Gildan Activewear Inc. GIL

Consumer DiscretionaryTextiles & ApparelCanada

Last close 55.40 CAD on Nov 1, 2026, −34.8% year to date

Quant rating

Quant rating D Rank 24 of 32 in Consumer Discretionary

Growth B 8 of 32
Valuation C 21 of 32
Quality B 12 of 32
Revisions C 19 of 32
Momentum D 32 of 32

Wall Street consensus Buy (2.11)Average target 97.28 CAD +75.6%

Historical valuation

Multiples use consensus estimates for the next twelve months. The dashed line is the 5-year average.

Key data

Market cap: 10.3B
Enterprise value: 16.5B
52-week range: 55.01 – 100.44
3-year range: 38.71 – 100.44
Dividend yield: 2.48%
Beta (5 years): 1.15
Shares outstanding: 185M
Next earnings: Nov 5, 2026

About the company

Gildan Activewear Inc. is a manufacturer of everyday basic apparel. The Company's product offering includes activewear, underwear and socks, sold to a broad range of customers, including wholesale distributors, screenprinters, or embellishers, as well as to retailers that sell to consumers through their physical stores and/or e-commerce platforms and to global lifestyle brand companies. The Company markets its products in North America, Europe, Asia Pacific, and Latin America, under a diversified portfolio of Company-owned brands including Gildan, Hanes, Comfort Colors, American Apparel, ALLPRO, GOLDTOE, Peds, Bali, Playtex, Maidenform, Bonds, as well as Champion which is under an exclusive licensing agreement for the printwear channel in the United States and Canada. The Company also owns and operates vertically integrated, large-scale manufacturing facilities which are primarily located in Central America, the Caribbean, North America, and Asia.

Growth and profitability fiscal year ends December 31

Growth and profitability by fiscal year
	2025	2024	2023	2022	2021	5Y avg
Revenue (mil)	4,948	4,712	4,233	4,391	3,692	–
Revenue growth	5.0%	11.3%	−3.6%	18.9%	46.4%	14.4%
EPS (basic, normalized)	4.80	4.27	3.47	4.21	3.46	–
EPS growth	12.4%	23.0%	−17.6%	21.7%	–	–
Gross margin	31.2%	30.7%	26.7%	29.8%	30.0%	29.7%
Net margin	10.9%	12.3%	16.7%	16.7%	20.8%	15.5%
ROE	15.7%	23.5%	27.8%	28.5%	34.9%	26.1%

Balance sheet, last quarter
Cash & short-term investments (mil)	549
Current ratio	1.93x
Long-term debt (mil)	5,466
Net debt (mil)	6,340
Total equity (mil)	4,742
Net debt / equity	1.34x
Net debt / EBITDA	5.00x

Estimates and valuation

Consensus estimates and implied multiples
	Sales (mil)			EBITDA (mil)			EPS
Fiscal year	Mean est.	Growth	EV/Sales	Mean est.	Growth	EV/EBITDA	Mean est.	Growth	P/E
2025 actual	4,948	+5.0%	3.3x	1,267	+7.3%	13.0x	4.80	+12.4%	11.5x
2026	8,371	+69.2%	2.0x	2,136	+68.6%	7.7x	6.48	+35.1%	8.5x
2027	8,679	+3.7%	1.9x	2,291	+7.3%	7.2x	7.48	+15.3%	7.4x
2028	9,140	+5.3%	1.8x	2,468	+7.7%	6.7x	8.73	+16.8%	6.3x

Estimate revisions

Change in consensus estimates over 1, 3 and 6 months
	Sales				EPS
Fiscal year	Estimate (mil)	1M	3M	6M	Estimate	1M	3M	6M
2026	8,371	−0.4%	−1.1%	−2.5%	6.48	−0.7%	+0.7%	+7.8%
2027	8,679	−0.9%	−2.0%	−3.9%	7.48	−2.4%	−2.2%	−0.5%
2028	9,140	−0.9%	−2.0%	−4.3%	8.73	−2.4%	−3.2%	−4.2%

