LULU vs VSXY: Lululemon Athletica and Victoria's Secret & Co. compared
Lululemon Athletica is the larger company, worth $11.8B, about 1.4 times Victoria's Secret & Co..
The short version
From the latest prices and each company's SEC filings. Who's ahead on each measure, not which to buy.
- Lululemon Athletica is the larger company, worth $11.8B, about 1.4 times Victoria's Secret & Co..
- Victoria's Secret & Co. grew revenue faster over the last year (+10.3% vs +1.7%).
- Lululemon Athletica keeps more of each dollar of revenue as operating profit (17.8% vs 7.9%).
- On earnings, Lululemon Athletica is the cheaper stock (9.1x vs 24.1x).
- Victoria's Secret & Co.'s price assumes faster free cash flow growth: about 9% a year, against -1% for Lululemon Athletica (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 | LULU | VSXY |
|---|---|---|
| Market cap | $11.8B | $8.6B |
| Share price | $110.79 | $108.05 |
| Revenue (last fiscal year) | $11.1B | $6.6B |
| Free cash flow (last fiscal year) | $922M | $312M |
| Revenue growth, last year | +1.7% | +10.3% |
| Revenue growth per year, last 5 fiscal years | +15.4% | -0.9% |
| Operating margin | 17.8% | 7.9% |
| Net margin | 12.8% | 5.5% |
| Return on equity | 29.6% | 38.2% |
| P/E (trailing) | 9.10x | 24.1x |
| Price / free cash flow | 8.72x | 15.6x |
| EV / EBITDA | 4.09x | 11.8x |
| FCF growth the price implies | -0.86% | 9.3% |
| Dividend yield | — | — |
| Debt / equity | 0.00x | 0.98x |
| Fundamental grade | B | C |
| Superinvestors holding it | 23 | 0 |
| Insider purchases, last 12 months | 3 | 0 |
Results from SEC filings
Revenue and free cash flow by fiscal year, from each company's 10-K filings.
Lululemon Athletica
| Year | Revenue | Free cash flow | Op. margin |
|---|---|---|---|
| 2022 | $6.3B | $995M | 21.3% |
| 2023 | $8.1B | $328M | 16.4% |
| 2024 | $9.6B | $1.6B | 22.2% |
| 2025 | $10.6B | $1.6B | 23.7% |
| 2026 | $11.1B | $922M | 19.9% |
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
Lululemon Athletica · by products, 2026
Victoria's Secret & Co. · by regions, 2026
Questions
Which is bigger, Lululemon Athletica or Victoria's Secret & Co.?
Lululemon Athletica (LULU), at $11.8B against $8.6B.
Is LULU or VSXY cheaper?
By trailing P/E, Lululemon Athletica (9.10x) is cheaper than Victoria's Secret & Co. (24.1x). A lower multiple can also mean the market expects less growth.
Which grows faster, LULU or VSXY?
Victoria's Secret & Co.: revenue grew +10.3% over the last year, against +1.7%.
Prices and ratios as of the last daily update; statements from SEC filings. Information only, not investment advice.