Tearsheet

Victoria's Secret (VSCO)

Market Price (12/4/2025): $41.55 | Market Cap: $3.3 Bil
Sector: Consumer Discretionary | Industry: Apparel Retail

Victoria's Secret (VSCO)

Market Price (12/4/2025): $41.55
Market Cap: $3.3 Bil
Sector: Consumer Discretionary
Industry: Apparel Retail

Investment Highlights Why It Matters Which of these 2 stories sounds closer for this stock?

1. Generates cash flow

The stock generated 4% or more of the share price (called cash flow yield), and shows moderate 10-15% or more growth.

2. Riding a trend

Think Tesla during the pandemic of 2020 when EVs were riding a cultural high, or Nvidia in the current AI boom, or even Figma. These companies don’t have enough yield, or, enough growth, or both - however - they are riding a trend. They have momentum. These can be more volatile - they don’t have the floor of strong cash flow

0	Attractive yield Total YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 10%, ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is 6.0%, FCF Yield is 16%	Weak multi-year price returns 3Y Excs Rtn is -80%	Debt is significant Net D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is 181%
1	Valuation becoming less expensive P/S 6M Chg %Price/Sales change over 6 months. Declining P/S indicates valuation has become less expensive. is -57%	Meaningful short interest Short Interest % of Basic SharesShort Interest % of Basic Shares = (Short Interest Quantity) / (Basic Shares Outstanding). A high fraction of short interest can indicate potential risk of a short squeeze. is 14%	Stock price has recently run up significantly 6M Rtn6 month market price return is 108%
2	Megatrend and thematic drivers Megatrends include E-commerce & Digital Retail, and Experience Economy & Premiumization. Themes include Direct-to-Consumer Brands, Experiential Retail, Show more.		Weak revenue growth Rev Chg 3Y AvgRevenue Change % averaged over trailing 3 years is -1.8%

0	Attractive yield Total YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 10%, ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is 6.0%, FCF Yield is 16%
1	Valuation becoming less expensive P/S 6M Chg %Price/Sales change over 6 months. Declining P/S indicates valuation has become less expensive. is -57%
2	Megatrend and thematic drivers Megatrends include E-commerce & Digital Retail, and Experience Economy & Premiumization. Themes include Direct-to-Consumer Brands, Experiential Retail, Show more.
3	Weak multi-year price returns 3Y Excs Rtn is -80%
4	Meaningful short interest Short Interest % of Basic SharesShort Interest % of Basic Shares = (Short Interest Quantity) / (Basic Shares Outstanding). A high fraction of short interest can indicate potential risk of a short squeeze. is 14%
5	Debt is significant Net D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is 181%
6	Stock price has recently run up significantly 6M Rtn6 month market price return is 108%
7	Weak revenue growth Rev Chg 3Y AvgRevenue Change % averaged over trailing 3 years is -1.8%

Valuation, Metrics & Events

	12/4/25	2024	2023	2022
Share Price CYE	$41.55	$41.42	$26.54	$35.78
Market Cap CYE ($ Bil)	3.3	3.3	2.0	2.9
Total Debt ($ Bil)	2.9	2.7	2.7	2.8
Total Cash ($ Bil)	0.2	0.2	0.3	0.4
Enterprise Value ($ Bil)	6.0	6.0	4.7	5.7
Valuation Ratios
P/S TTM	0.2	0.5	0.3	0.5
P/EBIT TTM	5.2	10.7	8.4	6.2
P/E TTM	9.6	19.8	19.0	8.4
Sector Ratios
P/S TTM (Sector)	0.8	0.8	0.9	0.8
P/EBIT TTM (Sector)	7.6	8.0	7.8	6.3
P/E TTM (Sector)	10.4	11.1	10.7	8.4

	12/4/25	2024
Share Price CYE	$41.55	$41.42
Market Cap CYE ($ Bil)	3.3	3.3
Total Debt ($ Bil)	2.9	2.7
Total Cash ($ Bil)	0.2	0.2
Enterprise Value ($ Bil)	6.0	6.0
Valuation Ratios
P/S TTM	0.2	0.5
P/EBIT TTM	5.2	10.7
P/E TTM	9.6	19.8
Sector Ratios
P/S TTM (Sector)	0.8	0.8
P/EBIT TTM (Sector)	7.6	8.0
P/E TTM (Sector)	10.4	11.1

	VSCO	S&P 500
REVENUE GROWTH
Rev LTM ($ Bil)	6.3
Rev Chg Q	3.0%	7.1%
Rev Chg LTM	2.3%	6.1%
Rev Chg 3Y Avg	-1.8%	5.5%
PROFITABILITY	VERY POOR
Op Inc LTM ($ Bil)	0.3
CFO LTM ($ Bil)	0.4
Net Inc LTM ($ Bil)	0.2
Op Mgn LTM	4.5%	18.8%
CFO/Rev LTM	6.9%	20.5%
Net Inc Mgn	2.4%	13.1%
VALUATION	LOW
P/S	0.2	3.2
P/CFO	3.4	15.8
P/FCF	6.0	20.5
P/E	9.6	23.5
STABILITY	POOR
Debt/Equity	1.98	0.20
Cash/Assets	0.04	0.07

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Metric	Value	Date	Source
Total Retail Stores Worldwide	approximately 1,380	11102025	Link
Total Retail Stores in the US	776	6052025	Link
Number of Employees	more than 30,000	4082025	Link
Digital Sales as Percentage of Total Revenue	42%	12312023	Link
eCommerce Conversion Rate	2.00-2.50%	9302025	Link
Average Order Value	$125-150	9302025	Link
Instagram Followers	7.6M	12182024	Link
Facebook Likes	3 crores	12182024	Link

Upcoming
12/05/2025	Earnings Release	Rev: $1.0 Bil (E) EPS: $-0.60 (E)
3/03/2026	Earnings Release	Rev: - EPS: -

VSCO Stock

Return (1M):

Why The Stock Moved

Qualitative Assessment

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Victoria's Secret (VSCO) stock experienced significant upward movement, including an approximate 67% share price return over a 90-day period ending around November 24, 2025, with analyst price target increases reflecting similar high percentages, such as an 84% increase by UBS. This notable performance from late August 2025 to early December 2025 can be attributed to several key factors:

1. Significant Analyst Upgrades and Price Target Increases. Investment banks like UBS upgraded Victoria's Secret stock to 'Buy' from 'Neutral' on October 29, 2025, substantially raising its price target from $25.00 to $46.00, an 84% increase. Other firms, including Goldman Sachs and Telsey Advisory Group, also raised their price targets for VSCO during this period.

2. Positive Macroeconomic Sentiment. The stock benefited from a broader wave of optimism in retail stocks, driven by suggestions from a leading Federal Reserve official about a greater chance of interest rate cuts. This positive outlook on monetary policy boosted investor confidence ahead of the holiday season.

