# Bath & Body Works, Inc. (BBWI)

> Source: Nexqual · https://nexqual.com/BBWI · data as of 2026-10-23 15:30 UTC · cite as "Nexqual, Bath & Body Works, Inc. (BBWI), nexqual.com/BBWI" · informational, not investment advice.

**Price:** USD 21.02 (-2.71% today) · US market open, as of October 23, 2026 at 15:30 UTC; quotes may be delayed. Prev close 21.6 · day 20.46–21.5 · 52w 14.28–27.4 · market cap $4.24B · NYQ

## Key facts
- Last four reported quarters (through Aug 1, 2026): revenue $7.21B, net income $781M (10.8% margin), free cash flow $1.03B (SEC filings).
- Valuation: P/E 5.4x (avg 9.6x at the last 3 fiscal year-ends), EV/EBITDA 4.9x, net debt $2.82B.
- Insider open-market sales, last ~7 months: 1 Form 4 filings, $0K; 1 not under a Rule 10b5-1 plan ($0K); 0 by opportunistic insiders, 0 by routine insiders (three-year test, Cohen, Malloy & Pomorski 2012).
- Analysts: Hold (mean 2.83 on a 1–5 scale) (18 analysts), mean target USD 24 (range 17–54).
- Total return with dividends: 1Y -18.9% vs S&P 500 +14.8%; 5Y -65.5% vs S&P 500 +77.6%.
- Next earnings: 2026-11-19, EPS estimate USD 0.11, revenue estimate $1.55B.

## Financials (SEC 10-K; TTM = last four 10-Q/10-K quarters)
| USD | FY2022 | FY2023 | FY2024 | FY2025 | FY2026 | TTM |
|---|---|---|---|---|---|---|
| Revenue | $7.88B | $7.56B | $7.43B | $7.31B | $7.29B | $7.21B |
| Gross profit | $3.85B | $3.25B | $3.24B | $3.23B | $3.19B | — |
| Operating income | $2.01B | $1.38B | $1.28B | $1.27B | $1.13B | $1.21B |
| Net income | $1.33B | $800M | $878M | $798M | $649M | $781M |
| EPS (diluted) | $4.88 | $3.43 | $3.84 | $3.61 | $3.11 | — |
| Free cash flow | $1.22B | $816M | $656M | $660M | $865M | $1.03B |
| Gross margin | 48.9% | 43.1% | 43.6% | 44.3% | 43.7% | — |
| Operating margin | 25.5% | 18.2% | 17.3% | 17.3% | 15.4% | 16.7% |
| Net margin | 16.9% | 10.6% | 11.8% | 10.9% | 8.9% | 10.8% |
| Revenue growth | +22.5% | -4.1% | -1.7% | -1.6% | -0.2% | — |
| Cash + short-term investments | $1.98B | $1.23B | $1.08B | $674M | $953M | — |
| Total debt | $4.85B | $4.86B | $4.39B | $3.88B | $3.89B | — |
Fiscal years end Jan. EPS is split-adjusted.

## Valuation (price ÷ last four quarters, through Aug 1, 2026)
P/E 5.4x · P/S 0.6x · EV/EBITDA 4.9x · EV/Sales 1.0x · P/FCF 4.1x · FCF yield 24.33% · Earnings yield 18.43% · Dividend yield (paid, TTM) 3.82% · Buyback yield (TTM) 3.47% · Net debt $2.82B · EV $7.06B
P/E at fiscal year-ends: Jan 2026 7.0x, Feb 2025 10.0x, Feb 2024 11.9x.

## Insider sales (SEC Form 4, open-market, last ~7 months)
0 of 1 under a Rule 10b5-1 trading plan (scheduled in advance). Unplanned sales were timed by the insider.
| Trade date | Insider | Role | Shares | Value | % of holdings sold | 10b5-1 plan | Insider type |
|---|---|---|---|---|---|---|---|
| 2026-10-16 | Nash Sarah E | Director | 1 | $0K | 0% | No | Too little history (no open-market trades in 2023) |
% of holdings sold = shares sold ÷ (shares sold + all holdings the insider reported on that Form 4, direct and through trusts).
Insider type follows Cohen, Malloy & Pomorski (Journal of Finance, 2012). An insider who traded the stock in the same calendar month in each of the past three years is a routine trader; one who traded in each of those years without such a pattern is an opportunistic trader. In their study, trades by opportunistic insiders predicted future returns and trades by routine insiders did not. Counts open-market purchases and sales only (SEC Form 4 codes P and S) by that insider in that company. Not investment advice.

