At a glance
Ross Stores Inc is worth $73.66B, about 35 times its fiscal 2026 earnings. Revenue grew 7.7% to $22.75B in fiscal 2026, with 9.4% kept as profit; over 5 years it has grown 12.7% a year. It pays a 0.76% dividend yield, raised every year for at least 5 years, and returned $6.96B to shareholders in dividends and buybacks over FY2022–FY2026. The stock returned +46.3% over the past year with dividends reinvested and +16.3% a year over five years, against +11.5% and +11.7% for the S&P 500. At its worst it fell 51.4% in the 2020 crash (S&P 500: 33.7%) and 37.5% in the 2022 bear market (S&P 500: 24.5%), and was back at its earlier high 11 months and 5 months after the lows.
The business in plain English
Ross Stores runs two off-price chains, meaning they offer brand-name goods for less than department stores. Ross Dress for Less, which the company calls the largest off-price apparel and home fashion chain in the US, had 1,904 stores in 44 states, Washington, D.C., Guam and Puerto Rico as of January 31, 2026. It carries family clothing, shoes, accessories and home goods at 20% to 60% below department and specialty store regular prices, mainly for middle-income households. The 363-store dd's DISCOUNTS chain, in 22 states, targets lower- to moderate-income households with prices 20% to 70% below moderate department and discount stores.
Ross Stores purchases later than full-price retailers, when manufacturers have surplus stock. Its more than 800 merchants pick up overruns and canceled orders, order directly from brands, and warehouse some goods as "packaway" inventory for a later season. It then marks goods up less than a department store would and keeps costs low with self-service stores and centralized purchasing.
In the fiscal year ended January 31, 2026, revenue rose 7.7% to $22.8 billion. Gross margin, the share of sales left after the cost of goods, was 27.7%, and net profit was 9.4% of sales. All stores are in the US and its territories. The annual report gives no revenue split by brand or product.
Price history
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ROST +46.3% over the year to Nov 2, 2026, total return with dividends reinvested.
Latest results
- In Q2 FY2027 (ended Aug 1, 2026), revenue was $6.26B, up 13.3% from a year earlier, and net income was $851.3M (+67.6%).
- For fiscal 2026, revenue was $22.75B (+7.7% year over year; +12.7% a year from FY2021 to FY2026) with a 9.4% net margin.
Financial health check
| Revenue growth a year (FY2021–FY2026) | +12.7% good |
|---|---|
| Operating margin | 11.9% watch |
| Free cash flow margin | 9.7% watch |
| Return on equity (FY2026) | 34.7% good |
| Return on assets (FY2026) | 13.8% good |
| Net cash (cash minus debt) | $3.27B good |
| Fiscal year | Revenue | Net income | Free cash flow |
|---|---|---|---|
| FY2021 | $12.53B | $85.4M | $1.84B |
| FY2022 | $18.92B | $1.72B | $1.18B |
| FY2023 | $18.70B | $1.51B | $1.04B |
| FY2024 | $20.38B | $1.87B | $1.75B |
| FY2025 | $21.13B | $2.09B | $1.64B |
| FY2026 | $22.75B | $2.15B | $2.21B |
Valuation snapshot
| Market value | $73.66B |
|---|---|
| P/E ratio | 34.9 |
| Dividend yield | 0.76% |
Rank among 1514 US companies
Market value at each year end
Ross Stores’s market value went from $25.85B at the end of 2016 to $73.66B on Nov 2, 2026, about 2.8 times as much; since the end of 2025 it is up 26%.
