Movado Group
MOV on NYSE. Movado Group sells watches and accessories to people worldwide. Market value $237m.
Price checks use the past 12 months to July 2026. Quality checks use five annual reports, the latest for the year to January 2026.
We can't read total debt from the filing, so debt is left out.
Should I look at this?
Look carefully before going further
Why it could be worth it
Read the warning sign in its own filings
This is not advice. Check the numbers below.
For every $100 of what the whole company costs, it produced $9.62 of spare cash in the past 12 months. A savings account pays about $4.
The filings do not give us enough to work this out.
The filings do not give us enough to work this out.
Quality score: 65 of 100. Price score: 80 of 100. Our list needs 70 on quality and 60 on price.
$32.85 a share, 91% above its 1-year low
Over the past year the price has ranged from $17.24 to $40.50.
Dividend: 4.2% a year
Paid every year for at least 5 years
Prices from Tuesday’s close (6 October).
Five years of cash, in billions
| Revenue | |||||
| Revenue | $732m | $744m | $664m | $653m | $671m |
| Operating margin | |||||
| Operating margin | 16.0% | 15.5% | 7.3% | 3.1% | 4.4% |
| Debt to equity | |||||
| Debt to equity | n/a | n/a | n/a | n/a | n/a |
| Shares outstanding | |||||
| Shares outstanding | 0.02bn | 0.02bn | 0.02bn | 0.02bn | 0.02bn |
Health checks
- Free cash flow positive4 of 5 years
- Accounting looks honest (Beneish)Not enough data
- Financial strength (Piotroski)7 of 7 checks we could run
- Profit backed by cash (accruals)Yes
- DebtUnknown
- Revenue growth, five yearsSlow, 5.8% a year
- Buying back its own sharesYes, 4% fewer since 2022
The quarter to July 2026
How the business did, compared with the same quarter a year earlier.
- Sales: $170 million last quarter, up 5% on a year ago.
- Profit: $12 million, up 312% on a year ago.
- It keeps 7 cents of each $1 of sales as operating profit, up from 3 cents a year earlier.
- Spare cash over the past 12 months: $71 million, up from $17 million.
- 2% more shares than a year ago. Each share owns a bit less of the company.
- Sales grew on a year ago in each of the last 4 quarters.
| Quarter to | Amount |
|---|---|
| October 2024 | $181m |
| January 2025 | $181m |
| April 2025 | $132m |
| July 2025 | $162m |
| October 2025 | $186m |
| January 2026 | $192m |
| April 2026 | $142m |
| July 2026 | $170m |
| Quarter to | Amount |
|---|---|
| October 2024 | $5m |
| January 2025 | $8m |
| April 2025 | $1m |
| July 2025 | $3m |
| October 2025 | $10m |
| January 2026 | $13m |
| April 2026 | $7m |
| July 2026 | $12m |
From the company's quarterly reports to the SEC.
Dates
- Next results (estimated)
- n/a
- Last annual report (10-K)
- 19 March 2026
- Next quarterly (estimated, 10-Q)
- 25 November 2026
Who owns it
5 long-term investors we follow own it, unchanged from 5 last quarter. 184 funds in all.
- Horizon KineticsMurray Stahl
- Value
- $471,720
- Share of fund
- <0.1%
- LSV Asset ManagementJosef Lakonishok
- Value
- $460,000
- Share of fund
- <0.1%
| Fund | Value | Share of that fund | Change |
|---|---|---|---|
| Royce & AssociatesChuck Royce | $32m | 0.3% | Cut |
| GAMCO InvestorsMario Gabelli | $10m | <0.1% | Added |
| Horizon KineticsMurray Stahl | $471,720 | <0.1% | |
| LSV Asset ManagementJosef Lakonishok | $460,000 | <0.1% | |
| Barrow HanleyBarrow Hanley team | $4,874 | <0.1% | New |
Sold out this quarter
Largest holders overall
- BlackRock$53mAdded
- Goldman Sachs Group$37mAdded
- Dimensional Fund Advisors LP$35mAdded
- Royce & Associates$32mCut
- Ameriprise Financial$26mAdded
- Vanguard Capital Management$26m
- Acadian Asset Management$25mAdded
- American Century Companies$18mAdded
- Geode Capital Management$18mAdded
- State Street$15mAdded
From 13F filings for the quarter ended 30 June 2026.
Big holders and activists
4 investors own more than 5%.
- BlackRock, Inc.Passive investor7.2%Since 31 March 2025
- Dimensional Fund Advisors LPPassive investor5.5%−1.3 ptsSince 31 December 2025
- Goldman Sachs Asset Management, L.P.Passive investor5.4%Since 30 September 2025
- Royce & AssociatesPassive investor5.2%−1.5 ptsSince 30 June 2026
- The Vanguard GroupPassive investorSold down below 5%Since 13 March 2026
| Holder | Stake | Since | |
|---|---|---|---|
BlackRock, Inc. Passive investor | 7.2% | 31 March 2025 | |
Dimensional Fund Advisors LP Passive investor | 5.5%−1.3 pts | 31 December 2025 | |
Goldman Sachs Asset Management, L.P. Passive investor | 5.4% | 30 September 2025 | |
Royce & Associates Passive investor | 5.2%−1.5 pts | 30 June 2026 | |
The Vanguard Group Passive investor | Sold down below 5% | 13 March 2026 |
From Schedule 13D and 13G filings: anyone owning more than 5% must file one.
What insiders did
No insider bought shares on the open market in the last 12 months. 1 sold $26,948.
- Kennedy MichelleSVP, Human ResourcesSold
- Date
- 9 December 2025
- Shares
- 1,290
- Price
- $20.89
- Value
- $26,948
| Date | Who | Did | Shares | Price | Value |
|---|---|---|---|---|---|
| 9 December 2025 | Kennedy Michelle SVP, Human Resources | Sold | 1,290 | $20.89 | $26,948 |
From Form 4 filings: insiders must report trades in their own company's shares within two days.
Warning signs in its filings
Problems the company itself reported to the SEC, in its own words.
1 serious warning sign in Movado Group’s filings.
We look for five warning signs: doubt it can keep going, weak checks on its own accounts, a notice that its past accounts can't be relied on, a change of auditor, and one customer bringing in a big share of sales. We don't check lawsuits, investigations or debt yet.
We checked the auditor's report, internal controls, restatement notices, auditor changes and big customers in the 10-K filed 19 Mar 2026, plus the 10-Q filed 26 Aug 2026 and 5 later 8-Ks.
Its past accounts can't be relied on
SeriousIt told the SEC its earlier accounts should no longer be relied on, usually because they contained errors.
8-K Item 4.02 filed 11 Apr 2025: the company said its earlier financial statements should no longer be relied on.
From an 8-K filed 11 April 2025: Previously issued accounts should no longer be relied on. Open the filing
A 10-K is the yearly report every US company files with the SEC. An 8-K is a short notice of a big event.
What could go wrong
Cheap for a reason is the question the numbers cannot answer.
Whether the price already reflects the risks is what the deep dive is for.
The deep dive
Everything above is arithmetic on public filings. The deep dive reads the last ten years of annual reports, the proxy statements, and the earnings calls, then argues the case the way Buffett, Klarman, and Hohn would, and checks every claim against the source.
- What the business is worth, as a range, and the margin of safety at today’s price
- Prices to start buying, buy, and buy hard
- The three things that would make this a mistake
- Every number footnoted to the filing it came from
Your first deep dive is free.
Not advice. Numbers on this page come from SEC filings and are updated each night; prices are updated again after the US market closes. The five-year figures are rounded.