Loading institutional data...
Loading institutional data...
Held by 476 of 6,047 reporting institutions (96th percentile) — extremely crowded.
Data as of Q2 2026
Loading snapshot...
Loading financials...
Loading valuation...
Loading analysis...
Loading dividends & returns...
Loading capital allocation...
Loading debt & leverage...
Loading performance...
Loading peer comparison...
Loading ownership map...
Loading crowding analysis...
Loading conviction analysis...
Loading buy/sell flow...
Loading ownership trends...
Loading top holders...
Loading top holders...
Total shares institutions bought (green) vs sold (red) each quarter across all holders.
Inferred from quarter-over-quarter change in each fund's 13F position (new stakes count as buys, exits as sells). Not tick-level trades.
Total return (dividends reinvested) vs the market, from quarter-end prices.
Above 0 = ahead of the S&P 500 since the window start; below 0 = behind. Rising means it's pulling ahead.
How far the stock fell below its prior peak. Deeper, longer drawdowns = a rougher ride to the same return.
Quarter-end, dividend-adjusted (total return). Beta & volatility from quarterly returns (annualized). Benchmark is the S&P 500 (SPY total return). Annual returns compound the quarters ending in each calendar year; the first and last years in a window may be partial. Past performance doesn't predict future results.
Solve the discounted cash flow backwards, then stress-test the assumptions.
Average free cash flow across the last 3 positive fiscal years (FY2025, FY2026, FY2026). Smooths the cycle. Stock compensation is NOT charged — it is added back inside operating cash flow.
To be worth $23.36 today, the market must believe free cash flow compounds -9.8%/yr for a decade (off $991.3M on the 3-yr avg basis).
On the basis ($868.7M) the requirement is -8.0%/yr. Shares issued to employees are added back in operating cash flow, so this basis treats them as free.
The market's -9.8% is more conservative than its 9-yr track record.
Default is 8.2% — this company's computed cost of capital (computed WACC), the same rate the Analysis tab discounts at.
2-stage DCF · 0.35B shares (market data) · net debt -$1.12B
Today's price is outside this grid at every discount rate shown — the assumptions it requires lie beyond the plotted range, which is itself the finding.
mean -50.5% · volatility σ 68% · implied rate exceeded in 3/7 yrs
Central path = implied -9.8%/yr growth; shaded band = ±1σ (68%) of this company's historical FCF volatility, widening with time. The wider the band, the less certain the growth.
Reverse DCF: rather than guessing a fair value, we solve for the growth the current price implies, then you stress-test the assumptions. Enterprise value of the FCF stream, less net debt, ÷ shares. Educational — not a recommendation.
Top 40 institutional holders — bubble size is position value, color is the move since last quarter. Hover any holder for detail.
Drag any bubble to rearrange · size = dollar value of the position
What the company returns to shareholders — and whether it's covered by cash.
The dividend is comfortably covered — only 30% of free cash flow, leaving room to grow it and fund buybacks. Last year: $247.0M dividends + $155.0M buybacks = $402.0M returned on $823.0M FCF.
2 consecutive years of dividend increases · -4%/yr.
Yields use the latest fiscal-year dividends/buybacks over current market cap. Dividends and buybacks from the SEC cash-flow statement; payout coverage vs net income and free cash flow. Educational — not a recommendation.
How management deployed cash over 10 years — and what it earned on reinvestment.
A balanced mix of reinvestment and shareholder returns.
Operating income fell despite reinvestment — a warning on capital productivity. Current ROIC on all capital: 15%. Rough measure (includes maintenance capex).
Cash uses aggregated from the SEC cash-flow statement over 10 fiscal years. "Return on reinvestment" is a rough proxy — operating-income change ÷ cumulative CapEx + M&A — and includes maintenance capex. Educational — not a recommendation.
EOD close · as of 2026-10-08
Is the profit real, and how strong is the balance sheet?
FY2026 · every deduction from revenue to net income
DuPont — the three levers
ROE 21% against ROIC 15% — 6% of the return on equity comes from leverage and buybacks rather than from the operating business.
Equity is the year-end figure. On average equity over the two year-ends, ROE is 23.1% — the two diverge when buybacks or issuance move equity during the year.
