BBWINYSERetail-Retail Stores, NECFiscal year ends January 30
Bath & Body Works, Inc.
Financials through Q2 FY2026, quarter ended Aug 1, 2026Last filing: 10-Q on Aug 26, 2026
$19.84−0.30 (-1.49%)
Close on Oct 19, 2026
- Market cap
- $4.01B
- P/E (TTM)
- 5.2
- Dividend yield
- 4.03%
Margins
Share of revenue, fiscal years 2011 to 2025
Gross margin
43.7%−4.4 pts over 5 years
Operating margin
15.4%−9.5 pts over 5 years
Net margin
8.9%−4.2 pts over 5 years
Growth rates
Compound annual growth to fiscal 2025
| Per year | 1 year | 3 years | 5 years | 10 years | Five-year pace |
|---|---|---|---|---|---|
| Revenue | -0.2% | -1.2% | +2.5% | -5.0% | |
| Gross profit | -1.4% | -0.7% | +0.6% | -4.8% | |
| Operating income | -11.1% | -6.5% | -6.8% | -6.4% | |
| Net income | -18.7% | -6.7% | -5.1% | -6.4% | |
| EPS, diluted | -13.9% | -3.2% | +0.7% | -3.0% | |
| Free cash flow | +31.1% | +2.0% | -13.7% | -4.0% | |
| Dividend per share | 0.0% | 0.0% | +21.7% | -8.8% |
Returns and balance sheet
10 fiscal years. Hover a measure to see how it is calculated.
| Measure | FY2016 | FY2020 | FY2025 | Trend |
|---|---|---|---|---|
| Return on equity | -234.4% | -78.1% | -48.7% | |
| Return on assets | 13.9% | 7.8% | 13.1% | |
| Current ratio | 1.72 | 1.97 | 1.27 | |
| Debt to equity | -7.87 | -9.62 | -3.04 | |
| Net debt to EBITDA | 1.54× | 1.14× | – | |
| Interest coverage | 5.1× | 3.7× | 4.1× | |
| Inventory turnover | 6.7× | 3.6× | 5.7× | |
| Capex to revenue | 7.9% | 3.5% | 3.3% | |
| Diluted shares | 291M | 281M | 209M |
Where the cash went
Fiscal 2021 to 2025, five years combined
Bath & Body Works generated $5.58B from operations and spent $6.42B on capital expenditure, dividends and share buybacks. 21% of that went back into the business.
Generated
$5.58B
Used
$6.42B
Capital expenditure$1.36B21%Dividends$832.00M13%Share buybacks$4.23B66%
DuPont analysis
Return on equity split into margin, efficiency and leverage
Net margin8.9%
×Asset turnover1.47×
×Equity multiplier-3.73×
=Return on equity, FY2025-48.7%
| Fiscal year | Net margin | Asset turnover | Equity multiplier | Return on equity |
|---|---|---|---|---|
| FY2025 | 8.9% | 1.47× | -3.73× | -48.7% |
| FY2024 | 10.9% | 1.41× | -3.43× | -53.0% |
| FY2023 | 11.8% | 1.36× | -2.86× | -45.8% |
| FY2022 | 10.6% | 1.31× | -3.09× | -43.0% |
| FY2021 | 16.9% | 0.90× | -8.07× | -122.3% |
| FY2020 | 13.1% | 0.59× | -10.04× | -78.1% |
| FY2019 | -6.8% | 0.59× | -7.69× | 30.9% |
| FY2018 | 4.9% | 1.63× | -10.01× | -79.4% |
| FY2017 | 7.8% | 1.55× | -11.01× | -132.7% |
| FY2016 | 9.2% | 1.51× | -16.87× | -234.4% |
Piotroski F-Score
Nine tests of profitability, balance sheet and efficiency, fiscal 2025 against fiscal 2024
6of 9 tests passed in fiscal 2025. Scores of 7 to 9 are usually read as strong.
- ProfitableNet income above zero$649.00M
- Cash generatingOperating cash flow above zero$1.10B
- Return on assets improvedROA up on the prior year14.6% → 13.3%
- Earnings backed by cashOperating cash flow above net income$1.10B vs $649.00M
- Less leverageLong-term debt to assets fell79.7% → 71.3%
- Better liquidityCurrent ratio rose1.48 → 1.27
- No dilutionShare count did not rise221M → 209M
- Gross margin improvedGross margin up on the prior year44.26% → 43.74%
- More efficientAsset turnover rose1.34 → 1.50