3. Strong Financial Performance and Earnings Beats. The company reported solid financial performance, including a better-than-expected Q2 2025 earnings per share (EPS) of $0.33, surpassing analyst consensus estimates of $0.13. This earnings beat contributed to a positive movement in the share price following the announcement.

4. Increased Confidence in Brand Repositioning. Analysts expressed increased confidence in Victoria's Secret's brand repositioning efforts and the belief that the company's turnaround strategy was gaining traction. Expectations for sustained sales growth, coupled with the expansion of product assortments and positive responses to major brand events like the 2025 Fashion Show, suggested additional opportunities for market share gains.

5. Robust Institutional Investor Activity. A high percentage of Victoria's Secret stock, approximately 90.29%, is held by institutional investors and hedge funds. During the period, large institutional investors such as Dimensional Fund Advisors LP and Bank of America Corp DE significantly increased their positions in VSCO shares, indicating strong institutional confidence in the company's future prospects.

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Stock Movement Drivers

Fundamental Drivers

The 85.1% change in VSCO stock from 9/3/2025 to 12/3/2025 was primarily driven by a 107.3% change in the company's P/E Multiple.

	9032025	12032025	Change
Stock Price ($)	22.97	42.51	85.07%
Change Contribution By	LTM	LTM
Total Revenues ($ Mil)	6223.00	6265.00	0.67%
Net Income Margin (%)	2.68%	2.41%	-10.19%
P/E Multiple	10.87	22.52	107.27%
Shares Outstanding (Mil)	79.00	80.00	-1.27%
Cumulative Contribution			85.04%

LTM = Last Twelve Months as of date shown

Market Drivers

9/3/2025 to 12/3/2025

	Return	Correlation
VSCO	85.1%
Market (SPY)	6.2%	52.6%
Sector (XLY)	3.5%	57.5%

Fundamental Drivers

The 107.7% change in VSCO stock from 6/4/2025 to 12/3/2025 was primarily driven by a 121.4% change in the company's P/E Multiple.

	6042025	12032025	Change
Stock Price ($)	20.47	42.51	107.67%
Change Contribution By	LTM	LTM
Total Revenues ($ Mil)	6229.00	6265.00	0.58%
Net Income Margin (%)	2.65%	2.41%	-9.01%
P/E Multiple	10.17	22.52	121.39%
Shares Outstanding (Mil)	82.00	80.00	2.44%
Cumulative Contribution			107.55%

LTM = Last Twelve Months as of date shown

Market Drivers

6/4/2025 to 12/3/2025

	Return	Correlation
VSCO	107.7%
Market (SPY)	15.1%	50.5%
Sector (XLY)	11.5%	53.7%

Fundamental Drivers

The 1.5% change in VSCO stock from 12/3/2024 to 12/3/2025 was primarily driven by a 7.0% change in the company's Net Income Margin (%).

	12032024	12032025	Change
Stock Price ($)	41.90	42.51	1.46%
Change Contribution By	LTM	LTM
Total Revenues ($ Mil)	6124.00	6265.00	2.30%
Net Income Margin (%)	2.25%	2.41%	6.96%
P/E Multiple	23.68	22.52	-4.90%
Shares Outstanding (Mil)	78.00	80.00	-2.56%
Cumulative Contribution			1.39%

LTM = Last Twelve Months as of date shown

Market Drivers

12/3/2024 to 12/3/2025

	Return	Correlation
VSCO	1.5%
Market (SPY)	14.3%	52.5%
Sector (XLY)	7.4%	57.8%

Fundamental Drivers

The -4.3% change in VSCO stock from 12/4/2022 to 12/3/2025 was primarily driven by a -62.8% change in the company's Net Income Margin (%).

	12042022	12032025	Change
Stock Price ($)	44.43	42.51	-4.32%
Change Contribution By	LTM	LTM
Total Revenues ($ Mil)	6499.00	6265.00	-3.60%
Net Income Margin (%)	6.48%	2.41%	-62.79%
P/E Multiple	8.55	22.52	163.47%
Shares Outstanding (Mil)	81.00	80.00	1.23%
Cumulative Contribution			-4.34%

LTM = Last Twelve Months as of date shown

Market Drivers

12/4/2023 to 12/3/2025

	Return	Correlation
VSCO	56.5%
Market (SPY)	53.2%	38.7%
Sector (XLY)	42.3%	43.0%

Return vs. Risk

Price Returns Compared

	2020	2021	2022	2023	2024	2025	Total [1]
Returns
VSCO Return	-	-	-36%	-26%	56%	1%	-24%
Peers Return	24%	21%	-7%	38%	14%	13%	146%
S&P 500 Return	16%	27%	-19%	24%	23%	16%	112%
Monthly Win Rates [3]
VSCO Win Rate	-	60%	33%	33%	67%	60%
Peers Win Rate	65%	55%	45%	68%	53%	52%
S&P 500 Win Rate	58%	75%	42%	67%	75%	70%
Max Drawdowns [4]
VSCO Max Drawdown	-	-	-52%	-60%	-40%	-64%
Peers Max Drawdown	-54%	-6%	-34%	-10%	-11%	-19%
S&P 500 Max Drawdown	-31%	-1%	-25%	-1%	-2%	-15%

[1] Cumulative total returns since the beginning of 2020
[2] Peers: GPI, ABG, AEO, TJX, ROST.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2025 data is for the year up to 12/3/2025 (YTD)

How Low Can It Go

Unique Key	Event	VSCO	S&P 500
2022 Inflation Shock	2022 Inflation Shock
2022 Inflation Shock% Loss	% Loss	-80.9%	-25.4%
2022 Inflation Shock% Gain to Breakeven	% Gain to Breakeven	422.9%	34.1%
2022 Inflation ShockTime to Breakeven	Time to Breakeven	Not Fully Recovered days	464 days

Compare to GPI, ABG, AEO, TJX, ROST

In The Past

Victoria's Secret's stock fell -80.9% during the 2022 Inflation Shock from a high on 8/13/2021. A -80.9% loss requires a 422.9% gain to breakeven.

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About Victoria's Secret (VSCO)

Victoria'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.

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Lululemon for lingerie and sleepwear.
Bath & Body Works for lingerie and fragrances.

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Lingerie: A wide range of intimate apparel including bras, panties, shapewear, and sleepwear.
Beauty Products: Fragrances, body lotions, mists, and other personal care items.
Loungewear & Apparel: Comfortable clothing such as pajamas, robes, activewear, and other casual wear.
Accessories: Complementary fashion items including bags, hosiery, and other small goods.

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Victoria's Secret (symbol: VSCO) sells primarily to individuals, operating as a direct-to-consumer (B2C) retail company through its physical stores and e-commerce platforms. Its major customers can be categorized as follows:

Women seeking fashion-forward and sensual intimate apparel and beauty products: This core customer segment is drawn to Victoria's Secret's legacy of alluring designs in lingerie, sleepwear, and its range of fragrances and body care. They often purchase for self-indulgence, special occasions, or to align with a perceived glamorous aesthetic.
Women prioritizing comfort and everyday wear: As the brand has evolved, it increasingly caters to customers looking for comfortable loungewear, everyday basic bras and panties, and sleepwear. This segment values practicality, comfort, and inclusivity in sizing and styling, reflecting a broader appeal beyond traditional "sexy" offerings.
Gift purchasers: A significant portion of sales comes from individuals purchasing items as gifts for others, such as partners, family, or friends. Victoria's Secret's brand recognition and product variety (from lingerie to beauty products) make it a frequent choice for gift-giving occasions.

