Burlington Stores

BURL · NYSE · Consumer Discretionary · Financials, fiscal 2016 to 2025

BURL · Last close · October 26, 2026

$241.26

Burlington Stores' revenue rose 8.8% to $11.6 billion in fiscal 2025. Its net margin was 5.3%, up from 4.7% a year earlier. Free cash flow was $172 million. It paid out $278 million in dividends and buybacks, 162% of free cash flow. The diluted share count fell 0.7%.

BURLINGTON STORES, INC. Latest fiscal year ended January 31, 2026 10-K filed March 19, 2026 · 0001193125-26-116001 Updated October 9, 2026

Revenue

$11.6B

8.8%

Net margin

5.3%

0.5 pts

Net income

$610M

21.1%

Free cash flow

$172M

Return on capital

28.1%

2.9 pts

Market cap

$15.4B

Oct 26 close

P/E

21.7x

On $11.13 EPS, 4 qtrs

Net margin is net income as a share of revenue. Free cash flow is cash from operations minus capital spending. Return on capital is after-tax operating income as a share of the money invested in the business: debt plus equity, minus cash. Market cap is the last closing share price times the latest diluted share count, so it is approximate. P/E is the last close divided by diluted earnings per share over the last four quarters, or the latest fiscal year where the quarters aren't available; there is none when the company made a loss.

What Burlington Stores does

Burlington is an off-price retailer. It sells brand-name apparel, shoes, accessories, home goods, baby items, beauty products, toys and gifts at prices it says are below those of other retailers. It opened its first store in Burlington, New Jersey in 1972, selling mainly coats. It now operates 1,212 stores in 46 states, Washington D.C. and Puerto Rico, mostly under the Burlington Stores name.

Almost all of its sales come from its stores. Its buyers purchase some goods before the season and the rest in-season, when they find a good deal. Burlington says this gives it room to switch suppliers and categories as demand changes, and that the "treasure hunt" feel of off-price shopping brings customers back often. It competes with other retailers on price, range, quality, style, service and brand image.

As of January 31, 2026 it employed 83,309 associates, and 79% were part-time or seasonal.

Its biggest risks, as it describes them

Weaker consumer spending or inflation that cuts store sales.
Failing to buy attractive brand-name goods at good prices, or to manage its opportunistic buying and inventory.
Competition from other retailers, and fewer visitors at the shopping centers where its stores sit.
Disruption to its distribution network, and exposure to tariffs on goods made overseas.
Trouble hiring and keeping enough staff, and higher labor costs across a large workforce.

From Burlington Stores's annual report on Form 10-K, filed March 19, 2026, in our words; the 10-K has the full description and every risk factor. Updated with each new 10-K.

Charts show fiscal years, from the 10-K filings.

Revenue and margins

Revenue

US$ billions, fiscal years

Margins

Percent of revenue

GrossOperatingNetFree cash flow

Net income and earnings per share

From fiscal 2016 to 2025, earnings per share grew 13.6% a year and net income 12.2% a year, as buybacks cut the share count by 11%.

Net income

US$ billions, fiscal years; loss years in red.

Diluted earnings per share

US$ per share, fiscal years, restated for any stock splits; loss years in red.

Returns on capital

Return on capital and on equity

Percent. Return on capital is after-tax operating income over the money invested in the business (debt plus equity, minus cash); return on equity is net income over shareholders' equity. Both use the average of opening and closing balances.

Return on capitalReturn on equity

Cash flow

Free cash flow

US$ billions. Cash from operations minus capital expenditure; negative years in red.

Payouts and share count

Dividends and buybacks

US$ billions, cash paid in each fiscal year

DividendsShare buybacks

Diluted share count

Weighted-average diluted shares, millions

Valuation

Two ways to value Burlington Stores yourself, both starting from its filings: a discounted cash flow model and the price-to-earnings method.

What Burlington Stores says to expect

Fiscal 2026: adjusted earnings per shareIncreasing full year Adjusted EPS guidance to $11.77 to $11.97
Fiscal 2026: comparable sales and earnings growthOur updated Fiscal 2026 guidance is for comp growth of 3% to 4% and EPS growth of 16% to 18%.

The company's own words, from its earnings release (Form 8-K, Exhibit 99), filed August 27, 2026. They are its expectations, not ours, and not a forecast or price target from The Filing Desk. Replaced when the next release is out.

Discounted cash flow (DCF)

A discounted cash flow (DCF) model values a business as the cash it may generate in future, discounted back to today. The starting figures come from Burlington Stores' 10-K (or, for net cash and shares, its latest 10-Q) and the assumptions are yours: start from one of three example scenarios, then change any figure to see what it implies for a share, and how that compares with the last share price.

