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Bath & Body Works (BBWI)

Market Price (9/18/2025): $25.79 | Market Cap: $5.4 Bil
Sector: Consumer Discretionary | Industry: Other Specialty Retail

Bath & Body Works (BBWI)

Market Price (9/18/2025): $25.79
Market Cap: $5.4 Bil
Sector: Consumer Discretionary
Industry: Other Specialty Retail

Investment Highlights

0 Attractive yield
Total YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 17%, Dividend Yield is 3.2%, ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is 12%, FCF Yield is 14%		 Weak multi-year price returns
2Y Excs Rtn is -73%, 3Y Excs Rtn is -92%		 Debt is significant
Net D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is 86%
1 Attractive cash flow generation
CFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 14%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 11%		  Weak revenue growth
Rev Chg 3Y AvgRevenue Change % averaged over trailing 3 years is -1.8%
0 Attractive yield
Total YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 17%, Dividend Yield is 3.2%, ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is 12%, FCF Yield is 14%
1 Attractive cash flow generation
CFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 14%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 11%
2 Weak multi-year price returns
2Y Excs Rtn is -73%, 3Y Excs Rtn is -92%
3 Debt is significant
Net D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is 86%
4 Weak revenue growth
Rev Chg 3Y AvgRevenue Change % averaged over trailing 3 years is -1.8%

Market Valuation

 9/18/25202420232022
Share Price CYE$25.79$38.03$41.45$39.60
Market Cap CYE ($ Bil)5.48.39.49.0
Total Debt ($ Bil)5.05.05.66.1
Total Cash ($ Bil)0.40.71.11.2
Enterprise Value ($ Bil)10.013.315.015.1
Valuation Ratios    
P/S TTM0.71.21.31.3
P/EBIT TTM4.26.47.27.0
P/E TTM7.410.711.212.2
Sector Ratios    
P/S TTM (Sector)0.80.80.90.8
P/EBIT TTM (Sector)7.26.97.05.5
P/E TTM (Sector)9.58.18.97.3
 9/18/252024
Share Price CYE$25.79$38.03
Market Cap CYE ($ Bil)5.48.3
Total Debt ($ Bil)5.05.0
Total Cash ($ Bil)0.40.7
Enterprise Value ($ Bil)10.013.3
Valuation Ratios  
P/S TTM0.71.2
P/EBIT TTM4.26.4
P/E TTM7.410.7
Sector Ratios  
P/S TTM (Sector)0.80.8
P/EBIT TTM (Sector)7.26.9
P/E TTM (Sector)9.58.1

Market Cap Chart

Business Description

Bath & Body Works, Inc. operates a specialty retailer of home fragrance, body care, and soaps and sanitizer products. The company sells its products under the Bath & Body Works, White Barn, and other brand names through specialty retail stores and websites located in the United States and Canada, as well as through international stores operated by partners under franchise, license, and wholesale arrangements. Show more

Price Returns Compared

Expand for Detailed View

 202020212022202320242025Total [1]
Returns
BBWI Return108%136%-38%5%-8%-32%108%
Peers Return18%14%-37%33%21%5%44%
S&P 500 Return16%27%-19%24%23%12%104%

[1] Cumulative total returns since the beginning of 2020
[2] Peers: NKE, GAP, URBN, AEO, HBI. See BBWI Returns vs. Peers.
[3] 2025 data is for the year up to 9/17/2025 (YTD)

Interactive Breakdown

Bath & Body Works Interactive Breakdown Analysis

Better Bets than Bath & Body Works (BBWI)

