Ralph Lauren

RL · NYSE · Consumer Discretionary · Financials, fiscal 2017 to 2026

RL · Last close · October 26, 2026

$386.95

Ralph Lauren's revenue rose 14.6% to $8.1 billion in fiscal 2026. Its operating margin was 14.5%, up from 13.2% a year earlier. Free cash flow was $746 million, down 26.8%. It paid out $840 million in dividends and buybacks, 113% of free cash flow. The diluted share count fell 2.7%.

Ralph Lauren Corporation Latest fiscal year ended March 28, 2026 10-K filed May 21, 2026 · 0001628280-26-037074 Updated October 9, 2026

Revenue

$8.1B

14.6%

Operating margin

14.5%

1.4 pts

Net income

$941M

26.7%

Free cash flow

$746M

26.8%

Return on capital

45.4%

8.9 pts

Market cap

$23.7B

Oct 26 close

P/E

24.4x

On $15.87 EPS, 4 qtrs

Operating margin is operating income as a share of revenue. Free cash flow is cash from operations minus capital spending. Return on capital is after-tax operating income as a share of the money invested in the business: debt plus equity, minus cash. Market cap is the last closing share price times the latest diluted share count, so it is approximate. P/E is the last close divided by diluted earnings per share over the last four quarters, or the latest fiscal year where the quarters aren't available; there is none when the company made a loss.

About these figures. Capital spending for fiscal 2026 is Ralph Lauren's purchases of property and equipment, which its latest filing labels differently from earlier years.

What Ralph Lauren does

Ralph Lauren designs, markets and distributes lifestyle products under the Ralph Lauren name. They fall into five categories: apparel, handbags, footwear and accessories, fragrances, and home. It also has a hospitality business. The company was founded in 1967 by Ralph Lauren.

It sells in three ways. Directly to consumers, through 594 retail stores, 644 concession-based shop-within-shops (small sections inside other retailers' stores), and its own and partners' websites. Wholesale, mainly to department stores, specialty stores and online partners, at about 9,500 doors worldwide. And by licensing: it lets other companies use its trademarks to make and sell items such as eyewear, fragrances and home furnishings, and licensing partners run 135 stores. Its three reportable segments are North America, Europe and Asia, and it also has other segments that are not reported separately.

The Lauren family has controlled the company since its founding. As of March 28, 2026, Mr. Lauren or entities controlled by the family held about 85% of the voting power of its common stock. In September 2025 it presented a three-year growth plan for fiscal 2026 to fiscal 2028.

Its biggest risks, as it describes them

Failing to keep up with changing fashion trends, or to protect the value and reputation of its brands.
Tariffs and a weaker economy cutting spending on luxury products.
Depending on a small number of large wholesale customers, such as department stores.
Relying on outside manufacturers and imports to deliver goods on time and to its specifications.
The loss of Ralph Lauren or other senior managers, and problems with its growth strategy.

From Ralph Lauren's annual report on Form 10-K, filed May 21, 2026, in our words; the 10-K has the full description and every risk factor. Updated with each new 10-K.

Charts show fiscal years, from the 10-K filings.

Revenue and margins

Revenue

US$ billions, fiscal years

Margins

Percent of revenue

GrossOperatingNetFree cash flow

Net income and earnings per share

From fiscal 2018 to 2026, earnings per share grew 29.0% a year and net income 24.5% a year, as buybacks cut the share count by 24%.

Net income

US$ billions, fiscal years; loss years in red.

Diluted earnings per share

US$ per share, fiscal years, restated for any stock splits; loss years in red.

Returns on capital

Return on capital and on equity

Percent. Return on capital is after-tax operating income over the money invested in the business (debt plus equity, minus cash); return on equity is net income over shareholders' equity. Both use the average of opening and closing balances.

Return on capitalReturn on equity

Cash flow

Free cash flow

US$ billions. Cash from operations minus capital expenditure; negative years in red.

Payouts and share count

Dividends and buybacks

US$ billions, cash paid in each fiscal year

DividendsShare buybacks

Diluted share count

Weighted-average diluted shares, millions

Valuation

Two ways to value Ralph Lauren yourself, both starting from its filings: a discounted cash flow model and the price-to-earnings method.

Discounted cash flow (DCF)

A discounted cash flow (DCF) model values a business as the cash it may generate in future, discounted back to today. The starting figures come from Ralph Lauren's 10-K (or, for net cash and shares, its latest 10-Q) and the assumptions are yours: start from one of three example scenarios, then change any figure to see what it implies for a share, and how that compares with the last share price.

