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Side-by-side financial comparison of Victoria's Secret & Co. (VSCO) and Waters Corporation (WAT). Click either name above to swap in a different company.
Victoria's Secret & Co. is the larger business by last-quarter revenue ($1.5B vs $932.4M, roughly 1.6× Waters Corporation). Waters Corporation runs the higher net margin — 24.2% vs -2.5%, a 26.7% gap on every dollar of revenue. On growth, Victoria's Secret & Co. posted the faster year-over-year revenue change (9.3% vs 6.8%). Over the past eight quarters, Waters Corporation's revenue compounded faster (21.0% CAGR vs -15.9%).
Victoria's Secret is an American lingerie, clothing and beauty retailer. Founded in 1977 by Stanford graduate student Roy Raymond and his wife Gaye, the company's five lingerie stores were sold to Les Wexner in 1982. Wexner rapidly expanded into American shopping malls, expanding the company into 350 stores nationally with sales of $1 billion by the early 1990s, when Victoria's Secret became the largest lingerie retailer in the United States.
Waters Corporation is an American company headquartered in Milford, Massachusetts that provides analytical instruments and software used for chromatography, mass spectrometry, laboratory informatics, and rheometry by the life sciences, materials, and food industries.
VSCO vs WAT — Head-to-Head
Income Statement — Q3 FY2026 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $1.5B | $932.4M |
| Net Profit | $-37.0M | $225.2M |
| Gross Margin | 36.4% | 61.1% |
| Operating Margin | -1.3% | 29.0% |
| Net Margin | -2.5% | 24.2% |
| Revenue YoY | 9.3% | 6.8% |
| Net Profit YoY | 33.9% | -2.7% |
| EPS (diluted) | $-0.46 | $3.76 |
Green = leading value per metric. Periods may differ when fiscal calendars don't align.
8-Quarter Revenue & Profit Trend
Side-by-side quarterly history. Quarters aligned by calendar period so offset fiscal years line up.
| Q4 25 | $1.5B | $932.4M | ||
| Q3 25 | $1.5B | $799.9M | ||
| Q2 25 | $1.4B | $771.3M | ||
| Q1 25 | $2.1B | $661.7M | ||
| Q4 24 | $1.3B | $872.7M | ||
| Q3 24 | $1.4B | $740.3M | ||
| Q2 24 | $1.4B | $708.5M | ||
| Q1 24 | $2.1B | $636.8M |
| Q4 25 | $-37.0M | $225.2M | ||
| Q3 25 | $16.0M | $148.9M | ||
| Q2 25 | $-2.0M | $147.1M | ||
| Q1 25 | $193.0M | $121.4M | ||
| Q4 24 | $-56.0M | $231.4M | ||
| Q3 24 | $32.0M | $161.5M | ||
| Q2 24 | $-4.0M | $142.7M | ||
| Q1 24 | $180.0M | $102.2M |
| Q4 25 | 36.4% | 61.1% | ||
| Q3 25 | 35.6% | 59.0% | ||
| Q2 25 | 35.0% | 58.3% | ||
| Q1 25 | 38.6% | 58.2% | ||
| Q4 24 | 34.7% | 60.1% | ||
| Q3 24 | 35.4% | 59.3% | ||
| Q2 24 | 36.9% | 59.3% | ||
| Q1 24 | 39.7% | 58.9% |
| Q4 25 | -1.3% | 29.0% | ||
| Q3 25 | 2.8% | 24.0% | ||
| Q2 25 | 1.5% | 24.4% | ||
| Q1 25 | 12.8% | 22.9% | ||
| Q4 24 | -3.5% | 33.5% | ||
| Q3 24 | 4.4% | 28.5% | ||
| Q2 24 | 1.9% | 26.7% | ||
| Q1 24 | 12.4% | 21.0% |
| Q4 25 | -2.5% | 24.2% | ||
| Q3 25 | 1.1% | 18.6% | ||
| Q2 25 | -0.1% | 19.1% | ||
| Q1 25 | 9.2% | 18.3% | ||
| Q4 24 | -4.2% | 26.5% | ||
| Q3 24 | 2.3% | 21.8% | ||
| Q2 24 | -0.3% | 20.1% | ||
| Q1 24 | 8.6% | 16.0% |
| Q4 25 | $-0.46 | $3.76 | ||
| Q3 25 | $0.20 | $2.50 | ||
| Q2 25 | $-0.02 | $2.47 | ||
| Q1 25 | $2.41 | $2.03 | ||
| Q4 24 | $-0.71 | $3.88 | ||
| Q3 24 | $0.40 | $2.71 | ||
