Tearsheet

Bath & Body Works (BBWI)


Market Price (10/30/2025): $24.91 | Market Cap: $5.2 Bil
Sector: Consumer Discretionary | Industry: Other Specialty Retail

Bath & Body Works (BBWI)


Market Price (10/30/2025): $24.91
Market Cap: $5.2 Bil
Sector: Consumer Discretionary
Industry: 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


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 3.3%, 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 returns
2Y Excs Rtn is -72%, 3Y Excs Rtn is -99%
Debt is significant
Net D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is 89%
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 3.3%, 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%
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 -72%, 3Y Excs Rtn is -99%
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 89%
4 Weak revenue growth
Rev Chg 3Y AvgRevenue Change % averaged over trailing 3 years is -1.8%

Market Valuation & Key Metrics

BBWI Stock


Return vs. Risk


Price Returns Compared

 202020212022202320242025Total [1]
Returns
BBWI Return108%136%-38%5%-8%-34%106%
Peers Return18%14%-37%33%21%1%38%
S&P 500 Return16%27%-19%24%23%17%110%

Monthly Win Rates [3]
BBWI Win Rate67%83%42%50%50%33% 
Peers Win Rate53%55%27%57%48%53% 
S&P 500 Win Rate58%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

Unique KeyEventBBWIS&P 500
2022 Inflation Shock2022 Inflation Shock  
2022 Inflation Shock% Loss% Loss-66.9%-25.4%
2022 Inflation Shock% Gain to Breakeven% Gain to Breakeven201.9%34.1%
2022 Inflation ShockTime to BreakevenTime to BreakevenNot Fully Recovered days464 days
2020 Covid Pandemic2020 Covid Pandemic  
2020 Covid Pandemic% Loss% Loss-62.9%-33.9%
2020 Covid Pandemic% Gain to Breakeven% Gain to Breakeven169.6%51.3%
2020 Covid PandemicTime to BreakevenTime to Breakeven128 days148 days
2018 Correction2018 Correction  
2018 Correction% Loss% Loss-76.4%-19.8%
2018 Correction% Gain to Breakeven% Gain to Breakeven324.6%24.7%
2018 CorrectionTime to BreakevenTime to Breakeven598 days120 days
2008 Global Financial Crisis2008 Global Financial Crisis  
2008 Global Financial Crisis% Loss% Loss-78.9%-56.8%
2008 Global Financial Crisis% Gain to Breakeven% Gain to Breakeven374.0%131.3%
2008 Global Financial CrisisTime to BreakevenTime to Breakeven585 days1480 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

Limiting losses and compounding gains is essential to preserving wealth over time.

Asset Allocation

Actively managed asset allocation strategies protect wealth. Learn more.

About Bath & Body Works (BBWI)

Better Bets than Bath & Body Works (BBWI)

Latest Trefis Analyses

Trade Ideas

Select past ideas related to BBWI. For more, see Trefis Trade Ideas.

