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Victoria's Secret & Co. (VSCO) Financials

Victoria's Secret & Co. logo
$16.27 -0.82 (-4.80%)
As of 04/14/2025 03:58 PM Eastern
Annual Income Statements for Victoria's Secret & Co.

Annual Income Statements for Victoria's Secret & Co.

This table shows Victoria's Secret & Co.'s income and expenses over time, based on annual financial data. All values are USD millions unless otherwise specified.

Metric 2019 2020 2021 2022 2023 2024
Net Income / (Loss) Attributable to Common Shareholders
-897 -72 646 348 109 165
Consolidated Net Income / (Loss)
-897 -72 646 338 116 169
Net Income / (Loss) Continuing Operations
-897 -72 646 338 116 169
Total Pre-Tax Income
-899 -106 843 417 147 221
Total Operating Income
-892 -101 870 478 246 310
Total Gross Profit
2,063 1,571 2,760 2,258 2,242 2,284
Total Revenue
7,509 5,413 6,785 6,344 6,182 6,230
Operating Revenue
7,509 5,413 6,785 6,344 6,182 6,230
Total Cost of Revenue
5,446 3,842 4,025 4,086 3,940 3,946
Operating Cost of Revenue
5,446 3,842 4,025 4,086 3,940 3,946
Total Operating Expenses
2,955 1,672 1,890 1,780 1,996 1,974
Selling, General & Admin Expense
2,235 1,672 1,890 1,780 1,996 1,974
Total Other Income / (Expense), net
-7.00 -5.00 -27 -61 -99 -89
Interest Expense
8.00 6.00 27 60 99 86
Other Income / (Expense), net
1.00 1.00 0.00 -1.00 0.00 -3.00
Income Tax Expense
-2.00 -34 197 79 31 52
Net Income / (Loss) Attributable to Noncontrolling Interest
- 0.00 0.00 -10 7.00 4.00
Basic Earnings per Share
($10.16) ($0.82) $7.34 $4.24 $1.41 $2.11
Weighted Average Basic Shares Outstanding
- - 84.31M 77.75M 77.58M 78.89M
Diluted Earnings per Share
($10.16) ($0.82) $7.18 $4.14 $1.39 $2.05
Weighted Average Diluted Shares Outstanding
- - 84.31M 77.75M 77.58M 78.89M
Weighted Average Basic & Diluted Shares Outstanding
- - 84.31M 77.75M 77.58M 78.89M

Quarterly Income Statements for Victoria's Secret & Co.

This table shows Victoria's Secret & Co.'s income and expenses over time, based on quarterly financial data. All values are USD millions unless otherwise specified.

Metric Q3 2022 Q4 2022 Q1 2023 Q2 2023 Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024
Net Income / (Loss) Attributable to Common Shareholders
24 173 1.00 -1.00 -71 180 -4.00 32 -56 193
Consolidated Net Income / (Loss)
22 173 4.00 -1.00 -71 184 -3.00 32 -55 195
Net Income / (Loss) Continuing Operations
22 173 4.00 -1.00 -71 184 -3.00 32 -55 195
Total Pre-Tax Income
30 226 6.00 2.00 -93 232 5.00 41 -70 245
Total Operating Income
43 243 28 26 -67 259 26 62 -47 269
Total Gross Profit
457 744 502 487 427 826 501 501 468 814
Total Revenue
1,318 2,021 1,407 1,427 1,265 2,083 1,359 1,417 1,347 2,107
Operating Revenue
1,318 2,021 1,407 1,427 1,265 2,083 1,359 1,417 1,347 2,107
Total Cost of Revenue
861 1,277 905 940 838 1,257 858 916 879 1,293
Operating Cost of Revenue
861 1,277 905 940 838 1,257 858 916 879 1,293
Total Operating Expenses
414 501 474 461 494 567 475 439 515 545
Selling, General & Admin Expense
414 501 474 461 494 567 475 439 515 545
Total Other Income / (Expense), net
-13 -17 -22 -24 -26 -27 -21 -21 -23 -24
Interest Expense
15 20 22 24 26 27 22 21 22 21
Other Income / (Expense), net
2.00 3.00 0.00 0.00 0.00 - 1.00 0.00 -1.00 -3.00
Income Tax Expense
8.00 53 2.00 3.00 -22 48 8.00 9.00 -15 50
Net Income / (Loss) Attributable to Noncontrolling Interest
-2.00 - 3.00 0.00 0.00 4.00 1.00 0.00 1.00 2.00
Basic Earnings per Share
$0.30 $2.14 $0.01 ($0.02) ($0.92) $2.34 ($0.05) $0.41 ($0.71) $2.46
Weighted Average Basic Shares Outstanding
80.83M 77.75M 77.15M 77.27M 77.43M 77.58M 78.30M 78.53M 78.62M 78.89M
Diluted Earnings per Share
$0.29 $2.09 $0.01 ($0.02) ($0.92) $2.32 ($0.05) $0.40 ($0.71) $2.41
Weighted Average Diluted Shares Outstanding
80.83M 77.75M 77.15M 77.27M 77.43M 77.58M 78.30M 78.53M 78.62M 78.89M
Weighted Average Basic & Diluted Shares Outstanding
80.83M 77.75M 77.15M 77.27M 77.43M 77.58M 78.30M 78.53M 78.62M 78.89M

Annual Cash Flow Statements for Victoria's Secret & Co.

This table details how cash moves in and out of Victoria's Secret & Co.'s business through operations, investing, and financing, using annual figures. All values are USD millions unless otherwise specified.

