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Held by 453 of 6,047 reporting institutions (96th percentile) — extremely crowded.
Data as of Q2 2026
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Solve the discounted cash flow backwards, then stress-test the assumptions.
Average free cash flow across the last 3 positive fiscal years (FY2025, FY2026, FY2026). Smooths the cycle. Stock compensation is NOT charged — it is added back inside operating cash flow.
To be worth $18.95 today, the market must believe free cash flow compounds -5.1%/yr for a decade (off $727.0M on the 3-yr avg basis).
On the basis ($689.0M) the requirement is -4.4%/yr. Shares issued to employees are added back in operating cash flow, so this basis treats them as free.
The market's -5.1% is more conservative than its 9-yr track record.
Default is 8.8% — this company's computed cost of capital (computed WACC), the same rate the Analysis tab discounts at.
2-stage DCF · 0.20B shares (market data) · net debt $2.94B
mean 6.7% · volatility σ 52% · implied rate exceeded in 5/9 yrs
Central path = implied -5.1%/yr growth; shaded band = ±1σ (52%) of this company's historical FCF volatility, widening with time. The wider the band, the less certain the growth.
Reverse DCF: rather than guessing a fair value, we solve for the growth the current price implies, then you stress-test the assumptions. Enterprise value of the FCF stream, less net debt, ÷ shares. Educational — not a recommendation.
What the company returns to shareholders — and whether it's covered by cash.
The dividend is comfortably covered — only 19% of free cash flow, leaving room to grow it and fund buybacks. Last year: $167.0M dividends + $401.0M buybacks = $568.0M returned on $865.0M FCF.
2 consecutive years of dividend increases · -17%/yr.
Yields use the latest fiscal-year dividends/buybacks over current market cap. Dividends and buybacks from the SEC cash-flow statement; payout coverage vs net income and free cash flow. Educational — not a recommendation.
How management deployed cash over 10 years — and what it earned on reinvestment.
A cash-return story — far more went to shareholders than back into the business (mature, low-reinvestment).
Operating income fell despite reinvestment — a warning on capital productivity. Current ROIC on all capital: 25%. Rough measure (includes maintenance capex).
Cash uses aggregated from the SEC cash-flow statement over 10 fiscal years. "Return on reinvestment" is a rough proxy — operating-income change ÷ cumulative CapEx + M&A — and includes maintenance capex. Educational — not a recommendation.
EOD close · as of 2026-10-14
Is the profit real, and how strong is the balance sheet?
FY2026 · every deduction from revenue to net income
DuPont — the three levers
ROE -51% against ROIC 25% — -76% of the return on equity comes from leverage and buybacks rather than from the operating business.
What the company owes vs. what it holds
This shows debt/cash structure and net leverage. The year-by-year maturity schedule is on the Debt & Leverage tab.
Latest year: profit growth vs revenue growth
Operating leverage needs meaningful revenue change.
Each line as % of revenue — the trend in color
| % of revenue | FY2020 | FY2021 | FY2021 | FY2022 | FY2023 | FY2025 | FY2026 | FY2026 |
|---|---|---|---|---|---|---|---|---|
| Cost of Revenue | 63.0 | 55.8 | 51.9 | 51.1 | 56.9 | 56.4 | 55.7 | 56.3 |
| Gross Profit | 37.0 | 44.2 | 48.1 | 48.9 | 43.1 | 43.6 | 44.3 | 43.7 |
| SG&A | 26.9 | 24.9 | 23.2 | 23.4 | 24.9 | 26.3 | 26.9 | 28.3 |
| Operating Income | 9.3 | 19.2 | 24.9 | 25.5 | 18.2 | 17.3 | 17.3 | 15.4 |
| Income Tax | 1.6 | 2.7 | 4.0 | 4.4 | 3.3 | 1.9 | 3.1 | 3.2 |
| Net Income | 4.9 | -6.8 | 13.1 | 16.9 | 10.6 | 11.8 | 10.9 | 8.9 |
Green = margin-favorable vs the row's own range · red = unfavorable.
The metrics that matter, over time
A 30-second read on BBWI: price, valuation and headline fundamentals from SEC filings. The four questions at the top of the page are where the judgements live.
How much the company owes, how it's trended, and how comfortably it's serviced.
Cash of $953.0M covers the $284.0M due within a year 3.4× over. Scheduled principal only (excludes interest & revolver draws). As of 2026-01-31 (10-K).
Green ≤ 1.5× · amber ≤ 3× · red > 3× (leverage relative to cash earnings).
Coverage is adequate but not comfortable. Effective rate ~7.1% on $3.89B of debt.
Cash of $953.0M fully covers short-term debt of $280.0M.
Mostly long-term debt (balance-sheet current vs non-current split). See the maturity ladder above for the year-by-year repayment schedule.
Debt, cash, interest and equity from the SEC balance sheet & income statement. Effective rate = interest ÷ average debt. Maturity ladder from the SEC long-term-debt repayment schedule. Educational — not a recommendation.
EOD close · as of 2026-10-14
How a revenue dollar becomes profit — FY2026
Dividends and buybacks are cash paid out, shown here against the same year's profit for scale — not funded from it.