Unique KeyDateTickerCompanyCategoryTrade Strategy6M Fwd Rtn12M Fwd Rtn12M Max DD
ANF_9302025_Dip_Buyer_FCFYield09302025ANFAbercrombie & FitchDip BuyDB | FCFY OPMDip Buy with High FCF Yield and High Margin
Buying dips for companies with high FCF yield and meaningfully high operating margin
-12.8%-12.8%-22.1%
DECK_9302025_Dip_Buyer_FCFYield09302025DECKDeckers OutdoorDip BuyDB | FCFY OPMDip Buy with High FCF Yield and High Margin
Buying dips for companies with high FCF yield and meaningfully high operating margin
-13.6%-13.6%-14.2%
CHH_9302025_Dip_Buyer_ValueBuy09302025CHHChoice Hotels InternationalDip BuyDB | P/E OPMDip Buy with Low PE and High Margin
Buying dips for companies with tame PE and meaningfully high operating margin
-11.0%-11.0%-11.0%
VAC_9302025_Dip_Buyer_ValueBuy09302025VACMarriott Vacations WorldwideDip BuyDB | P/E OPMDip Buy with Low PE and High Margin
Buying dips for companies with tame PE and meaningfully high operating margin
2.8%2.8%-6.1%
FUN_9302025_Short_Squeeze09302025FUNSix Flags EntertainmentSpecialShort Squeeze PotentialShort Squeeze Potential
Has potential for a short squeeze. High short interest, rising short interest and high debt.
14.3%14.3%-11.7%
BBWI_5312025_Dip_Buyer_FCFYield05312025BBWIBath & Body WorksDip BuyDB | FCFY OPMDip Buy with High FCF Yield and High Margin
Buying dips for companies with high FCF yield and meaningfully high operating margin
-5.9%-5.9%-9.7%
BBWI_9302022_Dip_Buyer_FCFYield09302022BBWIBath & Body WorksDip BuyDB | FCFY OPMDip Buy with High FCF Yield and High Margin
Buying dips for companies with high FCF yield and meaningfully high operating margin
13.5%6.0%-5.2%
BBWI_7312018_Dip_Buyer_FCFYield07312018BBWIBath & Body WorksDip BuyDB | FCFY OPMDip Buy with High FCF Yield and High Margin
Buying dips for companies with high FCF yield and meaningfully high operating margin
-8.9%-12.6%-28.6%
BBWI_1312018_Dip_Buyer_FCFYield01312018BBWIBath & Body WorksDip BuyDB | FCFY OPMDip Buy with High FCF Yield and High Margin
Buying dips for companies with high FCF yield and meaningfully high operating margin
-35.6%-40.4%-47.4%
Unique KeyDateTickerCompanyCategoryTrade Strategy6M Fwd Rtn12M Fwd Rtn12M Max DD
ANF_9302025_Dip_Buyer_FCFYield09302025ANFAbercrombie & FitchDip BuyDB | FCFY OPMDip Buy with High FCF Yield and High Margin
Buying dips for companies with high FCF yield and meaningfully high operating margin
-12.8%-12.8%-22.1%
DECK_9302025_Dip_Buyer_FCFYield09302025DECKDeckers OutdoorDip BuyDB | FCFY OPMDip Buy with High FCF Yield and High Margin
Buying dips for companies with high FCF yield and meaningfully high operating margin
-13.6%-13.6%-14.2%
CHH_9302025_Dip_Buyer_ValueBuy09302025CHHChoice Hotels InternationalDip BuyDB | P/E OPMDip Buy with Low PE and High Margin
Buying dips for companies with tame PE and meaningfully high operating margin
-11.0%-11.0%-11.0%
VAC_9302025_Dip_Buyer_ValueBuy09302025VACMarriott Vacations WorldwideDip BuyDB | P/E OPMDip Buy with Low PE and High Margin
Buying dips for companies with tame PE and meaningfully high operating margin
2.8%2.8%-6.1%
FUN_9302025_Short_Squeeze09302025FUNSix Flags EntertainmentSpecialShort Squeeze PotentialShort Squeeze Potential
Has potential for a short squeeze. High short interest, rising short interest and high debt.
14.3%14.3%-11.7%
BBWI_5312025_Dip_Buyer_FCFYield05312025BBWIBath & Body WorksDip BuyDB | FCFY OPMDip Buy with High FCF Yield and High Margin
Buying dips for companies with high FCF yield and meaningfully high operating margin
-5.9%-5.9%-9.7%
BBWI_9302022_Dip_Buyer_FCFYield09302022BBWIBath & Body WorksDip BuyDB | FCFY OPMDip Buy with High FCF Yield and High Margin
Buying dips for companies with high FCF yield and meaningfully high operating margin
13.5%6.0%-5.2%
BBWI_7312018_Dip_Buyer_FCFYield07312018BBWIBath & Body WorksDip BuyDB | FCFY OPMDip Buy with High FCF Yield and High Margin
Buying dips for companies with high FCF yield and meaningfully high operating margin
-8.9%-12.6%-28.6%
BBWI_1312018_Dip_Buyer_FCFYield01312018BBWIBath & Body WorksDip BuyDB | FCFY OPMDip Buy with High FCF Yield and High Margin
Buying dips for companies with high FCF yield and meaningfully high operating margin
-35.6%-40.4%-47.4%