Value per share on three example scenarios, from Ralph Lauren's cash from operations minus depreciation in fiscal 2026 (free cash flow before spending to grow: capital spending was 1.8 times depreciation, which holds its free cash flow down) of $921M, net cash of $593M at March 28, 2026 and 62 million diluted shares, from its filings. The scenarios are fitted to Ralph Lauren: the base scenario's growth in years 1 to 5 is its revenue growth over the last 3 years, 8.0% a year; the cautious and optimistic ones are lower and higher, and growth in years 6 to 10 is halfway to the long-run rate. The base scenario's discount rate is 11% for a cyclical or higher-risk business (Apparel, Accessories & Luxury Goods); the cautious and optimistic ones use a point more and a point less. Select one to load it into the calculator. These are the model's arithmetic on those assumptions, not a forecast or a price target.

From the filings

Starting free cash flow, US$ millions

Cash from operations minus depreciation in fiscal 2026: a rough guide to cash flow before spending to grow, for a company building heavily.

Net cash, US$ millions

Cash and short-term investments minus debt and finance leases at March 28, 2026. Negative means net debt.

Diluted shares, millions

Weighted-average diluted shares in fiscal 2026.

Your assumptions

Start from

Fitted to Ralph Lauren's own revenue growth, as above. Cautious: growth of 4% then 3% a year, 2% after year 10, a 12% discount rate. Base: growth of 8% then 5% a year, 2.5% after year 10, a 11% discount rate. Optimistic: growth of 12% then 7.5% a year, 3% after year 10, a 10% discount rate.

Free cash flow growth, years 1 to 5 (% a year)

Free cash flow growth, years 6 to 10 (% a year)

Growth after year 10 (% a year)Long-run growth forever after year 10. Usually close to inflation, and always below the discount rate.

Discount rate (% a year)The yearly return an investor wants for the risk. A higher rate gives a lower value.

Value per share on these assumptions

—

Last close, October 26, 2026: $386.95
Value on these assumptions, against the last close: —

Cash flows in years 1 to 10, valued today: —
Everything after year 10, valued today: —
Plus net cash: —
Share of value from after year 10: —

Projected free cash flow

US$ billions. Each column is one year's projected free cash flow, split into what it is worth today and the part removed by discounting.

Value todayRemoved by discounting

How the value changes with two assumptions

Value per share in US$, with the growth rates above. The highlighted cell matches the current assumptions.

How the model works. Free cash flow grows at the first rate for five years and the second rate for five more, and each year is discounted at the discount rate. Everything after year 10 is valued as year-10 cash flow × (1 + growth after year 10) ÷ (discount rate − growth after year 10), discounted back ten years. Net cash is added and the total is divided by diluted shares. The result depends entirely on the assumptions. It is not a forecast, a price target or a recommendation. The last close is the consolidated US closing price, from Databento.

Price-to-earnings (P/E) method

Another common way to value a company is to multiply its earnings per share by a price-to-earnings (P/E) multiple: the number of years of today's earnings an investor pays for a share. A higher multiple usually means investors expect earnings to grow. Choose a multiple, for example from similar companies, to see the value it gives.

Value per share on three example scenarios, from Ralph Lauren's earnings per share of $15.87 (over the last four quarters). Each grows earnings for a year at the cash flow scenarios' rates and applies a multiple to next year's earnings: 20.9×, the middle of Ralph Lauren's own P/E today, its peers' median and its sector's median (its peers' median) for the base scenario, 20% less and more for the cautious and optimistic ones. The price is brought back a year at 12%, 11% and 10%. Select one to load it into the calculator. These are the model's arithmetic on those assumptions, not a forecast or a price target.

Earnings per share, US$

Diluted earnings per share over the four quarters to June 27, 2026, from the 10-Qs and 10-K.

P/E multiple

P/E today is the last close divided by the latest earnings per share, the four quarters' where available. Peers: Tapestry, VF.

Earnings growth in the years ahead (% a year) Starts at Ralph Lauren's revenue growth over the last 3 years, 8.0% a year, as the base scenario does.

Earnings per share in the years ahead, US$

Year 1Year 2Year 3Year 4Year 5

Type your own estimate for any year; the years after it carry on at the growth rate.

Apply the multiple to earnings

A multiple on a future year's earnings gives the price then, brought back to today at the discount rate below.

Discount rate (% a year) The yearly return an investor wants for the risk, as in the cash flow model.

