Bath & Body Works vs Newell Brands
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KIRA’s take AI analyst
I put Bath & Body Works and Newell Brands 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 $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%).
Who comes out ahead
Of the 10 measures where higher (or lower) is clearly better, how many each company leads.
Bath & Body Works
BBWI
10/10
Revenue growth5-year growthGross marginOperating marginNet marginFCF marginReturn on capitalPiotroski F-scoreNet debt / EBITDAShare count change
Newell Brands
NWL
0/10
Side by side
Best in the row
| Latest fiscal year | BBWI FY25 | NWL FY25 |
|---|---|---|
| Size | ||
| Market cap | $4.4B | $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 | 5.8x | — |
| Piotroski F-score | 5 | 4 |
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.