Metric 2019 2020 2021 2022 2023 2024
Net Change in Cash & Equivalents
-124 90 155 -63 -157 -43
Net Cash From Operating Activities
315 674 851 437 389 425
Net Cash From Continuing Operating Activities
315 674 851 437 389 425
Net Income / (Loss) Continuing Operations
-897 -72 646 338 116 169
Consolidated Net Income / (Loss)
-897 -72 646 338 116 169
Depreciation Expense
411 326 303 274 284 258
Amortization Expense
- - 0.00 0.00 29 0.00
Non-Cash Adjustments To Reconcile Net Income
1,021 186 33 48 56 33
Changes in Operating Assets and Liabilities, net
-220 234 -131 -223 -96 -35
Net Cash From Investing Activities
-243 -123 -169 -555 -254 -153
Net Cash From Continuing Investing Activities
-243 -123 -169 -555 -254 -153
Purchase of Property, Plant & Equipment
-225 -127 -169 -164 -256 -178
Acquisitions
- 0.00 0.00 -387 1.00 0.00
Sale of Property, Plant & Equipment
- - - 0.00 0.00 25
Other Investing Activities, net
-18 4.00 0.00 -4.00 1.00 0.00
Net Cash From Financing Activities
-192 -465 -527 58 -291 -315
Net Cash From Continuing Financing Activities
-192 -465 -527 58 -291 -315
Repayment of Debt
-162 -189 975 -5.00 -622 -609
Repurchase of Common Equity
0.00 0.00 -250 -250 -125 0.00
Issuance of Debt
167 34 0.00 295 465 460
Issuance of Common Equity
- 0.00 0.00 55 0.00 0.00
Other Financing Activities, net
-197 -310 -1,252 -37 -9.00 -166

Quarterly Cash Flow Statements for Victoria's Secret & Co.

This table details how cash moves in and out of Victoria's Secret & Co.'s business through operations, investing, and financing, using quarterly figures. All values are USD millions unless otherwise specified.

Metric Q3 2022 Q4 2022 Q1 2023 Q2 2023 Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024
Net Change in Cash & Equivalents
-75 301 -295 -1.00 -7.00 146 -165 64 -8.00 66
Net Cash From Operating Activities
-228 716 -108 89 -181 589 -116 115 -248 674
Net Cash From Continuing Operating Activities
-228 716 -108 89 -181 589 -116 115 -248 674
Net Income / (Loss) Continuing Operations
23 172 4.00 -1.00 -71 184 -3.00 33 -55 194
Consolidated Net Income / (Loss)
23 172 4.00 -1.00 -71 184 -3.00 33 -55 194
Depreciation Expense
68 66 73 72 71 68 65 64 63 66
Non-Cash Adjustments To Reconcile Net Income
12 10 14 13 14 15 16 10 13 -6.00
Changes in Operating Assets and Liabilities, net
-331 468 -208 -1.00 -202 315 -194 8.00 -269 420
Net Cash From Investing Activities
-67 -405 -55 -88 -80 -31 -39 -44 -50 -20
Net Cash From Continuing Investing Activities
-67 -405 -55 -88 -80 -31 -39 -44 -50 -20
Purchase of Property, Plant & Equipment
-67 -39 -55 -89 -80 -32 -39 -60 -51 -28
Sale of Property, Plant & Equipment
- - - - - - - - - 9.00
Other Investing Activities, net
- 3.00 - - - 1.00 - - - -1.00
Net Cash From Financing Activities
220 -9.00 -132 -1.00 255 -413 -10 -7.00 289 -587
Net Cash From Continuing Financing Activities
220 -9.00 -132 -1.00 255 -413 -10 -7.00 289 -587
Repayment of Debt
-1.00 - -16 -101 -34 -471 -77 -61 -25 -446
Other Financing Activities, net
-1.00 -1.00 -6.00 - -1.00 -2.00 -23 -1.00 -1.00 -141

Annual Balance Sheets for Victoria's Secret & Co.

This table presents Victoria's Secret & Co.'s assets and liabilities at the end of each period, using annual balance sheet data. All values are USD millions unless otherwise specified.

Metric 2020 2021 2022 2023 2024
Total Assets
4,229 4,344 4,711 4,600 4,532
Total Current Assets
1,239 1,691 1,737 1,533 1,441
Cash & Equivalents
335 490 427 270 227
Accounts Receivable
121 162 141 152 159
Inventories, net
701 949 1,052 985 955
Other Current Assets
82 90 117 126 100
Plant, Property, & Equipment, net
1,078 957 846 843 774
Total Noncurrent Assets
1,912 1,696 2,128 2,224 2,317
Goodwill
- 0.00 365 367 367
Intangible Assets
246 246 426 400 376
Noncurrent Deferred & Refundable Income Taxes
20 17 18 20 22
Other Noncurrent Operating Assets
1,646 1,433 1,319 1,437 1,552
Total Liabilities & Shareholders' Equity
4,229 4,344 4,711 4,600 4,532
Total Liabilities
3,338 4,087 4,310 4,162 3,868
Total Current Liabilities
1,556 1,698 1,579 1,614 1,375
Short-Term Debt
0.00 4.00 4.00 4.00 4.00
Accounts Payable
338 538 481 513 419
Accrued Expenses
782 714 737 810 633
Current Deferred & Payable Income Tax Liabilities
15 102 47 20 32
Other Current Liabilities
421 340 310 267 287
Total Noncurrent Liabilities
1,782 2,389 2,731 2,548 2,493
Long-Term Debt
97 978 1,271 1,120 973
Noncurrent Deferred & Payable Income Tax Liabilities
19 58 53 37 11
Other Noncurrent Operating Liabilities
1,666 1,353 1,407 1,391 1,509
Total Equity & Noncontrolling Interests
891 257 401 438 664
Total Preferred & Common Equity
891 257 383 417 640
Preferred Stock
0.00 0.00 0.00 0.00 0.00
Total Common Equity
891 257 383 417 640
Common Stock
0.00 126 196 239 298
Retained Earnings
0.00 126 186 178 343
Accumulated Other Comprehensive Income / (Loss)
4.00 5.00 1.00 0.00 -1.00
Noncontrolling Interest
- 0.00 18 21 24

Quarterly Balance Sheets for Victoria's Secret & Co.

This table presents Victoria's Secret & Co.'s assets and liabilities at the end of each period, using quarterly balance sheet data. All values are USD millions unless otherwise specified.

