Victoria's Secret & Co (VSXY) fair value: what the stock is really worth
As of Oct 2, 2026: fair value of Victoria's Secret & Co $34.31, price $91.73, upside -62.6%, quality 51 out of 100. Calculated from audited financials with 26 valuation models and 37 quality factors, updated daily.
Victoria's Secret & Co. operates as a specialty retailer of women's intimate, and other apparel and beauty products worldwide.
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Victoria's Secret & Co. operates as a specialty retailer of women's intimate, and other apparel and beauty products worldwide. The company offers bras, panties, lingerie, casual sleepwear, apparel, lounge, sport, and swim products, as well as prestige fragrances and body care products; and accessories and beauty products under the Victoria's Secret, PINK, and Adore Me brands. It provides its products through its retail stores; websites, such as VictoriasSecret.com, PINK.com, AdoreMe.com, and DailyLook.com; and other digital channels. The company also operates stores under the franchise, license, and wholesale arrangements. Victoria's Secret & Co. was incorporated in 2021 and is based in Reynoldsburg, Ohio.
Stock analysis
Victoria's Secret & Co (VSXY) currently trades at $91.73, while our model-based Fair Value estimate is $34.31, 62.6% below the price, so the stock looks overvalued today.
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Valuation
Bull case: the DCF Models group reads highest at a median of $44.63 per share, and 0 of the 22 models we run sit above the $91.73 price.
Bear case: the Asset-Based group reads lowest at $7.19, and 22 of the 22 models stay below the price. Evidence for this calculation is low.
Scenario range: $25.74 (bear) to $47.26 (bull), the price of $91.73 sits above it. Bear and bull are the same models on cautious and optimistic assumptions, a range, not a price target.
Quality & growth
The Quality Score stands at 51/100 (solid quality), in the Consumer Cyclical sector.
Weak Growth: Revenue growth is weak: less than 2 % a year.
Victoria's Secret & Co reported revenue of $6.6B in FY2026 versus $6.3B in FY2023, a compound +1.1%/yr. Reported net income was $161M in FY2026, compounding −22.7%/yr from FY2023.
Key figures
Market cap $7.7B · P/E ratio 20.5 · P/S ratio 0.50 · EPS (TTM) $4.48 · Net margin 2.5% · Return on equity 46.9% · Return on assets (EBIT) 6.9% · Operating margin 7.8%.
What moves the price
For context, the median of 10 Consumer Cyclical peers we cover trades at 10% fair-value upside, at −63%, VSXY screens richer than that median.
Fair Value models
Bear $25.74Fair Value $34.31Bull $47.26
Price $91.73 · Upside -62.6%
Model ⓘEach model values the company its own way (discounted cash flow, earnings, assets, dividends). The fair value above is their evidence-weighted blend, not the output of a single model. Based on fiscal year 2026 figures (about 8 months old). Earnings retained since then ($3.02 per share) are deliberately not added.Bear ⓘBear = the cautious scenario: the same model computed with conservative anchors (lower growth, margins and valuation multiples). Together with Bull it frames a plausible valuation range, not a price target.BaseBull ⓘBull = the optimistic scenario: the same model computed with favourable anchors (higher growth, margins and valuation multiples). Together with Bear it frames a plausible valuation range, not a price target. If a model's bull case is above four times its base value, the table shows that limit with a > sign (like the overall Bull above): beyond it no assumption holds.Evidence ⓘEvidence = how well-backed THIS model's estimate is for this stock (0–100): how complete and reliable its input data are, and how well the model fits the company. The final Fair Value is an evidence-weighted blend, so better-evidenced models count more. Green ≥70, amber 50–69, grey below 50.
Growth Quality ⓘGrowth is valuable only when reinvestment earns attractive returns (Aswath Damodaran): sustainable growth depends on return on capital, reinvestment and efficiency. Basis: total company revenue over the periods shown on the cards (3Y/5Y/all years), not per share, so a merger can show up as a growth jump; per-share earnings growth is in the value-creation card.40/100
Revenue growth is weak: less than 2 % a year.
