American Eagle Outfitters vs Abercrombie & Fitch
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The short version
- American Eagle Outfitters is the larger business, with $5.5B of revenue in fiscal 2025 against $5.3B for Abercrombie & Fitch.
- Abercrombie & Fitch grew revenue faster (6.4%, against 4.1%).
- Abercrombie & Fitch kept more of each dollar of sales as operating profit (13.3% operating margin, against 4.1%).
- Abercrombie & Fitch turned more of its sales into free cash flow (7.2% FCF margin, against 3.5%).
- Abercrombie & Fitch earned a higher return on the capital invested in it (91.0%, against 11.5%).
- Investors pay more for each dollar of Abercrombie & Fitch’s earnings: a P/E of 13.4x against 9.1x for American Eagle Outfitters.
| Latest fiscal year | AEO · FY25 | ANF · FY25 |
|---|---|---|
| Size | ||
| Market cap | $3.0B | $6.9B |
| Revenue | $5.5B | $5.3B |
| Free cash flow | $195M | $378M |
| Net income | $192M | $507M |
| Growth | ||
| Revenue growth | 4.1% | 6.4% |
| 5-year growth | 8.1% | 11.0% |
| Share count change | −10.3% | −8.5% |
| Profitability | ||
| Gross margin | 36.5% | — |
| Operating margin | 4.1% | 13.3% |
| Net margin | 3.5% | 9.6% |
| FCF margin | 3.5% | 7.2% |
| Return on capital | 11.5% | 91.0% |
| Return on equity | 11.1% | 37.0% |
| Balance sheet | ||
| Net debt | −$197M | −$785M |
| Net debt / EBITDA | −0.4x | −0.9x |
| Dividends and buybacks | $142M | $451M |
| Valuation & quality | ||
| P/E | 9.1x | 13.4x |
| Piotroski F-score | 4 | 5 |
Revenue
FY16
AEO $3.6B
ANF $3.3B
FY17
AEO $3.8B
ANF $3.5B
FY18
AEO $4.0B
ANF $3.6B
FY19
AEO $4.3B
ANF $3.6B
FY20
AEO $3.8B
ANF $3.1B
FY21
AEO $5.0B
ANF $3.7B
FY22
AEO $5.0B
ANF $3.7B
FY23
AEO $5.3B
ANF $4.3B
FY24
AEO $5.3B
ANF $4.9B
FY25
AEO $5.5B
ANF $5.3B
AEO
ANF
Operating margin
FY16
AEO 9.2%
ANF 0.5%
FY17
AEO 8.0%
ANF 2.1%
FY18
AEO 8.4%
ANF 3.6%
FY19
AEO 5.4%
ANF 1.9%
FY20
AEO −7.2%
ANF −0.7%
FY21
AEO 11.8%
ANF 9.2%
FY22
AEO 5.0%
ANF 2.5%
FY23
AEO 4.2%
ANF 11.3%
FY24
AEO 8.0%
ANF 15.0%
FY25
AEO 4.1%
ANF 13.3%
AEO
ANF
Free cash flow
FY16
AEO $204M
ANF $44.3M
FY17
AEO $225M
ANF $181M
FY18
AEO $268M
ANF $201M
FY19
AEO $205M
ANF $97.9M
FY20
AEO $74.5M
ANF $303M
FY21
AEO $69.8M
ANF $181M
FY22
AEO $146M
ANF −$167M
FY23
AEO $406M
ANF $496M
FY24
AEO $254M
ANF $527M
FY25
AEO $195M
ANF $378M
AEO
ANF
Return on capital
FY16
AEO 26.0%
ANF 1.6%
FY17
AEO 26.0%
ANF 4.0%
FY18
AEO 30.2%
ANF 8.1%
FY19
AEO 21.5%
ANF 5.1%
FY20
AEO −30.8%
ANF −3.9%
FY21
AEO 46.9%
ANF —
FY22
AEO 12.6%
ANF 11.5%
FY23
AEO 11.6%
ANF 78.3%
FY24
AEO 23.3%
ANF 132.7%
FY25
AEO 11.5%
ANF 91.0%
AEO
ANF
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.