What is ANF's intrinsic value?

TickerWorth's valuation lenses put Abercrombie & Fitch Co. (ANF) between $95.84 and $311.23 per share, versus a market price of $153.26. They disagree too widely for us to state a single fair value, so we publish the range.

Is ANF overvalued or undervalued?

At $153.26 the price sits inside a range too wide to call either way. We don't call ANF overvalued or undervalued from a range this wide. This is an educational estimate, not advice.

What discount rate is used for ANF?

A WACC of 11.2% and a terminal growth rate of 2.5%.

Is Abercrombie & Fitch stock undervalued?

TickerWorth's fair-value range for Abercrombie & Fitch Co. (ANF) is $95.84 – $311.23 against a market price of $153.26. Too wide to call. We publish a range here, not one number, so we do not call it over- or undervalued. This is a model estimate, not investment advice.

Abercrombie & Fitch (ANF) DCF valuation and fair value

Our fair-value range for Abercrombie & Fitch Co. (ANF) is $95.84 – $311.23, built on a 11.2% discount rate (WACC) and 2.5% terminal growth. It blends our discounted-cash-flow model with other valuation lenses. Every assumption is listed on this page with its source.

What growth is priced into Abercrombie & Fitch stock?

Today's price implies revenue growth of 7.7% a year for 5 years; our model assumes 3.7% a year on average over the same horizon. This is a reverse DCF: it holds our cash-flow model's other inputs and solves for the revenue growth that makes the model equal today's price of $153.26. A model estimate, not investment advice.

Abercrombie & Fitch (ANF) insider trading

The most recent insider filing (SEC Form 4) for Abercrombie & Fitch Co. (ANF): Lipesky Scott D., EVP and COO, open-market sale on 2026-09-04. The latest filings are listed on this page. A disclosure, not a signal to trade.

ANF · Intrinsic value

Is Abercrombie & Fitch Co. (ANF) overvalued or undervalued?

Name: Abercrombie & Fitch Co. (ANF) DCF intrinsic value
Creator: TickerWorth

As of Oct 19, 2026, TickerWorth's valuation lenses put Abercrombie & Fitch Co. (ANF) at $95.84 – $311.23, too broad a range to say where the delayed market price of $153.26 sits in it, so we do not call it over- or undervalued. It is a model estimate, and every input behind it is sourced below.

Model by Miraaj Patel · generated from a hand-researched model · Updated Oct 19, 2026 · How these pages are made

Open full ANF analysis

What is ANF worth?

Backup data source

This price comes from our backup market-data feed.

Fair-value range: $95.84 – $311.23
Market price: $153.26
Gap to fair value: —
Verdict: Too wide to call

Price as of 19 Oct 2026, 13:16 UTC · Prices are delayed.Our valuation lenses disagree too widely on this company for us to publish a single number, so we publish the range instead. We do not call it over- or undervalued from a spread this wide.

Fair-value range against the delayed market price: Too wide to call.

Reverse DCF: Today's price implies revenue growth of 7.7% a year for 5 years; our model assumes 3.7% a year on average over the same horizon.

What is ANF's TickerWorth Score?

A69/100

Scores higher than almost every company we compare it with

Compared with Consumer Cyclical companies in US

Its strongest point: a profitable, high-quality business. Its weakest: growth is slow or negative.

Value · 68 of 100
Cheaper than 68% of Consumer Cyclical companies in US
Price vs worth · 65 of 100
Quality · 78 of 100
More profitable than 78% of Consumer Cyclical companies in US
Financial health · 62 of 100
Financially stronger than 62% of Consumer Cyclical companies in US
Growth · 47 of 100
Growing faster than 47% of Consumer Cyclical companies in US
Momentum · 100 of 100
Outperformed virtually every one of the Consumer Cyclical companies in US over the past year

