Financials Gildan Activewear Inc.

Equities

GIL

CA3759161035

Apparel & Accessories

Delayed Toronto S.E. Other stock markets 04:16:51 2025-05-16 pm EDT			5-day change	1st Jan Change
70.10 ^CAD	+1.80%		+6.60%	+3.62%

Apr. 30	Toronto Stocks Retreat as March GDP Edges Higher; Gildan Activewear Up on 1Q Results, Outlook	DJ
Apr. 30	UBS on Gildan Activewear Outlook	MT

Projected Income Statement: Gildan Activewear Inc.

Fiscal Period: December	2020	2021	2022	2023	2024	2025	2026	2027
Net sales ¹	1,981	2,923	3,240	3,196	3,271	3,431	3,599	3,738
Change	-	47.51%	10.88%	-1.38%	2.34%	4.91%	4.88%	3.86%
EBITDA ¹	165.1	726.8	764.2	674.5	833.9	880.8	924.6	955.6
Change	-	340.22%	5.15%	-11.74%	23.63%	5.62%	4.97%	3.35%
EBIT ¹	18	591.4	639.3	552.9	695.6	743.8	777.4	816.3
Change	-	3,185.56%	8.1%	-13.51%	25.81%	6.93%	4.52%	5.01%
Interest Paid ¹	-48.53	-27.33	-36.96	-79.67	-104.2	-121.7	-126.7	-108
Earnings before Tax (EBT) ¹	-229.4	624.6	566.4	564.2	514.1	622	661.1	730.3
Change	-	372.29%	-9.31%	-0.4%	-8.88%	20.99%	6.28%	10.47%
Net income ¹	-225.3	607.2	541.5	533.6	400.9	514.1	525.4	564.9
Change	-	369.5%	-10.81%	-1.47%	-24.88%	28.25%	2.2%	7.51%
Announcement Date	2/25/21	2/23/22	2/22/23	2/21/24	2/19/25	-	-	-

¹USD in Million

Estimates

Fiscal Period: December	2020 Q2	2020 Q3	2020 Q4	2021 Q1	2021 Q2	2021 Q3	2021 Q4	2022 Q1	2022 Q2	2022 Q3	2022 Q4	2023 Q1	2023 Q2	2023 Q3	2023 Q4	2024 Q1	2024 Q2	2024 Q3	2024 Q4	2025 Q1	2025 Q2	2025 Q3	2025 Q4	2026 Q1	2026 Q2	2026 Q3	2026 Q4
Net sales ¹	229.7	602.3	690	589.6	747.2	801.6	784.3	774.9	895.6	850	720	702.9	840.4	869.9	782.7	695.8	862.2	891.1	821.5	711.7	908.4	941.1	864.8	737.7	936.9	979.5	902.1
Change	-	162.21%	14.56%	-14.55%	26.73%	7.28%	-2.16%	-1.2%	15.58%	-5.09%	-15.29%	-2.38%	19.56%	3.51%	-10.02%	-11.1%	23.91%	3.35%	-7.81%	-13.37%	27.64%	3.6%	-8.11%	-14.69%	26.99%	4.55%	-7.9%
EBITDA ¹	-137.2	106.9	145.3	145.8	184.4	206.7	189.9	191.6	207.9	201	163.6	130.4	170.3	188.3	185.3	157.2	232.3	236.1	208.3	165.9	242.7	250.2	225.1	179.8	251.6	265.8	252.4
Change	-	177.92%	35.92%	0.34%	26.47%	12.09%	-8.13%	0.9%	8.51%	-3.32%	-18.61%	-20.29%	30.6%	10.57%	-1.59%	-15.16%	47.77%	1.64%	-11.77%	-20.36%	46.32%	3.06%	-10.02%	-20.13%	39.95%	5.64%	-5.04%
EBIT ¹	-181.4	73.5	105.7	110.3	148.6	172.4	160.3	158.1	175.6	170	135.6	102.5	138.7	157	154.5	125.6	195.5	199.5	175.1	135.5	205.9	213.5	191.7	117.6	180.3	188.5	186.6
Change	-	140.52%	43.81%	4.35%	34.72%	16.02%	-7.02%	-1.37%	11.07%	-3.19%	-20.24%	-24.41%	35.32%	13.19%	-1.59%	-18.71%	55.65%	2.05%	-12.23%	-22.62%	51.92%	3.74%	-10.22%	-38.64%	53.26%	4.53%	-1.01%
Charge d'intérêts ¹	-16.1	-11.4	-13.1	-10.8	-6.502	-5.3	-4.665	-7.014	-7.4	-9.311	-13.28	-12.16	-20.7	-20.75	-21.24	-22.7	-24.27	-30.2	-26.94	-29.9	-30.42	-30.11	-30.84	-	-	-	-
Earnings before Tax (EBT) ¹	-	-	-	102.9	153.1	196	172.4	155.2	166.6	165.3	79.35	111	162	134.3	156.9	82.4	116.9	162.7	152	99.8	175.3	182.6	163.9	-	-	-	-
Change	-	-	-	-	48.79%	28.02%	-12.04%	-9.98%	7.35%	-0.78%	-52%	39.89%	45.95%	-17.1%	16.83%	-47.49%	41.87%	39.18%	-6.55%	-34.36%	75.61%	4.2%	-10.25%	-	-	-	-
Net income ¹	-249.7	56.4	67.4	98.5	146.4	188.3	173.9	146.4	158.2	153	83.9	97.6	155.3	127.4	153.3	78.7	58.4	131.5	132.3	84.7	144.7	151	133.8	68.12	119.5	126.2	124.6
Change	-	122.59%	19.5%	46.14%	48.63%	28.62%	-7.65%	-15.81%	8.06%	-3.29%	-45.16%	16.33%	59.12%	-17.97%	20.33%	-48.66%	-25.79%	125.17%	0.62%	-35.99%	70.79%	4.4%	-11.44%	-49.07%	75.41%	5.6%	-1.23%
Announcement Date	7/30/20	10/29/20	2/25/21	5/5/21	8/5/21	11/4/21	2/23/22	5/4/22	8/4/22	11/3/22	2/22/23	5/3/23	8/3/23	11/2/23	2/21/24	5/1/24	8/1/24	10/31/24	2/19/25	4/29/25	-	-	-	-	-	-	-

