Bath & Body Works, Inc. (BBWI) intrinsic value & 10-year financials
Bath & Body Works, Inc. (BBWI) has a Graham intrinsic value of $8.32 per share. At $20.14 on Oct 17, 2026, the stock trades 142% above that value. Over the last 10 fiscal years revenue shrank 5.9% a year to $7.3B, with an average return on invested capital of 36.6%.
- Graham intrinsic value
- $8.32
- Share price (Oct 17, 2026)
- $20.14
- Price vs Graham value
- 142% above
- Market cap
- $4.2B
- Revenue (FY2026)
- $7.3B
- Revenue growth (10-yr CAGR)
- -5.9%
- ROIC (10-yr avg)
- 36.6%
- Free cash flow (FY2026)
- $865.0M
BBWI 10-year financial history
| Fiscal year | Revenue | Net income | EPS (diluted) | Free cash flow | Operating margin | ROIC |
|---|---|---|---|---|---|---|
| FY2026 | $7.3B | $649.0M | $3.11 | $865.0M | 15.4% | 33.5% |
| FY2025 | $7.3B | $798.0M | $3.61 | $660.0M | 17.3% | 36.5% |
| FY2024 | $7.4B | $878.0M | $3.84 | $656.0M | 17.3% | 43.2% |
| FY2023 | $7.6B | $800.0M | $3.43 | $816.0M | 18.2% | 43.8% |
| FY2022 | $7.9B | $1.3B | $4.88 | $1.2B | 25.5% | 62.4% |
| FY2021 | $11.8B | $844.0M | $3.00 | $1.8B | 13.3% | 29.4% |
| FY2020 | $12.9B | -$366.0M | -$1.33 | $778.0M | 2.0% | 5.7% |
| FY2019 | $13.2B | $644.0M | $2.31 | $748.0M | 9.3% | 26.9% |
| FY2018 | $12.6B | $983.0M | $3.42 | $699.0M | 13.7% | 40.0% |
| FY2017 | $12.6B | $1.2B | $3.98 | $900.0M | 15.9% | 45.0% |
Source: annual 10-K filings on SEC EDGAR. Figures in USD.
Executive summary
Bath & Body Works, Inc. is facing top-line stagnation, with revenue contracting over the decade.
Bath & Body Works, Inc. has earned high returns on invested capital, averaging 36.6% ROIC over the available history. High ROIC is consistent with a durable franchise, but it is not by itself proof of an economic moat.
Over the decade, Bath & Body Works, Inc. shows that management has aggressively returned capital to shareholders by retiring 28.2% of outstanding shares.
Benjamin Graham lens
Under Benjamin Graham's formula using SEC EDGAR fundamentals, Bath & Body Works, Inc. is modeled at -2.7% normalized earnings growth with a 5.1% bond-yield adjustment. The resulting Graham intrinsic value estimate is $8.32 per share.