← All companies ← COLL Manual COMP → ← AS Textiles & Apparel CRI →

COLM, Columbia Sportswear

Our Columbia brand offers authentic, high-value outdoor apparel, footwear, accessories and equipment products suited for hiking, trail running, snow sports, and fishing and hunting activities, as well as everyday outdoor activities.

We meet the diverse needs of our customers and consumers through our four brands by designing, developing, marketing, and distributing our outdoor, active and lifestyle products, including apparel, footwear, accessories and equipment.

SOREL | Acquired in 2000, our SOREL brand has evolved from a men's utility boot brand into a contemporary lifestyle brand bringing style to the outdoors.

Latest annual: FY2025 10-K

COLM · Columbia Sportswear

The business

What it sells, where the money comes from, the kind of company it is.

Revenue · FY2025

$3.4B

+0.9% YoY · 6% 5-yr CAGR

Vital signs · TTM, with 5-yr average

Revenue $3.4B 5-yr avg $3.4B

Gross margin 50% 5-yr avg 50%

Operating margin 6.0% 5-yr avg 9.8%

ROIC 12% 5-yr avg 19%

Owner-earnings margin 5% 5-yr avg 9%

Free cash flow margin 5% 5-yr avg 9%

The business in brief

read the 10-K →

What this business is and what moves its needle, from its own SEC filings.

What it is: Revenue is Apparel Accessories and Equipment (80%) and Footwear (20%).
What moves the needle: Gross margin has run about 49% and operating margin about 11% through the cycle, a solid spread between what it charges and what the product costs to make. Inventory runs near 20% of sales, so how fast it turns back into cash — and the risk of writing it down when demand softens — sits alongside the margin. On its own account, the filing leans hardest on customer concentration, set against the numbers in what the filing emphasizes, below.
Is it a good business?: Return on capital has run in the teens (median 18%, above 15% in 7 of 10 years). Owner earnings agree: roughly 10% of revenue reaches owners as cash, consistently. Returns like these are solid but short of clear franchise economics; whether they hold is what the 10-K settles, not the multiple.

Every line is arithmetic on the company's filings, shown in full in the sections below.

Where the money comes from

read the 10-K →

Apparel Accessories And Equipment is 80% of revenue, with Footwear the other meaningful line at 20%.

Revenue by product line, FY2025

Apparel Accessories And Equipment80%$2.7B
Footwear20%$685M

By geographyUnited States58%LAAP18%EMEA17%Canada7%

From the segment footnote of the company's own 10-K. Shares are of total revenue; the profit bar shows each segment's share of segment operating profit, before unallocated corporate costs.

The record

Ten years of arithmetic, read across the cycle.

