TJX Companies vs Victoria's Secret
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KIRA’s take AI analyst
I put TJX Companies and Victoria's Secret side by side, using each one’s latest annual report. Here is what stands out:
- TJX Companies is the larger business, with $60.4B of revenue in fiscal 2026 against $6.6B for Victoria's Secret, about 9.2 times as much.
- TJX Companies grew revenue faster (7.1%, against 5.2%).
- TJX Companies turned more of its sales into free cash flow (8.1% FCF margin, against 4.8%).
- TJX Companies earned a higher return on the capital invested in it (87.1%, against 17.7%).
- Investors pay more for each dollar of TJX Companies’s earnings: a P/E of 26.6x against 21.1x for Victoria's Secret.
Who comes out ahead
Of the 10 measures where higher (or lower) is clearly better, how many each company leads.
TJX Companies
TJX
9/10
Revenue growth5-year growthNet marginFCF marginReturn on capitalReturn on equityPiotroski F-scoreNet debt / EBITDAShare count change
Victoria's Secret
VSXY
1/10
Gross margin
Side by side
Best in the row
| Latest fiscal year | TJX FY26 | VSXY FY25 |
|---|---|---|
| Size | ||
| Market cap | $160.5B | $8.0B |
| Revenue | $60.4B | $6.6B |
| Free cash flow | $4.9B | $312M |
| Net income | $5.5B | $161M |
| Growth | ||
| Revenue growth | 7.1% | 5.2% |
| 5-year growth | 13.4% | 3.9% |
| Share count change | −1.2% | 2.5% |
| Profitability | ||
| Gross margin | 31.0% | 36.4% |
| Operating margin | — | 4.1% |
| Net margin | 9.1% | 2.5% |
| FCF margin | 8.1% | 4.8% |
| Return on capital | 87.1% | 17.7% |
| Return on equity | 59.1% | 21.5% |
| Balance sheet | ||
| Net debt | −$3.4B | $457M |
| Net debt / EBITDA | −0.4x | 0.9x |
| Dividends and buybacks | $4.4B | $0.0M |
| Valuation & quality | ||
| P/E | 26.6x | 21.1x |
| Piotroski F-score | 8 | 6 |
Ten years
Revenue
Operating margin
Free cash flow
Return on capital
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.