Victoria's Secret & Co. (VSCO) Financial Ratios
7 years of historical data (2019–2025) · Consumer Cyclical · Apparel - Retail
EV/EBITDA
↑
31.76
↑+180% vs avg
5yr avg: 11.34
30Y Low6.1·High24.7
P/FCF
↑
20.84
↑+67% vs avg
5yr avg: 12.45
30Y Low7.4·High15.5
P/B Ratio
↓
7.51
↓-12% vs avg
5yr avg: 8.50
30Y Low4.4·High19.6
ROE
↓
20.4%
↑-65% vs avg
5yr avg: 58.9%
30Y Low-68%·High113%
Debt/EBITDA
↑
10.23
↑+96% vs avg
5yr avg: 5.21
30Y Low2.2·High10.2
Percentile shows where the current value sits in 30-year historical distribution. Sparklines show 5-year trend.
VSCO Valuation Multiples
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
Victoria's Secret & Co. trades at 42.4x earnings, 156% above its 5-year average of 16.6x, sitting at the 100th percentile of its historical range. Compared to the Consumer Cyclical sector median P/E of 21.2x, the stock trades at a premium of 101%. On a free-cash-flow basis, the stock trades at 20.8x P/FCF, 67% above the 5-year average of 12.5x.
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 |
|---|---|---|---|---|---|---|---|---|
| Market Cap | $6.5B | $4.5B | $2.9B | $2.1B | $3.5B | $5.0B | — | — |
| Enterprise Value | $8.8B | $6.9B | $5.4B | $4.5B | $5.9B | $7.2B | — | — |
| P/E Ratio → | 42.42 | 28.24 | 17.82 | 18.74 | 10.18 | 7.78 | — | — |
| P/S Ratio | 0.99 | 0.69 | 0.47 | 0.33 | 0.56 | 0.74 | — | — |
| P/B Ratio | 7.51 | 5.00 | 4.42 | 4.70 | 8.83 | 19.55 | — | — |
| P/FCF | 20.84 | 14.58 | 11.88 | 15.47 | 12.97 | 7.37 | — | — |
| P/OCF | 13.03 | 9.11 | 6.91 | 5.29 | 8.10 | 5.90 | — | — |
P/E links to full P/E history page with 30-year chart
VSCO EV Ratios
Enterprise-value multiples — capital-structure-neutral measures of total business value
Victoria's Secret & Co.'s enterprise value stands at 31.8x EBITDA, 180% above its 5-year average of 11.3x. The Consumer Cyclical sector median is 12.2x, placing the stock at a 161% premium on an enterprise-value basis.
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 |
|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 1.05 | 0.87 | 0.73 | 0.93 | 1.06 | — | — |
| EV / EBITDA | 31.76 | 24.72 | 9.55 | 8.47 | 7.85 | 6.11 | — | — |
| EV / EBIT | 29.75 | 24.72 | 17.61 | 18.26 | 12.37 | 8.24 | — | — |
| EV / FCF | — | 22.04 | 21.89 | 33.77 | 21.61 | 10.51 | — | — |
VSCO Profitability
Margins and return-on-capital ratios measuring operating efficiency
Victoria's Secret & Co. earns an operating margin of 4.5%, above the Consumer Cyclical sector average of 2.0%. ROE of 20.4% indicates solid capital efficiency, compared to the sector median of 5.3%. ROIC of 7.0% represents adequate returns on invested capital versus a sector median of 5.2%.