The record, 2016–2025

realized figures from each filing · older years to the left

2016’16	2017’17	2018’18	2019’19	2020’20	2021’21	2022’22	2023’23	2024’24	2025’25	TTMTTMMar 2026
											Income statement
$2.4B	$2.5B	$2.8B	$3.0B	$2.5B	$3.1B	$3.5B	$3.5B	$3.4B	$3.4B	$3.4B	RevenueRevenue
47%	47%	49%	50%	49%	52%	49%	50%	50%	51%	50%	Gross marginGross mgn
36%	37%	38%	37%	43%	38%	38%	41%	43%	44%	44%	SG&A / revenueSG&A/rev
$257M	$263M	$351M	$395M	$137M	$451M	$393M	$310M	$271M	$207M	$203M	Operating incomeOp. inc.
10.8%	10.7%	12.5%	13.0%	5.5%	14.4%	11.3%	8.9%	8.0%	6.1%	6.0%	Operating marginOp. mgn
$192M	$105M	$268M	$330M	$108M	$354M	$311M	$251M	$223M	$177M	$169M	Net incomeNet inc.
—	59%	24%	18%	23%	22%	22%	23%	25%	23%	24%	Effective tax rateTax rate
											Cash flow & returns
$275M	$341M	$290M	$285M	$276M	$354M	($25M)	$636M	$491M	$283M	$237M	Operating cash flowOp. cash
$60M	$60M	$58M	$60M	$63M	$56M	$55M	$58M	$56M	$57M	$57M	DepreciationDeprec.
$12M	$165M	($51M)	($123M)	$87M	($75M)	($412M)	$304M	$187M	$25M	($15M)	Working capital & otherWC & other
$50M	$53M	$66M	$124M	$29M	$35M	$58M	$55M	$60M	$66M	$63M	CapexCapex
2.1%	2.2%	2.3%	4.1%	1.1%	1.1%	1.7%	1.6%	1.8%	1.9%	1.9%	Capex / revenueCapex/rev
$225M	$288M	$224M	$226M	$247M	$320M	($84M)	$582M	$431M	$217M	$174M	Owner earningsOwner earn.
9.5%	11.7%	8.0%	7.4%	9.9%	10.2%	−2.4%	16.7%	12.8%	6.4%	5.1%	Owner earnings marginOE mgn
$225M	$288M	$224M	$162M	$247M	$320M	($84M)	$582M	$431M	$217M	$174M	Free cash flowFCF
9.5%	11.7%	8.0%	5.3%	9.9%	10.2%	−2.4%	16.7%	12.8%	6.4%	5.1%	Free cash flow marginFCF mgn
$48M	$51M	$63M	$65M	$17M	$69M	$75M	$73M	$70M	$66M	$65M	Dividends paidDiv. paid
$11K	$36M	$202M	$122M	$133M	$165M	$287M	$184M	$318M	$201M	—	BuybacksBuybacks
25%	14%	22%	28%	10%	29%	20%	15%	16%	13%	12%	ROICROIC
12%	6%	16%	18%	6%	18%	16%	13%	13%	10%	11%	Return on equityROE
9%	3%	12%	14%	5%	14%	12%	9%	9%	7%	7%	Retained to equityRetained/eq
											Balance sheet
$552M	$768M	$715M	$688M	$792M	$895M	$431M	$765M	$815M	$791M	$535M	Cash & investmentsCash+inv
$334M	$365M	$449M	$488M	$453M	$488M	$548M	$423M	$418M	$403M	$368M	ReceivablesReceiv.
$488M	$458M	$522M	$606M	$557M	$645M	$1.0B	$746M	$691M	$689M	$624M	InventoryInvent.
$215M	$252M	$274M	$255M	$207M	$283M	$322M	$236M	$386M	$386M	$234M	Accounts payablePayables
$607M	$570M	$697M	$839M	$803M	$850M	$1.3B	$933M	$722M	$707M	$759M	Operating working capitalOper. WC
$1.4B	$1.6B	$1.8B	$1.9B	$1.9B	$2.1B	$2.1B	$2.0B	$2.0B	$2.0B	$1.6B	Current assetsCur. assets
$363M	$454M	$573M	$631M	$553M	$680M	$739M	$597M	$767M	$761M	$527M	Current liabilitiesCur. liab.
3.9×	3.6×	3.1×	3.0×	3.4×	3.1×	2.9×	3.4×	2.6×	2.6×	3.1×	Current ratioCurr. ratio
$69M	$69M	$69M	$69M	$69M	$69M	$52M	$27M	$27M	$6M	$6M	GoodwillGoodwill
$2.0B	$2.2B	$2.4B	$2.9B	$2.8B	$3.1B	$3.1B	$2.9B	$3.0B	$2.9B	$2.6B	Total assetsAssets
($552M)	($768M)	($715M)	($688M)	($792M)	($895M)	($431M)	($765M)	($815M)	($791M)	($535M)	Net debt / (cash)Net debt
$1.6B	$1.6B	$1.7B	$1.8B	$1.8B	$2.0B	$1.9B	$1.9B	$1.8B	$1.7B	$1.6B	Shareholders’ equityEquity
0.5%	0.5%	0.5%	0.6%	0.7%	0.6%	0.6%	0.7%	0.7%	0.7%	0.8%	Stock comp / revenueSBC/rev
—	—	—	—	—	—	$17M	$25M	—	$21M	$21M	Goodwill written downGW imp.
											Per share
70.6M	70.5M	70.4M	68.5M	66.8M	66.4M	63.0M	61.4M	58.5M	54.8M	52.7M	Shares out (diluted)Shares
$33.65	$35.00	$39.81	$44.42	$37.46	$47.07	$55.01	$56.77	$57.58	$62.04	$64.47	Revenue / shareRev/sh
$2.72	$1.49	$3.81	$4.83	$1.62	$5.33	$4.95	$4.09	$3.82	$3.24	$3.21	EPS (diluted)EPS
$3.19	$4.08	$3.18	$3.30	$3.70	$4.81	$-1.33	$9.47	$7.37	$3.96	$3.31	Owner earnings / shareOE/sh
$3.19	$4.08	$3.18	$2.36	$3.70	$4.81	$-1.33	$9.47	$7.37	$3.96	$3.31	Free cash flow / shareFCF/sh
$0.68	$0.72	$0.89	$0.95	$0.26	$1.03	$1.19	$1.20	$1.19	$1.20	$1.22	Dividends / shareDiv/sh
$0.71	$0.76	$0.93	$1.80	$0.43	$0.52	$0.93	$0.89	$1.02	$1.21	$1.20	Cap. spending / shareCapex/sh
$22.10	$23.02	$23.78	$27.00	$27.45	$29.95	$30.74	$31.56	$30.43	$31.23	$30.02	Book value / shareBVPS