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Hillary Super, Chief Executive Officer

Hillary Super has served as the CEO of Victoria's Secret & Co. since 2023, leading the company's strategic growth initiatives and brand revitalization. With over three decades of experience, she has driven growth and innovation across renowned fashion brands. Prior to joining Victoria's Secret, she was the CEO and board member of Savage X Fenty from 2023 to 2024. She also held the position of Global CEO for Anthropologie Group, where she successfully revitalized the women's apparel and accessories business, establishing the brand as a global lifestyle leader. Her career also includes significant merchandising and operational leadership roles at Gap, Old Navy, American Eagle Outfitters, and Guess?.

Scott Sekella, Chief Financial Operating Officer

Scott Sekella was appointed Chief Financial Operating Officer of Victoria's Secret & Co. in January 2025, succeeding Timothy Johnson, who is set to retire in June 2025. He previously served as the CFO of JOANN, a fabric and crafts retailer. Sekella also held financial leadership positions at Under Armour and Crocs. He is recognized for his extensive and diverse retail experience in identifying and accelerating strategies that enhance performance and profitability.

Melinda (Mel) McAfee, Chief Human Resources Officer and Chief Legal Officer

Melinda (Mel) McAfee joined Victoria's Secret & Co. in May 2021 as Chief Legal Officer, with her role expanding to include Chief Human Resources Officer in October 2022. She oversees governance, employment, privacy, regulatory compliance, and comprehensive legal strategy. Before Victoria's Secret, she was the Senior Vice President, General Counsel, and Corporate Secretary of EXPRESS, Inc. Her background also includes over 10 years as in-house counsel for Abercrombie & Fitch Co. and a partnership in the Labor & Employment practice at Vorys, Sater, Seymour and Pease, LLP.

Anne Stephenson, President, Victoria's Secret

Anne Stephenson became President of Victoria's Secret in May 2025. In this role, she is responsible for the brand's product strategy, brand development, and merchandising excellence. With over 25 years of experience in merchandising and brand leadership, Stephenson has previously served as Chief Merchandising Officer at Victoria's Secret & Co. and as chief merchant at Full Beauty Brands and Torrid. She also has more than 15 years of prior experience with Victoria's Secret.

Elizabeth Preis, Chief Marketing and Customer Officer

Elizabeth Preis serves as the Chief Marketing and Customer Officer of Victoria's Secret & Co. She is an experienced marketing executive with over 25 years in guiding iconic consumer brands. Her previous leadership roles include Global CMO at Anthropologie, as well as positions at Estée Lauder, J. Crew, and Saks Fifth Avenue. Preis is known for her ability to combine consumer insight with creative strategies to build strong brand connections.

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Ultra-Fast Fashion Retailers: The aggressive expansion of ultra-fast fashion companies like Shein and Temu into the intimates category poses a significant emerging threat. These platforms leverage highly efficient supply chains, AI-driven trend identification, and ultra-low price points to flood the market with a vast array of trendy, inexpensive lingerie and sleepwear. This business model directly challenges Victoria's Secret's traditional retail pricing structure, product development cycles, and perceived value proposition, particularly among younger, budget-conscious consumers who prioritize variety and affordability over brand heritage.
Highly Specialized Direct-to-Consumer (DTC) Brands: While DTC brands have been a competitive factor for some time, there is a clear emerging trend of increasingly specialized DTC lingerie brands that hyper-target specific niches based on inclusivity (e.g., broader size ranges, adaptive designs), sustainability (e.g., eco-friendly materials, ethical production), or unique functional needs (e.g., period underwear, post-mastectomy bras). These brands often build strong, authentic communities through social media, eroding Victoria's Secret's broad market appeal by offering deeply resonant alternatives that cater precisely to consumer values and specific demands that a larger, legacy brand struggles to address with the same agility and authenticity.

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Victoria's Secret (symbol: VSCO) operates in the addressable markets of lingerie, activewear, and beauty and personal care products. The estimated market sizes for these product categories are detailed below:

Lingerie Market

Global: The global lingerie market was valued between approximately USD 44.92 billion and USD 94.63 billion in 2024. It is projected to grow to a range of approximately USD 69.38 billion to USD 165.69 billion by 2032 or 2033, with Compound Annual Growth Rates (CAGR) varying from 5.78% to 8.67% over the respective forecast periods.
U.S.: The U.S. lingerie market was estimated to be between USD 17.11 billion and USD 23.20 billion in 2024. It is expected to reach a projected value between approximately USD 21.25 billion and USD 34.64 billion by 2030 or 2033, with CAGRs ranging from 4.1% to 7.2% from 2025.

Activewear Market

Global: The global activewear market was estimated to be between USD 320.91 billion and USD 414.17 billion in 2024. This market is projected to reach between approximately USD 605.89 billion and USD 786.6 billion by 2030 to 2034, with CAGRs from 5.0% to 9.0% during the respective forecast periods.
U.S.: The U.S. activewear market generated between approximately USD 97.41 billion and USD 128.51 billion in 2024. It is expected to grow to a range of approximately USD 158 billion to USD 203.25 billion by 2030 to 2033, with CAGRs ranging from 6.5% to 8.55% from 2025.

Beauty and Personal Care Products Market

Global: The global beauty and personal care products market was valued between approximately USD 529.5 billion and USD 557.88 billion in 2024. It is projected to grow to a range of approximately USD 776.35 billion to USD 937.13 billion by 2030 to 2033, with CAGRs between 4.2% and 7.7% for the respective forecast periods.
U.S.: The U.S. beauty and personal care products market was estimated to be between USD 93.27 billion and USD 102.73 billion in 2024. It is anticipated to reach between approximately USD 142.47 billion and USD 155.44 billion by 2030, with CAGRs from 5.1% to 7.37% from 2025.

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Expected Drivers of Future Revenue Growth for Victoria's Secret (VSCO)

International Expansion: Victoria's Secret has demonstrated strong performance in its international markets, with significant sales growth reported in Q2 and Q3 of fiscal year 2025 (Q2 and Q3 2026 based on reporting schedules). This growth is fueled by global partnerships and increasing brand relevance, indicating that continued expansion and success in international operations will be a key revenue driver.
Product Innovation and Differentiation: The company is focused on product innovation and strategic differentiation between its Victoria's Secret and PINK brands. Recent examples include the successful launch of the "Body by Victoria" collection and the new FlexFactor bra, which have driven new customer growth. Future product introductions, such as new sports bras and the Dreamshare Wicked Bra, are anticipated to further drive growth by meeting customer needs and strengthening the brand's competitive edge.
Customer Acquisition and Enhanced Engagement: Victoria's Secret aims to deepen connections with existing customers and attract new ones by evolving its brand projection and go-to-market strategy. The company has reported double-digit new customer growth following product launches, highlighting the importance of compelling storytelling and a relevant product offering to expand its customer base and foster loyalty.
Growth in Key Product Categories: The beauty business continues to be a standout performer, and sales growth has been observed across core categories like intimates and sports bras. The company is actively innovating within these categories, with new bra launches driving overall bra sales and increasing market share in the intimates segment.

