
| Market cap | $3.7B | $3.5B |
| Sector | Apparel | Apparel |
| Stage | Mature | Mature |
| P/E | 24.1 | 32.5 |
| P/B | 0.75 | 2.92 |
| P/S | 0.41 | 1.67 |
| EV/EBITDA | 5.6 | 7.8 |
| Revenue growth | +3.5% | +10.9% |
| Gross margin | 58.6% | 67.5% |
| Operating margin | 6.1% | 7.3% |
| Net margin | 1.8% | 5.7% |
| Return on equity | 3.2% | 10.0% |
| Return on assets | 1.4% | 3.9% |
| Return on invested capital | 7.8% | 9.9% |
| FCF yield | 14.9% | 8.0% |
| Dividend yield | 0.2% | — |
| Debt / equity | 0.47 | 0.00 |
| Current ratio | 1.68 | 1.59 |
| Altman Z (solvency) | 7.73 | 7.02 |
| Piotroski F (quality) | 4 / 9 | 7 / 9 |
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The stronger value is highlighted per metric where one is strictly better on that single number; it is not an overall verdict on either company. For informational and research purposes only. Not investment advice. Not a recommendation to buy, sell, or hold any security. boothcheck is not a registered investment adviser. Past performance does not guarantee future results.