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Bath & Body Works

BBWI NYSE Other Specialty Retail Financials FY2016–FY2025

Bath & Body Works' revenue fell 0.2% to $7.3 billion in fiscal 2025. Its operating margin was 15.4%, down from 17.3% a year earlier. Free cash flow was $865 million, up 31.1%. It paid out $568 million in dividends and buybacks, 66% of free cash flow. The diluted share count fell 5.4%.

Last close · Oct 23, 2026

$20.95

3.0%
Value it Compare
Revenue Total sales reported in the income statement.
$7.3B
0.2% vs prior year
Operating margin Operating income as a share of revenue.
15.4%
1.9 pts
Net income Profit after all expenses, interest and tax.
$649M
18.7%
Free cash flow Cash from operations minus capital spending.
$865M
31.1%
Return on capital After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
47.5%
8.6 pts
Market cap Last close times the latest diluted share count, so it is approximate.
$4.2B
Oct 23 close
P/E Last close divided by diluted earnings per share over the last four quarters.
5.5x
On $3.79 EPS (TTM)

What Bath & Body Works does

No business description yet.

Legal name
BATH & BODY WORKS, INC.
Fiscal year ends
January 31, 2026
Latest annual report
—
Accession · CIK
0000701985-26-000008
0000701985

Revenue and margins

Bath & Body Works had $7.3B of revenue in fiscal 2025, down 0.2% on the year before.

Revenue
Revenue
Margins, % of revenue
Gross Operating Net FCF
Margins, % of revenue
Gross Operating Net FCF

Net income and earnings per share

From fiscal 2016 to 2025, diluted EPS grew −2.7% a year. Loss periods are shown in red.

Net income
Net income
Diluted EPS
Diluted EPS

Returns on capital

After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.

Return on capital, equity and assets (annual)
Return on capital Return on equity Return on assets

Cash flow

Free cash flow was $865M in fiscal 2025, 11.9% of revenue. Cash from operations minus capital spending.

Free cash flow
Free cash flow
Cash from operations vs capital spending
Cash from operations Capital spending
Cash from operations vs capital spending
Cash from operations Capital spending

Dividends, buybacks and share count

Bath & Body Works returned $568M to shareholders in fiscal 2025, 66% of free cash flow. The diluted share count fell 5.4%.

Dividends and buybacks
Dividends Buybacks
Dividends and buybacks
Dividends Buybacks
Diluted shares outstanding (annual)

Value Bath & Body Works yourself

Change the assumptions and see what they imply per share. These are models, not forecasts or price targets — the answer depends entirely on what you put in.

Discounted cash flow

Value per share

—

Adds net cash of −$2.9B and divides by 209.0M diluted shares. Ten years of cash flows plus a terminal value, discounted to today.

Earnings multiple

Value per share

—

Reference multiples: today 5.5x · peers 23.9x · sector 17.9x.

Balance sheet

Cash, debt and the ratios that show how comfortably Bath & Body Works can carry it.

Cash vs debt (incl. leases)
Cash Debt
Fiscal year endFY21FY22FY23FY24FY25
Cash and short-term investments $2.0B$1.2B$1.1B$674M$953M
Debt incl. finance leases $4.9B$4.9B$4.4B$3.9B$3.9B
Net debt / EBITDA 1.2x2.3x2.1x2.1x2.1x
Interest coverage 5.2x4.0x3.7x4.1x4.1x
Current ratio 2.3x1.6x1.6x1.5x1.3x
Quick ratio 1.8x1.1x1.1x0.9x0.8x
Total assets $6.0B$5.5B$5.5B$4.9B$5.1B
Total liabilities $7.5B$7.7B$7.1B$6.3B$6.3B
Shareholders' equity −$1.5B−$2.2B−$1.6B−$1.4B−$1.3B
Net debt (− = net cash) $2.9B$3.6B$3.3B$3.2B$2.9B

Insider trades

Open-market purchases and sales by officers, directors and 10% owners, from Form 4 filings. 'Plan' marks trades under a pre-arranged Rule 10b5-1 plan.

