Abercrombie & Fitch vs Buckle
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The short version
- Abercrombie & Fitch is the larger business, with $5.3B of revenue in fiscal 2025 against $1.3B for Buckle, about 4.1 times as much.
- Buckle kept more of each dollar of sales as operating profit (20.1% operating margin, against 13.3%).
- Buckle turned more of its sales into free cash flow (15.9% FCF margin, against 7.2%).
- Investors pay more for each dollar of Abercrombie & Fitch’s earnings: a P/E of 13.4x against 10.7x for Buckle.
| Latest fiscal year | ANF · FY25 | BKE · FY25 |
|---|---|---|
| Size | ||
| Market cap | $6.9B | $2.4B |
| Revenue | $5.3B | $1.3B |
| Free cash flow | $378M | $206M |
| Net income | $507M | $210M |
| Growth | ||
| Revenue growth | 6.4% | 6.6% |
| 5-year growth | 11.0% | 7.6% |
| Share count change | −8.5% | 0.8% |
| Profitability | ||
| Gross margin | — | 49.0% |
| Operating margin | 13.3% | 20.1% |
| Net margin | 9.6% | 16.2% |
| FCF margin | 7.2% | 15.9% |
| Return on capital | 91.0% | — |
| Return on equity | 37.0% | 49.4% |
| Balance sheet | ||
| Net debt | −$785M | — |
| Net debt / EBITDA | −0.9x | — |
| Dividends and buybacks | $451M | $225M |
| Valuation & quality | ||
| P/E | 13.4x | 10.7x |
| Piotroski F-score | 5 | — |
Revenue
FY16
ANF $3.3B
BKE $975M
FY17
ANF $3.5B
BKE $913M
FY18
ANF $3.6B
BKE $886M
FY19
ANF $3.6B
BKE $900M
FY20
ANF $3.1B
BKE $901M
FY21
ANF $3.7B
BKE $1.3B
FY22
ANF $3.7B
BKE $1.3B
FY23
ANF $4.3B
BKE $1.3B
FY24
ANF $4.9B
BKE $1.2B
FY25
ANF $5.3B
BKE $1.3B
ANF
BKE
Operating margin
FY16
ANF 0.5%
BKE 15.7%
FY17
ANF 2.1%
BKE 14.7%
FY18
ANF 3.6%
BKE 13.7%
FY19
ANF 1.9%
BKE 14.6%
FY20
ANF −0.7%
BKE 18.6%
FY21
ANF 9.2%
BKE 25.9%
FY22
ANF 2.5%
BKE 24.4%
FY23
ANF 11.3%
BKE 21.5%
FY24
ANF 15.0%
BKE 19.8%
FY25
ANF 13.3%
BKE 20.1%
ANF
BKE
Free cash flow
FY16
ANF $44.3M
BKE $117M
FY17
ANF $181M
BKE $106M
FY18
ANF $201M
BKE $98.7M
FY19
ANF $97.9M
BKE $123M
FY20
ANF $303M
BKE $220M
FY21
ANF $181M
BKE $293M
FY22
ANF −$167M
BKE $212M
FY23
ANF $496M
BKE $217M
FY24
ANF $527M
BKE $200M
FY25
ANF $378M
BKE $206M
ANF
BKE
Return on capital
FY16
ANF 1.6%
BKE —
FY17
ANF 4.0%
BKE —
FY18
ANF 8.1%
BKE —
FY19
ANF 5.1%
BKE —
FY20
ANF −3.9%
BKE —
FY21
ANF —
BKE —
FY22
ANF 11.5%
BKE —
FY23
ANF 78.3%
BKE —
FY24
ANF 132.7%
BKE —
FY25
ANF 91.0%
BKE —
ANF
BKE
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.