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Bath & Body Works, Inc (0JSC) fair value: what the stock is really worth
As of Oct 2, 2026: fair value of Bath & Body Works, Inc $21.66, price $16.22, upside +33.5%, quality 69 out of 100. Calculated from audited financials with 26 valuation models and 37 quality factors, updated daily.
- Fair value above price? Yes
- Good quality? Yes
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Broad data
Sep 24, 2026
Bath & Body Works, Inc
0JSC · LSEUndervaluedThe stock appears undervalued with acceptable quality.
✓Fair value $21.66 · Undervalued (+33.5%)
✓Quality 69/100
!Mixed Growth (revenue 5y +2.5 %/yr)
✓Solidly profitable · 10.0% net margin (TTM)
✓Negative equity (buybacks among others) · generates free cash flow
✓4.9% dividend yield · Well covered
!Moderate moat 56/100
What runs behind every stock
26
valuation models
8 families, DCF to NCAV
37
quality factors
margins, balance sheet, cashflow, debt
6
AI factors
moat, what no ratio measures
2,000+
data points
verified, per stock, median
69 individual criteria per stock, every one traceable See the method →
Price vs Fair Value
White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Sep 24, 2026.
How to read this chart
60‑month range $15.09 – $72.04 · fair‑value band $12.80 – $35.31 · the $16.22 price screens below the $21.66 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Sep 24, 2026.
Company profile
Bath & Body Works, Inc. operates as a specialty retailer of personal care and home fragrance products. The company offers body and home fragrances, including 3-wick candles, home fragrance diffusers, fine fragrance mists, eau de parfum, body wash, hand soaps, body lotions, and body creams, as well as sanitizer and other products.
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Bath & Body Works, Inc. operates as a specialty retailer of personal care and home fragrance products. The company offers body and home fragrances, including 3-wick candles, home fragrance diffusers, fine fragrance mists, eau de parfum, body wash, hand soaps, body lotions, and body creams, as well as sanitizer and other products. It sells its products under the Bath & Body Works and other brand names through retail stores and e-commerce sites in the United States and Canada, as well as through international stores operated by partners under the franchise, license, and wholesale arrangements. The company was formerly known as L Brands, Inc. and changed its name to Bath & Body Works, Inc. in August 2021. Bath & Body Works, Inc. was founded in 1963 and is headquartered in Columbus, Ohio.
Stock analysis
Bath & Body Works, Inc (0JSC) currently trades at $16.22, while our model-based Fair Value estimate is $21.66, implying the stock looks roughly 25.1% undervalued today.
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Valuation
Bull case: the Multiples group reads highest at a median of $40.52 per share, and 16 of the 19 models we run sit above the $16.22 price.
Bear case: the Earnings-Based group reads lowest at $14.49, and 3 of the 19 models stay below the price. Evidence for this calculation is high.
Scenario range: $12.80 (bear) to $35.31 (bull), the price of $16.22 sits inside it. Bear and bull are the same models on cautious and optimistic assumptions, a range, not a price target.
Quality & growth
The Quality Score stands at 69/100 (solid quality), in the Consumer Cyclical sector.
Mixed Growth: Revenue is growing, but margins or cash flow do not fully confirm the trend.
Bath & Body Works, Inc reported revenue of $7.3B in FY2026 versus $7.9B in FY2022, a compound −1.9%/yr. Reported net income was $649M in FY2026, compounding −16.5%/yr from FY2022.
Key figures
Market cap $3.4B · P/E ratio 0.0 · EPS (TTM) $4.61 · Dividend yield 4.9% · Net margin 8.9% · Return on assets (EBIT) 26.0% · Operating margin 11.0% · Revenue (TTM) $7.2B.
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 50 out of 100 (low confidence).
What moves the price
The share trades about 40% below its 52-week high and 7% above its 52-week low, currently below its 200-day average.
For context, the median of 10 Consumer Cyclical peers we cover trades at 5% fair-value upside, at 34%, 0JSC screens cheaper than that median.
Fair Value models
Bear $12.80
Fair Value $21.66
Bull $35.31
Model ⓘEach model values the company its own way (discounted cash flow, earnings, assets, dividends). The fair value above is their evidence-weighted blend, not the output of a single model. Based on fiscal year 2026 figures (about 8 months old). Earnings retained since then ($2.56 per share) are deliberately not added.
