GAP vs VSXY: The Gap and Victoria's Secret & Co. compared
Victoria's Secret & Co. is the larger company, worth $8.6B, close to The Gap's $7.5B.
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, close to The Gap's $7.5B.
- Victoria's Secret & Co. grew revenue faster over the last year (+10.3% vs +1.1%).
- The Gap keeps more of each dollar of revenue as operating profit (11.0% vs 7.9%).
- On earnings, The Gap is the cheaper stock (6.5x vs 24.1x).
- Victoria's Secret & Co.'s price assumes faster free cash flow growth: about 9% a year, against -5% for The Gap (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 | GAP | VSXY |
|---|---|---|
| Market cap | $7.5B | $8.6B |
| Share price | $21.48 | $108.05 |
| Revenue (last fiscal year) | $15.4B | $6.6B |
| Free cash flow (last fiscal year) | $823M | $312M |
| Revenue growth, last year | +1.1% | +10.3% |
| Revenue growth per year, last 5 fiscal years | -2.0% | -0.9% |
| Operating margin | 11.0% | 7.9% |
| Net margin | 8.1% | 5.5% |
| Return on equity | 31.6% | 38.2% |
| P/E (trailing) | 6.45x | 24.1x |
| Price / free cash flow | 7.88x | 15.6x |
| EV / EBITDA | 3.00x | 11.8x |
| FCF growth the price implies | -5.4% | 9.3% |
| Dividend yield | 3.2% | — |
| Debt / equity | 0.38x | 0.98x |
| Fundamental grade | B | C |
| Superinvestors holding it | 17 | 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.
The Gap
| Year | Revenue | Free cash flow | Op. margin |
|---|---|---|---|
| 2022 | $16.7B | $115M | 4.9% |
| 2023 | $15.6B | -$78M | -0.44% |
| 2024 | $14.9B | $1.1B | 3.8% |
| 2025 | $15.1B | $1.0B | 7.4% |
| 2026 | $15.4B | $823M | 7.3% |
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
The Gap
No segment breakdown reported.
Victoria's Secret & Co. · by regions, 2026
Questions
Which is bigger, The Gap or Victoria's Secret & Co.?
Victoria's Secret & Co. (VSXY), at $8.6B against $7.5B.
Is GAP or VSXY cheaper?
By trailing P/E, The Gap (6.45x) is cheaper than Victoria's Secret & Co. (24.1x). A lower multiple can also mean the market expects less growth.
Which grows faster, GAP or VSXY?
Victoria's Secret & Co.: revenue grew +10.3% over the last year, against +1.1%.
Prices and ratios as of the last daily update; statements from SEC filings. Information only, not investment advice.