What the company owes vs. what it holds
This shows debt/cash structure and net leverage. The year-by-year maturity schedule is on the Debt & Leverage tab.
Latest year: profit growth vs revenue growth
Low operating leverage — profit tracks sales closely (stable, less cyclical).
Each line as % of revenue — the trend in color
| % of revenue | FY2020 | FY2021 | FY2021 | FY2022 | FY2023 | FY2025 | FY2026 | FY2026 |
|---|---|---|---|---|---|---|---|---|
| Cost of Revenue | 61.9 | 62.6 | 65.9 | 60.2 | 65.7 | 61.2 | 58.7 | 59.2 |
| Gross Profit | 38.1 | 37.4 | 34.1 | 39.8 | 34.3 | 38.8 | 41.3 | 40.8 |
| R&D | 0.3 | 0.3 | 0.3 | 0.2 | 0.3 | 0.2 | 0.3 | 0.4 |
| Operating Income | 8.2 | 3.5 | -6.2 | 4.9 | -0.4 | 3.8 | 7.4 | 7.3 |
| Income Tax | 1.9 | 1.1 | -3.2 | 0.4 | 0.4 | 0.4 | 1.9 | 2.1 |
| Net Income | 6.0 | 2.1 | -4.8 | 1.5 | -1.3 | 3.4 | 5.6 | 5.3 |
Green = margin-favorable vs the row's own range · red = unfavorable.
The metrics that matter, over time
A 30-second read on GAP: price, valuation and headline fundamentals from SEC filings. The four questions at the top of the page are where the judgements live.
How much the company owes, how it's trended, and how comfortably it's serviced.
Green ≤ 1.5× · amber ≤ 3× · red > 3× (leverage relative to cash earnings).
Interest is easily covered by operating profit. Effective rate ~6.2% on $1.49B of debt.
Cash vs short-term debt unavailable.
Mostly long-term debt (balance-sheet current vs non-current split). A year-by-year maturity schedule wasn't disclosed for this issuer.
Debt, cash, interest and equity from the SEC balance sheet & income statement. Effective rate = interest ÷ average debt. Educational — not a recommendation.
EOD close · as of 2026-10-08
How a revenue dollar becomes profit — FY2026
Dividends and buybacks are cash paid out, shown here against the same year's profit for scale — not funded from it.
Each value shows its share of revenue below it (common-size).
| Line Item | FY2026 | FY2026 | FY2025 | FY2023 | FY2022 | FY2021 | FY2021 | FY2020 | FY2019 | FY2017 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $15.37B 100.0% | $15.09B 100.0% | $14.89B 100.0% | $15.62B 100.0% | $16.67B 100.0% | $13.80B 100.0% | $16.38B 100.0% | $16.58B 100.0% | $15.86B 100.0% | $15.52B 100.0% |
| Cost of Revenue | $9.10B 59.2% | $8.86B 58.7% | $9.11B 61.2% | $10.26B 65.7% | $10.03B 60.2% | $9.10B 65.9% | $10.25B 62.6% | $10.26B 61.9% | $9.79B 61.7% | — |
