BBWI
Bath & Body Works, Inc.
Next earnings Aug 26, 2026 · consensus $0.25 EPS, $1.52B rev
Last earnings +9.7% on 2026-05-27
$21.96
▼ -6.55%$21.96▼ -24.04%
over 1Y
L $14.56H $32.36
Earnings Dividend Split Congress buy Congress sellGrouped by date · hover a pin to expand
Today-6.6%
1W+0.6%
1M+18.6%
3M+19.6%
YTD+8.0%
1Y-24.0%
Hold
Conviction
Horizon
Medium (3–12mo)
12-mo target
$•••
Street · 23 analysts
Buy
Cheap at 7x earnings with real FCF, but 5 straight years of revenue and margin compression keep this a 'show-me' turnaround.
P/E 7.0 · FY2026
The read
Middling fundamentals offset by an attractive price (~20% below fair value) — worth a look on the value angle.
BBWI screens optically cheap — 7.0x P/E, 0.6x P/S, $1.10B operating cash flow (+24.4% YoY), and $401M of buybacks shrinking the share count 6.1%. At a 15.4% operating margin and 8.9% net margin, this is still a profitable, cash-generative specialty retailer trading like a structurally impaired one. The capital-return engine is intact and the buyback is accretive at this multiple.
But the trend is the problem, and management is candid about it. The MD&A states 2025 'performance did not meet our expectations' and that BBWI 'underperformed in our sector,' not just the macro. The numbers confirm it: revenue has stair-stepped down from $7.88B (FY22) to $7.29B (FY26), net income from $1.33B to $649M, and the operating margin slipped from 17.3% to 15.4% this year alone. FY26 net income fell 18.7% and diluted EPS 13.9% — these are not stabilizing yet.
AI-generated analysis, produced by our proprietary engine from SEC filing data.
Investment recommendation produced by TENK/calls (tenkcalls.com), Luxembourg. Completed Jun 25, 2026, 8:58 AM ET. Ratings & methodology: definitions · All recommendations to date: track record · Conflicts: disclosures. Not investment advice.
Financials · annual, by fiscal year
| Line item | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | $7.88B | $7.56B | $7.43B | $7.31B | $7.29B |
| Gross profit | $3.85B | $3.25B | $3.24B | $3.23B | $3.19B |
| Operating income | $2.01B | $1.38B | $1.28B | $1.27B | $1.13B |
| Net income | $1.33B | $800M | $878M | $798M | $649M |
| Diluted EPS | $4.88 | $3.43 | $3.84 | $3.61 | $3.11 |
| Net margin | 16.9% | 10.6% | 11.8% | 10.9% | 8.9% |
Annual figures from SEC 10-K XBRL filings. Open the filing links below for full statement detail.
Key statistics
Valuation
Enterprise value$7.37B
EV / EBITDA4.5
EV / Sales1.0
EV / FCF8.5
P / FCF5.1
PEG (trailing)—
Earnings yield14.7%
FCF yield19.5%
Quality & risk
ROIC (est.)—
Free cash flow$865M
Total debt$3.89B
Net cash-$2.94B
Piotroski F-Score5/9
Capital returns
Buyback yield9.1%
Dividend yield (est.)3.8%
Shareholder yield12.8%
Shares Δ YoY-6.1%
Computed from SEC XBRL annual figures + the current quote. EV and ROIC use long-term + current debt where filed; estimates, not investment advice.
Disclosure timeline
SEC · 8-Ks + reportsRecent disclosure tone has skewed negative — read the flagged items.
- 8-K Shareholder vote2026-06-15
Annual meeting results: director slate elected, routine say-on-pay/auditor votes
- 8-K Officer / director change2026-05-27
Q1 FY26 10-Q: first full read on CEO Heaf's turnaround and $175M cost savings
- 10-Q Quarterly report2026-05-27
Q1 FY26 10-Q: first full read on CEO Heaf's turnaround and $175M cost savings
- DEF 14A Proxy statement2026-04-28
Annual proxy: board slate, exec comp and say-on-pay up for shareholder vote
- 10-K Annual report2026-03-12
FY25 10-K: rev flat, op income -11%, EPS -14%; new CEO + multi-year reset
- 8-K Earnings results2026-03-04
Q4/FY25 earnings: net income -19% YoY, sector underperformance continued
- 8-K Reg FD disclosure2026-03-03
Reg FD disclosure ahead of FY25 results (likely pre-announcement/investor deck)
- 8-K Officer / director change2026-02-25
Executive officer change disclosed (appointment/departure or comp arrangement)
- 8-K Earnings results2025-11-20
Q3 FY25 10-Q: margin pressure ahead of holiday as transformation plan rolled out
Recent filings
all on EDGAR ↗4Period ending 2026-06-112026-06-15open ↗4Period ending 2026-06-112026-06-15open ↗4Period ending 2026-06-112026-06-15open ↗4Period ending 2026-06-112026-06-15open ↗4Period ending 2026-06-112026-06-15open ↗4Period ending 2026-06-112026-06-15open ↗4Period ending 2026-06-112026-06-15open ↗4Period ending 2026-06-112026-06-15open ↗4Period ending 2026-06-112026-06-15open ↗4Period ending 2026-06-122026-06-15open ↗8-KPeriod ending 2026-06-112026-06-15open ↗3Period ending 2026-06-112026-06-15open ↗
Frequently asked
- Is Bath & Body Works, Inc. (BBWI) a buy?
- BBWI currently carries a Hold rating with 3/5 conviction, derived from its latest SEC filings. Cheap at 7x earnings with real FCF, but 5 straight years of revenue and margin compression keep this a 'show-me' turnaround.
- What is BBWI's fair value?
- A Modified-Graham model based on BBWI's SEC fundamentals estimates a fair value of about $26.44. It is an estimate from reported earnings, not a price target.
- Is BBWI overvalued or undervalued?
- Against a Modified-Graham fair-value estimate, BBWI currently appears undervalued relative to its SEC-grounded earnings power.
- What is Bath & Body Works, Inc.'s quality score?
- BBWI scores 57.831155681270694/100 (grade C) on a SEC-grounded quality model spanning value, growth, profitability, financial health and momentum.
Sources: SEC EDGAR (CIK 0000701985, latest 10-Q filed 2026-05-27) · EODHD · Proprietary analysis · as of 6/25/2026, 12:58:37 PM.
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