Bed Bath & Beyond (BBBY)
Market Price (3/14/2026): $4.89 | Market Cap: $337.2 MilSector: Consumer Discretionary | Industry: Broadline Retail
Bed Bath & Beyond (BBBY)
Market Price (3/14/2026): $4.89Market Cap: $337.2 MilSector: Consumer DiscretionaryIndustry: Broadline Retail
Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.
| Cash is significant % of market capNet D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is -45% | Weak multi-year price returns2Y Excs Rtn is -82%, 3Y Excs Rtn is -119% | Not profitable at operating income levelOp Inc LTMOperating Income, Last Twelve Months is -67 Mil, Op Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is -6.4% |
| Valuation becoming less expensiveP/S 6M Chg %Price/Sales change over 6 months. Declining P/S indicates valuation has become less expensive. is -41% | Meaningful short interestShort Interest % of Basic SharesShort Interest % of Basic Shares = (Short Interest Quantity) / (Basic Shares Outstanding). A high fraction of short interest can indicate potential risk of a short squeeze. is 11% | Weak revenue growthRev Chg LTMRevenue Change % Last Twelve Months (LTM) is -25%, Rev Chg 3Y AvgRevenue Change % averaged over trailing 3 years is -18%, Rev Chg QQuarterly Revenue Change % is -9.8% |
| Megatrend and thematic driversMegatrends include E-commerce & DTC Adoption. Themes include Direct-to-Consumer Brands (Staples). | Not cash flow generativeCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is -5.4%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is -7.6% | |
| Yield minus risk free rate is negativeERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -29% | ||
| Key risksBBBY key risks include [1] the execution risk associated with its ambitious turnaround and physical store expansion strategy and [2] the financial challenge of overcoming past losses to achieve sustained profitability. |
| Cash is significant % of market capNet D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is -45% |
| Valuation becoming less expensiveP/S 6M Chg %Price/Sales change over 6 months. Declining P/S indicates valuation has become less expensive. is -41% |
| Megatrend and thematic driversMegatrends include E-commerce & DTC Adoption. Themes include Direct-to-Consumer Brands (Staples). |
| Weak multi-year price returns2Y Excs Rtn is -82%, 3Y Excs Rtn is -119% |
| Meaningful short interestShort Interest % of Basic SharesShort Interest % of Basic Shares = (Short Interest Quantity) / (Basic Shares Outstanding). A high fraction of short interest can indicate potential risk of a short squeeze. is 11% |
| Not profitable at operating income levelOp Inc LTMOperating Income, Last Twelve Months is -67 Mil, Op Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is -6.4% |
| Weak revenue growthRev Chg LTMRevenue Change % Last Twelve Months (LTM) is -25%, Rev Chg 3Y AvgRevenue Change % averaged over trailing 3 years is -18%, Rev Chg QQuarterly Revenue Change % is -9.8% |
| Not cash flow generativeCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is -5.4%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is -7.6% |
| Yield minus risk free rate is negativeERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -29% |
| Key risksBBBY key risks include [1] the execution risk associated with its ambitious turnaround and physical store expansion strategy and [2] the financial challenge of overcoming past losses to achieve sustained profitability. |
Qualitative Assessment
AI Analysis | Feedback
1. Continued Revenue Decline Despite Profitability Improvements.
Bed Bath & Beyond Inc. reported a full-year 2025 revenue decline of 25.1% year-over-year, with fourth-quarter 2025 net revenue decreasing by 9.8% (or 6.4% excluding the impact of the Canada exit). While the company highlighted its eighth consecutive quarter of measurable improvement towards profitability, achieving a net loss of $21 million (a $60 million year-over-year improvement) and an Adjusted EBITDA loss of $4 million (an 84% year-over-year improvement), the significant reduction in top-line revenue likely raised investor concerns about the company's growth trajectory following its strategic repositioning.
2. Integration Risks and Costs Associated with The Brand House Collective Acquisition.
In November 2025, Bed Bath & Beyond Inc. announced a definitive merger agreement to acquire The Brand House Collective for approximately $26.8 million in an all-stock transaction, expected to close in the first quarter of 2026. This deal involved plans to shutter over 40 stores and integrate operations to achieve cost reductions. Mergers and integrations often carry inherent risks, potential disruptions, and associated transition costs, which the company acknowledged might cause non-linear improvement in financial results, contributing to investor uncertainty during the period.