| Gross Profit | $6.27B 40.8% | $6.23B 41.3% | $5.78B 38.8% | $5.36B 34.3% | $6.64B 39.8% | $4.71B 34.1% | $6.13B 37.4% | $6.32B 38.1% | $6.07B 38.3% | $5.64B 36.3% |
| Research & Development | $60.0M 0.4% | $40.0M 0.3% | $37.0M 0.2% | $46.0M 0.3% | $41.0M 0.2% | $46.0M 0.3% | $41.0M 0.3% | $50.0M 0.3% | $51.0M 0.3% | $46.0M 0.3% |
| Total Operating Expenses | $5.15B 33.5% | $5.12B 33.9% | $5.21B 35.0% | $5.43B 34.8% | $5.83B 35.0% | $5.57B 40.3% | $5.56B 33.9% | $4.96B 29.9% | $4.59B 28.9% | $4.45B 28.7% |
| Operating Income | $1.11B 7.3% | $1.11B 7.4% | $560.0M 3.8% | -$69.0M -0.4% | $810.0M 4.9% | -$862.0M -6.2% | $574.0M 3.5% | $1.36B 8.2% | $1.48B 9.3% | $1.19B 7.7% |
| Interest Expense | $93.0M 0.6% | $87.0M 0.6% | $90.0M 0.6% | $88.0M 0.6% | $167.0M 1.0% | $192.0M 1.4% | $76.0M 0.5% | $73.0M 0.4% | $74.0M 0.5% | $75.0M 0.5% |
| Interest & Investment Income | $110.0M 0.7% | $112.0M 0.7% | $86.0M 0.6% | $18.0M 0.1% | $5.0M 0.0% | $10.0M 0.1% | $30.0M 0.2% | $33.0M 0.2% | $19.0M 0.1% | $8.0M 0.1% |
| Pretax Income | $1.13B 7.4% | $1.14B 7.5% | $556.0M 3.7% | -$139.0M -0.9% | $323.0M 1.9% | -$1.10B -8.0% | $528.0M 3.2% | $1.32B 8.0% | $1.42B 9.0% | $1.12B 7.2% |
| Income Tax Expense | $316.0M 2.1% | $293.0M 1.9% | $54.0M 0.4% | $63.0M 0.4% | $67.0M 0.4% | -$437.0M -3.2% | $177.0M 1.1% | $319.0M 1.9% | $576.0M 3.6% | $448.0M 2.9% |
| Net Income | $816.0M 5.3% | $844.0M 5.6% | $502.0M 3.4% | -$202.0M -1.3% | $256.0M 1.5% | -$665.0M -4.8% | $351.0M 2.1% | $1.00B 6.0% | $848.0M 5.3% | $676.0M 4.4% |
| Per Share | ||||||||||
| EPS (Basic) | $2.19 | $2.24 | $1.36 | -$0.55 | $0.68 | -$1.78 | $0.93 | $2.61 | $2.16 | $1.69 |
| EPS (Diluted) | $2.13 | $2.20 | $1.34 | -$0.55 | $0.67 | -$1.78 | $0.93 | $2.59 | $2.14 | $1.69 |
| Weighted Avg Shares (Basic) | 373.0M | 376.0M | 370.0M | 367.0M | 376.0M | 374.0M | 376.0M | 385.0M | 393.0M | 399.0M |
| Weighted Avg Shares (Diluted) | 384.0M | 384.0M | 376.0M | 367.0M | 383.0M | 374.0M | 378.0M | 388.0M | 396.0M | 400.0M |
Source: SEC EDGAR XBRL filings (annual, fiscal year). Quarterly flow items are derived from cumulative filings; balance-sheet figures are as-of each period end. Ratios and margins are computed, not reported.
Ranked against 17 sector peers with collected financials. Valuation from latest close × latest fiscal-year fundamentals; 13F conviction as of 2026-06-30.
Percentile is “goodness” within the peer set (100 = best). For valuation and leverage that means cheaper / less-levered ranks higher.
