Victoria's Secret & Co. (VSCO) 10-Year Financial Performance & Capital Metrics

VSCO • • Industrial / General

Consumer CyclicalApparel RetailSpecialty & Niche Apparel RetailersPlus-Size & Big & Tall Specialists

AboutVictoria's Secret & Co. operates as a specialty retailer of women's intimate, personal care, and beauty products worldwide. The company offers bras, panties, lingerie, sleepwear, loungewear, and athletic attire and swimwear, as well as fragrances and body care products, and accessories under the Victoria's Secret and PINK brands. As of March 2, 2022, it operated approximately 1,400 retail stores. The company was incorporated in 2021 and is headquartered in Reynoldsburg, Ohio.Show more

Revenue $6.23B +0.8%
EBITDA $566M +6.8%
Net Income $165M +51.4%
EPS (Diluted) 2.04 +46.8%
Gross Margin 36.66% +0.8%
EBITDA Margin 9.09% +6.0%
Operating Margin 4.98% +25.0%
Net Margin 2.65% +50.2%
ROE 29.95% +15.2%
ROIC 7.74% +18.1%
Debt/Equity 4.06 -34.2%
Interest Coverage 3.60 +45.1%

Technical Analysis

Key Insights

Based on financial data analysis

✓Strengths

✓Excellent 3Y average ROE of 53.9%
✓Strong Piotroski F-Score: 7/9
✓Momentum leader: RS Rating 96 (top 4%)
✓High quality earnings: Operating CF exceeds net income
✓Efficient asset utilization: 1.4x turnover

✗Weaknesses

✗High debt to equity ratio of 4.1x

Price & Volume

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Growth Metrics

Revenue CAGR

10Y-

5Y-3.67%

3Y-2.8%

TTM2.97%

Profit (Net Income) CAGR

10Y-

5Y-

3Y-36.55%

TTM11.53%

EPS CAGR

10Y-

5Y-

3Y-34.26%

TTM6.01%

ROCE

10Y Avg6.83%

5Y Avg12.86%

3Y Avg11.56%

Latest10.09%

Peer Comparison

Plus-Size & Big & Tall Specialists

Name	Market Cap	Current Price	P/E Ratio	Revenue Growth 1Y	Net Margin	ROE	FCF Yield	Debt/Equity
VSCOVictoria's Secret & Co.	4.86B	60.60	29.71	0.78%	2.67%	24.77%	5.08%	4.06
DXLGDestination XL Group, Inc.	48.64M	0.89	17.80	-10.5%	-1.73%	-5.57%	3.82%	1.31
CURVTorrid Holdings Inc.	130.94M	1.32	8.80	-4.18%	-0.18%		48.11%
JILLJ.Jill, Inc.	255.15M	16.88	6.47	1.02%	5.6%	26.08%	19.9%	1.97

Profit & Loss

	Jan 2020	Jan 2021	Jan 2022	Jan 2023	Jan 2024	Jan 2025
Sales/Revenue+	7.51B	5.41B	6.78B	6.34B	6.18B	6.23B
Revenue Growth %	-	-0.28%	0.25%	-0.06%	-0.03%	0.01%
Cost of Goods Sold+	5.45B	3.84B	4.02B	4.09B	3.93B	3.95B
COGS % of Revenue	0.73%	0.71%	0.59%	0.64%	0.64%	0.63%
Gross Profit+	2.06B	1.57B	2.76B	2.26B	2.25B	2.28B
Gross Margin %	0.27%	0.29%	0.41%	0.36%	0.36%	0.37%
Gross Profit Growth %	-	-0.24%	0.76%	-0.18%	-0%	0.02%
Operating Expenses+	2.23B	1.67B	1.89B	1.78B	2B	1.97B
OpEx % of Revenue	0.3%	0.31%	0.28%	0.28%	0.32%	0.32%
Selling, General & Admin	2.23B	1.67B	1.89B	1.74B	1.95B	1.97B
SG&A % of Revenue	0.3%	0.31%	0.28%	0.27%	0.31%	0.32%
Research & Development	0	0	0	0	0	0
R&D % of Revenue	-	-	-	-	-	-
Other Operating Expenses	0	0	501K	36M	49M	0
Operating Income+	-892M	-101M	870M	478M	246M	310M
Operating Margin %	-0.12%	-0.02%	0.13%	0.08%	0.04%	0.05%
Operating Income Growth %	-	0.89%	9.61%	-0.45%	-0.49%	0.26%
EBITDA+	-481M	225M	1.17B	752M	530M	566M
EBITDA Margin %	-0.06%	0.04%	0.17%	0.12%	0.09%	0.09%
EBITDA Growth %	-	1.47%	4.21%	-0.36%	-0.3%	0.07%
D&A (Non-Cash Add-back)	411M	326M	303M	274M	284M	256M
EBIT	-891M	-100M	870M	477M	246M	307M
Net Interest Income+	-8M	-6M	-27M	-60M	-99M	-85.68M
Interest Income	0	0	0	0	0	0
Interest Expense	8M	6M	27M	60M	99M	86M
Other Income/Expense	-7M	-5M	-27M	-61M	-99M	-89M
Pretax Income+	-899M	-106M	843.12M	417M	147M	221M
Pretax Margin %	-0.12%	-0.02%	0.12%	0.07%	0.02%	0.04%
Income Tax+	-2M	-34M	196.74M	79M	31M	52M
Effective Tax Rate %	1%	0.68%	0.77%	0.83%	0.74%	0.75%
Net Income+	-897M	-72M	646M	348M	109M	165M
Net Margin %	-0.12%	-0.01%	0.1%	0.05%	0.02%	0.03%
Net Income Growth %	-	0.92%	9.97%	-0.46%	-0.69%	0.51%
Net Income (Continuing)	-897M	-72M	646M	338M	116M	169M
Discontinued Operations	0	0	0	0	0	0
Minority Interest	2M	0	0	18M	21M	24M
EPS (Diluted)+	-9.70	-0.79	7.18	4.14	1.39	2.04
EPS Growth %	-	0.92%	10.09%	-0.42%	-0.66%	0.47%
EPS (Basic)	-9.70	-0.79	7.60	4.24	1.40	2.09
Diluted Shares Outstanding	91.58M	91.58M	90M	84M	79M	80.73M
Basic Shares Outstanding	92.51M	91.58M	85M	82M	78M	79M
Dividend Payout Ratio	-	-	-	-	-	-