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Share Repurchases

In March 2024, Victoria's Secret & Co. authorized a new share repurchase program for up to $250 million of its common stock.
A $250 million share repurchase program was approved in January 2023, slated to commence after an existing $250 million program was completed by the end of January 2023.
The company executed share repurchases of $250 million in fiscal year 2022 and $125 million in fiscal year 2024.

Share Issuance

Victoria's Secret & Co. became an independent publicly traded company on August 3, 2021, through a distribution of 100% of its common stock to stockholders of its former parent company.
In fiscal year 2025, there was a net common equity issuance of $5 million.
In 2024, stockholders approved an amendment to the 2021 Plan, increasing the number of shares available for issuance under the plan for equity compensation by 5 million shares.

Outbound Investments

On December 30, 2022, Victoria's Secret & Co. completed the acquisition of AdoreMe, Inc., a digitally-native intimates brand.
In April 2022, the company entered into a joint venture agreement with Regina Miracle International (Holdings) Limited to operate Victoria's Secret stores and the related online business in China, with Victoria's Secret & Co. holding a 51% ownership stake.

Capital Expenditures

Expected capital expenditures for fiscal year 2025 are approximately $200 million, a reduction from a previous estimate of $220 million.
Capital expenditures totaled $178 million in fiscal year 2024 and $256 million in fiscal year 2023.
The primary focus of capital expenditures has been on the store capital program, including refreshing existing stores with a "store of the future" concept, and investing in technology to support strategic growth initiatives.

Better Bets than Victoria's Secret (VSCO)

	VSCO	Better Performance than VSCO
Metric	Value	INDUSTRY: Apparel Retail
Rev Chg LTM	2.3%	BOOT (17.8%), URBN (9.6%), ANF (9.3%), BURL (7.6%), TJX (4.1%)
Rev Chg 3Y Avg	-1.8%	BURL (7.7%), URBN (7.5%), TJX (5.3%), ROST (5.2%), GAP (-1.3%)
Op Mgn LTM	4.5%	ROST (12.0%), TJX (11.2%), URBN (9.5%), GAP (7.7%), BURL (6.9%)
CFO/Rev LTM	6.9%	ROST (11.5%), TJX (10.2%), URBN (10.1%), GAP (8.0%), BURL (7.3%)
FCF/Rev LTM	3.9%	ROST (7.8%), TJX (7.0%), URBN (6.8%), ANF (6.8%), GAP (5.1%)
Total Yield	10.2%	BKE (17.6%), GES (15.4%), AEO (14.8%), ANF (13.7%), GAP (10.9%)
P/S	0.2	GCO (0.1), DLTH (0.1), CAL (0.1), AKA (0.2), GES (0.2)
P/Op Inc	5.3	JILL (3.7), CAL (4.0), GES (4.4)

	VSCO	Better Performance than VSCO
Metric	Value	SECTOR: Consumer Discretionary
Rev Chg LTM	2.3%	MELI (36.9%), BKNG (13.0%), AMZN (10.9%), HD (8.5%), TJX (4.1%)
Rev Chg 3Y Avg	-1.8%	AMZN (11.3%), TSLA (9.3%), TJX (5.3%), MCD (4.2%), HD (2.2%)
Op Mgn LTM	4.5%	MCD (46.1%), HD (13.1%), AMZN (11.4%), TJX (11.2%), TSLA (5.1%)
CFO/Rev LTM	6.9%	MCD (39.9%), AMZN (18.1%), TSLA (16.5%), HD (10.8%), TJX (10.2%)
FCF/Rev LTM	3.9%	BKNG (31.9%), MCD (28.1%), HD (8.6%), TSLA (7.1%), TJX (7.0%)
Total Yield	10.2%	F (13.6%), TOL (12.7%), DHI (11.3%), BBY (11.1%), PHM (10.8%)
P/S	0.2	KSS (0.1), GT (0.1), M (0.1), LAD (0.2), LEA (0.2)
P/Op Inc	5.3	CZR (2.7), M (3.7), CROX (4.6), ABG (4.7), LAD (5.1)

	VSCO	Better Performance than VSCO
Metric	Value	ALL OTHER SECTORS
Rev Chg LTM	2.3%	NVDA (71.6%), AVGO (28.0%), MSFT (15.6%), GOOGL (13.4%), AAPL (6.0%)
Rev Chg 3Y Avg	-1.8%	NVDA (92.0%), AVGO (24.0%), MSFT (13.2%), GOOGL (11.0%), AAPL (1.8%)
Op Mgn LTM	4.5%	NVDA (58.1%), MSFT (46.3%), AVGO (39.0%), GOOGL (32.2%), AAPL (31.9%)
CFO/Rev LTM	6.9%	MSFT (50.0%), NVDA (46.6%), AVGO (42.4%), GOOGL (39.3%), AAPL (26.6%)
FCF/Rev LTM	3.9%	NVDA (43.6%), AVGO (41.6%), MSFT (26.6%), AAPL (23.5%), GOOGL (19.1%)
Total Yield	10.2%	VZ (16.8%), MRK (13.0%), T (11.0%), RY (10.3%), XOM (10.3%)
P/S	0.2	CNC (0.1), ACI (0.1), CAH (0.2), COR (0.2), SNX (0.2)
P/Op Inc	5.3	CHTR (2.8), IBKR (3.6), BCE (4.0), EIX (4.1), CMCSA (5.2)

		Best Bets In Consumer Discretionary Sector
	VSCO
What You Pay
P/E	9.8
P/EBIT	5.3
What You Get
Rev Chg Q	3.0%
Rev Chg LTM	2.3%
Rev Chg 3Y Avg	-1.8%
FCF/Rev 3Y Avg	3.5%

[1] Choosing top 10 best bets from each sector quarterly is an alpha producing strategy vs sector benchmark
[2] Historical annualized return of 14%, alpha of 2.9%, and sharpe of 0.61

Latest Trefis Analyses

	Title	Topic
0	DASHBOARDS
1	Victoria's Secret Stock Jump Looks Great, But How Secure Is That Gain?	Return
2	VSCO Dip Buy Analysis
3	Victoria's Secret (VSCO) Stock: 38% of days in last 3 months had 1% or greater fluctuation
4	Victoria's Secret (VSCO) Valuation Ratios Comparison	Financials
5	Victoria's Secret Market Price	Market Price
6	Day 9 of Loss Streak for Victoria's Secret Stock with -33% Return (vs. -54% YTD) [3/8/2025]	Notification
7	Day 8 of Loss Streak for Victoria's Secret Stock with -29% Return (vs. -51% YTD) [3/7/2025]	Notification
8	Day 7 of Loss Streak for Victoria's Secret Stock with -22% Return (vs. -46% YTD) [3/6/2025]	Notification
9	Victoria's Secret Stock Soars 14% In A Single Week, Now Is Not The Time To Buy The Stock	Buy or Fear
10	Victoria's Secret (VSCO) Operating Cash Flow Comparison	Financials

	Title
0	ARTICLES

Trade Ideas

Select past ideas related to VSCO. For more, see Trefis Trade Ideas.

