Gildan Activewear Inc. (GIL) 10-Year Financial Performance & Capital Metrics

GIL • • Industrial / General

Consumer CyclicalApparel ManufacturingBasic & Mass Market ApparelBasic Apparel Manufacturers

AboutGildan Activewear Inc. manufactures and sells various apparel products in the United States, North America, Europe, Asia-Pacific, and Latin America. It provides various activewear products, including T-shirts, fleece tops and bottoms, and sports shirts under the Gildan, Gildan Performance, Gildan Hammer, Comfort Colors, American Apparel, Alstyle, and GoldToe brands. The company also offers hosiery products comprising athletic; dress; and casual, liner, therapeutic, and workwear socks, as well as sheer pantyhose, tights, and leggings under the Gildan, Under Armour, GoldToe, PowerSox, Signature Gold by Goldtoe, Peds, MediPeds, Therapy Plus, All Pro, Secret, Silks, Secret Silky, and American Apparel brands. In addition, it provides men's and boys' underwear products, and ladies panties under the Gildan and Gildan Platinum brands; and ladies' shapewear, intimates, and accessories under the Secret and Secret Silky brands. The company sells its products to wholesale distributors, screen printers, and embellishers, as well as to retailers and lifestyle brand companies. The company was formerly known as Textiles Gildan Inc. and changed its name to Gildan Activewear Inc. in March 1995. Gildan Activewear Inc. was founded in 1946 and is headquartered in Montreal, Canada.Show more

Revenue $3.27B +2.3%
EBITDA $748M -2.3%
Net Income $401M -24.9%
EPS (Diluted) 2.46 -18.8%
Gross Margin 30.69% +11.4%
EBITDA Margin 22.87% -4.5%
Operating Margin 18.9% -6.2%
Net Margin 12.26% -26.6%
ROE 23.55% -15.5%
ROIC 15.59% -8.1%
Debt/Equity 1.13 +105.1%
Interest Coverage 5.74 -49.0%

Technical Analysis

Key Insights

Based on financial data analysis

✓Strengths

✓Excellent 3Y average ROE of 26.6%
✓High quality earnings: Operating CF exceeds net income
✓Share count reduced 7.4% through buybacks
✓Healthy 5Y average net margin of 11.0%
✓Trading near 52-week high

✗Weaknesses

No significant weaknesses identified

Price & Volume

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Growth Metrics

Revenue CAGR

10Y3.32%

5Y2.98%

3Y3.82%

TTM3.41%

Profit (Net Income) CAGR

10Y1.09%

5Y9.06%

3Y-12.93%

TTM12.01%

EPS CAGR

10Y5.36%

5Y13.61%

3Y-6.92%

TTM22.75%

ROCE

10Y Avg14.92%

5Y Avg16.89%

3Y Avg22.24%

Latest21.87%

Peer Comparison

Basic Apparel Manufacturers

Name	Market Cap	Current Price	P/E Ratio	Revenue Growth 1Y	Net Margin	ROE	FCF Yield	Debt/Equity
GILGildan Activewear Inc.	11.82B	63.81	25.94	2.34%	14.14%	31.87%	2.97%	1.13
HBIHanesbrands Inc.	2.29B	6.47	-7.11	-3.63%	9.59%	73.92%	9.89%	75.02