Earnings surprises EPS beat in 4 of the last 4 quarters

Reported results versus consensus, last 10 fiscal quarters
Quarter ended	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
Sales reported (mil)	696	862	891	822	712	918	911	1,078	1,166	1,582
Sales mean (mil)	693	851	885	803	711	907	915	1,092	1,152	1,609
Surprise	+0.4%	+1.3%	+0.7%	+2.3%	+0.1%	+1.3%	−0.5%	−1.3%	+1.2%	−1.6%
EPS reported	0.59	0.74	0.85	0.83	0.59	0.97	1.00	0.96	0.43	1.28
EPS mean	0.51	0.72	0.84	0.81	0.57	0.95	0.97	0.95	0.40	1.11
Surprise	+15.3%	+2.9%	+0.7%	+2.9%	+3.7%	+2.4%	+2.7%	+1.0%	+8.4%	+15.3%

Peer comparison Textiles & Apparel

Peers in the same industry group, by market capitalization
Company	Market cap	Net debt/EBITDA	Net margin	P/B	FY1 P/E	FY2 P/E	FY1 EV/EBITDA	FY2 EV/EBITDA
GIL Gildan Activewear Inc.	10.3B	5.00x	10.9%	2.20x	8.5x	7.4x	7.7x	7.2x
NKE NIKE, Inc.	80.3B	−0.13x	6.7%	3.77x	30.5x	25.5x	18.0x	15.8x
RL Ralph Lauren Corporation	32.7B	−0.31x	11.6%	8.60x	20.7x	18.8x	13.3x	12.3x
ONON On Holding AG	15.8B	−1.22x	6.8%	4.87x	19.6x	16.7x	12.3x	10.2x
LULU lululemon athletica inc.	16.6B	−0.51x	14.2%	2.61x	11.2x	12.6x	5.1x	5.6x
LEVI Levi Strauss & Co	12.1B	0.29x	8.0%	3.57x	14.4x	13.4x	8.6x	8.2x
Mean		0.52x	9.7%	4.27x	17.5x	15.7x	10.9x	9.9x
Median		−0.22x	9.4%	3.67x	17.0x	15.1x	10.5x	9.2x

Technical analysis

1M−8.3%
3M−23.8%
1Y−34.3%
3Y+54.3%

Financial statements in millions of CAD

Income statement in millions of CAD, fiscal years

Income statement, Gildan Activewear Inc., fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Total revenue	4,948	4,712	4,233	4,391	3,692	2,522
Cost of revenue	3,403	3,266	3,102	3,081	2,586	2,217
Gross profit	1,545	1,446	1,131	1,310	1,107	305
Selling, general & administrative expenses	528	444	438	439	397	347
Research & development	–	–	–	–	–	–
Interest expense (income), operating	–	–	–	–	–	–
Unusual expense (income)	169	111	−159	52.9	−114	188
Other operating expenses	0	0	0	0	0	0
Operating income	848	891	853	818	824	−230
Net interest income (expense)	−157	−117	−75.4	−35.8	−23.2	−42.8
Gain (loss) on sale of assets	–	–	–	–	–	–
Other non-operating income (expense)	−46.2	−32.6	−30.1	−14.3	−11.3	−18.9
Net income before taxes	644	741	747	767	789	−292
Provision for taxes	106	163	40.5	33.7	22.0	−5.2
Minority interest	–	–	–	–	–	–
Equity in affiliates	–	–	–	–	–	–
U.S. GAAP adjustment	–	–	–	–	–	–
Net income before extraordinary items	539	578	707	734	767	−287
Extraordinary items	6.8	–	–	–	–	–
Net income	545	578	707	734	767	−287
EBIT, normalized	1,016	1,002	694	870	710	−41.8
EBITDA, normalized	1,227	1,202	864	1,055	867	141
Basic EPS, normalized	4.80	4.27	3.47	4.21	3.46	–

