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Victoria's Secret & Co.

VSXY Consumer Cyclical Apparel Retail

Victoria's Secret & Co.’s revenue for fiscal 2026 (year ended January 2026) was $6.6 billion, up 5.18% from fiscal 2025.

Revenue
+10.4%
EPS
+990.0%
Free cash flow
+272.7%
Total debt
−7.32%

Quarter to July 2026, against a year earlier

106.56 2.39 −2.19%
Market cap
$8.5B
P/E
23.9×
Fwd P/E
18.9×
Dividend yield
—
F-score
6/9
Altman Z
2.35
Beneish M
−2.63
Dividend safety
n/a
Overview Business Profile Earnings & Analysis
Financials
Income Statement Balance Sheet Cash Flow Metrics & Ratios
Segments Valuation Filings

Revenue by regions Fiscal 2026

  • UNITED STATES
  • Non-US

Every year since 2023 →

Insider Decisions last twelve months

Bought, $m 0.35
Sold, $m 213.28
Trades a month
Jan 26 Apr 26 Jul 26 Oct 26
Buy — — — — 3 — — — — — — —
Sell — — — — — — 2 2 — — 1 1
Insider Ownership 10.74%

Capital & Financial Ratios $m

Size
Market Cap 8,480.00
Revenue ttm 6,912.00
Net income ttm 413.00
Free cash flow ttm 554.00
Net debt Q 453.00
Valuation
P/E 23.95
Forward P/E 18.90
Price / sales 1.23
Forward P/S Powerpack
Price / FCF 15.39
Price / book 8.11 (above 6: high)
Financial health
Current ratio Q 1.36
Debt / equity Q 0.93
Interest coverage Q 17.13
Growth
Revenue growth Q +10.42% (above 0%: growing)
Operating income growth Q +526.83% (above 0%: growing)
EPS, this year +58.33% (at or above 15%: strong)
EPS, next year A +19.47% (at or above 15%: strong)
Revenue, next year A +9.60%
EPS, past 5 yrs —
EPS, next 5 yrs A +29.10% (at or above 15%: strong)

Green and red mark values outside typical ranges; (Q) is the latest quarter, (A) analysts’ estimates. How we judge →

Valuation vs history

EV/Sales, ten years
EV/Sales is 1.3×, against a ten-year median of 0.6×; over the ten years it ranged from 0.4× in 2025 to 1.3× in 2026.
P/E against its own 10 years 89.11%
10-year low 10-year high
P/S against its own 10 years 99.92%
10-year low 10-year high
P/B against its own 10 years 72.20%
10-year low 10-year high
EV/Sales against its own 10 years 99.92%
10-year low 10-year high
EV/FCF against its own 10 years 72.88%
10-year low 10-year high

Dividends

Yield
—
Annual rate
—
Payout ratio
—

Assets vs Liabilities $m

2024 2025 2026 Q'26
Cash 270 227 518 522
Receivables 152 159 186 171
Inventory 985 955 1,071 1,146
Other 126 100 108 123
1,533 1,441 1,883 1,962
2024 2025 2026 Q'26
Payables 513 419 493 489
ST’ Debt 4 4 4 4
Other — — — —
1,614 1,375 1,507 1,443

Compound Annual Growth %

10y 5y 3y
Sales — 3.90% 1.09%
Cash Flow — (5.84%) 4.52%
Earnings — 0.00% (22.66%)
Book Value — 0.42% 31.41%

Earnings Trends EPS, adjusted, against the consensus

Q2 FY26 Estimate 0.78 Actual 0.95

Earnings per share against the consensus, by quarter
Quarter Estimate Reported Result
Q1 FY26 0.29 0.60 Beat by 0.31
Q2 FY26 0.78 0.95 Beat by 0.17
Q3 FY26 0.02 — Reports 4 December 2026

EPS $

Apr Jul Oct Jan Year
’26 0.56 2.18 — — —
’26 (0.02) 0.20 (0.46) 2.14 1.93
’25 (0.05) 0.40 (0.71) 2.33 2.05
’24 0.01 (0.01) (0.92) 2.29 1.39
’23 0.93 0.83 0.29 2.10 4.14
’22 1.98 1.71 0.81 2.70 7.18
’21 (3.23) (2.26) 1.63 — (0.82)
Fiscal quarters ending in the months shown.