Bear ⓘBear = the cautious scenario: the same model computed with conservative anchors (lower growth, margins and valuation multiples). Together with Bull it frames a plausible valuation range, not a price target.BaseBull ⓘBull = the optimistic scenario: the same model computed with favourable anchors (higher growth, margins and valuation multiples). Together with Bear it frames a plausible valuation range, not a price target. If a model's bull case is above four times its base value, the table shows that limit with a > sign (like the overall Bull above): beyond it no assumption holds.
Evidence ⓘEvidence = how well-backed THIS model's estimate is for this stock (0–100): how complete and reliable its input data are, and how well the model fits the company. The final Fair Value is an evidence-weighted blend, so better-evidenced models count more. Green ≥70, amber 50–69, grey below 50.
Highest evidence
FCF DCF
$16.81
$30.15
$54.10
77
Growth DCF
$18.35
$31.21
$52.51
76
EPV
$9.83
$14.49
$18.51
73
All 19 models by family
DCF Models
FCF DCF
$16.81
$30.15
$54.10
77
Owner Earnings
$10.11
$21.01
$40.56
72
5Y Revenue Exit
$7.15
$17.12
$31.55
68
5Y EBITDA Exit
$18.10
$36.07
$59.87
72
5Y P/E Exit
$14.90
$30.53
$49.24
68
10Y Revenue Exit
$10.25
$17.89
$25.87
66
10Y EBITDA Exit
$17.31
$29.35
$42.11
68
10Y P/E Exit
$15.41
$26.00
$36.01
63
Earnings-Based
Graham-Dodd
$16.04
$19.61
$22.06
67
EPV
$9.83
$14.49
$18.51
73
Multiples
P/E Multiple
$38.92
$51.90
$64.87
63
P/S Multiple
$23.85
$31.80
$39.75
58
EV/EBIT
$35.58
$53.99
$72.41
65
EV/EBITDA
$25.47
$40.52
$55.56
66
EV/Revenue
$2.59
$12.13
$21.67
48
Growth DCF
Growth DCF
$18.35
$31.21
$52.51
76
Rev-Margin DCF
$7.15
$18.00
$31.54
69
Economic Profit
ROIC Compounder
$9.83
$15.69
$21.55
71
Growth Earnings
Growth-Adj P/E
$27.44
$39.20
$50.95
67
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Set up alert →Quality Score breakdown
Overall quality
69/100
Of which business quality 66 · Market factors (momentum, volatility) 14
Profitability
80
Margins and returns on capital today
Quality Growth
22
Are margins and returns improving?
Cashflow
67
Earnings quality: real cash, not paper profit
Fin. Strength
43
Balance sheet, leverage, solvency risk
Investment
97
Disciplined investing over empire-building
Low Volatility
17
Calm price path (market factor)
Momentum
18
Price trend over the last 3–12 months (market factor)
52W Momentum
5
Distance to the 52-week high (market factor)
Net Issuance
100
Share count: buybacks or dilution?
Revenue & earnings trend
Growth Quality ⓘGrowth is valuable only when reinvestment earns attractive returns (Aswath Damodaran): sustainable growth depends on return on capital, reinvestment and efficiency. Basis: total company revenue over the periods shown on the cards (3Y/5Y/all years), not per share, so a merger can show up as a growth jump; per-share earnings growth is in the value-creation card.
62/100
Revenue is growing, but margins or cash flow do not fully confirm the trend.
Revenue growth 1 year
−0.2%
Revenue growth 3 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
−1.2%
Revenue growth 5 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+2.5%
Start year 2021 (pandemic). Over 10 years: −5.0% a year
Revenue growth 13 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
−2.7%
’15
’16
’17
’18
’19
’20
’21
’22
’23
’24
’25
’26
What shareholders gained per year (last 5 years) ⓘWhat the business itself delivers per year: earnings growth per share plus the dividend yield. This is what you get IF the market keeps valuing the stock the same way: it contains no assumption about the market changing its mind. Computed per share, so buybacks count and a merger does not pass as growth. For a company that pays no dividend it is pure earnings growth per share. Period: earnings growth per share as CAGR over the last 5 reported fiscal years (annual statements), plus the current dividend yield. The start value is the median of the three years around the start, so a single crisis year (a pandemic or a write-down) does not distort the rate.