Confidence: Medium confidence · Scored 19 Oct 2026, 13:16 UTC

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Where the numbers come from

Hand-researched model

What the modeller flagged

THE MARGIN LEVEL IS THE WHOLE BET, AND IT IS HISTORICALLY UNUSUAL. The model holds operating margin at 11.5-12.25% after Year 1. ANF earned between -0.7% and 9.2% in every year from FY2009 to FY2022 and has been above 11% only since FY2023. If margins fade to 9% by FY2030 the value is ~$100; to 6% (still above the FY2009-22 median), ~$74. If the new level holds at FY2026's underlying ~12.5%, ~$130.
YEAR-1 FCF IS ~32% ABOVE THE BASE-YEAR REPORTED FCF ($499M modeled vs $378.4M) — beyond the 20% threshold, so stated. It decomposes: FY2025 operating cash flow was depressed by a $174.4M payables-and-accruals timing swing the 10-K describes, and Year 1 carries ~$120M of one-time tariff refunds (~$85M after tax). Against FY2024's $527.5M and the TTM $566.4M, the modeled figure sits in between. Years 2-5 run $436-445M, below Year 1, because the refund does not recur.
BETA NORMALIZED UP from the published 0.966 to 1.20 on peer evidence (American Eagle 1.31, Urban Outfitters 1.26, Levi 1.31). Lowers the value by ~$16/share; the published beta gives ~$138 — about today's price.
LEASES ARE OUT OF BOTH DEBT AND THE EBIT ADJUSTMENT. $1.29B of lease liabilities are not in net debt; ~$310M a year of operating lease cost stays inside EBIT. Consistent, but it means WACC is 100% equity and 'net cash' overstates flexibility for a retailer with 846 leased stores and ~$500M a year of fixed plus variable rent.
TARIFF POLICY IS UNSETTLED. Year 1 assumes an effective 10-12.5% tariff rate for the rest of FY2026; Years 2-5 assume a similar level persists with no further refunds. Section 122 tariffs are time-limited by statute, so the rate could fall (upside) or be replaced by broader Section 301 action (downside).
TERMINAL VALUE IS ~65% OF ENTERPRISE VALUE — under the 75% line; the implied exit multiple is ~5.7x EBITDA, which is low and reflects an 11.24% discount rate applied to a fashion retailer.
NOT MODELLED: further IEEPA refunds beyond the ~$120M guided (none recognized); the EMEA softness tied to the Middle East conflict (EMEA sales -10% in Q1, +2% in Q2, comps -4%); any reversal of the price-led growth if consumers push back on higher tickets.
SBC of $39.0M (0.74% of revenue) in FY2025 stays expensed inside GAAP EBIT; dilution is captured by the diluted share count.

Why ANF gets a range, not one number

At a recent price of $153.26, Abercrombie & Fitch Co. (ANF) sits inside a range too wide to call either way: our valuation lenses put the business somewhere between $95.84 and $311.23 per share. They disagree too widely for us to state a single fair value. We publish the range rather than a midpoint because a number that precise would claim more than the methods can support. This is an educational model, not a price target or a recommendation.

Read the full reasoning

The valuation discounts Abercrombie & Fitch Co.'s projected free cash flows at a weighted-average cost of capital (WACC) of 11.2%, with a long-run terminal growth rate of 2.5%. About 65% of the enterprise value comes from the terminal value — the portion beyond the explicit forecast window — which is typical for a stable, cash-generative business and a reminder that small changes in the discount rate or terminal growth assumption swing the intrinsic value meaningfully.

Running the DCF in reverse — solving for the growth the current price already assumes — the market is implying roughly 7.7% annual revenue growth for ANF. Our base case instead compounds to about 3.7% a year over the same forecast, so the market is pricing in materially faster growth than our base case. The reverse-DCF is a quick sanity check: it reframes 'is this stock cheap?' as 'do I believe the growth the price requires?' rather than arguing over a single point estimate of fair value.

