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Analysis Report
May 1, 2026
Re-run recommended — fundamentals and price action have likely diverged from this snapshot.
Consumer Cyclical · Apparel - Retail
Price
$85.19
Market Cap
$6.8B
Employees
12,000
Beta
2.35
Avg Volume
2,614,366
CEO
Hillary Super
Business Description
Victoria's Secret & Co. operates as a specialty retailer of women’s intimate, and other apparel and beauty products worldwide. The company offers bras, panties, lingerie, casual sleepwear, apparel, lounge, sport, and swim products, as well as prestige fragrances and body care products; and accessories and beauty products under the Victoria’s Secret, PINK, and Adore Me brands. It provides its products through its retail stores; websites, such as VictoriasSecret.com, PINK.com, AdoreMe.com, and DailyLook.com; and other digital channels. The company also operates stores under the franchise, license, and wholesale arrangements. Victoria's Secret & Co. was incorporated in 2021 and is based in Reynoldsburg, Ohio.
Business History
Generated: May 1, 2026 4:23pmPrice Overview
Last updated: Jun 27, 2026 8:58am (just now)$85.19
+2.19 (+2.63%)
Day Range
$82.40 – $88.57
52-Week Range
$17.53 – $87.41
50-Day MA
$50.33
200-Day MA
$44.72
Volume
1,741,723.00
Analyst Price Targets
Low
$56.00
Consensus
$57.00
High
$58.00
(46 analysts)
Share Structure
Outstanding
79,425,668.00
Float
69,085,758.00
Free Float
87.0%
High free float
— 87.0% of shares trade freely, ~13% held by insiders/institutions
Very liquid — most shares trade freely. Low insider ownership can mean less management alignment, but makes large position sizing straightforward.
Price History (1 Year)
Revenue & Net Income Trend
The directional story — useful even when net income is negative.
Revenue
The top line — total sales before any costs or taxes are subtracted. A measure of how much business the company is doing.
Net Income
The bottom line — profit left after subtracting all expenses, interest, and taxes from revenue. Reflects accounting profitability, but includes non-cash items like depreciation, so it isn't the same as cash earned.
Operating Cash Flow
The real cash generated by the day-to-day business — selling products, paying suppliers, collecting from customers. Calculated from net income by adding back non-cash items and adjusting for timing (unpaid bills, unsold inventory). When OCF consistently lags net income, the reported profit may not be converting to real money.
| Period | Revenue | Net Income | Net Margin | YoY/QoQ |
|---|
Key Metrics
API Direct from provider
CALC Derived from statements
P/E Ratio (Price per dollar of earnings)
APIStock Price / EPS (Diluted)
35.64
Stock Price: $85.19
EPS (Diluted): 1.93
EPS (Diluted): 1.93
P/B Ratio (Price vs net asset value)
APIStock Price / Book Value Per Share
5.31
Stock Price: $85.19
Total Equity: $856.00M
Shares: 83,425,000
Total Equity: $856.00M
Shares: 83,425,000
EV/EBITDA (Total value vs operating profit)
APIEnterprise Value / EBITDA
18.34
Market Cap: $6.77B
Total Debt: $975.00M
Cash: $518.00M
EBITDA: $516.10M
Total Debt: $975.00M
Cash: $518.00M
EBITDA: $516.10M
Enterprise Value (Takeover price (cap + debt - cash))
APIMarket Cap + Total Debt - Cash
$6.9B
Market Cap: $6.77B
Total Debt: $975.00M
Cash: $518.00M
Total Debt: $975.00M
Cash: $518.00M
Gross Margin (Revenue left after direct costs)
APIGross Profit / Revenue
36.4%
Gross Profit: $2.39B
Revenue: $6.55B
Revenue: $6.55B
Operating Margin (Revenue left after all operations)
APIOperating Income / Revenue
4.5%
Operating Income: $296.89M
Revenue: $6.55B
Revenue: $6.55B