Value per share on three example scenarios, from Burlington Stores' cash from operations minus depreciation in fiscal 2025 (free cash flow before spending to grow: capital spending was 2.5 times depreciation, which holds its free cash flow down) of $814M, net cash of −$818M at January 31, 2026 and 64 million diluted shares, from its filings. The scenarios are fitted to Burlington Stores: the base scenario's growth in years 1 to 5 is its revenue growth over the last 3 years, 9.9% a year; the cautious and optimistic ones are lower and higher, and growth in years 6 to 10 is halfway to the long-run rate. The base scenario's discount rate is 9% for a business of moderate risk (Apparel Retail); the cautious and optimistic ones use a point more and a point less. Select one to load it into the calculator. These are the model's arithmetic on those assumptions, not a forecast or a price target.

From the filings

Starting free cash flow, US$ millions

Cash from operations minus depreciation in fiscal 2025: a rough guide to cash flow before spending to grow, for a company building heavily.

Net cash, US$ millions

Cash and short-term investments minus debt and finance leases at January 31, 2026. Negative means net debt.

Diluted shares, millions

Weighted-average diluted shares in fiscal 2025.

Your assumptions

Start from

Fitted to Burlington Stores's own revenue growth, as above. Cautious: growth of 5% then 3.5% a year, 2% after year 10, a 10% discount rate. Base: growth of 10% then 6% a year, 2.5% after year 10, a 9% discount rate. Optimistic: growth of 15% then 9% a year, 3% after year 10, a 8% discount rate.

Free cash flow growth, years 1 to 5 (% a year)

Free cash flow growth, years 6 to 10 (% a year)

Growth after year 10 (% a year)Long-run growth forever after year 10. Usually close to inflation, and always below the discount rate.

Discount rate (% a year)The yearly return an investor wants for the risk. A higher rate gives a lower value.

Value per share on these assumptions

—

Last close, October 26, 2026: $241.26
Value on these assumptions, against the last close: —

Cash flows in years 1 to 10, valued today: —
Everything after year 10, valued today: —
Plus net cash: —
Share of value from after year 10: —

Projected free cash flow

US$ billions. Each column is one year's projected free cash flow, split into what it is worth today and the part removed by discounting.

Value todayRemoved by discounting

How the value changes with two assumptions

Value per share in US$, with the growth rates above. The highlighted cell matches the current assumptions.

How the model works. Free cash flow grows at the first rate for five years and the second rate for five more, and each year is discounted at the discount rate. Everything after year 10 is valued as year-10 cash flow × (1 + growth after year 10) ÷ (discount rate − growth after year 10), discounted back ten years. Net cash is added and the total is divided by diluted shares. The result depends entirely on the assumptions. It is not a forecast, a price target or a recommendation. The last close is the consolidated US closing price, from Databento.

Price-to-earnings (P/E) method

Another common way to value a company is to multiply its earnings per share by a price-to-earnings (P/E) multiple: the number of years of today's earnings an investor pays for a share. A higher multiple usually means investors expect earnings to grow. Choose a multiple, for example from similar companies, to see the value it gives.

Value per share on three example scenarios, from Burlington Stores' earnings per share of $11.13 (over the last four quarters). Each grows earnings for a year at the cash flow scenarios' rates and applies a multiple to next year's earnings: 17.7×, the middle of Burlington Stores' own P/E today, its peers' median and its sector's median (the Consumer Discretionary median) for the base scenario, 20% less and more for the cautious and optimistic ones. The price is brought back a year at 10%, 9% and 8%. Select one to load it into the calculator. These are the model's arithmetic on those assumptions, not a forecast or a price target.

Earnings per share, US$

Diluted earnings per share over the four quarters to August 1, 2026, from the 10-Qs and 10-K.

P/E multiple

P/E today is the last close divided by the latest earnings per share, the four quarters' where available. Peers: Gap, Victoria's Secret, Urban Outfitters, Ross Stores.

Earnings growth in the years ahead (% a year) Starts at Burlington Stores' revenue growth over the last 3 years, 9.9% a year, as the base scenario does.

Earnings per share in the years ahead, US$

Year 1Year 2Year 3Year 4Year 5

Type your own estimate for any year; the years after it carry on at the growth rate.

Apply the multiple to earnings

A multiple on a future year's earnings gives the price then, brought back to today at the discount rate below.

Discount rate (% a year) The yearly return an investor wants for the risk, as in the cash flow model.

