Victoria's Secret & Co. key statistics and ratios

In fiscal 2026, Victoria's Secret & Co. had return on equity of 21.5%, an operating margin of 4.1%, debt equal to 113.9% of equity and a current ratio of 1.25. Each ratio below is calculated from the figures on its income statement, balance sheet and cash flow pages.

Financial ratios

US$ thousands unless shown otherwise. Fiscal years, plus the last twelve months (LTM) when newer.

Victoria's Secret & Co.: financial ratios, annual
Fiscal year	2020Feb 2020	2021Jan 2021	2022Jan 2022	2023Jan 2023	2024Feb 2024	2025Feb 2025	2026Jan 2026	LTMAug 2026
Gross margin	27.5%	29.0%	40.7%	35.6%	36.3%	36.7%	36.4%	39.6%
Operating margin	−11.9%	−1.9%	12.8%	7.5%	4.0%	5.0%	4.1%	7.9%
Net margin	−11.9%	−1.3%	9.5%	5.5%	1.8%	2.6%	2.5%	5.5%
Free-cash-flow margin	1.2%	10.1%	10.1%	4.3%	2.2%	4.0%	4.8%	8.0%
Return on equity	−68.3%	−6.5%	112.5%	108.8%	27.3%	31.2%	21.5%	41.0%
Return on assets	—	−1.7%	15.1%	7.7%	2.3%	3.6%	3.4%	7.4%
Asset turnover	—	1.28	1.58	1.40	1.33	1.36	1.37	1.36
Current ratio	—	0.80	1.00	1.10	0.95	1.05	1.25	1.36
Debt to equity	0.0%	10.9%	382.1%	332.9%	269.5%	152.7%	113.9%	98.5%
Interest cover (operating income ÷ interest)	n/m	n/m	32.2x	8.0x	2.5x	3.6x	3.9x	8.4x
Effective tax rate	—	—	23.4%	18.9%	21.1%	23.5%	9.1%	—
SG&A as % of revenue	29.8%	30.9%	27.9%	28.1%	32.3%	31.7%	32.2%	31.7%
Capital spending as % of revenue	3.0%	2.3%	2.5%	2.6%	4.1%	2.9%	2.9%	3.0%
Free cash flow ÷ net income	—	—	105.6%	78.4%	122.0%	149.7%	193.8%	146.6%
Dividends and buybacks ÷ free cash flow	0.0%	0.0%	36.7%	91.6%	94.0%	0.0%	0.0%	—

US$ thousands unless shown otherwise. Fiscal quarters.

Victoria's Secret & Co.: financial ratios, quarterly
Quarter	2025 Q3Nov 2024	2025 Q4Feb 2025	2026 Q1May 2025	2026 Q2Aug 2025	2026 Q3Nov 2025	2026 Q4Jan 2026	2027 Q1May 2026	2027 Q2Aug 2026
Gross margin	34.7%	38.6%	35.0%	35.6%	36.4%	37.7%	37.5%	47.1%
Operating margin	−3.5%	12.7%	1.5%	2.8%	−1.3%	10.1%	4.9%	16.0%
Net margin	−4.2%	9.2%	−0.1%	1.1%	−2.5%	8.1%	3.1%	11.4%
Free-cash-flow margin	−22.2%	30.7%	−14.3%	6.0%	−15.8%	28.6%	−12.2%	20.4%
Current ratio	1.17	1.05	1.16	1.14	1.30	1.25	1.26	1.36
Debt to equity	330.5%	152.7%	167.8%	154.7%	206.9%	113.9%	125.3%	98.5%
SG&A as % of revenue	38.2%	25.9%	33.6%	32.8%	37.7%	27.6%	32.6%	31.2%

Returns use average equity or assets over the year. Return on equity is left blank when equity is negative or so small that the ratio says nothing (above ±200%); interest cover is left blank above 200 times. Price-based ratios such as P/E are on the valuation page.

Financial health

4 of 7 checks passed · August 1, 2026

What it owns · $5.2bn

Short-term assets $2.0bnLonger-term assets $3.2bn

What it owes, and who funded it · $5.1bn

Short-term liabilities $1.4bnLonger-term liabilities $2.7bnShareholders' equity $990m

Short-term assets cover short-term liabilities $2.0bn of assets due within a year against $1.4bn of liabilities due within a year.
Short-term assets cover long-term liabilities $2.0bn short-term assets against $2.7bn of longer-dated liabilities.
More cash than debt $522m of cash against $975m of debt.
Debt below 40% of shareholders' equity Debt is 98% of equity.
Debt burden no higher than five years ago Debt to equity moved from 381% to 98% over five years.
A year's operating cash flow covers at least 20% of debt $758m of operating cash flow against $975m of debt.
Operating profit covers interest at least five times over Operating income of $543m against $65m of interest.

From Victoria's Secret & Co.'s latest balance sheet as filed. Checks are fixed, documented rules (methodology), counted only where the company reports the figures — a dot means the filing doesn't break the item out. Descriptions of reported data, not advice.

Moat

52 /100

Moderate moat

How hard Victoria's Secret &'s competitive advantage looks for rivals to wear away, judged from 6 years of its own filings: returns on capital, pricing power, profit durability, cash conversion and discipline.

Returns on capital 10 / 20

Cash operating profit has been a median 8.7% of total assets over 6 years.
Pricing power 13 / 20

Gross margin has been a median 37.1%, moving by 2.0 percentage points (standard deviation) across 6 years.
Durability 10 / 20

Operating margin has been a median 6.7%; its worst year was 4.5%.
Cash conversion 12 / 20

Free cash flow was positive in 6 of 6 years, at a median 3.8% of revenue.

AI disruption exposure: Medium. In this industry, AI could change how the product is made or sold, without replacing the core asset. The score above includes a 5-point deduction for that exposure (57 before it).

A rules-based reading of reported figures, not a forecast and not investment advice. How the score is built: methodology.

Compare with peers

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More: Apparel Retail stocks compared, Consumer Discretionary sector, rankings of US companies

Figures from Victoria's Secret & Co.'s SEC filings (10-K and 10-Q), retrieved October 26, 2026. How we read and check them: methodology and data sources. Not investment advice. Back to Victoria's Secret & Co.