Revenue growth 1 year
+5.2%
Revenue growth 3 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+1.1%
’23
’24
’25
’26
What shareholders gained per year (last 3 years) ⓘWhat the business itself delivers per year: earnings growth per share plus the dividend yield. This is what you get IF the market keeps valuing the stock the same way: it contains no assumption about the market changing its mind. Computed per share, so buybacks count and a merger does not pass as growth. For a company that pays no dividend it is pure earnings growth per share. Period: earnings growth per share as CAGR over the last 3 reported fiscal years (annual statements), plus the current dividend yield. The start value is the median of the three years around the start, so a single crisis year (a pandemic or a write-down) does not distort the rate. Basis: adjusted.
−17.3%
Earnings growth per share plus dividend.
Earnings per share, growth per year−17.3%
Dividend (yield on the price)0.0%
Profit margin 2023 to 2026 ⓘOperating margin then vs now, from reported annual statements. A falling margin after a boom year is the classic peak-earnings signal: the growth rate then leans on an inflated base.8% → 4%
Growth Forecast
A lot of optimism in the price
The price assumes more growth than the company has delivered so far.
What the price assumes ⓘThis turns our valuation around: instead of asking what the share is worth, it asks what growth the current price requires. It uses the cash the company keeps after all spending (free cash flow), the same discount rate as our models, five years of growth, then slowing evenly to 2 % a year by year ten. Compared with the analysts' sales forecasts extended to the same five years (at least three analysts, for context only, it does not enter the Fair Value): within 3 percentage points counts as "in line" (amber), below that little optimism (green), above that a lot of optimism (red).
+20.7%
Yearly growth needed for the next five years to justify today's price.
What forecasts expect
n/a
No analyst forecast available.
After inflation (USA: IMF forecast 2.4% a year to 2030, 3.1% from 2016 to 2025) that is about +17.9% a year for the price.
For bloggers, editors and developers: paste this into your site or blog (a “Custom HTML” block in WordPress), it shows the current fair value and links back here. Free, plain HTML, and welcome. Full data streams (CSV/JSON) at /developers.
Cite: Fair Value Calculator (2026). "Victoria's Secret & Co Fair Value". https://www.fairvalue-calculator.com/stock/VSXY
Frequently asked questions
Is Victoria's Secret & Co (VSXY) overvalued or undervalued?
As of Oct 4, 2026, our model estimates a fair value of $34.31 versus a price of $91.73, about −63% upside (overvalued).
What is the fair value of VSXY?
Our model-based fair value for Victoria's Secret & Co is $34.31 (as of Oct 4, 2026), built from audited fundamentals. The current price: $91.73.
What is the quality score of VSXY?
Victoria's Secret & Co has a Quality Score of 51/100. It measures business quality (profitability, growth, cash flow, balance-sheet strength, investment discipline, share issuance). Market factors such as price momentum and volatility do not enter the number; they are shown separately in the detail view.
What is the price target for Victoria's Secret & Co (VSXY)?
Our model-based price target is the fair value of $34.31 (as of Oct 4, 2026) from 22 valuation models. Cautious scenario $25.74, optimistic scenario $47.26. It is a calculation from audited fundamentals, not an analyst target.
What is the Victoria's Secret & Co stock forecast for 2026?
Our models put fair value at $34.31, about −63% upside versus a price of $91.73 (overvalued). Cautious scenario $25.74, optimistic scenario $47.26. The calculation is refreshed regularly with new filings.
What is the revenue of Victoria's Secret & Co (VSXY)?
Victoria's Secret & Co reported trailing-twelve-month revenue of about $6.9B (latest available figure, as of Oct 4, 2026).
What growth is priced into Victoria's Secret & Co (VSXY)?
