# Bath & Body Works (BBWI.US)

Canonical: https://gigainvestors.com/s/BBWI

Analysis as of: 2026-10-16T07:26:49.533Z. Financial observations: FY1997–FY2027.

Listing currency: USD. Reporting currency: USD.

## Verdict

Not a wonderful business

Quality tests for Buy: not passed (profit record: pass; earnings resilience is evidence only). Published buy qualification: no.

Share price: $20.44 per share; close as of 2026-10-15.

Estimated value: low $47.89 per share, central $54.04 per share, high $62.24 per share. Buy at or below the central value $54.04 per share. Valuation as of 2026-10-16T07:26:49.533Z; scenarios are not confidence intervals.

Expected annual return: 24.6% at the stated quote. About 24.6% a year at today's price (required return 10.0%). required return 10.0% a year (10% floor; US 10-year bond 5.1% + 4 points).

## Checklist

### understandable: fail

- 6 revenue declines in the last 10 years

- more than 5 revenue declines in ten years

- Financial history: 10 years

- Years with declining revenue: 6

- Years with a net loss: 1

- Operating margin variation: 0.26×

Chart: Operating margin; fiscal year observations.

- FY2018: 0.14×

- FY2019: 0.09×

- FY2020: 0.19×

- FY2021: 0.25×

- FY2022: 0.25×

- FY2023: 0.18×

- FY2024: 0.17×

- FY2025: 0.17×

- FY2026: 0.15×

- LTM to Jul 2026: 0.17×

### moat: pass

- ROIC, median of available years: 45.2%

- ROIC, second-lowest year: 39.6%

- Typical minus recent gross margin: -0.2 pp

- Typical gross margin (annual median): 43.9%

- Recent gross margin (lower of latest and 3-year median): 44.1%

- Years with nonpositive capital: 0

- Capital spending / revenue: 3.8%

- ROIC including acquisitions, ten-year median: 24.1%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2018: 59.4%

- FY2019: 42.6%

- FY2020: 14.4%

- FY2021: 47.1%

- FY2022: 80.4%

- FY2023: 52.6%

- FY2024: 49.5%

- FY2025: 43.3%

- FY2026: 39.6%

- LTM to Jul 2026: 42.8%

### economics: fail

- incremental invested capital return below threshold

- Owner earnings / net income, 5-yr: 0.98×

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: $3.8B

- Net income, five-year total: $3.9B

- Return on incremental invested capital: 0.0%

- Working capital / revenue, annual change: -0.4 pp

- Working capital / revenue, change between three-year averages: -4.0 pp

- Working capital / revenue, final three-year average: 6.3%

Chart: Annual owner cash / profit; fiscal year observations.

- FY2023: 0.87×

- FY2024: 0.97×

- FY2025: 1.07×

- FY2026: 1.03×

- LTM to Jul 2026: 1.01×

### management: pass

- Historical market-dollar context (not the management verdict): 2017 to 2026 (9 years)

- potential debt-funded buybacks (informational)

- buybacks leaned toward cheaper years (informational)

- ROIC first 3 years vs last 3 years: 59.4% vs 43.3%

- Per-share earnings: 3.22 to 3.61 (three-year endpoint medians)

- Management verdict uses per-share economic progress: Yes

- Ordinary dilution, 10-year annual growth: -5.5%

- Ordinary dilution, 5-year annual growth: -5.7%

- Market cap gain: -$17B

- Cumulative retained earnings: -$1.6B

- Diluted shares, 10-year annual growth: -5.5%

- Diluted shares, 5-year annual growth: -5.7%

- $1 test, starting fiscal year: FY2017

- $1 test, ending fiscal year: FY2026

- Per-share value growth: 1.5%

- Per-share value change: $0.39

- Per-share value, starting three-year median: $3.22

- Per-share value, ending three-year median: $3.61

- Buybacks concentrated in cheaper years (correlation): 0.59

- Average buyback yield: 4.9%

- Buyback history: 10 years

- Debt-funded buybacks: Yes

- Acquisition spending: $30M

- Cumulative net income, 10 years: $7.7B

- ROIC, first three-year median: 59.4%

- ROIC, last three-year median: 43.3%

Chart: Earnings per share; fiscal year observations.

