ANFABERCROMBIE & FITCH CO /DE/

Retail-Family Clothing Stores

Revenue: $5.3B; 6.4% YoY
Operating margin: 13.3%; 11% YoY
EBITDA: $854M; 4.5% YoY
Market cap: $7.0B
Employees: 43,200; $122K revenue each
Net debt / EBITDA: -0.4×; −$328M net debt
AI in 10-K: 4.0; mentions per 10K words

Takeover score 3 of 13

Fixable underperformance 0 of 7

TSR below peersNo
1 of 5 years
3+ of last 5 years
High CEO pay despite TSRNo
$13M median
Median CEO pay ≥ $15M while TSR trails
Earnings not backed by cashNo
122% of net income
Cash flow under 80% of net income
Dilutive SBCNo
1% of revenue
Over 10% of revenue
Payouts exceed cash flowNo
73% of cash flow
Buybacks + dividends over cash flow
Goodwill-heavyNo
—
Over 40% of assets
Shareholder dissentNo
98% lowest support
Any vote under 80% support

Buyer economics 2 of 4

Low revenue per employeeYes
$122K · 0th pct
Bottom quartile of its SIC industry
Quiet on AINo
4.0 per 10K words · 78th pct
Bottom quartile of AI mentions in 10-Ks
Net cashYes
Net cash · 0.4× EBITDA
More cash than debt, positive EBITDA
Buyout-sizedNo
$7.0B market cap
Market cap $500M–$5B

Catalysts 1 of 2

Active 13DNo
0 filings
Active-intent 13D in 18 months
Net insider sellingYes
−$50M net
Net sales over $10M in 12 months

Financials

Metric	FY2022	FY2023	FY2024	FY2025	FY2026	YoY	Trend
Revenue	$3.7B	$3.7B	$4.3B	$4.9B	$5.3B	6.4%
Operating income	$343M	$93M	$485M	$741M	$699M	5.6%
Net income	$263M	$3M	$328M	$556M	$507M	8.9%
Operating cash flow	$278M	−$2M	$653M	$710M	$619M	13%
Capex	$97M	$165M	$158M	$183M	$241M	32%
Stock-based comp	$29M	$29M	$40M	$39M	$39M	1.0%
Buybacks	$377M	$126M	$0	$230M	$451M	96%
Dividends	$0	$0	—	—	—

Deal filings

None.

13D filers

None on file.

Insider trading

Open-market buys, 12 mo: $0 · 0
Open-market sells, 12 mo: $50M · 29
Net: −$50M

Pay vs performance

Year	CEO total comp	Comp actually paid	TSR (indexed)	Peer TSR
FY2026	$13M	−$12M	423	241
FY2025	$17M	$41M	517	196
FY2024	$15M	$99M	475	160
FY2023	$11M	−$2M	118	132
FY2022	$13M	$36M	158	111