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Ross Stores

ROST Nasdaq Apparel Retail Financials FY2016–FY2025

Ross Stores' revenue rose 7.7% to $22.8 billion in fiscal 2025. Its operating margin was 11.9%, down from 12.2% a year earlier. Free cash flow was $2.2 billion, up 34.9%. It paid out $1.6 billion in dividends and buybacks, 71% of free cash flow. The diluted share count fell 2.0%.

Last close · Oct 23, 2026

$229.30

3.1%
Value it Compare
Revenue Total sales reported in the income statement.
$22.8B
7.7% vs prior year
Operating margin Operating income as a share of revenue.
11.9%
0.3 pts
Net income Profit after all expenses, interest and tax.
$2.1B
2.6%
Free cash flow Cash from operations minus capital spending.
$2.2B
34.9%
Return on capital After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
67.0%
5.0 pts
Market cap Last close times the latest diluted share count, so it is approximate.
$73.2B
Oct 23 close
P/E Last close divided by diluted earnings per share over the last four quarters.
27.8x
On $8.26 EPS (TTM)

What Ross Stores does

Ross Stores runs two chains of off-price stores that sell apparel, shoes, accessories and home goods: Ross Dress for Less and dd's DISCOUNTS. Off-price means it sells name-brand and designer goods at prices below what department and specialty stores charge. As of January 31, 2026, Ross had 1,904 locations in 44 states, the District of Columbia, Guam and Puerto Rico, and it also ran 363 dd's DISCOUNTS stores in 22 states.

Ross says its prices run 20% to 60% below department and specialty store regular prices, and that its customers are mainly from middle income households. dd's DISCOUNTS sells more moderately priced goods to households with lower to more moderate incomes. Revenue comes from selling goods in its stores. The company says it is the largest off-price apparel and home fashion chain in the United States.

Ross buys most of its goods directly from manufacturers, often late in the buying cycle. It buys leftover or canceled orders and overruns, and takes goods straight from brands and factories. Some goods are stored in its warehouses and sold later, a practice it calls packaway. It generally does not ask vendors for promotional allowances or return privileges. New goods arrive in stores three to six times a week.

Legal name
Ross Stores, Inc.
Fiscal year ends
January 31, 2026
Latest annual report
10-K · Mar 31, 2026
Accession · CIK
0000745732-26-000006
0000745732

Revenue and margins

Ross Stores had $22.8B of revenue in fiscal 2025, up 7.7% on the year before.

Revenue
Revenue
Margins, % of revenue
Gross Operating Net FCF
Margins, % of revenue
Gross Operating Net FCF

Net income and earnings per share

From fiscal 2016 to 2025, diluted EPS grew 9.9% a year. Loss periods are shown in red.

Net income
Net income
Diluted EPS
Diluted EPS

Returns on capital

After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.

Return on capital, equity and assets (annual)
Return on capital Return on equity Return on assets

Cash flow

Free cash flow was $2.2B in fiscal 2025, 9.7% of revenue. Cash from operations minus capital spending.

Free cash flow
Free cash flow
Cash from operations vs capital spending
Cash from operations Capital spending
Cash from operations vs capital spending
Cash from operations Capital spending

Dividends, buybacks and share count

Ross Stores returned $1.6B to shareholders in fiscal 2025, 71% of free cash flow. The diluted share count fell 2.0%.

Dividends and buybacks
Dividends Buybacks
Dividends and buybacks
Dividends Buybacks
Diluted shares outstanding (annual)

Value Ross Stores yourself

Change the assumptions and see what they imply per share. These are models, not forecasts or price targets — the answer depends entirely on what you put in.

Discounted cash flow

Value per share

—

Adds net cash of $3.1B and divides by 324.4M diluted shares. Ten years of cash flows plus a terminal value, discounted to today.

Earnings multiple

Value per share

—

Reference multiples: today 27.8x · peers 21.2x · sector 17.7x.