For today's price to be fair in a discounted-cash-flow model, Victoria's Secret & Co would have to grow free cash flow by +20.7 % per year for five years (discount rate 12.2 %, then slowing evenly to 2 % perpetual growth by year ten). Over the last 3 years revenue grew +1.1 % per year. As of Oct 4, 2026.
What discount rate (WACC) does the fair value of VSXY use?
Our models discount Victoria's Secret & Co at 12.2 %: a base by market capitalisation (mid), damped by beta 2.05, country premium for USA. The same rate applies in all 26 models.
What is a reverse DCF?
A reverse DCF turns the usual calculation around. Instead of deriving a value from assumptions, it takes today's price as given and asks: what free-cash-flow growth would a company have to deliver for exactly this price to be fair? The result is not a forecast but the expectation already priced in. For Victoria's Secret & Co that is +20.7 % per year a year over ten years, using the same discount rate (12.2 %) and the same formula as our fair value.
How much growth has Victoria's Secret & Co (VSXY) delivered so far?
Over the past 3 years revenue at Victoria's Secret & Co grew +1.1 % a year. The price currently implies +20.7 % per year free-cash-flow growth a year. Comparing the two shows how much confidence is in the price: if it demands more than has been delivered, the business has to accelerate for the maths to work.
How fast is the sector of Victoria's Secret & Co (VSXY) growing?
The median revenue growth in the sector is +4.2 % a year. That is the yardstick for the growth priced into Victoria's Secret & Co (+20.7 % per year a year): it shows whether the expectation is within the usual range or beyond it.
What is the free cash flow yield of Victoria's Secret & Co (VSXY)?
The free-cash-flow yield on the price is 4.04 %: that much free cash flow Victoria's Secret & Co produces per unit of market value. When it exceeds the discount rate of our models (12.2 %), the business already earns more than its cost of capital demands, and the price needs little additional growth.
What is the intrinsic value of Victoria's Secret & Co (VSXY)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Victoria's Secret & Co it is $34.31 per share (as of Oct 4, 2026), against a price of $91.73. It is the blended result of 22 valuation models (cash flow, earnings, asset, dividend).
Is Victoria's Secret & Co stock overvalued or undervalued in 2026?
As of Oct 4, 2026, VSXY trades above its calculated fair value: price $91.73, fair value $34.31, a gap of about −63% (overvalued). The calculation is refreshed with each new quarterly report, so the verdict can change during the year.
Is fair value the same as the market price of VSXY?
No. The price is what the market pays today ($91.73); the fair value is what the company's own numbers justify ($34.31). For Victoria's Secret & Co the two are $57.42 per share apart. That gap is exactly why we show both numbers side by side.
How much is Victoria's Secret & Co worth?
The market values Victoria's Secret & Co at about $7.7B (market capitalisation, as of Oct 4, 2026). Per share that is $91.73; our models calculate a fair value of $34.31 per share.
What do the bullish and bearish scenarios say about VSXY?
Our models span a range for Victoria's Secret & Co: cautious scenario $25.74, base $34.31, optimistic $47.26 per share (as of Oct 4, 2026, price $91.73). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of VSXY?
Victoria's Secret & Co trades at a price-to-earnings ratio of 20.5 (as of Oct 4, 2026). A P/E on its own says little: it compares the price with ONE year of profit, while our fair value of $34.31 is built from several models across several years. Excluding one-off items of fiscal year 2026 it is 54.9 (reported for FY2026: 48.0).
Which stocks are comparable to Victoria's Secret & Co?
From the same area (Consumer Cyclical) we also value Industria de Diseño Textil, S.A, The TJX Companies, Inc, Fast Retailing Co, Ross Stores, Inc, among others. Each of them has its own fair-value calculation on this site using the same models, so the comparison is like for like.
Is Victoria's Secret & Co stock attractive at the current price?