Bought, 12 months

$1.0M

6 insiders

Sold, 12 months

$0.0M

1 insider

Of sales under plans

0%

$0.0M

DateInsiderTradeSharesPriceValueFiling
Oct 16, 2026 Sarah E NashDirector Sold 1 $20.57 $0.0M Form 4
Nov 24, 2025 James Kevin SymancykDirector Bought 22,500 $15.58 $0.4M Form 4
Nov 24, 2025 Sarah E NashDirector Bought 10,000 $15.58 $0.2M Form 4
Nov 21, 2025 Francis HondalDirector Bought 3,343 $15.00 $0.1M Form 4
Nov 21, 2025 Lucy BradyDirector Bought 3,470 $14.40 $0.0M Form 4
Nov 21, 2025 Stephen D SteinourDirector Bought 6,700 $14.86 $0.1M Form 4
Nov 21, 2025 Steven E VoskuilDirector Bought 20,000 $15.04 $0.3M Form 4

Piotroski F-score

Nine pass/fail tests of profitability, funding and efficiency. 8–9 is strong, 0–2 weak.

TestFY23FY24FY25
Net income is positive ✓ ✓ ✓
Cash from operations is positive ✓ ✓ ✓
Return on assets rose ✓ ✕ ✕
Cash from operations exceeds net income ✓ ✓ ✓
Debt fell relative to assets ✓ ✓ ✕
Current ratio rose ✕ ✕ ✕
Share count didn't rise ✓ ✓ ✓
Gross margin rose ✓ ✓ ✕
Revenue rose relative to assets ✓ ✕ ✓
F-score 8 / 96 / 95 / 9
Accruals ratio −1.4%−1.7%−9.1%
Altman Z'' 1.231.260.91

Similar companies

Each company's latest fiscal year. Fiscal years end in different months, so periods don't line up exactly.

CompanyMarket capGrowthOp. marginFCF marginROICP/EF-score
Bath & Body Works BBWI $4.2B −0.2% 15.4% 11.9% 47.5% 5.5x 5
Ulta Beauty ULTA $26.9B 9.7% 12.4% 8.6% 55.8% 22.8x 6 Compare →
Chewy CHWY $9.0B 6.2% 2.0% 4.5% — 33.2x 7 Compare →
Tractor Supply TSCO $17.5B 4.3% 9.5% 4.8% 28.5% 17.4x 6 Compare →
Winmark WINA $1.0B 5.9% 63.4% 52.0% — 25.0x — Compare →

10 years of figures

US$ millions unless stated. Hover a ratio's name for its definition.

