Victorias Secret & Co. — Earnings Quality Grade F
VSCO · Consumer Cyclical
Major red flags
Screening Summary
管理层信号
Financial Trends
Revenue & Net Income ($B)
Margins (%)
18-Point Screening
Revenue Quality
DSO 10 days, change +1 days YoY
AR outpaced revenue for 2 consecutive years
Revenue 5.2%, CFFO 17.4%. Cash follows revenue
Expense Quality
Inventory 12.1% vs COGS 5.7%. Normal
CapEx growth 5.1% vs revenue 5.2%. Normal
SG&A/Gross Profit = 88.6%, exceeds 70%
Gross margin 36.4%, change -0.3pp. Stable
Cash Flow Quality
CFFO/NI = 3.10. Profits backed by cash
FCF $0.3B, FCF/NI = 1.94
Accruals ratio = -6.7%. Low accruals
Cash $0.5B covers only 18% of debt $2.8B
Balance Sheet Health
Goodwill+Intangibles $0.6B = 72% of equity. Over 50%
Debt/EBITDA = 5.5x (>4x). Financial stress
Other assets grew 26.8% vs revenue 5.2%
No write-off data
Acquisition Risk
FCF after acquisitions positive
Goodwill+Intangibles change -17% YoY. Normal
Manipulation Score
M-Score = -2.68 (< -2.22). Unlikely manipulator
Beneish M-Score
Altman Z-Score
Generated from public financial data using forensic accounting frameworks. Not investment advice. Data: Yahoo Finance · 2026-04-25