Value per share today at this multiple

—

Last close, October 26, 2026: $241.26
Value at this multiple, against the last close: —
Burlington Stores' P/E at the last close: 21.7×

Company	Last close	Earnings per share	P/E today
Ross StoresROST	$234.11	$8.26	28.3×
Burlington StoresBURL	$241.26	$11.13	21.7×
Victoria's SecretVSXY	$94.96	$4.49	21.1×
Urban OutfittersURBN	$90.59	$6.41	14.1×
GapGAP	$22.26	$3.34	6.7×

How the P/E method works. Value per share is earnings per share times the multiple. On a future year's earnings, that gives the price in that year, which is brought back to today at the discount rate: price ÷ (1 + discount rate) for each year ahead. It is quick and easy to compare across companies, but it ignores debt and cash, and earnings can swing with one-off gains and charges, so a multiple says most about steady, profitable businesses. Like the cash flow model, the result depends entirely on the assumptions you choose. It is not a forecast, a price target or a recommendation.

Balance sheet

Fiscal year end	FY21	FY22	FY23	FY24	FY25
Cash and short-term investments	1,091	873	925	995	1,232
Debt incl. finance leases	1,573	1,522	1,420	1,725	2,051
Net debt (negative means net cash)	482	649	494	730	818
Net debt to EBITDA	0.6x	1.0x	0.6x	0.7x	0.6x
Debt to equity	2.1x	1.9x	1.4x	1.3x	1.1x
Interest coverage	11.3x	7.0x	6.9x	10.7x	12.5x
Current ratio	1.3x	1.2x	1.1x	1.2x	1.2x
Quick ratio	0.8x	0.6x	0.6x	0.6x	0.7x

US$ millions unless stated, at each fiscal year end. Net debt to EBITDA is debt minus cash, divided by operating income before depreciation and amortization: roughly how many years of those earnings the net debt equals. Debt to equity is debt as a multiple of shareholders' equity. Interest coverage is operating income divided by interest expense. The current ratio is current assets over current liabilities; the quick ratio leaves out inventory.

Insider trades

Over the 12 months between October 27, 2025 and October 26, 2026, no insider bought Burlington Stores shares on the open market, and 6 insiders sold $16.4 million, $4.3 million of it under trading plans set up in advance.

Date	Insider	Trade	Shares	Price	Value	Filing
Oct 1, 2026	Jennifer VecchioGroup President and CMO	Sold plan	1,678	$271.53	$455,633	Form 4
Sep 1, 2026	Jennifer VecchioGroup President and CMO	Sold plan	1,678	$259.73	$435,829	Form 4
Aug 3, 2026	Jennifer VecchioGroup President and CMO	Sold plan	1,678	$369.04	$619,251	Form 4
Jul 1, 2026	Jennifer VecchioGroup President and CMO	Sold plan	1,678	$315.42	$529,282	Form 4
Jun 17, 2026	Kristin WolfeChief Financial Officer	Sold	8,200	$340.19	$2.8 million	Form 4
Jun 12, 2026	Jennifer VecchioGroup President and CMO	Sold	20,920	$341.53	$7.1 million	Form 4
Jun 11, 2026	Stephen FerroniSVP, Chief Accounting Officer	Sold	2,343	$337.22	$790,111	Form 4
Jun 5, 2026	Matthew PaschChief Human Resources Officer	Sold	3,773	$317.21	$1.2 million	Form 4
May 5, 2026	Travis MarquettePresident and COO	Sold plan	190	$313.68	$59,600	Form 4
May 4, 2026	Travis MarquettePresident and COO	Sold plan	894	$309.40	$276,601	Form 4
Apr 1, 2026	Jennifer VecchioGroup President and CMO	Sold plan	419	$330.92	$138,654	Form 4
Mar 24, 2026	Travis MarquettePresident and COO	Sold plan	3,759	$327.75	$1.2 million	Form 4

The latest 12 of 18 trades. Open-market purchases and sales by officers, directors and 10% owners, from their Form 4 filings with the SEC: one row per person, day and filing, at the day's average price. Grants, option exercises and shares withheld for tax aren't counted. Insiders buy and sell for many reasons, such as taxes, spreading their savings or a plan set up months earlier, so a trade on its own says little about where a company is heading. For information only, not investment advice. Insider trades at all companies

Piotroski F-score

The F-score counts how many of nine simple tests of profitability, funding and efficiency a company passed in a year (Piotroski, 2000). The more tests passed, the stronger the year: 8 or 9 is strong, 0 to 2 weak. Companies that report no gross profit are scored on the other eight.

