Victoria's Secret
VSXY NYSE· Apparel Retail
Last close · Oct 26, 2026
$94.96
KIRA · Stoqly’s AI analyst, in plain words
- Victoria's Secret had $6.6B of revenue in fiscal 2025, up 5.2% on the year before. Over five years, revenue changed +3.9% a year on average.
- Its operating margin was 4.1%, down 0.8 pts: of every 100 in sales, about 4 is left after running the business.
- Victoria's Secret made $161M of net profit in fiscal 2025.
- Free cash flow was $312M in fiscal 2025, 4.8% of revenue.
- Victoria's Secret returned $0.0M to shareholders in fiscal 2025, 0% of free cash flow. The diluted share count rose 2.5%.
- Victoria's Secret owes $457M more than it holds in cash, about 0.9 years of operating profit.
Market cap
$8.0B
P/E
21.1x
Revenue
$6.6B
Net income
$161M
Free cash flow
$312M
Operating margin
4.1%
Victoria's Secret in 30 seconds · fiscal 2025
Are sales growing?
+5.2%
Yes. Sales grew 5.2% last year.
Does it make a profit?
2.5%
A little. It keeps 2.5% of every sale as profit.
Does profit turn into cash?
4.8%
Partly. 4.8% of sales ends up as free cash.
Is debt under control?
0.9x
Yes. It could repay its debt with 0.9 years of operating profit.
How healthy are the accounts?
6 / 9
Mixed. It passes 6 of 9 health tests.
How is the share priced?
21.1x
One share costs 21.1 times its yearly profit per share. Typical for its sector: 17.7x.
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.
Biggest risks, in its own words
- Shoppers cutting back on spending when the economy weakens or confidence falls.
- Tariffs and changing trade policy that raise the cost of the goods it imports.
- Falling store traffic and the challenge of managing its store fleet.
- Failing to keep up with fashion trends or to launch new products that sell.
- Fiscal year ends
- January 31, 2026
- Latest annual report
- 10-K · Mar 20, 2026
- Legal name
- VICTORIA'S SECRET & CO.
- CIK
- 0001856437
Victoria's Secret · VSXY
Results and finances
The last 5 fiscal years. Amounts in USD.
| Fiscal year | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|
| Sales and profit | |||||
| Revenue | $6.8B | $6.3B | $6.2B | $6.2B | $6.6B |
| Revenue growth | 25.4% | −6.5% | −2.6% | 0.8% | 5.2% |
| Gross margin | 40.7% | 35.6% | 36.3% | 36.7% | 36.4% |
| Operating margin | 12.8% | 7.5% | 4.0% | 5.0% | 4.1% |
| Net income | $646M | $348M | $109M | $165M | $161M |
| Net margin | 9.5% | 5.5% | 1.8% | 2.7% | 2.5% |
| Diluted EPS | $7.18 | $4.14 | $1.39 | $2.05 | $1.93 |
| Cash | |||||
| Cash from operations | $851M | $437M | $389M | $425M | $499M |
| Capital expenditure | $169M | $164M | $256M | $178M | $187M |
| Free cash flow | $682M | $273M | $133M | $247M | $312M |
| FCF margin | 10.1% | 4.3% | 2.2% | 4.0% | 4.8% |
| Dividends paid | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M |
| Share buybacks | $250M | $250M | $125M | $0.0M | $0.0M |
| Share count change | 2.3% | −6.7% | −6.0% | 2.5% | 2.5% |
| Debt and strength | |||||
| Cash and short-term investments | $490M | $427M | $270M | $227M | $518M |
| Debt incl. finance leases | $982M | $1.3B | $1.1B | $977M | $975M |
| Shareholders' equity | $257M | $383M | $417M | $640M | $856M |
| Net debt / EBITDA | 0.4x | 1.1x | 1.6x | 1.3x | 0.9x |
| Current ratio | 1.0x | 1.1x | 1.0x | 1.1x | 1.3x |
| Interest coverage | 32.2x | 8.0x | 2.5x | 3.6x | 3.9x |
| Returns and quality | |||||
| Return on capital | 95.1% | 38.8% | 15.3% | 17.5% | 17.7% |
| Return on equity | 112.5% | 108.8% | 27.3% | 31.2% | 21.5% |
| Piotroski F-score | — | 5 | 6 | 8 | 6 |
| Altman Z'' | 1.5 | 1.1 | 0.5 | 1.0 | 1.4 |
Insiders bought, 12 months
$0.3M
2 insiders
Insiders sold, 12 months
$213M
2 insiders
Of sales under plans
0%
$0.4M
How to read these numbers
- Revenue:
- Total sales reported in the income statement.
- Operating margin:
- Operating income as a share of revenue.
- Net income:
- Profit after all expenses, interest and tax.
- Free cash flow:
- Cash from operations minus capital spending.
- Net debt / EBITDA:
- Years of EBITDA needed to pay off net debt. Below zero means more cash than debt.
- Return on capital:
- After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
Victoria's Secret · VSXY
Charts and comparison
Ten years at a glance, and how it stacks up against similar companies.
Revenue
Net income
Margins, % of revenue
Cash vs debt (incl. leases)
Free cash flow
Dividends and buybacks
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 | $8.0B | 5.2% | 4.1% | 4.8% | 17.7% | 21.1x | 6 |
| Urban Outfitters URBN | $7.9B | 11.1% | 9.8% | 5.1% | 23.7% | 14.1x | 8 |
| American Eagle Outfitters AEO | $3.2B | 4.1% | 4.1% | 3.5% | 11.5% | 9.6x | 4 |
| Abercrombie & Fitch ANF | $7.3B | 6.4% | 13.3% | 7.2% | 91.0% | 14.2x | 5 |
| Burlington Stores BURL | $15.4B | 8.8% | — | 1.5% | 28.1% | 21.7x | 7 |
Price compared with profit (P/E)
How many times its yearly profit per share one share costs. Higher means investors pay more for each unit of profit.
KIRA
At $94.96 a share, the company is worth $8.0B: 21.1 times its earnings of the last four quarters.
Victoria's Secret grew sales faster than 1 of its 4 similar companies. Its P/E is higher than 3 of 4.
Source: SEC EDGAR XBRL filings (CIK 0001856437). Data updated October 11, 2026. For information only — not investment advice. Check the original filings before relying on any figure.