Profit & Loss

	Dec 2015	Jan 2017	Dec 2017	Dec 2018	Dec 2019	Jan 2021	Jan 2022	Jan 2023	Dec 2023	Dec 2024
Sales/Revenue+	2.42B	2.59B	2.75B	2.91B	2.82B	1.98B	2.92B	3.24B	3.2B	3.27B
Revenue Growth %	0.02%	0.07%	0.06%	0.06%	-0.03%	-0.3%	0.48%	0.11%	-0.01%	0.02%
Cost of Goods Sold+	1.83B	1.87B	1.95B	2.1B	2.12B	1.73B	1.98B	2.25B	2.32B	2.27B
COGS % of Revenue	0.76%	0.72%	0.71%	0.72%	0.75%	0.87%	0.68%	0.69%	0.72%	0.69%
Gross Profit+	585.34M	719.7M	801.22M	805.95M	704.46M	249.06M	940.21M	992.41M	880.05M	1B
Gross Margin %	0.24%	0.28%	0.29%	0.28%	0.25%	0.13%	0.32%	0.31%	0.28%	0.31%
Gross Profit Growth %	-0.11%	0.23%	0.11%	0.01%	-0.13%	-0.65%	2.78%	0.06%	-0.11%	0.14%
Operating Expenses+	315.17M	336.43M	377.32M	368.55M	415.47M	429.9M	288.32M	389.03M	236.2M	385.44M
OpEx % of Revenue	0.13%	0.13%	0.14%	0.13%	0.15%	0.22%	0.1%	0.12%	0.07%	0.12%
Selling, General & Admin	315.17M	336.43M	377.32M	368.55M	340.49M	272.31M	314.17M	326.26M	330.39M	390.77M
SG&A % of Revenue	0.13%	0.13%	0.14%	0.13%	0.12%	0.14%	0.11%	0.1%	0.1%	0.12%
Research & Development	0	0	0	0	0	0	0	0	0	0
R&D % of Revenue	-	-	-	-	-	-	-	-	-	-
Other Operating Expenses	0	0	0	0	74.98M	157.6M	-25.85M	62.77M	-94.19M	-5.33M
Operating Income+	256.57M	371.52M	401M	403.18M	288.99M	-180.84M	651.89M	603.38M	643.85M	618.24M
Operating Margin %	0.11%	0.14%	0.15%	0.14%	0.1%	-0.09%	0.22%	0.19%	0.2%	0.19%
Operating Income Growth %	-0.31%	0.45%	0.08%	0.01%	-0.28%	-1.63%	4.6%	-0.07%	0.07%	-0.04%
EBITDA+	373.2M	510.76M	569.31M	553.48M	445.79M	-33.65M	787.29M	728.31M	765.5M	748.06M
EBITDA Margin %	0.15%	0.2%	0.21%	0.19%	0.16%	-0.02%	0.27%	0.22%	0.24%	0.23%
EBITDA Growth %	-0.2%	0.37%	0.11%	-0.03%	-0.19%	-1.08%	24.39%	-0.07%	0.05%	-0.02%
D&A (Non-Cash Add-back)	116.63M	139.24M	168.3M	150.3M	156.79M	147.19M	135.4M	124.93M	121.64M	129.82M
EBIT	297.34M	365.02M	423.9M	437.41M	281.91M	-195.7M	642.28M	595.19M	621.39M	599.54M
Net Interest Income+	0	-19.25M	-17.44M	-25.06M	-40.1M	-48.3M	-26.55M	-39.29M	-57.2M	-107.66M
Interest Income	0	434K	0	0	32.09M	33.67M	17.73M	28.76M	0	36.16K
Interest Expense	7.04M	19.69M	17.44M	25.06M	32.09M	48.53M	27.33M	36.96M	57.2M	107.7M
Other Income/Expense	28.43M	-19.69M	-24.19M	-31.05M	-39.17M	-48.53M	-27.33M	-36.96M	-79.67M	-104.15M
Pretax Income+	241.2M	351.84M	376.82M	372.13M	249.82M	-229.37M	624.56M	566.43M	564.18M	514.09M
Pretax Margin %	0.1%	0.14%	0.14%	0.13%	0.09%	-0.12%	0.21%	0.17%	0.18%	0.16%
Income Tax+	3.9M	5.2M	14.48M	21.36M	-9.98M	-4.09M	17.38M	24.89M	30.6M	113.22M
Effective Tax Rate %	0.98%	0.99%	0.96%	0.94%	1.04%	0.98%	0.97%	0.96%	0.95%	0.78%
Net Income+	237.3M	346.64M	362.33M	350.77M	259.81M	-225.28M	607.18M	541.54M	533.58M	400.87M
Net Margin %	0.1%	0.13%	0.13%	0.12%	0.09%	-0.11%	0.21%	0.17%	0.17%	0.12%
Net Income Growth %	-0.34%	0.46%	0.05%	-0.03%	-0.26%	-1.87%	3.7%	-0.11%	-0.01%	-0.25%
Net Income (Continuing)	280.83M	346.64M	362.33M	350.77M	259.81M	-225.28M	607.18M	541.54M	533.58M	400.87M
Discontinued Operations	0	0	0	0	0	0	0	0	0	0
Minority Interest	0	0	0	0	0	0	0	0	0	0
EPS (Diluted)+	0.97	1.47	1.61	1.66	1.30	-1.14	3.05	2.82	3.03	2.46
EPS Growth %	-0.34%	0.52%	0.1%	0.03%	-0.22%	-1.88%	3.68%	-0.08%	0.07%	-0.19%
EPS (Basic)	0.98	1.47	1.62	1.66	1.30	-1.14	3.05	2.82	3.03	2.46
Diluted Shares Outstanding	244.32M	235.81M	225.05M	211.31M	204.61M	198.36M	197.59M	184.53M	176.22M	163.18M
Basic Shares Outstanding	242.5M	235.35M	223.66M	211.31M	204.16M	198.36M	197.01M	184.13M	176.1M	162.93M
Dividend Payout Ratio	0.27%	0.21%	0.23%	0.27%	0.43%	-	0.15%	0.23%	0.25%	0.33%

