ABERCROMBIE & FITCH CO /DE/
ANFdata completeness 88%18 fiscal years on fileABERCROMBIE & FITCH CO /DE/ earns about 79% on invested capital, far above its ~9% cost of capital, and has bought back 23% of its shares over 5 years — the marks of a durable business run for its owners. The estimate methods put fair value between $70.14 and $625.45 a share.Whether it’s worth owning at today’s price is the last question — and yours to answer, below.
| Figure | FY 2022 | FY 2023 | FY 2024 | FY 2025 | FY 2026 |
|---|---|---|---|---|---|
| Revenue | $3.71B1 | $3.7B2 | $4.28B3 | $4.95B3 | $5.27B3 |
| Net income | $263M4 | $2.82M5 | $328.1M6 | $566.2M6 | $506.9M6 |
| Operating cash flow | $277.8M7 | −$2.34M8 | $653.4M9 | $710.4M9 | $619.1M9 |
| Capital expenditure | $97M10 | $164.6M11 | $157.8M12 | $182.9M12 | $240.8M12 |
| Free cash flow (derived) | $180.8M7 | −$166.9M8 | $495.6M9 | $527.5M9 | $378.4M9 |
| Total debt | $303.6M13 | $296.9M14 | $222.1M15 | $015 | — |
| Cash & equivalents | $823.1M16 | $517.6M17 | $900.9M18 | $772.7M18 | $759.5M18 |
| Diluted shares | 62.6M | 52.3M | 52.7M | 53.0M | 48.5M |
Superscripts are receipts. Each links to the SEC filing the number came from (full list at the bottom).
10 shares is a claim on $289.61 of net worth that earned you $104.57 and generated $78.05 of cash last year.
It earned about 79% on invested capital, year after year, against a ~9% cost of capital — the footprint of real pricing power. Competition usually drags returns like this back down; here it hasn't.
seeing a moat in the numbers →Share count is down 23% over 5 years — management has been buying back stock, quietly handing owners a bigger slice. Total debt has fallen 100% — deleveraging.
reading capital allocation →Signals, not verdicts — read from the filings above. Numbers don’t prove a moat; they show its footprint. You decide.
The 3 estimate methods that apply put fair value between $70.14 and $625.45 a share. They rest on different assumptions, so where they diverge is the story; the Graham Number is a stricter floor, not a target.
assumptions (10)
- riskFreeRate4.7%
- equityRiskPremium5.0%
- beta100.0%
- equityWeight85.0%
- costOfDebtSpread1.5%
- taxRate21.0%
- terminalGrowth2.5%
- projectionYears10
- fcfGrowth20.0%
- fcfBase$495.6M
assumptions (10)
- riskFreeRate4.7%
- equityRiskPremium5.0%
- beta100.0%
- equityWeight85.0%
- costOfDebtSpread1.5%
- taxRate21.0%
- terminalGrowth2.5%
- projectionYears5
- fcfGrowth20.0%
- fcfBase$495.6M
assumptions (8)
- riskFreeRate4.7%
- equityRiskPremium5.0%
- beta100.0%
- equityWeight85.0%
- costOfDebtSpread1.5%
- taxRate21.0%
- normalizedEarnings$328.1M
- growthAssumed0.0%
assumptions (1)
- grahamMultiplier2250.0%
Different models answer different questions — which to trust when →
| Bear | 0.0% | $161.75 |
| Base | 20.0% | $349.01 |
| Bull | 20.0% | $349.01 |
Bear/base/bull growth = 0% / filed history / history + 5pp. Type a price to see the return each case implies.
Default growth 20.0%= this company’s own filed history (median-to-median FCF CAGR, clamped 0–20%). Your adjustments are recorded anonymously. They become the “what do owners actually believe” dataset.
- 10-K · period ending 2022-01-29 · accession 0001018840-24-000019 (Revenues)
- 10-K · period ending 2023-01-28 · accession 0001018840-25-000013 (Revenues)
- 10-K · period ending 2024-02-03 · accession 0001018840-26-000012 (Revenues)
- 10-K · period ending 2022-01-29 · accession 0001018840-24-000019 (NetIncomeLoss)
- 10-K · period ending 2023-01-28 · accession 0001018840-25-000013 (NetIncomeLoss)
- 10-K · period ending 2024-02-03 · accession 0001018840-26-000012 (NetIncomeLoss)
- 10-K · period ending 2022-01-29 · accession 0001018840-24-000019 (NetCashProvidedByUsedInOperatingActivities)
- 10-K · period ending 2023-01-28 · accession 0001018840-25-000013 (NetCashProvidedByUsedInOperatingActivities)
- 10-K · period ending 2024-02-03 · accession 0001018840-26-000012 (NetCashProvidedByUsedInOperatingActivities)
- 10-K · period ending 2022-01-29 · accession 0001018840-24-000019 (PaymentsToAcquirePropertyPlantAndEquipment)
- 10-K · period ending 2023-01-28 · accession 0001018840-25-000013 (PaymentsToAcquirePropertyPlantAndEquipment)
- 10-K · period ending 2024-02-03 · accession 0001018840-26-000012 (PaymentsToAcquirePropertyPlantAndEquipment)
- 10-K · period ending 2022-01-29 · accession 0001018840-23-000011 (LongTermDebtNoncurrent)
- 10-K · period ending 2023-01-28 · accession 0001018840-24-000019 (LongTermDebtNoncurrent)
- 10-K · period ending 2024-02-03 · accession 0001018840-25-000013 (LongTermDebtNoncurrent)
- 10-K · period ending 2022-01-29 · accession 0001018840-24-000019 (CashAndCashEquivalentsAtCarryingValue)
- 10-K · period ending 2023-01-28 · accession 0001018840-25-000013 (CashAndCashEquivalentsAtCarryingValue)
- 10-K · period ending 2024-02-03 · accession 0001018840-26-000012 (CashAndCashEquivalentsAtCarryingValue)