Bath & Body Works, Inc. key statistics and ratios

In fiscal 2026, Bath & Body Works, Inc. had an operating margin of 15.4% and a current ratio of 1.27. Each ratio below is calculated from the figures on its income statement, balance sheet and cash flow pages.

Financial ratios

US$ thousands unless shown otherwise. Fiscal years, plus the last twelve months (LTM) when newer.

Bath & Body Works, Inc.: financial ratios, annual
Fiscal year	2010Jan 2010	2011Jan 2011	2012Jan 2012	2013Feb 2013	2014Feb 2014	2015Jan 2015	2016Jan 2016	2017Jan 2017	2018Feb 2018	2019Feb 2019	2020Feb 2020	2021Jan 2021	2022Jan 2022	2023Jan 2023	2024Feb 2024	2025Feb 2025	2026Jan 2026	LTMAug 2026
Gross margin	35.1%	37.8%	39.1%	41.9%	41.1%	42.0%	42.8%	40.8%	39.3%	37.0%	44.2%	48.1%	48.9%	43.1%	43.6%	44.3%	43.7%	44.1%
Operating margin	10.1%	13.4%	11.9%	15.0%	16.2%	17.1%	18.0%	15.9%	13.7%	9.3%	19.2%	24.9%	25.5%	18.2%	17.3%	17.3%	15.4%	16.7%
Net margin	5.2%	8.4%	8.2%	7.2%	8.4%	9.1%	10.3%	9.2%	7.8%	4.9%	−6.8%	13.1%	16.9%	10.6%	11.8%	10.9%	8.9%	10.8%
Free-cash-flow margin	11.3%	10.5%	8.1%	7.3%	5.2%	9.4%	10.7%	8.0%	5.5%	5.7%	14.4%	28.1%	15.5%	10.8%	8.8%	9.0%	11.9%	14.3%
Return on equity	20.5%	44.0%	105.4%	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—
Return on assets	6.2%	11.8%	13.5%	12.4%	13.7%	14.3%	15.7%	13.9%	12.0%	7.9%	−4.0%	7.8%	15.2%	13.9%	16.0%	15.4%	13.1%	15.3%
Asset turnover	1.20	1.41	1.65	1.72	1.64	1.57	1.52	1.51	1.55	1.63	0.59	0.59	0.90	1.31	1.36	1.41	1.47	1.41
Current ratio	2.46	1.72	1.55	1.43	1.73	1.91	2.22	1.72	1.62	1.64	1.37	1.97	2.33	1.64	1.64	1.48	1.27	1.20
Debt to equity	124.8%	169.9%	>999%	—	—	>999%	—	—	—	—	—	—	—	—	—	—	—	—
Interest cover (operating income ÷ interest)	3.7x	6.2x	5.0x	5.0x	5.6x	6.0x	6.6x	5.1x	4.3x	3.2x	2.8x	3.7x	5.2x	4.0x	3.7x	4.1x	4.1x	4.5x
Effective tax rate	—	—	30.7%	41.2%	37.6%	36.3%	35.2%	31.7%	25.1%	24.9%	24.3%	22.9%	24.5%	24.0%	14.0%	22.4%	26.4%	19.6%
SG&A as % of revenue	25.1%	24.4%	26.0%	26.0%	24.9%	24.9%	24.8%	24.8%	25.6%	26.9%	24.9%	23.2%	23.4%	24.9%	26.3%	26.9%	28.3%	27.4%
Capital spending as % of revenue	2.3%	2.9%	4.1%	5.6%	6.4%	6.2%	6.0%	7.9%	5.6%	4.8%	8.5%	3.5%	3.4%	4.3%	4.0%	3.1%	3.3%	3.4%
Free cash flow ÷ net income	217.0%	125.5%	98.8%	101.3%	61.7%	102.8%	103.8%	86.4%	71.1%	116.1%	—	214.6%	91.7%	102.0%	74.7%	82.7%	133.3%	132.0%
Dividends ÷ net income	43.1%	184.8%	134.6%	192.4%	38.6%	66.3%	93.5%	109.5%	69.8%	103.4%	—	9.8%	9.0%	23.3%	20.7%	22.2%	25.7%	20.7%
Dividends and buybacks ÷ free cash flow	19.9%	167.8%	277.9%	272.3%	73.4%	72.6%	127.2%	170.3%	161.9%	115.5%	42.7%	4.6%	170.5%	183.6%	50.3%	87.6%	65.7%	30.0%

US$ thousands unless shown otherwise. Fiscal quarters.

