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Apparel retailer operating the Gap, Old Navy, Banana Republic and Athleta brands across value to premium price points.
Apparel retailer operating the Gap, Old Navy, Banana Republic and Athleta brands across value to premium price points.
Old Navy, the value brand, is the largest brand by far, with Gap, Banana Republic and Athleta smaller. Sells mainly through its own stores and websites, so it keeps full retail margin but carries inventory and lease costs. Products are mostly made by contract factories in Asia, so sourcing costs and tariffs matter.
Moat: narrow (brand, distribution). Long-established brand portfolio with wide store/digital reach, though facing intense mall-retail competition.
Headquarters: San Francisco, California, US · Founded: 1969 · Employees: 79,000
Size Gap (GAP) is a United States Consumer Discretionary company (Apparel/Footwear Retail) with a market value of $7.55B, the 924th largest of 3,117 United States companies the cockpit tracks. Shares closed at $21.48 on 6 Nov 2026.
Performance Over six months the shares fell 8.1%, against +14.1% for the median peer and -1.1% for the United States market (cap-weighted) — 6th lowest of 21 in its peer set.
Growth Revenue grew 1.1% over the last twelve months (peer median +10.9%); the operating margin is 10.8% (peer median 9.6%).
Valuation It trades at 8.4× forward earnings against a peer median of 17.4× (cheapest of 20).
Price implies For today's price to make sense, revenue must grow about -2% a year for seven years (Req g). Recent delivered growth is +2%, so the hurdle is -4 pp: the price already allows for a slowdown.
Capital Return on invested capital runs 7.1 points above its cost of capital (11.1% WACC).
Credit Gap has 2 bonds outstanding ($1.50B), rated BB+ by the agencies and trading like BBB- at a weighted spread of 118 bp.
Short interest Short interest is 6.8% of the free float (15 Oct 2026).
Next results Next results expected around 19 Nov 2026 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | $15.3B | $15.4B | $15.1B | $14.9B | $15.6B |
| Revenue growth | — | +2% | +1% | -5% | — |
| Gross profit | $6.62B | $6.26B | $6.21B | $5.76B | $5.32B |
| EBITDA | $2.17B | $1.59B | $1.60B | $1.14B | $443M |
| Net income | $1.25B | $816M | $844M | $502M | -$202M |
| Free cash flow | $957M | $823M | $1.04B | $1.11B | -$78.0M |
| Capital expenditure | $578M | $470M | $447M | $420M | $685M |
| Total debt | $5.72B | $5.61B | $5.47B | $5.44B | $6.02B |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g |
|---|---|---|---|---|---|---|
| Gap GAP | $7.55B | -8% | +1% | 11% | 8.4× | -2.3% |
| American Eagle Outfitters AEO | $3.34B | +19% | +8% | 9% | 11.1× | 0.9% |
| Abercrombie & Fitch ANF | $6.35B | +57% | +5% | 14% | 12.1× | -2.7% |
| Lululemon Athletica LULU | $12.8B | -16% | +2% | 18% | 13.4× | -8.9% |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | GAP | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -8.1% | +9.3% | 2nd lowest of 21 |
| 6-month return | -8.1% | +14.1% | 6th lowest of 21 |
| Distance from 52-week high | -26.8% | -12.3% | 9th lowest of 21 |
| Revenue growth (TTM) | +1.1% | +10.9% | 2nd lowest of 21 |
| Operating margin | 10.8% | 9.6% | 10th highest of 21 |
| Forward P/E | 8.4× | 17.4× | cheapest of 20 |
| Growth the price implies (Req g, 7 yrs) | -2.3% | 17.5% | 4th least demanding of 20 |
| Growth delivered (Del g) | +2.2% | +15.5% | 2nd lowest of 20 |
| Hurdle (Req g minus delivered) | -4.5 pp | -2.7 pp | 10th least demanding of 20 |
| ROIC minus cost of capital | +7.1 pp | +2.1 pp | 8th highest of 21 |
| EV / EBITDA | 5.0× | 12.4× | 2nd cheapest of 19 |
| Net debt / EBITDA | 1.5× | 1.1× | 8th most indebted of 19 |
| Bond spread | 118 bp | n/a | — |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Gap GAP | United States | $7.55B | -8% | +1% | 11% | 8.4× | -2.3% | +2.2% |
| Urban Outfitters URBN | United States | $7.26B | +18% | +11% | 10% | 13.1× | 6.9% | +12.3% |
| Victoria's Secret & VSXY | United States | $8.62B | +125% | +10% | 8% | 21.4× | 20.0% | +3.9% |
| Abercrombie & Fitch ANF | United States | $6.35B | +57% | +5% | 14% | 12.1× | -2.7% | +11.0% |
| JD Sports Fashion JD..L | United Kingdom | $6.03B | +37% | +2% | 7% | 9.0× | 1.4% | +15.5% |
| Meesho MEESHO.NS | India | $11.4B | +17% | +34% | -9% | n/a | n/a | n/a |
| SHIMAMURA 8227.T | Japan | $4.69B | +2% | +5% | 9% | 14.3× | -9.9% | +5.2% |
| Vishal Mega Mart VMM.NS | India | $4.67B | -25% | +18% | 9% | 43.8× | 32.3% | +19.4% |
| Aritzia ATZ.TO | Canada | $12.5B | +9% | +40% | 16% | 27.1× | 22.0% | +34.0% |
| Lpp LPP.WA | Poland | $13.0B | +36% | +15% | 13% | 17.4× | 17.5% | +24.1% |
| Boot Barn BOOT | United States | $3.92B | -20% | +17% | 14% | 14.6× | 14.3% | +20.3% |
| Burlington Stores BURL | United States | $15.5B | -19% | +11% | 8% | 20.5× | 18.2% | +14.9% |
| Allegro.eu ALE.WA | Poland | $15.5B | +97% | +8% | 20% | 30.8× | 22.1% | +23.4% |
| American Eagle Outfitters AEO | United States | $3.34B | +19% | +8% | 9% | 11.1× | 0.9% | +8.1% |
| Trent TRENT.NS | India | $17.4B | +8% | +18% | 12% | 75.1× | 60.1% | +50.6% |
| Sailvan Times 301381.SZ | China | $2.39B | +25% | +14% | 4% | 25.4× | 14.9% | +17.6% |
| Metro Brands METROBRAND.NS | India | $2.39B | -20% | +16% | 19% | 49.2× | 34.1% | +29.1% |
| Buckle BKE | United States | $2.16B | -20% | +6% | 22% | 10.3× | -5.2% | +7.6% |
| Tapestry TPR | United States | $26.4B | 0% | +14% | 24% | 15.8× | 9.0% | +6.9% |
| Capri CPRI | United States | $2.12B | +11% | -14% | 3% | 9.4× | 21.3% | -3.1% |
| Modivo MDV.WA | Poland | $2.01B | +29% | +4% | 2% | 34.1× | 23.3% | +15.9% |
Gap has 2 bonds outstanding with $1.50B face value. The agencies rate it BB+; its bonds trade like BBB-. Weighted yield 5.84%, a spread of 118 bp over government bonds.