 BBWIBetter Performance than BBWI
MetricValueIndustry (Other Specialty Retail)
Rev Chg LTM-0.2%TSCO (3.0%), ULTA (2.9%), CHWY (9.2%), SVV (4.5%), WINA (1.0%)
Rev Chg 3Y Avg-1.8%TSCO (4.6%), ULTA (7.7%), CHWY (9.1%), SVV (5.1%), WINA (1.6%)
Op Mgn LTM17.1%WINA (65.2%)
CFO/Rev LTM13.6%WINA (53.6%), OLPX (23.9%)
FCF/Rev LTM10.6%WINA (53.5%), OLPX (22.9%)
Total Yield16.7%BWMX (118.3%), TLF (96.9%)
 BBWIBetter Performance than BBWI
MetricValueAll Other Sectors
Rev Chg LTM-0.2%NVDA (71.6%), MSFT (14.9%), AAPL (6.0%), GOOGL (13.1%), META (19.4%)
Rev Chg 3Y Avg-1.8%NVDA (92.0%), MSFT (12.5%), AAPL (1.8%), GOOGL (10.2%), META (13.0%)
Op Mgn LTM17.1%NVDA (58.1%), MSFT (45.6%), AAPL (31.9%), GOOGL (32.7%), META (42.9%)
CFO/Rev LTM13.6%NVDA (46.6%), MSFT (48.3%), AAPL (26.6%), GOOGL (36.0%), META (56.4%)
FCF/Rev LTM10.6%NVDA (43.6%), MSFT (25.4%), AAPL (23.5%), GOOGL (18.0%), META (30.7%)
Total Yield16.7%CMCSA (16.8%), CNQ (18.9%), MFC (17.5%), BIDU (59.5%), JBS (78.6%)

Latest Trefis Analyses

TitleTopicDate
0DASHBOARDS  
1Bath & Body Works Earnings Notes  
2How Does BBWI Stack Up Against Its Peers?Peer Comparison 
3Better Bet Than BBWI Stock: Pay Less Than Bath & Body Works To Get More From CHTR, IBKR   
4BBWI Dip Buy Analysis  
5Bath & Body Works Total Shareholder Return (TSR): -8.8% in 2025 and -7.3% 3-yr compounded annual returns (below peer average)  
6Bath & Body Works (BBWI) Operating Cash Flow ComparisonFinancials 
7Bath & Body Works (BBWI) Net Income ComparisonFinancials 
8Bath & Body Works (BBWI) Operating Income ComparisonFinancials 
9Bath & Body Works (BBWI) Revenue ComparisonFinancials 
10Bath & Body Works vs. Deckers Outdoor: BBWI stock's substantially higher valuation vs. DECK appears counterintuitiveCounter-Intuitive Comparisons 
11ARTICLES  
12How Will Bath & Body Works Stock React To Its Upcoming Earnings? May 27th, 2025
13Is A 60% Drop Ahead For Bath & Body Works Stock? April 17th, 2025
14What’s Next For Bath & Body Works Stock? December 3rd, 2024
15Upbeat Q2 Earnings Should Mark Reversal In Fortune For Bath & Body Works Stock August 27th, 2024
16Gaining 20% This Year, Will Bath & Body Works Rally Further After Q1 Results? June 3rd, 2024
Title
0DASHBOARDS
1How Will Bath & Body Works Stock React To Its Upcoming Earnings?
2Is A 60% Drop Ahead For Bath & Body Works Stock?
3What’s Next For Bath & Body Works Stock?
4Upbeat Q2 Earnings Should Mark Reversal In Fortune For Bath & Body Works Stock
5Gaining 20% This Year, Will Bath & Body Works Rally Further After Q1 Results?
6ARTICLES
7Bath & Body Works Earnings Notes
8How Does BBWI Stack Up Against Its Peers?
9Better Bet Than BBWI Stock: Pay Less Than Bath & Body Works To Get More From CHTR, IBKR 
10BBWI Dip Buy Analysis
11Bath & Body Works Total Shareholder Return (TSR): -8.8% in 2025 and -7.3% 3-yr compounded annual returns (below peer average)
12Bath & Body Works (BBWI) Operating Cash Flow Comparison
13Bath & Body Works (BBWI) Net Income Comparison
14Bath & Body Works (BBWI) Operating Income Comparison
15Bath & Body Works (BBWI) Revenue Comparison
16Bath & Body Works vs. Deckers Outdoor: BBWI stock's substantially higher valuation vs. DECK appears counterintuitive

