Explain this page
Arphra AIPlain-English read on Bath & Body Works, Inc.’s valuationRatios & metrics
Profitability, returns on capital, growth, and credit — all derived from the historical income statement, balance sheet, and cash flow rows in our data warehouse.
Valuation multiples
Price- and EV-based multiples plus shareholder yields. Snapshot at each fiscal year-end from key_metrics (FMP).
ActualEstimate
| In USD | FY 2022 | FY 2023 | FY 2024 | FY 2025 | FY 2026 | 2027E | 2028E | 2029E |
|---|---|---|---|---|---|---|---|---|
| Headline | ||||||||
| Market cap | — | — | — | — | — | — | — | — |
| Enterprise value | — | — | — | — | — | — | — | — |
| Multiples | ||||||||
| P / E | — | — | — | — | — | — | — | — |
| P / B | — | — | — | — | — | — | — | — |
| EV / EBITDA | — | — | — | — | — | — | — | — |
| EV / Sales | — | — | — | — | — | — | — | — |
| EV / FCF | — | — | — | — | — | — | — | — |
| Yields | ||||||||
| Earnings yield | — | — | — | — | — | — | — | — |
| Free cash flow yield | — | — | — | — | — | — | — | — |
| Dividend yield | — | — | — | — | — | — | — | — |
Profitability
Margin structure across the last 5 fiscal years
ActualEstimate
| In USD | FY 2022 | FY 2023 | FY 2024 | FY 2025 | FY 2026 | 2027E | 2028E | 2029E |
|---|---|---|---|---|---|---|---|---|
| Margins | ||||||||
| Gross margin | +48.91% | +43.06% | +43.56% | +44.26% | +43.74% | +44.00% | +44.64% | +43.21% |
| Operating margin | +25.49% | +18.20% | +17.30% | +17.33% | +15.44% | +17.00% | +17.03% | +16.88% |
| EBITDA margin | +27.58% | +21.35% | +22.01% | +22.20% | +18.93% | +20.90% | +20.95% | +20.47% |
| EBIT margin | +22.98% | +18.43% | +18.39% | +18.34% | +15.44% | +17.74% | +17.53% | +17.69% |
| Pre-tax margin | +18.05% | +13.82% | +13.74% | +14.07% | +12.10% | +13.15% | +13.44% | +13.20% |
| Net margin | +16.91% | +10.58% | +11.82% | +10.92% | +8.90% | +10.63% | +10.54% | +10.44% |
| Cost structure | ||||||||
| Cost of revenue / sales | +51.09% | +56.94% | +56.44% | +55.74% | +56.26% | +55.39% | +56.38% | +56.93% |
| R&D intensity | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
| SG&A intensity | +23.42% | +24.85% | +26.26% | +26.93% | +28.30% | +26.63% | +27.73% | +26.91% |
| Effective tax rate | +24.46% | +24.02% | +14.01% | +22.37% | +26.42% | +21.47% | +20.62% | +20.59% |
Returns on capital
ROE / ROA / ROC / ROIC over the relevant capital base, plus the 3-step DuPont decomposition of ROE.
ActualEstimate
| In USD | FY 2022 | FY 2023 | FY 2024 | FY 2025 | FY 2026 | 2027E | 2028E | 2029E |
|---|---|---|---|---|---|---|---|---|
| Returns | ||||||||
| Return on equity (ROE) | -87.87% | -36.30% | -54.00% | -57.70% | -50.74% | -55.10% | -54.59% | -53.93% |
| Return on assets (ROA) | +22.12% | +14.56% | +16.07% | +16.38% | +12.80% | +15.10% | +15.19% | +15.04% |
| Return on capital (ROC) | +44.68% | +35.75% | +32.56% | +35.40% | +30.64% | +32.06% | +32.71% | +34.34% |
| Return on invested capital (ROIC) | +29.65% | +20.78% | +22.24% | +22.32% | +17.66% | +20.05% | +20.24% | +21.25% |
| Asset turnover | +130.80% | +137.60% | +135.99% | +149.98% | +143.84% | +141.99% | +144.16% | +144.00% |
| DuPont · ROE decomposition | ||||||||
| Net margin | +16.91% | +10.58% | +11.82% | +10.92% | +8.90% | +10.63% | +10.54% | +10.44% |
| Asset turnover (× revenue / assets) | +130.80% | +137.60% | +135.99% | +149.98% | +143.84% | +141.99% | +144.16% | +144.00% |
| Equity multiplier (× assets / equity) | -397.23% | -249.27% | -335.98% | -352.28% | -396.33% | -364.94% | -359.36% | -358.58% |
Activity & efficiency
Turnover ratios and days-outstanding — how efficiently the business converts assets and working capital into sales and cash.