Metric Q3 2022 Q1 2023 Q2 2023 Q3 2023 Q1 2024 Q2 2024 Q3 2024
Total Assets
4,142 4,405 4,525 4,687 4,384 4,635 4,921
Total Current Assets
1,709 1,435 1,478 1,636 1,393 1,488 1,786
Cash & Equivalents
126 132 131 124 105 169 161
Accounts Receivable
184 126 140 139 152 158 163
Inventories, net
1,242 1,041 1,040 1,211 987 1,019 1,290
Other Current Assets
157 136 167 162 149 142 172
Plant, Property, & Equipment, net
855 834 855 871 805 810 806
Total Noncurrent Assets
1,578 2,136 2,192 2,180 2,186 2,337 2,329
Goodwill
0.00 368 365 365 367 367 367
Intangible Assets
246 420 413 407 394 388 381
Noncurrent Deferred & Refundable Income Taxes
20 16 16 15 20 19 19
Other Noncurrent Operating Assets
1,312 1,332 1,398 1,393 1,405 1,563 1,562
Total Liabilities & Shareholders' Equity
4,142 4,405 4,525 4,687 4,384 4,635 4,921
Total Liabilities
3,890 4,118 4,225 4,449 3,939 4,141 4,468
Total Current Liabilities
1,332 1,369 1,407 1,368 1,435 1,494 1,526
Short-Term Debt
4.00 4.00 4.00 4.00 4.00 4.00 4.00
Accounts Payable
397 388 529 449 412 475 464
Accrued Expenses
618 649 578 625 755 752 801
Current Deferred & Payable Income Tax Liabilities
8.00 30 3.00 2.00 18 6.00 5.00
Other Current Liabilities
305 298 293 288 246 257 252
Total Noncurrent Liabilities
2,558 2,749 2,818 3,081 2,504 2,647 2,942
Long-Term Debt
1,244 1,271 1,270 1,530 1,119 1,119 1,414
Noncurrent Deferred & Payable Income Tax Liabilities
59 62 61 60 42 40 38
Other Noncurrent Operating Liabilities
1,255 1,416 1,487 1,491 1,343 1,488 1,490
Total Equity & Noncontrolling Interests
252 287 300 238 445 494 453
Total Preferred & Common Equity
235 265 279 220 423 472 429
Preferred Stock
0.00 0.00 0.00 0.00 0.00 0.00 0.00
Total Common Equity
235 265 279 220 423 472 429
Common Stock
188 174 211 224 249 266 279
Retained Earnings
47 92 68 -3.00 174 206 150
Accumulated Other Comprehensive Income / (Loss)
0.00 -1.00 0.00 -1.00 0.00 0.00 0.00
Noncontrolling Interest
17 22 21 18 22 22 24

Annual Metrics and Ratios for Victoria's Secret & Co.

This table displays calculated financial ratios and metrics derived from Victoria's Secret & Co.'s official financial filings.

