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Intimate apparel and beauty retailer operating Victoria's Secret, PINK and Adore Me brands for lingerie, sleepwear and beauty.
Intimate apparel and beauty retailer operating Victoria's Secret, PINK and Adore Me brands for lingerie, sleepwear and beauty.
Sells mainly through its own mall and street stores and its website, with partners running licensed stores abroad, so results depend on store traffic and promotions. It was spun off from L Brands, now Bath & Body Works, in 2021, then bought Adore Me, a digital-first apparel brand, in 2022 and has been reworking its brand image.
Moat: narrow (brand, distribution). Long-dominant lingerie brand recognition, though market share has eroded to newer, more inclusive brands.
Headquarters: Columbus, Ohio, US · Founded: 2021 · Employees: 33,000
Size Victoria's Secret & (VSXY) is a United States Consumer Discretionary company (Apparel/Footwear Retail) with a market value of $8.62B, the 852nd largest of 3,117 United States companies the cockpit tracks. Shares closed at $108.05 on 6 Nov 2026.
Performance Over six months the shares gained 124.9%, against +9.2% for the median peer and -1.1% for the United States market (cap-weighted) — highest of 20 in its peer set.
Growth Revenue grew 10.3% over the last twelve months (peer median +11.0%); the operating margin is 7.8% (peer median 10.8%).
Valuation It trades at 21.4× forward earnings against a peer median of 16.6× (8th most expensive of 19).
Price implies For today's price to make sense, revenue must grow about 20% a year for seven years (Req g). Recent delivered growth is +4%, so the hurdle is +16 pp: the price needs faster growth than the company has been delivering — of companies that just grew 25–50% a year, 93.8% slowed down over the next four years.
Capital Return on invested capital runs 0.7 points below its cost of capital (12.9% WACC).
Credit Victoria's Secret & has 1 bond outstanding ($600M), rated BB- by the agencies and trading like BB at a weighted spread of 133 bp.
Short interest Short interest is 12.4% of the free float (15 Oct 2026).
Next results Next results expected around 2 Dec 2026 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | $6.91B | $6.55B | $6.23B | $6.18B | $6.34B |
| Revenue growth | — | +5% | +1% | -3% | — |
| Gross profit | $2.60B | $2.37B | $2.26B | $2.25B | $2.27B |
| EBITDA | $757M | $648M | $601M | $586M | $787M |
| Net income | $378M | $161M | $165M | $109M | $348M |
| Free cash flow | $554M | $312M | $247M | $133M | $273M |
| Capital expenditure | $204M | $187M | $178M | $256M | $164M |
| Total debt | $2.90B | $2.85B | $2.70B | $2.70B | $2.79B |
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 |
|---|---|---|---|---|---|---|
| Victoria's Secret & VSXY | $8.62B | +125% | +10% | 8% | 21.4× | 20.0% |
| American Eagle Outfitters AEO | $3.34B | +19% | +8% | 9% | 11.1× | 0.9% |
| Bath & Body Works BBWI | $4.31B | +8% | -2% | 15% | 8.3× | -8.8% |
| PVH PVH | $4.15B | +1% | +2% | 8% | 8.1× | 2.5% |
| Gap GAP | $7.55B | -8% | +1% | 11% | 8.4× | -2.3% |
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 | VSXY | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | +24.8% | +6.5% | 2nd highest of 20 |
| 6-month return | +124.9% | +9.2% | highest of 20 |
| Distance from 52-week high | -2.0% | -11.5% | highest of 20 |
| Revenue growth (TTM) | +10.3% | +11.0% | 9th lowest of 20 |
| Operating margin | 7.8% | 10.8% | 4th lowest of 20 |
| Forward P/E | 21.4× | 16.6× | 8th most expensive of 19 |
| Growth the price implies (Req g, 7 yrs) | 20.0% | 11.7% | 6th most demanding of 19 |
| Growth delivered (Del g) | +3.9% | +15.2% | 2nd lowest of 19 |
| Hurdle (Req g minus delivered) | +16.1 pp | -4.9 pp | most demanding of 19 |
| ROIC minus cost of capital | -0.7 pp | +4.9 pp | 4th lowest of 20 |
| EV / EBITDA | 14.6× | 10.5× | 6th most expensive of 18 |
| Net debt / EBITDA | 3.1× | 1.0× | 2nd most indebted of 18 |
| Bond spread | 133 bp | 118 bp | widest of 4 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Victoria's Secret & VSXY | United States | $8.62B | +125% | +10% | 8% | 21.4× | 20.0% | +3.9% |
| 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% |
| Meesho MEESHO.NS | India | $11.4B | +17% | +34% | -9% | n/a | n/a | n/a |
| 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% |
| 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% |
| 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% |
| 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% |
| Trent TRENT.NS | India | $17.4B | +8% | +18% | 12% | 75.1× | 60.1% | +50.6% |
| Boot Barn BOOT | United States | $3.92B | -20% | +17% | 14% | 14.6× | 14.3% | +20.3% |
| American Eagle Outfitters AEO | United States | $3.34B | +19% | +8% | 9% | 11.1× | 0.9% | +8.1% |
| Tapestry TPR | United States | $26.4B | 0% | +14% | 24% | 15.8× | 9.0% | +6.9% |
| H&M Hennes & Mauritz HM-B.ST | Sweden | $29.1B | +12% | -4% | 9% | 22.3× | 4.5% | +4.1% |
| 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% |
Victoria's Secret & has 1 bond outstanding with $600M face value. The agencies rate it BB-; its bonds trade like BB. Weighted yield 5.84%, a spread of 133 bp over government bonds.