Revenue $m

Apr Jul Oct Jan Year
’26 1,560 1,611 — — —
’26 1,353 1,459 1,472 2,269 6,553
’25 1,359 1,417 1,347 2,107 6,230
’24 1,407 1,427 1,265 2,083 6,182
’23 1,484 1,521 1,318 2,021 6,344
’22 1,554 1,614 1,441 2,176 6,785
’21 894 1,066 1,353 2,100 5,413
Fiscal quarters ending in the months shown.

Operating Cash Flow $m

Apr Jul Oct Jan Year
’26 (137) 402 — — —
’26 (150) 156 (180) 673 499
’25 (116) 115 (248) 674 425
’24 (108) 89 (181) 589 389
’23 (146) 95 (228) 716 437
’22 102 287 (11) 473 851
’21 (300) (110) 171 613 674
Fiscal quarters ending in the months shown.

Free Cash Flow $m

Apr Jul Oct Jan Year
’26 (191) 328 — — —
’26 (193) 88 (232) 649 312
’25 (155) 71 (299) 655 272
’24 (163) 0 (261) 557 133
’23 (167) 58 (295) 677 273
’22 83 240 (62) 421 682
’21 (300) (180) 130 597 547
Fiscal quarters ending in the months shown.

Valuation

The price implies free cash flow after share-based pay growing 4.8% a year for ten years.

Implied
4.8%
Open the model

Target Price Range

Analyst price targets

Recommendation Rating

2.1
1Buy 2 3Hold 4 5Sell

Ten years at a glance Fiscal years to January

Ten-year view Analyst estimates Powerpack
Group Line 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 TTM Jul ’26 Trend 10 yrs 2027e 2028e 2029e Next 3/yr
Income, $m
Income, $m Revenue — — 8,103 7,509 5,413 6,785 6,344 6,182 6,230 6,553 6,912 (3.0%) 7,182 7,561 7,930 +6.6%
Gross margin, % — — 33.19 27.47 29.02 40.68 35.59 36.27 36.66 36.38 39.57 +3.2 pt
EBT — — 391 (899) (106) 843 417 147 221 208 490 (8.6%)
EBT margin, % — — 4.83 (11.97) (1.96) 12.42 6.57 2.38 3.55 3.17 7.09 (1.7) pt
Net income — 0 251 (897) (72) 646 338 116 169 189 413 n/m
Per share, $
Per share, $ Revenue — — 87.13 85.33 61.51 77.10 77.37 79.26 78.86 81.91 86.40 (0.9%)
Earnings — — 2.71 (10.19) (0.82) 7.18 4.14 1.39 2.05 1.93 4.45 (4.7%)
Cash flow — — 7.51 3.58 7.66 9.67 5.33 4.99 5.38 6.24 9.48 (2.6%)
Capex — — 0.00 (2.56) (1.44) (1.92) (2.00) (3.28) (1.94) (2.34) (2.55) n/m
Free cash flow — — 7.51 1.02 6.22 7.75 3.33 1.71 3.44 3.90 6.93 (8.9%)
Book value — — 0.00 0.00 10.13 2.92 4.89 5.62 8.41 11.38 13.14 n/m
Shares, m — — 93 88 88 88 82 78 79 80 81 (2.1%)
Valuation, ×
Valuation, × P/E — — 9.65 9.65 9.65 7.76 10.16 19.06 18.46 30.99 23.95 14.4
P/S — — 0.62 0.62 0.62 0.72 0.54 0.33 0.46 0.70 1.23 0.6
P/B — — 3.71 3.71 3.71 19.12 8.62 4.64 4.33 5.07 8.11 6.6
EV/Sales — — 0.64 0.64 0.64 0.80 0.68 0.47 0.58 0.77 1.30 0.7
EV/FCF — — 6.14 6.14 6.14 7.93 15.77 21.70 13.32 16.25 16.21 11.7
Cash, $m
Cash, $m Operating cash flow — — 698 315 674 851 437 389 425 499 758 (4.7%)
Capex — — (341) (225) (127) (169) (164) (256) (153) (187) (204) (8.2%)
Free cash flow — — 698 90 547 682 273 133 272 312 554 (10.9%)
Balance, $m
Balance, $m Working capital — — — (82) (317) (7) 158 (81) 66 376 519 n/m
Net debt — — — 2,415 189 492 848 854 750 457 453 (24.2%)
Shareholders’ equity — — — — 891 257 401 438 664 910 1,051 +0.4%
Returns, %
Returns, % ROA — — 0.00 0.00 (3.41) 15.07 7.69 2.34 3.61 3.37 7.63 +3.4 pt
ROIC — — — (23.08) (5.84) 72.60 23.92 11.90 13.70 12.39 22.56 +35.5 pt
ROE — — 0.00 (81.43) (6.54) 112.54 105.78 25.98 29.95 20.46 42.93 +20.5 pt
People
People Employees — — — — 11,400 — 31,000 30,000 31,000 33,000 — +23.7%
Revenue/emp, $m — — 0.00 0.00 0.47 0.00 0.20 0.21 0.20 0.20 — n/m
Negative figures in brackets.
estimates

