Victoria's Secret & Co. (VSCO) intrinsic value & 10-year financials
Victoria's Secret & Co. (VSCO) has no Graham intrinsic value right now because the formula needs positive earnings. Over the last 8 fiscal years revenue shrank 2.2% a year to $6.6B, with an average return on invested capital of 3.2%.
- Graham intrinsic value
- —
- Revenue (FY2026)
- $6.6B
- Revenue growth (8-yr CAGR)
- -2.2%
- ROIC (10-yr avg)
- 3.2%
- Free cash flow (FY2026)
- $312.0M
VSCO 10-year financial history
| Fiscal year | Revenue | Net income | EPS (diluted) | Free cash flow | Operating margin | ROIC |
|---|---|---|---|---|---|---|
| FY2026 | $6.6B | $161.0M | $1.93 | $312.0M | 4.1% | 8.5% |
| FY2025 | $6.2B | $165.0M | $2.05 | $247.0M | 5.0% | 8.7% |
| FY2024 | $6.2B | $109.0M | $1.39 | $133.0M | 4.0% | 7.6% |
| FY2023 | $6.3B | $348.0M | $4.14 | $273.0M | 7.5% | 17.3% |
| FY2022 | $6.8B | $646.0M | $7.18 | $682.0M | 12.8% | 31.2% |
| FY2021 | $5.4B | -$72.0M | -$0.82 | $547.0M | -1.9% | -3.1% |
| FY2020 | $7.5B | -$897.0M | -$10.16 | $90.0M | -11.9% | -48.2% |
| FY2019 | — | — | — | — | — | — |
Source: annual 10-K filings on SEC EDGAR. Figures in USD.
Executive summary
Victoria's Secret & Co. revenue growth over the past decade is N/A; insufficient history prevents a reliable 10-year CAGR calculation.
Victoria's Secret & Co. has historically struggled to out-earn its cost of capital, averaging just 3.2% ROIC.
Victoria's Secret & Co. capital allocation metrics are N/A for the decade; share count and net debt history are incomplete.
Benjamin Graham lens
Under Benjamin Graham's formula using SEC EDGAR fundamentals, Victoria's Secret & Co. is modeled at -28.0% normalized earnings growth with a 5.1% bond-yield adjustment. The resulting Graham intrinsic value estimate is $-79.09 per share.