Balance sheet

Cash, debt and the ratios that show how comfortably Ross Stores can carry it.

Cash vs debt (incl. leases)
Cash Debt
Fiscal year endFY21FY22FY23FY24FY25
Cash and short-term investments $4.9B$4.6B$4.9B$4.7B$4.6B
Debt incl. finance leases $2.5B$2.5B$2.5B$2.2B$1.5B
Net debt / EBITDA −0.9x−0.9x−0.9x−0.8x−1.0x
Debt / equity 0.6x0.6x0.5x0.4x0.3x
Interest coverage 27.8x24.8x28.7x32.2x48.5x
Current ratio 1.8x1.9x1.8x1.6x1.6x
Quick ratio 1.2x1.3x1.2x1.1x1.0x
Total assets $13.6B$13.4B$14.3B$14.9B$15.5B
Total liabilities $9.6B$9.1B$9.4B$9.4B$9.4B
Shareholders' equity $4.1B$4.3B$4.9B$5.5B$6.2B
Net debt (− = net cash) −$2.5B−$2.1B−$2.4B−$2.5B−$3.1B

Insider trades

Open-market purchases and sales by officers, directors and 10% owners, from Form 4 filings. 'Plan' marks trades under a pre-arranged Rule 10b5-1 plan.

Bought, 12 months

$0.0M

0 insiders

Sold, 12 months

$23.0M

7 insiders

Of sales under plans

20%

$4.7M

DateInsiderTradeSharesPriceValueFiling
Sep 14, 2026 James Grant ConroyChief Executive Officer, Director Sold 49,205 $229.48 $11.3M Form 4
Sep 14, 2026 Stephen C BrinkleyPresident, Operations Sold 6,424 $229.66 $1.5M Form 4
Mar 26, 2026 William W Sheehan IIEVP, Chief Financial Officer Sold 4,883 $216.95 $1.1M Form 4
Mar 25, 2026 Karen SykesPresident, CMO Dd's Discounts Sold 5,506 $213.40 $1.2M Form 4
Mar 25, 2026 Michael J. HartshornGroup President, COO, Director Sold plan 15,813 $214.91 $3.4M Form 4
Mar 24, 2026 Karen FlemingPres, CMO Ross Dress for Less Sold 7,000 $212.76 $1.5M Form 4
Mar 24, 2026 Michael J. HartshornGroup President, COO, Director Sold plan 6,061 $214.52 $1.3M Form 4
Mar 24, 2026 Stephen C BrinkleyPresident, Operations Sold 4,154 $212.91 $0.9M Form 4
Mar 10, 2026 Karen SykesPresident, CMO Dd's Discounts Sold 2,556 $213.91 $0.5M Form 4
Mar 10, 2026 Patricia H MuellerDirector Sold 1,881 $213.13 $0.4M Form 4

Piotroski F-score

Nine pass/fail tests of profitability, funding and efficiency. 8–9 is strong, 0–2 weak.

TestFY23FY24FY25
Net income is positive ✓ ✓ ✓
Cash from operations is positive ✓ ✓ ✓
Return on assets rose ✓ ✓ ✕
Cash from operations exceeds net income ✓ ✓ ✓
Debt fell relative to assets ✓ ✓ ✓
Current ratio rose ✕ ✕ ✕
Share count didn't rise ✓ ✓ ✓
Gross margin rose ✓ ✓ ✕
Revenue rose relative to assets ✓ ✕ ✓
F-score 8 / 97 / 96 / 9
Accruals ratio −4.6%−1.8%−5.8%
Altman Z'' 3.913.954.04

Similar companies

Each company's latest fiscal year. Fiscal years end in different months, so periods don't line up exactly.

