Burlington Stores vs Victoria's Secret
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KIRA’s take AI analyst
I put Burlington Stores and Victoria's Secret side by side, using each one’s latest annual report. Here is what stands out:
- Burlington Stores is the larger business, with $11.6B of revenue in fiscal 2025 against $6.6B for Victoria's Secret, about 1.8 times as much.
- Burlington Stores grew revenue faster (8.8%, against 5.2%).
- Victoria's Secret turned more of its sales into free cash flow (4.8% FCF margin, against 1.5%).
- Burlington Stores earned a higher return on the capital invested in it (28.1%, against 17.7%).
- Investors pay more for each dollar of Burlington Stores’s earnings: a P/E of 21.7x 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.
Burlington Stores
BURL
9/10
Revenue growth5-year growthGross marginNet marginReturn on capitalReturn on equityPiotroski F-scoreNet debt / EBITDAShare count change
Victoria's Secret
VSXY
1/10
FCF margin
Side by side
Best in the row
| Latest fiscal year | BURL FY25 | VSXY FY25 |
|---|---|---|
| Size | ||
| Market cap | $15.4B | $8.0B |
| Revenue | $11.6B | $6.6B |
| Free cash flow | $172M | $312M |
| Net income | $610M | $161M |
| Growth | ||
| Revenue growth | 8.8% | 5.2% |
| 5-year growth | 15.0% | 3.9% |
| Share count change | −0.7% | 2.5% |
| Profitability | ||
| Gross margin | 43.9% | 36.4% |
| Operating margin | — | 4.1% |
| Net margin | 5.3% | 2.5% |
| FCF margin | 1.5% | 4.8% |
| Return on capital | 28.1% | 17.7% |
| Return on equity | 38.4% | 21.5% |
| Balance sheet | ||
| Net debt | $818M | $457M |
| Net debt / EBITDA | 0.6x | 0.9x |
| Dividends and buybacks | $278M | $0.0M |
| Valuation & quality | ||
| P/E | 21.7x | 21.1x |
| Piotroski F-score | 7 | 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.