Show as a table
| Year end | Market value | Change |
|---|---|---|
| Nov 2, 2026 | $73.66B | +26.4% |
| 2025 | $58.27B | +16.7% |
| 2024 | $49.91B | +7.1% |
| 2023 | $46.59B | +16.6% |
| 2022 | $39.97B | -1.0% |
| 2021 | $40.38B | -7.8% |
| 2020 | $43.78B | +4.8% |
| 2019 | $41.78B | +35.5% |
| 2018 | $30.83B | +0.5% |
| 2017 | $30.67B | +18.6% |
| 2016 | $25.85B |
Price behavior
| YTD | 1 yr | 3 yr | 5 yr | 10 yr | |
|---|---|---|---|---|---|
| ROST price data to Nov 2, 2026 | +28.8% | +46.3% | +26.2% | +16.3% | +15.2% |
Show as a table
| Year | Price data |
|---|---|
| 2026 (to date) | +28.8% |
| 2025 | +20.4% |
| 2024 | +10.4% |
| 2023 | +20.7% |
| 2022 | +3.0% |
| 2021 | -6.0% |
| 2020 | +5.9% |
| 2019 | +41.8% |
| 2018 | +4.8% |
| 2017 | +23.5% |
| 2016 | +23.1% |
| 2015 | +20.0% |
| 2014 | +27.1% |
| 2013 | +40.0% |
| 2012 | +14.9% |
| 2011 | +51.8% |
| 2010 | +49.9% |
| 2009 | +45.3% |
| 2008 | +17.7% |
| 2007 | -12.1% |
| 2006 | +1.6% |
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Gained 10.2% over that stretch · deepest drop along the way 46.5%, back to its old high 7.6 months after the low |
|---|---|
| 2020 COVID crash stocks fell Feb 19, 2020 – Mar 23, 2020 | Lost 48.6% over that stretch · deepest drop along the way 51.4%, back to its old high 11.3 months after the low |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Lost 24.5% over that stretch · deepest drop along the way 37.5%, back to its old high 4.7 months after the low |
Insider activity
Form 4 filings from 2025-10-27 to 2026-10-27 (25 read): 0 open-market purchases and 8 sales ($22.1M), 2 of them under pre-arranged 10b5-1 trading plans.
| Date | Insider | Type | Value |
|---|---|---|---|
| Sep 14, 2026 | James Grant Conroy CHIEF EXECUTIVE OFFICER, Director | sell | $11.3M |
| Mar 25, 2026 | Michael J. Hartshorn GROUP PRESIDENT, COO, Director | sell (plan) | $3.4M |
| Mar 24, 2026 | Karen Fleming PRES, CMO ROSS DRESS FOR LESS | sell | $1.5M |
| Sep 14, 2026 | Stephen C Brinkley PRESIDENT, OPERATIONS | sell | $1.5M |
| Mar 24, 2026 | Michael J. Hartshorn GROUP PRESIDENT, COO, Director | sell (plan) | $1.3M |
Who owns it
Large shareholders (13G filings)
| BlackRock, Inc. | 8% | Jun 30, 2026 |
| Vanguard Capital Management | 7.49% | Mar 31, 2026 |
| JPMORGAN CHASE & CO. | 4.8% | Jun 30, 2025 |
| T. Rowe Price Associates, Inc. | 4% | Jun 30, 2025 |
ETFs with the most weight in ROST
| KMID Virtus KAR Mid-Cap ETF | 4.14% |
| QQLV Invesco QQQ Low Volatility ETF | 3.53% |
| RTH VanEck Retail ETF | 2.73% |
| RSPD Invesco S&P 500 Equal Weight Consumer Discretionary ETF | 2.23% |
| QQXT First Trust Nasdaq-100 Ex-Technology Sector Index Fund | 2.04% |
| SPGP Invesco S&P 500 GARP ETF | 1.93% |
| JGLO JPMorgan Global Select Equity ETF Global Select Equity ETF | 1.69% |
| THRO iShares U.S. Thematic Rotation Active ETF | 1.57% |
What could go wrong
- Heavy exposure to tariffs on Chinese goods. Ross Stores imports only a small share directly, but more than half of what it sells originates in China. Higher or shifting US tariffs, especially on Chinese goods, could raise costs and squeeze margins.
- Depends on a steady supply of bargains. The model needs enough brand-name merchandise available at deep discounts, plus skilled merchants to find it. If manufacturers make less surplus stock or rivals compete harder for it, store assortments could weaken.
- Markdowns and inventory losses can erode margins. To reach its planned gross margins, Ross Stores must manage inventory levels, markdowns and "inventory shortage," the retail term for goods lost to theft, damage or errors. Missteps hit profits directly.