Balance Sheet

	Dec 2015	Jan 2017	Dec 2017	Dec 2018	Dec 2019	Jan 2021	Jan 2022	Jan 2023	Dec 2023	Dec 2024
Total Current Assets+	1.25B	1.34B	1.31B	1.38B	1.51B	1.54B	1.45B	1.73B	1.68B	1.86B
Cash & Short-Term Investments	75.81M	38.2M	52.8M	46.66M	64.13M	505.26M	179.25M	150.35M	89.18M	98.8M
Cash Only	50.67M	38.2M	52.8M	46.66M	64.13M	505.26M	179.25M	150.35M	89.18M	98.8M
Short-Term Investments	25.14M	0	0	0	0	0	0	0	0	0
Accounts Receivable	306.13M	277.73M	247.26M	318.85M	320.93M	201.11M	329.97M	248.67M	410.39M	542.36M
Days Sales Outstanding	46.26	39.21	32.81	40.01	41.48	37.05	41.21	28.01	46.87	60.53
Inventory	851.03M	954.88M	945.74M	940.03M	1.05B	727.99M	774.36M	1.23B	1.08B	1.11B
Days Inventory Outstanding	169.73	186.84	177.06	163.18	181.18	153.4	142.58	198.96	170.83	178.81
Other Current Assets	6.92M	55.29M	45.63M	57.58M	77.06M	110.11M	132.75M	101.76M	95.46M	106.96M
Total Non-Current Assets+	1.58B	1.65B	1.67B	1.62B	1.74B	1.51B	1.69B	1.75B	1.82B	1.86B
Property, Plant & Equipment	1.04B	1.08B	1.04B	990.48M	1.07B	956.25M	1.08B	1.19B	1.25B	1.27B
Fixed Asset Turnover	2.31x	2.40x	2.66x	2.94x	2.64x	2.07x	2.71x	2.72x	2.56x	2.58x
Goodwill	190.63M	202.11M	226.57M	227.36M	227.87M	206.64M	283.81M	271.55M	270.29M	271.68M
Intangible Assets	336.75M	354.22M	401.61M	393.57M	383.86M	289.9M	306.63M	229.85M	260.08M	253.32M
Long-Term Investments	0	476K	0	2.77M	2.93M	1.44M	389.47K	117.95K	12.8M	767.68K
Other Non-Current Assets	8.9M	14.43M	8.83M	-19.23M	3.8M	4.57M	3.37M	2.39M	1.44M	40.83M
Total Assets+	2.83B	2.99B	2.98B	3B	3.25B	3.05B	3.14B	3.48B	3.5B	3.72B
Asset Turnover	0.85x	0.86x	0.92x	0.97x	0.87x	0.65x	0.93x	0.93x	0.91x	0.88x
Asset Growth %	0.09%	0.05%	-0%	0.01%	0.08%	-0.06%	0.03%	0.11%	0.01%	0.06%
Total Current Liabilities+	233.22M	235.93M	258.48M	346.99M	422.4M	359.61M	463.6M	641.38M	720.39M	837.49M
Accounts Payable	210.24M	234.06M	258.48M	290.93M	387.93M	317.54M	421.91M	451.63M	387.66M	459.16M
Days Payables Outstanding	41.93	45.8	48.39	50.5	66.81	66.91	77.68	73.33	61.1	73.93
Short-Term Debt	0	0	0	33.52M	14.52M	15.88M	0	163.75M	312.55M	300M