¹USD in Million

Estimates

Forecast Balance Sheet: Gildan Activewear Inc.

Fiscal Period: December	2020	2021	2022	2023	2024	2025	2026	2027
Net Debt ¹	577	530	630	993	1,569	1,689	1,700	1,976
Change	-	-8.15%	18.87%	57.62%	58.01%	7.68%	0.65%	16.24%
Announcement Date	2/25/21	2/23/22	2/22/23	2/21/24	2/19/25	-	-	-

¹USD in Million

Estimates

Cash Flow Forecast: Gildan Activewear Inc.

Fiscal Period: December	2020	2021	2022	2023	2024	2025	2026	2027
CAPEX ¹	58.3	127.5	239.1	203.3	145.3	167.4	185.1	199.8
Change	-	118.62%	87.61%	-14.99%	-28.51%	15.17%	10.59%	7.96%
Free Cash Flow (FCF) ¹	356.7	490.1	174.4	391.7	356.1	505.6	523.1	606.3
Change	-	37.39%	-64.42%	124.65%	-9.1%	41.99%	3.47%	15.91%
Announcement Date	2/25/21	2/23/22	2/22/23	2/21/24	2/19/25	-	-	-

¹USD in Million

Estimates

Forecast Financial Ratios: Gildan Activewear Inc.

Fiscal Period: December	2020	2021	2022	2023	2024	2025	2026	2027
Profitability
EBITDA Margin (%)	8.33%	24.87%	23.58%	21.11%	25.5%	25.67%	25.69%	25.57%
EBIT Margin (%)	0.91%	20.24%	19.73%	17.3%	21.27%	21.68%	21.6%	21.84%
EBT Margin (%)	-11.58%	21.37%	17.48%	17.65%	15.72%	18.13%	18.37%	19.54%
Net margin (%)	-11.37%	20.78%	16.71%	16.7%	12.26%	14.98%	14.6%	15.11%
FCF margin (%)	18%	16.77%	5.38%	12.26%	10.89%	14.73%	14.54%	16.22%
FCF / Net Income (%)	-158.32%	80.71%	32.2%	73.41%	88.82%	98.34%	99.56%	107.34%
Profitability
ROA	-7.23%	19.72%	16.47%	15.34%	13.55%	12.97%	13.6%	13.5%
ROE	-13.28%	34.91%	28.49%	27.79%	28.69%	36.72%	38.56%	41.14%
Financial Health
Leverage (Debt/EBITDA)	3.5x	0.73x	0.82x	1.47x	1.88x	1.92x	1.84x	2.07x
Debt / Free cash flow	1.62x	1.08x	3.61x	2.54x	4.41x	3.34x	3.25x	3.26x
Capital Intensity
CAPEX / Current Assets (%)	2.94%	4.36%	7.38%	6.36%	4.44%	4.88%	5.14%	5.35%
CAPEX / EBITDA (%)	35.31%	17.54%	31.29%	30.14%	17.43%	19%	20.02%	20.91%
CAPEX / FCF (%)	16.34%	26.01%	137.15%	51.9%	40.82%	33.11%	35.38%	32.96%
Items per share
Cash flow per share ¹	2.09	3.125	2.241	3.102	3.073	4.64	4.805	-
Change	-	49.53%	-28.3%	38.44%	-0.95%	51.01%	3.56%	-
Dividend per Share ¹	0.154	0.462	-	0.744	0.82	0.9955	1.083	1.047
Change	-	200%	-	-	10.22%	21.4%	8.82%	-3.33%
Book Value Per Share ¹	7.86	9.983	10.47	11.13	8.94	8.705	7.8	7.157
Change	-	27.01%	4.91%	6.23%	-19.64%	-2.63%	-10.4%	-8.25%
EPS ¹	-1.14	3.07	2.93	3.03	2.46	3.451	3.718	4.099
Change	-	369.3%	-4.56%	3.41%	-18.81%	40.28%	7.74%	10.25%
Nbr of stocks (in thousands)	198,406	194,051	179,561	170,357	154,056	151,200	151,200	151,200
Announcement Date	2/25/21	2/23/22	2/22/23	2/21/24	2/19/25	-	-	-