VICTORIA'S SECRET & CO.

VSXY · Consumer Discretionary · $6.4B mkt cap · FY2026 filings · Narrow moat

On the watchlist

Narrow moat

The four filters

Pricing power51

Median gross margin 36.3% over 7y, stable.

Returns on capital77

Median ROIC 17.1%, above the 9% hurdle in 71% of years.

Balance-sheet safety47

Net debt/EBITDA 0.9x, interest coverage 4x.

Capital discipline62

Owner earnings trend unclear, share count shrinking (buybacks).

Margin of safety

Above valueOn sale

137% above value

Owner earnings (normalized): $245.0M
Est. intrinsic value / share: $34.03
Recent price: $80.62
Discount to value: 137% above value

Conservative model: 9% discount rate, 0% assumed growth (capped at 4%), maintenance capex ≈ min(capex, D&A).

Moat Score history

Score history begins 2026-07-17. Check back as the record builds.

Scores are logged append-only and never overwritten — this record can't be backfilled, which is exactly why it's worth keeping.

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Scored from primary SEC filings via the public methodology. Educational only — not a recommendation to buy or sell VSXY. See the disclaimer.