Per-share growththe realized rate an owner's share compounded

	9-yr	5-yr
Revenue / share	+7.0%/yr	+10.6%/yr
Owner earnings / share	+2.4%/yr	+1.3%/yr
EPS	+2.0%/yr	+14.9%/yr
Dividends / share	+6.5%/yr	+36.0%/yr
Capital spending / share	+6.1%/yr	+22.9%/yr
Book value / share	+3.9%/yr	+2.6%/yr

The record, charted

FY2016–2025

Each measure over its full record; the current point and the worst year marked.

Share count

55Mpeak FY2016

ROIC

13%low FY2020

Gross margin

51%low FY2016

Owner earnings vs. net income

Owner earningsNet income

The accountant's number, and the cash an owner can take; the gap is the tell.

$217Mowner earningsvs.$177Mnet incomelow FY2022

Where the cash went

ReinvestBuybacksDividendsAcquisitionsRetained

Each year's operating cash, by what management did with it: the mix, and how it drifts.

FY2016FY2025

Owner-earnings bridge

FY2021–FY2025cash-flow statement, SEC EDGAR →

Net income is the accountant's number; owner earnings is the cash an owner could take out. The walk between them, off the cash-flow statement, and whether the gap is widening or holding.

In fiscal 2025 the business turned $177M of profit into $217M of owner earnings: more cash than the profit line showed, after the non-cash charges and the capital it put back in.

Reported net income$177M

Owner earnings$217M · 6% of revenue

	FY2025	FY2024	FY2023	FY2022	FY2021
Reported net income	$177M	$223M	$251M	$311M	$354M
Depreciation & amortizationnon-cash charge added back	+$57M	+$56M	+$58M	+$55M	+$56M
Stock-based compensationreal costnon-cash, but a real cost	+$24M	+$25M	+$23M	+$21M	+$19M
Working capital & othertiming of cash in and out, other non-cash items	+$25M	+$187M	+$304M	−$412M	−$75M
Cash from operations	$283M	$491M	$636M	($25M)	$354M
Capital expenditurecash put back in to keep running and to grow	−$66M	−$60M	−$55M	−$58M	−$35M
Owner earnings	$217M	$431M	$582M	($84M)	$320M
Owner-earnings marginowner earnings ÷ revenue	6%	13%	17%	-2%	10%

Owner earnings is the cash an owner could pull out without starving the business: operating cash less the capital it must spend to hold its position . The cash-flow statement also adds stock comp back as non-cash, but it is a real cost paid in shares; counted as the expense it is (less $24M), owner earnings is nearer $192M.

Maintenance capex is estimated as depreciation where a growing business invests above it; free cash flow is the figure the scorecard's free-cash margin reads.

