Victoria's Secret
VSXY on NYSE. Victoria's Secret sells bras, underwear and beauty products to women and girls. Market value $7.1bn.
Price checks use the past 12 months to July 2026. Quality checks use five annual reports, the latest for the year to January 2026.
Should I look at this?
Not a fit for our list right now
Why it could be worth it
See Retail & consumer stocks that passed both tests
This is not advice. Check the numbers below.
For every $100 of what the whole company costs, it produced $8.16 of spare cash in the past 12 months. A savings account pays about $4.
You pay 13.3 years of operating profit for the business. The average large US company costs around 18.
Each dollar kept in the business earns 18 cents a year. Above 10 is good.
Quality score: 65 of 100. Price score: 95 of 100. Our list needs 70 on quality and 60 on price.
$85.09 a share, 203% above its 1-year low
Over the past year the price has ranged from $28.04 to $102.46.
Pays no dividend
Prices from Tuesday’s close (6 October).
Five years of cash, in billions
Spare cash swings from quarter to quarter here: $554 million in the past 12 months, $312 million in the year to January 2026.
| Revenue | |||||
| Revenue | $6.8bn | $6.3bn | $6.2bn | $6.2bn | $6.6bn |
| Operating margin | |||||
| Operating margin | 12.8% | 7.5% | 4.0% | 5.0% | 4.1% |
| Debt to equity | |||||
| Debt to equity | 3.82 | 3.33 | 2.70 | 1.53 | 1.14 |
| Shares outstanding | |||||
| Shares outstanding | 0.08bn | 0.08bn | 0.08bn | 0.08bn | 0.08bn |
Health checks
- Free cash flow positive5 of 5 years
- Accounting looks honest (Beneish)Nothing unusual
- Financial strength (Piotroski)6 of 9
- Profit backed by cash (accruals)Yes
- Debt1.14× equity
- Revenue growth, five yearsShrinking, 0.9% a year
- Buying back its own sharesRoughly flat
The quarter to July 2026
How the business did, compared with the same quarter a year earlier.
- Sales: $1.6 billion last quarter, up 10% on a year ago.
- Profit: $183 million, up 1044% on a year ago.
- It keeps 8 cents of each $1 of sales as operating profit, up from 5 cents a year earlier.
- Spare cash over the past 12 months: $554 million, up from $242 million.
- 2% more shares than a year ago. Each share owns a bit less of the company.
- Debt is $453 million more than cash, down from $864 million a year ago.
- Sales grew on a year ago in each of the last 4 quarters.
| Quarter to | Amount |
|---|---|
| October 2024 | $1.3bn |
| January 2025 | $2.1bn |
| April 2025 | $1.4bn |
| July 2025 | $1.5bn |
| October 2025 | $1.5bn |
| January 2026 | $2.3bn |
| April 2026 | $1.6bn |
| July 2026 | $1.6bn |
| Quarter to | Amount |
|---|---|
| October 2024 | -$56m |
| January 2025 | $193m |
| April 2025 | -$2m |
| July 2025 | $16m |
| October 2025 | -$37m |
| January 2026 | $184m |
| April 2026 | $48m |
| July 2026 | $183m |
From the company's quarterly reports to the SEC.
Dates
- Next results (estimated)
- n/a
- Last annual report (10-K)
- 20 March 2026
- Next quarterly (estimated, 10-Q)
- 4 December 2026
Who owns it
5 long-term investors we follow own it, unchanged from 5 last quarter. 436 funds in all.
- LSV Asset ManagementJosef Lakonishok
- Value
- $14m
- Share of fund
- <0.1%
| Fund | Value | Share of that fund | Change |
|---|---|---|---|
| Gotham Asset ManagementJoel Greenblatt | $21m | <0.1% | Cut |
| Royce & AssociatesChuck Royce | $14m | 0.1% | Cut |
| LSV Asset ManagementJosef Lakonishok | $14m | <0.1% | |
| GAMCO InvestorsMario Gabelli | $226,231 | <0.1% | New |
| Barrow HanleyBarrow Hanley team | $6,511 | <0.1% | Added |
Sold out this quarter
- Greenlight CapitalDavid EinhornSold out
Largest holders overall
- BlackRock$994m
- FMR$788mAdded
- Bbfit Investments PTE$743mCut
- Vanguard Portfolio Management$411mAdded
- Vanguard Capital Management$298m
- State Street$256m
- Goldman Sachs Group$176mAdded
- Geode Capital Management$176mAdded
- Arrowstreet Capital, Limited Partnership$164mAdded
- Dimensional Fund Advisors LP$162m
From 13F filings for the quarter ended 30 June 2026.
Big holders and activists
7 investors own more than 5%; 3 of them are pushing for change.