| Company | Mkt cap ▼ | P/E | EV/EBITDA | P/S | Rev gr | Gross | Net | ROE | ROIC | Net D/EBITDA | 13F |
|---|---|---|---|---|---|---|---|---|---|---|---|
| TJX | $152.6B | 28.5× | — | 2.5× | 7.1% | 31.0% | 9.1% | 53.9% | 42.1% | — | 2,651 |
| ROST | $71.9B | 34.1× | 21.4× | 3.2× | 7.7% | 27.7% | 9.4% | 34.7% | 27.8% | -1.0× | 1,360 |
| GAP | $8.2B | 11.0× | 4.4× | 0.5× | 1.9% | 40.8% | 5.3% | 21.5% | 15.4% | -0.7× | 476 |
| URBN | $6.9B | 16.0× | 8.9× | 1.1× | 11.1% | 36.0% | 7.5% | 16.5% | 16.5% | -0.5× | 405 |
| VSXY | $6.9B | 44.9× | 14.5× | 1.1× | 5.2% | 36.4% | 2.5% | 18.8% | 8.8% | 0.9× | — |
| ANF | $6.0B | 13.5× | 6.2× | 1.1× | 6.4% | — | 9.6% | 36.1% | 36.1% | -0.9× | 407 |
| BOOT | $3.7B | 16.5× | 9.4× | 1.6× | 17.9% | 38.1% | 10.0% | 17.1% | 17.1% | -0.4× | 433 |
| AEO | $3.0B | 16.5× | 6.2× | 0.5× | 4.1% | 36.5% | 3.5% | 11.3% | 11.3% | -0.5× | 336 |
| BKE | $2.2B | 10.5× | 7.8× | 1.7× | 6.6% | 49.0% | 16.2% | 49.4% | 49.4% | 0.0× | 286 |
| CTRN | $424M | 80.7× | 19.0× | 0.5× | 8.9% | — | 0.6% | 4.5% | 4.5% | 0.0× | 143 |
| GCO | $399M | 29.5× | 4.2× | 0.2× | 4.8% | 46.3% | 0.5% | 2.3% | 2.3% | -1.4× | 138 |
| SHOE | $355M | 6.9× | 2.4× | 0.3× | -5.6% | 36.6% | 4.6% | 7.6% | 7.6% | -1.2× | — |
| LE | $307M | 57.7× | 6.9× | 0.3× | 0.7% | 55.9% | 0.5% | 2.3% | 1.2% | 2.8× | 125 |
| DBI | $296M | — | 6.4× | 0.1× | -3.9% | 43.6% | -0.3% | -3.0% | -1.2% | 3.6× | 133 |
| CURV | $235M | — | 8.5× | 0.2× | -9.4% | 34.8% | -0.7% | 3.3% | -11.9% | 4.4× | 92 |
| ZUMZ | $218M | 18.2× | 2.4× | 0.2× | 4.5% | 35.8% | 1.4% | 4.1% | 4.1% | -3.4× | 123 |
| DLTH | $152M | — | 11.6× | 0.3× | -9.8% | 53.4% | -2.9% | -9.7% | -9.7% | -1.4× | 58 |
| VNCE | $149M | 23.6× | 13.9× | 0.5× | 2.2% | 49.7% | 2.1% | 12.7% | 9.2% | 1.6× | 35 |
Peers = companies sharing GAP's sector (Retail-Family Clothing Stores) with collected SEC financials. Multiples use the most recent end-of-day close and latest fiscal-year fundamentals (trailing, not forward). Missing cells mean the peer never reported that line item, has no collected price, or has a non-positive denominator. Not investment advice.
Earns 3.81pts above its cost of capital, without much margin of safety.
| Period | ROIC | Cost of capital | Spread |
|---|---|---|---|
| FY2021 | 4.5% | 8.2% (today's — no rate published for this year) | -3.6pts |
| FY2021 | -7.9% | 8.2% (today's — no rate published for this year) | -16.1pts |
| FY2022 | 7.6% | 7.9% | -0.3pts |
| FY2023 | -0.8% | 10.4% | -11.1pts |
| FY2025 | 6.8% | 8.6% | -1.8pts |
| FY2026 | 13.1% | 7.5% | 5.6pts |
| FY2026 | 12.4% | 7.5% | 4.9pts |
| Now | 15.4% | 8.2% | 7.3pts |
| Fiscal year | Gross margin | Operating margin | Net margin |
|---|---|---|---|
| FY2017 | 36.3% | 7.7% | 4.4% |
| FY2019 | 38.3% | 9.3% | 5.3% |
| FY2020 | 38.1% | 8.2% | 6.0% |
| FY2021 | 37.4% | 3.5% | 2.1% |
| FY2021 | 34.1% | -6.2% | -4.8% |
| FY2022 | 39.8% | 4.9% | 1.5% |
| FY2023 | 34.3% | -0.4% | -1.3% |
| FY2025 | 38.8% | 3.8% | 3.4% |
| FY2026 | 41.3% | 7.4% | 5.6% |
| FY2026 | 40.8% | 7.3% | 5.3% |
Leverage and buybacks account for 6 points of the 21% return on equity in FY2026. The business earns 15% on the capital it employs; the rest is balance sheet.
