30 years of historical data (1995–2024) · Consumer Cyclical · Specialty Retail
Percentile shows where the current value sits in 30-year historical distribution. Sparklines show 5-year trend.
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
Bath & Body Works, Inc. trades at 6.3x earnings, 45% below its 5-year average of 11.5x, sitting at the 7th percentile of its historical range. Compared to the Consumer Cyclical sector median P/E of 18.8x, the stock trades at a discount of 66%. On a free-cash-flow basis, the stock trades at 7.4x P/FCF, 36% below the 5-year average of 11.7x.
| Metric | TTM | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 | FY 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $4.9B | $8.3B | $9.8B | $10.7B | $15.3B | $9.3B | $5.2B | $6.2B | $11.6B | $14.2B | $22.5B |
| Enterprise Value | $9.2B | $12.6B | $14.3B | $15.5B | $19.3B | $13.2B | $12.7B | $10.6B | $15.9B | $18.0B | $25.7B |
| P/E Ratio → | 6.30 | 10.42 | 11.14 | 13.41 | 11.49 | 10.98 | — | 9.74 | 11.84 | 12.23 | 17.97 |
| P/S Ratio | 0.67 | 1.14 | 1.32 | 1.42 | 1.94 | 1.44 | 0.96 | 0.47 | 0.92 | 1.13 | 1.85 |
| P/B Ratio | — | — | — | — | — | — | — | — | — | — | — |
| P/FCF | 7.45 | 12.59 | 14.89 | 13.14 | 12.53 | 5.11 | 6.64 | 8.31 | 16.65 | 15.74 | 19.71 |
| P/OCF | 5.55 | 9.38 | 10.24 | 9.37 | 10.26 | 4.54 | 4.18 | 4.51 | 8.28 | 7.49 | 12.04 |
P/E links to full P/E history page with 30-year chart
Enterprise-value multiples — capital-structure-neutral measures of total business value
Bath & Body Works, Inc.'s enterprise value stands at 5.9x EBITDA, 28% below its 5-year average of 8.3x. The Consumer Cyclical sector median is 11.0x, placing the stock at a 46% discount on an enterprise-value basis.
| Metric | TTM | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 | FY 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 1.72 | 1.92 | 2.06 | 2.45 | 2.05 | 2.36 | 0.80 | 1.26 | 1.43 | 2.11 |
| EV / EBITDA | 5.94 | 8.14 | 9.18 | 9.73 | 8.15 | 6.20 | 7.83 | 5.81 | 6.92 | 7.13 | 9.69 |
| EV / EBIT | 7.27 | 9.40 | 10.44 | 11.16 | 10.68 | 8.47 | 13.03 | 8.54 | 9.26 | 8.60 | 11.32 |
| EV / FCF | — | 19.09 | 21.73 | 19.05 | 15.83 | 7.27 | 16.38 | 14.19 | 22.77 | 19.96 | 22.49 |
Margins and return-on-capital ratios measuring operating efficiency
Bath & Body Works, Inc. earns an operating margin of 17.3%, above the Consumer Cyclical sector average of 2.4%. ROIC of 32.9% represents excellent returns on invested capital versus a sector median of 5.6%.
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 | FY 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 44.3% | 44.3% | 43.6% | 43.1% | 48.9% | 48.1% | 44.2% | 37.0% | 39.3% | 40.8% | 42.8% |
| Operating Margin | 17.3% | 17.3% | 17.3% | 18.2% | 25.5% | 24.9% | 19.2% | 9.3% | 13.7% | 15.9% | 18.0% |
| Net Profit Margin | 10.9% | 10.9% | 11.8% | 10.6% | 16.9% | 13.1% | -6.8% | 4.9% | 7.8% | 9.2% | 10.3% |
| Metric | TTM | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 | FY 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | — | — | — | — | — | — | — | — | — | — | — |
| ROA | 15.4% | 15.4% | 16.0% | 13.9% | 15.2% | 7.8% | -4.0% | 7.9% | 12.0% | 13.9% | 15.6% |
| ROIC | 32.9% | 32.9% | 35.2% | 40.2% | 52.2% | 25.8% | 16.2% | 26.3% | 39.3% | 50.2% | 54.6% |
| ROCE | 32.4% | 32.4% | 31.0% | 31.1% | 29.8% | 19.4% | 15.0% | 20.2% | 28.2% | 31.4% | 35.1% |
Solvency and debt-coverage ratios — lower is generally safer
Bath & Body Works, Inc. carries a Debt/EBITDA ratio of 3.2x, which is moderately leveraged (23% below the sector average of 4.2x). Net debt stands at $4.3B ($5.0B total debt minus $674M cash). Interest coverage of 4.1x is adequate, though a cyclical earnings downturn could tighten the margin of safety.
| Metric | TTM | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 | FY 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | — | — | — | — | — | — | — | — | — | — | — |
| Debt / EBITDA | 3.20 | 3.20 | 3.59 | 3.79 | 2.53 | 3.52 | 5.58 | 3.18 | 2.52 | 2.28 | 2.16 |
| Net Debt / Equity | — | — | — | — | — | — | — | — | — | — | — |
| Net Debt / EBITDA | 2.77 | 2.77 | 2.89 | 3.02 | 1.70 | 1.84 | 4.66 | 2.41 | 1.86 | 1.51 | 1.20 |
| Debt / FCF | — | 6.49 | 6.84 | 5.91 | 3.30 | 2.16 | 9.74 | 5.88 | 6.12 | 4.22 | 2.78 |
| Interest Coverage | 4.06 | 4.06 | 3.72 | 3.95 | 5.18 | 3.71 | 2.81 | 3.21 | 4.26 | 5.08 | 6.56 |
Short-term solvency ratios and asset-utilisation metrics
A current ratio of 1.48x means Bath & Body Works, Inc. can comfortably meet its short-term obligations, though there is limited excess liquidity. The quick ratio of 0.88x is notably lower than the current ratio, indicating a significant portion of current assets is tied up in inventory. The current ratio has declined from 1.64x to 1.48x over the past 3 years.