Recent Active Movers

Recent Active Movers

More From Trefis

Peer Comparisons for Bath & Body Works

Financials

BBWINKEGAPURBNAEOHBIMedian
NameBath & B.Nike Gap Urban Ou.American.Hanesbra. 
Mkt Price24.9165.3523.6966.3816.986.7924.30
Mkt Cap5.296.58.86.02.92.45.6
Rev LTM7,37046,44015,1665,8325,2673,4856,601
Op Inc LTM1,2623,4201,166557301445861
FCF LTM7833,00976939915258584
FCF 3Y Avg7554,893938285293220524
CFO LTM1,0013,5261,21559041088796
CFO 3Y Avg1,0165,6111,380479514279765

Growth & Margins

BBWINKEGAPURBNAEOHBIMedian
NameBath & B.Nike Gap Urban Ou.American.Hanesbra. 
Rev Chg LTM-0.2%-7.1%-0.0%9.6%-2.7%1.3%-0.1%
Rev Chg 3Y Avg-1.8%-0.3%-1.3%7.5%1.6%-14.3%-0.8%
Rev Chg Q1.5%1.1%0.1%11.3%-0.6%1.8%1.3%
QoQ Delta Rev Chg LTM0.3%0.3%0.0%2.7%-0.1%0.5%0.3%
Op Mgn LTM17.1%7.4%7.7%9.5%5.7%12.8%8.6%
Op Mgn 3Y Avg17.0%10.2%5.2%7.6%6.7%6.4%7.2%
QoQ Delta Op Mgn LTM-0.4%-0.6%-0.0%0.3%0.0%6.2%0.0%
CFO/Rev LTM13.6%7.6%8.0%10.1%7.8%2.5%7.9%
CFO/Rev 3Y Avg13.7%11.3%9.1%8.9%9.9%8.3%9.5%
FCF/Rev LTM10.6%6.5%5.1%6.8%2.9%1.7%5.8%
FCF/Rev 3Y Avg10.2%9.9%6.2%5.2%5.7%6.5%6.3%

Valuation

BBWINKEGAPURBNAEOHBIMedian
NameBath & B.Nike Gap Urban Ou.American.Hanesbra. 
Mkt Cap5.296.58.86.02.92.45.6
P/S0.72.10.61.00.60.70.7
P/EBIT4.128.26.910.19.66.28.3
P/E7.233.39.912.514.726.913.6
P/CFO5.227.47.310.17.127.48.7
Total Yield17.2%3.0%10.1%8.0%8.4%3.7%8.2%
Dividend Yield3.3%0.0%0.0%0.0%1.6%0.0%0.0%
FCF Yield 3Y Avg9.9%3.8%16.3%6.5%11.9%12.9%10.9%
D/E1.00.10.60.20.71.10.7
Net D/E0.90.00.40.10.61.00.5

Returns

BBWINKEGAPURBNAEOHBIMedian
NameBath & B.Nike Gap Urban Ou.American.Hanesbra. 
1M Rtn-4.4%-6.0%11.9%-8.1%-0.7%3.7%-2.6%
3M Rtn-16.5%-14.3%21.4%-13.0%51.9%65.2%4.2%
6M Rtn-17.2%17.2%9.8%25.8%64.6%47.9%21.5%
12M Rtn-11.4%-14.8%14.0%81.6%-11.8%-6.5%-8.9%
3Y Rtn-20.6%-26.8%136.8%169.0%64.4%-3.6%30.4%
1M Excs Rtn-6.3%-9.3%8.6%-10.1%-3.0%0.0%-4.6%
3M Excs Rtn-22.1%-20.7%14.0%-20.5%49.8%57.3%-3.3%
6M Excs Rtn-40.9%-6.5%-13.9%2.0%40.9%24.2%-2.2%
12M Excs Rtn-34.5%-33.9%-5.6%70.1%-29.6%-20.9%-25.3%
3Y Excs Rtn-99.2%-103.4%70.8%100.8%-9.3%-85.2%-47.2%

Financials

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

Short Interest

Short Interest: As Of Date10152025
Short Interest: Shares Quantity15,284,601
Short Interest: % Change Since 9302025-27.5%
Average Daily Volume6,665,354
Days-to-Cover Short Interest2.29
Basic Shares Quantity210,000,000
Short % of Basic Shares7.3%

Earnings Returns History

Expand for More

 Forward Returns
Earnings Date1D Returns5D Returns21D 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%
11/25/202416.5%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%-15.5%
Max Positive25.2%33.2%29.5%
Max Negative-12.8%-15.7%-58.2%

SEC Filings

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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