회사 개요
Bath & Body Works, Inc. operates as a specialty retailer focused on the distribution of personal care and home fragrance products, offering a diverse range of items such as 3-wick candles, home fragrance diffusers, fine fragrance mists, eau de parfum, body wash, hand soaps, body lotions, and body creams to its customer base. The company functions within the Consumer Cyclical sector and the Specialty Retail industry, positioning itself to capture consumer spending on discretionary goods that fluctuate with economic cycles and seasonal demand patterns. This entity employs a workforce of 9,071 individuals and maintains a total market capitalization of $3.77 billion, reflecting the aggregate market value of its outstanding shares. With an annual revenue of $7.29 billion, the company demonstrates a significant operational scale that allows it to leverage economies of scale in supply chain management and marketing expenditures, establishing its presence as a notable player in the personal care retail landscape.
재무 건전성
The company reported a trailing twelve-month revenue of $7.29 billion, generating a net income of $649.00 million and an EBITDA of $1.41 billion during the same period. The substantial gap between the $7.29 billion in revenue and the $649.00 million in net income highlights a cost structure where operating expenses, including cost of goods sold, selling, general, and administrative costs, consume approximately 91.1% of top-line sales before interest and taxes. Free cash flow stands at $758.00 million, which indicates a robust ability to generate cash from operations after capital expenditures, providing significant financial flexibility for debt repayment, share repurchases, or strategic acquisitions. The gross margin is recorded at 43.8%, suggesting that the company retains a healthy portion of each sales dollar after direct production costs, while the operating margin of 22.5% reflects efficient control over broader operational expenses, and the profit margin of 8.9% demonstrates the final ability to convert sales into net earnings. In terms of liquidity and leverage, the company holds $953.00 million in cash against total debt of $4.95 billion, resulting in a debt-to-equity metric that is not applicable due to negative equity, yet the absolute debt level is nearly five times the cash on hand. The current ratio is 1.27, indicating that current assets exceed current liabilities by a moderate margin, which suggests adequate short-term liquidity to meet obligations as they come due. Additionally, the return on assets is 14.5%, revealing that management is utilizing the asset base to generate returns at a double-digit rate, whereas the return on equity is listed as not applicable, likely due to the company's negative book value position which complicates the traditional calculation of equity returns.
밸류에이션 평가
The stock carries a trailing P/E ratio of 5.92 and a forward P/E of 6.42, implying that the market expects earnings growth to be modest in the near term as the forward multiple is only slightly higher than the trailing multiple. The price-to-book ratio is -2.89, a negative figure that indicates the company's market capitalization is below its book value, suggesting a market sentiment that does not value the intangible assets or future earning potential at a premium over the recorded net assets. Alternative valuation metrics include a price-to-sales ratio of 0.52 and an EV/EBITDA of 5.47, which collectively suggest the stock is priced at a significant discount relative to its sales volume and earnings power before interest and taxes. Regarding price volatility and trading range, the 52-week high is $34.66 and the 52-week low is $14.28, meaning the current market price trades at approximately 16.8% below the 52-week high and 36.8% above the 52-week low. The beta value is 1.46, which indicates that the stock's price is expected to be 46% more volatile than the broader market index, exposing investors to higher systemic risk during periods of market turbulence.
Growth & Income
Revenue growth year-over-year is -2.3%, while earnings growth year-over-year is -4.7%, indicating that earnings are contracting at a faster rate than revenue, which implies that the company is facing margin compression or one-time charges that are impacting the bottom line more severely than the top line. As a dividend payer, the company offers a dividend yield of 4.3% with a payout ratio of 25.7%, suggesting that the dividend is currently funded by a small fraction of earnings, though the sustainability must be monitored given the negative equity and declining earnings trajectory. Since the company has a negative book value, the traditional payout ratio dynamics are skewed, but the high yield relative to earnings suggests a market expectation of potential value realization or distress scenarios rather than sustainable organic dividend growth. Overall, the growth and income profile presents a challenging picture with negative growth rates across revenue and earnings, offset only partially by a high dividend yield that investors must scrutinize against the backdrop of shrinking profitability and significant debt obligations.