The company's capital structure remains heavily burdened with a debt-to-equity ratio of 3.37 as of 2026Q1, which may limit strategic flexibility and increase sensitivity to interest rate volatility.
Victoria's Secret & Company (VSXY) balance sheet — 7-year assets, liabilities & shareholders' equity history
| Metric | TTM | Jan'26 | Jan'25 | Jan'24 | Jan'23 | Jan'22 | Jan'21 | Jan'20 |
|---|
| Total Current Assets | 1.96B | 1.88B | 1.44B | 1.53B | 1.74B | 1.69B | 1.24B | 1.36B |
| Cash & Short-Term Investments | 522M | 518M | 227M | 270M | 427M | 490M | 335M | 245M |
| Cash Only | 522M | 518M | 227M | 270M | 427M | 490M | 335M | 245M |
| Short-Term Investments | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Accounts Receivable | 171M | 186M | 159M | 152M | 141M | 162M | 121M | 157M |
| Days Sales Outstanding | 9.66 | 10.36 | 9.32 | 8.97 | 8.11 | 8.71 | 8.16 | 7.63 |
| Inventory | 1.15B | 1.07B | 955M | 985M | 1.05B | 949M | 701M | 855M |
| Days Inventory Outstanding | 102.59 | 93.77 | 88.34 | 91.25 | 93.97 | 86.06 | 66.6 | 57.3 |
| Other Current Assets | 123M | 108M | 100M | 126M | 117M | 90M | 56M | 52M |
| Total Non-Current Assets | 3.19B | 3.13B | 3.09B | 3.07B | 2.97B | 2.65B | 2.99B | 3.91B |
| Property, Plant & Equipment | 2.44B | 2.36B | 2.25B | 2.19B | 2.08B | 2.33B | 2.67B | 3.56B |
| Fixed Asset Turnover | 2.89x | 2.77x | 2.76x | 2.82x | 3.05x | 2.92x | 2.03x | 2.11x |
| Goodwill | 367M | 367M | 367M | 367M | 365M | 0 | 0 | 0 |
| Intangible Assets | 246M | 246M | 376M | 400M | 426M | 246M | 246M | 246M |
| Long-Term Investments | 45M | 0 | 0 | 0 | 0 | 35M | 35M | 38M |
| Other Non-Current Assets | 37M | 90M | 71M | 86M | 87M | 29M | 21M | 40M |
| Total Assets | 5.16B | 5.01B | 4.53B | 4.6B | 4.71B | 4.34B | 4.23B | 5.27B |
| Asset Turnover | 1.38x | 1.31x | 1.37x | 1.34x | 1.35x | 1.56x | 1.28x | 1.42x |
| Asset Growth % | 23.17% | 10.61% | -1.48% | -2.36% | - | 2.72% | -19.75% | - |
| Total Current Liabilities | 1.44B | 1.51B | 1.38B | 1.61B | 1.58B | 1.7B | 1.56B | 1.44B |
| Accounts Payable | 489M | 493M | 419M | 513M | 481M | 538M | 338M | 384M |
| Days Payables Outstanding | 42.42 | 43.16 | 38.76 | 47.52 | 42.97 | 48.79 | 32.11 | 25.74 |
| Short-Term Debt | 286M | 4M | 4M | 4M | 4M | 4M | 0 | 61M |
| Deferred Revenue (Current) | 695M | 248M | 256M | 295M | 291M | 250M | 246M | 238M |
| Other Current Liabilities | 614M | 111M | 97M | 110M | 140M | 312M | 211M | 155M |
| Current Ratio | 1.36x | 1.25x | 1.05x | 0.95x | 1.10x | 1.00x | 0.80x | 0.94x |
| Quick Ratio | 0.57x | 0.54x | 0.35x | 0.34x | 0.43x | 0.44x | 0.35x | 0.35x |
| Cash Conversion Cycle | 69.84 | 60.96 | 58.89 | 52.7 | 59.12 | 45.99 | 42.65 | 39.2 |
| Total Non-Current Liabilities | 2.66B | 2.6B | 2.49B | 2.55B | 2.73B | 2.39B | 1.78B | 2.52B |
| Long-Term Debt | 971M | 971M | 973M | 1.12B | 1.27B | 978M | 97M | 92M |
| Capital Lease Obligations | 6.37B | 1.58B | 1.43B | 1.31B | 1.2B | 1.31B | 1.55B | 2.16B |
| Deferred Tax Liabilities | 28M | 5M | 11M | 37M | 53M | 58M | 19M | 89M |
| Other Non-Current Liabilities | 36M | 44M | 75M | 79M | 206M | 31M | 113M | 177M |
| Total Liabilities | 4.1B | 4.1B | 3.87B | 4.16B | 4.31B | 4.09B | 3.34B | 3.96B |
| Total Debt | 2.9B | 2.85B | 2.7B | 2.7B | 2.79B | 2.64B | 2.07B | 2.65B |
| Net Debt | 2.38B | 2.33B | 2.47B | 2.43B | 2.36B | 2.15B | 1.74B | 2.41B |
| Debt / Equity | 2.76x | 3.13x | 4.06x | 6.17x | 6.95x | 10.26x | 2.32x | 2.02x |
| Debt / EBITDA | 3.77x | 5.59x | 4.75x | 5.10x | 3.70x | 2.25x | 9.20x | - |
| Net Debt / EBITDA | 3.09x | 4.57x | 4.35x | 4.59x | 3.14x | 1.83x | 7.72x | - |
| Interest Coverage | 8.55x | 3.97x | 3.57x | 2.48x | 7.95x | 32.23x | -16.67x | -111.38x |
| Total Equity | 1.05B | 910M | 664M | 438M | 401M | 257M | 891M | 1.31B |
| Equity Growth % | 110.63% | 37.05% | 51.6% | 9.23% | - | -71.16% | -32.19% | - |
| Book Value per Share | 12.49 | 10.96 | 8.23 | 5.58 | 4.77 | 2.86 | 9.73 | 14.35 |
| Total Shareholders' Equity | 990M | 856M | 640M | 417M | 383M | 257M | 891M | 1.31B |
| Common Stock | 1M | 1M | 1M | 1M | 1M | 1M | 887M | 1.34B |
