Ross Stores vs Victoria's Secret
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KIRA’s take AI analyst
I put Ross Stores and Victoria's Secret side by side, using each one’s latest annual report. Here is what stands out:
- Ross Stores is the larger business, with $22.8B of revenue in fiscal 2025 against $6.6B for Victoria's Secret, about 3.5 times as much.
- Ross Stores grew revenue faster (7.7%, against 5.2%).
- Ross Stores kept more of each dollar of sales as operating profit (11.9% operating margin, against 4.1%).
- Ross Stores turned more of its sales into free cash flow (9.7% FCF margin, against 4.8%).
- Ross Stores earned a higher return on the capital invested in it (67.0%, against 17.7%).
- Investors pay more for each dollar of Ross Stores’s earnings: a P/E of 27.8x against 20.2x for Victoria's Secret.
Who comes out ahead
Of the 11 measures where higher (or lower) is clearly better, how many each company leads.
Ross Stores
ROST
9/11
Revenue growth5-year growthOperating marginNet marginFCF marginReturn on capitalReturn on equityNet debt / EBITDAShare count change
Victoria's Secret
VSXY
1/11
Gross margin
Side by side
Best in the row
| Latest fiscal year | ROST FY25 | VSXY FY25 |
|---|---|---|
| Size | ||
| Market cap | $73.2B | $7.6B |
| Revenue | $22.8B | $6.6B |
| Free cash flow | $2.2B | $312M |
| Net income | $2.1B | $161M |
| Growth | ||
| Revenue growth | 7.7% | 5.2% |
| 5-year growth | 12.7% | 3.9% |
| Share count change | −2.0% | 2.5% |
| Profitability | ||
| Gross margin | 27.7% | 36.4% |
| Operating margin | 11.9% | 4.1% |
| Net margin | 9.4% | 2.5% |
| FCF margin | 9.7% | 4.8% |
| Return on capital | 67.0% | 17.7% |
| Return on equity | 36.7% | 21.5% |
| Balance sheet | ||
| Net debt | −$3.1B | $457M |
| Net debt / EBITDA | −1.0x | 0.9x |
| Dividends and buybacks | $1.6B | $0.0M |
| Valuation & quality | ||
| P/E | 27.8x | 20.2x |
| Piotroski F-score | 6 | 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.