## Analysts
Consensus Hold (mean 2.83 on a 1–5 scale), 18 analysts; mean target USD 24 (low 17, high 54).
Rating changes, last 120 days:
| Date | Firm | Action | Rating | Price target |
|---|---|---|---|---|
| 2026-09-16 | Argus Research | Reiterated | Hold |  |
| 2026-09-09 | BMO Capital | Initiated | Market Perform | $20 |
| 2026-08-27 | Baird | Target lowered | Neutral | $25 → $23 |
| 2026-08-27 | Barclays | Target lowered | Equal-Weight | $23 → $22 |
| 2026-08-27 | UBS | Target lowered | Neutral | $19 → $17 |
| 2026-08-27 | Wells Fargo | Target lowered | Overweight | $26 → $24 |
| 2026-08-27 | Morgan Stanley | Target lowered | Equal-Weight | $22 → $20 |
| 2026-08-18 | JP Morgan | Target raised | Neutral | $22 → $24 |
| 2026-08-18 | Citigroup | Upgrade | Neutral → Buy | $25 |
| 2026-07-28 | Jefferies | Target raised | Hold | $22 → $23 |
| 2026-07-08 | Goldman Sachs | Downgrade | Neutral → Sell | $23 → $19 |

## Total return (dividends reinvested)
|  | 1Y (from 2025-10-23) | 5Y (from 2021-10-25) |
|---|---|---|
| Total return | -18.9% | -65.5% |
| S&P 500 (SPY) | +14.8% | +77.6% |
| Per year | -18.9% | -19.2% |
| Volatility (annualized) | 61.8% | 50.6% |
| Max drawdown | -44.4% (Oct 2025→Nov 2025) | -78.6% (Dec 2021→Nov 2025) |

## Peers (Specialty Retail)
ASO (Academy Sports and Outdoors, In) USD 60.84 -1.53% · MNSO (MINISO Group Holding Limited) USD 10.11 -0.98% · RH (RH) USD 138.44 -1.22% · BOBS (Bob's Discount Furniture, Inc.) USD 16.17 -0.86% · MUSA (Murphy USA Inc.) USD 542.69 +1.99% · SBH (Sally Beauty Holdings, Inc. (Na) USD 17.14 -2.72%

## More
Full page: https://nexqual.com/BBWI · Free keyless MCP server with the same data and citations: https://mcp.nexqual.com/mcp · Guide for agents: https://nexqual.com/agents · https://nexqual.com/llms.txt

## Company outlook (8-K filed 2026-08-26)

- "Guidance and Continued Progress on Transformation • Delivers Q2 net sales and adjusted earnings per share results above guidance • Second quarter net sales of $1.5 billion, down 2.3%."

## Analyst estimates and revisions

| Period | EPS est. | 90d ago | Change | Revenue est. | Analysts |
|---|---|---|---|---|---|
| Current quarter (ends 2026-10-31) | $0.11 | $0.25 | -56.2% | $1.55B | 17 |
| Next quarter (ends 2027-01-31) | $1.72 | $1.83 | -6.2% | $2.66B | 17 |
| Current fiscal year (ends 2027-01-31) | $2.70 | $2.65 | +1.9% | $7.10B | 18 |
| Next fiscal year (ends 2028-01-31) | $2.78 | $2.86 | -3.0% | $7.22B | 18 |

## Options: expected move (Cboe, 15-min delayed)

Expected move by 2026-11-20 (includes earnings 2026-11-19): ±15.0%; earnings reaction alone ±9.2%; last 8 reports averaged ±9.8%.

| Expiration | Days | ATM IV | Expected move |
|---|---|---|---|
| 2026-10-30 | 7 | 55.2% | ±6.2% |
| 2026-11-06 | 14 | 53.7% | ±8.5% |
| 2026-11-13 | 21 | 53.3% | ±10.2% |
| 2026-11-20 | 28 | 66.5% | ±15.0% |
| 2026-11-27 | 35 | 63.7% | ±15.8% |
| 2026-12-04 | 42 | 58.4% | ±15.8% |
| 2026-12-18 | 56 | 59.1% | ±18.4% |
| 2027-01-15 | 84 | 55.6% | ±21.0% |