Bath & Body Works, Inc. (BBWI) 10-Year Financial Performance & Capital Metrics

BBWI • • Industrial / General

Consumer CyclicalSpecialty RetailSpecialty Health & BeautyPersonal Care Retailers

AboutBath & Body Works, Inc. operates a specialty retailer of home fragrance, body care, and soaps and sanitizer products. The company sells its products under the Bath & Body Works, White Barn, and other brand names through specialty retail stores and websites located in the United States and Canada, as well as through international stores operated by partners under franchise, license, and wholesale arrangements. As of January 29, 2022, it operated 1,755 company-operated retail stores and 338 international partner-operated stores. The company was formerly known as L Brands, Inc. and changed its name to Bath & Body Works, Inc. in August 2021. Bath & Body Works, Inc. was founded in 1963 and is headquartered in Columbus, Ohio.Show more

Revenue $7.31B -1.6%
EBITDA $1.55B -0.4%
Net Income $798M -9.1%
EPS (Diluted) 3.61 -5.7%
Gross Margin 44.26% +1.6%
EBITDA Margin 21.19% +1.3%
Operating Margin 17.33% +0.2%
Net Margin 10.92% -7.6%
ROE -
ROIC 32.94% -6.3%
Debt/Equity -
Interest Coverage 4.06 +8.9%

Technical Analysis

Key Insights

Based on financial data analysis

✓Strengths

✓Strong Piotroski F-Score: 7/9
✓Healthy dividend yield of 3.4%
✓Share count reduced 3.5% through buybacks
✓Healthy 5Y average net margin of 12.7%
✓Efficient asset utilization: 1.5x turnover

✗Weaknesses

✗Weak momentum: RS Rating 20 (bottom 20%)
✗Trading more than 30% below 52-week high

Price & Volume

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Growth Metrics

Revenue CAGR

10Y-4.4%

5Y6.22%

3Y-2.49%

TTM-1.05%

Profit (Net Income) CAGR

10Y-2.63%

5Y-

3Y-15.72%

TTM-24.35%

EPS CAGR

10Y0.31%

5Y-

3Y-9.56%

TTM-20.98%

ROCE

10Y Avg27.36%

5Y Avg28.75%

3Y Avg31.5%

Latest32.4%

Peer Comparison

Personal Care Retailers

Name	Market Cap	Current Price	P/E Ratio	Revenue Growth 1Y	Net Margin	ROE	FCF Yield	Debt/Equity
NHTCNatural Health Trends Corp.	43.17M	3.75	75.30	-2.19%	-0.29%	-0.45%		0.08
OLPXOlaplex Holdings, Inc.	1.1B	1.65	56.31	-7.77%	-1.18%	-0.56%	12.89%	0.74
ULTAUlta Beauty, Inc.	29.51B	665.12	26.25	0.79%	10.31%	46.14%	3.27%	0.77
SBHSally Beauty Holdings, Inc.	1.56B	15.89	8.41	-0.42%	5.29%	24.66%	11.06%	1.97
BBWIBath & Body Works, Inc.	4.79B	23.40	6.48	-1.64%	9.5%		13.78%
JWELJowell Global Ltd.	4.67M	2.15	-0.59	-16.89%	-6.63%	-114.89%	14.28%	0.13
YSGYatsen Holding Limited	275.1M	4.30	-0.61	0.8%	-11.76%	-15.88%		0.05
HNSTThe Honest Company, Inc.	289.54M	2.59	-42.39	9.87%	1.85%	3.72%	0.35%	0.12

