A Business at a Glance
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ITEM 1. BUSINESS. Bath & Body Works is a global leader in personal care and home fragrance, driven by the belief that everybody deserves to feel good. For over 35 years, the brand’s beloved and iconic scents have been expertly crafted for exceptional performance and a luxury fragrance experience. Formulated with thoughtfully chosen ingredients, Bath & Body Works’ body care products are available in multiple forms including fine fragrance mist, body cream, lotion, eau de parfum, body wash, hand soap, sanitizer and more, and home to our famous 3-wick candles. Consumers can shop Bath & Body Works anytime and anywhere they choose, from welcoming, in-store experiences at 1,927 company-operated stores in the United States of America (“U.S”) and Canada, our e-commerce sites in the U.S. and Canada, 573 international stores and 34 e-commerce sites in more than 45 other countries, as well as Amazon. Throughout this Annual Report on Form 10-K, we refer to Bath & Body Works, Inc.
| Metric | TTM | FY2026 | FY2025 | FY2024 | FY2023 | FY2022 |
|---|---|---|---|---|---|---|
| Revenue | 10.1B | 7.3B | 7.3B | 7.4B | 7.6B | 7.9B |
| Net Income | 1.1B | 649M | 798M | 878M | 800M | 1.3B |
| EPS | $5.21 | $3.11 | $3.61 | $3.84 | $3.43 | $4.88 |
| Free Cash Flow | 1.8B | 865M | 660M | 656M | 816M | 1.2B |
| ROIC | 135.2% | - | 56.4% | 63.1% | 67.4% | 109.1% |
| Gross Margin | 44.6% | 43.7% | 44.3% | 43.6% | 43.1% | 48.9% |
| Debt/Equity | 0.00 | - | -3.04 | -2.80 | -2.70 | -2.20 |
| Dividends/Share | $1.04 | $0.80 | $0.80 | $0.80 | $0.80 | $0.45 |
| Operating Income | 1.8B | 1.1B | 1.3B | 1.3B | 1.4B | 2.0B |
| Operating Margin | 17.9% | 15.4% | 17.3% | 17.3% | 18.2% | 25.5% |
| ROE | 0.0% | - | -59.9% | -58.3% | -41.7% | -71.6% |
| Shares Outstanding | 201M | 209M | 221M | 229M | 233M | 273M |
Bath & Body Works, Inc. passes 4 of 9 quality checks, suggesting mixed fundamentals.
Bath & Body Works, Inc. trades at 4.3x trailing earnings, compared to its 15-year median P/E of 10.3x, suggesting it is currently Cheap relative to its historical range. On a free-cash-flow basis, the stock trades at 5.6x vs a median of 11.0x. The company's 5-year average ROIC is 74.0% with a gross margin of 44.7%. Total shareholder yield (dividends + buybacks) is 18.0%. At current prices, the estimated annualized return to fair value is -4.6%.
Bath & Body Works, Inc. (BBWI) has a current P/E ratio of 4.3, compared to its historical median P/E of 10.3. The stock is currently considered Cheap based on its historical valuation range.
Bath & Body Works, Inc. (BBWI) has a 5-year average return on invested capital (ROIC) of 74.0%. This indicates strong capital allocation and a potential competitive advantage.
Bath & Body Works, Inc. (BBWI) has a market capitalization of $3.7B. It is classified as a mid-cap stock.
Yes, Bath & Body Works, Inc. (BBWI) pays a dividend with a trailing twelve-month yield of 5.69%. The company also returns capital through share buybacks, with a buyback yield of 12.27%.
Based on historical P/E analysis, Bath & Body Works, Inc. (BBWI) appears cheap. The current P/E of 4.3 is 58% below its historical median of 10.3. The estimated fair value CAGR (P/E method) is 17.6%.
Bath & Body Works, Inc. (BBWI) operates in the Retail-Retail Stores, Nec industry, within the Consumer Cyclical sector.
Bath & Body Works, Inc. (BBWI) reported annual revenue of $7.3 billion in its most recent fiscal year, based on SEC EDGAR filings.
Bath & Body Works, Inc. (BBWI) has a net profit margin of 8.9%. This is a modest margin.
Bath & Body Works, Inc. (BBWI) generated $865 million in free cash flow in its most recent fiscal year. Positive free cash flow supports dividends, buybacks, and debt reduction.
Bath & Body Works, Inc. (BBWI) reported earnings per share (EPS) of $3.11 in its most recent fiscal year.
Bath & Body Works, Inc. (BBWI) has a 5-year average gross margin of 44.7%. This indicates decent pricing power.
The Ledger Terminal provides 17 years of financial data for Bath & Body Works, Inc. (BBWI), sourced directly from SEC EDGAR filings. This includes income statements, balance sheets, cash flow statements, and key financial ratios.