Victoria's Secret & Co (VSCO) Stock Analysis
Consumer Cyclical · Apparel Retail · NYSE
Victoria's Secret & Co (VSCO) posted $6.55B in revenue for fiscal 2026 (up 5.2% year over year), at a 2.5% net margin, and has compounded revenue about 3.9%/yr over five years, per its SEC filings.
Data last refreshed August 2, 2026 from SEC filings · how we compute this
The analyst's take on Victoria's Secret & Co
Victoria's Secret & Co has grown revenue from $7.51B to $6.55B over the last 7 fiscal years, compounding about 3.9% a year. The most recent year was up 5.2%, so growth is actually accelerating.
Net margin sits at 2.5% on a 36.4% gross margin. It carries about $975.00M of total debt.
At today's valuation the market is pricing in roughly 2.7% annual free-cash-flow growth — versus the -10.6% it actually delivered over the last five years, so the price already assumes a step-up from the recent record. The one thing worth a second look in the filings is net margin shrinking.
Synthesised from Victoria's Secret & Co's SEC filings — descriptive, not advice. Ask the analyst your own question →
Victoria's Secret & Co revenue & earnings — last 7 fiscal years
| Metric | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|
| Revenue | $7.51B | $5.41B | $6.79B | $6.34B | $6.18B | $6.23B | $6.55B |
| Gross profit | $2.06B | $1.57B | $2.76B | $2.26B | $2.24B | $2.28B | $2.38B |
| Net income | $-897.00M | $-72.00M | $646.00M | $348.00M | $109.00M | $165.00M | $161.00M |
| Net margin | -11.9% | -1.3% | 9.5% | 5.5% | 1.8% | 2.6% | 2.5% |
Source: Victoria's Secret & Co SEC filings (10-K).
Victoria's Secret & Co: 1 potential red flag in the filings
Patterns in the filed statements worth a second look — computed and cited, not AI guesswork, and not a signal to sell. The kind of thing that hides in a 10-K.
- Net margin shrinkingNet margin fell from 5.5% to 2.5% over ~3 years — profitability is compressing.
What growth is priced into VSCO stock?
At today's market cap of $4.31B, Victoria's Secret & Co is priced for free-cash-flow growth of about 2.7% per year for 10 years (assuming a 10% discount rate and 2.5% terminal growth, base FCF $312.00M from the FY ending 2026-01-31). For comparison, free cash flow actually grew -10.6%/yr over the last five fiscal years and revenue 3.9%/yr, computed from its SEC filings. This is a reverse DCF — a translation of the price into a growth assumption you can judge, not a fair value and not advice. Change the assumptions yourself in the interactive view →
Explore 7 years of Victoria's Secret & Co financials — interactive
Full income statement, balance sheet and cash flow with CAGR and trend on every row, 48 quarters, valuation ratios, plain-English health checks, and Ask — our SEC-grounded research assistant.
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Victoria's Secret & Co financial history by metric
About Victoria's Secret & Co
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.
Victoria's Secret & Co — frequently asked questions
What is Victoria's Secret & Co's revenue?
Victoria's Secret & Co (VSCO) reported revenue of $6.55B for fiscal year 2026, up 5.2% from the prior year, according to its SEC filings.
Is Victoria's Secret & Co profitable?
Yes. VSCO earned net income of $161.00M in fiscal 2026, a net margin of 2.5%.
What is VSCO's P/E ratio?
Victoria's Secret & Co trades at a price-to-earnings ratio of about 28.1 based on the latest data in our nightly-refreshed cache.
How fast is Victoria's Secret & Co growing?
VSCO's revenue grew at roughly 3.9% per year over the last five fiscal years (compound annual growth rate), computed from SEC-filed statements.
How much debt does Victoria's Secret & Co have?
As of fiscal year 2026, VSCO carried roughly $975.00M in total debt (short- plus long-term borrowings), per its filed balance sheet.
What is Victoria's Secret & Co's gross margin?
VSCO's gross margin was 36.4% in fiscal 2026 — gross profit of $2.38B on revenue of $6.55B.
What is Victoria's Secret & Co's market cap?
Victoria's Secret & Co (VSCO) has a market capitalization of about $4.31B, based on the latest data in our nightly-refreshed cache.
When does Victoria's Secret & Co's fiscal year end?
VSCO's fiscal year ends in January. Its most recent annual filing covers the fiscal year ending 2026-01-31.
What growth is priced into VSCO stock?
At today's market cap of $4.31B, Victoria's Secret & Co is priced for free-cash-flow growth of about 2.7% per year for 10 years (assuming a 10% discount rate and 2.5% terminal growth, base FCF $312.00M from the FY ending 2026-01-31). For comparison, free cash flow actually grew -10.6%/yr over the last five fiscal years and revenue 3.9%/yr, computed from its SEC filings.
Where does this data come from?
All figures are computed from Victoria's Secret & Co's official SEC filings (10-K and 10-Q), covering 7 years of history, refreshed nightly. stockportfolio.pro does not provide investment advice.