Victoria's Secret
VSXY NYSE Apparel Retail Financials FY2019–FY2025
Victoria's Secret's revenue rose 5.2% to $6.6 billion in fiscal 2025. Its operating margin was 4.1%, down from 5.0% a year earlier. Free cash flow was $312 million, up 26.3%. The diluted share count rose 2.5%.
What Victoria's Secret does
Victoria's Secret sells women's bras, underwear, lingerie, sleepwear, swimwear, sportswear and loungewear, along with perfume and body care. Its brands are Victoria's Secret, PINK, which is aimed at young women, and Adore Me, an online lingerie brand. It also owns DailyLook, an online clothing subscription service. It sells through its own stores in malls and other shopping areas in the US, Canada and China, through its websites and apps, and through partner stores abroad.
The company reports a single segment but tracks three channels. In 2025 its North American stores brought in 54% of net sales, its digital channel 31%, and international sales, including royalties and wholesale sales to partners, 15%. Partners abroad pay it royalties based on their sales or buy its goods at a discount. It competes with specialty and discount retailers, department stores, large general retailers, online stores, store brands and newer brands.
At the end of fiscal 2025 it had 858 stores of its own or run through its China joint venture, 793 of them in the US and Canada, and partners ran 562 more in about 70 countries. Its clothing is made by outside suppliers abroad, while most of its beauty products are made in Ohio. It employed about 33,000 people, about 21,000 of them part-time, and most of them work in its stores.
- Legal name
- VICTORIA'S SECRET & CO.
- Fiscal year ends
- January 31, 2026
- Latest annual report
- 10-K · Mar 20, 2026
- Accession · CIK
- 0001856437-26-000004
0001856437
Revenue and margins
Victoria's Secret had $6.6B of revenue in fiscal 2025, up 5.2% on the year before.
Net income and earnings per share
Loss periods are shown in red.
Returns on capital
After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
Cash flow
Free cash flow was $312M in fiscal 2025, 4.8% of revenue. Cash from operations minus capital spending.
Dividends, buybacks and share count
Victoria's Secret returned $0.0M to shareholders in fiscal 2025, 0% of free cash flow. The diluted share count rose 2.5%.
Value Victoria's Secret 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 −$457M and divides by 83.0M diluted shares. Ten years of cash flows plus a terminal value, discounted to today.
Earnings multiple
Value per share
—
Reference multiples: today 20.2x · peers 13.5x · sector 17.7x.
Balance sheet
Cash, debt and the ratios that show how comfortably Victoria's Secret can carry it.
| Fiscal year end | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|
| Cash and short-term investments | $490M | $427M | $270M | $227M | $518M |
| Debt incl. finance leases | $982M | $1.3B | $1.1B | $977M | $975M |
| Net debt / EBITDA | 0.4x | 1.1x | 1.6x | 1.3x | 0.9x |
| Debt / equity | 3.8x | 3.3x | 2.7x | 1.5x | 1.1x |
| Interest coverage | 32.2x | 8.0x | 2.5x | 3.6x | 3.9x |
| Current ratio | 1.0x | 1.1x | 1.0x | 1.1x | 1.3x |
| Quick ratio | 0.4x | 0.4x | 0.3x | 0.4x | 0.5x |
| Total assets | $4.3B | $4.7B | $4.6B | $4.5B | $5.0B |
| Total liabilities | $4.1B | $4.3B | $4.2B | $3.9B | $4.1B |
| Shareholders' equity | $257M | $383M | $417M | $640M | $856M |
| Net debt (− = net cash) | $492M | $848M | $854M | $750M | $457M |
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
$0.3M
2 insiders
Sold, 12 months
$212M
1 insider
Of sales under plans
0%
$0.0M
| Date | Insider | Trade | Shares | Price | Value | Filing |
|---|---|---|---|---|---|---|
| Jul 28, 2026 | Bbrc International Pte Ltd10% owner | Sold | 798,920 | $89.15 | $71.2M | Form 4 |
| Jul 22, 2026 | Bbrc International Pte Ltd10% owner | Sold | 289,479 | $88.89 | $25.7M | Form 4 |
| Jun 26, 2026 | Bbrc International Pte Ltd10% owner | Sold | 276,171 | $88.50 | $24.4M | Form 4 |
| Jun 4, 2026 | Bbrc International Pte Ltd10% owner | Sold | 27,758 | $80.03 | $2.2M | Form 4 |
| Jun 2, 2026 | Bbrc International Pte Ltd10% owner | Sold | 1,107,672 | $80.11 | $88.7M | Form 4 |
| Apr 2, 2026 | Anne SheehanDirector | Bought | 4,842 | $45.86 | $0.2M | Form 4 |
| Apr 2, 2026 | Donna JamesDirector | Bought | 2,175 | $46.23 | $0.1M | Form 4 |
Piotroski F-score
Nine pass/fail tests of profitability, funding and efficiency. 8–9 is strong, 0–2 weak.
