GAP vs Victoria's Secret &
GAP is the larger business, with $15.37bn of revenue in fiscal 2026 against $6.55bn for Victoria's Secret & (2.3 times as much). Victoria's Secret & grew faster (5.2% against 1.9%). GAP kept more of each dollar of sales as profit: a net margin of 5.3% against 2.5%. GAP carries less debt relative to equity (39.3% against 113.9%).
| Latest fiscal year | GAPGAP, 2026 | Victoria's Secret &VSXY, 2026 |
|---|---|---|
| Revenue | $15.37bn | $6.55bn |
| Revenue growth | 1.9% | 5.2% |
| Net income | $816m | $161m |
| Operating margin | 7.3% | 4.1% |
| Net margin | 5.3% | 2.5% |
| Return on equity | 23.1% | 21.5% |
| Free cash flow | $823m | $312m |
| Cash | $2.62bn | $518m |
| Total debt | $1.49bn | $975m |
| Debt to equity | 39.3% | 113.9% |
| Dividend per share | $0.66 | — |
| Dividend yield | 3.2% | — |
| Share buybacks | $155m | $0 |
| Employees | 79,000 | 33,000 |
| Market value | $7.65bn | $8.04bn |
| Price vs our value range | Below our value range | Within our value range |
| Moat score | 46 (Moderate) | 52 (Moderate) |
| Insider trades, 12 months | 0 buys, 32 sales | 3 buys, 10 sales |