III

Quality & stewardship

Returns, the balance sheet, capital allocation, and pay.

Owner’s Scorecard

FY2025 10-K · source on SEC EDGAR →

Will it survive?

Can it pay its interest? —

No meaningful interest burden

Little or no interest expense reported

What this means
Little or no interest expense reported, the business isn't leaning on lenders to operate.
How heavy is the debt, net of cash? +$791M

Net cash, debt-free

Cash $442M + ST investments $349M − debt $0

What this means
Cash and short-term investments exceed every dollar of debt by $791M, on net the company owes nothing, and can act from strength when others can't. Net debt is the leverage figure that matters: the cash is already set against the debt. Strategic or illiquid investments aren't counted here.
How long is cash tied up? 109d

Long (60+ days)

DSO 43 + DIO 150 − DPO 84 days

What this means
Days cash is tied up between paying suppliers and collecting from customers. Lower is better; a long cycle means growth itself eats cash.

Is it a good business?

Return on invested capital —

Not enough data

Industry peers: median 16%

What this means
The filing data didn't include the inputs for this check.
Owner-earnings margin 9%

Solid through the cycle

10-yr median margin, range -2%–17%; latest $217M = operating cash $283M − maintenance capex $66M

Industry peers: median 5%

What this means
What an owner could take out without starving the business: operating cash less the maintenance capital it must spend to hold its position — Buffett's owner earnings. That's 6% of revenue this year, a 9% median across 10 years. Treating stock comp as the real expense it is (less $24M of SBC) leaves $192M.
Are earnings backed by cash? 1.60×

Cash-backed

Cash from ops $283M ÷ net income $177M

What this means
How much of reported profit showed up as operating cash. Above 1× is reassuring; well below suggests earnings lean on accruals. One year is noisy, growth and working-capital swings distort it, and this is operating cash, not free cash. Watch the multi-year trend.

How is the cash used?

Where do the earnings go? 123%

Returned more than it generated

Dividends + buybacks $267M ÷ Owner Earnings $217M

What this means
The company returned more than it generated: against $217M of Owner Earnings, $267M (123%) went back to shareholders, $66M dividends, $201M buybacks — the excess came from the balance sheet or borrowing, not the year's operations. Net of $24M stock comp, the real buyback was about $177M. Sustained, that pattern draws down cash or adds debt; the net-debt line above shows where it stands.
Investing or harvesting? 1.16×

Maintaining

Capex $66M ÷ depreciation $57M

What this means
Descriptive, not a grade. Above ~1× means investing faster than assets wear out (growth, or, sustained for years, today's earnings carrying less depreciation than tomorrow's will). Below means spending less than it's wearing out (efficiency, or a melting asset base). The ratio won't tell you which; the filings will.

Graham’s defensive tests · 4 of 5 met

Graham’s numerical criteria for the defensive investor (The Intelligent Investor, ch. 14), run on the filings. A floor of safety, not a buy signal; many fine modern businesses fail his strictest liquidity rules by design.

Adequate size Pass

Revenue ≥ $2B · $3.4B

What this means
Big enough to weather a storm. Graham's 1972 floor was ~$100M of sales (≈ $700M today); we use a $2B revenue line as a conservative modern stand-in.
Strong liquidity Pass

Current ratio ≥ 2× · 2.59×

What this means
Current assets at least twice current liabilities, near-term bills covered without touching the business. Strict by design: many cash-rich modern firms run leaner and miss it, holding their cushion in longer-dated securities.
Earnings stability Pass

A profit every year (10-yr record) · no losses

What this means
Graham wanted earnings in each of the past ten years, the stability a defensive owner leans on.
Dividend record Pass

Uninterrupted dividends · paid every year (10)

What this means
An unbroken dividend was Graham's mark of durability. He wanted twenty years; the filings show about ten, and a single suspension breaks the streak. Non-payers, many fine modern compounders, fall outside his defensive net by design.
Earnings growth Near

Earnings +33% over the record · +15%

What this means
At least a third more earnings than a decade ago, averaging three years at each end. Net income (not per-share), so stock splits don't distort it, buybacks and dilution show up in the share-count line instead.
Moderate price —