The data as of Oct 4, 2026: price $91.73, calculated fair value $34.31 (−63%), Quality Score 51/100, from 22 models. Whether that fits your horizon and risk tolerance is your call. We provide the calculation, not investment advice.
How is the fair value of VSXY calculated?
We run Victoria's Secret & Co through 22 models from four families: discounted cash flow, earnings models, asset and balance-sheet models, and dividend models. Every model gets the same audited fundamentals; the result is the weighted average of $34.31, with the spread shown as a cautious and an optimistic scenario.
Is it still worth investing in stocks now?
The global stock market currently sits 14.9 % above its aggregate fair value. Victoria's Secret & Co itself currently trades above fair value. An expensive market is no reason to stay out and no reason to buy everything at once: keep a broad savings plan running, buy single stocks only with money you can do without, and hold part of your money liquid while the market is high. The full picture including sectors is on is it worth investing now.
What is the share price of Victoria's Secret & Co (VSXY)?
The closing price on Oct 2, 2026 was $91.73. Our model-based fair value is $34.31, about −63% upside (overvalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Victoria's Secret & Co right now?
The price sits above even our optimistic bull case ($47.26). The favourable scenario is already priced in. The large gap to fair value rests on thin data (low evidence): fewer applicable models and a shorter history. Read it with extra caution. Solid but not exceptional quality (51/100) and above fair value, neither a clear bargain nor a standout compounder. A fairly wide model range ($25.74 to $47.26) leaves room in how you read the outcome.
Key figures of Victoria's Secret & Co
How large is the market capitalisation of Victoria's Secret & Co (VSXY)?
The market capitalisation of Victoria's Secret & Co is $7.7B. The stock-market value of the whole company: share price times number of shares. It is what the market asks for the entire business today.
What is the P/S ratio of Victoria's Secret & Co (VSXY)?
The price-to-sales ratio of Victoria's Secret & Co is 0.50 (P/E × margin). Price to sales: market value relative to yearly revenue. Useful when profit is thin or distorted.
What are the earnings per share of Victoria's Secret & Co (VSXY)?
Earnings per share at Victoria's Secret & Co are $4.48 (price ÷ EPS = P/E 20.5). Earnings per share over the last twelve months: total profit spread across every single share.
What is the net margin of Victoria's Secret & Co (VSXY)?
The net margin of Victoria's Secret & Co is 2.5% (fiscal year 2026). How much of every unit of revenue ends up as profit. 10% means 10 cents of profit per dollar of sales.
What is the return on equity of Victoria's Secret & Co (VSXY)?
The return on equity (ROE) of Victoria's Secret & Co is 46.9% (last twelve months). Profit relative to shareholders' equity, how efficiently the company works with its owners' money.
What is the EBIT return on assets of Victoria's Secret & Co (VSXY)?
On an EBIT basis the return on assets of Victoria's Secret & Co is 6.9% (avg 4y). Operating profit (EBIT) relative to everything the company owns, as a multi-year average. It describes the business model rather than one good or bad year.
What is the operating margin of Victoria's Secret & Co (VSXY)?
The operating margin of Victoria's Secret & Co is 7.8% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Victoria's Secret & Co (VSXY)?
Revenue at Victoria's Secret & Co is growing +10.4% versus a year earlier (3y avg +1.1%). How much revenue grew versus a year earlier (YoY). The 3-year average next to it puts the single year in context.
How fast are earnings growing at Victoria's Secret & Co (VSXY)?
Earnings per share at Victoria's Secret & Co are growing +990% versus a year earlier. How much earnings per share grew versus a year earlier.
How much net debt does Victoria's Secret & Co (VSXY) carry?
The net debt of Victoria's Secret & Co is $2.3B (fiscal year 2026, ≈ 7.5 yrs of FCF). Debt minus cash on hand. The note shows how many years of free cash flow could in theory pay it off.
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Thin data
Oct 4, 2026