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Stock Movement Drivers
Fundamental Drivers
The -18.6% change in BBBY stock from 11/30/2025 to 3/13/2026 was primarily driven by a -12.5% change in the company's Shares Outstanding (Mil).| (LTM values as of) | 11302025 | 3132026 | Change |
|---|---|---|---|
| Stock Price ($) | 6.02 | 4.90 | -18.6% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 1,074 | 1,045 | -2.8% |
| P/S Multiple | 0.3 | 0.3 | -4.3% |
| Shares Outstanding (Mil) | 60 | 69 | -12.5% |
| Cumulative Contribution | -18.6% |
Market Drivers
11/30/2025 to 3/13/2026| Return | Correlation | |
|---|---|---|
| BBBY | -18.6% | |
| Market (SPY) | -3.1% | 49.4% |
| Sector (XLY) | -6.2% | 52.6% |
Fundamental Drivers
The -45.6% change in BBBY stock from 8/31/2025 to 3/13/2026 was primarily driven by a -29.5% change in the company's P/S Multiple.| (LTM values as of) | 8312025 | 3132026 | Change |
|---|---|---|---|
| Stock Price ($) | 9.01 | 4.90 | -45.6% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 1,129 | 1,045 | -7.4% |
| P/S Multiple | 0.5 | 0.3 | -29.5% |
| Shares Outstanding (Mil) | 58 | 69 | -16.6% |
| Cumulative Contribution | -45.6% |
Market Drivers
8/31/2025 to 3/13/2026| Return | Correlation | |
|---|---|---|
| BBBY | -45.6% | |
| Market (SPY) | 3.0% | 46.8% |
| Sector (XLY) | -4.2% | 45.7% |
Fundamental Drivers
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Market Drivers
2/28/2025 to 3/13/2026| Return | Correlation | |
|---|---|---|
| BBBY | ||
| Market (SPY) | 12.4% | 47.7% |
| Sector (XLY) | 3.4% | 46.1% |
Fundamental Drivers
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Market Drivers
2/28/2023 to 3/13/2026| Return | Correlation | |
|---|---|---|
| BBBY | ||
| Market (SPY) | 73.4% | 47.7% |
| Sector (XLY) | 56.0% | 46.1% |
Price Returns Compared
| 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Total [1] | |
|---|---|---|---|---|---|---|---|
| Returns | |||||||
| BBBY Return | - | - | - | - | -44% | -11% | -50% |
| Peers Return | 15% | -43% | 54% | 42% | 20% | -8% | 60% |
| S&P 500 Return | 27% | -19% | 24% | 23% | 16% | -1% | 80% |
Monthly Win Rates [3] | |||||||
| BBBY Win Rate | - | - | - | - | 20% | 33% | |
| Peers Win Rate | 52% | 32% | 65% | 65% | 53% | 53% | |
| S&P 500 Win Rate | 75% | 42% | 67% | 75% | 67% | 33% | |
Max Drawdowns [4] | |||||||
| BBBY Max Drawdown | - | - | - | - | -44% | -11% | |
| Peers Max Drawdown | -8% | -50% | -6% | -15% | -34% | -12% | |
| S&P 500 Max Drawdown | -1% | -25% | -1% | -2% | -15% | -2% | |
[1] Cumulative total returns since the beginning of 2021
[2] Peers: AMZN, WMT, WSM, W, RH. See BBBY Returns vs. Peers.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2026 data is for the year up to 3/13/2026 (YTD)
How Low Can It Go
BBBY has limited trading history. Below is the Consumer Discretionary sector ETF (XLY) in its place.
| Event | XLY | S&P 500 |
|---|---|---|
| 2022 Inflation Shock | ||
| % Loss | -40.3% | -25.4% |
| % Gain to Breakeven | 67.4% | 34.1% |
| Time to Breakeven | 680 days | 464 days |
| 2020 Covid Pandemic | ||
| % Loss | -33.9% | -33.9% |
| % Gain to Breakeven | 51.3% | 51.3% |
| Time to Breakeven | 82 days | 148 days |
| 2018 Correction | ||
| % Loss | -21.9% | -19.8% |
| % Gain to Breakeven | 28.1% | 24.7% |
| Time to Breakeven | 105 days | 120 days |
| 2008 Global Financial Crisis | ||
| % Loss | -60.1% | -56.8% |
| % Gain to Breakeven | 150.8% | 131.3% |
| Time to Breakeven | 779 days | 1,480 days |
Compare to AMZN, WMT, WSM, W, RH
In The Past
SPDR Select Sector Fund's stock fell -40.3% during the 2022 Inflation Shock from a high on 11/19/2021. A -40.3% loss requires a 67.4% gain to breakeven.