Download CSV
Fiscal yearFY16FY17FY18FY19FY20FY21FY22FY23FY24FY25
Income statement
Revenue $12.6B $12.6B $13.2B $5.4B $6.4B $7.9B $7.6B $7.4B $7.3B $7.3B
Gross profit $5.1B $5.0B $4.9B $2.4B $3.1B $3.9B $3.3B $3.2B $3.2B $3.2B
Operating income $2.0B $1.7B $1.2B $1.0B $1.6B $2.0B $1.4B $1.3B $1.3B $1.1B
Interest expense $394M $406M $385M $370M $432M $388M $348M $345M $312M $276M
Pretax income $1.7B $1.3B $857M $608M $1.1B $1.4B $1.0B $1.0B $1.0B $882M
Income tax $538M $329M $213M $148M $257M $348M $251M $143M $230M $233M
Net income $1.2B $983M $644M −$366M $844M $1.3B $800M $878M $798M $649M
Diluted EPS $3.98 $3.42 $2.31 −$1.32 $3.00 $4.88 $3.43 $3.84 $3.61 $3.11
Diluted shares 0.29B 0.29B 0.28B 0.28B 0.28B 0.27B 0.23B 0.23B 0.22B 0.21B
Cash flow
Cash from operations $2.0B $1.4B $1.4B $1.2B $2.0B $1.5B $1.1B $954M $886M $1.1B
Capital expenditure $990M $707M $629M $458M $228M $270M $328M $298M $226M $237M
Free cash flow $1.0B $699M $748M $778M $1.8B $1.2B $816M $656M $660M $865M
Depreciation and amortization $472M $524M $547M $588M $521M $363M $221M $269M $282M $254M
Stock-based compensation $96.0M $102M $97.0M $87.0M $50.0M $46.0M $38.0M $43.0M $40.0M $31.0M
Acquisitions $33.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M
Share buybacks $435M $446M $198M $0.0M $0.0M $2.0B $1.3B $148M $401M $401M
Dividends paid $1.3B $686M $666M $332M $83.0M $120M $186M $182M $177M $167M
Dividends and buybacks $1.7B $1.1B $864M $332M $83.0M $2.1B $1.5B $330M $578M $568M
Balance sheet
Cash and short-term investments $1.9B $1.5B $1.4B $1.5B $3.6B $2.0B $1.2B $1.1B $674M $953M
Total debt $5.7B $5.7B $5.7B $5.5B $6.4B $4.9B $4.9B $4.4B $3.9B $3.9B
Finance lease liabilities $0.0M $0.0M $27.0M $21.0M $33.0M $0.0M $0.0M $0.0M $0.0M $0.0M
Current assets $3.5B $3.3B $3.3B $3.2B $5.6B $3.0B $2.3B $2.1B $1.8B $2.0B
Current liabilities $2.0B $2.0B $2.0B $2.4B $2.8B $1.3B $1.4B $1.3B $1.2B $1.6B
Inventory $1.1B $1.2B $1.2B $1.3B $572M $709M $709M $710M $734M $699M
Property and equipment, net $2.7B $2.9B $2.8B $2.5B $1.0B $1.0B $1.2B $1.2B $1.1B $1.1B
Total assets $8.2B $8.1B $8.1B $10.1B $11.6B $6.0B $5.5B $5.5B $4.9B $5.1B
Total liabilities $8.9B $8.9B $9.0B $11.6B $12.2B $7.5B $7.7B $7.1B $6.3B $6.3B
Shareholders' equity −$729M −$753M −$869M −$1.5B −$662M −$1.5B −$2.2B −$1.6B −$1.4B −$1.3B
Margins
Gross margin 40.8% 39.3% 37.0% 44.2% 48.1% 48.9% 43.1% 43.6% 44.3% 43.7%
Operating margin 15.9% 13.7% 9.4% 19.2% 24.9% 25.5% 18.2% 17.3% 17.3% 15.4%
EBITDA margin 19.7% 17.8% 13.5% 30.1% 33.0% 30.1% 21.1% 20.9% 21.2% 18.9%
Net margin 9.2% 7.8% 4.9% −6.8% 13.1% 16.9% 10.6% 11.8% 10.9% 8.9%
FCF margin 8.0% 5.5% 5.7% 14.4% 28.2% 15.5% 10.8% 8.8% 9.0% 11.9%
Returns
Return on capital 45.9% 40.0% 26.8% 26.2% 52.8% 86.0% 75.1% 71.2% 56.1% 47.5%
Return on capital employed 31.4% 28.2% 20.2% 15.0% 19.4% 29.8% 31.1% 31.0% 32.4% 31.6%
Return on assets 13.9% 12.1% 7.9% −4.0% 7.8% 15.2% 13.9% 16.0% 15.4% 13.1%
Growth
Revenue growth 3.5% 0.5% 4.8% −59.2% 19.0% 22.5% −4.1% −1.7% −1.6% −0.2%
Net income growth −7.6% −15.1% −34.5% −156.8% — 57.9% −40.0% 9.8% −9.1% −18.7%
EPS growth −5.7% −14.1% −32.5% −157.1% — 62.7% −29.7% 12.0% −6.0% −13.9%
FCF growth −23.1% −30.1% 7.0% 4.0% 132.8% −32.5% −33.2% −19.6% 0.6% 31.1%
Share count change −2.0% −1.4% −2.8% −0.4% 1.1% −2.9% −14.7% −1.7% −3.5% −5.4%
Financial health
Net debt / EBITDA 1.5x 1.9x 2.4x 2.5x 1.3x 1.2x 2.3x 2.1x 2.1x 2.1x
Interest coverage 5.1x 4.3x 3.2x 2.8x 3.7x 5.2x 4.0x 3.7x 4.1x 4.1x
Current ratio 1.7x 1.6x 1.6x 1.4x 2.0x 2.3x 1.6x 1.6x 1.5x 1.3x
Quick ratio 1.2x 1.0x 1.0x 0.8x 1.8x 1.8x 1.1x 1.1x 0.9x 0.8x
Capital allocation
Capex / revenue 7.9% 5.6% 4.8% 8.5% 3.5% 3.4% 4.3% 4.0% 3.1% 3.3%
Stock comp / revenue 0.8% 0.8% 0.7% 1.6% 0.8% 0.6% 0.5% 0.6% 0.6% 0.4%
Payouts / FCF 170.3% 162.0% 115.5% 42.7% 4.6% 170.5% 183.6% 50.3% 87.6% 65.7%
Quality scores
Piotroski F-score 5.0 5.0 6.0 5.0 7.0 9.0 6.0 8.0 6.0 5.0
Altman Z'' 2.8 1.8 1.4 0.4 2.0 2.9 1.0 1.2 1.3 0.9
Accruals ratio −10.0% −5.2% −9.0% −17.6% −11.0% −1.8% −6.0% −1.4% −1.7% −9.1%

Source: SEC EDGAR XBRL filings (CIK 0000701985). Data updated October 9, 2026. Quarterly fourth quarters are the full year minus the first nine months. For information only — not investment advice. Check the original filings before relying on any figure.

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