P/E ≤ 15 and P/E × P/B ≤ 22.5 · decided by the price

What this means
Graham's valuation gate, the wall he kept between a sound business and a sound investment. Three-year average earnings are $4.25/share (latest year $3.47), the averaged base the calculator's gate runs on, and book value is $33.44/share. Enter a price in “What the price implies” just below for the P/E, P/B, and whether it clears. But this is the rule Buffett outgrew: there's no hard P/E law, and a wonderful business can deserve a far richer multiple if the thesis holds, treat it as the bargain-hunter's floor, not a verdict on the price.

Durability & moat, 2016–2025

Whether the record’s returns held, and what the capital reinvested earned.

Profitable years 10 of 10

What this means
Never lost money over the record, the earnings stability Graham insisted on.
Operating margin 11% → 8% (3-yr avg ends)

In the filing’s words The filing attributes gains to higher prices, but the margin in the record has not followed — the claim outruns the result here.

What this means
Through the cycle the operating margin slipped — about 11% early to 8% lately, median 11% — competition or costs are biting in.
Owner earnings growth +3%/yr

What this means
Owner earnings grew about 3% a year over the record.
Worst year 2020 · 5.5% op. margin

What this means
Stayed profitable even in its hardest year, the resilience that survives recessions.
Share count −2.8%/yr

What this means
The share count is shrinking, buybacks are quietly growing your slice of the business.
Dividend record rising

What this means
Paid and raised the dividend across the record, the continuity Graham prized.

Does AI threaten the moat?

Moderate contestability

AI is likely to reshape costs and some products here without clearly contesting or sparing the core moat; how the company itself frames it is the tell.

In its own filing Raised, but not as a competitor

The filing raises AI among its risks, but in other terms (security, regulation, energy or the like), not as a competitor to its product.

The question is whether a moat the record shows as durable outlasts a technology that lowers the cost of part of what the firm sells. The durability is read in the record above, the filing's own framing of AI beside it; the industry label decides nothing on its own.

Read from the filing's own risk factors, paired with the industry's structure under its SIC code; the durability is read above, the price below.

All figures as filed; the source filing is linked above.

Current Position

as of the latest quarter, Mar 31, 2026

Can the business pay what it owes this year, off the freshest balance sheet: the quality of the assets, the debt actually coming due, and what a low ratio means here.

Current assets$1.6B

Cash & short-term investments$535M
Receivables$368M
Inventory$624M
Other current assets$91M

Current liabilities$527M

Accounts payable$234M
Other current liabilities$293M

Current ratio3.07×all current assets ÷ what's due · Graham looked for 2×

Quick ratio1.89×stricter: inventory excluded

Cash ratio1.02×strictest: cash alone against what's due

Working capital$1.1Bthe cushion left after near-term bills

Revenue, latest quarter vs. a year ago+0.1%the freshest read on whether the business is still growing

Current ratio, recent quarters3.4× → 3.1×

Deeper floors

Tangible book value$1.5Bequity stripped of goodwill & intangibles

Net current asset value$637MGraham's net-net: current assets less all liabilities

Debt incl. operating leases$473M$473M of it operating leases; with finance leases, “total fixed claims” below reaches $478M (annual-report basis)

From the company's latest filing.

Lease obligations

the lease note, SEC EDGAR →

Debt by another name. What the business owes on the property, aircraft, stores and equipment it rents rather than owns is a fixed claim due on a schedule; added back to the debt, it is the true leverage. That ladder, and what it adds to the debt on the page above.

'26$110M

'27$97M

'28$85M

'29$66M

'30$53M

later$152M

Lease payments by year, scaled to the largest; “later” is everything beyond year five, shown apart. These are the contractual cash payments, before the interest the filing imputes back out to the balance-sheet liability.