Metric 2019 2020 2021 2022 2023 2024
Growth Metrics
- - - - - -
Revenue Growth
0.00% -27.91% 25.35% -6.50% -2.55% 0.78%
EBITDA Growth
0.00% 147.08% 419.03% -35.98% -25.57% 1.07%
EBIT Growth
0.00% 88.78% 970.00% -45.17% -48.43% 24.80%
NOPAT Growth
0.00% 88.68% 1,042.99% -41.89% -49.90% 22.12%
Net Income Growth
0.00% 91.97% 997.22% -47.68% -65.68% 45.69%
EPS Growth
0.00% 91.93% 975.61% -42.34% -66.43% 47.48%
Operating Cash Flow Growth
0.00% 113.97% 26.26% -48.65% -10.98% 9.25%
Free Cash Flow Firm Growth
0.00% 0.00% 178.86% -119.72% 234.26% -23.86%
Invested Capital Growth
0.00% 0.00% 14.70% 66.76% 3.44% 9.44%
Revenue Q/Q Growth
0.00% 0.00% 0.00% -2.39% 1.01% 0.39%
EBITDA Q/Q Growth
0.00% 0.00% 0.00% -10.81% 4.10% -0.35%
EBIT Q/Q Growth
0.00% 0.00% 0.00% -15.43% 5.58% 2.33%
NOPAT Q/Q Growth
0.00% 0.00% 0.00% -14.86% 13.34% 4.03%
Net Income Q/Q Growth
0.00% 0.00% 0.00% -17.76% 10.48% 6.96%
EPS Q/Q Growth
0.00% 0.00% 0.00% -12.66% 19.83% 4.59%
Operating Cash Flow Q/Q Growth
0.00% 0.00% -14.13% 125.26% -24.61% 25.00%
Free Cash Flow Firm Q/Q Growth
0.00% 0.00% 0.00% 0.00% 247.12% -30.64%
Invested Capital Q/Q Growth
0.00% 0.00% 0.00% -9.10% -21.60% -17.31%
Profitability Metrics
- - - - - -
Gross Margin
27.47% 29.02% 40.68% 35.59% 36.27% 36.66%
EBITDA Margin
-6.39% 4.18% 17.29% 11.84% 9.04% 9.07%
Operating Margin
-11.88% -1.87% 12.82% 7.53% 3.98% 4.98%
EBIT Margin
-11.87% -1.85% 12.82% 7.52% 3.98% 4.93%
Profit (Net Income) Margin
-11.95% -1.33% 9.52% 5.33% 1.88% 2.71%
Tax Burden Percent
99.78% 67.92% 76.63% 81.06% 78.91% 76.47%
Interest Burden Percent
100.90% 106.00% 96.90% 87.42% 59.76% 71.99%
Effective Tax Rate
0.00% 0.00% 23.37% 18.94% 21.09% 23.53%
Return on Invested Capital (ROIC)
0.00% -21.65% 95.11% 38.78% 15.28% 17.52%
ROIC Less NNEP Spread (ROIC-NNEP)
0.00% -20.56% 78.81% 31.40% 6.10% 9.03%
Return on Net Nonoperating Assets (RNNOA)
0.00% 5.49% 17.44% 63.95% 12.37% 13.15%
Return on Equity (ROE)
0.00% -16.16% 112.54% 102.74% 27.65% 30.67%
Cash Return on Invested Capital (CROIC)
0.00% -221.65% 81.41% -11.27% 11.89% 8.50%
Operating Return on Assets (OROA)
0.00% -2.36% 20.30% 10.54% 5.28% 6.72%
Return on Assets (ROA)
0.00% -1.70% 15.07% 7.47% 2.49% 3.70%
Return on Common Equity (ROCE)
0.00% -16.16% 112.54% 99.93% 26.37% 29.42%
Return on Equity Simple (ROE_SIMPLE)
0.00% -8.08% 251.36% 88.25% 27.82% 26.41%
Net Operating Profit after Tax (NOPAT)
-624 -71 667 387 194 237
NOPAT Margin
-8.32% -1.31% 9.83% 6.11% 3.14% 3.81%
Net Nonoperating Expense Percent (NNEP)
0.00% -1.09% 16.29% 7.38% 9.18% 8.49%
Return On Investment Capital (ROIC_SIMPLE)
- - - 23.12% 12.43% 14.45%
Cost of Revenue to Revenue
72.53% 70.98% 59.32% 64.41% 63.73% 63.34%
SG&A Expenses to Revenue
29.76% 30.89% 27.86% 28.06% 32.29% 31.69%
R&D to Revenue
0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Operating Expenses to Revenue
39.35% 30.89% 27.86% 28.06% 32.29% 31.69%
Earnings before Interest and Taxes (EBIT)
-891 -100 870 477 246 307
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)
-480 226 1,173 751 559 565
Valuation Ratios
- - - - - -
Price to Book Value (P/BV)
0.00 0.00 19.20 8.25 5.02 4.47
Price to Tangible Book Value (P/TBV)
0.00 0.00 448.68 0.00 0.00 0.00
Price to Revenue (P/Rev)
0.00 0.00 0.73 0.50 0.34 0.46
Price to Earnings (P/E)
0.00 0.00 7.64 9.08 19.20 17.33
Dividend Yield
0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Earnings Yield
0.00% 0.00% 13.09% 11.01% 5.21% 5.77%
Enterprise Value to Invested Capital (EV/IC)
0.00 0.00 7.25 3.22 2.30 2.57
Enterprise Value to Revenue (EV/Rev)
0.00 0.00 0.80 0.63 0.48 0.58
Enterprise Value to EBITDA (EV/EBITDA)
0.00 0.00 4.63 5.36 5.31 6.43
Enterprise Value to EBIT (EV/EBIT)
0.00 0.00 6.24 8.44 12.06 11.83
Enterprise Value to NOPAT (EV/NOPAT)
0.00 0.00 8.14 10.39 15.29 15.32
Enterprise Value to Operating Cash Flow (EV/OCF)
0.00 0.00 6.38 9.21 7.63 8.55
Enterprise Value to Free Cash Flow (EV/FCFF)
0.00 0.00 9.51 0.00 19.64 31.57
Leverage & Solvency
- - - - - -
Debt to Equity
0.00 0.11 3.82 3.18 2.57 1.47
Long-Term Debt to Equity
0.00 0.11 3.81 3.17 2.56 1.47
Financial Leverage
0.00 -0.27 0.22 2.04 2.03 1.46
Leverage Ratio
0.00 4.75 7.47 13.76 11.10 8.29
Compound Leverage Factor
0.00 5.03 7.24 12.03 6.63 5.97
Debt to Total Capital
0.00% 9.82% 79.26% 76.07% 71.96% 59.54%
Short-Term Debt to Total Capital