Value per share today at this multiple

—

Last close, October 26, 2026: $386.95
Value at this multiple, against the last close: —
Ralph Lauren's P/E at the last close: 24.4×

Company	Last close	Earnings per share	P/E today
VFVFC	$16.95	$0.64	26.5×
Ralph LaurenRL	$386.95	$15.87	24.4×
TapestryTPR	$110.90	$7.27	15.3×

How the P/E method works. Value per share is earnings per share times the multiple. On a future year's earnings, that gives the price in that year, which is brought back to today at the discount rate: price ÷ (1 + discount rate) for each year ahead. It is quick and easy to compare across companies, but it ignores debt and cash, and earnings can swing with one-off gains and charges, so a multiple says most about steady, profitable businesses. Like the cash flow model, the result depends entirely on the assumptions you choose. It is not a forecast, a price target or a recommendation.

Balance sheet

Fiscal year end	FY22	FY23	FY24	FY25	FY26
Cash and short-term investments	2,598	1,566	1,783	2,083	2,065
Debt incl. finance leases	1,998	1,474	1,416	1,398	1,472
Net debt (negative means net cash)	−601	−92	−367	−685	−593
Net debt to EBITDA	−0.6x	−0.1x	−0.4x	−0.6x	−0.4x
Debt to equity	0.8x	0.6x	0.6x	0.5x	0.5x
Interest coverage	14.8x	17.4x	17.9x	21.1x	21.8x
Current ratio	1.9x	2.2x	2.3x	1.8x	2.1x
Quick ratio	1.4x	1.5x	1.7x	1.3x	1.6x

US$ millions unless stated, at each fiscal year end. Net debt to EBITDA is debt minus cash, divided by operating income before depreciation and amortization: roughly how many years of those earnings the net debt equals. Debt to equity is debt as a multiple of shareholders' equity. Interest coverage is operating income divided by interest expense. The current ratio is current assets over current liabilities; the quick ratio leaves out inventory.

Insider trades

Over the 12 months between October 27, 2025 and October 26, 2026, no insider bought Ralph Lauren shares on the open market, and 4 insiders sold $123.5 million, $16.6 million of it under trading plans set up in advance.

Date	Insider	Trade	Shares	Price	Value	Filing
Aug 18, 2026	Robert P. RanftlChief Operating Officer	Sold	2,901	$377.81	$1.1 million	Form 4
Aug 10, 2026	Halide AlagozChief Product & Merch. Officer	Sold	6,559	$402.77	$2.6 million	Form 4
Jun 3, 2026	Robert P. RanftlChief Operating Officer	Sold	6,500	$359.56	$2.3 million	Form 4
May 26, 2026	Ralph LaurenExec. Chair, Chief Creative, Director, 10% owner	Sold	263,654	$378.25	$99.7 million	Form 4
Mar 4, 2026	Halide AlagozChief Product & Merch. Officer	Sold	1,120	$362.00	$405,440	Form 4
Feb 10, 2026	Patrice LouvetPresident and CEO, Director	Sold plan	47,000	$354.22	$16.6 million	Form 4
Dec 2, 2025	Halide AlagozChief Product Officer	Sold	1,882	$366.00	$688,812	Form 4

Open-market purchases and sales by officers, directors and 10% owners, from their Form 4 filings with the SEC: one row per person, day and filing, at the day's average price. Grants, option exercises and shares withheld for tax aren't counted. Insiders buy and sell for many reasons, such as taxes, spreading their savings or a plan set up months earlier, so a trade on its own says little about where a company is heading. For information only, not investment advice. Insider trades at all companies

Piotroski F-score

The F-score counts how many of nine simple tests of profitability, funding and efficiency a company passed in a year (Piotroski, 2000). The more tests passed, the stronger the year: 8 or 9 is strong, 0 to 2 weak. Companies that report no gross profit are scored on the other eight.

Test	FY24	FY25	FY26
Net income is positive	Pass	Pass	Pass
Cash from operations is positive	Pass	Pass	Pass
Return on assets rose	Pass	Pass	Pass
Cash from operations exceeds net income	Pass	Pass	Pass
Debt fell relative to assets	Fail	Pass	Fail
Current ratio rose	Pass	Fail	Pass
Share count didn't rise	Pass	Pass	Pass
Gross margin rose	Pass	Pass	Pass
Revenue rose relative to assets	Pass	Pass	Pass
F-score	8 of 9	8 of 9	8 of 9
Accruals ratio	−6.3%	−7.2%	−2.9%

The accruals ratio is net income minus cash from operations, over average total assets.