All 10 years →

Fiscal years to Jan 2026 · latest quarter Jul 2026 · fundamentals updated 25 Oct 2026

Business profile

Updated

Victoria’s Secret & Co. is a specialty retailer selling women’s intimates, other apparel and beauty products. Its brands include Victoria’s Secret, PINK and Adore Me. The company was founded on 1977-06-12, is headquartered in Reynoldsburg and is led by Chief Executive Officer Hillary Super.

Its products include bras, panties, lingerie, sleepwear, swimwear, sport and lounge apparel, fragrances and body care. Victoria’s Secret sells across those categories, while PINK is an apparel and intimates brand for young women. Adore Me sells lingerie and apparel directly to consumers across budgets and stages of life. The company also operates DailyLook, a digital subscription styling service for women’s apparel and accessories.

Where the money comes from and where it goes Fiscal 2026

Fiscal 2026: revenue by regions, and margins
UNITED STATES 5,391 82.27%
Non-US 1,162 17.73%
Gross margin 36.38%
Operating margin 4.14%
Pre-tax margin 3.17%

Revenue by segment since 2023

Victoria's Secret & Co. vs peers in Apparel Retail (Q) = latest quarter vs a year earlier

Company Market cap P/E Fwd P/E Revenue growth (Q) EPS growth (Q) FCF growth (Q) Gross margin (Q) EBIT margin (Q) Compare
BURL Burlington Stores, Inc. $15.8B 22.5× 20.6× +10.99% (above 0%: growing) +95.92% (above 0%: growing) +31.74% (above 0%: growing) 46.24% 8.51% Compare
LULU lululemon athletica inc. $13.0B 9.2× 11.1× −4.34% (below 0%: shrinking) −5.81% (below 0%: shrinking) +49.33% (above 0%: growing) 60.52% 18.78% Compare
VSXY Victoria's Secret & Co. $8.5B 23.9× 18.9× +10.42% (above 0%: growing) +990.00% (above 0%: growing) +272.73% (above 0%: growing) 47.11% 15.95%
GAP The Gap, Inc. $7.9B 6.6× 6.1× −1.99% (below 0%: shrinking) +143.10% (above 0%: growing) −47.71% (below 0%: shrinking) 52.83% 18.52% Compare
URBN Urban Outfitters, Inc. $7.5B 13.5× 12.8× +10.44% (above 0%: growing) +75.63% (above 0%: growing) +92.47% (above 0%: growing) 43.42% 17.37% Compare
ANF Abercrombie & Fitch Company $6.7B 13.4× 12.2× +4.81% (above 0%: growing) +41.41% (above 0%: growing) +296.59% (above 0%: growing) 71.10% 19.95% Compare
BOOT Boot Barn Holdings, Inc. $4.2B 16.6× 14.9× +15.12% (above 0%: growing) +25.80% (above 0%: growing) +62.25% (above 0%: growing) 37.21% 12.07% Compare
AEO American Eagle Outfitters, Inc. $3.4B 10.2× 8.6× +7.53% (above 0%: growing) +77.78% (above 0%: growing) +367.29% (above 0%: growing) 48.69% 15.32% Compare
BKE Buckle, Inc. (The) $2.3B 10.1× 10.8× +4.60% (above 0%: growing) −2.22% (below 0%: shrinking) −63.66% (below 0%: shrinking) 47.85% 17.45% Compare
Median of peers $7.1B 11.8× 11.6× +6.17% +58.52% +55.79% 48.27% 17.41%