CompanyMarket capGrowthOp. marginFCF marginROICP/EF-score
Ross Stores ROST $73.2B 7.7% 11.9% 9.7% 67.0% 27.8x 6
Gap GAP $8.1B 1.9% 7.3% 5.4% 36.1% 6.7x 6 Compare →
Burlington Stores BURL $15.8B 8.8% — 1.5% 28.1% 22.3x 7 Compare →
TJX Companies TJX $162.0B 7.1% — 8.1% 87.1% 26.9x 8 Compare →
Victoria's Secret VSXY $7.6B 5.2% 4.1% 4.8% 17.7% 20.2x 6 Compare →

10 years of figures

US$ millions unless stated. Hover a ratio's name for its definition.

Download CSV
Fiscal yearFY16FY17FY18FY19FY20FY21FY22FY23FY24FY25
Income statement
Revenue $12.9B $14.1B $15.0B $16.0B $12.5B $18.9B $18.7B $20.4B $21.1B $22.8B
Gross profit $3.7B $4.1B $4.3B $4.5B $2.7B $5.2B $4.7B $5.6B $5.9B $6.3B
Operating income — — — — — — $2.0B $2.3B $2.6B $2.7B
Interest expense $18.6M $18.6M $17.9M $13.1M $72.5M $84.3M $80.3M $80.3M $80.3M $55.8M
Pretax income $1.8B $2.0B $2.1B $2.2B $106M $2.3B $2.0B $2.5B $2.8B $2.8B
Income tax $669M $678M $463M $503M $20.9M $536M $475M $597M $666M $697M
Net income $1.1B $1.4B $1.6B $1.7B $85.4M $1.7B $1.5B $1.9B $2.1B $2.1B
Diluted EPS $2.83 $3.55 $4.26 $4.60 $0.24 $4.87 $4.38 $5.56 $6.32 $6.61
Diluted shares 0.40B 0.38B 0.37B 0.36B 0.35B 0.35B 0.35B 0.34B 0.33B 0.32B
Cash flow
Cash from operations $1.6B $1.7B $2.1B $2.2B $2.2B $1.7B $1.7B $2.5B $2.4B $3.0B
Capital expenditure $298M $371M $414M $556M $405M $558M $654M $763M $720M $819M
Free cash flow $1.3B $1.3B $1.7B $1.6B $1.8B $1.2B $1.0B $1.8B $1.6B $2.2B
Depreciation and amortization $303M $313M $330M $351M $364M $361M $395M $419M $447M $509M
Stock-based compensation $74.6M $87.4M $95.6M $95.4M $102M $134M $122M $146M $156M $175M
Acquisitions $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M
Share buybacks $700M $875M $1.1B $1.3B $133M $650M $950M $950M $1.1B $1.1B
Dividends paid $215M $248M $337M $370M $101M $405M $431M $455M $489M $528M
Dividends and buybacks $915M $1.1B $1.4B $1.6B $234M $1.1B $1.4B $1.4B $1.5B $1.6B
Balance sheet
Cash and short-term investments $1.1B $1.3B $1.4B $1.4B $4.8B $4.9B $4.6B $4.9B $4.7B $4.6B
Total debt $397M $397M $312M $313M $2.5B $2.5B $2.5B $2.5B $2.2B $1.5B
Finance lease liabilities $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M
Current assets $2.8B $3.2B $3.4B $3.4B $6.7B $7.5B $6.9B $7.4B $7.5B $7.6B
Current liabilities $1.8B $1.9B $2.0B $2.7B $4.0B $4.2B $3.6B $4.2B $4.7B $4.8B
Inventory $1.5B $1.6B $1.8B $1.8B $1.5B $2.3B $2.0B $2.2B $2.4B $2.6B
