Bath & Body Works (BBWI)
What the price implies
A reverse DCF: instead of guessing a fair value, it asks what growth today's price already assumes. How it works.
At a market value of $3.2B, Bath & Body Works's free cash flow of $865M (fiscal 2026) would need to grow about -19% a year for the stock to be worth today's price. That is slower than the company has grown its free cash flow over the last 9 years.
Assumes a 9% discount rate and 3% growth after year 10, on free cash flow (operating cash flow minus capital spending) from Bath & Body Works's SEC filings. Change any assumption, or model revenue and margins instead, in the Modeling tab, or try your own numbers in the reverse DCF calculator.
Fundamental grade
Five factors scored 1 to 9 from BBWI's latest numbers, weighted into one grade. It describes the business, not whether the stock is a buy.
Key numbers
Results from SEC filings
Fiscal years, from Bath & Body Works's 10-K filings. Ten years of the full income statement, balance sheet and cash flow.
| Fiscal year | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|
| Revenue | $7.9B | $7.6B | $7.4B | $7.3B | $7.3B |
| Net income | $1.3B | $800M | $878M | $798M | $649M |
| Free cash flow | $1.2B | $816M | $656M | $660M | $865M |
| EPS (diluted) | $4.88 | $3.43 | $3.84 | $3.61 | $3.11 |
| Operating margin | 25.5% | 18.2% | 17.3% | 17.3% | 15.4% |
Where the revenue comes from
Revenue by segments, fiscal 2021. Every breakdown, year by year.
Superinvestors who own BBWI
From each investor's latest 13F filing (what a 13F shows). 4 of the investors we track hold it.
| Investor | Last quarter | Value | % of portfolio | Quarter |
|---|---|---|---|---|
| Cliff Asness AQR Capital Management |
Trimmed | $173M | 0.06% | Q2 2026 |
| Joel Greenblatt Gotham Asset Management |
Trimmed | $27M | 0.06% | Q2 2026 |
| PRIMECAP Management PRIMECAP Management Co |
Trimmed | $7M | 0.00% | Q2 2026 |
| Mario Gabelli GAMCO Investors |
Added | $346,464 | 0.00% | Q2 2026 |
Insider buying
Open-market purchases by Bath & Body Works's executives and directors in the last 12 months, from SEC Form 4 filings. What insider buying tells you. Every purchase since records began.
| Date | Insider | Shares | Price | Value |
|---|---|---|---|---|
| Nov 21, 2025 | Francis Hondal |
3,343 | $14.99 | $50,112 |
| Nov 21, 2025 | Lucy Brady |
3,470 | $14.40 | $49,968 |
| Nov 21, 2025 | Stephen D Steinour |
6,700 | $14.86 | $99,562 |
| Nov 21, 2025 | Steven E Voskuil |
20,000 | $15.04 | $300,800 |
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In the full deep dive
Questions
What growth does Bath & Body Works's stock price imply?
At a market value of $3.2B, Bath & Body Works would need its free cash flow to grow about -19% a year for 10 years (discounted at 9%, 3% growth after that) to be worth today's price. Over the last 9 years its free cash flow grew -2% a year.
Are Bath & Body Works insiders buying the stock?
4 open-market insider purchases of BBWI in the last 12 months, from SEC Form 4 filings.
Which superinvestors own Bath & Body Works?
4 of the superinvestors Investingly tracks hold BBWI in their latest 13F, including Cliff Asness, Joel Greenblatt, PRIMECAP Management.
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Prices and ratios as of Oct 11, 2026; statements from SEC filings. Information only, not investment advice. Superinvestor holdings come from 13F filings, which are filed up to 45 days after each quarter ends.