Bath & Body Works (BBWI)
Market Price (10/30/2025): $24.91 | Market Cap: $5.2 BilSector: Consumer Discretionary | Industry: Other Specialty Retail
Bath & Body Works (BBWI)
Market Price (10/30/2025): $24.91Market Cap: $5.2 BilSector: Consumer DiscretionaryIndustry: Other Specialty Retail
          Investment Highlights
          
            Why It Matters
            
              Which of these 2 stories sounds closer for this stock?
              1. Generates cash flow
              The stock generated 4% or more of the share price (called cash flow yield), and shows moderate 10-15% or more growth.
              2. Riding a trend
              Think Tesla during the pandemic of 2020 when EVs were riding a cultural high, or Nvidia in the current AI boom, or even Figma. These companies don’t have enough yield, or, enough growth, or both - however - they are riding a trend. They have momentum. These can be more volatile - they don’t have the floor of strong cash flow
            
          
        
        
        | Attractive yieldTotal YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 17%, Dividend Yield is 3.3%, ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is 13%, FCF Yield is 15% | Weak multi-year price returns2Y Excs Rtn is -72%, 3Y Excs Rtn is -99% | Debt is significantNet D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is 89% | 
| Attractive cash flow generationCFO/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 growthRev Chg 3Y AvgRevenue Change % averaged over trailing 3 years is -1.8% | 
| Attractive yieldTotal YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 17%, Dividend Yield is 3.3%, ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is 13%, FCF Yield is 15% | 
| Attractive cash flow generationCFO/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 multi-year price returns2Y Excs Rtn is -72%, 3Y Excs Rtn is -99% | 
| Debt is significantNet D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is 89% | 
| Weak revenue growthRev Chg 3Y AvgRevenue Change % averaged over trailing 3 years is -1.8% | 
Market Valuation & Key Metrics
BBWI Stock
Return vs. Risk
Price Returns Compared
| 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Total [1] | |
|---|---|---|---|---|---|---|---|
| Returns | |||||||
| BBWI Return | 108% | 136% | -38% | 5% | -8% | -34% | 106% | 
| Peers Return | 18% | 14% | -37% | 33% | 21% | 1% | 38% | 
| S&P 500 Return | 16% | 27% | -19% | 24% | 23% | 17% | 110% | 
| Monthly Win Rates [3] | |||||||
| BBWI Win Rate | 67% | 83% | 42% | 50% | 50% | 33% | |
| Peers Win Rate | 53% | 55% | 27% | 57% | 48% | 53% | |
| S&P 500 Win Rate | 58% | 75% | 42% | 67% | 75% | 67% | |
| Max Drawdowns [4] | |||||||
| BBWI Max Drawdown | -49% | 0% | -62% | -32% | -37% | -34% | |
| Peers Max Drawdown | -53% | -7% | -53% | -25% | -16% | -34% | |
| S&P 500 Max Drawdown | -31% | -1% | -25% | -1% | -2% | -15% | |
[1] Cumulative total returns since the beginning of 2020
[2] Peers: NKE, GAP, URBN, AEO, HBI. See BBWI 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] 2025 data is for the year up to 10/29/2025 (YTD)
How Low Can It Go
| Event | BBWI | S&P 500 | 
|---|---|---|
| 2022 Inflation Shock | ||
| % Loss | -66.9% | -25.4% | 
| % Gain to Breakeven | 201.9% | 34.1% | 
| Time to Breakeven | Not Fully Recovered days | 464 days | 
| 2020 Covid Pandemic | ||
| % Loss | -62.9% | -33.9% | 
| % Gain to Breakeven | 169.6% | 51.3% | 
| Time to Breakeven | 128 days | 148 days | 
| 2018 Correction | ||
| % Loss | -76.4% | -19.8% | 
| % Gain to Breakeven | 324.6% | 24.7% | 
| Time to Breakeven | 598 days | 120 days | 
| 2008 Global Financial Crisis | ||
| % Loss | -78.9% | -56.8% | 
| % Gain to Breakeven | 374.0% | 131.3% | 
| Time to Breakeven | 585 days | 1480 days | 
Compare to NKE, GAP, URBN, AEO, HBI
In The Past
Bath & Body Works's stock fell -66.9% during the 2022 Inflation Shock from a high on 11/18/2021. A -66.9% loss requires a 201.9% gain to breakeven.