Margins
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 |
|---|---|---|---|---|---|---|---|---|
| Gross Margin | 36.4% | 36.4% | 36.7% | 36.3% | 35.6% | 40.7% | 29.0% | 27.5% |
| Operating Margin | 4.5% | 4.5% | 5.0% | 4.0% | 7.5% | 12.8% | -1.9% | -11.9% |
| Net Profit Margin | 2.5% | 2.5% | 2.6% | 1.8% | 5.5% | 9.5% | -1.3% | -11.9% |
Return on Capital
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 |
|---|---|---|---|---|---|---|---|---|
| ROE | 20.4% | 20.4% | 29.9% | 26.0% | 105.8% | 112.5% | -6.5% | -68.3% |
| ROA | 3.4% | 3.4% | 3.6% | 2.3% | 7.7% | 15.1% | -1.5% | -17.0% |
| ROIC | 7.0% | 7.0% | 7.7% | 6.6% | 13.9% | 25.9% | -2.4% | -18.0% |
| ROCE | 8.9% | 8.9% | 10.1% | 8.0% | 16.5% | 32.7% | -3.1% | -23.3% |
VSCO Leverage & Debt
Solvency and debt-coverage ratios — lower is generally safer
Victoria's Secret & Co. carries a Debt/EBITDA ratio of 10.2x, which is highly leveraged (114% above the sector average of 4.8x). Net debt stands at $2.3B ($2.8B total debt minus $518M cash). Interest coverage of 4.0x is adequate, though a cyclical earnings downturn could tighten the margin of safety.
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 |
|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 3.13 | 3.13 | 4.06 | 6.17 | 6.95 | 10.26 | 2.32 | 2.02 |
| Debt / EBITDA | 10.23 | 10.23 | 4.77 | 5.10 | 3.70 | 2.25 | 9.20 | — |
| Net Debt / Equity | — | 2.56 | 3.72 | 5.55 | 5.88 | 8.35 | 1.95 | 1.83 |
| Net Debt / EBITDA | 8.37 | 8.37 | 4.37 | 4.59 | 3.14 | 1.83 | 7.72 | — |
| Debt / FCF | — | 7.46 | 10.00 | 18.29 | 8.64 | 3.15 | 3.17 | 26.74 |
| Interest Coverage | 3.97 | 3.97 | 3.57 | 2.48 | 7.95 | 32.23 | -16.67 | -111.38 |
VSCO Liquidity & Efficiency
Short-term solvency ratios and asset-utilisation metrics
A current ratio of 1.25x means Victoria's Secret & Co. can comfortably meet its short-term obligations, though there is limited excess liquidity. The quick ratio of 0.54x is notably lower than the current ratio, indicating a significant portion of current assets is tied up in inventory. The current ratio has improved from 0.95x to 1.25x over the past 3 years.
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 |
|---|---|---|---|---|---|---|---|---|
| Current Ratio | 1.25 | 1.25 | 1.05 | 0.95 | 1.10 | 1.00 | 0.80 | 0.94 |
| Quick Ratio | 0.54 | 0.54 | 0.35 | 0.34 | 0.43 | 0.44 | 0.35 | 0.35 |
| Cash Ratio | 0.34 | 0.34 | 0.17 | 0.17 | 0.27 | 0.29 | 0.22 | 0.17 |
| Asset Turnover | — | 1.31 | 1.37 | 1.34 | 1.35 | 1.56 | 1.28 | 1.42 |
| Inventory Turnover | 3.89 | 3.89 | 4.13 | 4.00 | 3.88 | 4.24 | 5.48 | 6.37 |
| Days Sales Outstanding | — | 10.36 | 9.32 | 8.97 | 8.11 | 8.71 | 8.16 | 7.63 |
VSCO Shareholder Yields
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Victoria's Secret & Co. does not currently pay a dividend and has no material buyback yield, reinvesting earnings back into the business. The earnings yield of 2.4% (inverse of P/E) provides a useful comparison to bond yields when assessing the stock's relative attractiveness to fixed income.