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Recent Active Movers

1 Week Top Gainers

#TickerCompany1W RtnYTD Rtn
1ECDAECD Automotive Design3347.2%307.9%
2BDSXBiodesix1090.6%-79.7%
3CLSDClearside Biomedical987.7%-74.7%
4ATHAAthira Pharma892.1%544.3%
5SDOTSadot690.6%-79.9%
6ATCHAtlasClear684.9%-83.1%
7HSDTHelius Medical Technologies232.1%-95.5%
8CHEKCheck-Cap222.2%134.4%
9APLMApollomics197.8%89.1%
10SPRCSciSparc147.0%1141.7%

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#TickerCompany1W RtnYTD Rtn
1CURXCuranex Pharmaceuticals-80.5%148.4%
2ATYRaTyr Pharma-80.4%-71.7%
3NAKAKindly MD-70.2% 
4BNGOBionano Genomics-64.0%-89.8%
5XAGELongevity Health-57.6%-86.1%
6FAASDigiAsia-55.4%-88.0%
7ASSTStrive-54.5%650.3%
8VCIGVCI Global-51.0%-98.9%
9REXREX American Resources-50.7%44.3%
10RBNERobin Energy-42.6% 

More From Trefis

Research & Analysis

Invest in Strategies

Wealth Management

Peer Comparisons for Bath & Body Works

Financials

BBWINKEGAPURBNAEOHBIMedian
NameBath & B.Nike Gap Urban Ou.American.Hanesbra. 
Mkt Price25.7372.3122.8170.0919.886.2724.27
Mkt Cap5.4106.88.56.43.62.25.9
Rev LTM7,37046,30915,1665,6795,2743,4856,525
Op Inc LTM1,2623,7021,166527299445847
FCF LTM7833,26876929021258529
FCF 3Y Avg7554,919938238286220520
CFO LTM1,0013,6981,21547746088739
CFO 3Y Avg1,0165,6561,380423506279761

Growth & Margins

BBWINKEGAPURBNAEOHBIMedian
NameBath & B.Nike Gap Urban Ou.American.Hanesbra. 
Rev Chg LTM-0.2%-9.8%-0.0%8.4%-0.9%1.3%-0.1%
Rev Chg 3Y Avg-1.8%0.0%-1.3%6.7%1.6%-14.3%-0.7%
Rev Chg Q1.5%-12.0%0.1%10.7%-4.7%1.8%0.8%
QoQ Delta Rev Chg LTM0.3%-3.2%0.0%2.3%-1.0%0.5%0.2%
Op Mgn LTM17.1%8.0%7.7%9.3%5.7%12.8%8.6%
Op Mgn 3Y Avg17.0%10.6%5.2%7.2%6.2%6.4%6.8%
QoQ Delta Op Mgn LTM-0.4%-2.3%-0.0%0.8%-2.7%6.2%-0.2%
CFO/Rev LTM13.6%8.0%8.0%8.4%8.7%2.5%8.2%
CFO/Rev 3Y Avg13.7%11.3%9.1%8.0%9.7%8.3%9.4%
FCF/Rev LTM10.6%7.1%5.1%5.1%4.0%1.7%5.1%
FCF/Rev 3Y Avg10.2%9.8%6.2%4.4%5.5%6.5%6.3%

Valuation

BBWINKEGAPURBNAEOHBIMedian
NameBath & B.Nike Gap Urban Ou.American.Hanesbra. 
Mkt Cap5.4106.88.56.43.62.25.9
P/S0.72.30.61.10.70.60.7
P/EBIT4.228.86.611.511.95.79.1
P/E7.433.29.614.318.124.916.2
P/CFO5.428.97.013.57.825.310.6
Total Yield16.7%3.0%10.4%7.0%6.8%4.0%6.9%
Dividend Yield3.2%0.0%0.0%0.0%1.3%0.0%0.0%
FCF Yield 3Y Avg9.9%3.9%16.3%5.4%11.1%12.9%10.5%
D/E0.90.10.70.20.51.20.6
Net D/E0.90.00.40.10.51.10.4

