Burlington Stores vs Victoria's Secret
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The short version
- Burlington Stores is the larger business, with $11.6B of revenue in fiscal 2025 against $6.6B for Victoria's Secret, about 1.8 times as much.
- Burlington Stores grew revenue faster (8.8%, against 5.2%).
- Victoria's Secret turned more of its sales into free cash flow (4.8% FCF margin, against 1.5%).
- Burlington Stores earned a higher return on the capital invested in it (28.1%, against 17.7%).
- Investors pay more for each dollar of Burlington Stores’s earnings: a P/E of 22.2x against 20.2x for Victoria's Secret.
| Latest fiscal year | BURL · FY25 | VSXY · FY25 |
|---|---|---|
| Size | ||
| Market cap | $15.8B | $7.6B |
| Revenue | $11.6B | $6.6B |
| Free cash flow | $172M | $312M |
| Net income | $610M | $161M |
| Growth | ||
| Revenue growth | 8.8% | 5.2% |
| 5-year growth | 15.0% | 3.9% |
| Share count change | −0.7% | 2.5% |
| Profitability | ||
| Gross margin | 43.9% | 36.4% |
| Operating margin | — | 4.1% |
| Net margin | 5.3% | 2.5% |
| FCF margin | 1.5% | 4.8% |
| Return on capital | 28.1% | 17.7% |
| Return on equity | 38.4% | 21.5% |
| Balance sheet | ||
| Net debt | $818M | $457M |
| Net debt / EBITDA | 0.6x | 0.9x |
| Dividends and buybacks | $278M | $0.0M |
| Valuation & quality | ||
| P/E | 22.2x | 20.2x |
| Piotroski F-score | 7 | 6 |
Revenue
FY16
BURL $5.6B
VSXY —
FY17
BURL $6.1B
VSXY —
FY18
BURL $6.7B
VSXY —
FY19
BURL $7.3B
VSXY $7.5B
FY20
BURL $5.8B
VSXY $5.4B
FY21
BURL $9.3B
VSXY $6.8B
FY22
BURL $8.7B
VSXY $6.3B
FY23
BURL $9.7B
VSXY $6.2B
FY24
BURL $10.6B
VSXY $6.2B
FY25
BURL $11.6B
VSXY $6.6B
BURL
VSXY
Operating margin
FY16
BURL —
VSXY —
FY17
BURL —
VSXY —
FY18
BURL —
VSXY —
FY19
BURL —
VSXY −11.9%
FY20
BURL —
VSXY −1.9%
FY21
BURL —
VSXY 12.8%
FY22
BURL —
VSXY 7.5%
FY23
BURL —
VSXY 4.0%
FY24
BURL —
VSXY 5.0%
FY25
BURL —
VSXY 4.1%
BURL
VSXY
Free cash flow
FY16
BURL $428M
VSXY —
FY17
BURL $339M
VSXY —
FY18
BURL $344M
VSXY —
FY19
BURL $563M
VSXY $90.0M
FY20
BURL −$54.1M
VSXY $547M
FY21
BURL $481M
VSXY $682M
FY22
BURL $149M
VSXY $273M
FY23
BURL $376M
VSXY $133M
FY24
BURL −$17.0M
VSXY $247M
FY25
BURL $172M
VSXY $312M
BURL
VSXY
Return on capital
FY16
BURL 22.9%
VSXY —
FY17
BURL 41.3%
VSXY —
FY18
BURL 40.2%
VSXY —
FY19
BURL 43.1%
VSXY —
FY20
BURL −26.3%
VSXY —
FY21
BURL 36.7%
VSXY 95.1%
FY22
BURL 20.0%
VSXY 38.8%
FY23
BURL 27.0%
VSXY 15.3%
FY24
BURL 30.9%
VSXY 17.5%
FY25
BURL 28.1%
VSXY 17.7%
BURL
VSXY
Each company's latest fiscal year; fiscal years end in different months. The best value in each row is highlighted where higher (or lower) is clearly better. Not investment advice.