Net Margin (Revenue left as actual profit)
APINet Income / Revenue
2.5%
Net Income: $160.86M
Revenue: $6.55B
Revenue: $6.55B
ROE (Profit from shareholder equity)
APINet Income / Total Equity
29.7%
Net Income: $160.86M
Total Equity: $856.00M
Total Equity: $856.00M
ROIC (Profit from all invested capital)
APINOPAT / Invested Capital
8.0%
Operating Income: $296.89M
Tax Rate: 9.2%
Equity: $856.00M
Total Debt: $975.00M
Cash: $518.00M
Tax Rate: 9.2%
Equity: $856.00M
Total Debt: $975.00M
Cash: $518.00M
Current Ratio (Can it pay short-term bills)
APICurrent Assets / Current Liabilities
1.25
Current Assets: $1.88B
Current Liabilities: $1.51B
Current Liabilities: $1.51B
Debt/Equity (Leverage — debt vs equity)
CALCTotal Debt / Total Equity
1.14
Short-Term Debt: $4.00M
Long-Term Debt: $971.00M
Total Debt: $975.00M
Total Equity: $856.00M
Long-Term Debt: $971.00M
Total Debt: $975.00M
Total Equity: $856.00M
Rev/Share (Top-line per share)
CALCRevenue / Shares Outstanding
$78.55
Revenue: $6.55B
Shares: 83,425,000
Shares: 83,425,000
Book Value/Share (Net assets per share)
CALC(Total Assets - Total Liabilities) / Shares
$10.26
Total Equity: $856.00M
Shares: 83,425,000
Shares: 83,425,000
FCF/Share (Real cash generated per share)
CALC(Operating Cash Flow + CapEx) / Shares
$3.74
Operating CF: $499.00M
CapEx: -$187.00M
Shares: 83,425,000
CapEx: -$187.00M
Shares: 83,425,000
CapEx is negative (outflow) — added to OCF to get FCF
Div Yield (Annual income from holding)
APILast Annual Dividend / Stock Price
0.0%
Last Dividend: N/A
Stock Price: $85.19
Stock Price: $85.19
Payout Ratio (Earnings paid out as dividends)
Dividends Paid / Net Income
—
Dividends Paid: N/A
Net Income: $160.86M
Net Income: $160.86M
Dividends paid not available in cash flow statement
Industry Benchmarks
Compares VSCO against LLM-researched typical ranges for its
industry. One research call per industry, cached indefinitely — every stock in the same industry
reuses the same baseline.
Deep Analysis
Last run: May 1, 2026 4:26:23 pm
Pre-flight intelligence scans the company first, then routes to the right analytical methods.
0
Company Classification
— What type of company is this?
1
Industry Landscape
— Where is the industry headed?
2
Company Momentum
— Where is this company trending?
3
Forward Projection
— 1Y & 2Y projected metrics (requires Layer 1 + 2)
4a
DCF Valuation
— Present value of future cash flows
4b
Earnings Power Value
— Floor value — worth with zero growth
4c
Anchored PE
— Industry PE adjusted for growth differential
4d
Reverse DCF
— What growth is the market pricing in?
4e
Revenue-Based DCF
— For growth/narrative companies (skip if mature earner)
Not applicable for Mature Earner companies
4f
Anchored P/S
— Price-to-Sales peer comparison (skip if mature earner)
Not applicable for Mature Earner companies
4g
Scenario Analysis
— Bull / Base / Bear (skip if mature earner)
Not applicable for Mature Earner companies
4h
Dividend Discount Model
— For dividend/income stocks only
Not applicable for Mature Earner companies
4i
Book Value Analysis
— For deep value / turnaround stocks only
Not applicable for Mature Earner companies
4j
Insider Activity
— Are insiders buying or selling?
4f
Cash Flow Quality
— How trustworthy is the FCF?
4g
Debt Maturity Risk
— Can it handle its debt?
4h
Macro Environment
— Rates, market valuation, volatility
4i
Sector Intelligence
— How does this company compare within its sector?
4j
Revenue Confidence
— How reliable is the growth projection?
4k
Sensitivity Analysis
— How fragile is the fair value estimate?
4l
Sector Demand Cycle
— Is the sector in a boom, steady state, or contraction?