Profit & Loss

	Jan 2016	Jan 2017	Jan 2018	Jan 2019	Jan 2020	Jan 2021	Jan 2022	Jan 2023	Jan 2024	Jan 2025
Sales/Revenue+	12.15B	12.57B	12.63B	13.24B	5.41B	6.43B	7.88B	7.56B	7.43B	7.31B
Revenue Growth %	0.06%	0.03%	0%	0.05%	-0.59%	0.19%	0.23%	-0.04%	-0.02%	-0.02%
Cost of Goods Sold+	6.95B	7.45B	7.67B	8.34B	3.02B	3.34B	4.03B	4.3B	4.19B	4.07B
COGS % of Revenue	0.57%	0.59%	0.61%	0.63%	0.56%	0.52%	0.51%	0.57%	0.56%	0.56%
Gross Profit+	5.2B	5.13B	4.96B	4.9B	2.39B	3.1B	3.85B	3.25B	3.24B	3.23B
Gross Margin %	0.43%	0.41%	0.39%	0.37%	0.44%	0.48%	0.49%	0.43%	0.44%	0.44%
Gross Profit Growth %	0.08%	-0.02%	-0.03%	-0.01%	-0.51%	0.3%	0.25%	-0.16%	-0.01%	-0%
Operating Expenses+	3.01B	3.12B	3.23B	3.66B	1.35B	1.49B	1.85B	1.88B	1.95B	1.97B
OpEx % of Revenue	0.25%	0.25%	0.26%	0.28%	0.25%	0.23%	0.23%	0.25%	0.26%	0.27%
Selling, General & Admin	3.01B	3.12B	3.23B	3.56B	1.35B	1.49B	1.85B	1.88B	1.95B	1.97B
SG&A % of Revenue	0.25%	0.25%	0.26%	0.27%	0.25%	0.23%	0.23%	0.25%	0.26%	0.27%
Research & Development	0	0	0	0	0	0	0	0	0	0
R&D % of Revenue	-	-	-	-	-	-	-	-	-	-
Other Operating Expenses	0	0	0	99M	0	0	0	0	0	0
Operating Income+	2.19B	2B	1.73B	1.24B	1.04B	1.6B	2.01B	1.38B	1.28B	1.27B
Operating Margin %	0.18%	0.16%	0.14%	0.09%	0.19%	0.25%	0.25%	0.18%	0.17%	0.17%
Operating Income Growth %	0.12%	-0.09%	-0.14%	-0.28%	-0.16%	0.54%	0.25%	-0.32%	-0.07%	-0.01%
EBITDA+	2.65B	2.52B	2.3B	1.83B	1.63B	2.13B	2.37B	1.6B	1.55B	1.55B
EBITDA Margin %	0.22%	0.2%	0.18%	0.14%	0.3%	0.33%	0.3%	0.21%	0.21%	0.21%
EBITDA Growth %	0.11%	-0.05%	-0.09%	-0.21%	-0.11%	0.31%	0.12%	-0.33%	-0.03%	-0%
D&A (Non-Cash Add-back)	457M	518M	571M	590M	588M	521M	363M	221M	269M	282M
EBIT	2.27B	2.09B	1.72B	1.24B	978M	1.55B	1.81B	1.39B	1.37B	1.34B
Net Interest Income+	-334M	-394M	-406M	-385M	-370M	-432M	-388M	-348M	-345M	-312M
Interest Income	0	0	0	0	0	0	0	0	0	0
Interest Expense	334M	394M	406M	385M	370M	432M	388M	348M	345M	312M
Other Income/Expense	-258M	-307M	-416M	-380M	-432M	-482M	-586M	-331M	-264M	-238M
Pretax Income+	1.93B	1.7B	1.31B	857M	608M	1.12B	1.42B	1.04B	1.02B	1.03B
Pretax Margin %	0.16%	0.13%	0.1%	0.06%	0.11%	0.17%	0.18%	0.14%	0.14%	0.14%
Income Tax+	681M	538M	329M	213M	148M	257M	348M	251M	143M	230M
Effective Tax Rate %	0.65%	0.68%	0.75%	0.75%	-0.6%	0.75%	0.94%	0.77%	0.86%	0.78%
Net Income+	1.25B	1.16B	983M	644M	-366M	844M	1.33B	800M	878M	798M
Net Margin %	0.1%	0.09%	0.08%	0.05%	-0.07%	0.13%	0.17%	0.11%	0.12%	0.11%
Net Income Growth %	0.2%	-0.08%	-0.15%	-0.34%	-1.57%	3.31%	0.58%	-0.4%	0.1%	-0.09%
Net Income (Continuing)	1.25B	1.16B	983M	644M	460M	865M	1.07B	794M	878M	798M
Discontinued Operations	0	0	0	0	-826M	-21M	258M	6M	0	0
Minority Interest	1M	2M	2M	4M	4M	1M	1M	1M	1M	2M
EPS (Diluted)+	4.22	3.98	3.42	2.31	-1.33	3.00	4.88	3.43	3.83	3.61
EPS Growth %	0.21%	-0.06%	-0.14%	-0.32%	-1.58%	3.26%	0.63%	-0.3%	0.12%	-0.06%
EPS (Basic)	4.32	4.05	3.46	2.33	-1.33	3.04	4.96	3.45	3.89	3.62
Diluted Shares Outstanding	296.79M	291.06M	287.42M	276.16M	276M	281M	273M	233M	229M	221M
Basic Shares Outstanding	290M	286M	287.06M	276M	276M	278M	269M	232M	225.94M	220M
Dividend Payout Ratio	0.93%	1.09%	0.7%	1.03%	-	0.1%	0.09%	0.23%	0.21%	0.22%

