Bath & Body Works vs Winmark
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KIRA’s take AI analyst
I put Bath & Body Works and Winmark side by side, using each one’s latest annual report. Here is what stands out:
- Bath & Body Works is the larger business, with $7.3B of revenue in fiscal 2025 against $86.1M for Winmark, about 85 times as much.
- Winmark grew revenue faster (5.9%, against −0.2%).
- Winmark kept more of each dollar of sales as operating profit (63.4% operating margin, against 15.4%).
- Winmark turned more of its sales into free cash flow (52.0% FCF margin, against 11.9%).
- Investors pay more for each dollar of Winmark’s earnings: a P/E of 25.0x against 5.6x for Bath & Body Works.
Who comes out ahead
Of the 8 measures where higher (or lower) is clearly better, how many each company leads.
Bath & Body Works
BBWI
1/8
Share count change
Winmark
WINA
7/8
Revenue growth5-year growthGross marginOperating marginNet marginFCF marginNet debt / EBITDA
Side by side
Best in the row
| Latest fiscal year | BBWI FY25 | WINA FY25 |
|---|---|---|
| Size | ||
| Market cap | $4.3B | $1.0B |
| Revenue | $7.3B | $86.1M |
| Free cash flow | $865M | $44.7M |
| Net income | $649M | $41.7M |
| Growth | ||
| Revenue growth | −0.2% | 5.9% |
| 5-year growth | 2.5% | 5.4% |
| Share count change | −5.4% | 0.5% |
| Profitability | ||
| Gross margin | 43.7% | 96.4% |
| Operating margin | 15.4% | 63.4% |
| Net margin | 8.9% | 48.4% |
| FCF margin | 11.9% | 52.0% |
| Return on capital | 47.5% | — |
| Return on equity | — | — |
| Balance sheet | ||
| Net debt | $2.9B | $19.7M |
| Net debt / EBITDA | 2.1x | 0.4x |
| Dividends and buybacks | $568M | $51.5M |
| Valuation & quality | ||
| P/E | 5.6x | 25.0x |
| Piotroski F-score | 5 | — |
Ten years
Revenue
Operating margin
Free cash flow
Return on capital
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.