Dividends
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 |
|---|---|---|---|---|---|---|---|---|
| Dividend Yield | — | — | — | — | — | — | — | — |
| Payout Ratio | — | — | — | — | — | — | — | — |
Total Shareholder Return Metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 |
|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 2.4% | 3.5% | 5.6% | 5.3% | 9.8% | 12.9% | — | — |
| FCF Yield | 4.8% | 6.9% | 8.4% | 6.5% | 7.7% | 13.6% | — | — |
| Buyback Yield | 0.0% | 0.0% | 0.3% | 6.1% | 7.1% | 5.0% | — | — |
| Total Shareholder Yield | 0.0% | 0.0% | 0.3% | 6.1% | 7.1% | 5.0% | — | — |
| Shares Outstanding | — | $83M | $81M | $79M | $84M | $90M | $92M | $92M |
Peer Comparison
Compare VSCO with 10 similar companies in its peer group
| Company | Market Cap | P/E | EV/EBITDA | P/FCF | Gross Margin | Op Margin | ROE | ROIC | Debt/EBITDA |
|---|---|---|---|---|---|---|---|---|---|
 VSCOYou | $7B | 42.4 | 31.8 | 20.8 | 36.4% | 4.5% | 20.4% | 7.0% | 10.2 |
 AEO | $3B | 16.3 | 8.3 | 6.5 | 33.0% | 6.0% | 11.1% | 8.1% | 3.2 |
 ANF | $4B | 8.3 | 5.1 | 10.4 | 61.5% | 13.3% | 36.6% | 31.2% | 1.4 |
 CATO | $59M | -10.6 | — | — | 32.5% | -2.2% | -3.7% | -3.7% | — |
 HAFC | $933M | 12.4 | 8.8 | 4.6 | 57.5% | 24.3% | 10.0% | 7.4% | 2.5 |
 PVH | $4B | 145.4 | 29.1 | 6.6 | 57.5% | 7.3% | 0.5% | 6.1% | 17.5 |
 HBI | $2B | -7.1 | 16.6 | 10.1 | 38.8% | 5.3% | -141.4% | 4.5% | 9.2 |
 UA | $3B | -5.1 | 55.7 | — | 45.5% | -0.7% | -30.0% | -0.9% | 26.1 |
 LULU | $13B | 8.4 | 4.7 | 13.8 | 56.6% | 19.9% | 34.0% | 37.4% | 0.7 |
 RL | $25B | 27.3 | 22.2 | 33.8 | 69.9% | 14.5% | 34.7% | 24.7% | 2.5 |
 PDD | $112B | 8.3 | 6.0 | 7.2 | 56.3% | 21.6% | 26.9% | 27.7% | 0.1 |
| Consumer Cyclical Median | — | 21.2 | 12.2 | 15.6 | 36.2% | 2.0% | 5.3% | 5.2% | 4.8 |
Peer selection based on competitive and market overlap. Compare multiple stocks →
Download Financial Ratios Data
Includes 30+ ratios · 7 years · Updated daily
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VSCO — Frequently Asked Questions
Quick answers to the most common questions about buying VSCO stock.
What is Victoria's Secret & Co.'s P/E ratio?
Victoria's Secret & Co.'s current P/E ratio is 42.4x. The historical average is 16.6x. This places it at the 100th percentile of its historical range.
What is Victoria's Secret & Co.'s EV/EBITDA?
Victoria's Secret & Co.'s current EV/EBITDA is 31.8x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 11.3x.
What is Victoria's Secret & Co.'s ROE?
Victoria's Secret & Co.'s return on equity (ROE) is 20.4%. This is above the typical threshold of 15-20% considered good for most companies. The historical average is 31.4%.
Is VSCO stock overvalued?
Based on historical data, Victoria's Secret & Co. is trading at a P/E of 42.4x. This is at the 100th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
What are Victoria's Secret & Co.'s profit margins?
Victoria's Secret & Co. has 36.4% gross margin and 4.5% operating margin.
How much debt does Victoria's Secret & Co. have?
Victoria's Secret & Co.'s Debt/EBITDA ratio is 10.2x, indicating high leverage. A ratio above 4x may signal elevated financial risk.