Urban Outfitters

URBN · Nasdaq · Consumer Discretionary · Financials, fiscal 2017 to 2026

URBN · Last close · October 26, 2026

$90.59

Urban Outfitters' revenue rose 11.1% to $6.2 billion in fiscal 2026. Its operating margin was 9.8%, up from 8.5% a year earlier. Free cash flow was $315 million, down 1.6%. It paid out $154 million in dividends and buybacks, 49% of free cash flow. The diluted share count fell 2.8%.

Urban Outfitters, Inc. Latest fiscal year ended January 31, 2026 10-K filed April 1, 2026 · 0001193125-26-137916 Updated October 11, 2026

Revenue

$6.2B

11.1%

Operating margin

9.8%

1.3 pts

Net income

$465M

15.5%

Free cash flow

$315M

1.6%

Return on capital

23.7%

2.0 pts

Market cap

$7.9B

Oct 26 close

P/E

14.1x

On $6.41 EPS, 4 qtrs

Operating margin is operating 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.

About these figures. Urban Outfitters had no borrowings at any year end shown (its credit line was undrawn), so debt is counted as zero.

What Urban Outfitters does

Urban Outfitters sells fashion apparel, accessories and home goods under the Anthropologie, Free People, FP Movement, Urban Outfitters and Nuuly brands. Anthropologie also covers Terrain and Maeve. Its first Urban Outfitters store opened in 1970. It sells through its own and franchisee-owned stores, websites, mobile apps, social media and customer contact centers. Sales were about $6.2 billion in the fiscal year ended January 31, 2026.

It reports three segments. Retail covers its stores and digital channels and made up about 85.7% of net sales. Subscription is Nuuly, which mainly rents women's apparel for a monthly fee. Wholesale designs and sells Free People, FP Movement and Urban Outfitters products, such as the BDG and iets frans collections, to department and specialty stores, other online sellers and its own Retail segment.

The company says its stores are meant to give each brand its own setting and that it manages the Retail segment as one omni-channel business, not store and online separately. Its fiscal year ends on January 31.

Its biggest risks, as it describes them

Weaker consumer spending when the economy slows, inflation rises or incomes fall.
Guessing wrongly about changing fashion tastes, which the company calls a material risk.
Its heavy reliance on production outside the United States, and tariffs and other trade measures.
Competition from many websites and apps, and the need for effective marketing to draw customers.
A failure or disruption of the information technology systems it relies on.

From Urban Outfitters's annual report on Form 10-K, filed April 1, 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 2017 to 2026, earnings per share grew 11.8% a year and net income 8.8% a year, as buybacks cut the share count by 22%.

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 Urban Outfitters yourself, both starting from its filings: a discounted cash flow model and the price-to-earnings method.

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 Urban Outfitters' 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 Urban Outfitters' cash from operations minus depreciation in fiscal 2026 (free cash flow before spending to grow: capital spending was 2.0 times depreciation, which holds its free cash flow down) of $447M, net cash of $696M at January 31, 2026 and 92 million diluted shares, from its filings. The scenarios are fitted to Urban Outfitters: the base scenario's growth in years 1 to 5 is its revenue growth over the last 3 years, 8.7% 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 10%: 9% for a business of moderate risk (Apparel Retail), plus 1 point as a smaller company, worth $7.9B; 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 2026: 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 2026.

Your assumptions

Start from

Fitted to Urban Outfitters's own revenue growth, as above. Cautious: growth of 4.5% then 3% a year, 2% after year 10, a 11% discount rate. Base: growth of 8.5% then 5.5% a year, 2.5% after year 10, a 10% discount rate. Optimistic: growth of 13% then 8% a year, 3% after year 10, a 9% 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: $90.59
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 Urban Outfitters' earnings per share of $6.41 (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 Urban Outfitters' own P/E today, its peers' median and its sector's median (its peers' median) for the base scenario, 20% less and more for the cautious and optimistic ones. The price is brought back a year at 11%, 10% and 9%. 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 July 31, 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: Victoria's Secret, American Eagle Outfitters, Abercrombie & Fitch, Burlington Stores.

Earnings growth in the years ahead (% a year) Starts at Urban Outfitters' revenue growth over the last 3 years, 8.7% 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: $90.59
Value at this multiple, against the last close: —
Urban Outfitters' P/E at the last close: 14.1×

Company	Last close	Earnings per share	P/E today
Burlington StoresBURL	$241.26	$11.13	21.7×
Victoria's SecretVSXY	$94.96	$4.49	21.1×
Abercrombie & FitchANF	$164.73	$11.63	14.2×
Urban OutfittersURBN	$90.59	$6.41	14.1×
American Eagle OutfittersAEO	$18.81	$1.96	9.6×

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	FY22	FY23	FY24	FY25	FY26
Cash and short-term investments	446	383	465	610	696
Debt incl. finance leases	0	0	0	0	0
Net debt (negative means net cash)	−446	−383	−465	−610	−696
Net debt to EBITDA	−0.9x	−1.2x	−1.0x	−1.0x	−0.9x
Debt to equity	0.0x	0.0x	0.0x	0.0x	0.0x
Interest coverage	370.1x	172.3x	48.3x	78.1x	123.2x
Current ratio	1.3x	1.4x	1.3x	1.4x	1.5x
Quick ratio	0.7x	0.7x	0.7x	0.8x	0.9x

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 Urban Outfitters shares on the open market, and 8 insiders sold $119.6 million, $116.4 million of it under trading plans set up in advance.