Deferred Revenue (Current)	0	0	0	-1000K	0	0	0	0	0	0
Other Current Liabilities	2.48M	0	0	13.92M	11.77M	17.75M	4.91M	8.81M	5.03M	30.93M
Current Ratio	5.38x	5.68x	5.06x	3.99x	3.58x	4.29x	3.12x	2.69x	2.33x	2.22x
Quick Ratio	1.73x	1.63x	1.40x	1.28x	1.09x	2.27x	1.45x	0.78x	0.83x	0.89x
Cash Conversion Cycle	174.06	180.26	161.48	152.69	155.85	123.54	106.1	153.64	156.6	165.41
Total Non-Current Liabilities+	412.62M	634.57M	670.85M	721.54M	993.57M	1.13B	753.67M	954.29M	829.06M	1.42B
Long-Term Debt	375M	600M	630M	669M	845M	1B	600M	779.65M	681.5M	1.24B
Capital Lease Obligations	0	0	0	0	66.98M	66.58M	93.81M	80.13M	83.47M	99.67M
Deferred Tax Liabilities	0	109.36M	3.71M	12.62M	39.4M	32.53M	32.09M	38.33M	18.03M	28.63M
Other Non-Current Liabilities	37.62M	34.57M	37.14M	39.92M	42.19M	35.87M	59.86M	56.19M	46.07M	56.81M
Total Liabilities	645.84M	870.5M	929.33M	1.07B	1.42B	1.49B	1.22B	1.6B	1.55B	2.26B
Total Debt+	375M	600M	630M	669M	926.5M	1.08B	709.1M	1.02B	1.08B	1.65B
Net Debt	324.32M	561.8M	577.21M	622.34M	862.37M	577.2M	529.86M	873.18M	988.34M	1.55B
Debt / Equity	0.17x	0.28x	0.31x	0.35x	0.51x	0.69x	0.37x	0.54x	0.55x	1.13x
Debt / EBITDA	1.00x	1.17x	1.11x	1.21x	2.08x	-	0.90x	1.41x	1.41x	2.21x
Net Debt / EBITDA	0.87x	1.10x	1.01x	1.12x	1.93x	-	0.67x	1.20x	1.29x	2.08x
Interest Coverage	36.47x	18.87x	23.00x	16.09x	9.01x	-3.73x	23.85x	16.33x	11.26x	5.74x
Total Equity+	2.19B	2.12B	2.05B	1.94B	1.83B	1.56B	1.92B	1.88B	1.95B	1.46B
Equity Growth %	0.08%	-0.03%	-0.03%	-0.06%	-0.05%	-0.15%	0.23%	-0.02%	0.04%	-0.25%
Book Value per Share	8.96	8.99	9.12	9.16	8.97	7.86	9.71	10.20	11.05	8.93
Total Shareholders' Equity	2.19B	2.12B	2.05B	1.94B	1.83B	1.56B	1.92B	1.88B	1.95B	1.46B
Common Stock	150.5M	152.31M	159.17M	159.86M	174.22M	183.94M	191.73M	202.24M	269.83M	268.56M
Retained Earnings	2.02B	1.9B	1.85B	1.74B	1.63B	1.36B	1.6B	1.59B	1.6B	1.12B
Treasury Stock	0	0	0	0	0	0	0	0	0	0
Accumulated OCI	1.09M	40.61M	13.54M	3.38M	-535K	-9.04M	64.81M	9.84M	13.58M	-26.98K
Minority Interest	0	0	0	0	0	0	0	0	0	0

