VSXYVictoria's Secret & Co.
Retail-Women's Clothing Stores
- Revenue
- $6.6B
- 5.2% YoY
- Operating margin
- 4.1%
- 17% YoY
- EBITDA
- $509M
- 10% YoY
- Market cap
- $7.7B
- Employees
- 33,000
- $199K revenue each
- Net debt / EBITDA
- 0.9×
- $453M net debt
- AI in 10-K
- 3.3
- mentions per 10K words
Takeover score 3 of 13
Fixable underperformance 1 of 7
- TSR below peersYes4 of 5 years3+ of last 5 years
- High CEO pay despite TSRNo—Median CEO pay ≥ $15M while TSR trails
- Earnings not backed by cashNo310% of net incomeCash flow under 80% of net income
- Dilutive SBCNo1% of revenueOver 10% of revenue
- Payouts exceed cash flowNo0% of cash flowBuybacks + dividends over cash flow
- Goodwill-heavyNo7% of assetsOver 40% of assets
- Shareholder dissentNo83% lowest supportAny vote under 80% support
Buyer economics 0 of 4
- Low revenue per employeeNo$199K · 44th pctBottom quartile of its SIC industry
- Quiet on AINo3.3 per 10K words · 72nd pctBottom quartile of AI mentions in 10-Ks
- Net cashNo0.9× EBITDA net debtMore cash than debt, positive EBITDA
- Buyout-sizedNo$7.7B market capMarket cap $500M–$5B
Catalysts 2 of 2
- Active 13DYes1 filingActive-intent 13D in 18 months
- Net insider sellingYes−$213M netNet sales over $10M in 12 months
Financials
| Metric | FY2022 | FY2023 | FY2024 | FY2025 | FY2026 | YoY |
|---|---|---|---|---|---|---|
| Revenue | $6.8B | $6.3B | $6.2B | $6.2B | $6.6B | 5.2% |
| Operating income | $870M | $478M | $246M | $310M | $271M | 13% |
| Net income | $646M | $348M | $109M | $165M | $161M | 2.4% |
| Operating cash flow | $851M | $437M | $389M | $425M | $499M | 17% |
| Capex | $169M | $164M | $256M | $178M | $187M | 5.1% |
| Stock-based comp | $33M | $48M | $56M | $60M | $55M | 8.3% |
| Buybacks | $250M | $250M | $125M | $0 | $0 |
Deal filings
None.
13D filers
| Filed | Filer | Form | Stake | Intent |
|---|---|---|---|---|
| Jul 29, 2026 | BBRC INTERNATIONAL PTE LTD | SCHEDULE 13D/A | 9.8% | Passive |
| Jun 4, 2026 | BBRC INTERNATIONAL PTE LTD | SCHEDULE 13D/A | 11.6% | Passive |
| May 4, 2026 | BBRC INTERNATIONAL PTE LTD | SCHEDULE 13D/A | 3.9% | Active |
| Nov 4, 2025 | BBRC INTERNATIONAL PTE LTD | SCHEDULE 13D/A | 51.4% | Passive |
| Jun 10, 2025 | BBRC INTERNATIONAL PTE LTD | SCHEDULE 13D/A | 51.7% | Passive |
| Apr 1, 2025 | BBRC INTERNATIONAL PTE LTD | SCHEDULE 13D/A | 12.8% | Passive |
| Mar 12, 2025 | BBRC INTERNATIONAL PTE LTD | SCHEDULE 13D/A | 3.6% | Passive |
| Feb 1, 2024 | BBRC INTERNATIONAL PTE LTD | SC 13D | 9.8% | Passive |
Insider trading
- Open-market buys, 12 mo
- $323K · 2
- Open-market sells, 12 mo
- $213M · 10
- Net
- −$213M
Pay vs performance
| Year | CEO total comp | Comp actually paid | TSR (indexed) | Peer TSR |
|---|---|---|---|---|
| FY2026 | — | — | 94 | 144 |
| FY2025 | — | — | 62 | 142 |
| FY2024 | — | — | 46 | 108 |
| FY2023 | — | — | 67 | 77 |
| FY2022 | — | — | 96 | 93 |