- FY2017: $3.22

- FY2018: $2.77

- FY2019: $1.87

- FY2020: -$1.32

- FY2021: $3.00

- FY2022: $4.88

- FY2023: $3.43

- FY2024: $3.83

- FY2025: $3.61

- FY2026: $3.11

### accounting: pass

- Sloan accruals: -8.9%

- Receivables to sales index (DSRI): 0.88×

- Restructuring years, last five: 0

- Stock compensation / operating cash flow: 2.8%

- Earnings backed by cash: Yes

- Operating cash / earnings: 1.70×

- Accounting red flags: 0

Chart: Sloan accruals; fiscal year observations.

- FY2017: -9.0%

- FY2018: -5.2%

- FY2019: -9.1%

- FY2020: -15.8%

- FY2021: -10.3%

- FY2022: -2.6%

- FY2023: -6.3%

- FY2024: -1.4%

- FY2025: -1.8%

- FY2026: -8.9%

## Holders

## Price story

Down 73% since Nov 2021 · "Bath and Body Works (NYSE:BBWI) Exceeds Q2 CY2026 Expectations, but Q3 Guidance Disappoints" (finance.yahoo.com, Aug 2026) · sales -1.1%

Story as of 2026-10-16T09:58:22.547Z; price observation 2026-10-15.

Price needs cash profits to shrink 12.9% a year for ten years

- 2025-11-21: BBWI Stock Down on Soft Q3 Earnings, Transformation Plan Unveiled ([finance.yahoo.com](https://finance.yahoo.com/news/bbwi-stock-down-soft-q3-195200805.html))

- 2026-08-26: Bath and Body Works (NYSE:BBWI) Exceeds Q2 CY2026 Expectations, but Q3 Guidance Disappoints ([finance.yahoo.com](https://finance.yahoo.com/markets/stocks/articles/bath-body-works-nyse-bbwi-111705512.html))

### Sales · FY2026–2027

sales -1.1%; source https://www.sec.gov/Archives/edgar/data/701985/000070198526000008/bbwi-20260131.htm; observed 2026-03-12.

- FY2018: $13B 

- FY2019: $13B 

- FY2020: $5.4B 

- FY2021: $6.4B 

- FY2022: $7.9B 

- FY2023: $7.6B 

- FY2024: $7.4B 

- FY2025: $7.3B 

- FY2026: $7.3B 

- FY2027: $7.2B 

### Gross margin · FY2027

gross margin 44.1%; source https://www.sec.gov/Archives/edgar/data/701985/000070198526000008/bbwi-20260131.htm; observed 2026-03-12.

- FY2018: 39.3% 

- FY2019: 37.0% 

- FY2020: 44.2% 

- FY2021: 48.1% 

- FY2022: 48.9% 

- FY2023: 43.1% 

- FY2024: 43.6% 

- FY2025: 44.3% 

- FY2026: 43.7% 

- FY2027: 44.1% 

## Owner memo

Memo as of 2026-10-16T08:06:05.509Z.

### How it makes money

Operates in specialty retail; annual sales are USD 7.3 billion.

- Source: https://www.sec.gov/Archives/edgar/data/701985/000070198526000008/bbwi-20260131.htm (filed 2026-03-12); FY2026: revenue 7291000000; grossProfit 3189000000; margin = grossProfit / revenue.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); BBWI.US: Bath & Body Works, Inc. operates as a specialty retailer of personal care and home fragrance products. The company offers body and home fragrances, including 3-wick candles, home fragrance diffusers, fine fragrance mists, eau de parfum, body wash, hand soaps, body lotions, and body creams, as well as sanitizer and other products. It sells its products under the Bath & Body Works and other brand names through retail stores and e-commerce sites in the United States and Canada, as well as through international stores operated by partners under the franchise, license, and wholesale arrangements. 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.