ActualEstimate
| In USD | FY 2022 | FY 2023 | FY 2024 | FY 2025 | FY 2026 | 2027E | 2028E | 2029E |
|---|---|---|---|---|---|---|---|---|
| Turnover | ||||||||
| Asset turnover | 1.31 | 1.38 | 1.36 | 1.50 | 1.44 | 1.42 | 1.44 | 1.44 |
| Fixed-asset turnover | 3.88 | 3.37 | 3.26 | 3.52 | 3.53 | — | — | — |
| Inventory turnover | 5.68 | 6.07 | 5.91 | 5.55 | 5.87 | — | — | — |
| Receivables turnover | 32.84 | 33.45 | 33.17 | 35.64 | 40.51 | — | — | — |
| Payables turnover | 9.26 | 9.46 | 11.03 | 12.05 | 8.82 | — | — | — |
| Days outstanding | ||||||||
| Days sales outstanding (DSO) | 11.11 | 10.91 | 11.01 | 10.24 | 9.01 | — | — | — |
| Days inventory outstanding (DIO) | 64.26 | 60.11 | 61.81 | 65.78 | 62.20 | — | — | — |
| Days payables outstanding (DPO) | 39.43 | 38.58 | 33.08 | 30.29 | 41.38 | — | — | — |
| Cash conversion cycle | 35.95 | 32.45 | 39.73 | 45.73 | 29.83 | — | — | — |
Cash flow quality
How well reported earnings translate into operating and free cash flow, plus reinvestment intensity.
ActualEstimate
| In USD | FY 2022 | FY 2023 | FY 2024 | FY 2025 | FY 2026 | 2027E | 2028E | 2029E |
|---|---|---|---|---|---|---|---|---|
| Operating CF / Net income | 1.12 | 1.43 | 1.09 | 1.11 | 1.70 | 1.23 | 1.28 | 1.31 |
| FCF / Net income | 0.92 | 1.02 | 0.75 | 0.83 | 1.33 | 0.95 | 0.93 | 0.92 |
| FCF margin | +15.50% | +10.79% | +8.83% | +9.03% | +11.86% | +10.11% | +9.85% | +9.62% |
| OCF margin | +18.93% | +15.13% | +12.84% | +12.13% | +15.11% | +13.03% | +13.53% | +13.66% |
| CapEx / Revenue | +3.43% | +4.34% | +4.01% | +3.09% | +3.25% | +3.49% | +3.44% | +3.44% |
| CapEx / D&A | 0.74 | 1.48 | 1.11 | 0.80 | 0.93 | — | — | — |
| Stock-based comp / Revenue | +0.58% | +0.50% | +0.58% | +0.55% | 0.00% | — | — | — |
Per-share & shareholder yield
EPS, book value, sales, cash flow and dividends per share — plus payout / retention.
ActualEstimate
| In USD | FY 2022 | FY 2023 | FY 2024 | FY 2025 | FY 2026 | 2027E | 2028E | 2029E |
|---|---|---|---|---|---|---|---|---|
| EPS · diluted | 4.88 | 3.43 | 3.83 | 3.61 | 3.07 | 2.64 | 2.84 | 3.15 |
| EPS · basic | 4.96 | 3.45 | 3.89 | 3.62 | 3.07 | 2.67 | 2.88 | 3.17 |
| Book value / share | -5.56 | -9.46 | -7.10 | -6.26 | -6.04 | -6.41 | -6.66 | -6.95 |
| Tangible BV / share | -8.46 | -12.86 | -10.56 | -9.85 | -9.79 | -6.41 | -6.66 | -6.95 |
| Sales / share | 28.87 | 32.45 | 32.44 | 33.06 | 34.45 | 33.20 | 34.48 | 35.90 |
| Operating CF / share | 5.47 | 4.91 | 4.17 | 4.01 | 5.21 | 4.33 | 4.66 | 4.90 |
| Free cash flow / share | 4.48 | 3.50 | 2.86 | 2.99 | 4.09 | 3.36 | 3.40 | 3.45 |
| Dividends / share | 0.44 | 0.80 | 0.79 | 0.80 | 0.79 | 0.81 | 0.84 | 0.84 |
| Payout ratio | +9.00% | +23.25% | +20.73% | +22.18% | +25.73% | +22.92% | +23.04% | +22.46% |
| Retention ratio | +91.00% | +76.75% | +79.27% | +77.82% | +74.27% | +77.08% | +76.96% | +77.54% |
Growth
Year-over-year change for headline P&L lines, plus through-cycle CAGR
ActualEstimate
| In USD | FY 2022 | FY 2023 | FY 2024 | FY 2025 | FY 2026 | 2027E | 2028E | 2029E | 7y CAGR |
|---|---|---|---|---|---|---|---|---|---|
