Positioning no disclosures inside 60 days, left as found
Options put/call open interest 0.82, read 2026-11-02
Ethical does not pass the values gate
Price35.02 USD
Fair valueUnder review
Ethical score70.0/100
Our investment reviews on this name
2026-11-04Read Markdown40.61-13.8% to today ✓Accumulation gives way to Markdown
2026-10-28Read Accumulation40.50-13.5% to today Distribution gives way to Accumulation after a 14% slide in 4 weeks
2026-10-02Read Distribution46.87-25.3% to today ✓Markup gives way to Distribution after an 18% slide in 5 weeks
2026-08-30Read Markup57.03-38.6% to today Distribution gives way to Markup after a 6% slide in 8 weeks
Our analytic regime reads on this name, dated and marked against the screened price. Small sample per name, and separate from the daily-framework accuracy on the Track Record page.
Gildan Activewear Inc holds its Markdown at $35.02. Consolidating, no directional conviction, held for 1 days.
As held on the ledger · 2026-11-05
Phase
Markdown · caution
Quantitative state
Consolidating, no directional conviction, held for 1 days
Price at the screen
$35.02
Valuation
30.92 trailing · 7.60 forward price to earnings
Values screen
FAIL· score 70.0
Beta
1.14
The Workings
Five Screens, Shown in Full
Does not pass. Debt ratio
Test
Figure
Limit
What it means
Status
Business activity
Permissible
Core business clean
Its core business isn't built on prohibited lines: no gambling, alcohol, tobacco, weapons, or interest-based lending.
Pass
Debt load
44.22%
Below 33%
Interest-bearing debt is 44.2% of its assets, above the one-third ceiling the screen allows.
Fail
Interest-bearing cash
0.00%
Below 33%
Cash held in interest-bearing accounts and securities is 0.0% of assets, under the one-third limit.
Pass
Receivables
11.85%
Below 49%
Money owed to the company is 11.8% of assets, under the 49% limit.
Pass
Five checks adapted from AAOIFI screening standards: business activity plus four balance-sheet ratios. All five must pass for ethical clearance. Every figure is arithmetic on public accounts, not judgement.
The Ethical Read
Why It Falls Short, in Plain English
Gildan Activewear's business is in a permissible area, but its interest-bearing debt is about 44% of the company, well over the ~33% line, so it does not pass on the financial screens.
Read as at 2026-11-05. It updates when the underlying figures move, and past reads are kept below.
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Today GIL does not pass the screen. If new figures move it to a pass, we send you one short email with the before and after. Verdicts change rarely, so you may not hear from us for a long time.
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What the Numbers Say It Is Worth
The Fair Value Range
Fair value under review. Our model's value is 2.04x the price, above our 2.00x limit. We show no fair value, margin of safety or value read built on it until the review clears.
Where our models see it going: no fair-value estimate yet, range not available, dated to the 2026-11-05 screen.
Fair value and rating are our own model estimates; the Street's range reflects third-party analyst estimates. Analysis, not advice.
The Business, in Plain Words
T-shirts mask a classic cyclical trap
Walk into any discount store and the racks of basic tees look the same year after year. Gildan makes those shirts at scale, and the numbers show revenue jumping 64 percent with a forward multiple of just 10 times. Yet the opportunity rating sits at none because apparel demand rises and falls with consumer spending, and a low multiple on peak earnings is rarely a bargain.
Margins sit at 6 percent and return on equity at 11 percent, both modest for a narrow-moat business that must keep chasing volume in a crowded market. Analyst targets cluster around 80 dollars, well above the current price, but those forecasts often assume the recent surge continues without the usual downturns that hit this sector.
The real risk is mistaking a temporary sales lift for lasting improvement. When spending slows, earnings compress fast and the cheap multiple stops looking attractive. Ethical screen passes, yet the cyclical nature keeps us on the sidelines.
Another profit measure, before interest, tax and non-cash costs: EBITDA.
The risks · The things to watch: its business and earnings are exposed to Canada and to currency swings.
Plain-English interpretation of our own screen data. Analysis, not advice.
Where & How to Trade
GIL trades on the NYSE (the company is based in Canada). As a listed security it is accessible through almost any international broker offering its home market. New to this, or investing from abroad? Our guide to accessing global markets covers brokers, currencies and the practical steps.
The Dated Journal · Newest First, Never Edited
Every Entry, As Written
2026-11-04Markdown · changed$40.61+0.3%Entry 10
The framework has shifted from accumulation to markdown since the last review. Price is trending lower. Sellers are in control and the prior trend has reversed. Price has moved up 0.3% since our last review. Ethical screening: FAIL. This security does not pass our values-based screening criteria. The risk-adjusted return profile shows modest positive risk-adjusted returns. Our composite framework grades it C, carrying a low risk profile. Technically it is momentum reading neutral. Over the past year the shares are up 19%. Our forward projection puts the odds of a 10% gain over the next month near 24%. The street (9 analysts) rates it buy, with a mean price target of $82.
