Victory

Retail marketing chain of supermarkets.

Sector: RetailMarket cap: NIS 772M
All analyses

Analyses on Victory (1)

Victory 2025: Gross Margin Improved, but Leases and New Stores Ate the Cash

Victory exited 2025 with stronger gross margin but weaker economics: comparable-store sales fell, the cost base got heavier, and cash turned negative on an all-in basis once leases, CAPEX, dividends, and bond amortization were included.

March 25, 2026
Follow-up dives

Follow-up dives on Victory (1)

Follow-up

Victory: How Much EBITDA Is Really Left After Leases, Openings, and Dividends

Victory's 2025 EBITDA looks large, but once leases are put back into the economics and all real cash uses are counted, capital flexibility is much thinner than the headline suggests.

March 25, 2026