0.00% 0.00% 0.32% 0.24% 0.26% 0.24%
Long-Term Debt to Total Capital
0.00% 9.82% 78.93% 75.84% 71.70% 59.29%
Preferred Equity to Total Capital
0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Noncontrolling Interests to Total Capital
0.00% 0.00% 0.00% 1.07% 1.34% 1.46%
Common Equity to Total Capital
0.00% 90.18% 20.74% 22.85% 26.70% 39.00%
Debt to EBITDA
0.00 0.43 0.84 1.70 2.01 1.73
Net Debt to EBITDA
0.00 -1.05 0.42 1.13 1.53 1.33
Long-Term Debt to EBITDA
0.00 0.43 0.83 1.69 2.00 1.72
Debt to NOPAT
0.00 -1.37 1.47 3.29 5.79 4.12
Net Debt to NOPAT
0.00 3.37 0.74 2.19 4.40 3.16
Long-Term Debt to NOPAT
0.00 -1.37 1.47 3.28 5.77 4.10
Altman Z-Score
0.00 0.00 2.99 2.22 1.86 2.17
Noncontrolling Interest Sharing Ratio
0.00% 0.00% 0.00% 2.74% 4.65% 4.08%
Liquidity Ratios
- - - - - -
Current Ratio
0.00 0.80 1.00 1.10 0.95 1.05
Quick Ratio
0.00 0.29 0.38 0.36 0.26 0.28
Cash Flow Metrics
- - - - - -
Free Cash Flow to Firm (FCFF)
0.00 -724 571 -113 151 115
Operating Cash Flow to CapEx
140.00% 530.71% 503.55% 266.46% 151.95% 277.78%
Free Cash Flow to Firm to Interest Expense
0.00 -120.62 21.14 -1.88 1.53 1.34
Operating Cash Flow to Interest Expense
39.38 112.33 31.52 7.28 3.93 4.94
Operating Cash Flow Less CapEx to Interest Expense
11.25 91.17 25.26 4.55 1.34 3.16
Efficiency Ratios
- - - - - -
Asset Turnover
0.00 1.28 1.58 1.40 1.33 1.36
Accounts Receivable Turnover
0.00 44.74 47.95 41.87 42.20 40.06
Inventory Turnover
0.00 5.48 4.88 4.08 3.87 4.07
Fixed Asset Turnover
0.00 5.02 6.67 7.04 7.32 7.71
Accounts Payable Turnover
0.00 11.37 9.19 8.02 7.93 8.47
Days Sales Outstanding (DSO)
0.00 8.16 7.61 8.72 8.65 9.11
Days Inventory Outstanding (DIO)
0.00 66.60 74.81 89.37 94.35 89.72
Days Payable Outstanding (DPO)
0.00 32.11 39.72 45.51 46.04 43.10
Cash Conversion Cycle (CCC)
0.00 42.65 42.71 52.58 56.96 55.73
Capital & Investment Metrics
- - - - - -
Invested Capital
0.00 653 749 1,249 1,292 1,414
Invested Capital Turnover
0.00 16.58 9.68 6.35 4.87 4.60
Increase / (Decrease) in Invested Capital
0.00 653 96 500 43 122
Enterprise Value (EV)
0.00 0.00 5,428 4,026 2,967 3,633
Market Capitalization
0.00 0.00 4,936 3,160 2,092 2,859
Book Value per Share
$0.00 $0.00 $2.90 $4.74 $5.39 $8.14
Tangible Book Value per Share
$0.00 $0.00 $0.12 ($5.05) ($4.52) ($1.31)
Total Capital
0.00 988 1,239 1,676 1,562 1,641
Total Debt
0.00 97 982 1,275 1,124 977
Total Long-Term Debt
0.00 97 978 1,271 1,120 973
Net Debt
0.00 -238 492 848 854 750
Capital Expenditures (CapEx)
225 127 169 164 256 153
Debt-free, Cash-free Net Working Capital (DFCFNWC)
0.00 -652 -493 -265 -347 -157
Debt-free Net Working Capital (DFNWC)
0.00 -317 -3.00 162 -77 70
Net Working Capital (NWC)
0.00 -317 -7.00 158 -81 66
Net Nonoperating Expense (NNE)
273 1.30 21 49 78 68
Net Nonoperating Obligations (NNO)
0.00 -238 492 848 854 750
Total Depreciation and Amortization (D&A)
411 326 303 274 313 258
Debt-free, Cash-free Net Working Capital to Revenue
0.00% -12.05% -7.27% -4.18% -5.61% -2.52%
Debt-free Net Working Capital to Revenue
0.00% -5.86% -0.04% 2.55% -1.25% 1.12%
Net Working Capital to Revenue
0.00% -5.86% -0.10% 2.49% -1.31% 1.06%
Earnings Adjustments
- - - - - -
Adjusted Basic Earnings per Share
$0.00 $0.00 $7.34 $4.24 $1.41 $2.11
Adjusted Weighted Average Basic Shares Outstanding
0.00 0.00 84.31M 77.75M 77.58M 78.89M
Adjusted Diluted Earnings per Share
$0.00 $0.00 $7.18 $4.14 $1.39 $2.05
Adjusted Weighted Average Diluted Shares Outstanding
0.00 0.00 84.31M 77.75M 77.58M 78.89M
Adjusted Basic & Diluted Earnings per Share
$0.00 $0.00 $0.00 $0.00 $0.00 $0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding
0.00 0.00 84.31M 77.75M 77.58M 78.89M
Normalized Net Operating Profit after Tax (NOPAT)
-120 -71 667 387 194 237
Normalized NOPAT Margin
-1.60% -1.31% 9.83% 6.11% 3.14% 3.81%
Pre Tax Income Margin
-11.97% -1.96% 12.42% 6.57% 2.38% 3.55%
Debt Service Ratios
- - - - - -
EBIT to Interest Expense
-111.38 -16.67 32.22 7.95 2.48 3.57
NOPAT to Interest Expense
-78.05 -11.78 24.69 6.46 1.96 2.76
EBIT Less CapEx to Interest Expense
-139.50 -37.83 25.96 5.22 -0.10 1.79
NOPAT Less CapEx to Interest Expense
-106.18 -32.95 18.43 3.72 -0.63 0.98
Payout Ratios
- - - - - -
Dividend Payout Ratio
0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Augmented Payout Ratio
0.00% 0.00% 38.70% 73.96% 107.76% 0.00%