Sensitivity matters more than any single number. Across a reasonable band of discount-rate assumptions, ANF's modeled DCF value ranges from about $100.84 to $158.86 per share. If that range still sits below today's price, the market is optimistic relative to the model across the whole band; if it brackets the price, the stock is roughly fairly valued on our assumptions. Use the interactive slider to see exactly where your own cost-of-capital view lands.

How to read this page: the DCF fair value is what Abercrombie & Fitch Co. would be worth if its cash flows grow as modeled and are discounted at the stated WACC. The assumptions table shows every input and its source; the reverse-DCF shows what the market believes; the sensitivity band shows how fragile the answer is. None of this is investment advice — it is a transparent, auditable framework for forming your own view of ANF's intrinsic value. Figures update as new filings and prices come in.

Every input behind ANF's DCF

Input	Value	Source
Base-year revenueAbercrombie & Fitch FY2025 10-K (accession 0001018840-26-000012, filed 2026-03-26): us-gaap:Revenues, fiscal year 2025-02-02 to 2026-01-31: $5,266,292K. +6.4% on FY2024's $4,948.6M (comparable sales +3%), both 52-week years. THE BRAND MIX IS THE STORY: Hollister +15% to $2,742.6M (comps +13%) carried the year while Abercrombie brands fell 1% to $2,523.7M (comps -7%) (Q4 release, 8-K Ex-99.1, 2026-03-04). CROSS-CHECK, TTM to 2026-08-01: H1 FY2026 net sales $2,380.5M vs $2,305.9M (+3.2%), so TTM revenue is $5,340.9M. The leadership has FLIPPED since the base year: in Q2 FY2026 Abercrombie brands grew 8% (comps +4%) and Hollister 2% (comps -3%, against +19% comps a year earlier).	$5,266,300,000	Abercrombie & Fitch FY2025 10-K (accession 0001018840-26-000012, filed 2026-03-26): us-gaap:Revenues, fiscal year 2025-02-02 to 2026-01-31: $5,266,292K. +6.4% on FY2024's $4,948.6M (comparable sales +3%), both 52-week years. THE BRAND MIX IS THE STORY: Hollister +15% to $2,742.6M (comps +13%) carried the year while Abercrombie brands fell 1% to $2,523.7M (comps -7%) (Q4 release, 8-K Ex-99.1, 2026-03-04). CROSS-CHECK, TTM to 2026-08-01: H1 FY2026 net sales $2,380.5M vs $2,305.9M (+3.2%), so TTM revenue is $5,340.9M. The leadership has FLIPPED since the base year: in Q2 FY2026 Abercrombie brands grew 8% (comps +4%) and Hollister 2% (comps -3%, against +19% comps a year earlier).
Base EBIT marginAbercrombie & Fitch Q4 FY2025 earnings release, 8-K Ex-99.1 (accession 0001018840-26-000006, filed 2026-03-04) + FY2025 10-K: ADJUSTED, BY ONE CLEARLY ONE-TIME ITEM, AND THE COMPANY'S OWN ADJUSTMENT. GAAP operating income $699.1M / $5,266.3M = 13.28% (us-gaap:OperatingIncomeLoss). That includes a $38.6M favorable settlement, net of legal fees, of payment-card interchange-fee antitrust litigation booked in Q2 FY2025 as a credit to selling expense. Excluding it: $660.6M = 12.54% (the release states $661M and 12.5%). The settlement is not a recurring operating economic, so the base uses 12.54%. FY2025 also absorbed ~$90M (~170bp) of US tariff expense net of mitigation (tariff history table, Q2 FY2026 release), which is NOT adjusted out — tariffs are treated as a standing cost. LEASES: $310.2M of operating lease cost (plus $192.2M variable lease cost) sits INSIDE this EBIT as rent, which is why lease liabilities are kept OUT of net debt. CROSS-CHECK, TTM to 2026-08-01: GAAP EBIT $732.4M (= $699.1M + H1 FY26 $341.5M - H1 FY25 $308.2M; the settlement sits in both FY25 and H1 FY25 and cancels) = 13.7%, or 11.8% without the ~$100M IEEPA tariff refund booked in Q2 FY2026. The base-year margin does not drive the valuation directly; it is the peak reference for the cyclical check (see forecast).	