Balance Sheet

	Jan 2016	Jan 2017	Jan 2018	Jan 2019	Jan 2020	Jan 2021	Jan 2022	Jan 2023	Jan 2024	Jan 2025
Total Current Assets+	4.16B	3.46B	3.29B	3.26B	3.25B	5.58B	3.01B	2.27B	2.12B	1.82B
Cash & Short-Term Investments	2.55B	1.93B	1.51B	1.41B	1.5B	3.57B	1.98B	1.23B	1.08B	674M
Cash Only	2.55B	1.93B	1.51B	1.41B	1.5B	3.57B	1.98B	1.23B	1.08B	674M
Short-Term Investments	0	0	0	0	0	0	0	0	0	0
Accounts Receivable	261M	294M	310M	367M	306M	148M	240M	226M	224M	205M
Days Sales Outstanding	7.84	8.53	8.96	10.12	20.66	8.4	11.11	10.91	11.01	10.24
Inventory	1.12B	1.1B	1.24B	1.25B	1.29B	572M	709M	709M	710M	734M
Days Inventory Outstanding	58.93	53.7	58.99	54.63	155.65	62.55	64.26	60.11	61.81	65.78
Other Current Assets	225M	141M	228M	232M	153M	1.29B	81M	99M	97M	210M
Total Non-Current Assets+	4.34B	4.71B	4.86B	4.83B	6.88B	5.99B	3.02B	3.23B	3.35B	3.05B
Property, Plant & Equipment	2.33B	2.74B	2.89B	2.82B	5.54B	1.99B	2.03B	2.24B	2.28B	2.08B
Fixed Asset Turnover	5.22x	4.59x	4.37x	4.70x	0.98x	3.24x	3.88x	3.37x	3.26x	3.52x
Goodwill	1.32B	1.35B	1.35B	1.35B	628M	628M	628M	628M	628M	628M
Intangible Assets	411M	411M	411M	411M	411M	165M	165M	165M	165M	165M
Long-Term Investments	86M	79M	81M	89M	118M	119M	126M	124M	120M	26M
Other Non-Current Assets	162M	107M	109M	102M	100M	3.04B	23M	31M	15M	24M
Total Assets+	8.49B	8.17B	8.15B	8.09B	10.13B	11.57B	6.03B	5.49B	5.46B	4.87B
Asset Turnover	1.43x	1.54x	1.55x	1.64x	0.53x	0.56x	1.31x	1.38x	1.36x	1.50x
Asset Growth %	0.13%	-0.04%	-0%	-0.01%	0.25%	0.14%	-0.48%	-0.09%	-0.01%	-0.11%
Total Current Liabilities+	1.88B	2.01B	2.03B	1.99B	2.37B	2.83B	1.29B	1.38B	1.29B	1.23B
Accounts Payable	668M	683M	717M	711M	647M	345M	435M	455M	380M	338M
Days Payables Outstanding	35.08	33.47	34.11	31.12	78.25	37.72	39.43	38.58	33.08	30.29
Short-Term Debt	6M	36M	87M	72M	61M	0	0	0	0	0
Deferred Revenue (Current)	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K
Other Current Liabilities	27M	21M	20M	27M	23M	1.6B	0	0	0	0
Current Ratio	2.22x	1.72x	1.62x	1.64x	1.37x	1.97x	2.33x	1.64x	1.64x	1.48x
Quick Ratio	1.62x	1.18x	1.01x	1.01x	0.83x	1.77x	1.78x	1.13x	1.09x	0.88x
Cash Conversion Cycle	31.68	28.77	33.84	33.63	98.07	33.22	35.95	32.45	39.73	45.73
Total Non-Current Liabilities+	6.88B	6.88B	6.87B	6.97B	9.25B	9.41B	6.25B	6.32B	5.8B	5.02B
Long-Term Debt	5.71B	5.7B	5.71B	5.74B	5.49B	6.37B	4.85B	4.86B	4.39B	3.88B
Capital Lease Obligations	0	0	0	19M	3.05B	942M	989M	1.01B	1B	883M
Deferred Tax Liabilities	257M	352M	238M	226M	219M	141M	157M	168M	147M	24M
Other Non-Current Liabilities	904M	831M	924M	985M	490M	1.96B	253M	276M	261M	233M
Total Liabilities	8.75B	8.9B	8.9B	8.96B	11.62B	12.23B	7.54B	7.7B	7.09B	6.25B
Total Debt+	5.72B	5.74B	5.79B	5.81B	9.08B	7.48B	6.01B	6.05B	5.57B	4.96B
Net Debt	3.17B	3.8B	4.28B	4.4B	7.58B	3.91B	4.03B	4.82B	4.49B	4.29B
Debt / Equity	-	-	-	-	-	-	-	-	-	-
Debt / EBITDA	2.16x	2.28x	2.52x	3.18x	5.58x	3.52x	2.53x	3.79x	3.59x	3.20x
Net Debt / EBITDA	1.20x	1.51x	1.86x	2.41x	4.66x	1.84x	1.70x	3.02x	2.89x	2.77x
Interest Coverage	6.56x	5.08x	4.26x	3.21x	2.81x	3.71x	5.18x	3.95x	3.72x	4.06x
Total Equity+	-258M	-727M	-751M	-865M	-1.5B	-661M	-1.52B	-2.2B	-1.63B	-1.38B
Equity Growth %	-14.58%	-1.82%	-0.03%	-0.15%	-0.73%	0.56%	-1.3%	-0.45%	0.26%	0.15%
Book Value per Share	-0.87	-2.50	-2.61	-3.13	-5.42	-2.35	-5.56	-9.46	-7.10	-6.26
Total Shareholders' Equity	-259M	-729M	-753M	-869M	-1.5B	-662M	-1.52B	-2.21B	-1.63B	-1.39B
Common Stock	156M	157M	141M	141M	142M	143M	134M	122M	120M	115M
Retained Earnings	315M	205M	-1.43B	-1.48B	-2.18B	-1.42B	-1.8B	-2.4B	-1.84B	-1.58B
Treasury Stock	-1.31B	-1.75B	-162M	-358M	-358M	-358M	-822M	-822M	-822M	-822M
Accumulated OCI	40M	12M	24M	59M	52M	83M	80M	78M	75M	71M
Minority Interest	1M	2M	2M	4M	4M	1M	1M	1M	1M	2M