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About Bed Bath & Beyond (BBBY)
AI Analysis | Feedback
Wayfair for discounted furniture and home goods.
An online HomeGoods or T.J. Maxx for home furnishings.
AI Analysis | Feedback
- Furniture: Items used to furnish homes, such as sofas, tables, and chairs.
- Décor: Decorative items used to adorn indoor and outdoor spaces.
- Area Rugs: Carpets designed to cover only a specific section of a floor.
- Bedding and Bath Items: Products related to beds (e.g., sheets, comforters) and bathrooms (e.g., towels, shower curtains).
- Home Improvement Items: Products for renovating, repairing, or enhancing various parts of a home.
- Outdoor Items: Products designed for use in outdoor spaces, such as patios or gardens.
- Kitchen and Dining Items: Products used for cooking, food preparation, and dining purposes.
- Website Advertising: Services that allow businesses to advertise their products or services on the company's websites.
- Market Partner Service: A service enabling partner companies to sell their products through various third-party websites.
- International Product Sales: The provision of products to customers located outside the United States, facilitated by third-party logistics providers.
- Supplier Oasis: An integration point and platform that helps partners manage their products, inventory, sales channels, and access multi-channel fulfillment services.
AI Analysis | Feedback
The company, as described in the background, operates primarily as an online retailer selling directly to individual consumers. Therefore, its major customers are individuals. Based on the range of products and services offered, the primary categories of customers Bed Bath & Beyond (as described in the background, i.e., Overstock.com, Inc.) serves are:
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Homeowners and Renters Seeking Home Furnishings and Decor: Individuals who are furnishing new homes, redecorating existing spaces, or simply updating specific rooms with items such as furniture, rugs, bedding, bath products, and home improvement goods.
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Bargain Hunters and Value-Conscious Shoppers: Customers who are primarily driven by seeking discounted prices, deals, and closeout items across various home categories, looking for quality products at competitive rates.
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Convenience-Oriented Online Shoppers: Individuals who prefer the ease and accessibility of shopping for a wide array of home goods online, valuing the ability to browse, compare, and purchase from their devices with delivery to their homes.
AI Analysis | Feedback
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Marcus Lemonis, Chief Executive Officer and Executive Chairman
Marcus Lemonis was appointed CEO of Bed Bath & Beyond Inc. in January 2026, while continuing to serve as Executive Chairman. He stepped down as CEO of Camping World on January 1, 2026, after more than two decades at its helm. Mr. Lemonis co-founded Camping World. He has been actively involved with Bed Bath & Beyond since 2023, serving as executive chairman after the brand's acquisition by Overstock. His vision for the company is to transform it into an "Everything Home Company" by focusing on omnichannel retail, financial services, and home transaction platforms, including pursuing acquisitions and introducing high-margin services like warranties, insurance products, and financing tools.
Adrianne Lee, President & Chief Financial Officer
Adrianne Lee serves as President and Chief Financial Officer of Beyond, Inc., a role she assumed effective March 10, 2025. She has held the CFO position since 2020 and took on expanded responsibilities as Chief Administrative Officer in 2024. Ms. Lee is responsible for all operating and financial-related matters for the company and its brands, including Bed Bath & Beyond. Prior to joining Overstock (now Beyond, Inc.), she was Senior Vice President and Chief Financial Officer for Hertz Corporation's North American Rental Car unit from 2018 to 2020. Her background also includes leading financial planning and analysis for Best Buy's e-commerce business, and various finance, strategic planning, accounting, financial reporting, investor relations, and audit roles at PepsiCo, Allianz Life, and PricewaterhouseCoopers. Ms. Lee played an integral role in Overstock's acquisition of the Bed Bath & Beyond brand in 2023.
AI Analysis | Feedback
Here are the key risks to Bed Bath & Beyond's business:
- Intense Competition and Brand Rebuilding Challenges: The home goods and online retail sectors are highly competitive, featuring numerous established players and emerging direct-to-consumer brands. The company, which now operates under the Bed Bath & Beyond brand after its acquisition by Overstock.com, faces the significant challenge of re-establishing brand trust and market share following the former entity's bankruptcy. Competing effectively requires substantial investment in marketing, competitive pricing, and differentiated product offerings.
