Victoria's Secret & Company (VSXY) Valuation

Valuation

Model-based estimates, not advice. The DCF is the discounted-cash-flow value per share; compare it with the price, not as a target.

DCF fair value

-86.8%

$12.89

vs $97.94 price

Levered DCF

$3.07

After debt service

Piotroski score

7 / 9

Strong

Altman Z-score

3.12

Safe zone

Rating

Overall 3 / 5

Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

Metric	FY2025	FY2024	FY2023	FY2022
P/E	27.26×	17.74×	18.74×	9.69×
P/B	5.09×	4.59×	4.91×	8.8×
P/S	0.67×	0.47×	0.33×	0.53×
EV / EBITDA	12.96×	9.57×	8.45×	7.63×
Gross margin	36.4%	36.7%	36.3%	35.6%
Operating margin	4.1%	5.0%	4.0%	7.5%
Net margin	2.5%	2.6%	1.8%	5.5%
Current ratio	1.25×	1.05×	0.95×	1.1×
Debt / equity	3.32×	4.22×	6.48×	7.27×
Interest coverage	3.87×	3.6×	2.48×	7.97×
Dividend yield	0.0%	0.0%	0.0%	0.0%
Payout ratio	0.0%	0.0%	0.0%	0.0%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022
Return on equity	18.8%	25.8%	26.1%	90.9%
Return on invested capital	6.5%	6.9%	6.0%	11.2%
Return on assets	3.2%	3.6%	2.4%	7.4%
Free cash flow yield	7.2%	8.4%	6.5%	8.1%
Earnings yield	3.7%	5.6%	5.3%	10.3%
Enterprise value	$6.7B	$5.4B	$4.5B	$5.7B
Net debt / EBITDA	4.51×	4.37×	4.59×	3.14×
Cash conversion cycle (days)	61	59	53	59