GAP INC (GAP)

Retail-Family Clothing Stores

Latest Price

$20.43

TTM P/E

6.14

Normalized P/E

14.66

Div Yield

3.33%

Book Value

10.94

P/B Ratio

1.87

Valuation metrics

EPS: $2.13

Book value / share: $10.22

Formula: √(22.5 × EPS × BVPS)

Graham Number

$22.13

+8% upside

Norm. op. income: $574M (median of 7yr)

Tax rate: 26%

Discount rate: 10%

Growth assumption: zero (EPV is a no-growth value)

Earnings Power Value

$15.47

24% downside

Base FCF: $823M (median of recent 5yr)

Growth: -5%/yr (median YOY, capped at 25%)

Discount rate: 10%

Terminal growth: 3%

Projection horizon: 10 years

DCF Fair Value

$22.28

+9% upside

EPS: $2.13

Target P/E: 15×

Formula: EPS × P/E

P/E Fair Value

$31.95

+56% upside

63.6% held by institutions

Institution	Shares	Value	Ownership %	Change	Filing Date
BlackRock, Inc.	22.96M	$428.0M	6.54%	+969.7K	2026-06-30
DIMENSIONAL FUND ADVISORS LP	16.19M	$302.0M	4.61%	+1.93M	2026-06-30
AQR CAPITAL MANAGEMENT LLC	14.68M	$267.0M	4.18%	+3.13M	2026-06-30
VANGUARD PORTFOLIO MANAGEMENT LLC	11.82M	$220.0M	3.37%	+230.3K	2026-06-30
VANGUARD CAPITAL MANAGEMENT LLC	10.52M	$196.0M	3.00%	-147.0K	2026-06-30
ARROWSTREET CAPITAL, LIMITED PARTNERSHIP	9.09M	$169.0M	2.59%	+4.55M	2026-06-30
STATE STREET CORP	7.79M	$145.0M	2.22%	+85.1K	2026-06-30
VICTORY CAPITAL MANAGEMENT INC	6.14M	$114.0M	1.75%	+697.5K	2026-06-30
GOLDMAN SACHS GROUP INC	4.96M	$92.0M	1.41%	+3.57M	2026-06-30
FMR LLC	4.42M	$82.0M	1.26%	-2.50M	2026-06-30