Cash Flow

	Jan 2016	Jan 2017	Jan 2018	Jan 2019	Jan 2020	Jan 2021	Jan 2022	Jan 2023	Jan 2024	Jan 2025
Cash from Operations+	1.87B	1.89B	1.41B	1.38B	1.24B	2.04B	1.49B	1.14B	954M	886M
Operating CF Margin %	0.15%	0.15%	0.11%	0.1%	0.23%	0.32%	0.19%	0.15%	0.13%	0.12%
Operating CF Growth %	0.05%	0.01%	-0.26%	-0.02%	-0.1%	0.65%	-0.27%	-0.23%	-0.17%	-0.07%
Net Income	1.25B	1.16B	983M	644M	-366M	844M	1.33B	800M	878M	798M
Depreciation & Amortization	457M	518M	571M	590M	588M	521M	363M	221M	269M	282M
Stock-Based Compensation	97M	96M	102M	97M	87M	50M	46M	38M	43M	40M
Deferred Taxes	11M	110M	-108M	-52M	-29M	33M	45M	17M	-128M	-112M
Other Non-Cash Items	-188M	-168M	-22M	155M	1.05B	214M	195M	0	-26M	-29M
Working Capital Changes	239M	176M	-120M	-57M	-99M	377M	-490M	68M	-82M	-93M
Change in Receivables	-10M	-44M	-13M	-63M	31M	38M	-64M	11M	2M	18M
Change in Inventory	-92M	30M	-137M	-40M	-40M	3M	-177M	0	-2M	-26M
Change in Payables	49M	-27M	50M	29M	-93M	166M	-86M	44M	-109M	-50M
Cash from Investing+	-443M	-833M	-698M	-609M	-480M	-219M	-259M	-328M	-286M	-162M
Capital Expenditures	-727M	-990M	-707M	-629M	-458M	-228M	-270M	-328M	-298M	-226M
CapEx % of Revenue	0.06%	0.08%	0.06%	0.05%	0.08%	0.04%	0.03%	0.04%	0.04%	0.03%
Acquisitions	-	-	-	-	-	-	-	-	-	-
Investments	-	-	-	-	-	-	-	-	-	-
Other Investing	209M	72M	19M	20M	-22M	9M	11M	0	12M	63M
Cash from Financing+	-558M	-1.67B	-1.13B	-872M	-666M	610M	-3.19B	-1.56B	-815M	-1.13B
Debt Issued (Net)	-	-	-	-	-	-	-	-	-	-
Equity Issued (Net)	-	-	-	-	-	-	-	-	-	-
Dividends Paid	-1.17B	-1.27B	-686M	-666M	-332M	-83M	-120M	-186M	-182M	-177M
Share Repurchases	-	-	-	-	-	-	-	-	-	-
Other Financing	189M	59M	-2M	-20M	-27M	-18M	683M	-61M	-23M	-15M
Net Change in Cash	-	-	-	-	-	-	-	-	-	-
Free Cash Flow+	1.14B	900M	699M	748M	778M	1.81B	1.22B	816M	656M	660M
FCF Margin %	0.09%	0.07%	0.06%	0.06%	0.14%	0.28%	0.16%	0.11%	0.09%	0.09%
FCF Growth %	0.07%	-0.21%	-0.22%	0.07%	0.04%	1.33%	-0.33%	-0.33%	-0.2%	0.01%
FCF per Share	3.85	3.09	2.43	2.71	2.82	6.44	4.48	3.50	2.86	2.99
FCF Conversion (FCF/Net Income)	1.49x	1.63x	1.43x	2.14x	-3.38x	2.42x	1.12x	1.43x	1.09x	1.11x
Interest Paid	0	0	0	0	0	0	0	0	0	0
Taxes Paid	0	0	0	0	0	0	0	0	0	0