12.5%	Abercrombie & Fitch Q4 FY2025 earnings release, 8-K Ex-99.1 (accession 0001018840-26-000006, filed 2026-03-04) + FY2025 10-K: ADJUSTED, BY ONE CLEARLY ONE-TIME ITEM, AND THE COMPANY'S OWN ADJUSTMENT. GAAP operating income $699.1M / $5,266.3M = 13.28% (us-gaap:OperatingIncomeLoss). That includes a $38.6M favorable settlement, net of legal fees, of payment-card interchange-fee antitrust litigation booked in Q2 FY2025 as a credit to selling expense. Excluding it: $660.6M = 12.54% (the release states $661M and 12.5%). The settlement is not a recurring operating economic, so the base uses 12.54%. FY2025 also absorbed ~$90M (~170bp) of US tariff expense net of mitigation (tariff history table, Q2 FY2026 release), which is NOT adjusted out — tariffs are treated as a standing cost. LEASES: $310.2M of operating lease cost (plus $192.2M variable lease cost) sits INSIDE this EBIT as rent, which is why lease liabilities are kept OUT of net debt. CROSS-CHECK, TTM to 2026-08-01: GAAP EBIT $732.4M (= $699.1M + H1 FY26 $341.5M - H1 FY25 $308.2M; the settlement sits in both FY25 and H1 FY25 and cancels) = 13.7%, or 11.8% without the ~$100M IEEPA tariff refund booked in Q2 FY2026. The base-year margin does not drive the valuation directly; it is the peak reference for the cyclical check (see forecast).
Forecast revenue growthESTIMATEAssumption — TickerWorth's 5-year explicit forecast	5% → 4% → 4% → 3% → 3%	ESTIMATEAssumption — TickerWorth's 5-year explicit forecast
Risk-free rateUS 10Y Treasury constant maturity (FRED DGS10): 5.24% on 2026-10-01, the latest published observation. House input shared by every model in this tracker.	5.2%	US 10Y Treasury constant maturity (FRED DGS10): 5.24% on 2026-10-01, the latest published observation. House input shared by every model in this tracker.
BetaESTIMATEAssumption — normalized estimate (published ANF beta 0.966; peer betas from the same yfinance feed, read 2026-10-03): Published 5Y-monthly beta is 0.966. NORMALIZED UP to 1.20, which is CONSERVATIVE: it raises the cost of equity from 10.07% to 11.24% and LOWERS the value, by about $16/share (the published beta gives ~$138). Reason: 0.966 sits below the teen/young-adult specialty-apparel peers on the same feed at the same time — American Eagle 1.31, Urban Outfitters 1.26, Levi Strauss 1.31, Gap 2.06, Buckle 1.02 — and a 60-observation monthly regression has a standard error of roughly 0.2-0.3, so one company's figure is a noisy read of an industry exposure. ANF has no debt, so its equity beta is its asset beta. The 5-year window also spans an idiosyncratic turnaround (month-end closes went from ~$14 in mid-2022 to ~$178 in mid-2024, back to ~$76 in early 2025 and to ~$136 now) that a market regression partly reads as noise rather than market sensitivity. 1.20 is the peer cluster (1.26-1.31) shaded toward ANF's own figure. A discretionary fashion retailer whose shares moved 36% in one session (2026-08-26) is not a below-market-risk asset.	