Compare

Put Ralph Lauren side by side with any other company we cover: revenue, growth, margins, cash flow and returns, with ten years of charts.

Similar companies

Company	Year	Revenue growth	Operating margin	Free cash flow margin	Return on capital	Net debt to EBITDA	F-score	Compare
Ralph Lauren	FY26	14.6%	14.5%	9.2%	45.4%	−0.4x	8
Tapestry	FY26	14.2%	23.9%	22.6%	77.9%	0.6x	7	Compare
PVH	FY25	3.4%	2.6%	6.0%	1.8%	3.2x	6	Compare
VF	FY26	1.1%	6.0%	5.8%	9.0%	3.2x	7	Compare
Amer Sports	FY25	26.7%	10.7%	7.8%	8.5%	0.3x	7	Compare

Each company's latest fiscal year. Fiscal years end in different months, so the periods don't line up exactly. Free cash flow margin is free cash flow as a share of revenue. Net debt to EBITDA is explained under the balance sheet, and the F-score above.

10 years of figures

Fiscal year	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	FY26
Income statement
Revenue	6,653	6,182	6,313	6,160	4,401	6,218	6,444	6,631	7,079	8,114
Revenue growth	−10.2%	−7.1%	2.1%	−2.4%	−28.6%	41.3%	3.6%	2.9%	6.8%	14.6%
Gross profit	3,651	3,752	3,886	3,653	2,861	4,148	4,166	4,432	4,853	5,669
Research and development	—	—	—	—	—	—	—	—	—	—
Operating income	−92	498	562	317	−44	798	704	756	932	1,179
Net income	−99	163	431	384	−121	600	523	646	743	941
Diluted EPS (US$)	−1.20	1.97	5.27	4.98	−1.65	8.07	7.58	9.71	11.61	15.11
Diluted shares (millions)	83	82	82	77	74	74	69	66	64	62
Cash flow
Cash from operations	953	975	784	755	381	716	411	1,070	1,235	1,154
Capital expenditure	284	162	198	270	108	167	218	165	216	408
Free cash flow	669	814	586	484	273	549	194	905	1,019	746
Dividends paid	165	162	191	204	50	150	198	195	201	216
Share buybacks	215	17	503	695	38	493	489	450	481	624
Acquisitions	6	5	4	0	0	0	0	0	0	0
Stock-based compensation	64	74	89	101	73	82	76	100	108	111
Balance sheet at fiscal year end
Cash and short-term investments	1,353	2,004	1,988	2,116	2,776	2,598	1,566	1,783	2,083	2,065
Debt incl. finance leases	588	596	924	1,370	2,023	1,998	1,474	1,416	1,398	1,472
Total assets	5,652	6,143	5,943	7,280	7,888	7,725	6,790	6,603	7,047	7,740
Total liabilities	2,352	2,686	2,656	4,587	5,283	5,189	4,359	4,152	4,459	4,898
Shareholders' equity	3,300	3,457	3,287	2,693	2,604	2,536	2,430	2,450	2,588	2,841
Margins and ratios
Gross margin	54.9%	60.7%	61.6%	59.3%	65.0%	66.7%	64.7%	66.8%	68.5%	69.9%
Operating margin	−1.4%	8.1%	8.9%	5.2%	−1.0%	12.8%	10.9%	11.4%	13.2%	14.5%
Net margin	−1.5%	2.6%	6.8%	6.2%	−2.8%	9.7%	8.1%	9.8%	10.5%	11.6%
Free cash flow margin	10.1%	13.2%	9.3%	7.9%	6.2%	8.8%	3.0%	13.7%	14.4%	9.2%
Return on capital	−2.5%	10.9%	19.4%	15.2%	−1.8%	33.5%	24.9%	28.4%	36.5%	45.4%
Return on equity	−2.8%	4.8%	12.8%	12.8%	−4.6%	23.4%	21.1%	26.5%	29.5%	34.7%
Return on assets	−1.7%	2.8%	7.1%	5.8%	−1.6%	7.7%	7.2%	9.7%	10.9%	12.7%
Net debt to EBITDA	−3.5x	−1.8x	−1.3x	−1.3x	−3.7x	−0.6x	−0.1x	−0.4x	−0.6x	−0.4x

US$ millions unless stated. Where a later 10-K restated a year, the latest filed figure is shown. Download all figures (CSV, US$ millions)

Source: Ralph Lauren's Form 10-K filings, from SEC EDGAR. For information only, not investment advice. The Filing Desk is not affiliated with Ralph Lauren.