Bath & Body Works vs Newell Brands
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The short version
- Bath & Body Works is the larger business, with $7.3B of revenue in fiscal 2025 against $7.2B for Newell Brands.
- Bath & Body Works grew revenue faster (−0.2%, against −5.0%).
- Bath & Body Works kept more of each dollar of sales as operating profit (15.4% operating margin, against 0.5%).
- Bath & Body Works turned more of its sales into free cash flow (11.9% FCF margin, against 0.2%).
- Bath & Body Works earned a higher return on the capital invested in it (47.5%, against 0.5%).
| Latest fiscal year | BBWI · FY25 | NWL · FY25 |
|---|---|---|
| Size | ||
| Market cap | $4.2B | $2.3B |
| Revenue | $7.3B | $7.2B |
| Free cash flow | $865M | $17.0M |
| Net income | $649M | −$285M |
| Growth | ||
| Revenue growth | −0.2% | −5.0% |
| 5-year growth | 2.5% | −5.2% |
| Share count change | −5.4% | 0.7% |
| Profitability | ||
| Gross margin | 43.7% | 33.8% |
| Operating margin | 15.4% | 0.5% |
| Net margin | 8.9% | −4.0% |
| FCF margin | 11.9% | 0.2% |
| Return on capital | 47.5% | 0.5% |
| Return on equity | — | −11.1% |
| Balance sheet | ||
| Net debt | $2.9B | $4.3B |
| Net debt / EBITDA | 2.1x | 12.4x |
| Dividends and buybacks | $568M | $120M |
| Valuation & quality | ||
| P/E | 5.5x | — |
| Piotroski F-score | 5 | 4 |
Revenue
FY16
BBWI $12.6B
NWL $13.3B
FY17
BBWI $12.6B
NWL $14.7B
FY18
BBWI $13.2B
NWL $10.2B
FY19
BBWI $5.4B
NWL $9.7B
FY20
BBWI $6.4B
NWL $9.4B
FY21
BBWI $7.9B
NWL $10.6B
FY22
BBWI $7.6B
NWL $9.5B
FY23
BBWI $7.4B
NWL $8.1B
FY24
BBWI $7.3B
NWL $7.6B
FY25
BBWI $7.3B
NWL $7.2B
BBWI
NWL
Operating margin
FY16
BBWI 15.9%
NWL 2.3%
FY17
BBWI 13.7%
NWL 4.8%
FY18
BBWI 9.4%
NWL −74.4%
FY19
BBWI 19.2%
NWL −5.0%
FY20
BBWI 24.9%
NWL −6.7%
FY21
BBWI 25.5%
NWL 9.6%
FY22
BBWI 18.2%
NWL 3.3%
FY23
BBWI 17.3%
NWL −1.1%
FY24
BBWI 17.3%
NWL 0.9%
FY25
BBWI 15.4%
NWL 0.5%
BBWI
NWL
Free cash flow
FY16
BBWI $1.0B
NWL $1.4B
FY17
BBWI $699M
NWL $560M
FY18
BBWI $748M
NWL $296M
FY19
BBWI $778M
NWL $779M
FY20
BBWI $1.8B
NWL $1.2B
FY21
BBWI $1.2B
NWL $595M
FY22
BBWI $816M
NWL −$584M
FY23
BBWI $656M
NWL $646M
FY24
BBWI $660M
NWL $237M
FY25
BBWI $865M
NWL $17.0M
BBWI
NWL
Return on capital
FY16
BBWI 45.9%
NWL 1.1%
FY17
BBWI 40.0%
NWL 3.0%
FY18
BBWI 26.8%
NWL −33.4%
FY19
BBWI 26.2%
NWL −3.5%
FY20
BBWI 52.8%
NWL −5.5%
FY21
BBWI 86.0%
NWL 9.9%
FY22
BBWI 75.1%
NWL 3.7%
FY23
BBWI 71.2%
NWL −0.9%
FY24
BBWI 56.1%
NWL 0.7%
FY25
BBWI 47.5%
NWL 0.5%
BBWI
NWL
Each company's latest fiscal year; fiscal years end in different months. The best value in each row is highlighted where higher (or lower) is clearly better. Not investment advice.