Bath & Body Works, Inc.: financial ratios, quarterly
Quarter	2025 Q3Nov 2024	2025 Q4Feb 2025	2026 Q1May 2025	2026 Q2Aug 2025	2026 Q3Nov 2025	2026 Q4Jan 2026	2027 Q1May 2026	2027 Q2Aug 2026
Gross margin	43.5%	46.7%	45.4%	41.3%	41.3%	45.7%	42.6%	45.7%
Operating margin	13.5%	24.3%	14.7%	10.1%	10.1%	22.0%	16.8%	14.3%
Net margin	6.6%	16.3%	7.4%	4.1%	4.8%	14.8%	13.3%	7.8%
Free-cash-flow margin	−10.2%	32.1%	10.6%	−6.4%	−0.1%	29.9%	14.2%	1.5%
Current ratio	1.09	1.48	1.41	1.31	1.21	1.27	1.38	1.20
SG&A as % of revenue	29.9%	22.4%	30.7%	31.2%	31.2%	23.7%	25.8%	31.4%

Returns use average equity or assets over the year. Return on equity is left blank when equity is negative or so small that the ratio says nothing (above ±200%); interest cover is left blank above 200 times. Price-based ratios such as P/E are on the valuation page.

Financial health

2 of 4 checks passed · August 1, 2026

What it owns · $5.2bn

Short-term assets $2.0bnLonger-term assets $3.1bn

What it owes, and who funded it · $1.7bn

Short-term liabilities $1.7bnShareholders' equity $-1.1bn

Short-term assets cover short-term liabilities $2.0bn of assets due within a year against $1.7bn of liabilities due within a year.
Short-term assets cover long-term liabilities Not assessable from the reported split. Not assessable.
More cash than debt $794m of cash against $3.6bn of debt.
Debt below 40% of shareholders' equity Equity or debt not reported. Not assessable.
Debt burden no higher than five years ago Five-year comparison not available. Not assessable.
A year's operating cash flow covers at least 20% of debt $1.3bn of operating cash flow against $3.6bn of debt.
Operating profit covers interest at least five times over Operating income of $1.2bn against $268m of interest.

From Bath & Body Works, Inc.'s latest balance sheet as filed. Checks are fixed, documented rules (methodology), counted only where the company reports the figures — a dot means the filing doesn't break the item out. Descriptions of reported data, not advice.

Moat

69 /100

Moderate moat

How hard Bath & Body Works's competitive advantage looks for rivals to wear away, judged from 10 years of its own filings: returns on capital, pricing power, profit durability, cash conversion and discipline.

Returns on capital 20 / 20

Cash operating profit has been a median 24.7% of total assets over 10 years.
Pricing power 13 / 20

Gross margin has been a median 43.1%, moving by 4.4 percentage points (standard deviation) across 10 years.
Durability 7 / 20

Operating margin has been a median 16.6%; its worst year was 2.4%.
Cash conversion 15 / 20

Free cash flow was positive in 10 of 10 years, at a median 10.1% of revenue.
Discipline 20 / 20

The diluted share count fell 28.2% over five years; stock-based pay has been a median 0.7% of revenue.

AI disruption exposure: Medium. In this industry, AI could change how the product is made or sold, without replacing the core asset. The score above includes a 5-point deduction for that exposure (74 before it).

A rules-based reading of reported figures, not a forecast and not investment advice. How the score is built: methodology.

Compare with peers

Head to head: ASO vs BBWI BBWI vs WOOF BBWI vs FIVE

More: Other Specialty Retail stocks compared, Consumer Discretionary sector, rankings of US companies

Figures from Bath & Body Works, Inc.'s SEC filings (10-K and 10-Q), retrieved October 20, 2026. How we read and check them: methodology and data sources. Not investment advice. Back to Bath & Body Works, Inc.