Bath & Body Works, Inc.

Consumer Discretionary
Clothing/Shoe/Accessory Stores
www.bbwinc.com

Earnings Score
Safety Score

Market Cap $6.49B
Debt $3.88B
Cash $674.00M
EV $9.70B
FCF $660.00M

Earnings

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Sales & Net Margins

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Earnings	$798.00M
EBIT	$1.27B
ROA	26%
FCF	$660.00M
Equity	-$1.38B
Growth Stability	-39%
PE	8.13
PEG	-0.61
PB	-4.69
P/FCF	9.83
P/S	0.89
Price/Cash	0.1
Debt/Equity	-2.81
Debt/FCF	5.88
Net Margins	11%
Gross Margins	44%
Op. Margins	17%
Earnings CAGR	-1%
Sales Growth YoY	-4%
Sales Growth QoQ	73%
Sales CAGR	-9%
FCF CAGR	-1%
Earnings Stability	0
Earnings Growth YoY	-22%
Earnings Growth QoQ	327%

Earnings CAGR 5Y	-13%
Sales CAGR 5Y	-12%
FCF CAGR 5Y	-17%
Earnings CAGR 3Y	8%
Sales CAGR 3Y	8%
FCF CAGR 3Y	-11%
Market Cap	$6.49B
Revenue	$7.31B
Dividend Yield	3%
Payout Ratio	22%
Assets	$4.87B
Total Debt	$3.88B
Cash	$674.00M
Shares Outstanding	216M
EV	9.7B
Earnings Score	6%
Safety Score	26%
Working Capital	592M
Current Ratio	1.48
Gross Profit	$3.23B
Shares Growth 3y	-3%
Equity Growth QoQ	-21%
Equity Growth YoY	-15%

Assets & ROA

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Stockholders Equity & ROE

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Bath & Body Works is a specialty home fragrance and fragrant body care retailer operating under the Bath & Body Works, C.O. Bigelow, and White Barn brands. The company generates most of its business in North America, with less than 5% of sales from international markets in fiscal 2021. For fiscal 2021, 72% of sales stemmed from the brick-and-mortar network (which is composed of more than 1,700 retail stores), up from 65% in 2020, as consumer shopping patterns began to return to normal. Future growth is expected from store reformatting, digital and international channels, as well as new category expansion.

SEC Filings

Direct access to Bath & Body Works, Inc. (BBWI) Annual Reports (10K) and Quarterly Reports (10Q) from the SEC website.

2025
- 10-K Feb 01
2024
- 10-Q Nov 02
- 10-Q Aug 03
- 10-Q May 04
- 10-K Feb 03
2023
- 10-Q Oct 28
- 10-Q Jul 29
- 10-Q Apr 29
- 10-K Jan 28

Sector Comparison

How does Bath & Body Works, Inc. compare to its competitors?

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Peter Lynch's Chart

This chart shows the current pricing of Bath & Body Works, Inc. compared to its past. The addition of the earnings trend line provides further insights into the company's earnings power.

CAGR -1%

Stability 0%

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Bath & Body Works, Inc. Discounted Cash Flow

Fully customizable DCF calculator online for Bath & Body Works, Inc..

Years

Calculation mode

= $6.2B

	0	1	2	3	4	5	6	7	8	9	10	TV
fcf	$660M	$653M	$647M	$640M	$634M	$628M	$621M	$615M	$609M	$603M	$597M	$6B
DCF		$594M	$535M	$481M	$433M	$390M	$351M	$316M	$284M	$256M	$230M	$2.3B
Value	$6.2B

Competitiveness and MOAT

High margins render the company resilient under dire circumstances, hence able to drive competitors out or acquire them. ROE and ROA measure the average flow generated by each invested dollar. Their marginal value is a forecast of future growth, and it is considered by Buffett and Munger the most important single indicator.

Years	01/2016	01/2017	02/2018	02/2019	01/2020	01/2021	01/2022	01/2023	02/2024	01/2025	TTM
Net Margins	10%	9%	8%	5%	-3%	7%	17%	11%	12%	11%	11%
ROA	-	25%	21%	15%	3%	14%	33%	25%	24%	26%	26%
ROE	-	-159%	-131%	-74%	24%	-128%	-88%	-36%	-54%	-58%	-

Good Net Margins (10.92%)

Net Margins are high enough to offer a good protection on the profits in case of higher costs or higher interests. Furthermore higher margins reduce earnings’ volatility.

Safety and Stability

Being debt the number one cause of investment losses and company death, the ratio Debt/FCF is of utmost importance to guarantee safety. On the other hand the Graham’s stability measures the drawdown of earnings, hence indicating the reliability of the flow generated by the company.

Years	01/2016	01/2017	02/2018	02/2019	01/2020	01/2021	01/2022	01/2023	02/2024	01/2025	TTM
Debt over FCF	-	6.37	8.29	7.77	7.13	3.52	3.97	5.96	6.69	5.88	5.88
Debt over Equity	-22.2	-7.89	-7.72	-6.72	-3.71	-9.63	-3.2	-2.2	-2.7	-2.81	-2.81
Growth Stability	-	-	-	57%	-39%	100%	100%	100%	88%	80%	-39%

Bad Debt/FCF ratio (5.88)

Net Margins are too low to guarantee profitability in case of higher costs or higher interest rates. Furthermore lower margins cause higher earnings’ volatility.

Good Debt/Equity ratio (-2.81)

The company is not overleveraged and has a good balance between equity and debt.

Bad Graham’s Stability (-39%)

The company has a bad stability in its earnings, which is a sign of a bad competitive advantage.

Growth

Growth can be dangerous when forecasting, simply projecting the current growth is in general wrong. A company passes through multiple phases, from being young and unprofitable, to the first periods of profitability and high growth, until it arrives at a period of regime with limited growth. Identifying in which phase the company is in may help forecasting.

Years	01/2016	01/2017	02/2018	02/2019	01/2020	01/2021	01/2022	01/2023	02/2024	01/2025	CAGR 5Y
Revenue YoY growth	-	3%	0%	5%	-2%	-8%	-33%	-4%	-2%	-2%	-12%
Earnings YoY growth	-	-8%	-15%	-34%	-157%	-331%	58%	-40%	10%	-9%	-13%
Equity YoY growth	-	182%	3%	15%	73%	-56%	130%	45%	-26%	-15%	-
FCF YoY growth	-	-21%	-22%	7%	4%	133%	-33%	-33%	-20%	1%	-17%