Bath & Body Works, Inc. BBWI

Consumer DiscretionarySpecialty RetailersUnited States of America

Last close 22.77 USD on Nov 1, 2026, +16.8% year to date

Quant rating

Quant rating B Rank 53 of 344 in Consumer Discretionary

Growth D 276 of 344
Valuation A 18 of 344
Quality B 77 of 344
Revisions C 139 of 344
Momentum B 85 of 344

Wall Street consensus Hold (2.72)Average target 24.25 USD +6.5%

Historical valuation

Multiples use consensus estimates for the next twelve months. The dashed line is the 5-year average.

Key data

Market cap: 4.6B
Enterprise value: 7.4B
52-week range: 14.28 – 25.19
3-year range: 14.28 – 51.94
Dividend yield: 3.51%
Beta (5 years): 1.38
Shares outstanding: 202M
Next earnings: Nov 18, 2026

About the company

Bath & Body Works, Inc. is a global omnichannel retailer focused on personal care and home fragrance. The Company offers a range of fragrances for the body and home, including selling collections for 3-wick candles, home fragrance diffusers, fine fragrance mists, liquid hand soaps, body lotions and body creams. It delivers customers their fragrances in multiple forms and categories. The Company sells merchandise through its retail stores in the United States and Canada, and through its Websites and other channels, under the Bath & Body Works, White Barn and other brand names. The Company’s international business is conducted through franchise, license and wholesale partners. It provides in-store experiences at more than 1,890 Company-operated Bath & Body Works locations in the United States and Canada, more than 525 international franchised locations and an online storefront at bathandbodyworks.com. Additionally, it offers a buy online pick-up in-store (BOPIS) option.

Growth and profitability fiscal year ends January 31

Growth and profitability by fiscal year
	2026	2025	2024	2023	2022	5Y avg
Revenue (mil)	7,291	7,307	7,429	7,560	7,882	–
Revenue growth	−0.2%	−1.6%	−1.7%	−4.1%	22.5%	2.5%
EPS (basic, normalized)	3.21	3.29	3.27	3.40	4.51	–
EPS growth	−2.4%	0.6%	−3.8%	−24.6%	–	–
Gross margin	43.7%	44.3%	43.6%	43.1%	48.9%	44.7%
Net margin	8.9%	10.9%	11.8%	10.5%	13.6%	11.2%
ROE	–	–	–	–	–	–

Balance sheet, last quarter
Cash & short-term investments (mil)	794
Current ratio	1.20x
Long-term debt (mil)	3,366
Net debt (mil)	2,822
Total equity (mil)	−1,056
Net debt / equity	−2.67x
Net debt / EBITDA	2.00x

Estimates and valuation

Consensus estimates and implied multiples
	Sales (mil)			EBITDA (mil)			EPS
Fiscal year	Mean est.	Growth	EV/Sales	Mean est.	Growth	EV/EBITDA	Mean est.	Growth	P/E
2026 actual	7,291	−0.2%	1.0x	1,410	−8.3%	5.3x	3.21	−2.4%	7.1x
2027	7,100	−2.6%	1.0x	1,216	−13.8%	6.1x	2.73	−14.8%	8.3x
2028	7,224	+1.8%	1.0x	1,203	−1.1%	6.2x	2.79	+1.9%	8.2x
2029	7,411	+2.6%	1.0x	1,260	+4.8%	5.9x	3.05	+9.5%	7.5x

Estimate revisions

Change in consensus estimates over 1, 3 and 6 months
	Sales				EPS
Fiscal year	Estimate (mil)	1M	3M	6M	Estimate	1M	3M	6M
2027	7,100	0.0%	+0.1%	+0.3%	2.73	−0.6%	+3.3%	+3.9%
2028	7,224	0.0%	−0.1%	−0.2%	2.79	0.0%	−2.6%	−2.8%
2029	7,411	+0.1%	−0.7%	−1.3%	3.05	0.0%	−5.8%	−7.9%

