# Ross Stores Inc. (ROST) — Financial Analysis

**Exchange:** NASDAQ  
**Coverage as of:** 2026-Q2  
**Updated:** 2026-05-13  
**Tier:** Free primer (step 2 of 19)  
**Sibling pages:** /stocks/rost/thesis · /memo/rost

## Financial Snapshot

---
ticker: ROST
step: 04
generated: 2026-05-12
source: quick-research
---

### Ross Stores (ROST) — Financial Snapshot

#### Income Statement Summary

| Metric | FY2022 | FY2023 | FY2024 | YoY |
|--------|--------|--------|--------|-----|
| Revenue | $18.7B | $20.4B | $21.1B | +3.4% |
| Gross Margin | ~27.5% | ~28.5% | ~29.3% | +0.8pp |
| Operating Margin | ~10.0% | ~11.4% | ~12.2% | +0.8pp |
| Net Income | ~$1.5B | ~$1.9B | ~$2.1B | +11% |
| EPS (diluted) | $4.38 | $5.56 | ~$6.32 | +14% |

*Note: Ross fiscal years end in late January/early February. FY2022 ended Jan 28, 2023; FY2023 ended Feb 3, 2024 (53 weeks, explaining some revenue uplift); FY2024 ended Feb 1, 2025. The operating margin recovery from FY2022 reflects normalization of freight and packaway inventory costs following the post-COVID supply chain disruption. EPS growth has consistently outpaced revenue growth through disciplined buybacks.*

#### Cash Flow & Balance Sheet (FY2024)

| Metric | Value |
|--------|-------|
| Operating Cash Flow | ~$3.2B |
| Free Cash Flow | ~$2.5B |
| Cash & Equivalents | ~$4.7B |
| Total Debt | ~$2.5B |

*Note: Ross's balance sheet is exceptionally strong — $4.7B in cash against $2.5B in debt = significant net cash position. The company funds new store openings ($700M–800M annually) entirely from operating cash flow and still returns $1.5–2B+ to shareholders annually via buybacks and dividends.*

#### Key Ratios (approximate)
- P/E: ~23x (FY2024) | EV/EBITDA: ~15x | FCF Yield: ~5%
- Revenue Growth (FY2024): +3.4% | FCF Margin: ~12%
- Dividend Yield: ~1.2%

#### Growth Profile
Ross has compounded EPS at ~19% annually over the past five years — among the highest in traditional retail — through operating margin expansion, share repurchases, and consistent mid-single-digit topline growth. FY2025 outlook is more cautious (comp guidance -1% to +2%) reflecting tariff-driven merchandise cost uncertainty. Long-term store count target of 3,600 (from ~2,200 currently) provides ~65% unit growth runway, and same-store sales of 2–3% annually would sustain 5–8% total revenue growth for years. Analysts now model ~6.4% EPS growth going forward, slower than the historical rate.

#### Forward Estimates
- FY2025E Revenue: ~$21.3B–$22.1B (1–5% total sales growth per guidance)
- FY2025E EPS: ~$6.40–$6.80 (consensus; tariff uncertainty widens range)
- FY2026E EPS: ~$7.00+ if merchandise costs normalize and comp sales accelerate

## Deeper Financial Analysis

The fundamental tier ($1.00) adds 8 dimensions not included here:

- Revenue Breakdown — segment revenue, geographic mix, product-line margins
- Financial Trends — QoQ momentum, leading indicators, inflection points
- Balance Sheet — debt structure, dilution risk, working capital dynamics
- Capital Allocation — ROIC, buyback cadence, reinvestment efficiency
- Earnings Analysis — beats/misses, guidance vs actuals, transcript highlights
- Competitive Positioning — market share, pricing power, peer benchmarks
- Industry Context — TAM, sector tailwinds/headwinds, regulatory backdrop

**API endpoint:** GET /api/v1/research/ROST/fundamental

## Navigation

- Overview: /stocks/rost
- Financials (this page): /stocks/rost/financials
- Thesis: /stocks/rost/thesis
- Investment Memo: /memo/rost
- Coverage universe: /stocks