Unique Key	Date	Ticker	Company	Category	Trade Strategy	6M Fwd Rtn	12M Fwd Rtn	12M Max DD
BBWI_11302025_Dip_Buyer_1M_Insider_Buying_GTE_1Mil_EBITp+DE	11302025	BBWI	Bath & Body Works	Dip Buy	DB \| Insider Buys \| Low D/EDip Buy with Strong Insider Buying Buying dips for companies with strong insider buying in the last 1 month, positive operating income and reasonable debt / market cap	9.2%	9.2%	0.0%
HRB_11262025_Dip_Buyer_FCFYield	11262025	HRB	H&R Block	Dip Buy	DB \| FCFY OPMDip Buy with High FCF Yield and High Margin Buying dips for companies with high FCF yield and meaningfully high operating margin	2.4%	2.4%	0.0%
LRN_11262025_Dip_Buyer_FCFYield	11262025	LRN	Stride	Dip Buy	DB \| FCFY OPMDip Buy with High FCF Yield and High Margin Buying dips for companies with high FCF yield and meaningfully high operating margin	-4.1%	-4.1%	-4.1%
ABNB_11212025_Dip_Buyer_FCFYield	11212025	ABNB	Airbnb	Dip Buy	DB \| FCFY OPMDip Buy with High FCF Yield and High Margin Buying dips for companies with high FCF yield and meaningfully high operating margin	5.1%	5.1%	0.0%
MTN_11212025_Dip_Buyer_FCFYield	11212025	MTN	Vail Resorts	Dip Buy	DB \| FCFY OPMDip Buy with High FCF Yield and High Margin Buying dips for companies with high FCF yield and meaningfully high operating margin	2.8%	2.8%	-1.6%
VSCO_3312025_Dip_Buyer_High_FCF_Yield_ExInd_DE_RevG	03312025	VSCO	Victoria's Secret	Dip Buy	DB \| FCF Yield \| Low D/EDip Buy with High Free Cash Flow Yield Buying dips for companies with significant free cash flow yield (FCF / Market Cap) and reasonable debt / market cap	42.6%	128.8%	-20.0%

Unique Key	Date	Ticker	Company	Category	Trade Strategy	6M Fwd Rtn	12M Fwd Rtn	12M Max DD
BBWI_11302025_Dip_Buyer_1M_Insider_Buying_GTE_1Mil_EBITp+DE	11302025	BBWI	Bath & Body Works	Dip Buy	DB \| Insider Buys \| Low D/EDip Buy with Strong Insider Buying Buying dips for companies with strong insider buying in the last 1 month, positive operating income and reasonable debt / market cap	9.2%	9.2%	0.0%
HRB_11262025_Dip_Buyer_FCFYield	11262025	HRB	H&R Block	Dip Buy	DB \| FCFY OPMDip Buy with High FCF Yield and High Margin Buying dips for companies with high FCF yield and meaningfully high operating margin	2.4%	2.4%	0.0%
LRN_11262025_Dip_Buyer_FCFYield	11262025	LRN	Stride	Dip Buy	DB \| FCFY OPMDip Buy with High FCF Yield and High Margin Buying dips for companies with high FCF yield and meaningfully high operating margin	-4.1%	-4.1%	-4.1%
ABNB_11212025_Dip_Buyer_FCFYield	11212025	ABNB	Airbnb	Dip Buy	DB \| FCFY OPMDip Buy with High FCF Yield and High Margin Buying dips for companies with high FCF yield and meaningfully high operating margin	5.1%	5.1%	0.0%
MTN_11212025_Dip_Buyer_FCFYield	11212025	MTN	Vail Resorts	Dip Buy	DB \| FCFY OPMDip Buy with High FCF Yield and High Margin Buying dips for companies with high FCF yield and meaningfully high operating margin	2.8%	2.8%	-1.6%
VSCO_3312025_Dip_Buyer_High_FCF_Yield_ExInd_DE_RevG	03312025	VSCO	Victoria's Secret	Dip Buy	DB \| FCF Yield \| Low D/EDip Buy with High Free Cash Flow Yield Buying dips for companies with significant free cash flow yield (FCF / Market Cap) and reasonable debt / market cap	42.6%	128.8%	-20.0%

Recent Active Movers

1 Day Top Gainers

Ticker	Company	Mkt Cap (B)	1D Rtn	YTD Rtn
MPLT	MapLight Therapeutics	0.7	31.3%
AEVA	Aeva Technologies	0.8	25.7%	188.2%
DC	Dakota Gold	0.6	19.7%	150.9%
SERV	Serve Robotics	0.7	18.2%	-12.6%
ACDC	ProFrac	0.7	17.6%	-45.0%
HY	Hyster Yale	0.6	15.6%	-29.9%
AEO	American Eagle Outfitters	4.1	15.1%	49.7%
BEAM	Beam Therapeutics	2.7	14.4%	7.8%
GOSS	Gossamer Bio	0.8	14.4%	278.1%
FTRE	Fortrea	1.3	14.4%	-21.8%

1 Day Top Losers

Ticker	Company	Mkt Cap (B)	1D Rtn	YTD Rtn
PSTG	Pure Storage	22.6	-27.3%	12.1%
GTLB	GitLab	6.3	-12.8%	-32.9%
CTEV	Claritev	0.7	-11.3%
FBYD	Falcons Beyond Global	0.7	-11.2%	131.2%
ACHC	Acadia Healthcare	1.3	-10.9%	-63.0%
ULS	UL Solutions	16.0	-10.7%	60.4%
HPK	HighPeak Energy	0.7	-10.6%	-59.8%
OS	OneStream	3.5	-10.4%	-35.0%
ARE	Alexandria Real Estate Equities	8.2	-10.1%	-47.9%
THO	Thor Industries	5.3	-9.5%	6.6%

1 Week Top Gainers

Ticker	Company	Mkt Cap (B)	1W Rtn	YTD Rtn
HPP	Hudson Pacific Properties	6.3	641.5%	-34.3%
TLRY	Tilray Brands	7.5	618.1%	-46.9%
TMC	TMC The Metals	2.8	42.2%	589.3%
VERA	Vera Therapeutics	2.6	40.2%	-2.4%
ARWR	Arrowhead Pharmaceuticals	9.0	39.1%	246.1%
TE	T1 Energy	0.7	37.4%
MPLT	MapLight Therapeutics	0.7	32.1%
AEVA	Aeva Technologies	0.8	31.1%	188.2%
AMKR	Amkor Technology	10.9	30.2%	73.4%
DC	Dakota Gold	0.6	30.2%	150.9%

