Bath & Body Works, Inc.
BBWI · Retail-Retail Stores, NEC · 201.6M shares · -5%/yr ↓ buyback · EDGAR filings ↗
Net buyback after stock comp: $105M (gross $148M, SBC $43M)
Reference price $15.58 · est. market cap ~$3.1B — last insider purchase, 2025-11-24 (estimated from the dated SEC Form 4 price × shares outstanding — not a live quote)
Grade
B80High-margin, cash-generative personal-care brand with a strong moat, but in a self-described turnaround after a soft, sub-sector-lagging year.
Strengths
- Top-tier cash generation — OCF margin 15.1% and FCF margin 11.9% (both 100th pct), $865M FCF; operating margin 15.4% (92.3rd pct)
- Gross margin 43.7% (76.9th pct), ROA 12.8% (85.7th pct), iconic brand with 40M loyalty members and vertically integrated supply chain
Risks
- Sales flat (-0.2%) and operating income -11%; management says 2025 underperformed the sector, prompting the 'Consumer First Formula' transformation
- Negative book equity (buyback-driven, not distress) makes ROE uninformative
Notable findings
- Exec changeRecent 8-K item 5.02 8-K ↗
- Negative equityNegative book equity (debt/equity -3.04)
- Strong balance sheetStrong balance sheet — $953M cash & investments
- Buying back stockNet buyback — share count -5%/yr over 4y
- Revenue declineRevenue -13.5% YoY
Quarterly revenue
Last 4 quarters · from SEC filings.
Key metrics
Gross margin
43.7%
Operating margin
15.4%
Net margin
8.9%
Return on equity
-50.7%
Return on assets
12.8%
ROIC
34.1%
Revenue growth (QoQ)
-13.5%
Net-income growth
-18.7%
Debt / equity
-3.0×
Interest coverage
4.1×
Current ratio
1.3×
Free cash flow
$865M
Tangible book value
-$1.9B
Cash & investments
$953M
Stock comp / revenue
0.4%
Insider transactions · last 18 months
| Date | Insider | Type | Shares | Price |
|---|---|---|---|---|
| 2026-06-12 | Javitch Tom | Grant | 10K | — |
| 2026-06-11 | STEINOUR STEPHEN D | Grant | 8.0K | — |
| 2026-06-11 | Rajlin Juan | Grant | 8.0K | — |
| 2026-06-11 | Lee Danielle M. | Grant | 8.0K | — |
| 2026-06-11 | Voskuil Steven E | Grant | 8.0K | — |
| 2026-06-11 | Hondal Francis | Grant | 8.0K | — |
| 2026-06-11 | Nash Sarah E | Grant | 13K | — |
| 2026-06-11 | Brady Lucy | Grant | 8.0K | — |
| 2026-06-11 | Bogliolo Alessandro | Grant | 8.0K | — |
| 2026-06-11 | Symancyk James Kevin | Grant | 8.0K | — |
| 2026-05-19 | Mazurek Thomas E. | Grant | 6.6K | — |
| 2026-05-19 | Mazurek Thomas E. | Tax withheld | 4.1K | $16.11 |
| 2026-05-16 | Heaf Daniel | Tax withheld | 7.3K | $17.09 |
| 2026-03-13 | Mazurek Thomas E. | Tax withheld | 6.3K | $19.50 |
| 2026-03-13 | Boratto Eva C | Tax withheld | 11K | $19.50 |
| 2026-03-12 | Mazurek Thomas E. | Grant | 41K | — |
| 2026-03-12 | Heaf Daniel | Grant | 213K | — |
| 2026-03-12 | Boratto Eva C | Grant | 116K | — |
| 2025-11-24 | Nash Sarah E | Buy | 10K | $15.58 |
| 2025-11-24 | Symancyk James Kevin | Buy | 22K | $15.58 |
| 2025-11-21 | Voskuil Steven E | Buy | 20K | $15.04 |
| 2025-11-21 | STEINOUR STEPHEN D | Buy | 6.7K | $14.86 |
| 2025-11-21 | Hondal Francis | Buy | 3.3K | $14.99 |
| 2025-11-21 | Brady Lucy | Buy | 3.5K | $14.40 |
| 2025-08-01 | Boratto Eva C | Tax withheld | 6.5K | $28.17 |
| 2025-06-05 | Nash Sarah E | Grant | 9.4K | — |
