ANF vs VSXY: Abercrombie & Fitch and Victoria's Secret & Co. compared
Victoria's Secret & Co. is the larger company, worth $8.6B, about 1.4 times Abercrombie & Fitch.
The short version
From the latest prices and each company's SEC filings. Who's ahead on each measure, not which to buy.
- Victoria's Secret & Co. is the larger company, worth $8.6B, about 1.4 times Abercrombie & Fitch.
- Victoria's Secret & Co. grew revenue faster over the last year (+10.3% vs +4.7%).
- Abercrombie & Fitch keeps more of each dollar of revenue as operating profit (13.7% vs 7.9%).
- On earnings, Abercrombie & Fitch is the cheaper stock (12.9x vs 24.1x).
- Victoria's Secret & Co.'s price assumes faster free cash flow growth: about 9% a year, against 3% for Abercrombie & Fitch (reverse DCF).
Side by side
The stronger figure is shaded where higher (or, for valuation multiples, lower) reads as better. How the implied growth works.
| Measure | ANF | VSXY |
|---|---|---|
| Market cap | $6.3B | $8.6B |
| Share price | $149.54 | $108.05 |
| Revenue (last fiscal year) | $5.3B | $6.6B |
| Free cash flow (last fiscal year) | $378M | $312M |
| Revenue growth, last year | +4.7% | +10.3% |
| Revenue growth per year, last 5 fiscal years | +9.1% | -0.9% |
| Operating margin | 13.7% | 7.9% |
| Net margin | 10.0% | 5.5% |
| Return on equity | 39.6% | 38.2% |
| P/E (trailing) | 12.9x | 24.1x |
| Price / free cash flow | 11.2x | 15.6x |
| EV / EBITDA | 6.20x | 11.8x |
| FCF growth the price implies | 2.7% | 9.3% |
| Dividend yield | — | — |
| Debt / equity | 0.00x | 0.98x |
| Fundamental grade | C | C |
| Superinvestors holding it | 20 | 0 |
| Insider purchases, last 12 months | 0 | 0 |
Results from SEC filings
Revenue and free cash flow by fiscal year, from each company's 10-K filings.
Abercrombie & Fitch
| Year | Revenue | Free cash flow | Op. margin |
|---|---|---|---|
| 2022 | $3.7B | $181M | 9.2% |
| 2023 | $3.7B | -$167M | 2.5% |
| 2024 | $4.3B | $496M | 11.3% |
| 2025 | $4.9B | $527M | 15.0% |
| 2026 | $5.3B | $378M | 13.3% |
Victoria's Secret & Co.
| Year | Revenue | Free cash flow | Op. margin |
|---|---|---|---|
| 2022 | $6.8B | $682M | 12.8% |
| 2023 | $6.3B | $273M | 7.5% |
| 2024 | $6.2B | $133M | 4.0% |
| 2025 | $6.2B | $247M | 5.0% |
| 2026 | $6.6B | $312M | 4.1% |
Where the revenue comes from
Abercrombie & Fitch · by products, 2026
Victoria's Secret & Co. · by regions, 2026
Questions
Which is bigger, Abercrombie & Fitch or Victoria's Secret & Co.?
Victoria's Secret & Co. (VSXY), at $8.6B against $6.3B.
Is ANF or VSXY cheaper?
By trailing P/E, Abercrombie & Fitch (12.9x) is cheaper than Victoria's Secret & Co. (24.1x). A lower multiple can also mean the market expects less growth.
Which grows faster, ANF or VSXY?
Victoria's Secret & Co.: revenue grew +10.3% over the last year, against +4.7%.
Prices and ratios as of the last daily update; statements from SEC filings. Information only, not investment advice.