Victoria's Secret & Co
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Victoria's Secret & Co AI Insights
Informational only. Not investment advice.Snapshot
- Debt/equity of 4.9x with negative tangible book value (-71M) - equity cushion nearly exhausted despite 309M FCF TTM[Debt to Equity]
- Revenue +9.3% and gross profit +14.5% YoY TTM outpacing industry median decline of -0.4% - turnaround gaining traction[Total Revenue 1Y Growth]
- ROE of 31.4% TTM vs industry median 9.7% driven by extreme leverage, not operational excellence[Return on Equity]
Watch Triggers
- Debt to Equity: Falls below 4.0x — Signals deleveraging progress; current 4.9x leaves minimal equity cushion for downturn
- Gross Margin TTM: Sustains above 38% — Current 36.7% trails industry median 39.6%; expansion confirms pricing power recovery
- Free Cash Flow TTM: Drops below 200M — FCF of 309M is lifeline for debt service; decline threatens capital structure
Bull Case
Gross margin expansion (+14.5% profit growth on +9.3% revenue) with 320M inventory reduction shows operational turnaround underway
P/S of 0.66x vs industry median 0.44x is modest premium for brand with 309M FCF and improving fundamentals
Bear Case
Debt of 3.2B at 4.9x equity with 73M annual interest expense consumes 24% of operating income - refinancing risk material
Net margin of 2.7% TTM vs industry median 2.2% leaves no buffer if revenue softens - highly leveraged to sales volume
Bull vs Bear Balance
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Forward Thesis
Inventory reduction of 320M signals improved working capital discipline, supporting debt paydown
- Inventory down 320M YoY improving cash conversion
- FCF of 309M TTM covers 10% of total debt annually
- Operating margin 4.9% has room to expand toward industry
Valuation Context
Caveats
Public Strategies Rankings
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VSCO Fundamentals
| Metric | Value | YoY Growth | Industry Percentile |
|---|---|---|---|
$4.96B | — | ||
$7.89B | — | ||
29 | — | ||
$6.39B | +2.9% | — | |
$2.13 | +8.7% | — | |
4.85% | +0.0% | — | |
2.66% | +0.2% | — | |
$309.0M | +95.6% | — | |
31.4% | -15.7% | — | |
Beta 5Y (Monthly) | unknown | — |
VSCO Dividend History
VSCO Stock Splits
VSCO SEC Filings
| Filing Date | Report Date | Report Type | Filing Link |
|---|---|---|---|
12/05/25 | 11/01/25 | 10-Q | |
09/05/25 | 08/02/25 | 10-Q | |
06/12/25 | 05/03/25 | 10-Q | |
03/21/25 | 02/01/25 | 10-K | |
12/09/24 | 11/02/24 | 10-Q | |
09/06/24 | 08/03/24 | 10-Q | |
06/07/24 | 05/04/24 | 10-Q | |
03/22/24 | 02/03/24 | 10-K | |
12/01/23 | 10/28/23 | 10-Q | |
09/01/23 | 07/29/23 | 10-Q | |
06/02/23 | 04/30/23 | 10-Q | |
03/17/23 | 01/28/23 | 10-K | |
12/02/22 | 10/29/22 | 10-Q | |
09/08/22 | 07/30/22 | 10-Q | |
06/03/22 | 04/30/22 | 10-Q | |
03/18/22 | 01/29/22 | 10-K | |
12/03/21 | 10/30/21 | 10-Q | |
09/10/21 | 07/31/21 | 10-Q | |
07/09/21 | 05/01/21 | 10-12B/A | |
07/09/21 | 01/30/21 | 10-12B/A | |
12/03/21 | 10/31/20 | 10-Q | |
09/10/21 | 08/01/20 | 10-Q | |
07/09/21 | 05/02/20 | 10-12B/A |