Abercrombie & Fitch vs Victoria's Secret
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The short version
- Victoria's Secret is the larger business, with $6.6B of revenue in fiscal 2025 against $5.3B for Abercrombie & Fitch.
- Abercrombie & Fitch grew revenue faster (6.4%, against 5.2%).
- 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 4.8%).
- Abercrombie & Fitch earned a higher return on the capital invested in it (91.0%, against 17.7%).
- Investors pay more for each dollar of Victoria's Secret’s earnings: a P/E of 20.2x against 13.4x for Abercrombie & Fitch.
| Latest fiscal year | ANF · FY25 | VSXY · FY25 |
|---|---|---|
| Size | ||
| Market cap | $6.9B | $7.6B |
| Revenue | $5.3B | $6.6B |
| Free cash flow | $378M | $312M |
| Net income | $507M | $161M |
| Growth | ||
| Revenue growth | 6.4% | 5.2% |
| 5-year growth | 11.0% | 3.9% |
| Share count change | −8.5% | 2.5% |
| Profitability | ||
| Gross margin | — | 36.4% |
| Operating margin | 13.3% | 4.1% |
| Net margin | 9.6% | 2.5% |
| FCF margin | 7.2% | 4.8% |
| Return on capital | 91.0% | 17.7% |
| Return on equity | 37.0% | 21.5% |
| Balance sheet | ||
| Net debt | −$785M | $457M |
| Net debt / EBITDA | −0.9x | 0.9x |
| Dividends and buybacks | $451M | $0.0M |
| Valuation & quality | ||
| P/E | 13.4x | 20.2x |
| Piotroski F-score | 5 | 6 |
Revenue
FY16
ANF $3.3B
VSXY —
FY17
ANF $3.5B
VSXY —
FY18
ANF $3.6B
VSXY —
FY19
ANF $3.6B
VSXY $7.5B
FY20
ANF $3.1B
VSXY $5.4B
FY21
ANF $3.7B
VSXY $6.8B
FY22
ANF $3.7B
VSXY $6.3B
FY23
ANF $4.3B
VSXY $6.2B
FY24
ANF $4.9B
VSXY $6.2B
FY25
ANF $5.3B
VSXY $6.6B
ANF
VSXY
Operating margin
FY16
ANF 0.5%
VSXY —
FY17
ANF 2.1%
VSXY —
FY18
ANF 3.6%
VSXY —
FY19
ANF 1.9%
VSXY −11.9%
FY20
ANF −0.7%
VSXY −1.9%
FY21
ANF 9.2%
VSXY 12.8%
FY22
ANF 2.5%
VSXY 7.5%
FY23
ANF 11.3%
VSXY 4.0%
FY24
ANF 15.0%
VSXY 5.0%
FY25
ANF 13.3%
VSXY 4.1%
ANF
VSXY
Free cash flow
FY16
ANF $44.3M
VSXY —
FY17
ANF $181M
VSXY —
FY18
ANF $201M
VSXY —
FY19
ANF $97.9M
VSXY $90.0M
FY20
ANF $303M
VSXY $547M
FY21
ANF $181M
VSXY $682M
FY22
ANF −$167M
VSXY $273M
FY23
ANF $496M
VSXY $133M
FY24
ANF $527M
VSXY $247M
FY25
ANF $378M
VSXY $312M
ANF
VSXY
Return on capital
FY16
ANF 1.6%
VSXY —
FY17
ANF 4.0%
VSXY —
FY18
ANF 8.1%
VSXY —
FY19
ANF 5.1%
VSXY —
FY20
ANF −3.9%
VSXY —
FY21
ANF —
VSXY 95.1%
FY22
ANF 11.5%
VSXY 38.8%
FY23
ANF 78.3%
VSXY 15.3%
FY24
ANF 132.7%
VSXY 17.5%
FY25
ANF 91.0%
VSXY 17.7%
ANF
VSXY
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.