VSXYNYSERetail-Women's Clothing StoresFiscal year ends January 30
Victoria's Secret & Co.
Financials through Q2 FY2026, quarter ended Aug 1, 2026Last filing: 10-Q on Sep 4, 2026
$89.98+2.64 (+3.02%)
Close on Oct 19, 2026
- Market cap
- $7.56B
- P/E (TTM)
- 21.0
- Dividend yield
- –
Margins
Share of revenue, fiscal years 2018 to 2025
Gross margin
36.4%+7.4 pts over 5 years
Operating margin
4.1%+6.0 pts over 5 years
Net margin
2.5%+3.8 pts over 5 years
Growth rates
Compound annual growth to fiscal 2025
| Per year | 1 year | 3 years | 5 years | 10 years | Five-year pace |
|---|---|---|---|---|---|
| Revenue | +5.2% | +1.1% | +3.9% | – | |
| Gross profit | +4.4% | +1.8% | +8.7% | – | |
| Operating income | -12.6% | -17.2% | – | – | |
| Net income | -2.4% | -22.7% | – | – | |
| EPS, diluted | -5.9% | -22.5% | – | – | |
| Free cash flow | +26.3% | +4.6% | -10.6% | – |
Returns and balance sheet
8 fiscal years. Hover a measure to see how it is calculated.
| Measure | FY2018 | FY2020 | FY2025 | Trend |
|---|---|---|---|---|
| Return on equity | – | – | 21.5% | |
| Return on assets | – | – | 3.4% | |
| Current ratio | – | 0.80 | 1.25 | |
| Debt to equity | – | 0.11 | 1.14 | |
| Net debt to EBITDA | – | – | 0.90× | |
| Interest coverage | – | -16.8× | 3.9× | |
| Inventory turnover | – | – | 4.1× | |
| Capex to revenue | – | 2.3% | 2.9% | |
| Diluted shares | – | 88M | 83M |
Where the cash went
Fiscal 2021 to 2025, five years combined
Victoria's Secret generated $2.60B from operations and spent $1.58B on capital expenditure, dividends and share buybacks. 60% of that went back into the business.
Generated
$2.60B
Used
$1.58B
Capital expenditure$954.00M60%Dividends$00%Share buybacks$625.00M40%
DuPont analysis
Return on equity split into margin, efficiency and leverage
Net margin2.5%
×Asset turnover1.37×
×Equity multiplier6.38×
=Return on equity, FY202521.5%
| Fiscal year | Net margin | Asset turnover | Equity multiplier | Return on equity |
|---|---|---|---|---|
| FY2025 | 2.5% | 1.37× | 6.38× | 21.5% |
| FY2024 | 2.6% | 1.36× | 8.64× | 31.2% |
| FY2023 | 1.8% | 1.33× | 11.64× | 27.2% |
| FY2022 | 5.5% | 1.40× | 14.15× | 108.8% |
| FY2021 | 9.5% | 1.58× | 7.47× | 112.5% |
Piotroski F-Score
Nine tests of profitability, balance sheet and efficiency, fiscal 2025 against fiscal 2024
6of 9 tests passed in fiscal 2025. Scores of 7 to 9 are usually read as strong.
- ProfitableNet income above zero$161.00M
- Cash generatingOperating cash flow above zero$499.00M
- Return on assets improvedROA up on the prior year3.6% → 3.6%
- Earnings backed by cashOperating cash flow above net income$499.00M vs $161.00M
- Less leverageLong-term debt to assets fell21.5% → 19.4%
- Better liquidityCurrent ratio rose1.05 → 1.25
- No dilutionShare count did not rise81M → 83M
- Gross margin improvedGross margin up on the prior year36.66% → 36.38%
- More efficientAsset turnover rose1.35 → 1.45