Quarterly Metrics and Ratios for Victoria's Secret & Co.

This table displays calculated financial ratios and metrics derived from Victoria's Secret & Co.'s official financial filings.

Metric Q3 2022 Q4 2022 Q1 2023 Q2 2023 Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024
Growth Metrics
- - - - - - - - - -
Revenue Growth
-8.54% -7.12% -5.19% -6.18% -4.02% 3.07% -3.41% -0.70% 6.48% 1.15%
EBITDA Growth
-38.59% -22.58% -31.25% -37.35% -90.27% 7.05% -16.36% 21.15% 36.36% -0.60%
EBIT Growth
-58.72% -26.13% -68.89% -72.92% -248.89% 5.28% -3.57% 138.46% 28.36% 2.70%
NOPAT Growth
-62.24% -26.88% -79.62% -116.43% -248.73% 10.43% -183.57% 472.23% 29.85% 4.23%
Net Income Growth
-70.67% -29.67% -94.74% -101.49% -422.73% 6.36% -175.00% 3,300.00% 22.54% 5.98%
EPS Growth
-64.20% -22.30% -98.92% -102.41% -417.24% 11.00% -600.00% 2,100.00% 22.83% 3.88%
Operating Cash Flow Growth
-1,972.73% 51.37% 26.03% -6.32% 20.61% -17.74% -7.41% 29.21% -37.02% 14.43%
Free Cash Flow Firm Growth
-1,823.05% 0.00% -133.16% -5.20% 26.98% 151.73% 87.32% 110.66% 70.43% -43.29%
Invested Capital Growth
52.16% 66.76% 39.11% 37.56% 19.94% 3.44% 2.31% 0.35% 3.76% 9.44%
Revenue Q/Q Growth
-13.35% 53.34% -30.38% 1.42% -11.35% 64.66% -34.76% 4.27% -4.94% 56.42%
EBITDA Q/Q Growth
-31.93% 176.11% -64.74% -5.45% -89.42% 2,936.36% -72.46% 36.96% -88.10% 2,113.33%
EBIT Q/Q Growth
-53.13% 446.67% -88.62% -7.14% -357.69% 486.57% -89.58% 129.63% -177.42% 654.17%
NOPAT Q/Q Growth
-60.14% 489.89% -89.96% -169.64% -260.77% 537.98% -107.59% 410.19% -167.99% 750.77%
Net Income Q/Q Growth
-67.16% 686.36% -97.69% -125.00% -7,000.00% 359.15% -101.63% 1,166.67% -271.88% 454.55%
EPS Q/Q Growth
-65.06% 620.69% -99.52% -300.00% -4,500.00% 352.17% -102.16% 900.00% -277.50% 439.44%
Operating Cash Flow Q/Q Growth
-340.00% 414.04% -115.08% 182.41% -303.37% 425.41% -119.69% 199.14% -315.65% 371.77%
Free Cash Flow Firm Q/Q Growth
-13.59% 28.55% -22.09% -6.17% 21.15% 150.61% -129.92% 189.28% -318.71% 197.05%
Invested Capital Q/Q Growth
30.98% -9.10% 14.49% 0.91% 14.21% -21.60% 13.24% -1.03% 18.09% -17.31%
Profitability Metrics
- - - - - - - - - -
Gross Margin
34.67% 36.81% 35.68% 34.13% 33.75% 39.65% 36.87% 35.36% 34.74% 38.63%
EBITDA Margin
8.57% 15.44% 7.82% 7.29% 0.87% 16.03% 6.77% 8.89% 1.11% 15.76%
Operating Margin
3.26% 12.02% 1.99% 1.82% -5.30% 12.43% 1.91% 4.38% -3.49% 12.77%
EBIT Margin
3.41% 12.17% 1.99% 1.82% -5.30% 12.43% 1.99% 4.38% -3.56% 12.62%
Profit (Net Income) Margin
1.67% 8.56% 0.28% -0.07% -5.61% 8.83% -0.22% 2.26% -4.08% 9.25%
Tax Burden Percent
73.33% 76.55% 66.67% -50.00% 76.34% 79.31% -60.00% 78.05% 78.57% 79.59%
Interest Burden Percent
66.67% 91.87% 21.43% 7.69% 138.81% 89.58% 18.52% 66.13% 145.83% 92.11%
Effective Tax Rate
26.67% 23.45% 33.33% 150.00% 0.00% 20.69% 160.00% 21.95% 0.00% 20.41%
Return on Invested Capital (ROIC)
13.66% 58.45% 6.77% -4.51% -15.02% 47.98% -4.87% 14.47% -9.03% 46.79%
ROIC Less NNEP Spread (ROIC-NNEP)
12.58% 56.51% 5.24% -3.27% -16.92% 45.47% -3.70% 12.90% -10.69% 44.41%
Return on Net Nonoperating Assets (RNNOA)
44.26% 115.07% 18.69% -11.04% -87.43% 92.24% -10.93% 34.08% -41.24% 64.64%
Return on Equity (ROE)
57.92% 173.52% 25.46% -15.55% -102.45% 140.22% -15.80% 48.55% -50.27% 111.43%
Cash Return on Invested Capital (CROIC)
0.00% -11.27% -6.86% -11.16% -6.80% 11.89% 10.31% 14.52% 9.88% 8.50%
Operating Return on Assets (OROA)
5.21% 17.06% 2.94% 2.62% -7.34% 16.51% 2.77% 5.85% -4.60% 17.23%
Return on Assets (ROA)
2.55% 11.99% 0.42% -0.10% -7.78% 11.73% -0.31% 3.02% -5.27% 12.63%
Return on Common Equity (ROCE)
55.97% 168.78% 23.28% -14.37% -95.13% 133.70% -14.85% 45.92% -47.21% 106.88%
Return on Equity Simple (ROE_SIMPLE)
174.89% 0.00% 100.38% 70.97% 47.73% 0.00% 25.77% 30.08% 36.83% 0.00%
Net Operating Profit after Tax (NOPAT)
32 186 19 -13 -47 205 -16 48 -33 214
NOPAT Margin
2.39% 9.20% 1.33% -0.91% -3.71% 9.86% -1.15% 3.42% -2.44% 10.16%
Net Nonoperating Expense Percent (NNEP)
1.08% 1.94% 1.53% -1.25% 1.90% 2.52% -1.17% 1.56% 1.66% 2.38%
Return On Investment Capital (ROIC_SIMPLE)
- 11.10% - - - 13.15% - - - 13.05%
Cost of Revenue to Revenue
65.33% 63.19% 64.32% 65.87% 66.25% 60.35% 63.13% 64.64% 65.26% 61.37%
SG&A Expenses to Revenue
31.41% 24.79% 33.69% 32.31% 39.05% 27.22% 34.95% 30.98% 38.23% 25.87%
R&D to Revenue
0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Operating Expenses to Revenue
31.41% 24.79% 33.69% 32.31% 39.05% 27.22% 34.95% 30.98% 38.23% 25.87%
Earnings before Interest and Taxes (EBIT)
45 246 28 26 -67 259 27 62 -48 266
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)
113 312 110 104 11 334 92 126 15 332
Valuation Ratios
- - - - - - - - - -
Price to Book Value (P/BV)
13.34 8.25 9.10 5.58 6.51 5.02 3.22 2.68 5.77 4.47
Price to Tangible Book Value (P/TBV)
0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Price to Revenue (P/Rev)
0.48 0.50 0.38 0.25 0.23 0.34 0.22 0.21 0.40 0.46
Price to Earnings (P/E)
7.45 9.08 9.00 7.90 14.03 19.20 13.09 9.24 16.28 17.33
Dividend Yield
0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Earnings Yield
13.43% 11.01% 11.12% 12.66% 7.13% 5.21% 7.64% 10.82% 6.14% 5.77%
Enterprise Value to Invested Capital (EV/IC)
3.11 3.22 2.50 1.89 1.73 2.30 1.64 1.55 2.20 2.57
Enterprise Value to Revenue (EV/Rev)
0.66 0.63 0.57 0.44 0.47 0.48 0.39 0.37 0.61 0.58
Enterprise Value to EBITDA (EV/EBITDA)
5.08 5.36 5.10 4.26 5.32 5.31 4.44 3.98 6.62 6.43
Enterprise Value to EBIT (EV/EBIT)
7.58 8.44 8.62 7.88 12.27 12.06 9.80 7.98 12.52 11.83
Enterprise Value to NOPAT (EV/NOPAT)
9.39 10.39 11.26 10.67 16.69 15.29 13.18 10.43 16.48 15.32
Enterprise Value to Operating Cash Flow (EV/OCF)
22.03 9.21 7.53 5.80 5.54 7.63 6.30 5.51 11.05 8.55
Enterprise Value to Free Cash Flow (EV/FCFF)
0.00 0.00 0.00 0.00 0.00 19.64 16.10 10.68 22.64 31.57
Leverage & Solvency
- - - - - - - - - -
Debt to Equity
4.95 3.18 4.44 4.25 6.45 2.57 2.52 2.27 3.13 1.47
Long-Term Debt to Equity
4.94 3.17 4.43 4.23 6.43 2.56 2.51 2.27 3.12 1.47
Financial Leverage
3.52 2.04 3.57 3.38 5.17 2.03 2.95 2.64 3.86 1.46
Leverage Ratio