Date	Insider	Trade	Shares	Price	Value	Filing
Oct 15, 2026	Harry S Cherken JrDirector	Sold plan	5,000	$87.06	$435,310	Form 4
Sep 18, 2026	Tricia D SmithGlobal CEO Anthropologie Group	Sold	3,500	$75.95	$265,825	Form 4
Sep 4, 2026	Melanie Marein-EfronChief Financial Officer	Sold	5,700	$80.75	$460,275	Form 4
Sep 1, 2026	Mary EganDirector	Sold	650	$78.48	$51,012	Form 4
May 22, 2026	Frank ConfortiCo-President & COO	Sold	9,391	$73.19	$687,327	Form 4
May 22, 2026	Azeez HayneChief Administrative Officer	Sold	8,733	$73.18	$639,081	Form 4
May 22, 2026	Melanie Marein-EfronChief Financial Officer	Sold	5,036	$73.42	$369,743	Form 4
Mar 11, 2026	Azeez HayneChief Administrative Officer	Sold	5,720	$66.00	$377,520	Form 4
Mar 2, 2026	Tricia D SmithGlobal CEO Anthropologie Group	Sold	5,000	$64.82	$324,100	Form 4
Feb 20, 2026	Richard A HayneCEO & Chairman of the Board, Director, 10% owner	Sold plan	20,000	$70.50	$1.4 million	Form 4
Feb 20, 2026	Margaret HayneCo-President & CCO, Director	Sold plan	9,333	$70.50	$657,950	Form 4
Feb 19, 2026	Richard A HayneCEO & Chairman of the Board, Director, 10% owner	Sold plan	4,682	$70.10	$328,208	Form 4

The latest 12 of 120 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	FY24	FY25	FY26
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	Fail	Fail	Fail
Current ratio rose	Fail	Pass	Pass
Share count didn't rise	Fail	Fail	Pass
Gross margin rose	Pass	Pass	Pass
Revenue rose relative to assets	Pass	Fail	Pass
F-score	6 of 9	6 of 9	8 of 9
Accruals ratio	−5.7%	−2.3%	−2.3%

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

Compare

Put Urban Outfitters 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
Urban Outfitters	FY26	11.1%	9.8%	5.1%	23.7%	−0.9x	8
Victoria's Secret	FY25	5.2%	4.1%	4.8%	17.7%	0.9x	6	Compare
American Eagle Outfitters	FY25	4.1%	4.1%	3.5%	11.5%	−0.4x	4	Compare
Abercrombie & Fitch	FY25	6.4%	13.3%	7.2%	91.0%	−0.9x	5	Compare
Burlington Stores	FY25	8.8%	—	1.5%	28.1%	0.6x	7	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	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	FY26
Income statement
Revenue	3,546	3,616	3,951	3,984	3,450	4,549	4,795	5,153	5,551	6,165
Revenue growth	2.9%	2.0%	9.2%	0.8%	−13.4%	31.9%	5.4%	7.5%	7.7%	11.1%
Gross profit	1,245	1,176	1,347	1,240	862	1,494	1,427	1,715	1,927	2,218
Research and development	—	—	—	—	—	—	—	—	—	—
Operating income	338	260	381	232	4	409	227	370	474	606
Net income	218	108	298	168	1	311	160	288	402	465
Diluted EPS (US$)	1.86	0.96	2.72	1.67	0.01	3.13	1.70	3.05	4.26	5.06
Diluted shares (millions)	117	112	110	101	98	99	94	94	94	92
Cash flow
Cash from operations	415	303	447	274	286	359	143	509	503	575
Capital expenditure	144	84	115	217	159	262	200	200	183	260
Free cash flow	272	219	332	56	127	97	−57	310	320	315
Dividends paid	0	0	0	0	0	0	0	0	0	0
Share buybacks	46	157	121	217	7	56	112	0	52	154
Acquisitions	15	0	0	0	0	0	0	0	0	0
Stock-based compensation	18	14	18	21	20	26	29	30	31	30
Balance sheet at fiscal year end
Cash and short-term investments	359	447	638	433	570	446	383	465	610	696
Debt incl. finance leases	0	0	0	0	0	0	0	0	0	0
Total assets	1,903	1,953	2,160	3,316	3,546	3,791	3,683	4,111	4,520	5,008
Total liabilities	590	652	671	1,860	2,069	2,046	1,890	1,999	2,048	2,192
Shareholders' equity	1,313	1,301	1,489	1,455	1,477	1,746	1,793	2,112	2,472	2,815
Margins and ratios
Gross margin	35.1%	32.5%	34.1%	31.1%	25.0%	32.8%	29.8%	33.3%	34.7%	36.0%
Operating margin	9.6%	7.2%	9.7%	5.8%	0.1%	9.0%	4.7%	7.2%	8.5%	9.8%
Net margin	6.2%	3.0%	7.5%	4.2%	0.0%	6.8%	3.3%	5.6%	7.2%	7.5%
Free cash flow margin	7.7%	6.1%	8.4%	1.4%	3.7%	2.1%	−1.2%	6.0%	5.8%	5.1%
Return on capital	22.8%	14.4%	34.6%	17.4%	0.2%	28.4%	12.1%	18.2%	21.7%	23.7%
Return on equity	17.8%	8.3%	21.4%	11.4%	0.1%	19.3%	9.0%	14.7%	17.6%	17.6%
Return on assets	11.7%	5.6%	14.5%	6.1%	0.0%	8.5%	4.3%	7.4%	9.3%	9.8%
Net debt to EBITDA	−0.8x	−1.1x	−1.3x	−1.3x	−5.3x	−0.9x	−1.2x	−1.0x	−1.0x	−0.9x

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