Latest Ratios: P/E Ratio 12.6x · EV/EBITDA 7.4x · ROE 36.6%. (1996–2025 historical series)
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $5.9B | $4.7B | $6.3B | $5.4B | $1.5B | $2.4B | $1.4B | $1.1B | $1.5B | $1.4B | $793M |
| Enterprise Value | $6.3B | $5.1B | $6.5B | $5.5B | $2.2B | $2.8B | $1.9B | $2.2B | $1.1B | $1.1B | $555M |
| P/E Ratio → | 12.64 | 9.33 | 11.17 | 16.38 | 579.20 | 9.29 | — | 27.27 | 20.06 | 207.10 | 193.50 |
| P/S Ratio | 1.13 | 0.90 | 1.28 | 1.26 | 0.41 | 0.66 | 0.46 | 0.30 | 0.42 | 0.41 | 0.24 |
| P/B Ratio | 4.51 | 3.33 | 4.68 | 5.12 | 2.14 | 2.92 | 1.52 | 1.00 | 1.23 | 1.15 | 0.63 |
| P/FCF | 15.70 | 12.51 | 11.99 | 10.84 | — | 13.51 | 4.76 | 10.99 | 7.47 | 8.04 | 18.12 |
| P/OCF | 9.60 | 7.64 | 8.90 | 8.22 | — | 8.79 | 3.56 | 3.58 | 4.24 | 5.03 | 4.29 |
P/E links to full P/E history page with 30-year chart
Enterprise-value multiples — capital-structure-neutral measures of total business value
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 0.98 | 1.31 | 1.29 | 0.60 | 0.77 | 0.60 | 0.60 | 0.30 | 0.30 | 0.17 |
| EV / EBITDA | 7.43 | 6.02 | 7.27 | 8.82 | 9.88 | 5.84 | 12.95 | 8.91 | 3.51 | 3.98 | 2.64 |
| EV / EBIT | 9.08 | 7.11 | 8.33 | 10.73 | 22.85 | 8.20 | — | 31.00 | 7.70 | 13.59 | 28.32 |
| EV / FCF | — | 13.59 | 12.33 | 11.14 | — | 15.73 | 6.23 | 22.19 | 5.34 | 5.94 | 12.69 |
Margins and return-on-capital ratios measuring operating efficiency
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 61.5% | 61.5% | 64.2% | 62.9% | 56.9% | 62.3% | 60.5% | 59.4% | 60.2% | 59.7% | 61.0% |
| Operating Margin | 13.3% | 13.3% | 15.0% | 11.3% | 2.5% | 9.2% | -0.7% | 1.9% | 3.5% | 2.1% | 0.5% |
| Net Profit Margin | 9.6% | 9.6% | 11.4% | 7.7% | 0.1% | 7.1% | -3.6% | 1.1% | 2.1% | 0.2% | 0.1% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 36.6% | 36.6% | 47.2% | 37.4% | 0.4% | 29.4% | -11.3% | 3.4% | 6.0% | 0.6% | 0.3% |
| ROA | 14.8% | 14.8% | 18.0% | 11.5% | 0.1% | 8.4% | -3.3% | 1.3% | 3.2% | 0.3% | 0.2% |
| ROIC | 31.2% | 31.2% | 40.7% | 27.8% | 5.2% | 19.5% | -0.9% | 3.6% | 11.4% | 5.7% | 1.1% |
| ROCE | 30.3% | 30.3% | 35.4% | 25.4% | 5.0% | 16.0% | -0.8% | 3.1% | 7.0% | 4.0% | 0.8% |
Solvency and debt-coverage ratios — lower is generally safer
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 0.82 | 0.82 | 0.70 | 1.00 | 1.73 | 1.46 | 1.63 | 1.65 | 0.24 | 0.24 | 0.25 |
| Debt / EBITDA | 1.37 | 1.37 | 1.06 | 1.68 | 5.44 | 2.51 | 10.63 | 7.25 | 0.97 | 1.13 | 1.47 |
| Net Debt / Equity | — | 0.29 | 0.13 | 0.14 | 1.00 | 0.48 | 0.47 | 1.02 | -0.35 | -0.30 | -0.19 |