16.89 13.76 15.74 15.11 18.02 11.10 12.01 11.54 13.90 8.29
Compound Leverage Factor
11.26 12.64 3.37 1.16 25.01 9.94 2.22 7.63 20.28 7.63
Debt to Total Capital
83.20% 76.07% 81.63% 80.94% 86.57% 71.96% 71.62% 69.45% 75.79% 59.54%
Short-Term Debt to Total Capital
0.27% 0.24% 0.26% 0.25% 0.23% 0.26% 0.26% 0.25% 0.21% 0.24%
Long-Term Debt to Total Capital
82.93% 75.84% 81.37% 80.69% 86.34% 71.70% 71.36% 69.20% 75.57% 59.29%
Preferred Equity to Total Capital
0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Noncontrolling Interests to Total Capital
1.13% 1.07% 1.41% 1.33% 1.02% 1.34% 1.40% 1.36% 1.28% 1.46%
Common Equity to Total Capital
15.67% 22.85% 16.97% 17.73% 12.42% 26.70% 26.98% 29.19% 22.93% 39.00%
Debt to EBITDA
1.48 1.70 1.82 1.99 2.86 2.01 2.08 1.99 2.50 1.73
Net Debt to EBITDA
1.33 1.13 1.63 1.79 2.63 1.53 1.88 1.69 2.22 1.33
Long-Term Debt to EBITDA
1.48 1.69 1.81 1.99 2.85 2.00 2.07 1.99 2.49 1.72
Debt to NOPAT
2.74 3.29 4.01 5.00 8.96 5.79 6.16 5.23 6.22 4.12
Net Debt to NOPAT
2.47 2.19 3.60 4.48 8.23 4.40 5.59 4.44 5.52 3.16
Long-Term Debt to NOPAT
2.73 3.28 4.00 4.98 8.93 5.77 6.14 5.21 6.20 4.10
Altman Z-Score
2.21 2.05 1.84 1.64 1.52 1.86 1.67 1.61 1.67 2.14
Noncontrolling Interest Sharing Ratio
3.37% 2.74% 8.55% 7.56% 7.14% 4.65% 6.01% 5.42% 6.08% 4.08%
Liquidity Ratios
- - - - - - - - - -
Current Ratio
1.28 1.10 1.05 1.05 1.20 0.95 0.97 1.00 1.17 1.05
Quick Ratio
0.23 0.36 0.19 0.19 0.19 0.26 0.18 0.22 0.21 0.28
Cash Flow Metrics
- - - - - - - - - -
Free Cash Flow to Firm (FCFF)
-439 -314 -383 -407 -321 162 -49 43 -95 92
Operating Cash Flow to CapEx
-340.30% 1,835.90% -196.36% 100.00% -226.25% 1,840.63% -297.44% 191.67% -486.27% 3,547.37%
Free Cash Flow to Firm to Interest Expense
-29.30 -15.70 -17.42 -16.96 -12.34 6.02 -2.21 2.07 -4.31 4.39
Operating Cash Flow to Interest Expense
-15.20 35.80 -4.91 3.71 -6.96 21.81 -5.27 5.48 -11.27 32.10
Operating Cash Flow Less CapEx to Interest Expense
-19.67 33.85 -7.41 0.00 -10.04 20.63 -7.05 2.62 -13.59 31.19
Efficiency Ratios
- - - - - - - - - -
Asset Turnover
1.53 1.40 1.48 1.44 1.39 1.33 1.40 1.34 1.29 1.36
Accounts Receivable Turnover
39.51 41.87 45.09 42.72 37.89 42.20 44.13 41.10 41.10 40.06
Inventory Turnover
3.66 4.08 3.86 3.75 3.23 3.87 3.84 3.76 3.13 4.07
Fixed Asset Turnover
7.10 7.04 7.22 7.18 7.09 7.32 7.49 7.36 7.40 7.71
Accounts Payable Turnover
8.64 8.02 9.70 7.82 9.36 7.93 9.73 7.71 8.57 8.47
Days Sales Outstanding (DSO)
9.24 8.72 8.10 8.54 9.63 8.65 8.27 8.88 8.88 9.11
Days Inventory Outstanding (DIO)
99.86 89.37 94.53 97.41 113.05 94.35 95.07 97.12 116.73 89.72
Days Payable Outstanding (DPO)
42.27 45.51 37.64 46.69 38.99 46.04 37.50 47.36 42.61 43.10
Cash Conversion Cycle (CCC)
66.83 52.58 64.99 59.27 83.69 56.96 65.84 58.64 83.00 55.73
Capital & Investment Metrics
- - - - - - - - - -
Invested Capital
1,374 1,249 1,430 1,443 1,648 1,292 1,463 1,448 1,710 1,414
Invested Capital Turnover
5.71 6.35 5.10 4.95 4.05 4.87 4.24 4.24 3.70 4.60
Increase / (Decrease) in Invested Capital
471 500 402 394 274 43 33 5.00 62 122
Enterprise Value (EV)
4,273 4,026 3,576 2,720 2,859 2,967 2,401 2,242 3,755 3,633
Market Capitalization
3,134 3,160 2,411 1,556 1,431 2,092 1,361 1,266 2,474 2,859
Book Value per Share
$2.89 $4.74 $3.41 $3.62 $2.85 $5.39 $5.45 $6.03 $5.46 $8.14
Tangible Book Value per Share
($0.14) ($5.05) ($6.73) ($6.47) ($7.14) ($4.52) ($4.36) ($3.61) ($4.06) ($1.31)
Total Capital
1,500 1,676 1,562 1,574 1,772 1,562 1,568 1,617 1,871 1,641
Total Debt
1,248 1,275 1,275 1,274 1,534 1,124 1,123 1,123 1,418 977
Total Long-Term Debt
1,244 1,271 1,271 1,270 1,530 1,120 1,119 1,119 1,414 973
Net Debt
1,122 848 1,143 1,143 1,410 854 1,018 954 1,257 750
Capital Expenditures (CapEx)
67 39 55 89 80 32 39 60 51 19
Debt-free, Cash-free Net Working Capital (DFCFNWC)
255 -265 -62 -56 148 -347 -143 -171 103 -157
Debt-free Net Working Capital (DFNWC)
381 162 70 75 272 -77 -38 -2.00 264 70
Net Working Capital (NWC)
377 158 66 71 268 -81 -42 -6.00 260 66
Net Nonoperating Expense (NNE)
9.53 13 15 -12 24 21 -13 16 22 19
Net Nonoperating Obligations (NNO)
1,122 848 1,143 1,143 1,410 854 1,018 954 1,257 750
Total Depreciation and Amortization (D&A)
68 66 82 78 78 75 65 64 63 66
Debt-free, Cash-free Net Working Capital to Revenue
3.92% -4.18% -0.99% -0.91% 2.42% -5.61% -2.33% -2.79% 1.66% -2.52%
Debt-free Net Working Capital to Revenue
5.86% 2.55% 1.12% 1.22% 4.44% -1.25% -0.62% -0.03% 4.25% 1.12%
Net Working Capital to Revenue
5.80% 2.49% 1.05% 1.15% 4.38% -1.31% -0.68% -0.10% 4.19% 1.06%
Earnings Adjustments
- - - - - - - - - -
Adjusted Basic Earnings per Share
$0.30 $2.14 $0.01 ($0.02) ($0.92) $2.34 ($0.05) $0.41 ($0.71) $2.46
Adjusted Weighted Average Basic Shares Outstanding
80.83M 77.75M 77.15M 77.27M 77.43M 77.58M 78.30M 78.53M 78.62M 78.89M
Adjusted Diluted Earnings per Share
$0.29 $2.09 $0.01 ($0.02) ($0.92) $2.32 ($0.05) $0.40 ($0.71) $2.41
Adjusted Weighted Average Diluted Shares Outstanding
80.83M 77.75M 77.15M 77.27M 77.43M 77.58M 78.30M 78.53M 78.62M 78.89M
Adjusted Basic & Diluted Earnings per Share
$0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding
80.83M 77.75M 77.15M 77.27M 77.43M 77.58M 78.30M 78.53M 78.62M 78.89M
Normalized Net Operating Profit after Tax (NOPAT)
32 186 19 18 -47 205 18 48 -33 214
Normalized NOPAT Margin
2.39% 9.20% 1.33% 1.28% -3.71% 9.86% 1.34% 3.42% -2.44% 10.16%
Pre Tax Income Margin
2.28% 11.18% 0.43% 0.14% -7.35% 11.14% 0.37% 2.89% -5.20% 11.63%
Debt Service Ratios
- - - - - - - - - -
EBIT to Interest Expense
3.00 12.30 1.27 1.08 -2.58 9.59 1.23 2.95 -2.18 12.67
NOPAT to Interest Expense
2.10 9.30 0.85 -0.54 -1.80 7.61 -0.71 2.30 -1.50 10.20
EBIT Less CapEx to Interest Expense
-1.47 10.35 -1.23 -2.63 -5.65 8.41 -0.55 0.10 -4.50 11.76
NOPAT Less CapEx to Interest Expense
-2.36 7.35 -1.65 -4.25 -4.88 6.42 -2.48 -0.55 -3.81 9.29
Payout Ratios
- - - - - - - - - -
Dividend Payout Ratio
0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Augmented Payout Ratio
112.90% 73.96% 100.00% 104.04% 153.33% 107.76% 0.00% 0.00% 0.00% 0.00%

