Gap
GAP · Apparel Retail
$22.32
2.6%Victoria's Secret
VSXY · Apparel Retail
$90.82
2.7%The short version
- Gap is the larger business, with $15.4B of revenue in fiscal 2025 against $6.6B for Victoria's Secret, about 2.3 times as much.
- Victoria's Secret grew revenue faster (5.2%, against 1.9%).
- Gap kept more of each dollar of sales as operating profit (7.3% operating margin, against 4.1% operating margin).
- Gap turned more of its sales into free cash flow (5.4% FCF margin, against 4.8% FCF margin).
- Gap earned a higher return on the capital invested in it (36.1%, against 17.7%).
- Investors pay more for each dollar of Victoria's Secret’s earnings: a P/E of 20.2x against 6.7x for Gap.
| Latest fiscal year | GAP · FY25 | VSXY · FY25 |
|---|---|---|
| Size | ||
| Market cap | $8.1B | $7.6B |
| Revenue | $15.4B | $6.6B |
| Free cash flow | $823M | $312M |
| Net income | $816M | $161M |
| Growth | ||
| Revenue growth | 1.9% | 5.2% |
| 5-year growth | 2.2% | 3.9% |
| Share count change | 0.0% | 2.5% |
| Profitability | ||
| Gross margin | 40.8% | 36.4% |
| Operating margin | 7.3% | 4.1% |
| Net margin | 5.3% | 2.5% |
| FCF margin | 5.4% | 4.8% |
| Return on capital | 36.1% | 17.7% |
| Return on equity | 23.1% | 21.5% |
| Balance sheet | ||
| Net debt | −$1.5B | $457M |
| Net debt / EBITDA | −0.9x | 0.9x |
| Dividends and buybacks | $402M | $0.0M |
| Valuation & quality | ||
| P/E | 6.7x | 20.2x |
| Piotroski F-score | 6 | 6 |
FY16
GAP $15.5B
VSXY —
FY17
GAP $15.9B
VSXY —
FY18
GAP $16.6B
VSXY —
FY19
GAP $16.4B
VSXY $7.5B
FY20
GAP $13.8B
VSXY $5.4B
FY21
GAP $16.7B
VSXY $6.8B
FY22
GAP $15.6B
VSXY $6.3B
FY23
GAP $14.9B
VSXY $6.2B
FY24
GAP $15.1B
VSXY $6.2B
FY25
GAP $15.4B
VSXY $6.6B
GAP
VSXY
FY16
GAP 7.7%
VSXY —
FY17
GAP 9.3%
VSXY —
FY18
GAP 8.2%
VSXY —
FY19
GAP 3.5%
VSXY −11.9%
FY20
GAP −6.3%
VSXY −1.9%
FY21
GAP 4.9%
VSXY 12.8%
FY22
GAP −0.4%
VSXY 7.5%
FY23
GAP 3.8%
VSXY 4.0%
FY24
GAP 7.4%
VSXY 5.0%
FY25
GAP 7.3%
VSXY 4.1%
GAP
VSXY
FY16
GAP $1.2B
VSXY —
FY17
GAP $649M
VSXY —
FY18
GAP $676M
VSXY —
FY19
GAP $709M
VSXY $90.0M
FY20
GAP −$155M
VSXY $547M
FY21
GAP $115M
VSXY $682M
FY22
GAP −$78.0M
VSXY $273M
FY23
GAP $1.1B
VSXY $133M
FY24
GAP $1.0B
VSXY $247M
FY25
GAP $823M
VSXY $312M
GAP
VSXY
FY16
GAP 26.7%
VSXY —
FY17
GAP 34.8%
VSXY —
FY18
GAP 34.2%
VSXY —
FY19
GAP 12.0%
VSXY —
FY20
GAP −25.5%
VSXY —
FY21
GAP 22.3%
VSXY 95.1%
FY22
GAP −1.9%
VSXY 38.8%
FY23
GAP 21.5%
VSXY 15.3%
FY24
GAP 37.7%
VSXY 17.5%
FY25
GAP 36.1%
VSXY 17.7%
GAP
VSXY
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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.