+0.0%
Earnings growth per share plus dividend.
Earnings per share, growth per year−4.9%
Dividend (yield on the price)4.9%
Pace: 5 vs 10 years ⓘTwo data points, not a trend model: earnings growth per share over the last 5 fiscal years against the last 10. Labelled "steady" when both rates are within 3 percentage points of each other, otherwise picking up or flattening. Shown only when ten years of history exist.−4.9% vs −2.6%, steady
Profit margin 2021 to 2026 ⓘOperating margin then vs now, from reported annual statements. A falling margin after a boom year is the classic peak-earnings signal: the growth rate then leans on an inflated base.29% → 15%
Start year 2021 (pandemic)
⚠ Revenue per share shrinking 1.5%/yr over ~10Y (margins intact) ⓘStructural-decline marker: revenue PER SHARE has fallen over the last decade (robust median trend, not a single year). Backtested across 2005 to 2017, such businesses trailed the market by about 2.5 percentage points per year. Display only: it does not change the fair value or the quality score.
Growth Forecast
Price in line with expectations
The price assumes about as much growth as the company has delivered so far and about what analysts expect.
What the price assumes ⓘThis turns our valuation around: instead of asking what the share is worth, it asks what growth the current price requires. It uses the cash the company keeps after all spending (free cash flow), the same discount rate as our models, five years of growth, then slowing evenly to 2 % a year by year ten. Compared with the analysts' sales forecasts extended to the same five years (at least three analysts, for context only, it does not enter the Fair Value): within 3 percentage points counts as "in line" (amber), below that little optimism (green), above that a lot of optimism (red).
+0.5%
Yearly growth needed for the next five years to justify today's price.
What forecasts expect ⓘAnalysts publish sales forecasts for the next two fiscal years. For the years after that, growth slows evenly to 2 % a year by year ten (2 % is the long-run rate our models use). Projected years are marked as such.
+1.0%
Yearly sales growth analysts expect, extended to five years.
After inflation (USA: IMF forecast 2.4% a year to 2030, 3.1% from 2016 to 2025) that is about −1.9% a year for the price and −1.3% for the forecasts.
Forecast 2027 (sales)−2.8%
Forecast 2028 (sales)+2.0%
Projected 2029 (sales)+2.0%
Projected 2030 (sales)+2.0%
Projected 2031 (sales)+2.0%
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Context: sector, industry, market
- P/E, EV/EBITDA and margins by industry (reference tables)
- Undervalued stocks: UK Stocks
- Valuation of the UK market
Values & ESG
Does this company touch areas you may want to avoid? The classification is inferred from sector and industry.
None of the checked exposures detected
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Frequently asked questions
Is Bath & Body Works, Inc (0JSC) overvalued or undervalued?
As of Sep 24, 2026, our model estimates a fair value of $21.66 versus a price of $16.22, about +34% upside (undervalued).
What is the fair value of 0JSC?
Our model-based fair value for Bath & Body Works, Inc is $21.66 (as of Sep 24, 2026), built from audited fundamentals. The current price: $16.22.
What is the quality score of 0JSC?
Bath & Body Works, Inc has a Quality Score of 69/100. It measures business quality (profitability, growth, cash flow, balance-sheet strength, investment discipline, share issuance). Market factors such as price momentum and volatility do not enter the number; they are shown separately in the detail view.
What is the price target for Bath & Body Works, Inc (0JSC)?
Our model-based price target is the fair value of $21.66 (as of Sep 24, 2026) from 19 valuation models. Cautious scenario $12.80, optimistic scenario $35.31. It is a calculation from audited fundamentals, not an analyst target.
What is the Bath & Body Works, Inc stock forecast for 2026?
Our models put fair value at $21.66, about +34% upside versus a price of $16.22 (undervalued). Cautious scenario $12.80, optimistic scenario $35.31. The calculation is refreshed regularly with new filings.
What is the revenue of Bath & Body Works, Inc (0JSC)?
Bath & Body Works, Inc reported trailing-twelve-month revenue of about $7.2B (latest available figure, as of Sep 24, 2026).