Cash Flow

	Dec 2015	Jan 2017	Dec 2017	Dec 2018	Dec 2019	Jan 2021	Jan 2022	Jan 2023	Dec 2023	Dec 2024
Cash from Operations+	219.81M	537.9M	613.36M	538.54M	361.03M	415.03M	617.51M	413.49M	546.61M	501.39M
Operating CF Margin %	0.09%	0.21%	0.22%	0.19%	0.13%	0.21%	0.21%	0.13%	0.17%	0.15%
Operating CF Growth %	-0.17%	1.45%	0.14%	-0.12%	-0.33%	0.15%	0.49%	-0.33%	0.32%	-0.08%
Net Income	237.3M	346.64M	362.33M	350.77M	259.81M	-225.28M	607.18M	541.54M	533.58M	381.62M
Depreciation & Amortization	116.63M	140.6M	162.15M	158.08M	156.79M	147.19M	135.4M	124.93M	121.64M	132.26M
Stock-Based Compensation	11.01M	15.37M	15.87M	19.51M	16.27M	2.09M	37.66M	32.39M	26.96M	64.53M
Deferred Taxes	-1.52M	-3.16M	4.89M	8.87M	-23.62M	-7.72M	-965K	-151K	10.15M	12.06M
Other Non-Cash Items	-3.52M	5.63M	-7.71M	15.79M	26.11M	103.25M	-65.03M	21.87M	-61.25M	-26.32M
Working Capital Changes	-140.09M	32.81M	75.83M	-14.48M	-74.33M	395.51M	-96.74M	-307.09M	-84.47M	-62.76M
Change in Receivables	-69.11M	57.1M	38.92M	-79.71M	-3.52M	125.15M	-135.1M	77.94M	-161.89M	-127.92M
Change in Inventory	-15.17M	-15.19M	27.1M	2.18M	-115.08M	320.38M	-33.74M	-448.84M	143.22M	-19.82M
Change in Payables	-100.28M	-14.45M	15.22M	74.73M	49.62M	0	0	0	-60.95M	69.61M
Cash from Investing+	-390.74M	-303.36M	-210.03M	-110.87M	-135.75M	-57.51M	-187.83M	-182.4M	-154.86M	-112.12M
Capital Expenditures	-290.41M	-140.24M	-94.8M	-125.22M	-140.23M	-50.67M	-127.46M	-239.13M	-203.29M	-145.33M
CapEx % of Revenue	0.12%	0.05%	0.03%	0.04%	0.05%	0.03%	0.04%	0.07%	0.06%	0.04%
Acquisitions	-	-	-	-	-	-	-	-	-	-
Investments	-	-	-	-	-	-	-	-	-	-
Other Investing	3.48M	833K	542K	15.65M	5.78M	-6.84M	103.59M	23.18M	48.43M	33.22M
Cash from Financing+	154.75M	-246.32M	-389.34M	-433.22M	-207.8M	83.54M	-754.75M	-258.27M	-452.78M	-379.35M
Debt Issued (Net)	-	-	-	-	-	-	-	-	-	-
Equity Issued (Net)	-	-	-	-	-	-	-	-	-	-
Dividends Paid	-63.71M	-74.38M	-84.82M	-94.57M	-112.91M	-30.55M	-90.46M	-123.77M	-131.8M	-133.47M
Share Repurchases	-	-	-	-	-	-	-	-	-	-
Other Financing	104.22M	2.21M	7.35M	3.24M	12.88M	-2.57M	-2.84M	-5.5M	-19.47M	-19.2M
Net Change in Cash	-	-	-	-	-	-	-	-	-	-
Free Cash Flow+	-70.6M	397.66M	518.56M	413.32M	220.8M	356.69M	487.29M	168.93M	338.6M	351.04M
FCF Margin %	-0.03%	0.15%	0.19%	0.14%	0.08%	0.18%	0.17%	0.05%	0.11%	0.11%
FCF Growth %	-1.47%	6.63%	0.3%	-0.2%	-0.47%	0.62%	0.37%	-0.65%	1%	0.04%
FCF per Share	-0.29	1.69	2.30	1.96	1.08	1.80	2.47	0.92	1.92	2.15
FCF Conversion (FCF/Net Income)	0.93x	1.55x	1.69x	1.54x	1.39x	-1.84x	1.02x	0.76x	1.02x	1.25x
Interest Paid	7.52M	10.67M	16.66M	25.53M	33.15M	35.65M	22.2M	29.98M	66.4M	78.23M
Taxes Paid	5.42M	9.35M	15.21M	9.69M	10.8M	9.32M	5.74M	26.53M	24.34M	47.95M