Earnings surprises EPS beat in 3 of the last 4 quarters

Reported results versus consensus, last 10 fiscal quarters
Quarter ended	Apr 2024	Jul 2024	Oct 2024	Jan 2025	Apr 2025	Jul 2025	Oct 2025	Jan 2026	Apr 2026	Jul 2026
Sales reported (mil)	1,384	1,526	1,610	2,788	1,424	1,549	1,594	2,724	1,378	1,514
Sales mean (mil)	1,366	1,543	1,579	2,775	1,424	1,553	1,634	2,621	1,361	1,497
Surprise	+1.3%	−1.1%	+2.0%	+0.5%	0.0%	−0.3%	−2.4%	+3.9%	+1.3%	+1.2%
EPS reported	0.38	0.37	0.49	2.09	0.49	0.37	0.35	2.05	0.32	0.62
EPS mean	0.33	0.36	0.47	2.05	0.47	0.38	0.39	1.77	0.29	0.24
Surprise	+13.5%	+3.6%	+4.6%	+2.2%	+3.9%	−1.4%	−11.3%	+15.5%	+9.7%	+155.2%

Peer comparison Specialty Retailers

Peers in the same industry group, by market capitalization
Company	Market cap	Net debt/EBITDA	Net margin	P/B	FY1 P/E	FY2 P/E	FY1 EV/EBITDA	FY2 EV/EBITDA
BBWI Bath & Body Works, Inc.	4.6B	2.00x	8.9%	−4.36x	8.3x	8.2x	6.1x	6.2x
HMb H and M Hennes and Mauritz AB	25.4B	1.22x	5.3%	7.19x	22.2x	21.7x	7.7x	7.6x
ROST Ross Stores Inc	72.9B	−1.02x	9.4%	10.82x	27.4x	25.4x	17.4x	16.5x
ULTA Ulta Beauty Inc	27.4B	0.07x	9.3%	10.37x	22.1x	19.9x	13.8x	13.0x
TPR Tapestry, Inc.	23.1B	0.56x	19.1%	33.67x	14.6x	13.1x	10.9x	10.2x
AS Amer Sports Inc	16.4B	0.35x	6.5%	2.39x	22.2x	18.0x	10.7x	9.0x
Mean		0.53x	9.8%	10.02x	19.5x	17.7x	11.1x	10.4x
Median		0.46x	9.1%	8.78x	22.1x	19.0x	10.8x	9.6x

Technical analysis

1M+40.6%
3M+12.2%
1Y−8.9%
3Y−12.0%

Financial statements in millions of USD

Income statement in millions of USD, fiscal years

Income statement, Bath & Body Works, Inc., fiscal years, most recent first
	2026	2025	2024	2023	2022	2021
Total revenue	7,291	7,307	7,429	7,560	7,882	6,434
Cost of revenue	4,102	4,073	4,193	4,305	4,027	3,338
Gross profit	3,189	3,234	3,236	3,255	3,855	3,096
Selling, general & administrative expenses	2,033	1,968	1,951	1,879	1,846	1,462
Research & development	–	–	–	–	–	–
Interest expense (income), operating	–	–	–	–	–	–
Unusual expense (income)	30.0	−10.0	−26.0	0	195	83.0
Other operating expenses	0	0	0	0	0	0
Operating income	1,126	1,276	1,311	1,376	1,814	1,551
Net interest income (expense)	−276	−312	−345	−348	−388	−432
Gain (loss) on sale of assets	8.0	39.0	–	–	–	–
Other non-operating income (expense)	24.0	25.0	55.0	17.0	−3.0	3.0
Net income before taxes	882	1,028	1,021	1,045	1,423	1,122
Provision for taxes	233	230	143	251	348	257
Minority interest	–	–	–	–	–	–
Equity in affiliates	–	–	–	–	–	–
U.S. GAAP adjustment	–	–	–	–	–	–
Net income before extraordinary items	649	798	878	794	1,075	865
Extraordinary items	–	0	–	6.0	258	−21.0
Net income	649	798	878	800	1,333	844
EBIT, normalized	1,156	1,266	1,285	1,376	2,018	1,634
EBITDA, normalized	1,410	1,548	1,554	1,597	2,223	1,829
Basic EPS, normalized	3.21	3.29	3.27	3.40	4.51	–

