BATH & BODY WORKS, INC.

BBWI · Consumer Discretionary · $4.2B mkt cap · FY2026 filings · Narrow moat

Wonderful & reasonably priced

Narrow moat

The four filters

Pricing power69

Median gross margin 43.6% over 10y, stable.

Returns on capital100

Median ROIC 53.8%, above the 9% hurdle in 100% of years.

Balance-sheet safety33

Net debt/EBITDA n/ax, interest coverage 4x.

Capital discipline40

Owner earnings -10.8%/yr, share count shrinking (buybacks).

Margin of safety

Above valueOn sale

34% below value

Owner earnings (normalized): $572.0M
Est. intrinsic value / share: $31.62
Recent price: $20.88
Discount to value: 34% below value

Conservative model: 9% discount rate, 0% assumed growth (capped at 4%), maintenance capex ≈ min(capex, D&A).

Moat Score history

Score history begins 2026-07-17. Check back as the record builds.

Scores are logged append-only and never overwritten — this record can't be backfilled, which is exactly why it's worth keeping.

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Scored from primary SEC filings via the public methodology. Educational only — not a recommendation to buy or sell BBWI. See the disclaimer.