| Net Debt / EBITDA | 0.48 | 0.48 | 0.20 | 0.24 | 3.14 | 0.82 | 3.06 | 4.50 | -1.40 | -1.41 | -1.13 |
| Debt / FCF | — | 1.08 | 0.34 | 0.30 | — | 2.22 | 1.47 | 11.20 | -2.13 | -2.10 | -5.44 |
| Interest Coverage | 304.48 | 304.48 | 64.65 | 16.96 | 3.22 | 9.14 | -0.54 | 3.04 | 6.11 | 3.40 | 0.85 |
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 1.49 | 1.49 | 1.48 | 1.59 | 1.36 | 1.49 | 1.73 | 1.55 | 2.39 | 2.49 | 2.34 |
| Quick Ratio | 0.95 | 0.95 | 0.97 | 1.10 | 0.80 | 0.97 | 1.31 | 1.02 | 1.61 | 1.66 | 1.52 |
| Cash Ratio | 0.71 | 0.71 | 0.79 | 0.93 | 0.57 | 0.81 | 1.15 | 0.82 | 1.29 | 1.33 | 1.13 |
| Asset Turnover | — | 1.49 | 1.50 | 1.44 | 1.36 | 1.26 | 0.94 | 1.02 | 1.50 | 1.50 | 1.45 |
| Inventory Turnover | 3.37 | 3.37 | 3.09 | 3.38 | 3.15 | 2.66 | 3.05 | 3.39 | 3.27 | 3.32 | 3.25 |
| Days Sales Outstanding | — | 10.17 | 7.77 | 6.68 | 10.32 | 6.79 | 9.79 | 8.08 | 7.43 | 8.33 | 10.25 |
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | — | — | — | — | — | — | 0.9% | 4.8% | 3.6% | 3.8% | 6.8% |
| Payout Ratio | — | — | — | — | — | — | — | 130.9% | 72.1% | 766.7% | 1366.7% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 7.9% | 10.7% | 9.0% | 6.1% | 0.2% | 10.8% | — | 3.7% | 5.0% | 0.5% | 0.5% |
| FCF Yield | 6.4% | 8.0% | 8.3% | 9.2% | — | 7.4% | 21.0% | 9.1% | 13.4% | 12.4% | 5.5% |
| Buyback Yield | 7.6% | 9.5% | 4.7% | 0.5% | 9.3% | 15.4% | 1.1% | 5.9% | 4.6% | 0.0% | 0.0% |
| Total Shareholder Yield | 7.6% | 9.5% | 4.7% | 0.5% | 9.3% | 15.4% | 1.9% | 10.7% | 8.2% | 3.8% | 6.8% |
| Shares Outstanding | — | $48M | $53M | $53M | $52M | $63M | $63M | $66M | $69M | $69M | $68M |
Includes 30+ ratios · 30 years · Updated daily
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Quick answers to the most common questions about buying ANF stock.
Abercrombie & Fitch Co.'s current P/E ratio is 12.6x. The historical average is 29.1x. This places it at the 19th percentile of its historical range.
Abercrombie & Fitch Co.'s current EV/EBITDA is 7.4x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 8.0x.
Abercrombie & Fitch Co.'s return on equity (ROE) is 36.6%. This is above the typical threshold of 15-20% considered good for most companies. The historical average is 32.3%.
Based on historical data, Abercrombie & Fitch Co. is trading at a P/E of 12.6x. This is at the 19th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
Abercrombie & Fitch Co. has 61.5% gross margin and 13.3% operating margin. Operating margin between 10-20% is typical for established companies.