| Q2 24 | $-0.05 | $2.40 | ||
| Q1 24 | $2.32 | $1.72 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $249.0M | $587.8M |
| Total DebtLower is stronger | — | $1.4B |
| Stockholders' EquityBook value | $653.0M | $2.6B |
| Total Assets | $5.1B | $5.1B |
| Debt / EquityLower = less leverage | — | 0.55× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $249.0M | $587.8M | ||
| Q3 25 | $188.0M | $459.1M | ||
| Q2 25 | $138.0M | $367.2M | ||
| Q1 25 | $227.0M | $382.9M | ||
| Q4 24 | $161.0M | $325.4M | ||
| Q3 24 | $169.0M | $331.5M | ||
| Q2 24 | $105.0M | $327.4M | ||
| Q1 24 | $270.0M | $338.2M |
| Q4 25 | — | $1.4B | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | $1.6B | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
| Q4 25 | $653.0M | $2.6B | ||
| Q3 25 | $680.0M | $2.3B | ||
| Q2 25 | $645.0M | $2.2B | ||
| Q1 25 | $640.0M | $2.0B | ||
| Q4 24 | $429.0M | $1.8B | ||
| Q3 24 | $472.0M | $1.6B | ||
| Q2 24 | $423.0M | $1.4B | ||
| Q1 24 | $417.0M | $1.3B |
| Q4 25 | $5.1B | $5.1B | ||
| Q3 25 | $4.8B | $4.9B | ||
| Q2 25 | $4.6B | $4.7B | ||
| Q1 25 | $4.5B | $4.6B | ||
| Q4 24 | $4.9B | $4.6B | ||
| Q3 24 | $4.6B | $4.5B | ||
| Q2 24 | $4.4B | $4.4B | ||
| Q1 24 | $4.6B | $4.5B |
| Q4 25 | — | 0.55× | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | 0.89× | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
Cash Flow & Capital Efficiency
How much cash each business actually produces after reinvestment. Cash flow is harder to manipulate than net income.
| Metric | | |
|---|---|---|
| Operating Cash FlowLast quarter | $-180.0M | $164.6M |
| Free Cash FlowOCF − Capex | $-232.0M | — |
| FCF MarginFCF / Revenue | -15.8% | — |
| Capex IntensityCapex / Revenue | 3.5% | — |
| Cash ConversionOCF / Net Profit | — | 0.73× |
| TTM Free Cash FlowTrailing 4 quarters | $309.0M | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $-180.0M | $164.6M | ||
| Q3 25 | $156.0M | $187.3M | ||
| Q2 25 | $-150.0M | $41.1M | ||
| Q1 25 | $674.0M | $259.6M | ||
| Q4 24 | $-248.0M | $240.1M | ||
| Q3 24 | $115.0M | $204.6M | ||
| Q2 24 | $-116.0M | $54.5M | ||
| Q1 24 | $589.0M | $262.9M |
| Q4 25 | $-232.0M | — | ||
| Q3 25 | $88.0M | — | ||
| Q2 25 | $-193.0M | — | ||
| Q1 25 | $646.0M | — | ||
| Q4 24 | $-299.0M | — | ||
| Q3 24 | $55.0M | — | ||
| Q2 24 | $-155.0M | — | ||
| Q1 24 | $557.0M | — |
| Q4 25 | -15.8% | — | ||
| Q3 25 | 6.0% | — | ||
| Q2 25 | -14.3% | — | ||
| Q1 25 | 30.7% | — | ||
| Q4 24 | -22.2% | — | ||
| Q3 24 | 3.9% | — | ||
| Q2 24 | -11.4% | — | ||
| Q1 24 | 26.7% | — |
| Q4 25 | 3.5% | — | ||
| Q3 25 | 4.7% | — | ||
| Q2 25 | 3.2% | — | ||
| Q1 25 | 1.3% | — | ||
| Q4 24 | 3.8% | — | ||
| Q3 24 | 4.2% | — | ||
| Q2 24 | 2.9% | — | ||
| Q1 24 | 1.5% | — |
| Q4 25 | — | 0.73× | ||
| Q3 25 | 9.75× | 1.26× | ||
| Q2 25 | — | 0.28× | ||
| Q1 25 | 3.49× | 2.14× | ||
| Q4 24 | — | 1.04× | ||
| Q3 24 | 3.59× | 1.27× | ||
| Q2 24 | — | 0.38× | ||
| Q1 24 | 3.27× | 2.57× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
VSCO
| Sales Channel North America Stores | $778.0M | 53% |
| Sales Channel Directly To Consumer | $429.0M | 29% |
| Sales Channel International | $265.0M | 18% |
| Sales Channel Loyalty And Private Label Credit Card | $19.0M | 1% |
WAT
Segment breakdown not available.