Preserve Wealth
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Asset Allocation
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Latest Trefis Analyses
Trade Ideas
Select past ideas related to BBWI. For more, see Trefis Trade Ideas.
| Date | Ticker | Company | Category | Trade Strategy | 6M Fwd Rtn | 12M Fwd Rtn | 12M Max DD | 
|---|---|---|---|---|---|---|---|
| 09302025 | ANF | Abercrombie & Fitch | Dip Buy | DB | FCFY OPMDip Buy with High FCF Yield and High MarginBuying dips for companies with high FCF yield and meaningfully high operating margin | -12.8% | -12.8% | -22.1% | 
| 09302025 | DECK | Deckers Outdoor | Dip Buy | DB | FCFY OPMDip Buy with High FCF Yield and High MarginBuying dips for companies with high FCF yield and meaningfully high operating margin | -13.6% | -13.6% | -14.2% | 
| 09302025 | CHH | Choice Hotels International | Dip Buy | DB | P/E OPMDip Buy with Low PE and High MarginBuying dips for companies with tame PE and meaningfully high operating margin | -11.0% | -11.0% | -11.0% | 
| 09302025 | VAC | Marriott Vacations Worldwide | Dip Buy | DB | P/E OPMDip Buy with Low PE and High MarginBuying dips for companies with tame PE and meaningfully high operating margin | 2.8% | 2.8% | -6.1% | 
| 09302025 | FUN | Six Flags Entertainment | Special | Short Squeeze PotentialShort Squeeze PotentialHas potential for a short squeeze. High short interest, rising short interest and high debt. | 14.3% | 14.3% | -11.7% | 
| 05312025 | BBWI | Bath & Body Works | Dip Buy | DB | FCFY OPMDip Buy with High FCF Yield and High MarginBuying dips for companies with high FCF yield and meaningfully high operating margin | -5.9% | -5.9% | -9.7% | 
| 09302022 | BBWI | Bath & Body Works | Dip Buy | DB | FCFY OPMDip Buy with High FCF Yield and High MarginBuying dips for companies with high FCF yield and meaningfully high operating margin | 13.5% | 6.0% | -5.2% | 
| 07312018 | BBWI | Bath & Body Works | Dip Buy | DB | FCFY OPMDip Buy with High FCF Yield and High MarginBuying dips for companies with high FCF yield and meaningfully high operating margin | -8.9% | -12.6% | -28.6% | 
| 01312018 | BBWI | Bath & Body Works | Dip Buy | DB | FCFY OPMDip Buy with High FCF Yield and High MarginBuying dips for companies with high FCF yield and meaningfully high operating margin | -35.6% | -40.4% | -47.4% | 
| Date | Ticker | Company | Category | Trade Strategy | 6M Fwd Rtn | 12M Fwd Rtn | 12M Max DD | 
|---|---|---|---|---|---|---|---|
| 09302025 | ANF | Abercrombie & Fitch | Dip Buy | DB | FCFY OPMDip Buy with High FCF Yield and High MarginBuying dips for companies with high FCF yield and meaningfully high operating margin | -12.8% | -12.8% | -22.1% | 
| 09302025 | DECK | Deckers Outdoor | Dip Buy | DB | FCFY OPMDip Buy with High FCF Yield and High MarginBuying dips for companies with high FCF yield and meaningfully high operating margin | -13.6% | -13.6% | -14.2% | 
| 09302025 | CHH | Choice Hotels International | Dip Buy | DB | P/E OPMDip Buy with Low PE and High MarginBuying dips for companies with tame PE and meaningfully high operating margin | -11.0% | -11.0% | -11.0% | 
| 09302025 | VAC | Marriott Vacations Worldwide | Dip Buy | DB | P/E OPMDip Buy with Low PE and High MarginBuying dips for companies with tame PE and meaningfully high operating margin | 2.8% | 2.8% | -6.1% | 
| 09302025 | FUN | Six Flags Entertainment | Special | Short Squeeze PotentialShort Squeeze PotentialHas potential for a short squeeze. High short interest, rising short interest and high debt. | 14.3% | 14.3% | -11.7% | 
| 05312025 | BBWI | Bath & Body Works | Dip Buy | DB | FCFY OPMDip Buy with High FCF Yield and High MarginBuying dips for companies with high FCF yield and meaningfully high operating margin | -5.9% | -5.9% | -9.7% | 
| 09302022 | BBWI | Bath & Body Works | Dip Buy | DB | FCFY OPMDip Buy with High FCF Yield and High MarginBuying dips for companies with high FCF yield and meaningfully high operating margin | 13.5% | 6.0% | -5.2% | 