1.20	ESTIMATEAssumption — normalized estimate (published ANF beta 0.966; peer betas from the same yfinance feed, read 2026-10-03): Published 5Y-monthly beta is 0.966. NORMALIZED UP to 1.20, which is CONSERVATIVE: it raises the cost of equity from 10.07% to 11.24% and LOWERS the value, by about $16/share (the published beta gives ~$138). Reason: 0.966 sits below the teen/young-adult specialty-apparel peers on the same feed at the same time — American Eagle 1.31, Urban Outfitters 1.26, Levi Strauss 1.31, Gap 2.06, Buckle 1.02 — and a 60-observation monthly regression has a standard error of roughly 0.2-0.3, so one company's figure is a noisy read of an industry exposure. ANF has no debt, so its equity beta is its asset beta. The 5-year window also spans an idiosyncratic turnaround (month-end closes went from ~$14 in mid-2022 to ~$178 in mid-2024, back to ~$76 in early 2025 and to ~$136 now) that a market regression partly reads as noise rather than market sensitivity. 1.20 is the peer cluster (1.26-1.31) shaded toward ANF's own figure. A discretionary fashion retailer whose shares moved 36% in one session (2026-08-26) is not a below-market-risk asset.
Terminal growthESTIMATEAssumption — house default: House default 2.5% (roughly long-run nominal GDP), kept for comparability. Must stay below the 11.24% WACC; it does with a wide margin. Not obviously generous or punitive for ANF: the store fleet still grows internationally (APAC +19% in Q2), but units fell in Q2 and revenue was lower in FY2022 ($3.7B) than in FY2012 ($4.5B) — a decade with no growth at all. 2.0% would take ~$4/share off.	2.5%	ESTIMATEAssumption — house default: House default 2.5% (roughly long-run nominal GDP), kept for comparability. Must stay below the 11.24% WACC; it does with a wide margin. Not obviously generous or punitive for ANF: the store fleet still grows internationally (APAC +19% in Q2), but units fell in Q2 and revenue was lower in FY2022 ($3.7B) than in FY2012 ($4.5B) — a decade with no growth at all. 2.0% would take ~$4/share off.
Diluted sharesAbercrombie & Fitch Q2 FY2026 10-Q (accession 0001018840-26-000047, filed 2026-09-04): Q2 FY2026 weighted-average diluted shares 44,051K. DELIBERATELY CONSERVATIVE because buybacks are running hard: the count was 48,551K a year earlier and 52,971K for FY2024; ANF repurchased 5.4M shares ($450M) in FY2025 and 3.2M ($282M) in H1 FY2026, and shares outstanding were 42,434,377 at 2026-08-28 (10-Q cover). Using that period-end count would add ~3.8% (~$4.60/share). No credit is given for FUTURE buybacks (guided at least $500M for FY2026, $568M of authorization left) — they spend free cash flow the model already counts.	44M	Abercrombie & Fitch Q2 FY2026 10-Q (accession 0001018840-26-000047, filed 2026-09-04): Q2 FY2026 weighted-average diluted shares 44,051K. DELIBERATELY CONSERVATIVE because buybacks are running hard: the count was 48,551K a year earlier and 52,971K for FY2024; ANF repurchased 5.4M shares ($450M) in FY2025 and 3.2M ($282M) in H1 FY2026, and shares outstanding were 42,434,377 at 2026-08-28 (10-Q cover). Using that period-end count would add ~3.8% (~$4.60/share). No credit is given for FUTURE buybacks (guided at least $500M for FY2026, $568M of authorization left) — they spend free cash flow the model already counts.
Market priceBackup price feed · as of 2026-10-19 13:16 UTC	$153.26	Backup price feed · as of 2026-10-19 13:16 UTC

