Bath & Body Works
BBWI · Other Specialty Retail
$20.95
3.0%Garmin
GRMN · Consumer Electronics
$293.74
0.6%The short version
- Bath & Body Works is the larger business, with $7.3B of revenue in fiscal 2025 against $7.2B for Garmin.
- Garmin grew revenue faster (15.1%, against −0.2%).
- Garmin kept more of each dollar of sales as operating profit (25.9% operating margin, against 15.4% operating margin).
- Garmin turned more of its sales into free cash flow (18.8% FCF margin, against 11.9% FCF margin).
- Bath & Body Works earned a higher return on the capital invested in it (47.5%, against 26.8%).
- Investors pay more for each dollar of Garmin’s earnings: a P/E of 32.8x against 5.5x for Bath & Body Works.
| Latest fiscal year | BBWI · FY25 | GRMN · FY25 |
|---|---|---|
| Size | ||
| Market cap | $4.2B | $56.9B |
| Revenue | $7.3B | $7.2B |
| Free cash flow | $865M | $1.4B |
| Net income | $649M | $1.7B |
| Growth | ||
| Revenue growth | −0.2% | 15.1% |
| 5-year growth | 2.5% | 11.6% |
| Share count change | −5.4% | 0.2% |
| Profitability | ||
| Gross margin | 43.7% | 58.7% |
| Operating margin | 15.4% | 25.9% |
| Net margin | 8.9% | 23.0% |
| FCF margin | 11.9% | 18.8% |
| Return on capital | 47.5% | 26.8% |
| Return on equity | — | 19.8% |
| Balance sheet | ||
| Net debt | $2.9B | −$2.7B |
| Net debt / EBITDA | 2.1x | −1.3x |
| Dividends and buybacks | $568M | $664M |
| Valuation & quality | ||
| P/E | 5.5x | 32.8x |
| Piotroski F-score | 5 | 6 |
FY16
BBWI $12.6B
GRMN $3.0B
FY17
BBWI $12.6B
GRMN $3.1B
FY18
BBWI $13.2B
GRMN $3.3B
FY19
BBWI $5.4B
GRMN $3.8B
FY20
BBWI $6.4B
GRMN $4.2B
FY21
BBWI $7.9B
GRMN $5.0B
FY22
BBWI $7.6B
GRMN $4.9B
FY23
BBWI $7.4B
GRMN $5.2B
FY24
BBWI $7.3B
GRMN $6.3B
FY25
BBWI $7.3B
GRMN $7.2B
BBWI
GRMN
FY16
BBWI 15.9%
GRMN 20.8%
FY17
BBWI 13.7%
GRMN 21.9%
FY18
BBWI 9.4%
GRMN 23.3%
FY19
BBWI 19.2%
GRMN 25.2%
FY20
BBWI 24.9%
GRMN 25.2%
FY21
BBWI 25.5%
GRMN 24.5%
FY22
BBWI 18.2%
GRMN 21.2%
FY23
BBWI 17.3%
GRMN 20.9%
FY24
BBWI 17.3%
GRMN 25.3%
FY25
BBWI 15.4%
GRMN 25.9%
BBWI
GRMN
FY16
BBWI $1.0B
GRMN $615M
FY17
BBWI $699M
GRMN $521M
FY18
BBWI $748M
GRMN $764M
FY19
BBWI $778M
GRMN $581M
FY20
BBWI $1.8B
GRMN $950M
FY21
BBWI $1.2B
GRMN $705M
FY22
BBWI $816M
GRMN $544M
FY23
BBWI $656M
GRMN $1.2B
FY24
BBWI $660M
GRMN $1.2B
FY25
BBWI $865M
GRMN $1.4B
BBWI
GRMN
FY16
BBWI 45.9%
GRMN —
FY17
BBWI 40.0%
GRMN 24.6%
FY18
BBWI 26.8%
GRMN 22.9%
FY19
BBWI 26.2%
GRMN 29.6%
FY20
BBWI 52.8%
GRMN 26.9%
FY21
BBWI 86.0%
GRMN 27.5%
FY22
BBWI 75.1%
GRMN 20.8%
FY23
BBWI 71.2%
GRMN 22.3%
FY24
BBWI 56.1%
GRMN 25.5%
FY25
BBWI 47.5%
GRMN 26.8%
BBWI
GRMN
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