5
AI Investigation
— Adaptive research engine (Claude)
5b
Thesis Evaluation
— What does the market believe? (narrative/platform stocks only)
Not applicable for Mature Earner companies
6
Valuation Synthesis
— Weighted verdict from all methods (requires Layer 4)
Income Statement (Annual)
Last updated: Jun 25, 2026 2:55pm (1d ago)| Metric | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|
| Revenue | $6.8B | $6.3B | $6.2B | $6.2B | $6.6B |
| Cost of Revenue | $4.0B | $4.1B | $3.9B | $3.9B | $4.2B |
| Gross Profit | $2.8B | $2.3B | $2.2B | $2.3B | $2.4B |
| Operating Expenses | $1.9B | $1.8B | $2.0B | $2.0B | $2.1B |
| Operating Income | $870.0M | $478.0M | $246.0M | $310.0M | $296.9M |
| Net Income | $646.0M | $348.0M | $109.0M | $165.0M | $160.9M |
| EBITDA | $1.2B | $751.0M | $586.0M | $565.0M | $516.1M |
| EPS | $7.60 | $4.24 | $1.40 | $2.09 | $1.93 |
| EPS (Diluted) | — | — | — | — | — |
Balance Sheet (Annual)
Last updated: Jun 25, 2026 2:55pm (1d ago)| Metric | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|
| Cash & Equivalents | $490.0M | $427.0M | $270.0M | $227.0M | $518.0M |
| Total Current Assets | $1.7B | $1.7B | $1.5B | $1.4B | $1.9B |
| Total Assets | $4.3B | $4.7B | $4.6B | $4.5B | $5.0B |
| Current Liabilities | $1.7B | $1.6B | $1.6B | $1.4B | $1.5B |
| Long-Term Debt | $978.0M | $1.3B | $1.1B | $973.0M | $971.0M |
| Total Liabilities | $4.1B | $4.3B | $4.2B | $3.9B | $4.1B |
| Total Equity | $257.0M | $383.0M | $417.0M | $640.0M | $856.0M |
| Retained Earnings | $126.0M | $186.0M | $178.0M | $343.0M | $504.0M |
Cash Flow (Annual)
Last updated: Jun 25, 2026 2:55pm (1d ago)| Metric | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|
| Operating Cash Flow | $851.0M | $437.0M | $389.0M | $425.0M | $499.0M |
| Capital Expenditure | -$169.0M | -$164.0M | -$256.0M | -$178.0M | -$187.0M |
| Free Cash Flow | $682.0M | $273.0M | $133.0M | $247.0M | $312.0M |
| Acquisitions (net) | $0 | -$387.0M | $1.0M | $25.0M | $0 |
| Debt Repayment | — | — | — | — | — |
| Dividends Paid | — | — | — | — | — |
| Stock Buybacks | -$250.0M | -$250.0M | -$125.0M | -$10.0M | $0 |
| Net Change in Cash | $155.0M | -$63.0M | -$157.0M | -$43.0M | $291.0M |
Analyst Estimates (Annual)
Last updated: Jun 27, 2026 8:58am (just now)| Metric | 2027 | 2028 | 2029 | 2030 |
|---|---|---|---|---|
| Revenue |
$7.1B $7.1B – $7.1B
|
$7.4B $7.3B – $7.5B
|
$7.7B $7.7B – $7.8B
|
$8.0B $7.9B – $8.0B
|
| EBITDA |
$789.9M $786.5M – $792.1M
|
$823.6M $814.5M – $833.8M
|
$860.8M $859.9M – $861.6M
|
$885.3M $873.7M – $894.1M
|
| Net Income |
$377.9M $368.7M – $387.0M
|
$468.1M $401.5M – $534.7M
|
$505.1M $496.5M – $511.6M
|
$550.6M $541.2M – $557.7M
|
| EPS | — | — | — | — |
Growth Trends (YoY %)
Last updated: Jun 25, 2026 2:55pm (1d ago)| Metric | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|
| Revenue Growth | -6.5% | -2.6% | +0.8% | +5.2% |
| Gross Profit Growth | -18.2% | -0.7% | +1.9% | +4.5% |
| Operating Income Growth | -45.1% | -48.5% | +26.0% | -4.2% |
| Net Income Growth | -46.1% | -68.7% | +51.4% | -2.5% |
| EBITDA Growth | -36.0% | -22.0% | -3.6% | -8.7% |
Insider Trading (Recent)
Type codes
PPurchase
SSale
AAward / grant
MOption exercise
FIn-kind (tax)
CConversion
GGift
DReturn to issuer
All SEC Form 4 codes
Open market
- P Purchase
- Open-market or private purchase of shares.
- S Sale
- Open-market or private sale of shares.
Compensation (Rule 16b-3)
- A Award / grant
- Grant or award of securities (RSUs, options, etc.) under Rule 16b-3.
