MeritValue

Bath & Body Works, Inc.

BBWIdata completeness 100%19 fiscal years on file
i. The business — what you’d actually own
FigureFY 2022FY 2023FY 2024FY 2025FY 2026
Revenue$7.88B1$7.56B2$7.43B3$7.31B3$7.29B3
Net income$1.33B4$800M5$878M6$798M6$649M6
Operating cash flow$1.49B7$1.14B8$954M9$886M9$1.1B9
Capital expenditure$270M10$328M11$298M12$226M12$237M12
Free cash flow (derived)$1.22B7$816M8$656M9$660M9$865M9
Total debt$4.85B13$4.86B14$4.39B15$7.77B16$7.78B16
Cash & equivalents$1.98B17$1.23B18$1.08B19$674M20$953M20
Diluted shares273.0M233.0M229.0M221.0M209.0M

Superscripts are receipts. Each links to the SEC filing the number came from (full list at the bottom).

ii. Your slice — ownership made literal
If you owned
shares
You’d own
0.0000048%
of the whole company
Your share of last year’s profit
$31.05
Your share of its debt
$372.44
Your share of free cash flow
$41.39
iii. What it’s worth — engine v0.1.0
DCF · Growth Exit 10Y
$10.02
assumptions (10)
  • riskFreeRate4.5%
  • equityRiskPremium5.0%
  • beta100.0%
  • equityWeight85.0%
  • costOfDebtSpread1.5%
  • taxRate21.0%
  • terminalGrowth2.5%
  • projectionYears10
  • fcfGrowth0.0%
  • fcfBase$660M
DCF · Growth Exit 5Y
$13.54
assumptions (10)
  • riskFreeRate4.5%
  • equityRiskPremium5.0%
  • beta100.0%
  • equityWeight85.0%
  • costOfDebtSpread1.5%
  • taxRate21.0%
  • terminalGrowth2.5%
  • projectionYears5
  • fcfGrowth0.0%
  • fcfBase$660M
Earnings Power Value
$40.33
assumptions (8)
  • riskFreeRate4.5%
  • equityRiskPremium5.0%
  • beta100.0%
  • equityWeight85.0%
  • costOfDebtSpread1.5%
  • taxRate21.0%
  • normalizedEarnings$800M
  • growthAssumed0.0%
Graham Number
not applicable
book value / share count missing or non-positive — Graham Number undefined

Different models answer different questions — which to trust when →

iv. The price question — last, on purpose
What does today’s price assume?
Type a price. The ledger answers.
Or set your own belief
FCF growth, next 5 years0.0%
Discount rate (WACC)8.78%
Terminal growth2.5%
At your growth, a share is worth $13.54

Default growth 0.0%= this company’s own filed history (median-to-median FCF CAGR, clamped 0–20%). Your adjustments are recorded anonymously. They become the “what do owners actually believe” dataset.

Sources — the receipts
  1. 10-K · period ending 2022-01-29 · accession 0000701985-24-000010 (RevenueFromContractWithCustomerExcludingAssessedTax)
  2. 10-K · period ending 2023-01-28 · accession 0000701985-25-000011 (RevenueFromContractWithCustomerExcludingAssessedTax)
  3. 10-K · period ending 2024-02-03 · accession 0000701985-26-000008 (RevenueFromContractWithCustomerExcludingAssessedTax)
  4. 10-K · period ending 2022-01-29 · accession 0000701985-24-000010 (NetIncomeLoss)
  5. 10-K · period ending 2023-01-28 · accession 0000701985-25-000011 (NetIncomeLoss)
  6. 10-K · period ending 2024-02-03 · accession 0000701985-26-000008 (NetIncomeLoss)
  7. 10-K · period ending 2022-01-29 · accession 0000701985-24-000010 (NetCashProvidedByUsedInOperatingActivities)
  8. 10-K · period ending 2023-01-28 · accession 0000701985-25-000011 (NetCashProvidedByUsedInOperatingActivities)
  9. 10-K · period ending 2024-02-03 · accession 0000701985-26-000008 (NetCashProvidedByUsedInOperatingActivities)
  10. 10-K · period ending 2022-01-29 · accession 0000701985-24-000010 (PaymentsToAcquirePropertyPlantAndEquipment)
  11. 10-K · period ending 2023-01-28 · accession 0000701985-25-000011 (PaymentsToAcquirePropertyPlantAndEquipment)
  12. 10-K · period ending 2024-02-03 · accession 0000701985-26-000008 (PaymentsToAcquirePropertyPlantAndEquipment)
  13. 10-K · period ending 2022-01-29 · accession 0000701985-23-000008 (LongTermDebtNoncurrent)
  14. 10-K · period ending 2023-01-28 · accession 0000701985-24-000010 (LongTermDebtNoncurrent)
  15. 10-K · period ending 2024-02-03 · accession 0000701985-25-000011 (LongTermDebtNoncurrent)
  16. 10-K · period ending 2025-02-01 · accession 0000701985-26-000008 (LongTermDebtNoncurrent)
  17. 10-K · period ending 2022-01-29 · accession 0000701985-23-000008 (CashAndCashEquivalentsAtCarryingValue)
  18. 10-K · period ending 2023-01-28 · accession 0000701985-24-000010 (CashAndCashEquivalentsAtCarryingValue)
  19. 10-K · period ending 2024-02-03 · accession 0000701985-25-000011 (CashAndCashEquivalentsAtCarryingValue)
  20. 10-K · period ending 2025-02-01 · accession 0000701985-26-000008 (CashAndCashEquivalentsAtCarryingValue)