Key Ratios

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Return on Invested Capital (ROIC)	54.64%	50.16%	39.25%	26.28%	16.22%	25.77%	52.24%	40.2%	35.17%	32.94%
Gross Margin	42.82%	40.76%	39.26%	37.01%	44.16%	48.12%	48.91%	43.06%	43.56%	44.26%
Net Margin	10.31%	9.21%	7.78%	4.87%	-6.77%	13.12%	16.91%	10.58%	11.82%	10.92%
Interest Coverage	6.56x	5.08x	4.26x	3.21x	2.81x	3.71x	5.18x	3.95x	3.72x	4.06x
FCF Conversion	1.49x	1.63x	1.43x	2.14x	-3.38x	2.42x	1.12x	1.43x	1.09x	1.11x
Revenue Growth	6.11%	3.46%	0.46%	4.79%	-59.17%	19.04%	22.51%	-4.09%	-1.73%	-1.64%

Revenue by Segment

	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Bath & Body Works	3.59B	3.85B	4.15B	4.63B	5.17B	6.43B	-	-	-	-
Bath & Body Works Growth	-	7.39%	7.68%	11.64%	11.64%	24.45%	-	-	-	-
Victoria's Secret	8.06B	8.2B	7.39B	7.38B	6.8B	5.41B	-	-	-	-
Victoria's Secret Growth	-	1.82%	-9.96%	-0.16%	-7.73%	-20.46%	-	-	-	-
Other Operatings	510M	518M	595M	626M	339M	-	-	-	-	-
Other Operatings Growth	-	1.57%	14.86%	5.21%	-45.85%	-	-	-	-	-

Revenue by Geography

	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Bath & Body Works International	-	-	-	-	-	224M	283M	339M	340M	299M
Bath & Body Works International Growth	-	-	-	-	-	-	26.34%	19.79%	0.29%	-12.06%

Frequently Asked Questions

Valuation & Price

Bath & Body Works, Inc. (BBWI) has a price-to-earnings (P/E) ratio of 6.5x. This may indicate the stock is undervalued or faces growth challenges.

Growth & Financials

Bath & Body Works, Inc. (BBWI) reported $7.35B in revenue for fiscal year 2024. This represents a 29% decrease from $10.36B in 2011.

Bath & Body Works, Inc. (BBWI) saw revenue decline by 1.6% over the past year.

Yes, Bath & Body Works, Inc. (BBWI) is profitable, generating $699.0M in net income for fiscal year 2024 (10.9% net margin).

Dividend & Returns

Yes, Bath & Body Works, Inc. (BBWI) pays a dividend with a yield of 3.42%. This makes it attractive for income-focused investors.

Bath & Body Works, Inc. (BBWI) generated $946.0M in free cash flow for fiscal year 2024. Positive FCF indicates the company can fund dividends, buybacks, or reinvestment.

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