| 2025-06-05 | Voskuil Steven E | Grant | 5.6K | — |
| 2025-06-05 | Symancyk James Kevin | Grant | 5.6K | — |
| 2025-06-05 | STEINOUR STEPHEN D | Grant | 5.6K | — |
| 2025-06-05 | Rajlin Juan | Grant | 5.6K | — |
| 2025-06-05 | Lee Danielle M. | Grant | 5.6K | — |
| 2025-06-05 | Hondal Francis | Grant | 5.6K | — |
| 2025-06-05 | Brady Lucy | Grant | 5.6K | — |
| 2025-06-05 | Bogliolo Alessandro | Grant | 5.6K | — |
| 2025-05-28 | Wu Michael C. | Grant | 7.2K | — |
| 2025-05-28 | Wu Michael C. | Tax withheld | 3.2K | $30.48 |
| 2025-05-28 | Wu Michael C. | Grant | 7.2K | — |
| 2025-05-28 | Wu Michael C. | Tax withheld | 3.2K | $30.48 |
| 2025-05-28 | Mazurek Thomas E. | Grant | 3.9K | — |
| 2025-05-28 | Mazurek Thomas E. | Tax withheld | 1.4K | $30.48 |
| 2025-05-23 | Heaf Daniel | Grant | 83K | — |
| 2025-05-19 | Wu Michael C. | Tax withheld | 2.3K | $33.58 |
| 2025-05-19 | Mazurek Thomas E. | Tax withheld | 1.7K | $33.58 |
| 2025-03-13 | Wu Michael C. | Grant | 28K | — |
| 2025-03-13 | Mazurek Thomas E. | Grant | 31K | — |
| 2025-03-13 | Boswell Gina | Grant | 112K | — |
| 2025-03-13 | Boratto Eva C | Grant | 50K | — |
| 2025-03-12 | Boratto Eva C | Tax withheld | 2.7K | $28.45 |
| 2025-03-12 | Wu Michael C. | Tax withheld | 1.5K | $28.45 |
| 2025-03-12 | Boswell Gina | Tax withheld | 9.5K | $28.45 |
| 2025-03-12 | Mazurek Thomas E. | Tax withheld | 1.5K | $28.45 |
| 2025-03-10 | Nash Sarah E | Option exercise | 127K | — |
| 2025-03-10 | Nash Sarah E | Tax withheld | 17K | $30.46 |
| 2025-03-09 | Mazurek Thomas E. | Grant | 3.8K | — |
| 2025-03-09 | Wu Michael C. | Tax withheld | 1.4K | $32.62 |
| 2025-03-09 | Wu Michael C. | Grant | 7.0K | — |
| 2025-03-09 | Mazurek Thomas E. | Tax withheld | 776 | $32.62 |
| 2025-03-09 | Wu Michael C. | Tax withheld | 3.6K | $32.62 |
| 2025-03-09 | Mazurek Thomas E. | Tax withheld | 2.0K | $32.62 |
All non-derivative Form 4 activity (SEC), newest first.
Notable events (8-K)
| Date | Items | |
|---|---|---|
| 2026-06-15 | Shareholder vote | filing ↗ |
| 2026-05-27 | ResultsExec/director changeReg FDExhibits | filing ↗ |
| 2026-03-04 | ResultsReg FDExhibits | filing ↗ |
| 2026-03-03 | Reg FDExhibits | filing ↗ |
| 2026-02-25 | Exec/director changeExhibits | filing ↗ |
| 2025-11-20 | ResultsReg FDExhibits | filing ↗ |
| 2025-08-28 | ResultsReg FDExhibits | filing ↗ |
| 2025-06-05 | Shareholder vote | filing ↗ |
Recent filings
| Form | Filed | Period | Accession |
|---|---|---|---|
| 8-K | 2026-06-15 | 2026-06-11 | 0000701985-26-000018 ↗ |
| 10-Q | 2026-05-27 | 2026-05-02 | 0000701985-26-000014 ↗ |
| 8-K | 2026-05-27 | 2026-05-20 | 0000701985-26-000012 ↗ |
| 10-K | 2026-03-12 | 2026-01-31 | 0000701985-26-000008 ↗ |
| 8-K | 2026-03-04 | 2026-03-04 | 0000701985-26-000005 ↗ |
| 8-K | 2026-03-03 | 2026-03-03 | 0000701985-26-000003 ↗ |
| 8-K | 2026-02-25 | 2026-02-24 | 0001193125-26-072032 ↗ |
| 10-Q | 2025-11-20 | 2025-11-01 | 0000701985-25-000035 ↗ |
| 8-K | 2025-11-20 | 2025-11-20 | 0000701985-25-000033 ↗ |
| 8-K | 2025-08-28 | 2025-08-28 | 0000701985-25-000028 ↗ |
| 10-Q | 2025-08-28 | 2025-08-02 | 0000701985-25-000030 ↗ |
| 8-K | 2025-06-05 | 2025-06-05 | 0000701985-25-000025 ↗ |