Due in the next 12 months$110Ma fixed cash payment, owed whether or not the business has a good year

Total lease payments$563Mevery year plus the tail, undiscounted: the full cash the leases will take

On the balance sheet$478Mthe present value of those payments, the recognised lease liability

True leverage: debt plus leases

On-balance-sheet debt$0

Lease obligations (present value)$478M

Total fixed claims on the business$478M

Counting the leases the way Buffett does, the fixed claims on this business come to $478M, of which the leases are 100%, more than the debt itself. The lease wall above and the debt schedule together are the calendar of what must be paid, and when.

Lease ladder read from the ASC 842 tags in the company’s Dec 31, 2025 annual report and reconciled: the yearly buckets sum to the undiscounted total, which less the imputed interest equals the balance-sheet liability; a ladder that doesn’t tie out is withheld.

How the cash was used, 2016–2025

Over the record, the business generated $3.2B of operating cash; how management split it reads as a cash returner, paying most of what it earns straight back to owners.

Reinvested$595M · 19%
Dividends$596M · 19%
Buybacks$1.6B · 51%
Retained (debt / cash)$368M · 11%

Returned to owners$2.2B
84% of the owner earnings the business produced over the span, $596M as dividends and $1.6B as buybacks.
Average price paid for buybacks—
Buybacks ran $1.6B over the span, but the filings don't tag the share count needed to deduce the average price paid.
Net change in share count−25.4%
The diluted count fell from 71M to 53M, so the buybacks outran the stock issued to staff.
Dividend record$1.20/sh
Paid in 10 of the years on record, the per-share dividend growing about 6% a year. It was cut at least once along the way.
Return on what it retained—
Not read here: owner earnings are negative over the span, or the company returned nearly all its earnings rather than retaining them, so there is too little retained to measure a return on.

Buybacks are gross of stock issued to staff; the share-count line above is the net of that, the figure that decides whether owners gained. The average price paid blends a year of purchases (and any accelerated repurchase), so it is close, not exact. The record of where the cash went and on what terms.

Management, ownership & pay

read the proxy →

From the proxy: how much of the business the people running it own, and how they are paid, beside what the business earned for its owners in the same years.

Fiscal year	Chief executive	Pay, as filed	“Actually paid”	Owner earnings
2021	Timothy P. Boyle	$4.8M	$4.7M	$320M
2022	Timothy P. Boyle	$2.8M	$2.5M	($84M)
2023	Timothy P. Boyle	$1.6M	$969k	$582M
2024	Timothy P. Boyle	$2.9M	$2.9M	$431M
2025	Timothy P. Boyle	$3.0M	$3.0M	$217M

Both pay figures are the company’s own, from the pay-versus-performance table its proxy statement files. “As filed” is the Summary Compensation Table total: salary, bonus, and equity awards at their value on the day of grant. “Actually paid” is the SEC’s prescribed recalculation, which re-marks those equity awards to what they became as they vested; it can swing far above or below the filed figure in either direction, and negative years occur. Owner earnings are the whole business's, from the record above, for the same fiscal years.

Insider ownership<1%
The stake all directors and executive officers hold together, per the 2026 proxy: skin in the game, the first thing Munger reads.
CEO pay ratio99:1
What the chief earns for every dollar the median employee makes, per the 2026 proxy. A high ratio alone settles nothing; some businesses are genuinely top-heavy in scarce skill. A runaway figure is where Buffett starts asking whether the board is doing its job.
Stock-based compensation$24M
The slice of the business handed to employees in shares this year, 1% of revenue, equal to 12% of operating profit. Buffett's oldest accounting fight: this is compensation, compensation is an expense, real whether or not the headline earnings admit it. One trap: the cash-flow statement adds SBC back, so the operating cash, and the owner earnings drawn from it, are flattered by exactly this amount; counted as the cost it is, what an owner keeps is lower.

Inverting the record

Invert: instead of why Columbia Sportswear is a good business, the question is what would make owning it a mistake, and whether those marks are in the record. Disconfirming tests across 2016–2025.

1 of the 5 tests turned up something to look into; the other 4 came back clean.

