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Victoria's Secret & Co.

VSCOCIK 0001856437

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Operating performance

5 years of operating performance (2022 - 2026)

Revenue, profitability, and free cash flow are shown together so you can see scale, margin conversion, and cash generation on one screen.

Income statement Cash flow

Five-year trend

Revenue
Operating Income
Free Cash Flow

Revenue

+5.2% YoY

$6.6B

FY 2026+5.2%

Open

Operating Income

-12.6% YoY

$271M

FY 2026-12.6%

Open

Compound growth

Annualised change across the filed history.

Revenue CAGR 5Y

3.9%

Free Cash Flow CAGR 5Y

-10.6%

Operating Income CAGR 3Y

-17.2%

Directional read

Filing-backed read on scale, margins, and cash flow.

Revenue compounded up 3.9% annually over the last five fiscal years.
Net margin compressed 0.2 pts versus the prior fiscal year.
Free cash flow was positive in 5 of the last 5 reported fiscal years.

Operating performance

5 years of operating performance (2022 - 2026)

Revenue, profitability, and free cash flow are shown together so you can see scale, margin conversion, and cash generation on one screen.

Income statement Cash flow

Five-year trend

Revenue
Operating Income
Free Cash Flow

Revenue

+5.2% YoY

$6.6B

FY 2026+5.2%

Open

Operating Income

-12.6% YoY

$271M

FY 2026-12.6%

Open

Compound growth

Annualised change across the filed history.

Revenue CAGR 5Y

3.9%

Free Cash Flow CAGR 5Y

-10.6%

Operating Income CAGR 3Y

-17.2%

Directional read

Filing-backed read on scale, margins, and cash flow.

Revenue compounded up 3.9% annually over the last five fiscal years.
Net margin compressed 0.2 pts versus the prior fiscal year.
Free cash flow was positive in 5 of the last 5 reported fiscal years.

Valuation snapshot

Where the price sits against the anchors

A target is published only when both the filing-backed DCF and the peer fair value clear the confidence gate.

Current price

—

Market cap —

Fair value estimate

Withheld

Peer breadth failed the evidence gate.

Implied upside

—

Peers: 6 usable peers from 6 saved peers with 0 active peer methods. Need at least 2 usable SEC-backed peers for fallback target coverage.

Valuation anchors

Scale: $27.16 – $43.52

DCF

Evidence coverage

Medium · 60%

This score describes input coverage, not the probability that a valuation or investment return will be correct.

Live or stored price is available — not met
Peer valuation meets at least fallback breadth — not met
Filing-backed DCF qualifies — met
EV bridge inputs are complete — met
Five years of annual FCF history exist — met

Evidence gate detail

Peer breadth failed the evidence gate.

Peers: 6 usable peers from 6 saved peers with 0 active peer methods. Need at least 2 usable SEC-backed peers for fallback target coverage.

Active DCF policy

Policy

Filing-Backed v2

Basis

Operating cash flow less capex (firm-value proxy)

Diluted shares

Bridge

Net debt + securities

Audit valuation details

Market context

Current price and fair-value anchors

Market price unavailable

Current vs Fair Value

Current price stacked against the same public-equity anchors shown in the confidence-gated hero.

DCF BaseView math$34.08

How to read this

Only the peer fair value and the filing-backed DCF feed this section.
When both qualify, the confidence-gated target appears alongside them as the published overview read.
Open the math breakdown on any anchor for the underlying bridge.

Capital structure

Cash, debt, and carrying capacity

The overview keeps the capital structure bridge close to the cash-generation picture so fair value can be read in equity terms.

VSCO enterprise value

Valuation snapshot

Where the price sits against the anchors

A target is published only when both the filing-backed DCF and the peer fair value clear the confidence gate.

Current price

—

Market cap —

Fair value estimate

Withheld

Peer breadth failed the evidence gate.

Implied upside

—

Peers: 6 usable peers from 6 saved peers with 0 active peer methods. Need at least 2 usable SEC-backed peers for fallback target coverage.

Valuation anchors

Scale: $27.16 – $43.52

DCF

Evidence coverage

Medium · 60%

This score describes input coverage, not the probability that a valuation or investment return will be correct.

Live or stored price is available — not met
Peer valuation meets at least fallback breadth — not met
Filing-backed DCF qualifies — met
EV bridge inputs are complete — met
Five years of annual FCF history exist — met

Evidence gate detail

Peer breadth failed the evidence gate.

Peers: 6 usable peers from 6 saved peers with 0 active peer methods. Need at least 2 usable SEC-backed peers for fallback target coverage.