Balance Sheet

	Jan 2020	Jan 2021	Jan 2022	Jan 2023	Jan 2024	Jan 2025
Total Current Assets+	1.36B	1.24B	1.69B	1.74B	1.53B	1.44B
Cash & Short-Term Investments	245M	335M	490M	427M	270M	227M
Cash Only	245M	335M	490M	427M	270M	227M
Short-Term Investments	0	0	0	0	0	0
Accounts Receivable	157M	121M	162M	141M	152M	159M
Days Sales Outstanding	7.63	8.16	8.72	8.11	8.97	9.32
Inventory	855M	701M	949M	1.05B	985M	955M
Days Inventory Outstanding	57.3	66.6	86.07	93.97	91.41	88.34
Other Current Assets	52M	56M	90M	117M	126M	100M
Total Non-Current Assets+	3.91B	2.99B	2.65B	2.97B	3.07B	3.09B
Property, Plant & Equipment	3.56B	2.67B	2.33B	2.08B	2.19B	2.25B
Fixed Asset Turnover	2.11x	2.03x	2.92x	3.05x	2.82x	2.76x
Goodwill	0	0	0	365M	367M	367M
Intangible Assets	246M	246M	246M	426M	400M	376M
Long-Term Investments	38M	35M	35M	56M	60M	47M
Other Non-Current Assets	40M	21M	29M	31M	26M	24M
Total Assets+	5.27B	4.23B	4.34B	4.71B	4.6B	4.53B
Asset Turnover	1.42x	1.28x	1.56x	1.35x	1.34x	1.37x
Asset Growth %	-	-0.2%	0.03%	0.08%	-0.02%	-0.01%
Total Current Liabilities+	1.44B	1.56B	1.7B	1.58B	1.61B	1.38B
Accounts Payable	384M	338M	538M	481M	513M	419M
Days Payables Outstanding	25.74	32.11	48.79	42.97	47.61	38.76
Short-Term Debt	61M	0	4M	4M	4M	4M
Deferred Revenue (Current)	1000K	1000K	1000K	1000K	1000K	1000K
Other Current Liabilities	155M	211M	312M	388M	380M	47M
Current Ratio	0.94x	0.80x	1.00x	1.10x	0.95x	1.05x
Quick Ratio	0.35x	0.35x	0.44x	0.43x	0.34x	0.35x
Cash Conversion Cycle	39.2	42.65	45.99	59.12	52.78	58.89
Total Non-Current Liabilities+	2.52B	1.78B	2.39B	2.73B	2.55B	2.49B
Long-Term Debt	92M	97M	978M	1.27B	1.12B	973M
Capital Lease Obligations	2.16B	1.55B	1.31B	1.2B	1.31B	1.43B
Deferred Tax Liabilities	89M	19M	58M	53M	37M	11M
Other Non-Current Liabilities	177M	113M	31M	188M	64M	75M
Total Liabilities	3.96B	3.34B	4.09B	4.31B	4.16B	3.87B
Total Debt+	2.65B	2.07B	2.64B	2.79B	2.7B	2.7B
Net Debt	2.41B	1.74B	2.15B	2.36B	2.43B	2.47B
Debt / Equity	2.02x	2.32x	10.26x	6.95x	6.17x	4.06x
Debt / EBITDA	-	9.20x	2.25x	3.70x	5.10x	4.77x
Net Debt / EBITDA	-	7.72x	1.83x	3.14x	4.59x	4.37x
Interest Coverage	-111.50x	-16.83x	32.22x	7.97x	2.48x	3.60x
Total Equity+	1.31B	891M	257M	401M	438M	664M
Equity Growth %	-	-0.32%	-0.71%	0.56%	0.09%	0.52%
Book Value per Share	14.35	9.73	2.86	4.77	5.54	8.23
Total Shareholders' Equity	1.31B	891M	257M	383M	417M	640M
Common Stock	1.34B	887M	1M	1M	1M	1M
Retained Earnings	0	0	126M	186M	178M	343M
Treasury Stock	0	0	0	0	0	0
Accumulated OCI	-29M	4M	5M	1M	0	-1M
Minority Interest	2M	0	0	18M	21M	24M