- D Return to issuer
- Securities disposed back to the company under Rule 16b-3.
- F In-kind (tax)
- Shares withheld or delivered to pay the option-exercise price or tax — not an open-market sale.
- I Discretionary
- Discretionary transaction under an employee plan — Rule 16b-3(f).
- M Option exercise
- Exercise or conversion of a derivative (option/RSU) into shares — exempt.
Derivatives
- C Conversion
- Conversion of a derivative security into the underlying shares.
- E Short expiration
- Expiration of a short derivative position.
- H Long expiration
- Expiration or cancellation of a long derivative position with value received.
- O OTM exercise
- Exercise of an out-of-the-money derivative.
- X ITM exercise
- Exercise of an in-the-money or at-the-money derivative.
Other exempt
- G Gift
- Bona fide gift of securities.
- L Small acquisition
- Small acquisition under Rule 16a-6.
- W Inheritance
- Acquisition or disposition by will or the laws of descent.
- Z Voting trust
- Deposit into or withdrawal from a voting trust.
Other
- J Other
- Other acquisition or disposition (explained in a Form 4 footnote).
- K Equity swap
- Transaction in an equity swap or similar instrument.
- U Tender / buyout
- Disposition via tender of shares in a change-of-control transaction.
Compensation-plan codes (A, D, F, M) are routine and rarely directional. Open-market P (buy) and S (sale) carry the most signal.
| Date | Insider | Type | Shares | Price | Value |
|---|---|---|---|---|---|
| 2026-06-02 | BBRC INTERNATIONAL PTE LTD | S-Sale | 1,107,672.00 | $80.11 | $88.7M |
| 2026-06-04 | BBRC INTERNATIONAL PTE LTD | S-Sale | 27,758.00 | $80.03 | $2.2M |
| 2026-04-02 | Sheehan Anne | P-Purchase | 633.00 | $45.86 | $29,029 |
| 2026-04-02 | Sheehan Anne | P-Purchase | 4,842.00 | $45.86 | $222,054 |
| 2026-04-02 | JAMES DONNA | P-Purchase | 2,175.00 | $46.23 | $100,550 |
| 2026-03-19 | Borgonovo Lucrecia | A-Award | 13,444.00 | $0.00 | $0 |
| 2026-03-19 | Sekella Scott | A-Award | 30,765.00 | $0.00 | $0 |
| 2026-03-19 | Preis Elizabeth | A-Award | 24,819.00 | $0.00 | $0 |
| 2026-03-19 | Super Hillary | A-Award | 80,662.00 | $0.00 | $0 |
| 2026-03-19 | Super Hillary | F-InKind | 23,294.00 | $48.35 | $1.1M |
| 2026-03-19 | McAfee Melinda R. | A-Award | 16,546.00 | $0.00 | $0 |
| 2026-03-19 | McAfee Melinda R. | F-InKind | 13,445.00 | $48.35 | $650,066 |
| 2026-03-16 | McAfee Melinda R. | F-InKind | 11,679.00 | $45.05 | $526,139 |
| 2026-03-09 | Borgonovo Lucrecia | 0.00 | $0.00 | $0 | |
| 2026-02-19 | McAfee Melinda R. | A-Award | 20,256.00 | $0.00 | $0 |
| 2026-02-03 | Sekella Scott | F-InKind | 2,061.00 | $59.97 | $123,598 |
| 2025-10-31 | McAfee Melinda R. | F-InKind | 2,221.00 | $35.25 | $78,290 |
| 2025-10-07 | Super Hillary | F-InKind | 39,045.00 | $28.47 | $1.1M |
| 2025-09-02 | Sekella Scott | A-Award | 11,161.00 | $0.00 | $0 |
| 2025-06-18 | McCreight David W. | 0.00 | $0.00 | $0 |
Narrative Economics
The story the market is telling about this stock — the intangible X-factor
(founder mythology, cult dynamics, TAM-of-imagination) that moves price beyond
what cash flows alone explain. After Shiller, Narrative Economics.
No narrative profile yet for VSCO — it's generated by the pipeline (
market-narrative step).
No community reviews yet for VSCO.
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My Notes
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Data via Financial Modeling Prep · Cached for performance · fmp
v1.1.352 · d1100787 · 2026-06-26 11:39:30