Look hereAre "one-time" charges a yearly habit?8 of 10 years
Management took an impairment or write-down in 8 of the last 10 years, $291M in all. A charge taken almost every year is not one-time; it is the business — past deals coming due, and an admission the assets were worth less than what was paid. Munger's rule: when the "one-time" keeps happening, it is the business. Read it beside the goodwill the company still carries.

And these came back clean

Is it less profitable than it was?
Did the share count rise anyway?
Did reported profit become cash?
Did receivables and inventory outpace sales?

Each test is read from the filings and is noisy alone; a flag can mark a cyclical trough or a year of heavy investment as easily as a problem. The filing says which.

What an owner would ask, FY2025

read the 10-K →

Which reported numbers are a judgment call?
Management names Income taxes, Inventory as critical estimates
each rests partly on management's judgment; the filing's note sets out the assumptionsverify →

The questions the record and the charts do not answer on their own; each carries the figure and the place to look.

Peers, Textiles & Apparel

The same industry, side by side on owner economics. Each figure is a through-cycle median, so a peak or trough year can’t distort it; the group median at the foot is the line to read each against.

Company	Revenue	Gross margin	Op. margin	ROIC	Owner earn. margin
LULUlululemon athletica inc.	$11.1B	56%	20.6%	58%	14%
LEVILevi Strauss & Co	$6.3B	58%	9.8%	23%	5%
UAUnder Armour Inc.	$5.0B	46%	2.3%	4%	2%
COLMColumbia Sportswear	$3.4B	50%	10.7%	18%	10%
KTBKontoor Brands Inc. Common Stock	$3.2B	42%	12.1%	16%	12%
GESGuess	$3.0B	38%	5.4%	14%	4%
GIIIG-III Apparel	$3.0B	36%	6.3%	9%	4%
CRICarter's	$2.9B	43%	11.0%	24%	9%
Group median	—	45%	10.3%	17%	7%

The price

What a price has to assume.

What the price implies

reverse-DCF

Type today's close and see the owner-earnings growth you'd have to believe to justify it, beside what Columbia Sportswear has delivered.

Today’s price $

Through the cycle, Columbia Sportswear earns about $329M on its 9.7% median owner-earnings margin. This year’s 6.4% margin runs below that; the reported figure may understate a lean year. Normalize, below, values the price on that through-cycle figure rather than the latest year.

Base Normalize · through-cycle ($329M) Net of stock comp (−$26M)

—

The assumptions Required return 9% Years of high growth 10 Terminal growth 2.5%

9.0% = the 4.55% 10-year Treasury (Jul 15, 2026) + 4.45 points of equity premium. The rate you require is yours to set.

Enter a price above to run it.

Implied by the price—

Owner-earnings growth · ’21→’25+29%/yr

Owner-earnings growth · ’16→’25+3%/yr

Owner-earnings yield—

P/E (3-yr earnings ’23–’25)—

P/B—

Graham’s price gate—

Graham capped the multiple at 15×; Buffett and Munger let that rule go: a wonderful business can deserve 50× if the thesis holds. The gate marks the bargain-hunter's floor.

Against a high-grade bond: Graham’s yardstick bond yield%

Prefilled with the 10-year Treasury (4.55%, as of Jul 15, 2026). Edit it for today’s exact figure, or a AAA corporate yield.

Graham measured a stock against the bond you could own instead, the heart of his margin of safety. Enter a price above to weigh the owner-earnings yield against this bond.

Owner earnings $174M on 51M shares outstanding, per the 10-Q cover, as of 2026-04-24; net cash $535M. The if-converted diluted count is 53M, 3% above the shares outstanding: the dilution overhang (convertibles, options) a buyer inherits. The base is the latest year by default; Normalize values it on the through-cycle median owner-earnings margin (to avoid paying on a peak year). Net of stock comp treats option pay as the expense it is. The dials set the multiple a growth belief justifies; the price, and every dollar on this page, is yours.

Weigh COLM against another business →

Cite: Owner Scorecard, "Columbia Sportswear (COLM), the owner's record," https://ownerscorecard.com/c/COLM, data as of 2026-07-09.

Manual order: ← COLL its page in the Manual COMP →

Industry order: ← AS the Textiles & Apparel chapter CRI →