The framework has shifted from distribution to accumulation since the last review. Smart money appears to be quietly building positions. This typically precedes a markup phase. Price has moved down 3.1% since our last review. Ethical screening: FAIL. This security does not pass our values-based screening criteria. The risk-adjusted return profile shows modest positive risk-adjusted returns. Our composite framework grades it C, carrying a low risk profile. Technically it is momentum reading neutral. Over the past year the shares are up 19%. Our forward projection puts the odds of a 10% gain over the next month near 24%. The street (9 analysts) rates it buy, with a mean price target of $82.
2026-10-21Distribution$41.80-0.4%Entry 8
The analysis reads distribution. Smart money appears to be selling into strength. Institutional holders may be rotating out. Price has moved down 0.4% since our last review. Ethical screening: FAIL. This security does not pass our values-based screening criteria. The risk-adjusted return profile shows modest positive risk-adjusted returns. Our composite framework grades it C, carrying a low risk profile. Technically it is momentum reading bearish. Over the past year the shares are up 19%. Our forward projection puts the odds of a 10% gain over the next month near 24%. The street (9 analysts) rates it buy, with a mean price target of $82.
2026-10-14Distribution$41.97-10.5%Entry 7
The analysis reads distribution. Smart money appears to be selling into strength. Institutional holders may be rotating out. Price has moved down 10.5% since our last review. Ethical screening: FAIL. This security does not pass our values-based screening criteria. The risk-adjusted return profile shows modest positive risk-adjusted returns. Our composite framework grades it C, carrying a low risk profile. Technically it is momentum reading neutral. Over the past year the shares are up 19%. Our forward projection puts the odds of a 10% gain over the next month near 24%. The street (9 analysts) rates it buy, with a mean price target of $82.
The framework has shifted from markup to distribution since the last review. Smart money appears to be selling into strength. Institutional holders may be rotating out. Price has moved down 17.8% since our last review. Ethical screening: FAIL. This security does not pass our values-based screening criteria. The risk-adjusted return profile shows modest positive risk-adjusted returns. Our composite framework grades it C, carrying a low risk profile. Technically it is momentum reading neutral. Over the past year the shares are up 19%. Our forward projection puts the odds of a 10% gain over the next month near 24%. The street (9 analysts) rates it buy, with a mean price target of $82.
2026-08-30Markup · changed$57.03+8.6%Entry 5
The framework has shifted from distribution to markup since the last review. Price is trending higher with momentum. The crowd has caught on and buyers are in control. Price has moved up 8.6% since our last review. Ethical screening: FAIL. This security does not pass our values-based screening criteria. The risk-adjusted return profile shows good risk-adjusted returns. Our composite framework grades it C, carrying a low risk profile. Technically it is momentum reading neutral. Over the past year the shares are up 19%. Our forward projection puts the odds of a 10% gain over the next month near 24%. The street (9 analysts) rates it buy, with a mean price target of $82.
2026-07-31Distribution$52.50-13.6%Entry 4
Our analysis reads distribution. Smart money appears to be selling into strength. Institutional holders may be rotating out. Price has moved down 13.6% since our last review. Ethical screening: PASS with passing ethical screen. The risk-adjusted return profile shows good risk-adjusted returns. Our composite framework grades it C, carrying a low risk profile. Technically it is momentum reading neutral. Over the past year the shares are up 19%. Our forward projection puts the odds of a 10% gain over the next month near 24%. The street (9 analysts) rates it buy, with a mean price target of $82.
2026-07-18Distribution$60.78+0.0%Entry 3
Our analysis reads distribution. Smart money appears to be selling into strength. Institutional holders may be rotating out. Price has moved down 0.0% since our last review. Ethical screening: PASS with passing ethical screen. The risk-adjusted return profile shows good risk-adjusted returns. Our composite framework grades it C, carrying a low risk profile. Technically it is momentum reading neutral. Over the past year the shares are up 19%. Our forward projection puts the odds of a 10% gain over the next month near 24%. The street (9 analysts) rates it buy, with a mean price target of $82.
2026-07-03Distribution$60.78+0.0%Entry 2
Our analysis reads distribution. Smart money appears to be selling into strength. Institutional holders may be rotating out. Price has moved down 0.0% since our last review. Ethical screening: PASS with passing ethical screen (70). The risk-adjusted return profile shows good risk-adjusted returns.
2026-07-02Distribution$60.78Entry 1
Our analysis reads distribution. Smart money appears to be selling into strength. Institutional holders may be rotating out. Ethical screening: PASS with passing ethical screen (70). The risk-adjusted return profile shows good risk-adjusted returns.
Each entry above was written on its date, before the outcome. A journal you can prune is not a journal.
