企業概要
Bath & Body Works, Inc. operates as a specialty retailer dedicated to the sale of personal care and home fragrance products, offering a comprehensive range that includes 3-wick candles, home fragrance diffusers, fine fragrance mists, eau de parfum, body wash, hand soaps, body lotions, and body creams. This enterprise functions within the Consumer Cyclical sector, specifically classified under the Specialty Retail industry, positioning it as a direct competitor to other non-grocery retailers focused on lifestyle goods. The company commands a market capitalization of $3.77 billion, generating annual revenue of $7.29 billion, and employs a workforce of 9,071 individuals across its operations. These financial dimensions indicate that while the firm maintains a significant presence in the specialty retail landscape, its market cap relative to its revenue suggests a valuation structure that investors must analyze in conjunction with broader industry multiples and cyclicality risks inherent to consumer discretionary spending patterns.
財務健全性
The company reported a revenue of $7.29 billion and net income of $649.00 million for the trailing twelve months, with an EBITDA reaching $1.41 billion, highlighting a substantial operational scale. The gap between the $7.29 billion revenue and the $649.00 million net income reveals a cost structure where operating expenses, including cost of goods sold and overhead, absorb approximately 91.1% of top-line sales before reaching the bottom line. Free cash flow stands at $758.00 million, which provides the company with significant financial flexibility to fund capital expenditures, manage working capital cycles, or pursue strategic initiatives without immediate reliance on external equity financing. The gross margin is 43.8%, indicating strong pricing power and efficient supply chain management in sourcing personal care items. The operating margin of 22.5% and profit margin of 8.9% demonstrate that the company effectively controls its overhead costs to convert a portion of sales into operating profit and, ultimately, net income. Regarding liquidity and leverage, the company holds $953.00 million in cash against $4.95 billion in debt, resulting in a debt-to-equity ratio that is not explicitly calculable from the provided data but implies a leveraged balance sheet given the negative price-to-book ratio of -2.89. The current ratio of 1.27 indicates that the company possesses sufficient current assets to cover its short-term liabilities, suggesting adequate short-term liquidity to meet obligations as they come due. Additionally, the return on assets is 14.5%, while return on equity is listed as N/A, implying that management utilizes the asset base efficiently to generate returns, although the lack of an ROE metric prevents a direct assessment of equity efficiency in this specific reporting period.
バリュエーション評価
The stock trades with a trailing P/E ratio of 5.92 and a forward P/E of 6.42, suggesting that the market expects earnings to decline slightly in the future or that the current earnings are unusually high relative to the price. The difference between these two metrics implies a modest anticipated change in earnings trajectory, with the forward P/E being higher than the trailing P/E, which can occur when current earnings are depressed or when the market prices in a temporary earnings dip. The price-to-book ratio is -2.89, a metric that is atypical for a profitable firm and indicates that the market values the company at a significant discount relative to its book value, potentially reflecting concerns about future growth or asset quality. Alternative valuation metrics such as the price-to-sales ratio of 0.52 and the EV/EBITDA of 5.47 suggest that the company is trading at a low multiple compared to historical norms, possibly reflecting a cyclical downturn in consumer demand. The 52-week high is $34.66 and the 52-week low is $14.28, meaning the current price sits somewhere within this wide range, reflecting significant volatility and a lack of a defined consensus on fair value over the past year. The beta value of 1.46 indicates that the stock is more volatile than the broader market, moving approximately 46% more than the market index in response to market fluctuations, which is consistent with the nature of specialty retail stocks sensitive to consumer confidence and discretionary spending cycles.
Growth & Income
Revenue growth year-over-year is -2.3%, while earnings growth year-over-year is -4.7%, indicating that earnings are shrinking faster than revenue, which often points to rising costs, margin compression, or a sharper decline in profitability than sales volume alone would suggest. The company offers a dividend yield of 4.3% with a payout ratio of 25.7%, suggesting that the dividend is currently sustainable given the earnings profile, although the negative growth rates warrant close monitoring to ensure future coverage remains adequate. The payout ratio of 25.7% leaves a significant portion of earnings retained for the business, though the declining growth trajectory may limit the capacity to maintain this yield indefinitely without operational improvements. Overall, the growth and income profile presents a high-yield opportunity tempered by negative growth rates, requiring investors to weigh the current income support against the potential for further earnings deterioration in a challenging retail environment.