Key Ratios

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Return on Equity (ROE)	11.27%	16.09%	17.37%	17.59%	13.78%	-13.28%	34.91%	28.5%	27.87%	23.55%
Return on Invested Capital (ROIC)	8.32%	10.73%	11.33%	11.66%	8.25%	-5.61%	21.33%	17.39%	16.97%	15.59%
Gross Margin	24.23%	27.84%	29.13%	27.71%	24.95%	12.57%	32.17%	30.63%	27.54%	30.69%
Net Margin	9.82%	13.41%	13.17%	12.06%	9.2%	-11.37%	20.78%	16.71%	16.7%	12.26%
Debt / Equity	0.17x	0.28x	0.31x	0.35x	0.51x	0.69x	0.37x	0.54x	0.55x	1.13x
Interest Coverage	36.47x	18.87x	23.00x	16.09x	9.01x	-3.73x	23.85x	16.33x	11.26x	5.74x
FCF Conversion	0.93x	1.55x	1.69x	1.54x	1.39x	-1.84x	1.02x	0.76x	1.02x	1.25x
Revenue Growth	2.35%	7.02%	6.41%	5.73%	-2.91%	-29.84%	47.51%	10.88%	-1.38%	2.34%

Revenue by Segment

	2017
Activewear And Underwear	2.17B
Activewear And Underwear Growth	-
Socks And Hosiery	581.11M
Socks And Hosiery Growth	-

Revenue by Geography

	2017
UNITED STATES	2.38B
UNITED STATES Growth	-
Europe And Other	236.99M
Europe And Other Growth	-
CANADA	131.03M
CANADA Growth	-

Frequently Asked Questions

Valuation & Price

Gildan Activewear Inc. (GIL) has a price-to-earnings (P/E) ratio of 25.9x. This suggests investors expect higher future growth.

Growth & Financials

Gildan Activewear Inc. (GIL) reported $3.35B in revenue for fiscal year 2024. This represents a 94% increase from $1.73B in 2011.

Gildan Activewear Inc. (GIL) grew revenue by 2.3% over the past year. Growth has been modest.

Yes, Gildan Activewear Inc. (GIL) is profitable, generating $473.7M in net income for fiscal year 2024 (12.3% net margin).

Dividend & Returns

Yes, Gildan Activewear Inc. (GIL) pays a dividend with a yield of 1.28%. This makes it attractive for income-focused investors.

Gildan Activewear Inc. (GIL) has a return on equity (ROE) of 23.6%. This is excellent, indicating efficient use of shareholder capital.

Gildan Activewear Inc. (GIL) generated $372.2M in free cash flow for fiscal year 2024. Positive FCF indicates the company can fund dividends, buybacks, or reinvestment.

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