Returns

BBWINKEGAPURBNAEOHBIMedian
NameBath & B.Nike Gap Urban Ou.American.Hanesbra. 
1M Rtn-14.7%-6.1%9.1%-8.7%54.6%-2.8%-4.5%
3M Rtn-6.3%22.1%10.1%1.8%110.1%41.5%16.1%
6M Rtn-13.7%0.2%14.8%42.2%71.0%3.5%9.1%
12M Rtn-9.5%-8.3%17.4%88.0%6.5%-7.8%-0.7%
3Y Rtn-27.1%-27.0%184.0%223.9%96.1%-24.0%36.0%
1M Excs Rtn-17.0%-8.5%6.7%-11.0%52.2%-5.1%-6.8%
3M Excs Rtn-14.8%10.8%-0.9%-9.5%95.1%26.3%5.0%
6M Excs Rtn-30.5%-17.7%2.5%25.4%50.6%-11.5%-4.5%
12M Excs Rtn-20.3%-23.8%-6.5%77.2%-12.9%-24.6%-16.6%
3Y Excs Rtn-92.4%-92.9%99.5%146.2%32.5%-92.9%-30.0%

Comparison Analyses

Title
0How Does BBWI Stack Up Against Its Peers?
1Bath & Body Works vs. Nike: With Return Forecast Of 62%, Bath & Body Works Is A Better Bet
2With 9.3% Gains On The Table, URBN May Outshine BBWI
3With 5.0% Gains On The Table, BBWI May Outshine HBI
4Bath & Body Works vs. American Eagle Outfitters: With Return Forecast Of 34%, Bath & Body Works Is A Better Bet
5Bath & Body Works vs. CarMax: With Return Forecast Of 23%, Bath & Body Works Is A Better Bet
6Bath & Body Works vs. Waste Management: With Return Forecast Of 1.9%, Waste Management Is A Better Bet
7Bath & Body Works vs. Stryker: With Return Forecast Of 20%, Stryker Is A Better Bet
8Bath & Body Works vs. Zoetis: With Return Forecast Of 21%, Zoetis Is A Better Bet
9Bath & Body Works vs. Activision Blizzard: With Return Forecast Of -1.2%, Activision Blizzard Is A Better Bet

Financials

$ Mil | FY: 2/12026Q22026Q12025Q42025Q32025Q22025Q12024Q42024Q32024Q22024Q12023Q42023Q3
Period End8/2/20255/3/20252/1/202511/2/20248/3/20245/4/20242/3/202410/31/20237/29/20234/29/20231/28/202310/31/2022
Filing Date8/28/20255/29/20253/14/202511/26/20248/28/20246/4/20243/22/202412/1/20239/1/20236/2/20233/17/202311/30/2022
Key Financials Quarterly            
Total Revenue1,5491,4242,7871,6101,5261,3842,9121,5621,5591,3962,8881,604
Ebitda227281758291301271779313279264721261
Operating Income157209678218183187696221188181652202
Net Income6410545310615287579119998143491
EPS0.310.492.090.490.680.392.560.520.430.361.900.40
Key Financials TTM            
Total Revenue TTM7,3707,3477,3077,4327,3847,4177,4297,4057,4477,5067,5607,700
Ebitda TTM1,5571,6311,6211,6421,6641,6421,6351,5771,5251,5431,6131,822
Operating Income TTM1,2621,2881,2661,2841,2871,2921,2861,2421,2231,2771,3761,603
Net Income TTM728816798924937884878733705726800960
Growth Rates Quarterly            
Total Revenue Growth1.5%2.9%-4.3%3.1%-2.1%-0.9%0.8%-2.6%-3.6%-3.7%-4.6%-4.6%
EBITDA Growth-24.6%3.7%-2.7%-7.0%7.9%2.7%8.0%19.9%-6.1%-21.0%-22.5%-29.5%
Operating Income Growth-14.2%11.8%-2.6%-1.4%-2.7%3.3%6.7%9.4%-22.3%-35.4%-25.8%-50.6%
Net Income Growth-57.9%20.7%-21.8%-10.9%53.5%7.4%33.4%30.8%-17.5%-47.7%-26.9%3.4%
Margins Quarterly            
EBITDA Margin14.7%19.7%27.2%18.1%19.7%19.6%26.8%20.0%17.9%18.9%25.0%16.3%
Operating Income Margin10.1%14.7%24.3%13.5%12.0%13.5%23.9%14.1%12.1%13.0%22.6%12.6%
Net Income Margin4.1%7.4%16.3%6.6%10.0%6.3%19.9%7.6%6.4%5.8%15.0%5.7%
Cash & Debt            
Total Cash3646366741915148551,0844127901,0461,232295
Total Debt4,9944,9824,9595,3545,3645,4585,5735,7095,8915,9786,0536,074
Net Debt / (Cash)4,6304,3464,2855,1634,8504,6034,4895,2975,1014,9324,8215,779
Cash Flows Quarterly            
FCF from Operations-43188955-99-4676926-4933441,077-14
Cash Flows TTM            
FCF from Operations TTM1,0019988868579079869541,1051,1401,1221,1441,112
Returns to Shareholders Quarterly            
Dividends424343444545454546464646
Share Repurchases1181365210115296495148-0-0-0
Return on Invested Capital (ROIC) Quarterly            
ROIC9.1%13.8%46.9%12.3%15.0%12.0%57.6%12.5%11.5%10.6%40.2%10.7%
Return on Invested Capital (ROIC) TTM            
ROIC TTM19.9%22.9%23.0%22.1%23.6%24.2%24.6%17.5%17.9%19.3%21.7%21.1%