- Low barriers to entry in off-price retail. The company says there are limited economic barriers to entering off-price retail. It competes with other off-price chains, department stores, mass merchants and online sellers for shoppers, staff, store sites and merchandise.
- Shoppers are sensitive to living costs. All stores are in the US and its territories, and its target customers are middle- or lower-income households. Inflation, higher housing, fuel or food costs, job losses or tax refund timing can cut spending.
- Growth depends on new stores and staff. To grow, Ross Stores needs to open stores in existing and new markets, which requires suitable sites and enough trained workers. Labor shortages, higher turnover or rising wages could hurt results.
Recent events
- Executive or board change; Investor presentation or announcement
- Quarterly results released
- Shareholder vote results
- Quarterly results released
- Quarterly results released
- Executive or board change; Investor presentation or announcement
- Quarterly results released
For income and retirement investors
Ross Stores pays a small but growing dividend. Regular dividends per share rose in each of the five fiscal years through January 2026, reaching $1.62, up from $1.14 four years earlier. That payout used about 25% of earnings and 24% of free cash flow (cash from operations left after capital spending). The yield was 0.77% as of October 28, 2026, so the stock may suit investors seeking dividend growth rather than a high yield. Share repurchases were larger: $4.65 billion over those five years versus $2.31 billion in dividends, helping cut the share count 9.6% between November 2021 and August 2026.
Shares have fallen hard in downturns. They dropped 46.5% in late 2008 but regained their peak by July 2009. They fell 51.4% in the 2020 COVID crash, taking about 11 months to recover, and 37.5% in 2022, recovering within five months. A single stock like Ross Stores carries more risk than a diversified fund.
Questions investors ask
How does Ross Stores make money?
Ross Stores makes money by selling brand-name clothing, shoes and home goods at a discount. Ross Dress for Less prices goods 20% to 60% below department and specialty store regular prices. dd's DISCOUNTS prices them 20% to 70% below moderate department and discount stores. The company purchases later than full-price retailers, picking up manufacturer overruns and canceled orders. It then marks goods up less and keeps costs low. Revenue was $22.8 billion in the fiscal year ended January 31, 2026, and 9.4% of sales became net profit.
Does Ross Stores raise its dividend every year?
Yes, in each of the five fiscal years through January 2026. Regular dividends per share rose to $1.62 in the year ended January 31, 2026, from $1.14 four years earlier. The dividend used about 25% of earnings, and the yield was 0.77% as of October 28, 2026. A five-year streak is short next to long-time dividend growers. The company also spent more on share repurchases, $4.65 billion over five fiscal years, than on dividends, $2.31 billion.
What is the difference between Ross and dd's DISCOUNTS?
Both are off-price chains owned by Ross Stores, but they target different shoppers. Ross Dress for Less, with 1,904 stores as of January 31, 2026, aims mainly at middle-income households and prices goods 20% to 60% below department and specialty stores. dd's DISCOUNTS, with 363 stores in 22 states, serves lower- to moderate-income households, often in dense urban or suburban neighborhoods, at 20% to 70% below moderate department and discount stores. Each chain has its own merchandising team and its own chief merchandising officer.
How do tariffs affect Ross Stores?
Tariffs mainly threaten Ross Stores' costs and profit margins. The company imports only a small portion of its merchandise directly. Even so, more than half of the goods it sells originate in China, and all its stores are in the US and its territories. Its annual report lists trade policy first among its risk factors. It warns that higher tariffs, particularly on Chinese goods, could significantly increase its cost of goods, make margins harder to forecast and require sourcing changes it may not manage well.
How has Ross Stores stock performed?
Ross Stores has posted double-digit average annual returns over five and ten years, with sharp drops along the way. As of October 28, 2026, the stock had returned 43.1% over one year, 16.4% a year over five years and 15% a year over ten years. It fell 51.4% in the 2020 COVID crash and 37.5% in 2022. On that date its price-to-earnings ratio was 34.5, meaning the share price was 34.5 times earnings per share for the fiscal year ended January 31, 2026.