BBWIBath & Body Works, Inc.

Retail-Retail Stores, NEC

Revenue: $7.3B; 0.2% YoY
Operating margin: 15.4%; 11% YoY
EBITDA: $1.4B; 11% YoY
Market cap: $4.6B
Employees: 60,700; $120K revenue each
Net debt / EBITDA: 2.2×; $3.1B net debt
AI in 10-K: 5.4; mentions per 10K words

Takeover score 2 of 13

Fixable underperformance 0 of 7

TSR below peersNo
2 of 5 years
3+ of last 5 years
High CEO pay despite TSRNo
—
Median CEO pay ≥ $15M while TSR trails
Earnings not backed by cashNo
170% of net income
Cash flow under 80% of net income
Dilutive SBCNo
0% of revenue
Over 10% of revenue
Payouts exceed cash flowNo
52% of cash flow
Buybacks + dividends over cash flow
Goodwill-heavyNo
12% of assets
Over 40% of assets
Shareholder dissentNo
97% lowest support
Any vote under 80% support

Buyer economics 2 of 4

Low revenue per employeeYes
$120K · 11th pct
Bottom quartile of its SIC industry
Quiet on AINo
5.4 per 10K words · 84th pct
Bottom quartile of AI mentions in 10-Ks
Net cashNo
2.2× EBITDA net debt
More cash than debt, positive EBITDA
Buyout-sizedYes
$4.6B market cap
Market cap $500M–$5B

Catalysts 0 of 2

Active 13DNo
0 filings
Active-intent 13D in 18 months
Net insider sellingNo
$1M net
Net sales over $10M in 12 months

Financials

Metric	FY2022	FY2023	FY2024	FY2025	FY2026	YoY	Trend
Revenue	$7.9B	$7.6B	$7.4B	$7.3B	$7.3B	0.2%
Operating income	$2.0B	$1.4B	$1.3B	$1.3B	$1.1B	11%
Net income	$1.3B	$800M	$878M	$798M	$649M	19%
Operating cash flow	$1.5B	$1.1B	$954M	$886M	$1.1B	24%
Capex	$270M	$328M	$298M	$226M	$237M	4.9%
Stock-based comp	$46M	$38M	$43M	$40M	$31M	23%
Buybacks	$2.0B	$1.3B	$148M	$401M	$401M	0.0%
Dividends	$120M	$186M	$182M	$177M	$167M	5.6%

Deal filings

None.

13D filers

Filed	Filer	Form	Stake	Intent
Oct 25, 2024	Third Point LLC	SC 13D/A	3.6%	Passive
Mar 6, 2023	Third Point LLC	SC 13D/A	6.0%	Passive
Feb 22, 2023	Third Point LLC	SC 13D/A	6.0%	Passive
Dec 8, 2022	Third Point LLC	SC 13D	6.0%	Active
Jul 20, 2021	Wexner Leslie H.	SC 13D/A	1.9%	Passive
Jul 15, 2021	Wexner Leslie H.	SC 13D/A	12.7%	Passive
Jun 7, 2021	Wexner Leslie H.	SC 13D/A	12.7%	Passive
Mar 24, 2021	Wexner Leslie H.	SC 13D/A	14.4%	Passive
Mar 18, 2021	Wexner Leslie H.	SC 13D/A	15.9%	Passive
Sep 2, 2020	Hersch Dennis S	SC 13D/A	2.8%	Passive

Insider trading

Open-market buys, 12 mo: $1M · 6
Open-market sells, 12 mo: $14 · 1
Net: $1M

Pay vs performance

Year	CEO total comp	Comp actually paid	TSR (indexed)	Peer TSR
FY2026	—	—	73	122
FY2025	—	—	122	135
FY2024	—	—	138	102
FY2023	—	—	139	94
FY2022	—	—	167	101