Does Bath & Body Works, Inc pay a dividend?
Bath & Body Works, Inc currently shows a dividend yield of about 4.93% relative to its recent price (as of Sep 24, 2026).
What growth is priced into Bath & Body Works, Inc (0JSC)?
For today's price to be fair in a discounted-cash-flow model, Bath & Body Works, Inc would have to grow free cash flow by +0.5 % per year for five years (discount rate 11.2 %, then slowing evenly to 2 % perpetual growth by year ten). Over the last 5 years revenue grew +2.5 % per year. As of Sep 24, 2026.
What discount rate (WACC) does the fair value of 0JSC use?
Our models discount Bath & Body Works, Inc at 11.2 %: a base by market capitalisation (unknown), damped by beta 1.35, country premium for United Kingdom. The same rate applies in all 26 models.
What is a reverse DCF?
A reverse DCF turns the usual calculation around. Instead of deriving a value from assumptions, it takes today's price as given and asks: what free-cash-flow growth would a company have to deliver for exactly this price to be fair? The result is not a forecast but the expectation already priced in. For Bath & Body Works, Inc that is +0.5 % per year a year over ten years, using the same discount rate (11.2 %) and the same formula as our fair value.
How much growth has Bath & Body Works, Inc (0JSC) delivered so far?
Over the past 5 years revenue at Bath & Body Works, Inc grew +2.5 % a year. The price currently implies +0.5 % per year free-cash-flow growth a year. Comparing the two shows how much confidence is in the price: if it demands more than has been delivered, the business has to accelerate for the maths to work.
How fast is the sector of Bath & Body Works, Inc (0JSC) growing?
The median revenue growth in the sector is +7.1 % a year. That is the yardstick for the growth priced into Bath & Body Works, Inc (+0.5 % per year a year): it shows whether the expectation is within the usual range or beyond it.
What is the free cash flow yield of Bath & Body Works, Inc (0JSC)?
The free-cash-flow yield on the price is 25.20 %: that much free cash flow Bath & Body Works, Inc produces per unit of market value. When it exceeds the discount rate of our models (11.2 %), the business already earns more than its cost of capital demands, and the price needs little additional growth.
What is the intrinsic value of Bath & Body Works, Inc (0JSC)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Bath & Body Works, Inc it is $21.66 per share (as of Sep 24, 2026), against a price of $16.22. It is the blended result of 19 valuation models (cash flow, earnings, asset, dividend).
Is Bath & Body Works, Inc stock overvalued or undervalued in 2026?
As of Sep 24, 2026, 0JSC trades below its calculated fair value: price $16.22, fair value $21.66, a gap of about +34% (undervalued). The calculation is refreshed with each new quarterly report, so the verdict can change during the year.
Is fair value the same as the market price of 0JSC?
No. The price is what the market pays today ($16.22); the fair value is what the company's own numbers justify ($21.66). For Bath & Body Works, Inc the two are $5.44 per share apart. That gap is exactly why we show both numbers side by side.
How much is Bath & Body Works, Inc worth?
The market values Bath & Body Works, Inc at about $3.4B (market capitalisation, as of Sep 24, 2026). Per share that is $16.22; our models calculate a fair value of $21.66 per share.
What do the bullish and bearish scenarios say about 0JSC?
Our models span a range for Bath & Body Works, Inc: cautious scenario $12.80, base $21.66, optimistic $35.31 per share (as of Sep 24, 2026, price $16.22). The range comes from different growth and margin assumptions, not from analyst opinions.
How far is 0JSC from its 52-week high?
Bath & Body Works, Inc trades at $16.22, about 40% below its 52-week high of $27.04 and 7% above the low of $15.09 (as of Oct 2, 2026). Distance from the high says nothing about value: that is what the fair value of $21.66 is for.
Which stocks are comparable to Bath & Body Works, Inc?
From the same area (Consumer Cyclical) we also value Alimentation Couche-Tard Inc, Williams-Sonoma, Inc, Ulta Beauty, Inc, Casey's General Stores, Inc, among others. Each of them has its own fair-value calculation on this site using the same models, so the comparison is like for like.
Is Bath & Body Works, Inc stock attractive at the current price?