Active DCF policy

Policy

Filing-Backed v2

Basis

Operating cash flow less capex (firm-value proxy)

Diluted shares

Bridge

Net debt + securities

Audit valuation details

Market context

Current price and fair-value anchors

Market price unavailable

Current vs Fair Value

Current price stacked against the same public-equity anchors shown in the confidence-gated hero.

DCF BaseView math$34.08

How to read this

Only the peer fair value and the filing-backed DCF feed this section.
When both qualify, the confidence-gated target appears alongside them as the published overview read.
Open the math breakdown on any anchor for the underlying bridge.

Capital structure

Cash, debt, and carrying capacity

The overview keeps the capital structure bridge close to the cash-generation picture so fair value can be read in equity terms.

VSCO enterprise value

Balance sheet

FY 2026 · filed Mar 20, 2026

Cash & Securities

Cash, cash equivalents, and marketable securities.

$518M

Total Debt

Current and long-term debt.

$975M

Net Debt

Cash and securities less total debt.

$457M

Equity

Reported stockholders' equity.

$856M

Tangible Equity

Equity less goodwill and other intangibles.

$489M

Net debt reduces equity value relative to firm value before the per-share target is calculated.

Cash quality

Latest annual cash generation after capital spending.

Operating Cash Flow

Cash from operations.

$499M

Capital Expenditures

Capital Expenditures shown as an outflow.

$-187M

Free Cash Flow

Operating cash flow minus capital expenditures.

$312M

CFO Margin

7.6%

FCF Margin

4.8%

CFO / Net Income

3.10x

FCF / Net Income

1.94x

Operating cash flow covered 310% of net income in the latest annual filing.
Free cash flow converted 194% of net income after capital spending.

Quality and risk

Solvency, quality, and risk

Altman, Piotroski, liquidity, and leverage sit together so the valuation read can be judged against balance-sheet reality.

Altman Z-Score

Distress risk from the latest annual balance sheet.

N/A

0.0 distress1.8 grey3.0+ safe

Piotroski F-Score

Nine filing-backed checks on profitability, leverage, and efficiency.

5/ 9

neutral

Current Ratio

1.25x

Quick Ratio

0.54x

Debt / Equity

1.14x

Peer context

Saved comparables and what they imply

The overview keeps peer evidence concise here and sends detailed bridging to the relative-valuation tab.

Open relative valuation

Peer fair value

—

Per-share fair value from the weighted peer set.

Average P/E

—

Price to earnings across covered peers.

Average P/S

—

Price to sales across covered peers.

Average EV/EBITDA

—

Enterprise multiple across covered peers.

Comparable companies

6 peers across 0 active peer methods

CompanyPriceCapP/EEV/EBITDA

ABERCROMBIE & FITCH CO /DE/

ANF · CIK 0001018840

—

Cap —P/E —EV/EBITDA —

Intrinsic context

DCF range and implied growth

The overview surfaces the baseline intrinsic read and the reverse-DCF question, then sends the deeper workbench to the intrinsic tab.

Open intrinsic valuation

Baseline DCF range

Bear, base, and bull per-share outcomes from the filing-backed baseline.

Bear

$28.83

Base

$34.08

Bull

$41.85

Upside vs current

Base-case valuation gap versus the current price.

—

Current price

Market price unavailable

—

Operating cash flow less capex (firm-value proxy)Growth 1.1%Discount 10.5%Terminal 2.5%5 forecast yearsGrowth source: Median of 3Y revenue CAGR, 5Y revenue CAGR, and 5Y free cash flow CAGR

Net debt reduces equity value relative to firm value before the per-share target is calculated.

One-turn sensitivity

Reverse-DCF framing and per-share outcomes when one assumption moves.

Implied growth

Reverse DCF inputs are incomplete.

—

Base case$34.08

Growth +1 pt$34.99+$0.91

Growth -1 pt$33.18−$0.90

Discount +1 pt$29.69

Victoria's Secret & Co.

Victoria's Secret & Co.

5 years of operating performance (2022 - 2026)

Five-year trend

Compound growth

Directional read

5 years of operating performance (2022 - 2026)

Five-year trend

Compound growth

Directional read

Where the price sits against the anchors

Evidence coverage

Active DCF policy

Current price and fair-value anchors

Current vs Fair Value

Cash, debt, and carrying capacity

Where the price sits against the anchors

Evidence coverage

Active DCF policy

Current price and fair-value anchors

Current vs Fair Value

Cash, debt, and carrying capacity

Balance sheet

Cash quality

Solvency, quality, and risk

Altman Z-Score

Piotroski F-Score

Saved comparables and what they imply

Comparable companies

DCF range and implied growth

Baseline DCF range

One-turn sensitivity

Filing and research context

Enterprise value