Cash Flow

	Jan 2020	Jan 2021	Jan 2022	Jan 2023	Jan 2024	Jan 2025
Cash from Operations+	315M	674M	851M	437M	389M	425M
Operating CF Margin %	0.04%	0.12%	0.13%	0.07%	0.06%	0.07%
Operating CF Growth %	-	1.14%	0.26%	-0.49%	-0.11%	0.09%
Net Income	-897M	-72M	646M	348M	109M	165M
Depreciation & Amortization	411M	326M	303M	274M	284M	258M
Stock-Based Compensation	38M	25M	33M	48M	56M	60M
Deferred Taxes	-30M	-64M	1M	-28M	-16M	-29M
Other Non-Cash Items	983M	161M	0	-10M	36M	-23M
Working Capital Changes	-190M	298M	-132M	-195M	-80M	-6M
Change in Receivables	14M	36M	-21M	22M	-13M	-8M
Change in Inventory	20M	141M	-247M	0	36M	29M
Change in Payables	-118M	49M	173M	-163M	-11M	-78M
Cash from Investing+	-243M	-123M	-169M	-555M	-254M	-153M
Capital Expenditures	-225M	-127M	-169M	-164M	-256M	-178M
CapEx % of Revenue	0.03%	0.02%	0.02%	0.03%	0.04%	0.03%
Acquisitions	-	-	-	-	-	-
Investments	-	-	-	-	-	-
Other Investing	-18M	4M	0	-4M	1M	0
Cash from Financing+	-192M	-465M	-527M	58M	-291M	-315M
Debt Issued (Net)	-	-	-	-	-	-
Equity Issued (Net)	-	-	-	-	-	-
Dividends Paid	0	0	0	0	0	0
Share Repurchases	-	-	-	-	-	-
Other Financing	-197M	-407M	-1.26B	12M	-15M	-156M
Net Change in Cash	-	-	-	-	-	-
Free Cash Flow+	90M	547M	682M	273M	133M	247M
FCF Margin %	0.01%	0.1%	0.1%	0.04%	0.02%	0.04%
FCF Growth %	-	5.08%	0.25%	-0.6%	-0.51%	0.86%
FCF per Share	0.98	5.97	7.58	3.25	1.68	3.06
FCF Conversion (FCF/Net Income)	-0.35x	-9.36x	1.32x	1.26x	3.57x	2.58x
Interest Paid	0	0	0	0	0	0
Taxes Paid	0	0	0	0	0	0

Key Ratios

Metric	2019	2020	2021	2022	2023	2024
Return on Equity (ROE)	-68.26%	-6.53%	112.54%	105.78%	25.98%	29.95%
Return on Invested Capital (ROIC)	-17.98%	-2.39%	25.94%	13.89%	6.55%	7.74%
Gross Margin	27.47%	29.02%	40.68%	35.59%	36.38%	36.66%
Net Margin	-11.95%	-1.33%	9.52%	5.49%	1.76%	2.65%
Debt / Equity	2.02x	2.32x	10.26x	6.95x	6.17x	4.06x
Interest Coverage	-111.50x	-16.83x	32.22x	7.97x	2.48x	3.60x
FCF Conversion	-0.35x	-9.36x	1.32x	1.26x	3.57x	2.58x
Revenue Growth	-	-27.91%	25.34%	-6.49%	-2.55%	0.78%

Revenue by Geography

	2024
UNITED STATES	5.25B
UNITED STATES Growth	-
Non-US	978M
Non-US Growth	-

Frequently Asked Questions

Valuation & Price

Victoria's Secret & Co. (VSCO) has a price-to-earnings (P/E) ratio of 29.7x. This suggests investors expect higher future growth.

Growth & Financials

Victoria's Secret & Co. (VSCO) reported $6.39B in revenue for fiscal year 2024. This represents a 15% decrease from $7.51B in 2019.

Victoria's Secret & Co. (VSCO) grew revenue by 0.8% over the past year. Growth has been modest.

Yes, Victoria's Secret & Co. (VSCO) is profitable, generating $170.6M in net income for fiscal year 2024 (2.6% net margin).

Dividend & Returns

Victoria's Secret & Co. (VSCO) has a return on equity (ROE) of 29.9%. This is excellent, indicating efficient use of shareholder capital.

Victoria's Secret & Co. (VSCO) generated $309.0M in free cash flow for fiscal year 2024. Positive FCF indicates the company can fund dividends, buybacks, or reinvestment.

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