All 33 Apparel Retail stocks →

From the latest earnings call

Updated

  • CEO Hillary Super said bra sales grew in the mid teens in the quarter, while lower sale inventory pressured June sales as the semiannual event progressed.
  • Chief Financial and Operating Officer Scott Sekella said regular-price selling and reduced promotions supported margins, while the company planned further marketing investment.

Largest institutional holders 13F, quarter to 30 June 2026

Held by institutions 106.85%
Held by the ten largest 67.12%
Holder Shares Stake Change
BlackRock 11.91m 14.98% +52.94k
Fidelity (FMR) 9.44m 11.87% +3.22m
Vanguard 9.21m 11.59% +294.18k
BBFIT INVESTMENTS PTE LTD 8.90m 11.19% −1.41m
State Street 3.07m 3.86% +57.12k
T. Rowe Price 2.72m 3.42% +815.84k
Goldman Sachs 2.11m 2.65% +278.20k
Geode Capital Management 2.11m 2.65% +77.57k
Arrowstreet Capital 1.96m 2.47% +619.61k
Dimensional Fund Advisors 1.94m 2.44% −1.01k
13F filings for the quarter to 30 June 2026: long positions in US-listed shares reported by managers with $100m or more, ~45 days after the quarter.

Pay and ownership Proxy statement filed 1 May 2026

Ownership

Directors and executive officers, together less than 1%
BlackRock, Inc. 13.80%
BBRC International Pte Limited 13.00%
Vanguard Portfolio Management 5.90%
Ownership is the proxy’s own table: the directors and officers as a group, and every holder of 5% or more. Read the proxy statement

Victoria's Secret & Co. (VSXY) Latest News

28 Oct

Impact 3 · · Simply Wall St.

26 Oct

Impact 3 · · StockStory

22 Oct

Impact 4 · · ibtimes.com
Impact 4 · · TheStreet

19 Oct

Impact 4 · · Stocktwits

8 Oct

Impact 3 · · Simply Wall St.

5 Oct

Impact 4 · · Zacks

28 Sep

Impact 4 · · Zacks

22 Sep

Impact 4 · · Zacks
Impact 4 ·

16 Sep

Impact 4 ·
Impact 3 ·

14 Sep

Impact 4 ·
Impact 3 ·

12 Sep

Impact 4 ·

9 Sep

Impact 4 · · The Motley Fool transcript

7 Sep

Impact 3 ·

6 Sep

Impact 4 · · The Motley Fool

4 Sep

Impact 4 · · TheStreet
Impact 4 ·
Impact 4 ·
Impact 4 · · just-style.com
Impact 3 ·
Impact 3 · · fastcompany.com
Impact 3 · · Stocktwits
Impact 3 ·

3 Sep

Impact 3 ·
Impact 3 · · Stocktwits
Impact 3 · · MarketBeat transcript
Impact 3 · · Proactive Investors

VSXY metrics, ten years each

stockrow.com/VSXY · Data as of Oct 25, 2026 · For information only; not investment advice. · © 2026 stockrow.com