Segment Financials

Revenue by Segment

$ Mil20252024202320222021
Single Segment7,4297,5607,8826,434 
Bath & Body Works    5,355
Other    50
Victoria’s Secret    7,509
Total7,4297,5607,8826,43412,914


Operating Income by Segment
$ Mil20252024202320222021
Single Segment1,2851,376   
Bath & Body Works    1,224
Other    -184
Victoria’s Secret    -782
Total1,2851,376  258


Price Behavior

BBWI Betas & Captures as of 8/31/2025

 1M2M3M6M1Y3Y
Beta1.521.691.171.551.381.35
Up Beta3.842.972.471.761.531.52
Down Beta2.782.192.191.491.521.57
Up Capture34%16%35%104%102%100%
Bmk +ve Days10223571142415
Stock +ve Days12213356120359
Down Capture19%173%30%140%113%105%
Bmk -ve Days11192754106334
Stock -ve Days9213070128388

[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively

Short Interest

Short Interest: As Of Date8292025
Short Interest: Shares Quantity15,665,524
Short Interest: % Change Since 815202557.5%
Average Daily Volume6,878,565
Days-to-Cover Short Interest2.28
Basic Shares Quantity210,000,000
Short % of Basic Shares7.5%

Returns Analyses

Earnings Returns History

Expand for More

 Forward Returns
Earnings Date1D Returns5D Returns21D Returns
8/28/2025-6.9%1.0% 
5/19/2025-0.5%-10.3%-19.0%
2/27/2025-12.7%-15.7%-22.3%
11/25/202416.5%22.1%27.3%
8/28/2024-7.0%-15.0%-8.6%
6/4/2024-12.8%-11.5%-26.9%
2/29/2024-5.4%-7.3%3.5%
11/16/2023-6.8%-8.3%27.7%
...
SUMMARY STATS   
# Positive151311
# Negative91113
Median Positive5.3%12.4%15.1%
Median Negative-6.8%-8.3%-13.3%
Max Positive25.2%33.2%29.5%
Max Negative-12.8%-15.7%-58.2%

SEC Filings

Expand for More

Report DateFiling DateFiling
7312025828202510-Q 8/2/2025
4302025529202510-Q 5/3/2025
1312025314202510-K 2/1/2025
103120241126202410-Q 11/2/2024
7312024828202410-Q 8/3/2024
4302024604202410-Q 5/4/2024
1312024322202410-K 2/3/2024
103120231201202310-Q 10/31/2023
7312023901202310-Q 7/29/2023
4302023602202310-Q 4/29/2023
1312023317202310-K 1/28/2023
103120221130202210-Q 10/31/2022
7312022902202210-Q 7/30/2022
4302022602202210-Q 4/30/2022
1312022318202210-K 1/29/2022
103120211203202110-Q 10/30/2021

Insider Activity

Expand for More

 OwnerTitleFiling DateActionPriceSharesTransacted
Value		Value of
Held Shares		Form
0Boswell GinaChief Executive Officer10102024Buy29.646,000177,8527,202,621Form

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