Interparfums heads into its Q1 2026 results today with the founding duo selling shares and the options market stuck in a defensive configuration that hasn't fully unwound.
The insider angle is hard to ignore. CEO Jean Madar sold 20,000 shares in early April at around $91 — worth $1.8 million — shortly after co-founder and President Philippe Benacin offloaded 25,000 shares in December. Both founders still control more than 40% of the company between them, but the consistent direction of travel is one-way. Every trade in the recent history is a sale, from the founders down through board members. That pattern doesn't tell the whole story on its own, but it does frame the debate heading into the print.
The options market adds to the picture of caution. The put/call ratio has fallen sharply from its peak — it was running above 3.8 in early April during the broader market selloff — but at 2.06 it remains comfortably above its 20-day average of 2.18 (essentially flat to it), and well above the mid-range of its 52-week band. More telling is the structural skew: the 52-week low on the PCR is 0.52 and the high is 6.18, meaning there is a wide range of possible positioning. At 2.06, options traders are carrying meaningfully more put protection than they did in calmer periods. Short interest, by contrast, looks less charged: at 4.3% of free float it has actually declined around 4.4% over the past month, and borrowing costs remain trivial at 0.54%. Availability is comfortable. The short-selling community is not pressing an aggressive thesis here.
The bull-bear debate for IPAR centres on a timing mismatch rather than a structural flaw. Bears point to a challenging product calendar: fragrance release schedules shifted, retailers and distributors have been destocking, and 2026 is set up as a quieter year before a heavier slate of launches in 2027. The Beckham celebrity brand also represents a departure from Interparfums' traditional prestige-focused playbook, introducing execution uncertainty. Bulls counter with the longer runway — the Guess! license extension, plus new Nautica and David Beckham deals running through 2028 and 2030, add significant future revenue visibility. Analyst opinion has drifted lower but not collapsed: Jefferies initiated at Buy in January with a $112 target, while BWS Financial sits at Neutral with an $85 target against a current price of $91.70. Canaccord Genuity holds a Buy but cut its target to $123 from $168 last November. The mean analyst target is $108, implying roughly 18% upside — but that target has been migrating downward as the calendar headwinds have become clearer.
Valuation has compressed alongside the price decline from last year's highs. The P/E is now 17.6x and EV/EBITDA 9.95x — the latter down about 0.2 turns over the past 30 days. The stock is up only 8% year-to-date and the RSI14 is a soft 41.6, suggesting no particular momentum in either direction. The print will test whether the Q1 revenue run-rate is consistent with full-year guidance, or whether the destocking cycle is proving longer than management has signalled.
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