ROE is on average equity; ROIC is NOPAT over average invested capital (debt plus equity less excess cash). The gap is not a single adjustment.
$207M of goodwill — 3% of invested capital. The gap is what was paid above the fair value of what was bought; it is real capital shareholders provided, so neither bar is the whole answer.
The spread was positive in only 2 of the last 5 years.
Converts 1.38x of reported profit into cash — adequate, without much margin.
Reported free cash flow is $823M; after share-based compensation it is $661M. The difference is a real cost that the cash flow statement adds back.
Covers interest 8.4x even after a 30% EBITDA decline.
| EBITDA decline | Interest coverage |
|---|---|
| 0% | 11.99x |
| 5% | 11.39x |
| 10% | 10.79x |
| 15% | 10.19x |
| 20% | 9.59x |
| 25% | 8.99x |
| 30% | 8.39x |
| 35% | 7.79x |
| 40% | 7.19x |
| 45% | 6.59x |
| 50% | 5.99x |
| 55% | 5.40x |
| 60% | 4.80x |
Balance sheet at 2026-01-31. Undrawn revolving credit is not shown: the tag is collected but not yet mapped through to the API.
Operating leases are $4,119,000,000 of the $5,611,000,000 total — a fixed obligation that does not appear in a headline debt figure.
At $23.36, free cash flow must compound -3.66%/yr for 10 years. It has done 2.52%/yr over 6 years.
| Fiscal year | FCF growth | Price requires |
|---|---|---|
| FY2021 | −121.9% | −3.7% |
| FY2023 | −167.8% | −3.7% |
| FY2026 | −6.6% | −3.7% |
| FY2026 | −20.8% | −3.7% |
The implied rate of -3.66% has not been achieved in any of the last 4 years.
| Step | Amount | Running total |
|---|---|---|
| Net income | $816M | $816M |
| Share-based comp | $162M | $978M |
| Other non-cash & working capital | $315M | $1.29B |
| Operating cash flow | $1.29B | $1.29B |
| Capex | −$470M | $823M |
| Free cash flow | $823M | $823M |
| FCF after SBC | $661M | $661M |
| Fiscal year | Revenue growth | Receivables growth | Gap |
|---|---|---|---|
| FY2021 | -15.8% | 14.9% | 30.6 points |
| FY2022 | 20.8% | 9.9% | -10.9 points |
| FY2023 | -6.3% | -14.8% | -8.5 points |
| FY2025 | -4.7% | -15.0% | -10.3 points |
| FY2026 | 1.3% | 4.2% | 2.8 points |
| FY2026 | 1.9% | 5.0% | 3.1 points |
| Fiscal year | DSO | DIO | DPO | Cash conversion cycle |
|---|---|---|---|---|
| FY2021 | 7 days | not reported | 41.8 days | -34.8 days |
| FY2021 | 9.6 days | not reported | 69.9 days | -60.3 days |
| FY2022 | 8.7 days | not reported | 71 days | -62.2 days |
| FY2023 | 7.9 days | not reported | 47 days | -39 days |
| FY2025 | 7.1 days | not reported | 54 days | -46.9 days |
| FY2026 | 7.3 days | not reported | 61.3 days | -54 days |
| FY2026 | 7.5 days | not reported | 62.9 days | -55.4 days |
| Fiscal year | Accruals / assets |
|---|---|
| FY2021 | -7.8 percent |
| FY2021 | -6.5 percent |
| FY2022 | -4.3 percent |
| FY2023 | -7.1 percent |
| FY2025 | -9.3 percent |
| FY2026 | -5.4 percent |
| FY2026 | -3.8 percent |
SBC is added back inside operating cash flow, so reported free cash flow treats shares issued to employees as free. Percent of revenue says how expensive the payroll is; percent of operating cash flow says how much of the cash exists only because the charge was added back. The buyback offset is buybacks over SBC — below 1.0 the repurchase does not cover the shares issued.
Figures are the latest fiscal year (FY2026) from the company's own filings, not a trailing-twelve-month window — Q2 reads fiscal years throughout so the cash-conversion ratios and these share one basis. A blank is a line the filer did not report; it is never read as zero.