1 Week Top Losers

Ticker	Company	Mkt Cap (B)	1W Rtn	YTD Rtn
JANX	Janux Therapeutics	1.1	-50.7%	-68.0%
VTYX	Ventyx Biosciences	0.6	-25.0%	258.0%
CTEV	Claritev	0.7	-23.5%
AMBA	Ambarella	3.0	-22.9%	-3.6%
FULC	Fulcrum Therapeutics	0.6	-21.5%	92.8%
PD	PagerDuty	1.1	-20.5%	-33.9%
NTNX	Nutanix	12.7	-19.3%	-22.4%
CNK	Cinemark	2.6	-18.0%	-25.2%
PSTG	Pure Storage	22.6	-17.2%	12.1%
ZS	Zscaler	38.1	-15.9%	35.1%

1 Month Top Gainers

Ticker	Company	Mkt Cap (B)	1M Rtn	YTD Rtn
OLMA	Olema Pharmaceuticals	2.3	223.6%	367.4%
COGT	Cogent Biosciences	5.4	152.6%	402.1%
CDTX	Cidara Therapeutics	5.9	115.1%	722.1%
IRWD	Ironwood Pharmaceuticals	0.6	100.5%	-15.8%
TERN	Terns Pharmaceuticals	2.5	95.9%	396.2%
FRGE	Forge Global	0.6	90.3%	217.8%
SGML	Sigma Lithium	1.1	87.3%	-10.6%
INSP	Inspire Medical Systems	4.0	82.8%	-27.3%
NPCE	NeuroPace	0.6	77.2%	48.9%
ALMS	Alumis	0.6	71.9%	-0.3%

1 Month Top Losers

Ticker	Company	Mkt Cap (B)	1M Rtn	YTD Rtn
UP	Wheels Up Experience	0.4	-52.7%	-62.4%
CCOI	Cogent Communications	0.9	-51.9%	-72.9%
SMR	NuScale Power	3.0	-50.7%	12.3%
FRMI	Fermi	10.3	-47.5%
AMSC	American Superconductor	1.4	-47.2%	30.1%
TLRY	Tilray Brands	7.5	-46.1%	-46.9%
BTDR	Bitdeer Technologies	2.4	-44.8%	-41.8%
EXOD	Exodus Movement	0.4	-43.1%	-53.3%
STUB	Stubhub	3.5	-39.8%
METC	Ramaco Resources	1.0	-39.4%	66.9%

Recent Active Movers

1 Day Top Gainers

Ticker	Company	Mkt Cap (B)	1D Rtn	YTD Rtn
MPLT	MapLight Therapeutics	0.7	31.3%
AEVA	Aeva Technologies	0.8	25.7%	188.2%
DC	Dakota Gold	0.6	19.7%	150.9%
SERV	Serve Robotics	0.7	18.2%	-12.6%
ACDC	ProFrac	0.7	17.6%	-45.0%
HY	Hyster Yale	0.6	15.6%	-29.9%
AEO	American Eagle Outfitters	4.1	15.1%	49.7%
BEAM	Beam Therapeutics	2.7	14.4%	7.8%
GOSS	Gossamer Bio	0.8	14.4%	278.1%
FTRE	Fortrea	1.3	14.4%	-21.8%

1 Day Top Losers

Ticker	Company	Mkt Cap (B)	1D Rtn	YTD Rtn
PSTG	Pure Storage	22.6	-27.3%	12.1%
GTLB	GitLab	6.3	-12.8%	-32.9%
CTEV	Claritev	0.7	-11.3%
FBYD	Falcons Beyond Global	0.7	-11.2%	131.2%
ACHC	Acadia Healthcare	1.3	-10.9%	-63.0%
ULS	UL Solutions	16.0	-10.7%	60.4%
HPK	HighPeak Energy	0.7	-10.6%	-59.8%
OS	OneStream	3.5	-10.4%	-35.0%
ARE	Alexandria Real Estate Equities	8.2	-10.1%	-47.9%
THO	Thor Industries	5.3	-9.5%	6.6%

1 Week Top Gainers

Ticker	Company	Mkt Cap (B)	1W Rtn	YTD Rtn
HPP	Hudson Pacific Properties	6.3	641.5%	-34.3%
TLRY	Tilray Brands	7.5	618.1%	-46.9%
TMC	TMC The Metals	2.8	42.2%	589.3%
VERA	Vera Therapeutics	2.6	40.2%	-2.4%
ARWR	Arrowhead Pharmaceuticals	9.0	39.1%	246.1%
TE	T1 Energy	0.7	37.4%
MPLT	MapLight Therapeutics	0.7	32.1%
AEVA	Aeva Technologies	0.8	31.1%	188.2%
AMKR	Amkor Technology	10.9	30.2%	73.4%
DC	Dakota Gold	0.6	30.2%	150.9%

1 Week Top Losers

Ticker	Company	Mkt Cap (B)	1W Rtn	YTD Rtn
JANX	Janux Therapeutics	1.1	-50.7%	-68.0%
VTYX	Ventyx Biosciences	0.6	-25.0%	258.0%
CTEV	Claritev	0.7	-23.5%
AMBA	Ambarella	3.0	-22.9%	-3.6%
FULC	Fulcrum Therapeutics	0.6	-21.5%	92.8%
PD	PagerDuty	1.1	-20.5%	-33.9%
NTNX	Nutanix	12.7	-19.3%	-22.4%
CNK	Cinemark	2.6	-18.0%	-25.2%
PSTG	Pure Storage	22.6	-17.2%	12.1%
ZS	Zscaler	38.1	-15.9%	35.1%

Peer Comparisons for Victoria's Secret

Peers to compare with:

Financials

	VSCO	GPI	ABG	AEO	TJX	ROST	Median
Name	Victoria.	Group 1 .	Asbury A.	American.	TJX Comp.	Ross Sto.
Mkt Price	42.51	410.38	236.23	23.97	150.06	178.00	164.03
Mkt Cap	3.4	5.2	4.6	4.1	167.3	57.5	4.9
Rev LTM	6,265	22,538	17,827	5,267	57,925	21,498	19,662
Op Inc LTM	282	983	1,014	301	6,476	2,580	999
FCF LTM	242	493	629	152	4,041	1,679	561
FCF 3Y Avg	219	236	350	293	4,358	1,797	322
CFO LTM	432	778	868	410	5,935	2,474	823
CFO 3Y Avg	436	465	546	514	6,145	2,565	530

