SharkNinja vs Victoria's Secret
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KIRA’s take AI analyst
I put SharkNinja and Victoria's Secret side by side, using each one’s latest annual report. Here is what stands out:
- Victoria's Secret is the larger business, with $6.6B of revenue in fiscal 2025 against $6.4B for SharkNinja.
- SharkNinja grew revenue faster (15.8%, against 5.2%).
- SharkNinja kept more of each dollar of sales as operating profit (14.4% operating margin, against 4.1%).
- SharkNinja turned more of its sales into free cash flow (7.6% FCF margin, against 4.8%).
- SharkNinja earned a higher return on the capital invested in it (28.8%, against 17.7%).
Who comes out ahead
Of the 10 measures where higher (or lower) is clearly better, how many each company leads.
SharkNinja
SN
9/10
Revenue growthGross marginOperating marginNet marginFCF marginReturn on capitalReturn on equityNet debt / EBITDAShare count change
Victoria's Secret
VSXY
0/10
Side by side
Best in the row
| Latest fiscal year | SN FY25 | VSXY FY25 |
|---|---|---|
| Size | ||
| Market cap | $28.1B | $8.0B |
| Revenue | $6.4B | $6.6B |
| Free cash flow | $488M | $312M |
| Net income | $701M | $161M |
| Growth | ||
| Revenue growth | 15.8% | 5.2% |
| 5-year growth | — | 3.9% |
| Share count change | 0.7% | 2.5% |
| Profitability | ||
| Gross margin | 49.0% | 36.4% |
| Operating margin | 14.4% | 4.1% |
| Net margin | 11.0% | 2.5% |
| FCF margin | 7.6% | 4.8% |
| Return on capital | 28.8% | 17.7% |
| Return on equity | 30.4% | 21.5% |
| Balance sheet | ||
| Net debt | −$41.2M | $457M |
| Net debt / EBITDA | −0.0x | 0.9x |
| Dividends and buybacks | $0.0M | $0.0M |
| Valuation & quality | ||
| P/E | — | 21.1x |
| Piotroski F-score | 6 | 6 |
Ten years
Revenue
FY19
SN —
VSXY $7.5B
FY20
SN —
VSXY $5.4B
FY21
SN $3.7B
VSXY $6.8B
FY22
SN $3.7B
VSXY $6.3B
FY23
SN $4.3B
VSXY $6.2B
FY24
SN $5.5B
VSXY $6.2B
FY25
SN $6.4B
VSXY $6.6B
SN
VSXY
Operating margin
FY19
SN —
VSXY −11.9%
FY20
SN —
VSXY −1.9%
FY21
SN 11.8%
VSXY 12.8%
FY22
SN 8.7%
VSXY 7.5%
FY23
SN 8.8%
VSXY 4.0%
FY24
SN 11.7%
VSXY 5.0%
FY25
SN 14.4%
VSXY 4.1%
SN
VSXY
Free cash flow
FY19
SN —
VSXY $90.0M
FY20
SN —
VSXY $547M
FY21
SN $181M
VSXY $682M
FY22
SN $125M
VSXY $273M
FY23
SN $158M
VSXY $133M
FY24
SN $309M
VSXY $247M
FY25
SN $488M
VSXY $312M
SN
VSXY
Return on capital
FY19
SN —
VSXY —
FY20
SN —
VSXY —
FY21
SN —
VSXY 95.1%
FY22
SN —
VSXY 38.8%
FY23
SN 10.2%
VSXY 15.3%
FY24
SN 22.1%
VSXY 17.5%
FY25
SN 28.8%
VSXY 17.7%
SN
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.