The data as of Sep 24, 2026: price $16.22, calculated fair value $21.66 (+34%), Quality Score 69/100, from 19 models. Whether that fits your horizon and risk tolerance is your call. We provide the calculation, not investment advice.
How is the fair value of 0JSC calculated?
We run Bath & Body Works, Inc through 19 models from four families: discounted cash flow, earnings models, asset and balance-sheet models, and dividend models. Every model gets the same audited fundamentals; the result is the weighted average of $21.66, with the spread shown as a cautious and an optimistic scenario.
Is it still worth investing in stocks now?
The global stock market currently sits 14.5 % above its aggregate fair value. Bath & Body Works, Inc currently trades 25 % below its own fair value, and the market average says nothing about that. An expensive market is no reason to stay out and no reason to buy everything at once: keep a broad savings plan running, buy single stocks only with money you can do without, and hold part of your money liquid while the market is high. The full picture including sectors is on is it worth investing now.
What is the share price of Bath & Body Works, Inc (0JSC)?
The closing price on Oct 2, 2026 was $16.22. Our model-based fair value is $21.66, about +34% upside (undervalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Bath & Body Works, Inc right now?
The model range is unusually wide ($12.80 to $35.31). The outcome hinges heavily on assumptions, so read the point estimate with caution. Solid quality (69/100) at a price below fair value, the discount is the argument here, not the business quality.
Where does the earnings growth of Bath & Body Works, Inc (0JSC) come from?
Earnings per share at Bath & Body Works, Inc grew −1.1 % a year from 2015 to 2026. Broken into its drivers: revenue per share −2.2 %, EBIT margin −0.3 %, tax rate +2.1 %, residual (interest, one-offs) −0.7 %. The four rates multiply to the earnings growth rate, they do not add up. Start and end are three-year averages so a single exceptional year does not distort the result.
Key figures of Bath & Body Works, Inc
How large is the market capitalisation of Bath & Body Works, Inc (0JSC)?
The market capitalisation of Bath & Body Works, Inc is $3.4B. The stock-market value of the whole company: share price times number of shares. It is what the market asks for the entire business today.
What is the P/E ratio of Bath & Body Works, Inc (0JSC)?
The price-to-earnings ratio of Bath & Body Works, Inc is 0.0 (as of Jul 24, 2026). Price to earnings: how many years of current profit you pay for the stock. A P/E of 10 means ten years of profit.
What are the earnings per share of Bath & Body Works, Inc (0JSC)?
Earnings per share at Bath & Body Works, Inc are $4.61 (price ÷ EPS = P/E 0.0). Earnings per share over the last twelve months: total profit spread across every single share.
What is the dividend yield of Bath & Body Works, Inc (0JSC)?
The dividend yield of Bath & Body Works, Inc is 4.9% (payout 17.3%). Yearly dividend relative to the share price. 3% pays 3 per 100 invested. Below: how much of profit is used for it.
What is the net margin of Bath & Body Works, Inc (0JSC)?
The net margin of Bath & Body Works, Inc is 8.9% (fiscal year 2026). How much of every unit of revenue ends up as profit. 10% means 10 cents of profit per dollar of sales.
What is the EBIT return on assets of Bath & Body Works, Inc (0JSC)?
On an EBIT basis the return on assets of Bath & Body Works, Inc is 26.0% (avg 5y). Operating profit (EBIT) relative to everything the company owns, as a multi-year average. It describes the business model rather than one good or bad year.
What is the operating margin of Bath & Body Works, Inc (0JSC)?
The operating margin of Bath & Body Works, Inc is 11.0% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Bath & Body Works, Inc (0JSC)?
Revenue at Bath & Body Works, Inc is growing −3.2% versus a year earlier (3y avg −1.2%). How much revenue grew versus a year earlier (YoY). The 3-year average next to it puts the single year in context.
How fast are earnings growing at Bath & Body Works, Inc (0JSC)?
Earnings per share at Bath & Body Works, Inc are growing +83.7% versus a year earlier. How much earnings per share grew versus a year earlier.
How much net debt does Bath & Body Works, Inc (0JSC) carry?
The net debt of Bath & Body Works, Inc is $4.0B (fiscal year 2026, ≈ 4.6 yrs of FCF). Debt minus cash on hand. The note shows how many years of free cash flow could in theory pay it off.
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