| Retained Earnings | 644M | 504M | 343M | 178M | 186M | 126M | 0 | 0 |
| Treasury Stock | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Accumulated OCI | 4M | 6M | -1M | 0 | 1M | 5M | 4M | -29M |
| Minority Interest | 61M | 54M | 24M | 21M | 18M | 0 | 0 | 2M |
Quick answers to the most common questions about buying VSXY stock.
As of 2025, Victoria's Secret & Company (VSXY) had total assets of $5.01B including $1.88B in current assets.
Victoria's Secret & Company (VSXY) carries total debt of $2.85B, offset by $518.0M in cash and short-term investments. Comparing total debt to cash helps evaluate the company's debt burden and net leverage.
Victoria's Secret & Company (VSXY) has total shareholders' equity (book value) of $856.0M ($10.96 book value per share). Book value represents the net worth of the company belonging to common stock holders.
Victoria's Secret & Company (VSXY) reported a current ratio of 1.25x. A current ratio above 1.0x indicates that the company has more current assets than current liabilities, suggesting sufficient short-term liquidity.
Key Metrics
Top Statement Risk
High Debt Leverage Sensitivity
Metrics are mathematically derived from official filings.
Balance Sheet Volatility Remains Elevated
As reported in financial statements, VSCO's equity base has fluctuated significantly from $417 million in 2023Q4 to $790 million in 2026Q1, reflecting a precarious trajectory that remains highly sensitive to seasonal inventory liquidation cycles and the ongoing challenges of the company's multi-year brand repositioning strategy.
The erratic movement in total equity suggests that the company's underlying financial health is heavily dependent on short-term operational outcomes rather than consistent capital accumulation. Investors should monitor whether the recent increase in equity can be sustained or if it remains a temporary byproduct of seasonal working capital shifts.
Leverage Constraints Limit Strategic Flexibility
Based on the provided balance sheet data, VSCO maintains a debt-to-equity ratio of 3.37 as of 2026Q1, which indicates that the company's capital structure remains heavily burdened by debt obligations that may limit its ability to pursue further strategic acquisitions or necessary infrastructure investments.
The high leverage profile suggests that the company is operating with minimal margin for error, particularly given the volatility in its operating income. This reliance on debt financing appears to be a necessity-driven approach to managing a large, fixed-cost retail footprint rather than a strategic choice to optimize the cost of capital.
Tight Liquidity Buffers Demand Caution
According to recent SEC filings, VSCO's current ratio has hovered near 1.26 as of 2026Q1, a figure that suggests a narrow liquidity buffer that may leave the company vulnerable to sudden shocks in consumer demand or unexpected disruptions within its complex, globalized supply chain.
The company's cash position, which dropped to $207 million in 2026Q1 from a seasonal peak of $518 million in 2025Q4, highlights the extreme cash burn associated with maintaining a massive physical store fleet. This liquidity profile warrants further investigation into the company's ability to meet short-term obligations during periods of seasonal revenue troughs.
Lease Obligations Mask True Liabilities
Data from financial disclosures indicates that VSCO carries $2.4 billion in net PPE, which, when viewed alongside its extensive mall-based lease obligations, suggests that the company's headline debt figures may understate the true extent of its fixed-cost commitments and long-term financial risk profile.
The reliance on physical retail space creates a significant off-balance-sheet risk in the form of lease liabilities that are not fully captured by traditional debt-to-equity metrics. This structural reality implies that the company's financial flexibility is likely more constrained than the headline balance sheet numbers might initially suggest to a casual observer.