Frequently Asked Questions About Victoria's Secret & Co.'s Financials

When does Victoria's Secret & Co.'s fiscal year end?

According to the most recent income statement we have on file, Victoria's Secret & Co.'s financial year ends in February. Their financial year 2025 ended on February 1, 2025.

How has Victoria's Secret & Co.'s net income changed over the last 5 years?

Victoria's Secret & Co.'s net income appears to be on an upward trend, with a most recent value of $169 million in 2024, falling from -$897 million in 2019. The previous period was $116 million in 2023.

What is Victoria's Secret & Co.'s operating income?
Victoria's Secret & Co.'s total operating income in 2024 was $310 million, based on the following breakdown:
  • Total Gross Profit: $2.28 billion
  • Total Operating Expenses: $1.97 billion
How has Victoria's Secret & Co. revenue changed over the last 5 years?

Over the last 5 years, Victoria's Secret & Co.'s total revenue changed from $7.51 billion in 2019 to $6.23 billion in 2024, a change of -17.0%.

How much debt does Victoria's Secret & Co. have?

Victoria's Secret & Co.'s total liabilities were at $3.87 billion at the end of 2024, a 7.1% decrease from 2023, and a 15.9% increase since 2020.

How much cash does Victoria's Secret & Co. have?

In the past 4 years, Victoria's Secret & Co.'s cash and equivalents has ranged from $227 million in 2024 to $490 million in 2021, and is currently $227 million as of their latest financial filing in 2024.

How has Victoria's Secret & Co.'s book value per share changed over the last 5 years?

Over the last 5 years, Victoria's Secret & Co.'s book value per share changed from 0.00 in 2019 to 8.14 in 2024, a change of 814.0%.

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This page (NYSE:VSCO) was last updated on 4/15/2025 by MarketBeat.com Staff
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