| Top-line | |||||||||
| Revenue · YoY | — | -4.09% | -1.73% | -1.64% | -0.22% | -2.72% | +2.04% | +4.13% | -0.64% |
| Gross profit · YoY | — | -15.56% | -0.58% | -0.06% | -1.39% | -2.14% | +3.53% | +0.79% | -2.38% |
| Profit | |||||||||
| Operating income · YoY | — | -31.51% | -6.61% | -1.48% | -11.06% | +7.12% | +2.20% | +3.18% | -6.32% |
| EBITDA · YoY | — | -25.76% | +1.30% | -0.80% | -14.92% | +7.44% | +2.29% | +1.71% | -4.78% |
| Net income · YoY | — | -39.98% | +9.75% | -9.11% | -18.67% | +16.21% | +1.12% | +3.20% | -7.25% |
| Operating | |||||||||
| EBIT · YoY | — | -23.08% | -1.94% | -1.90% | -15.97% | +11.75% | +0.84% | +5.07% | -4.28% |
| R&D · YoY | — | — | — | — | — | — | — | — | — |
| Per-share | |||||||||
| EPS · diluted · YoY | — | -29.71% | +11.66% | -5.74% | -14.96% | -13.88% | +7.51% | +10.76% | -6.07% |
| EPS · basic · YoY | — | -30.44% | +12.75% | -6.94% | -15.19% | -12.91% | +7.60% | +10.05% | -6.21% |
Credit & leverage
Balance-sheet health + interest coverage + liquidity. Coverage ratios use period-end debt and trailing interest expense.
ActualEstimate
| In USD | FY 2022 | FY 2023 | FY 2024 | FY 2025 | FY 2026 | 2027E | 2028E | 2029E |
|---|---|---|---|---|---|---|---|---|
| Leverage | ||||||||
| Total debt | $6.01B | $6.05B | $5.57B | $4.96B | $4.95B | $5.13B | $5.17B | $5.16B |
| Net debt | $4.03B | $4.82B | $4.49B | $4.29B | $4B | $4.26B | $4.26B | $4.26B |
| Net debt / EBITDA | 1.86 | 2.99 | 2.75 | 2.64 | 2.90 | 2.87 | 2.81 | 2.76 |
| Debt / equity | -3.96 | -2.75 | -3.43 | -3.59 | -3.87 | -3.75 | -3.70 | -3.54 |
| Debt / assets | +99.78% | +110.17% | +102.01% | +101.79% | +97.73% | +102.72% | +102.88% | +98.66% |
| Equity / assets | -25.17% | -40.12% | -29.76% | -28.39% | -25.23% | -27.40% | -27.83% | -27.89% |
| Coverage | ||||||||
| EBITDA / interest expense | 5.60 | 4.64 | 4.74 | 5.20 | 5.00 | 4.80 | 5.07 | 4.77 |
| Operating income / interest | 5.18 | 3.95 | 3.72 | 4.06 | 4.08 | 3.90 | 4.12 | 3.93 |
| Interest expense | $388M | $348M | $345M | $312M | $276M | $309.18M | $298.88M | $323.22M |
| Liquidity | ||||||||
| Current ratio | 2.33 | 1.64 | 1.64 | 1.48 | 1.27 | — | — | — |
| Quick ratio | 1.72 | 1.06 | 1.01 | 0.71 | 0.71 | — | — | — |
| Cash ratio | 1.53 | 0.89 | 0.84 | 0.55 | 0.60 | — | — | — |
| Working capital | $1.72B | $887M | $826M | $592M | $428M | — | — | — |
| Working capital / revenue | +21.81% | +11.73% | +11.12% | +8.10% | +5.87% | — | — | — |
Methodology. ROE / ROA / ROC use period-end balance-sheet denominators (no average-of- period smoothing). ROIC = Operating Income × (1 − inferred effective tax rate) over invested capital, with the effective tax inferred from net-to-operating income when both are positive and a 25% default otherwise. Net debt / EBITDA, debt ratios, and interest-coverage ratios are calculated point-in-time at each fiscal year-end. TTM = trailing 4 quarters (income / cash flow summed, balance sheet = most-recent quarterly snapshot). Through-cycle CAGR in the Growth panel uses the geometric mean of first-to-last period growth across the window (positive values only).