Growth & Margins

	VSCO	GPI	ABG	AEO	TJX	ROST	Median
Name	Victoria.	Group 1 .	Asbury A.	American.	TJX Comp.	Ross Sto.
Rev Chg LTM	2.3%	19.4%	8.1%	-2.7%	4.1%	1.9%	3.2%
Rev Chg 3Y Avg	-1.8%	13.0%	7.5%	1.6%	5.3%	5.2%	5.2%
Rev Chg Q	3.0%	10.7%	13.3%	-0.6%	6.9%	4.6%	5.7%
QoQ Delta Rev Chg LTM	0.7%	2.6%	3.3%	-0.1%	1.6%	1.1%	1.4%
Op Mgn LTM	4.5%	4.4%	5.7%	5.7%	11.2%	12.0%	5.7%
Op Mgn 3Y Avg	4.9%	5.1%	6.4%	6.7%	10.7%	11.5%	6.6%
QoQ Delta Op Mgn LTM	-0.4%	-0.1%	-0.1%	0.0%	0.2%	-0.2%	-0.1%
CFO/Rev LTM	6.9%	3.5%	4.9%	7.8%	10.2%	11.5%	7.3%
CFO/Rev 3Y Avg	7.0%	2.3%	3.2%	9.9%	11.2%	12.5%	8.5%
FCF/Rev LTM	3.9%	2.2%	3.5%	2.9%	7.0%	7.8%	3.7%
FCF/Rev 3Y Avg	3.5%	1.1%	2.1%	5.7%	8.0%	8.8%	4.6%

Valuation

	VSCO	GPI	ABG	AEO	TJX	ROST	Median
Name	Victoria.	Group 1 .	Asbury A.	American.	TJX Comp.	Ross Sto.
Mkt Cap	3.4	5.2	4.6	4.1	167.3	57.5	4.9
P/S	0.2	0.2	0.3	0.3	2.4	1.9	0.3
P/EBIT	5.3	7.1	4.7	5.5	20.6	14.8	6.3
P/E	9.8	14.8	8.5	8.3	27.7	20.0	12.3
P/CFO	3.4	7.2	5.5	4.0	23.2	16.7	6.3
Total Yield	10.2%	7.2%	11.8%	14.8%	4.9%	6.2%	8.7%
Dividend Yield	0.0%	0.5%	0.0%	2.8%	1.3%	1.2%	0.8%
FCF Yield 3Y Avg	15.6%	5.0%	7.4%	11.9%	3.7%	4.3%	6.2%
D/E	1.9	1.0	1.3	1.2	0.1	0.1	1.1
Net D/E	1.8	1.0	1.2	1.1	0.1	0.0	1.1

Returns

	VSCO	GPI	ABG	AEO	TJX	ROST	Median
Name	Victoria.	Group 1 .	Asbury A.	American.	TJX Comp.	Ross Sto.
1M Rtn	18.1%	4.4%	0.5%	45.0%	7.2%	10.4%	8.8%
3M Rtn	85.1%	-12.6%	-6.9%	77.5%	7.9%	18.4%	13.2%
6M Rtn	107.7%	-2.5%	3.3%	138.5%	17.9%	25.6%	21.7%
12M Rtn	1.5%	-4.6%	-11.0%	25.2%	21.8%	17.1%	9.3%
3Y Rtn	-4.3%	117.3%	28.9%	63.2%	95.1%	54.6%	58.9%
1M Excs Rtn	18.1%	4.4%	0.6%	45.0%	7.2%	10.5%	8.8%
3M Excs Rtn	60.3%	-19.7%	-14.1%	23.3%	1.4%	11.4%	6.4%
6M Excs Rtn	92.9%	-17.2%	-11.4%	123.8%	3.2%	10.9%	7.0%
12M Excs Rtn	-4.1%	-16.6%	-22.6%	16.1%	7.3%	2.7%	-0.7%
3Y Excs Rtn	-79.9%	48.6%	-41.9%	-7.7%	22.7%	-14.7%	-11.2%

Financials

Annual
Quarterly

$ Mil \| FY: 2/1	LTM	2025	2024	2023	2022	2021	2020
Period End	8/2/2025	2/1/2025	2/3/2024	1/28/2023	1/29/2022	1/30/2021	1/30/2020
Filing Date	9/5/2025	3/21/2025	3/22/2024	3/17/2023	3/18/2022	7/9/2021	3/18/2022
Key Financials
Total Revenue	6,265	6,230	6,182	6,344	6,785	5,413	7,509
EBITDA	535	565	530	751	1,173	226	-480
Operating Income	282	310	246	478	870	-101	-172
Net Income	151	165	109	348	646	-72	-897
EPS	1.80	2.11	1.41	4.24	7.34	-0.79	-9.79
Growth Rates
Total Revenue Growth	2.3%	0.8%	-2.6%	-6.5%	25.3%	-27.9%	-7.3%
EBITDA Growth	-2.6%	6.6%	-29.4%	-36.0%	419.0%	147.1%	-158.7%
Operating Income Growth	0.7%	26.0%	-48.5%	-45.1%	961.4%	41.3%	-143.0%
Net Income Growth	9.4%	51.4%	-68.7%	-46.1%	997.2%	92.0%	-457.4%
Margins
EBITDA Margin	8.5%	9.1%	8.6%	11.8%	17.3%	4.2%	-6.4%
Operating Income Margin	4.5%	5.0%	4.0%	7.5%	12.8%	-1.9%	-2.3%
Net Income Margin	2.4%	2.6%	1.8%	5.5%	9.5%	-1.3%	-11.9%
Cash & Debt
Total Cash	188	227	270	427	490	335	245
Total Debt	2,874	2,698	2,703	2,786	2,636	2,071	2,652
Net Debt / (Cash)	2,686	2,471	2,433	2,359	2,146	1,736	2,407
Cash Flows
Net Cash from Operations	432	425	389	437	851	674	315
Free Cash from Operations	242	247	133	273	682	547	90
Returns to Shareholders
Dividends	0	-0	-0	-0	-0	-0	-0
Share Repurchases	-0	-0	125	250	250	-0	-0