| Metric | TTM | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 | FY 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 1.48 | 1.48 | 1.64 | 1.64 | 2.33 | 1.97 | 1.37 | 1.64 | 1.62 | 1.72 | 2.22 |
| Quick Ratio | 0.88 | 0.88 | 1.09 | 1.13 | 1.78 | 1.77 | 0.83 | 1.01 | 1.01 | 1.18 | 1.62 |
| Cash Ratio | 0.55 | 0.55 | 0.84 | 0.89 | 1.53 | 1.26 | 0.63 | 0.71 | 0.75 | 0.96 | 1.36 |
| Asset Turnover | — | 1.50 | 1.36 | 1.38 | 1.31 | 0.56 | 0.53 | 1.64 | 1.55 | 1.54 | 1.43 |
| Inventory Turnover | 5.55 | 5.55 | 5.91 | 6.07 | 5.68 | 5.84 | 2.34 | 6.68 | 6.19 | 6.80 | 6.19 |
| Days Sales Outstanding | — | 10.24 | 11.01 | 10.91 | 11.11 | 8.40 | 20.66 | 10.12 | 8.96 | 8.53 | 7.84 |
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Bath & Body Works, Inc. returns 11.7% to shareholders annually — split between a 3.5% dividend yield and 8.2% buyback yield. The payout ratio of 22.2% is conservative, leaving significant room for dividend growth or reinvestment. The earnings yield of 15.9% (inverse of P/E) provides a useful comparison to bond yields when assessing the stock's relative attractiveness to fixed income.
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 | FY 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | 3.5% | 2.1% | 1.9% | 1.7% | 0.8% | 0.9% | 6.4% | 10.7% | 5.9% | 9.0% | 5.2% |
| Payout Ratio | 22.2% | 22.2% | 20.7% | 23.3% | 9.0% | 9.8% | — | 103.4% | 69.8% | 109.5% | 93.5% |
| Metric | TTM | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 | FY 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 15.9% | 9.6% | 9.0% | 7.5% | 8.7% | 9.1% | — | 10.3% | 8.4% | 8.2% | 5.6% |
| FCF Yield | 13.4% | 7.9% | 6.7% | 7.6% | 8.0% | 19.6% | 15.1% | 12.0% | 6.0% | 6.4% | 5.1% |
| Buyback Yield | 8.2% | 4.8% | 1.5% | 12.2% | 12.8% | 0.0% | 0.0% | 3.2% | 3.8% | 3.1% | 2.1% |
| Total Shareholder Yield | 11.7% | 7.0% | 3.4% | 14.0% | 13.6% | 0.9% | 6.4% | 13.9% | 9.7% | 12.0% | 7.3% |
| Shares Outstanding | — | $221M | $229M | $233M | $273M | $281M | $276M | $276M | $287M | $291M | $297M |
Compare BBWI with 7 similar companies in its peer group
| Company | Market Cap | P/E | EV/EBITDA | P/FCF | Gross Margin | Op Margin | ROE | ROIC | Debt/EBITDA |
|---|---|---|---|---|---|---|---|---|---|
| BBWIYou | $5B | 6.3 | 5.9 | 7.4 | 44.3% | 17.3% | — | 32.9% | 3.2 |
| ULTA | $31B | 27.0 | 17.6 | 32.5 | 38.8% | 14.0% | 50.4% | 33.2% | 1.0 |
| YSG | $3B | -4.4 | — | — | 77.1% | -12.4% | -19.7% | -10.9% | — |
| SBH | $2B | 8.5 | 7.0 | 9.1 | 51.6% | 8.9% | 27.5% | 11.4% | 3.7 |
| OLPX | $1B | 54.9 | 9.5 | 7.6 | 69.2% | 15.8% | 2.3% | 5.1% | 5.4 |
| HNST | $316M | -20.0 | — | 23.2 | 33.3% | -5.0% | -9.1% | -13.5% | — |
| NHTC | $37M | -41.7 | — | — | 73.5% | -4.5% | -3.1% | -6.5% | — |
| JWEL | $5M | -0.6 | — | 7.6 | 1.0% | -6.1% | -37.8% | -28.0% | — |
| Consumer Cyclical Median | — | 18.8 | 11.0 | 14.0 | 38.6% | 2.4% | 6.5% | 5.6% | 4.2 |
Peers based on L4 peer group classification. Compare multiple stocks →
Includes 30+ ratios · 30 years · Updated daily
Price is only half the story. See total return with reinvested dividends.
Launch CalculatorSee our Bear / Base / Bull DCF models and intrinsic value estimates.
View ValuationSee how BBWI stacks up against sector leader Ulta Beauty, Inc..
Start ComparisonBath & Body Works, Inc.'s current P/E ratio is 6.3x. The historical average is 11.8x. This places it at the 7th percentile of its historical range.
Bath & Body Works, Inc.'s current EV/EBITDA is 5.9x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 6.3x.
Based on historical data, Bath & Body Works, Inc. is trading at a P/E of 6.3x. This is at the 7th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
Bath & Body Works, Inc.'s current dividend yield is 3.52% with a payout ratio of 22.2%.
Bath & Body Works, Inc. has 44.3% gross margin and 17.3% operating margin. Operating margin between 10-20% is typical for established companies.
Bath & Body Works, Inc.'s Debt/EBITDA ratio is 3.2x, indicating high leverage. A ratio between 2-4x is manageable but warrants monitoring.