| 07312018 | BBWI | Bath & Body Works | Dip Buy | DB | FCFY OPMDip Buy with High FCF Yield and High MarginBuying dips for companies with high FCF yield and meaningfully high operating margin | -8.9% | -12.6% | -28.6% | 
| 01312018 | BBWI | Bath & Body Works | Dip Buy | DB | FCFY OPMDip Buy with High FCF Yield and High MarginBuying dips for companies with high FCF yield and meaningfully high operating margin | -35.6% | -40.4% | -47.4% | 
Research & Analysis
Invest in Strategies
Wealth Management
Peer Comparisons for Bath & Body Works
Financials
| Median | |
|---|---|
| Name | |
| Mkt Price | 24.30 | 
| Mkt Cap | 5.6 | 
| Rev LTM | 6,601 | 
| Op Inc LTM | 861 | 
| FCF LTM | 584 | 
| FCF 3Y Avg | 524 | 
| CFO LTM | 796 | 
| CFO 3Y Avg | 765 | 
Growth & Margins
| Median | |
|---|---|
| Name | |
| Rev Chg LTM | -0.1% | 
| Rev Chg 3Y Avg | -0.8% | 
| Rev Chg Q | 1.3% | 
| QoQ Delta Rev Chg LTM | 0.3% | 
| Op Mgn LTM | 8.6% | 
| Op Mgn 3Y Avg | 7.2% | 
| QoQ Delta Op Mgn LTM | 0.0% | 
| CFO/Rev LTM | 7.9% | 
| CFO/Rev 3Y Avg | 9.5% | 
| FCF/Rev LTM | 5.8% | 
| FCF/Rev 3Y Avg | 6.3% | 
Valuation
| Median | |
|---|---|
| Name | |
| Mkt Cap | 5.6 | 
| P/S | 0.7 | 
| P/EBIT | 8.3 | 
| P/E | 13.6 | 
| P/CFO | 8.7 | 
| Total Yield | 8.2% | 
| Dividend Yield | 0.0% | 
| FCF Yield 3Y Avg | 10.9% | 
| D/E | 0.7 | 
| Net D/E | 0.5 | 
Returns
| Median | |
|---|---|
| Name | |
| 1M Rtn | -2.6% | 
| 3M Rtn | 4.2% | 
| 6M Rtn | 21.5% | 
| 12M Rtn | -8.9% | 
| 3Y Rtn | 30.4% | 
| 1M Excs Rtn | -4.6% | 
| 3M Excs Rtn | -3.3% | 
| 6M Excs Rtn | -2.2% | 
| 12M Excs Rtn | -25.3% | 
| 3Y Excs Rtn | -47.2% | 
Segment Financials
Revenue by Segment
| $ Mil | 2025 | 2024 | 2023 | 2022 | 2021 | 
|---|---|---|---|---|---|
| Single Segment | 7,429 | 7,560 | 7,882 | 6,434 | |
| Bath & Body Works | 5,355 | ||||
| Other | 50 | ||||
| Victoria’s Secret | 7,509 | ||||
| Total | 7,429 | 7,560 | 7,882 | 6,434 | 12,914 | 
| $ Mil | 2025 | 2024 | 2023 | 2022 | 2021 | 
|---|---|---|---|---|---|
| Single Segment | 1,285 | 1,376 | |||
| Bath & Body Works | 1,224 | ||||
| Other | -184 | ||||
| Victoria’s Secret | -782 | ||||
| Total | 1,285 | 1,376 | 258 | 
Returns Analyses
Earnings Returns History
Expand for More| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns | 
| 8/28/2025 | -6.9% | 1.0% | -15.5% | 
| 5/19/2025 | -0.5% | -10.3% | -19.0% | 
| 2/27/2025 | -12.7% | -15.7% | -22.3% | 
| 11/25/2024 | 16.5% | 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 | |||
| # Positive | 15 | 13 | 11 | 
| # Negative | 9 | 11 | 13 | 
| Median Positive | 5.3% | 12.4% | 15.1% | 
| Median Negative | -6.8% | -8.3% | -15.5% | 
| Max Positive | 25.2% | 33.2% | 29.5% | 
| Max Negative | -12.8% | -15.7% | -58.2% | 
SEC Filings
Expand for More| Report Date | Filing Date | Filing | 
|---|---|---|
| 7312025 | 8282025 | 10-Q 8/2/2025 | 
| 4302025 | 5292025 | 10-Q 5/3/2025 | 
| 1312025 | 3142025 | 10-K 2/1/2025 | 
| 10312024 | 11262024 | 10-Q 11/2/2024 | 
| 7312024 | 8282024 | 10-Q 8/3/2024 | 
| 4302024 | 6042024 | 10-Q 5/4/2024 | 
| 1312024 | 3222024 | 10-K 2/3/2024 | 
| 10312023 | 12012023 | 10-Q 10/31/2023 | 
| 7312023 | 9012023 | 10-Q 7/29/2023 | 
| 4302023 | 6022023 | 10-Q 4/29/2023 | 
| 1312023 | 3172023 | 10-K 1/28/2023 | 
| 10312022 | 11302022 | 10-Q 10/31/2022 | 
| 7312022 | 9022022 | 10-Q 7/30/2022 | 
| 4302022 | 6022022 | 10-Q 4/30/2022 | 
| 1312022 | 3182022 | 10-K 1/29/2022 | 
| 10312021 | 12032021 | 10-Q 10/30/2021 | 
Insider Activity
Expand for More| Owner | Title | Filing Date | Action | Price | Shares | TransactedValue | Value ofHeld Shares | Form | |
|---|---|---|---|---|---|---|---|---|---|
| 0 | Boswell Gina | Chief Executive Officer | 10102024 | Buy | 29.64 | 6,000 | 177,852 | 7,202,621 | Form | 
External Quote Links
| Y Finance | Barrons | 
| TradingView | Morningstar | 
| SeekingAlpha | ValueLine | 
| Motley Fool | Robinhood | 
| CNBC | Etrade | 
| MarketWatch | Unusual Whales | 
| YCharts | Perplexity Finance | 
| FinViz | 