- Supply Chain and Operational Efficiency: As an e-commerce focused retailer that also engages in third-party logistics and utilizes a distribution network, the company is susceptible to risks associated with supply chain disruptions, inventory management issues, and rising fulfillment costs. Any inefficiencies or disruptions in its logistics and distribution can negatively impact customer satisfaction, delivery times, and profitability.
- Reliance on E-commerce Platform and Technology: The business fundamentally relies on its internet websites (e.g., overstock.com, o.co, overstock.ca) and underlying technology infrastructure to facilitate sales, manage inventory, and provide services like Supplier Oasis. Risks include potential cybersecurity breaches, system outages, data privacy concerns, and the continuous need for significant investment in technology to maintain a competitive edge and ensure smooth operations.
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Here are 3-5 expected drivers of future revenue growth for Bed Bath & Beyond (symbol: BBBY) over the next 2-3 years:- Acquisition of Omni-channel Retail Brands: Bed Bath & Beyond Inc. is pursuing an acquisition strategy that includes integrating additional omni-channel retail brands. For example, the upcoming acquisition of Kirkland's is expected to contribute to approximately $1.5 billion in annualized revenue, with another omni-channel transaction projected to add an additional $500 million in annualized revenue. This expansion of its brand portfolio, which already includes Bed Bath & Beyond, Overstock, and buybuy BABY, is a key driver for top-line growth.
- Expansion into Financial and Home Services: The company plans to diversify its revenue streams by expanding into new service sectors. This includes developing offerings in financial services such as insurance, home warranties, mortgages, and title services. Additionally, Bed Bath & Beyond Inc. aims to enter home services, encompassing areas like flooring, cabinetry, and renovation offerings.
- Rebranding and Customer Re-engagement: The strategic rebranding from Overstock.com to Bed Bath & Beyond Inc. and efforts to re-engage the extensive customer base of the former Bed Bath & Beyond brand are expected to drive sales. Initiatives such as reinstating rewards points for loyalty customers and re-issuing 20% off coupons are designed to attract and retain shoppers. The new brand identity is also facilitating the onboarding of new suppliers, significantly expanding the company's product inventory.
- Improved Assortment and Online Experience: Bed Bath & Beyond Inc. is focusing on enhancing its online offerings to improve customer conversion and retention. This includes a continued focus on improving the assortment of products available on the Bed Bath & Beyond website and increasing the sales mix within the Overstock platform, which has already led to an improved average order value. The company expects these efforts to lead to higher average order values and enhanced customer retention.
- Return to Top-line Growth with Cost Discipline: After a period in 2025 focused on streamlining operations and prioritizing profitability by eliminating products with negative contribution margins, the company is now targeting low to mid-single-digit revenue growth for 2026. This anticipated return to top-line growth is coupled with a continued commitment to disciplined margin and expense management, aiming for sustained financial improvement.
AI Analysis | Feedback
Share Issuance
- In September and October 2025, Bed Bath & Beyond, Inc. distributed warrants to shareholders, which if fully exercised at $15.50 per share by October 2026, could generate up to $100 million in gross proceeds for general corporate purposes.
- Shareholders of Bed Bath & Beyond experienced dilution in the past year (as of March 2026).
Outbound Investments
- In November 2025, Bed Bath & Beyond Inc. acquired The Brand House Collective (formerly Kirkland's Home) for $26.8 million as part of its strategy to build an "Everything Home" company.
- In September 2025, the company invested $3 million in convertible notes in GrainChain, an agricultural technology and fintech firm, to enhance its supply chain analysis capabilities.
- In October 2024, Beyond (the former name for the current BBBY) made a $25 million debt-and-equity investment in Kirkland's, Inc. to improve its financial position and support growth.
Capital Expenditures
- As of November 2025, the latest reported trailing twelve months (LTM) capital expenditure for Bed Bath & Beyond was $0 million, reflecting a significant reduction in physical asset investment.
- The company's strategy includes focusing on expanding its digital and financial infrastructure, as well as home services, as part of its "Everything Home Ecosystem."