$ Mil \| FY: 2/1	2026Q2	2026Q1	2025Q4	2025Q3	2025Q2	2025Q1	2024Q4	2024Q3	2024Q2	2024Q1	2023Q4	2023Q3
Period End	8/2/2025	5/3/2025	2/1/2025	11/2/2024	8/3/2024	5/4/2024	2/3/2024	10/28/2023	7/29/2023	4/30/2023	1/28/2023	10/29/2022
Filing Date	9/5/2025	6/12/2025	3/21/2025	12/9/2024	9/6/2024	6/7/2024	3/22/2024	12/1/2023	9/1/2023	6/2/2023	3/17/2023	12/2/2022
Key Financials Quarterly
Total Revenue	1,459	1,353	2,106	1,347	1,417	1,359	2,083	1,265	1,427	1,407	2,021	1,318
Ebitda	105	85	330	15	126	92	327	4	98	101	311	113
Operating Income	41	20	268	-47	62	26	259	-67	26	28	244	43
Net Income	16	-2	193	-56	32	-4	181	-71	-1	1	173	24
EPS	0.20	-0.02	2.33	-0.71	0.41	-0.05	2.29	-0.92	-0.02	0.01	2.16	0.30
Key Financials TTM
Total Revenue TTM	6,265	6,223	6,229	6,206	6,124	6,134	6,182	6,120	6,173	6,267	6,344	6,499
Ebitda TTM	535	556	563	560	549	521	530	514	623	691	750	843
Operating Income TTM	282	303	309	300	280	244	246	231	341	413	479	569
Net Income TTM	151	167	165	153	138	105	110	102	197	268	348	421
Growth Rates Quarterly
Total Revenue Growth	3.0%	-0.4%	1.1%	6.5%	-0.7%	-3.4%	3.1%	-4.0%	-6.2%	-5.2%	-7.1%	-8.5%
EBITDA Growth	-16.7%	-7.6%	0.9%	275.0%	28.6%	-8.9%	5.1%	-96.5%	-41.0%	-36.9%	-23.0%	-38.6%
Operating Income Growth	-33.9%	-23.1%	3.5%	29.9%	138.5%	-7.1%	6.1%	-255.8%	-73.5%	-70.2%	-26.9%	-60.2%
Net Income Growth	-50.0%	50.0%	6.6%	21.1%	3300.0%	-500.0%	4.6%	-395.8%	-101.4%	-98.8%	-29.7%	-68.0%
Margins Quarterly
EBITDA Margin	7.2%	6.3%	15.7%	1.1%	8.9%	6.8%	15.7%	0.3%	6.9%	7.2%	15.4%	8.6%
Operating Income Margin	2.8%	1.5%	12.7%	-3.5%	4.4%	1.9%	12.4%	-5.3%	1.8%	2.0%	12.1%	3.3%
Net Income Margin	1.1%	-0.1%	9.2%	-4.2%	2.3%	-0.3%	8.7%	-5.6%	-0.1%	0.1%	8.6%	1.8%
Cash & Debt
Total Cash	188	138	227	161	169	105	270	124	131	132	427	126
Total Debt	2,874	2,824	2,698	3,098	2,808	2,654	2,703	3,101	2,852	2,792	2,786	2,760
Net Debt / (Cash)	2,686	2,686	2,471	2,937	2,639	2,549	2,433	2,977	2,721	2,660	2,359	2,634
Cash Flows Quarterly
FCF from Operations	156	-150	674	-248	115	-116	589	-181	89	-108	716	-228
Cash Flows TTM
FCF from Operations TTM	432	391	425	340	407	381	389	516	469	475	437	194
Returns to Shareholders Quarterly
Dividends	0	0	0	0	0	0	0	0	0	0	0	0
Share Repurchases	-0	-0	-0	-0	-0	-0	-0	-0	-0	125	36	45
Return on Invested Capital (ROIC) Quarterly
ROIC	4.1%	1.3%	30.8%	-4.6%	6.7%	3.7%	30.8%	-6.4%	3.5%	2.6%	29.1%	4.5%
Return on Invested Capital (ROIC) TTM
ROIC TTM	7.4%	8.0%	8.5%	7.1%	7.4%	6.5%	7.3%	5.3%	8.7%	11.2%	15.1%	16.1%

Price Behavior

Price Behavior

Market Price	$42.51
Market Cap ($ Bil)	3.4
First Trading Date	07/21/2021
Distance from 52W High	-12.7%
	50 Days	200 Days
DMA Price	$33.29	$24.19
DMA Trend	indeterminate	up
Distance from DMA	27.7%	75.7%
	3M	1YR
Volatility	56.9%	68.7%
Downside Capture	147.58	211.03
Upside Capture	395.24	185.95
Correlation (SPY)	53.2%	52.4%

VSCO Betas & Captures as of 11/30/2025

	1M	2M	3M	6M	1Y	3Y
Beta	2.06	2.44	2.63	2.60	1.83	1.54
Up Beta	0.74	0.91	2.40	2.95	1.93	1.76
Down Beta	2.47	1.81	1.79	2.01	1.37	1.04
Up Capture	431%	588%	614%	503%	356%	351%
Bmk +ve Days	13	26	39	74	142	427
Stock +ve Days	10	22	34	66	117	369
Down Capture	137%	193%	188%	197%	146%	110%
Bmk -ve Days	7	16	24	52	107	323
Stock -ve Days	10	20	29	59	131	379

[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively

1Y 5Y 10Y

Based On 1-Year Data

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Based On 5-Year Data

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Based On 10-Year Data

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Short Interest

Short Interest: As Of Date	11142025
Short Interest: Shares Quantity	10,916,427
Short Interest: % Change Since 10312025	13.5%
Average Daily Volume	2,096,703
Days-to-Cover Short Interest	5.21
Basic Shares Quantity	80,000,000
Short % of Basic Shares	13.6%

Returns Analyses

	Title
0	Victoria's Secret Stock Jump Looks Great, But How Secure Is That Gain?

SEC Filings

Expand for More

Report Date	Filing Date	Filing
7312025	9052025	10-Q 8/2/2025
4302025	6122025	10-Q 5/3/2025
1312025	3212025	10-K 2/1/2025
10312024	12092024	10-Q 11/2/2024
7312024	9062024	10-Q 8/3/2024
4302024	6072024	10-Q 5/4/2024
1312024	3222024	10-K 2/3/2024
10312023	12012023	10-Q 10/28/2023
7312023	9012023	10-Q 7/29/2023
4302023	6022023	10-Q 4/30/2023
1312023	3172023	10-K 1/28/2023
10312022	12022022	10-Q 10/29/2022
7312022	9082022	10-Q 7/30/2022
4302022	6032022	10-Q 4/30/2022
1312022	3182022	10-K 1/29/2022
10312021	12032021	10-Q 10/30/2021

External Quote Links

0	Y Finance	Barrons
1	TradingView	Morningstar
2	SeekingAlpha	ValueLine
3	Motley Fool	Robinhood
4	CNBC	Etrade
5	MarketWatch	Unusual Whales
6	YCharts	Perplexity Finance
7	FinViz

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Victoria's Secret (VSCO)

Market Price (12/4/2025): $41.55 | Market Cap: $3.3 BilSector: Consumer Discretionary | Industry: Apparel Retail

Victoria's Secret (VSCO)

Market Price (12/4/2025): $41.55Market Cap: $3.3 BilSector: Consumer DiscretionaryIndustry: Apparel Retail

Valuation, Metrics & Events

VSCO Stock

Why The Stock Moved

Qualitative Assessment

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About Victoria's Secret (VSCO)

Lingerie Market

Activewear Market

Beauty and Personal Care Products Market

Expected Drivers of Future Revenue Growth for Victoria's Secret (VSCO)

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Market Price (12/4/2025): $41.55 | Market Cap: $3.3 Bil
Sector: Consumer Discretionary | Industry: Apparel Retail

Market Price (12/4/2025): $41.55
Market Cap: $3.3 Bil
Sector: Consumer Discretionary
Industry: Apparel Retail