Balance sheet in millions of CAD, fiscal years

Balance sheet, Gildan Activewear Inc., fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Assets
Cash & short-term investments	484	224	179	269	315	756
Receivables	1,306	781	546	337	417	256
Total inventory	3,240	1,600	1,443	1,661	978	927
Prepaid expenses	92.3	54.8	46.4	40.3	39.1	20.8
Other current assets	1,316	17.4	20.9	32.2	79.3	6.3
Total current assets	6,439	2,678	2,235	2,340	1,828	1,966
Property, plant & equipment	2,327	1,828	1,664	1,617	1,361	1,217
Goodwill	1,188	391	360	368	359	263
Intangibles	4,131	365	346	312	387	369
Long-term investments	–	–	–	–	–	–
Note receivable	89.6	32.2	17.0	0.2	0.5	1.8
Other long-term assets	133	58.1	33.7	24.9	26.7	28.3
Total assets	14,307	5,352	4,655	4,661	3,963	3,845
Liabilities
Accounts payable	–	–	–	–	–	–
Payable/accrued	1,712	689	534	627	551	415
Accrued expenses	–	–	–	–	–	–
Short-term debt	0	0	0	0	0	0
Current portion of long-term debt	697	458	416	222	19.3	20.2
Other current liabilities	648	59.7	8.5	20.8	15.5	22.5
Total current liabilities	3,056	1,207	959	869	586	458
Long-term debt	5,630	1,924	1,018	1,165	877	1,357
Minority interest	–	–	–	–	–	–
Other liabilities	750	123	85.3	76.2	75.6	45.6
Total liabilities	9,437	3,254	2,063	2,111	1,538	1,861
Shareholders' equity
Preferred stock	–	–	–	–	–	–
Common stock	3,144	387	359	274	242	234
Additional paid-in capital	154	101	81.3	108	73.4	31.7
Retained earnings (accumulated deficit)	1,600	1,611	2,134	2,155	2,027	1,730
Treasury stock	–	–	–	–	–	–
Other equity	−27.7	0	18.1	13.3	81.9	−11.5
Total equity	4,870	2,099	2,593	2,550	2,425	1,984
Total liabilities & shareholders' equity	14,307	5,352	4,655	4,661	3,963	3,845

Cash flow statement in millions of CAD, fiscal years

Cash flow statement, Gildan Activewear Inc., fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Operating activities
Net income	545	578	707	734	767	−287
Depreciation, depletion & amortization	202	199	161	169	171	187
Deferred taxes	−6.4	18.2	13.4	−0.2	−1.2	−9.8
Non-cash items	104	22.4	−45.4	73.5	−34.6	202
Changes in working capital	−15.3	−95.0	−112	−416	−122	436
Cash from operations	829	722	724	560	780	528
Investing activities
Capital expenditures	−156	−217	−276	−331	−165	−74.2
Other investing cash flows	−167	55.1	70.4	84.2	−72.8	1.1
Cash from investing	−323	−162	−205	−247	−237	−73.2
Financing activities
Financing cash flow items	−3,451	−27.7	−25.8	−7.4	−3.6	−6.5
Cash dividends paid	−185	−192	−175	−168	−114	−38.9
Issuance (retirement) of debt, net	–	–	–	–	–	–
Other financing cash flows	3,394	−327	−399	−175	−836	152
Cash from financing	−242	−547	−600	−350	−954	106
Foreign exchange effects	4.0	−1.1	0.3	−2.2	−1.2	0.1
Net change in cash	268	13.2	−80.5	−39.1	−412	561
Free cash flow	673	506	448	229	616	454

Disclaimer

The financial data presented in this report is delayed and obtained from sources QDD Research believes to be reliable, including stock exchanges, SEDAR, and EDGAR. However, no representation or warranty is made as to the accuracy, completeness, or timeliness of the information. QDD Research accepts no liability for any errors, omissions, or financial losses arising from the use of this data.

This report is generated using a fully systematic and quantitative approach. All factor scores and the overall quant rating (ranging from D to A+) are derived from algorithmic models and are based solely on objective financial metrics. These scores are intended for informational purposes only and should not be interpreted as investment advice or a recommendation to buy, sell, or hold any securities.

QDD Research is not a registered investment advisor or broker-dealer and does not provide personalized financial advice. The content is not tailored to the specific investment goals, financial situation, or risk profile of any individual investor. We strongly encourage readers to consult with a licensed broker or investment advisor before making any investment decisions based on the information contained in this report.

Live quote provided by TradingView. Report data updated Nov 1, 2026 after market close.