Latest Trefis Analyses
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| 02132026 | MAT | Mattel | Insider | Insider Buys | Low D/EStrong Insider BuyingCompanies with strong insider buying in the last 1 month, positive operating income and reasonable debt / market cap | 2.9% | 2.9% | 0.0% |
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| 02062026 | DECK | Deckers Outdoor | Dip Buy | DB | P/E OPMDip Buy with Low PE and High MarginBuying dips for companies with tame PE and meaningfully high operating margin | 1.6% | 1.6% | -0.8% |
Research & Analysis
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Peer Comparisons
| Peers to compare with: |
Financials
| Median | |
|---|---|
| Name | |
| Mkt Price | 127.44 |
| Mkt Cap | 15.8 |
| Rev LTM | 10,184 |
| Op Inc LTM | 915 |
| FCF LTM | 717 |
| FCF 3Y Avg | 654 |
| CFO LTM | 943 |
| CFO 3Y Avg | 904 |
Growth & Margins
| Median | |
|---|---|
| Name | |
| Rev Chg LTM | 5.1% |
| Rev Chg 3Y Avg | -0.7% |
| Rev Chg Q | 6.4% |
| QoQ Delta Rev Chg LTM | 1.6% |
| Op Mgn LTM | 7.4% |
| Op Mgn 3Y Avg | 6.8% |
| QoQ Delta Op Mgn LTM | 0.1% |
| CFO/Rev LTM | 7.9% |
| CFO/Rev 3Y Avg | 6.1% |
| FCF/Rev LTM | 2.4% |
| FCF/Rev 3Y Avg | 1.7% |
Valuation
| Median | |
|---|---|
| Name | |
| Mkt Cap | 15.8 |
| P/S | 1.1 |
| P/EBIT | 10.7 |
| P/E | 20.6 |
| P/CFO | 16.1 |
| Total Yield | 3.2% |
| Dividend Yield | 0.0% |
| FCF Yield 3Y Avg | 1.3% |
| D/E | 0.1 |
| Net D/E | 0.0 |
Returns
| Median | |
|---|---|
| Name | |
| 1M Rtn | -10.1% |
| 3M Rtn | -14.5% |
| 6M Rtn | -11.3% |
| 12M Rtn | 8.9% |
| 3Y Rtn | 131.5% |
| 1M Excs Rtn | -7.7% |
| 3M Excs Rtn | -12.8% |
| 6M Excs Rtn | -16.3% |
| 12M Excs Rtn | -16.6% |
| 3Y Excs Rtn | 39.0% |
Returns Analyses
Earnings Returns History
Expand for More| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 10/27/2025 | -2.4% | -11.3% | -34.0% |
| SUMMARY STATS | |||
| # Positive | 0 | 0 | 0 |
| # Negative | 1 | 1 | 1 |
| Median Positive | |||
| Median Negative | -2.4% | -11.3% | -34.0% |
| Max Positive | |||
| Max Negative | -2.4% | -11.3% | -34.0% |
SEC Filings
Expand for More| Report Date | Filing Date | Filing |
|---|---|---|
| 12/31/2025 | 02/24/2026 | 10-K |
| 09/30/2025 | 10/27/2025 | 10-Q |
| 06/30/2025 | 07/29/2025 | 10-Q |
| 03/31/2025 | 04/29/2025 | 10-Q |
| 12/31/2024 | 02/25/2025 | 10-K |
| 09/30/2024 | 10/25/2024 | 10-Q |
| 06/30/2024 | 07/31/2024 | 10-Q |
| 03/31/2024 | 05/08/2024 | 10-Q |
| 12/31/2023 | 02/23/2024 | 10-K |
| 09/30/2023 | 10/31/2023 | 10-Q |
| 06/30/2023 | 07/31/2023 | 10-Q |
| 03/31/2023 | 05/02/2023 | 10-Q |
| 12/31/2022 | 02/24/2023 | 10-K |
| 09/30/2022 | 11/01/2022 | 10-Q |
| 06/30/2022 | 08/02/2022 | 10-Q |
| 03/31/2022 | 05/04/2022 | 10-Q |
Insider Activity
Expand for More| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Lee, Adrianne | President & CFO | Direct | Sell | 7222025 | 10.00 | 2,200 | 22,000 | 604,340 | Form |
| 2 | Lemonis, Marcus | EXECUTIVE CHAIRMAN OF BOARD | Direct | Buy | 3132025 | 5.03 | 19,193 | 96,541 | 2,294,440 | Form |
| 3 | Tabacco, Joseph J Jr | Held by the Joseph Tabacco and Peggy Schmidt Revocable Trust. | Buy | 3122026 | 5.11 | 20,000 | 102,200 | 854,438 | Form |
External Quote Links
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| CNBC | Etrade |
| MarketWatch | Unusual Whales |
| YCharts | Perplexity Finance |
| FinViz |
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