Property and equipment, net $2.3B $2.4B $2.5B $2.7B $2.7B $2.9B $3.2B $3.5B $3.8B $4.1B
Total assets $5.3B $5.7B $6.1B $9.3B $12.7B $13.6B $13.4B $14.3B $14.9B $15.5B
Total liabilities $2.6B $2.7B $2.8B $6.0B $9.4B $9.6B $9.1B $9.4B $9.4B $9.4B
Shareholders' equity $2.7B $3.0B $3.3B $3.4B $3.3B $4.1B $4.3B $4.9B $5.5B $6.2B
Margins
Gross margin 28.7% 29.0% 28.4% 28.1% 21.5% 27.5% 25.4% 27.4% 27.8% 27.7%
Operating margin — — — — — — 10.7% 11.3% 12.2% 11.9%
EBITDA margin 16.4% 16.8% 16.0% 15.8% 4.3% 14.3% 12.8% 13.4% 14.4% 14.1%
Net margin 8.7% 9.6% 10.6% 10.4% 0.7% 9.1% 8.1% 9.2% 9.9% 9.4%
FCF margin 9.8% 9.3% 11.0% 10.1% 14.7% 6.2% 5.5% 8.6% 7.8% 9.7%
Returns
Return on capital 54.6% 65.7% 73.4% 73.8% 8.7% — 80.1% 75.2% 71.9% 67.0%
Return on capital employed 52.9% 56.0% 52.6% 40.7% 2.3% 25.8% 20.7% 23.2% 25.4% 25.8%
Return on equity 42.8% 47.0% 50.0% 49.8% 2.6% 46.9% 36.2% 40.9% 40.3% 36.7%
Return on assets 22.0% 24.7% 26.9% 21.5% 0.8% 13.1% 11.2% 13.5% 14.3% 14.1%
Growth
Revenue growth 7.8% 9.9% 6.0% 7.0% −21.9% 51.0% −1.2% 9.0% 3.7% 7.7%
Net income growth 9.5% 21.9% 16.5% 4.6% −94.9% 1,917.5% −12.2% 24.0% 11.5% 2.6%
EPS growth 12.8% 25.4% 20.0% 8.0% −94.8% 1,929.2% −10.1% 26.9% 13.7% 4.6%
FCF growth 31.5% 3.9% 26.2% −2.2% 13.9% −35.8% −12.3% 69.2% −6.6% 34.9%
Share count change −2.8% −2.7% −3.0% −3.1% −1.8% −0.3% −2.4% −2.3% −1.9% −2.0%
Financial health
Net debt / EBITDA −0.3x −0.4x −0.5x −0.4x −4.3x −0.9x −0.9x −0.9x −0.8x −1.0x
Debt / equity 0.1x 0.1x 0.1x 0.1x 0.8x 0.6x 0.6x 0.5x 0.4x 0.3x
Interest coverage 97.2x 110.9x 115.6x 165.7x 2.5x 27.8x 24.8x 28.7x 32.2x 48.5x
Current ratio 1.6x 1.6x 1.7x 1.3x 1.7x 1.8x 1.9x 1.8x 1.6x 1.6x
Quick ratio 0.7x 0.8x 0.8x 0.6x 1.3x 1.2x 1.3x 1.2x 1.1x 1.0x
Capital allocation
Capex / revenue 2.3% 2.6% 2.8% 3.5% 3.2% 3.0% 3.5% 3.7% 3.4% 3.6%
Stock comp / revenue 0.6% 0.6% 0.6% 0.6% 0.8% 0.7% 0.7% 0.7% 0.7% 0.8%
Payouts / FCF 72.5% 85.7% 85.4% 101.8% 12.7% 89.3% 133.4% 80.2% 94.0% 71.5%
Quality scores
Piotroski F-score 9.0 9.0 7.0 6.0 5.0 9.0 6.0 8.0 7.0 6.0
Altman Z'' 5.8 6.2 6.3 3.5 2.4 3.9 3.8 3.9 4.0 4.0
Accruals ratio −8.7% −5.8% −8.1% −6.6% −19.6% −0.1% −1.3% −4.6% −1.8% −5.8%

Source: SEC EDGAR XBRL filings (CIK 0000745732). Data updated October 9, 2026. Quarterly fourth quarters are the full year minus the first nine months. For information only — not investment advice. Check the original filings before relying on any figure.

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