### Why customers stay

Margins ranged from 43.6% to 44.3% during 2024–26; it earns 45.2% on its capital.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-12); FY2024: grossProfit / revenue = 43.6%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-12); FY2025: grossProfit / revenue = 44.3%.

- Source: https://www.sec.gov/Archives/edgar/data/701985/000070198526000008/bbwi-20260131.htm (filed 2026-03-12); FY2026: grossProfit / revenue = 43.7%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-12); 10-year return on capital observations [[2018,0.5944366055230801],[2019,0.42620552913488025],[2020,0.14432173610842955],[2021,0.47144314350701294],[2022,0.8038620216301202],[2023,0.5259037478459272],[2024,0.49463942963215624],[2025,0.4325488436455308],[2026,0.396052557415573],[2027,0.4280515005712397]]; median 0.45199599357627185. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Where the cash goes

Paid dividends in 10 of 10 years; bought back USD 401 million of shares.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-12); FY2017: growth capex 81539216.00140524; upkeep 908460783.9985948; owner earnings 767539216.0014052. Growth capex / owner earnings = 0.10623459271070777.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-12); FY2018: growth capex 11917133.182746172; upkeep 695082866.8172538; owner earnings 858917133.1827462. Growth capex / owner earnings = 0.013874601777457665.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-12); FY2019: growth capex 39000000; upkeep 590000000; owner earnings 644000000. Growth capex / owner earnings = 0.06055900621118013.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-12); FY2021: growth capex 0; upkeep 228000000; owner earnings 1137000000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-12); FY2022: growth capex 0; upkeep 270000000; owner earnings 1426000000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-12); FY2023: growth capex 0; upkeep 328000000; owner earnings 693000000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-12); FY2024: growth capex 0; upkeep 298000000; owner earnings 849000000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-12); FY2025: growth capex 0; upkeep 226000000; owner earnings 854000000. Growth capex / owner earnings = 0.

- Source: https://www.sec.gov/Archives/edgar/data/701985/000070198526000008/bbwi-20260131.htm (filed 2026-03-12); FY2026: growth capex 0; upkeep 237000000; owner earnings 666000000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-12); Dividend observations: [[2017,1268000000],[2018,686000000],[2019,666000000],[2020,332000000],[2021,83000000],[2022,120000000],[2023,186000000],[2024,182000000],[2025,177000000],[2026,167000000]]. Zero only counted when supported by a complete cash-flow statement.

- Source: https://www.sec.gov/Archives/edgar/data/701985/000070198526000008/bbwi-20260131.htm (filed 2026-03-12); FY2026: cash repurchases 401000000 USD.

### Are managers owners

Insiders own 0.5% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); BBWI.US SharesStats.PercentInsiders = 0.5309999999999999 percentage points; cache date 2026-10-16.

### What the price says

The price assumes cash profits shrink 12.9% yearly over ten years; actual growth was 0.5%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-12); Ten-year compound average after fade. Initial solved rate -0.19224980235882388. Price 20.44; FX 1; discount 0.1; same standard ten-year fade to terminal 0.03. FY2016 owner earnings/share 3.022920677734455 → FY2026 3.186602870813397. Closing-price date 2026-10-15.