- BlackRock, Inc.Passive investor13.7%−1.2 ptsSince 30 June 2025
- BBFIT INVESTMENTS PTE LTDActivist13.0%+0.1 ptsSince 4 May 2026
What they said
Item 4 is hereby amended and supplemented as follows: On May 4, 2026, the Reporting Persons filed a preliminary proxy statement and accompanying GOLD proxy card with the U.S. Securities and Exchange Commission to be used to solicit votes "AGAINST" the reelection of two members…
Read the filing - BBFIT INVESTMENTS PTE LTDActivistat least 12.9%(filed with 2 related holders)Since 4 November 2025
What they said
Item 4 of the Schedule 13D is hereby amended and supplemented as follows: On November 4, 2025, BBRC International PTE Limited issued a press release including a letter to the Board of Directors of the Issuer, which press release is attached as Exhibit 99.3 to this Schedule 13D…
Read the filing - FMR LLCPassive investorat least 10.9%+3.2 pts(filed with 1 related holder)Since 29 May 2026
- BBFIT INVESTMENTS PTE LTDActivistat least 9.8%−1.8 pts(filed with 3 related holders)Since 28 July 2026
- Vanguard Portfolio ManagementPassive investor5.8%Since 31 March 2026
- Vanguard Capital ManagementPassive investor5.2%Since 31 March 2026
- The Vanguard GroupPassive investorSold down below 5%Since 13 March 2026
| Holder | Stake | Since | |
|---|---|---|---|
BlackRock, Inc. Passive investor | 13.7%−1.2 pts | 30 June 2025 | |
BBFIT INVESTMENTS PTE LTD Activist | 13.0%+0.1 pts | 4 May 2026 | What they saidItem 4 is hereby amended and supplemented as follows: On May 4, 2026, the Reporting Persons filed a preliminary proxy statement and accompanying GOLD proxy card with the U.S. Securities and Exchange Commission to be used to solicit votes "AGAINST" the reelection of two members… Read the filing |
BBFIT INVESTMENTS PTE LTD Activist | at least 12.9% (filed with 2 related holders) | 4 November 2025 | What they saidItem 4 of the Schedule 13D is hereby amended and supplemented as follows: On November 4, 2025, BBRC International PTE Limited issued a press release including a letter to the Board of Directors of the Issuer, which press release is attached as Exhibit 99.3 to this Schedule 13D… Read the filing |
FMR LLC Passive investor | at least 10.9%+3.2 pts (filed with 1 related holder) | 29 May 2026 | |
BBFIT INVESTMENTS PTE LTD Activist | at least 9.8%−1.8 pts (filed with 3 related holders) | 28 July 2026 | |
Vanguard Portfolio Management Passive investor | 5.8% | 31 March 2026 | |
Vanguard Capital Management Passive investor | 5.2% | 31 March 2026 | |
The Vanguard Group Passive investor | Sold down below 5% | 13 March 2026 |
From Schedule 13D and 13G filings: anyone owning more than 5% must file one.
What insiders did
In the last 12 months, 2 insiders bought $129,580 of shares on the open market. 1 sold $409,957, $409,957 of it under preset trading plans.
- McAfee Melinda R.Chief Legal & Compliance OfcrSoldunder a preset trading plan
- Date
- 5 October 2026
- Shares
- 4,500
- Price
- $91.10
- Value
- $409,957
- Sheehan AnneDirectorBought
- Date
- 2 April 2026
- Shares
- 633
- Price
- $45.86
- Value
- $29,029
- JAMES DONNADirectorBought
- Date
- 2 April 2026
- Shares
- 2,175
- Price
- $46.23
- Value
- $100,550
| Date | Who | Did | Shares | Price | Value |
|---|---|---|---|---|---|
| 5 October 2026 | McAfee Melinda R. Chief Legal & Compliance Ofcr | Sold under a preset trading plan | 4,500 | $91.10 | $409,957 |
| 2 April 2026 | Sheehan Anne Director | Bought | 633 | $45.86 | $29,029 |
| 2 April 2026 | JAMES DONNA Director | Bought | 2,175 | $46.23 | $100,550 |
From Form 4 filings: insiders must report trades in their own company's shares within two days.
What could go wrong
- Sales have shrunk: 0.9% a year.
Whether the price already reflects the risks is what the deep dive is for.
The deep dive
Everything above is arithmetic on public filings. The deep dive reads the last ten years of annual reports, the proxy statements, and the earnings calls, then argues the case the way Buffett, Klarman, and Hohn would, and checks every claim against the source.
- What the business is worth, as a range, and the margin of safety at today’s price
- Prices to start buying, buy, and buy hard
- The three things that would make this a mistake
- Every number footnoted to the filing it came from
Your first deep dive is free.
Not advice. Numbers on this page come from SEC filings and are updated each night; prices are updated again after the US market closes. The five-year figures are rounded.