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Sells personal care and home fragrance products—candles, lotions, soaps—through its own stores and online.
Sells personal care and home fragrance products—candles, lotions, soaps—through its own stores and online.
Sells almost entirely through its own stores and website, driven by seasonal collections and frequent promotions, with international sales mostly through franchise and wholesale partners. It became a standalone business in 2021 when Victoria's Secret was separated from the old L Brands.
Moat: narrow (brand, distribution). Long-established fragrance/personal-care brand and store footprint versus mass-market and prestige rivals.
Headquarters: Columbus, Ohio, US · Founded: 1990 · Employees: 60,735
Size Bath & Body Works (BBWI) is a United States Consumer Discretionary company (Specialty Stores) with a market value of $4.31B, the 1298th largest of 3,117 United States companies the cockpit tracks. Shares closed at $21.36 on 6 Nov 2026.
Performance Over six months the shares gained 8.3%, against +2.3% for the median peer and -1.1% for the United States market (cap-weighted) — 8th highest of 21 in its peer set.
Growth Revenue fell 2.2% over the last twelve months (peer median +2.6%); the operating margin is 14.9% (peer median 4.7%).
Valuation It trades at 8.3× forward earnings against a peer median of 15.4× (6th cheapest of 21).
Price implies For today's price to make sense, revenue must grow about -9% a year for seven years (Req g). Recent delivered growth is +3%, so the hurdle is -11 pp: the price already allows for a slowdown.
Capital Return on invested capital runs 21.0 points above its cost of capital (8.3% WACC).
Credit Bath & Body Works has 7 bonds outstanding ($3.38B), rated BB+ by the agencies and trading like BB at a weighted spread of 188 bp.
Short interest Short interest is 8.7% of the free float (15 Oct 2026).
Next results Next results expected around 18 Nov 2026 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | $7.21B | $7.29B | $7.31B | $7.43B | $7.56B |
| Revenue growth | — | 0% | -2% | -2% | — |
| Gross profit | $3.10B | $3.19B | $3.23B | $3.23B | $3.25B |
| EBITDA | $1.32B | $1.41B | $1.55B | $1.55B | $1.59B |
| Net income | $781M | $649M | $798M | $878M | $800M |
| Free cash flow | $1.03B | $865M | $660M | $656M | $816M |
| Capital expenditure | $242M | $237M | $226M | $298M | $328M |
| Total debt | $4.74B | $4.95B | $4.96B | $5.57B | $6.05B |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g |
|---|---|---|---|---|---|---|
| Bath & Body Works BBWI | $4.31B | +8% | -2% | 15% | 8.3× | -8.8% |
| Ulta Beauty ULTA | $27.6B | +24% | +11% | 13% | 21.1× | 7.1% |
| Newell Brands NWL | $2.33B | +20% | +1% | 9% | 8.2× | 0.4% |
| Victoria's Secret & VSXY | $8.62B | +125% | +10% | 8% | 21.4× | 20.0% |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | BBWI | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | +20.6% | +7.1% | 3rd highest of 21 |
| 6-month return | +8.3% | +2.3% | 8th highest of 21 |
| Distance from 52-week high | -14.3% | -19.9% | 8th highest of 21 |
| Revenue growth (TTM) | -2.2% | +2.6% | 5th lowest of 21 |
| Operating margin | 14.9% | 4.7% | 2nd highest of 21 |
| Forward P/E | 8.3× | 15.4× | 6th cheapest of 21 |
| Growth the price implies (Req g, 7 yrs) | -8.8% | 5.6% | 2nd least demanding of 16 |
| Growth delivered (Del g) | +2.5% | +8.3% | 5th lowest of 16 |
| Hurdle (Req g minus delivered) | -11.3 pp | -2.4 pp | 6th least demanding of 16 |
| ROIC minus cost of capital | +21.0 pp | +0.1 pp | highest of 21 |
| EV / EBITDA | 6.3× | 9.3× | 2nd cheapest of 18 |
| Net debt / EBITDA | 3.0× | 2.8× | 9th most indebted of 20 |
| Bond spread | 188 bp | 150 bp | 3rd widest of 7 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Bath & Body Works BBWI | United States | $4.31B | +8% | -2% | 15% | 8.3× | -8.8% | +2.5% |
| Signet Jewelers SIG | United States | $4.37B | +34% | +1% | 7% | 9.4× | -1.3% | +5.4% |
| Academy Sports and Outdoors ASO | United States | $4.14B | +24% | +4% | 10% | 9.9× | -1.2% | +1.2% |
| Endeavour EDV.AX | Australia | $4.48B | +10% | +1% | 4% | 21.4× | 14.9% | +1.0% |
| PriceSmart PSMT | United States | $5.02B | +3% | +12% | 5% | 27.2× | 10.5% | +10.2% |
| Asbury Automotive ABG | United States | $3.64B | +1% | -1% | 5% | 7.6× | -2.4% | +20.3% |
| Rush Enterprises RUSHA | United States | $5.54B | +6% | -3% | 5% | 15.4× | 7.9% | +9.4% |
| MINISO 9896.HK | Hong Kong | $3.34B | -25% | +31% | 13% | 9.9× | 1.5% | +18.5% |
| Frasers FRAS.L | United Kingdom | $5.64B | +44% | +8% | 7% | 9.1× | n/a | n/a |
| Eagers Automotive APE.AX | Australia | $3.18B | -31% | +19% | 4% | 16.5× | 5.9% | +8.3% |
| AutoNation AN | United States | $5.88B | -11% | -2% | 5% | 8.3× | n/a | n/a |
| Warby Parker WRBY | United States | $3.15B | -14% | +11% | 0% | 57.8× | n/a | n/a |
| Group 1 Automotive GPI | United States | $3.12B | -27% | -3% | 5% | 7.1× | -6.1% | +16.3% |
| TRIAL Holdings.Inc 141A.T | Japan | $3.12B | +2% | +69% | 2% | 43.1× | 11.0% | +53.9% |
| Ultrapar Participacoes S.A. Sponsored ADR UGP | United States | $6.12B | -11% | +20% | 5% | 7.0× | -12.6% | +12.2% |
| Kalyan Jewellers India KALYANKJIL.NS | India | $6.47B | +44% | +46% | 6% | 37.6× | n/a | n/a |
| Lithia Motors LAD | United States | $6.68B | +5% | +1% | 4% | 8.0× | n/a | n/a |
| Advance Auto Parts AAP | United States | $2.75B | -19% | -1% | 4% | 19.2× | 5.6% | -3.2% |
| Shanghai Yuyuan Tourist Mart 600655.SS | China | $2.70B | -6% | -21% | -3% | 77.3× | 15.9% | -4.4% |
| Pepco Group BV PCO.WA | Poland | $7.18B | +58% | -42% | 15% | 16.8× | 4.6% | +4.5% |
| CarMax KMX | United States | $7.31B | +28% | +4% | 2% | 15.5× | 17.6% | +6.7% |
Bath & Body Works has 7 bonds outstanding with $3.38B face value. The agencies rate it BB+; its bonds trade like BB. Weighted yield 6.50%, a spread of 188 bp over government bonds.