## Monthly share-price history (USD per share)

- 2016-10: $72.19 per share

- 2016-11: $70.22 per share

- 2016-12: $65.84 per share

- 2017-01: $60.21 per share

- 2017-02: $52.62 per share

- 2017-03: $47.10 per share

- 2017-04: $52.81 per share

- 2017-05: $51.60 per share

- 2017-06: $53.89 per share

- 2017-07: $46.39 per share

- 2017-08: $36.22 per share

- 2017-09: $41.61 per share

- 2017-10: $43.04 per share

- 2017-11: $56.07 per share

- 2017-12: $60.22 per share

- 2018-01: $50.09 per share

- 2018-02: $49.33 per share

- 2018-03: $38.21 per share

- 2018-04: $34.91 per share

- 2018-05: $33.91 per share

- 2018-06: $36.88 per share

- 2018-07: $31.67 per share

- 2018-08: $26.43 per share

- 2018-09: $30.30 per share

- 2018-10: $32.42 per share

- 2018-11: $33.11 per share

- 2018-12: $25.67 per share

- 2019-01: $27.84 per share

- 2019-02: $26.14 per share

- 2019-03: $27.58 per share

- 2019-04: $25.64 per share

- 2019-05: $22.46 per share

- 2019-06: $26.10 per share

- 2019-07: $25.95 per share

- 2019-08: $16.51 per share

- 2019-09: $19.59 per share

- 2019-10: $17.04 per share

- 2019-11: $19.14 per share

- 2019-12: $18.12 per share

- 2020-01: $23.16 per share

- 2020-02: $21.66 per share

- 2020-03: $11.56 per share

- 2020-04: $11.89 per share

- 2020-05: $16.19 per share

- 2020-06: $14.97 per share

- 2020-07: $24.41 per share

- 2020-08: $29.40 per share

- 2020-09: $31.81 per share

- 2020-10: $32.01 per share

- 2020-11: $38.81 per share

- 2020-12: $37.19 per share

- 2021-01: $40.76 per share

- 2021-02: $54.66 per share

- 2021-03: $61.86 per share

- 2021-04: $65.90 per share

- 2021-05: $69.87 per share

- 2021-06: $72.06 per share

- 2021-07: $80.07 per share

- 2021-08: $67.48 per share

- 2021-09: $63.03 per share

- 2021-10: $69.09 per share

- 2021-11: $75.13 per share

- 2021-12: $69.79 per share

- 2022-01: $56.07 per share

- 2022-02: $53.37 per share

- 2022-03: $47.80 per share

- 2022-04: $52.89 per share

- 2022-05: $41.02 per share

- 2022-06: $26.92 per share

- 2022-07: $35.54 per share

- 2022-08: $37.33 per share

- 2022-09: $32.60 per share

- 2022-10: $33.38 per share

- 2022-11: $42.50 per share

- 2022-12: $42.14 per share

- 2023-01: $46.01 per share

- 2023-02: $40.87 per share

- 2023-03: $36.58 per share

- 2023-04: $35.10 per share

- 2023-05: $35.24 per share

- 2023-06: $37.50 per share

- 2023-07: $37.06 per share

- 2023-08: $36.87 per share

- 2023-09: $33.80 per share

- 2023-10: $29.65 per share

- 2023-11: $32.62 per share

- 2023-12: $43.16 per share

- 2024-01: $42.66 per share

- 2024-02: $45.70 per share

- 2024-03: $50.02 per share

- 2024-04: $45.42 per share

- 2024-05: $51.94 per share

- 2024-06: $39.05 per share

- 2024-07: $36.75 per share

- 2024-08: $30.76 per share

- 2024-09: $31.92 per share

- 2024-10: $28.38 per share

- 2024-11: $36.24 per share

- 2024-12: $38.77 per share

- 2025-01: $37.61 per share

- 2025-02: $36.23 per share

- 2025-03: $30.32 per share

- 2025-04: $30.51 per share

- 2025-05: $28.12 per share

- 2025-06: $29.96 per share

- 2025-07: $28.96 per share

- 2025-08: $29.21 per share

- 2025-09: $25.76 per share

- 2025-10: $24.48 per share

- 2025-11: $17.41 per share

- 2025-12: $20.08 per share

- 2026-01: $21.80 per share