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What does Abercrombie & Fitch Co. do?

What does it do?

Abercrombie & Fitch Co., through its subsidiaries, operates as an omnichannel retailer in the Americas, Europe, the Middle East, Africa, and the Asia-Pacific. It offers an assortment of apparel, personal care products, and accessories for men, women, and kids under the Abercrombie & Fitch, abercrombie kids, Your Personal Best, Hollister, and Gilly Hicks brands. It operates in the Apparel Retail industry (Consumer Cyclical sector), headquartered in United States. The company employs roughly 6,600 people.

How does it make money?

The business turns $5.3B in annual revenue into profit. Out of every $100 of sales, about $20 is left as operating profit (operating margin of 19.9%), after a 64% gross margin on the products/services it sells. After all costs, taxes and interest, 10.0% of revenue becomes bottom-line net profit.

Is it financially healthy?

Financially it looks mixed: carries modest debt (0.9× equity), can just cover its short-term bills (1.4× current ratio), and is currently profitable.

Who at ANF filed insider trades?

Recent insider filings for Abercrombie & Fitch Co.
Date	Insider	Relationship	What happened	Value	Filing
4 Sept 2026	Lipesky Scott D.	EVP and COO	Open-market sale	$293,640.00	Form 4 for Lipesky Scott D. (opens sec.gov in a new tab)
28 Aug 2026	Rust Jay	EVP, Chief HR Officer	Open-market sale	$737,500.00	Form 4 for Rust Jay (opens sec.gov in a new tab)
28 Aug 2026	Robinson Kenneth B.	Director	Open-market sale	$119,752.00	Form 4 for Robinson Kenneth B. (opens sec.gov in a new tab)
28 Aug 2026	Lipesky Scott D.	EVP and COO	Open-market sale	$745,000.00	Form 4 for Lipesky Scott D. (opens sec.gov in a new tab)
28 Aug 2026	HENCHEL GREGORY J	EVP, Chief Legal Off & Secy	Open-market sale	$4,399,500.00	Form 4 for HENCHEL GREGORY J (opens sec.gov in a new tab)
10 Aug 2026	Lipesky Scott D.	EVP and COO	Open-market sale	$1,150,000.00	Form 4 for Lipesky Scott D. (opens sec.gov in a new tab)

A disclosure, not a signal to trade. Source: SEC EDGAR (Form 4). Older filings and the 90-day buying-and-selling read are part of Pro. See plans

Common questions

What is ANF's intrinsic value?
TickerWorth's valuation lenses put Abercrombie & Fitch Co. (ANF) between $95.84 and $311.23 per share, versus a market price of $153.26. They disagree too widely for us to state a single fair value, so we publish the range.
Is ANF overvalued or undervalued?
At $153.26 the price sits inside a range too wide to call either way. We don't call ANF overvalued or undervalued from a range this wide. This is an educational estimate, not advice.
What discount rate is used for ANF?
A WACC of 11.2% and a terminal growth rate of 2.5%.
Is Abercrombie & Fitch stock undervalued?
TickerWorth's fair-value range for Abercrombie & Fitch Co. (ANF) is $95.84 – $311.23 against a market price of $153.26. Too wide to call. We publish a range here, not one number, so we do not call it over- or undervalued. This is a model estimate, not investment advice.
Abercrombie & Fitch (ANF) DCF valuation and fair value
Our fair-value range for Abercrombie & Fitch Co. (ANF) is $95.84 – $311.23, built on a 11.2% discount rate (WACC) and 2.5% terminal growth. It blends our discounted-cash-flow model with other valuation lenses. Every assumption is listed on this page with its source.
What growth is priced into Abercrombie & Fitch stock?
Today's price implies revenue growth of 7.7% a year for 5 years; our model assumes 3.7% a year on average over the same horizon. This is a reverse DCF: it holds our cash-flow model's other inputs and solves for the revenue growth that makes the model equal today's price of $153.26. A model estimate, not investment advice.
Abercrombie & Fitch (ANF) insider trading
The most recent insider filing (SEC Form 4) for Abercrombie & Fitch Co. (ANF): Lipesky Scott D., EVP and COO, open-market sale on 2026-09-04. The latest filings are listed on this page. A disclosure, not a signal to trade.