Bath & Body Works vs Winmark
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The short version
- 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 5.5x for Bath & Body Works.
| Latest fiscal year | BBWI · FY25 | WINA · FY25 |
|---|---|---|
| Size | ||
| Market cap | $4.2B | $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 | 5.5x | 25.0x |
| Piotroski F-score | 5 | — |
Revenue
FY16
BBWI $12.6B
WINA $66.5M
FY17
BBWI $12.6B
WINA $69.8M
FY18
BBWI $13.2B
WINA $72.5M
FY19
BBWI $5.4B
WINA $73.3M
FY20
BBWI $6.4B
WINA $66.1M
FY21
BBWI $7.9B
WINA $78.2M
FY22
BBWI $7.6B
WINA $81.4M
FY23
BBWI $7.4B
WINA $83.2M
FY24
BBWI $7.3B
WINA $81.3M
FY25
BBWI $7.3B
WINA $86.1M
BBWI
WINA
Operating margin
FY16
BBWI 15.9%
WINA 57.4%
FY17
BBWI 13.7%
WINA 55.6%
FY18
BBWI 9.4%
WINA 57.6%
FY19
BBWI 19.2%
WINA 58.8%
FY20
BBWI 24.9%
WINA 60.9%
FY21
BBWI 25.5%
WINA 65.6%
FY22
BBWI 18.2%
WINA 65.9%
FY23
BBWI 17.3%
WINA 64.0%
FY24
BBWI 17.3%
WINA 65.1%
FY25
BBWI 15.4%
WINA 63.4%
BBWI
WINA
Free cash flow
FY16
BBWI $1.0B
WINA $26.2M
FY17
BBWI $699M
WINA $25.1M
FY18
BBWI $748M
WINA $34.2M
FY19
BBWI $778M
WINA $50.5M
FY20
BBWI $1.8B
WINA $43.2M
FY21
BBWI $1.2B
WINA $48.3M
FY22
BBWI $816M
WINA $43.7M
FY23
BBWI $656M
WINA $43.6M
FY24
BBWI $660M
WINA $42.0M
FY25
BBWI $865M
WINA $44.7M
BBWI
WINA
Return on capital
FY16
BBWI 45.9%
WINA —
FY17
BBWI 40.0%
WINA —
FY18
BBWI 26.8%
WINA 380.7%
FY19
BBWI 26.2%
WINA 193.6%
FY20
BBWI 52.8%
WINA 368.4%
FY21
BBWI 86.0%
WINA —
FY22
BBWI 75.1%
WINA —
FY23
BBWI 71.2%
WINA —
FY24
BBWI 56.1%
WINA —
FY25
BBWI 47.5%
WINA —
BBWI
WINA
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.