| Test | FY23 | FY24 | FY25 |
|---|---|---|---|
| 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 | 6 / 9 | 8 / 9 | 6 / 9 |
| Accruals ratio | −6.0% | −5.7% | −7.1% |
| Altman Z'' | 0.48 | 0.98 | 1.42 |
Similar companies
Each company’s latest fiscal year. Fiscal years end in different months, so periods don’t line up exactly.
| Company | Market cap | Growth | Op. margin | FCF margin | ROIC | P/E | F-score | |
|---|---|---|---|---|---|---|---|---|
| Victoria's Secret VSXY | $7.6B | 5.2% | 4.1% | 4.8% | 17.7% | 20.2x | 6 | |
| Urban Outfitters URBN | $7.5B | 11.1% | 9.8% | 5.1% | 23.7% | 13.5x | 8 | Compare → |
| American Eagle Outfitters AEO | $3.0B | 4.1% | 4.1% | 3.5% | 11.5% | 9.1x | 4 | Compare → |
| Abercrombie & Fitch ANF | $6.9B | 6.4% | 13.3% | 7.2% | 91.0% | 13.4x | 5 | Compare → |
| Burlington Stores BURL | $15.8B | 8.8% | — | 1.5% | 28.1% | 22.2x | 7 | Compare → |
7 years of figures
Amounts in USD. Hover a ratio’s name for its definition.
| Fiscal year | FY19 | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|---|---|
| Income statement | |||||||
| Revenue | $7.5B | $5.4B | $6.8B | $6.3B | $6.2B | $6.2B | $6.6B |
| Gross profit | $2.1B | $1.6B | $2.8B | $2.3B | $2.2B | $2.3B | $2.4B |
| Operating income | −$892M | −$101M | $870M | $478M | $246M | $310M | $271M |
| Interest expense | $8.0M | $6.0M | $27.0M | $60.0M | $99.0M | $86.0M | $70.0M |
| Pretax income | −$899M | −$106M | $843M | $417M | $147M | $221M | $208M |
| Income tax | −$2.0M | −$34.0M | $197M | $79.0M | $31.0M | $52.0M | $19.0M |
| Net income | −$897M | −$72.0M | $646M | $348M | $109M | $165M | $161M |
| Diluted EPS | −$10.16 | −$0.82 | $7.18 | $4.14 | $1.39 | $2.05 | $1.93 |
| Diluted shares | 0.09B | 0.09B | 0.09B | 0.08B | 0.08B | 0.08B | 0.08B |
| Cash flow | |||||||
| Cash from operations | $315M | $674M | $851M | $437M | $389M | $425M | $499M |
| Capital expenditure | $225M | $127M | $169M | $164M | $256M | $178M | $187M |
| Free cash flow | $90.0M | $547M | $682M | $273M | $133M | $247M | $312M |
| Depreciation and amortization | $411M | $326M | $303M | $274M | $284M | $258M | $238M |
| Stock-based compensation | $38.0M | $25.0M | $33.0M | $48.0M | $56.0M | $60.0M | $55.0M |
| Acquisitions | $0.0M | $0.0M | $0.0M | $369M | $1.0M | $0.0M | $0.0M |
| Share buybacks | $0.0M | $0.0M | $250M | $250M | $125M | $0.0M | $0.0M |
| Dividends paid | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M |
| Dividends and buybacks | $0.0M | $0.0M | $250M | $250M | $125M | $0.0M | $0.0M |
| Balance sheet | |||||||
| Cash and short-term investments | $245M | $335M | $490M | $427M | $270M | $227M | $518M |