Abercrombie & Fitch Co.'s Debt/EBITDA ratio is 1.4x, indicating moderate leverage. A ratio below 2x is generally considered financially healthy.
Key Metrics
Top Statement Risk
Elevated working capital volatility
Metrics are mathematically derived from official filings.
Valuation Reflects Cyclical, Not Structural, Repricing
ANF's forward P/E of 14.76 appears to price in a deceleration from current growth, as the multiple is modestly above its 10-quarter average and sits below the peer median for profitability-adjusted growth, suggesting the market doubts the permanence of its margin expansion.
The company's valuation multiples, while low on an absolute basis, are elevated relative to its own history when adjusted for the explosive earnings growth. The forward EV/EBITDA of 7.30, for example, is well below the peer median of 10.77 for URBN, yet ANF's net margin of 14.5% is nearly double that of its closest comp, AEO. This disconnect implies the market is applying a significant discount for perceived cyclicality, pricing the stock as if its current peak margins will revert, rather than re-rating it to reflect a structurally higher return profile.
Margin Expansion Drives Structural Earning Power
The surge in gross margin to a record 71.1% in the latest quarter, as reported in the financial statements, indicates a fundamental shift in brand pricing power that is the primary driver of the 19.9% operating margin, marking a stark departure from historical promotional levels.
Decomposing the profitability trend reveals that operating leverage, not just revenue growth, is the core story. Net margin has expanded from 11.2% in 2024Q1 to 14.5% in 2026Q2, a gain driven by gross margin improvement of nearly 500 basis points and disciplined SG&A control. This suggests the company's move toward a 'full-price selling' model has successfully translated to the bottom line, with the most recent quarter demonstrating an ability to convert sales into profit at a rate significantly above its five-year average and most mall-based peers.
ROIC Surge Indicates Compounding from Margin Gain
Return on invested capital has accelerated from a low of 3.3% in 2026Q1 to 9.3% in 2026Q2, a trajectory that suggests the brand turnaround is now generating meaningful economic returns above the company's estimated cost of capital, based on the provided ratio data.
The ROIC expansion appears to be margin-driven rather than purely efficiency-driven. While asset turnover has remained relatively stable around 0.36-0.38, the surge in operating margin from 7.7% to 19.9% over the same period is the key lever. This indicates the company is creating value by extracting more profit from its existing asset base, a positive signal that the profitability improvements are flowing directly to returns on the capital invested in the business.
Working Capital Swings Reflect Volatile Inventory Cycle
The cash conversion cycle widened to 76 days in 2026Q2 from 41 days in 2024Q4, a deterioration primarily driven by a sharp increase in days inventory outstanding to 140 days, which may indicate a mismatch between production and current demand trends.
The efficiency metrics reveal a significant source of cash flow volatility. DSO has remained stable, but the surge in DIO to 140 days, up from a low of 90 days in 2025Q4, is a red flag for inventory management in a fashion-sensitive business. This buildup, combined with a shorter DPO of 76 days, has stretched the CCC and likely contributed to the negative free cash flow margin in the first quarter. Investors should monitor whether this is a strategic inventory build for upcoming seasons or a sign of slowing sell-through that could pressure margins.
Misapplied Metric: The Price-to-Sales Ratio
The P/S ratio of 1.24 is the most dangerously misleading metric for ANF because it completely ignores the radical improvement in margin structure, making the company appear comparable to lower-margin peers while obscuring its dramatically higher profitability per dollar of sales.
Applying a P/S multiple to ANF without accounting for its 14.5% net margin versus AEO's 3.5% is an analytical error. The market's use of this metric can create a false sense of relative cheapness. A more appropriate metric would be Price-to-FCF or EV/EBITDA, which incorporate ANF's superior cash conversion and earnings power. The current P/S level is actually a premium to some higher-volume but lower-margin peers, which may be the correct pricing for its improved business model, but the ratio itself is an inadequate tool for that comparison.