Test	FY23	FY24	FY25
Net income is positive	Pass	Pass	Pass
Cash from operations is positive	Pass	Pass	Pass
Return on assets rose	Pass	Pass	Pass
Cash from operations exceeds net income	Pass	Pass	Pass
Debt fell relative to assets	Pass	Fail	Fail
Current ratio rose	Fail	Pass	Pass
Share count didn't rise	Pass	Pass	Pass
Gross margin rose	Pass	Pass	Pass
Revenue rose relative to assets	Pass	Pass	Fail
F-score	8 of 9	8 of 9	7 of 9
Accruals ratio	−7.1%	−4.4%	−6.7%

The accruals ratio is net income minus cash from operations, over average total assets.

Compare

Put Burlington Stores side by side with any other company we cover: revenue, growth, margins, cash flow and returns, with ten years of charts.

Similar companies

Company	Year	Revenue growth	Operating margin	Free cash flow margin	Return on capital	Net debt to EBITDA	F-score	Compare
Burlington Stores	FY25	8.8%	—	1.5%	28.1%	0.6x	7
Gap	FY25	1.9%	7.3%	5.4%	36.1%	−0.9x	6	Compare
Victoria's Secret	FY25	5.2%	4.1%	4.8%	17.7%	0.9x	6	Compare
Urban Outfitters	FY26	11.1%	9.8%	5.1%	23.7%	−0.9x	8	Compare
Ross Stores	FY25	7.7%	11.9%	9.7%	67.0%	−1.0x	6	Compare

Each company's latest fiscal year. Fiscal years end in different months, so the periods don't line up exactly. Free cash flow margin is free cash flow as a share of revenue. Net debt to EBITDA is explained under the balance sheet, and the F-score above.

10 years of figures

Fiscal year	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Income statement
Revenue	5,591	6,110	6,668	7,286	5,764	9,322	8,703	9,728	10,635	11,567
Revenue growth	9.0%	9.3%	9.1%	9.3%	−20.9%	61.7%	−6.7%	11.8%	9.3%	8.8%
Gross profit	2,294	2,551	2,800	3,058	2,209	3,886	3,531	4,143	4,610	5,080
Research and development	—	—	—	—	—	—	—	—	—	—
Operating income	—	—	—	—	—	—	—	—	—	—
Net income	216	385	415	465	−216	230	230	340	504	610
Diluted EPS (US$)	3.01	5.48	6.04	6.91	−3.28	6.00	3.49	5.23	7.80	9.51
Diluted shares (millions)	72	70	69	67	66	68	66	65	65	64
Cash flow
Cash from operations	616	607	640	892	219	833	596	869	863	1,231
Capital expenditure	188	268	296	328	273	352	447	493	880	1,060
Free cash flow	428	339	344	563	−54	481	149	376	−17	172
Dividends paid	0	0	0	0	0	0	0	0	0	0
Share buybacks	202	290	229	323	66	267	317	243	256	278
Acquisitions	0	0	0	0	0	0	0	0	0	0
Stock-based compensation	16	27	36	44	56	58	68	84	88	107
Balance sheet at fiscal year end
Cash and short-term investments	82	133	112	403	1,380	1,091	873	925	995	1,232
Debt incl. finance leases	1,130	1,127	987	1,012	2,114	1,573	1,522	1,420	1,725	2,051
Total assets	2,574	2,813	3,079	5,594	6,781	7,090	7,270	7,707	8,770	9,919
Total liabilities	2,624	2,726	2,756	5,066	6,316	6,329	6,475	6,710	7,400	8,112
Shareholders' equity	−50	87	323	528	465	760	795	997	1,370	1,807
Margins and ratios
Gross margin	41.0%	41.8%	42.0%	42.0%	38.3%	41.7%	40.6%	42.6%	43.3%	43.9%
Operating margin	—	—	—	—	—	—	—	—	—	—
Net margin	3.9%	6.3%	6.2%	6.4%	−3.8%	2.5%	2.6%	3.5%	4.7%	5.3%
Free cash flow margin	7.7%	5.5%	5.2%	7.7%	−0.9%	5.2%	1.7%	3.9%	−0.2%	1.5%
Return on capital	22.9%	41.2%	40.2%	43.1%	−26.3%	36.7%	20.0%	27.0%	30.9%	28.1%
Return on equity	—	—	202.6%	109.3%	−43.6%	37.6%	29.6%	37.9%	42.5%	38.4%
Return on assets	8.4%	14.3%	14.1%	10.7%	−3.5%	3.3%	3.2%	4.5%	6.1%	6.5%
Net debt to EBITDA	1.9x	1.5x	1.1x	0.7x	—	0.6x	1.0x	0.6x	0.7x	0.6x

US$ millions unless stated. Where a later 10-K restated a year, the latest filed figure is shown. Download all figures (CSV, US$ millions)

Source: Burlington Stores' Form 10-K filings, from SEC EDGAR. For information only, not investment advice. The Filing Desk is not affiliated with Burlington Stores.