Balance sheet in millions of USD, fiscal years

Balance sheet, Bath & Body Works, Inc., fiscal years, most recent first
	2026	2025	2024	2023	2022	2021
Assets
Cash & short-term investments	953	674	1,084	1,232	1,979	3,903
Receivables	180	205	224	226	240	269
Total inventory	699	734	710	709	709	1,273
Prepaid expenses	–	–	–	–	–	–
Other current assets	187	210	97.0	99.0	81.0	134
Total current assets	2,019	1,823	2,115	2,266	3,009	5,579
Property, plant & equipment	2,068	2,076	2,276	2,243	2,030	4,653
Goodwill	628	628	628	628	628	628
Intangibles	165	165	165	165	165	411
Long-term investments	38.0	120	120	124	126	119
Note receivable	–	–	–	–	–	–
Other long-term assets	151	60.0	159	68.0	68.0	181
Total assets	5,069	4,872	5,463	5,494	6,026	11,571
Liabilities
Accounts payable	465	338	380	455	435	683
Payable/accrued	–	–	–	–	–	–
Accrued expenses	551	579	591	655	673	1,678
Short-term debt	0	0	0	0	0	0
Current portion of long-term debt	280	–	–	–	–	12.0
Other current liabilities	295	314	318	269	182	453
Total current liabilities	1,591	1,231	1,289	1,379	1,290	2,826
Long-term debt	3,612	3,884	4,388	4,862	4,854	6,387
Minority interest	2.0	2.0	1.0	1.0	1.0	1.0
Other liabilities	1,145	1,140	1,412	1,458	1,399	3,019
Total liabilities	6,350	6,257	7,090	7,700	7,544	12,233
Shareholders' equity
Preferred stock	0	0	–	0	0	0
Common stock	108	115	120	122	134	143
Additional paid-in capital	794	829	838	817	893	891
Retained earnings (accumulated deficit)	−1,435	−1,578	−1,838	−2,401	−1,803	−1,421
Treasury stock	−822	−822	−822	−822	−822	−358
Other equity	74.0	71.0	75.0	78.0	80.0	83.0
Total equity	−1,281	−1,385	−1,627	−2,206	−1,518	−662
Total liabilities & shareholders' equity	5,069	4,872	5,463	5,494	6,026	11,571

Cash flow statement in millions of USD, fiscal years

Cash flow statement, Bath & Body Works, Inc., fiscal years, most recent first
	2026	2025	2024	2023	2022	2021
Operating activities
Net income	649	798	878	800	1,333	844
Depreciation, depletion & amortization	254	282	269	221	363	521
Deferred taxes	63.0	−112	−128	17.0	45.0	33.0
Non-cash items	23.0	11.0	17.0	38.0	241	264
Changes in working capital	113	−93.0	−82.0	68.0	−490	377
Cash from operations	1,102	886	954	1,144	1,492	2,039
Investing activities
Capital expenditures	−237	−226	−298	−328	−270	−228
Other investing cash flows	10.0	64.0	12.0	0	11.0	9.0
Cash from investing	−227	−162	−286	−328	−259	−219
Financing activities
Financing cash flow items	−17.0	−15.0	−27.0	−61.0	541	−10.0
Cash dividends paid	−167	−177	−182	−186	−120	−83.0
Issuance (retirement) of debt, net	–	–	–	–	–	–
Other financing cash flows	−415	−940	−606	−1,315	−3,609	703
Cash from financing	−599	−1,132	−815	−1,562	−3,188	610
Foreign exchange effects	3.0	−2.0	−1.0	−1.0	1.0	4.0
Net change in cash	279	−410	−148	−747	−1,954	2,434
Free cash flow	865	660	656	816	1,222	1,811

Disclaimer

The financial data presented in this report is delayed and obtained from sources QDD Research believes to be reliable, including stock exchanges, SEDAR, and EDGAR. However, no representation or warranty is made as to the accuracy, completeness, or timeliness of the information. QDD Research accepts no liability for any errors, omissions, or financial losses arising from the use of this data.

This report is generated using a fully systematic and quantitative approach. All factor scores and the overall quant rating (ranging from D to A+) are derived from algorithmic models and are based solely on objective financial metrics. These scores are intended for informational purposes only and should not be interpreted as investment advice or a recommendation to buy, sell, or hold any securities.

QDD Research is not a registered investment advisor or broker-dealer and does not provide personalized financial advice. The content is not tailored to the specific investment goals, financial situation, or risk profile of any individual investor. We strongly encourage readers to consult with a licensed broker or investment advisor before making any investment decisions based on the information contained in this report.

Live quote provided by TradingView. Report data updated Nov 1, 2026 after market close.