| Total debt | — | $97.0M | $982M | $1.3B | $1.1B | $977M | $975M |
| Finance lease liabilities | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M |
| Current assets | — | $1.2B | $1.7B | $1.7B | $1.5B | $1.4B | $1.9B |
| Current liabilities | — | $1.6B | $1.7B | $1.6B | $1.6B | $1.4B | $1.5B |
| Inventory | $0.0M | $701M | $949M | $1.1B | $985M | $955M | $1.1B |
| Property and equipment, net | — | $1.1B | $957M | $846M | $843M | $774M | $731M |
| Total assets | — | $4.2B | $4.3B | $4.7B | $4.6B | $4.5B | $5.0B |
| Total liabilities | — | $3.3B | $4.1B | $4.3B | $4.2B | $3.9B | $4.1B |
| Shareholders' equity | $1.3B | $891M | $257M | $383M | $417M | $640M | $856M |
| Margins | |||||||
| Gross margin | 27.5% | 29.0% | 40.7% | 35.6% | 36.3% | 36.7% | 36.4% |
| Operating margin | −11.9% | −1.9% | 12.8% | 7.5% | 4.0% | 5.0% | 4.1% |
| EBITDA margin | −6.4% | 4.2% | 17.3% | 11.9% | 8.6% | 9.1% | 7.8% |
| Net margin | −12.0% | −1.3% | 9.5% | 5.5% | 1.8% | 2.7% | 2.5% |
| FCF margin | 1.2% | 10.1% | 10.1% | 4.3% | 2.2% | 4.0% | 4.8% |
| Returns | |||||||
| Return on capital | — | — | 95.1% | 38.8% | 15.3% | 17.5% | 17.7% |
| Return on capital employed | — | — | 32.7% | 16.6% | 8.0% | 10.1% | 8.1% |
| Return on equity | — | — | 112.5% | 108.8% | 27.3% | 31.2% | 21.5% |
| Return on assets | — | — | 15.1% | 7.7% | 2.3% | 3.6% | 3.4% |
| Growth | |||||||
| Revenue growth | — | −27.9% | 25.4% | −6.5% | −2.6% | 0.8% | 5.2% |
| Net income growth | — | — | — | −46.1% | −68.7% | 51.4% | −2.4% |
| EPS growth | — | — | — | −42.3% | −66.4% | 47.5% | −5.9% |
| FCF growth | — | 507.8% | 24.7% | −60.0% | −51.3% | 85.7% | 26.3% |
| Share count change | — | 0.0% | 2.3% | −6.7% | −6.0% | 2.5% | 2.5% |
| Financial health | |||||||
| Net debt / EBITDA | — | −1.1x | 0.4x | 1.1x | 1.6x | 1.3x | 0.9x |
| Debt / equity | — | 0.1x | 3.8x | 3.3x | 2.7x | 1.5x | 1.1x |
| Interest coverage | −111.5x | −16.8x | 32.2x | 8.0x | 2.5x | 3.6x | 3.9x |
| Current ratio | — | 0.8x | 1.0x | 1.1x | 1.0x | 1.1x | 1.3x |
| Quick ratio | — | 0.4x | 0.4x | 0.4x | 0.3x | 0.4x | 0.5x |
| Capital allocation | |||||||
| Capex / revenue | 3.0% | 2.4% | 2.5% | 2.6% | 4.1% | 2.9% | 2.9% |
| Stock comp / revenue | 0.5% | 0.5% | 0.5% | 0.8% | 0.9% | 1.0% | 0.8% |
| Payouts / FCF | 0.0% | 0.0% | 36.7% | 91.6% | 94.0% | 0.0% | 0.0% |
| Quality scores | |||||||
| Piotroski F-score | — | — | — | 5.0 | 6.0 | 8.0 | 6.0 |
| Altman Z'' | — | −0.4 | 1.5 | 1.1 | 0.5 | 1.0 | 1.4 |
| Accruals ratio | — | — | −4.8% | −2.0% | −6.0% | −5.7% | −7.1% |
Source: SEC EDGAR XBRL filings (CIK 0001856437). Data updated October 11, 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.