- 2026-02: $22.76 per share

- 2026-03: $18.67 per share

- 2026-04: $19.44 per share

- 2026-05: $20.02 per share

- 2026-06: $23.13 per share

- 2026-07: $20.12 per share

- 2026-08: $19.25 per share

- 2026-09: $15.92 per share

- 2026-10: $20.44 per share

## Annual estimated value (USD per share)

- FY2017: low $29.73 per share, central $34.61 per share, high $39.53 per share

- FY2018: low $33.70 per share, central $41.23 per share, high $47.57 per share

- FY2019: low $36.50 per share, central $45.66 per share, high $52.82 per share

- FY2020: low $17.98 per share, central $19.76 per share, high $22.14 per share

- FY2021: low $27.52 per share, central $29.62 per share, high $32.43 per share

- FY2022: low $28.13 per share, central $31.09 per share, high $35.03 per share

- FY2023: low $37.32 per share, central $42.03 per share, high $48.08 per share

- FY2024: low $44.61 per share, central $50.20 per share, high $57.63 per share

- FY2025: low $44.63 per share, central $50.45 per share, high $58.20 per share

- FY2026: low $47.44 per share, central $53.45 per share, high $61.44 per share

Historical values use today's bond yield for every fiscal year

Historical values use today's FX rate into trading currency for every fiscal year

Historical values use current restated fundamentals and current commodity classification; they are not point-in-time estimates

## Sources

[Original 10-K filing](https://www.sec.gov/Archives/edgar/data/701985/000070198526000008/bbwi-20260131.htm); period 2026-01-31, filed 2026-03-12.

Estimates depend on assumptions and are not guarantees or investment advice. Underlying data remains subject to its source licenses; public reading does not grant bulk redistribution rights.

## Reported holder observations



# BBWI — Bath & Body Works Inc.

Held by 1 investor · USD 3,864,000 total · 2025 Q3 · reported price USD 25.76 (split-adjusted).
Page: https://gigainvestors.com/s/BBWI

## Holders (2025 Q3)

| Investor | Value | % of their portfolio | This quarter |
|---|---:|---:|---|
| Alex Roepers (https://gigainvestors.com/AIM) | USD 3,864,000 | 2.2% | new |

## Total held by quarter

- 2020 Q1: USD 392,265,261 · 2 holders · USD 6.51
- 2020 Q2: USD 522,609,796 · 2 holders · USD 8.43
- 2020 Q3: USD 1,298,106,615 · 2 holders · USD 17.91
- 2020 Q4: USD 1,565,135,200 · 2 holders · USD 20.94
- 2021 Q1: USD 2,603,711,154 · 2 holders · USD 34.84
- 2021 Q2: USD 2,831,184,869 · 2 holders · USD 40.58
- 2021 Q3: USD 2,420,770,771 · 2 holders · USD 35.50
- 2021 Q4: USD 2,650,034,824 · 2 holders · USD 39.30
- 2022 Q1: USD 1,713,509,066 · 2 holders · USD 26.92
- 2022 Q2: USD 799,414,274 · 2 holders · USD 26.92
- 2022 Q3: USD 937,746,531 · 2 holders · USD 32.60
- 2022 Q4: USD 1,448,782,934 · 2 holders · USD 42.14
- 2023 Q1: USD 1,218,737,140 · 2 holders · USD 36.58
- 2023 Q2: USD 1,132,759,313 · 2 holders · USD 37.50
- 2023 Q3: USD 775,829,956 · 3 holders · USD 33.80
- 2023 Q4: USD 1,130,883,931 · 3 holders · USD 43.16
- 2024 Q1: USD 1,226,336,838 · 3 holders · USD 50.02
- 2024 Q2: USD 991,058,463 · 3 holders · USD 39.05
- 2024 Q3: USD 454,400,097 · 2 holders · USD 31.92
- 2024 Q4: USD 86,620,477 · 1 holder · USD 38.77
- 2025 Q1: USD 0 · 0 holders
- 2025 Q2: USD 0 · 0 holders
- 2025 Q3: USD 3,864,000 · 1 holder · USD 25.76
- 2025 Q4: USD 0 · 0 holders