Each value shows its share of revenue below it (common-size).
| Line Item | FY2026 | FY2026 | FY2025 | FY2023 | FY2022 | FY2021 | FY2021 | FY2020 | FY2019 | FY2017 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $7.29B 100.0% | $7.31B 100.0% | $7.43B 100.0% | $7.56B 100.0% | $7.88B 100.0% | $6.43B 100.0% | $5.41B 100.0% | $13.24B 100.0% | $12.63B 100.0% | $12.57B 100.0% |
| Cost of Revenue | $4.10B 56.3% | $4.07B 55.7% | $4.19B 56.4% | $4.30B 56.9% | $4.03B 51.1% | $3.34B 51.9% | $3.02B 55.8% | $8.34B 63.0% | $7.67B 60.7% | $7.45B 59.2% |
| Gross Profit | $3.19B 43.7% | $3.23B 44.3% | $3.24B 43.6% | $3.25B 43.1% | $3.85B 48.9% | $3.10B 48.1% | $2.39B 44.2% | $4.90B 37.0% | $4.96B 39.3% | $5.13B 40.8% |
| Selling, General & Admin | $2.06B 28.3% | $1.97B 26.9% | $1.95B 26.3% | $1.88B 24.9% | $1.85B 23.4% | $1.49B 23.2% | $1.35B 24.9% | $3.56B 26.9% | $3.23B 25.6% | $3.12B 24.8% |
| Operating Income | $1.13B 15.4% | $1.27B 17.3% | $1.28B 17.3% | $1.38B 18.2% | $2.01B 25.5% | $1.60B 24.9% | $1.04B 19.2% | $1.24B 9.3% | $1.73B 13.7% | $2.00B 15.9% |
| Interest Expense | $276.0M 3.8% | $312.0M 4.3% | $345.0M 4.6% | $348.0M 4.6% | $388.0M 4.9% | $432.0M 6.7% | $370.0M 6.8% | $385.0M 2.9% | $406.0M 3.2% | $394.0M 3.1% |
| Other Income (Expense), net | $32.0M 0.4% | $74.0M 1.0% | $81.0M 1.1% | $17.0M 0.2% | -$198.0M -2.5% | -$50.0M -0.8% | -$62.0M -1.1% | $5.0M 0.0% | -$10.0M -0.1% | $87.0M 0.7% |
| Pretax Income | $882.0M 12.1% | $1.03B 14.1% | $1.02B 13.7% | $1.04B 13.8% | $1.42B 18.1% | $1.12B 17.4% | $608.0M 11.2% | $857.0M 6.5% | $1.31B 10.4% | $1.70B 13.5% |
| Income Tax Expense | $233.0M 3.2% | $230.0M 3.1% | $143.0M 1.9% | $251.0M 3.3% | $348.0M 4.4% | $257.0M 4.0% | $148.0M 2.7% | $213.0M 1.6% | $329.0M 2.6% | $538.0M 4.3% |
| Net Income | $649.0M 8.9% | $798.0M 10.9% | $878.0M 11.8% | $800.0M 10.6% | $1.33B 16.9% | $844.0M 13.1% | -$366.0M -6.8% | $644.0M 4.9% | $983.0M 7.8% | $1.16B 9.2% |
| Per Share | ||||||||||
| EPS (Basic) | $3.12 | $3.62 | $3.86 | $3.45 | $4.96 | $3.04 | -$1.33 | $2.33 | $3.46 | $4.04 |
| EPS (Diluted) | $3.11 | $3.61 | $3.84 | $3.43 | $4.88 | $3.00 | -$1.32 | $2.31 | $3.42 | $3.98 |
| Weighted Avg Shares (Basic) | 208.0M | 220.0M | 228.0M | 232.0M | 269.0M | 278.0M | 276.0M | 276.0M | 284.0M | 287.0M |
| Weighted Avg Shares (Diluted) | 209.0M | 221.0M | 229.0M | 233.0M | 273.0M | 281.0M | 278.0M | 279.0M | 287.0M | 291.0M |
Source: SEC EDGAR XBRL filings (annual, fiscal year). Quarterly flow items are derived from cumulative filings; balance-sheet figures are as-of each period end. Ratios and margins are computed, not reported.
Total shares institutions bought (green) vs sold (red) each quarter across all holders.
Inferred from quarter-over-quarter change in each fund's 13F position (new stakes count as buys, exits as sells). Not tick-level trades.
Top 40 institutional holders — bubble size is position value, color is the move since last quarter. Hover any holder for detail.
Drag any bubble to rearrange · size = dollar value of the position
Total return (dividends reinvested) vs the market, from quarter-end prices.
Above 0 = ahead of the S&P 500 since the window start; below 0 = behind. Rising means it's pulling ahead.
How far the stock fell below its prior peak. Deeper, longer drawdowns = a rougher ride to the same return.
Quarter-end, dividend-adjusted (total return). Beta & volatility from quarterly returns (annualized). Benchmark is the S&P 500 (SPY total return). Annual returns compound the quarters ending in each calendar year; the first and last years in a window may be partial. Past performance doesn't predict future results.
Ranked against 19 sector peers with collected financials. Valuation from latest close × latest fiscal-year fundamentals; 13F conviction as of 2026-06-30.
Percentile is “goodness” within the peer set (100 = best). For valuation and leverage that means cheaper / less-levered ranks higher.
| Company | Mkt cap ▼ | P/E | EV/EBITDA | P/S | Rev gr | Gross | Net | ROE | ROIC | Net D/EBITDA | 13F |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ULTA | $25.5B | 23.1× | 13.7× | 2.1× | 9.7% | 39.1% | 9.3% | 41.1% | 40.3% | -0.2× | 984 |
| CDW | $18.8B | 18.6× | 12.2× | 0.8× | 6.8% | 21.7% | 4.8% | 40.9% | 13.0% | 2.6× | 727 |
| W | $14.4B | — | 50.1× | 1.1× | 5.1% | 30.2% | -2.5% | 11.3% | -63.9% | 5.6× | 454 |
| DKS | $13.5B | 13.7× | 7.7× | 0.8× | 28.1% | 32.9% | 4.9% | 15.3% | 15.3% | -0.9× | 764 |
| FCFS | $9.4B | 29.2× | — | 2.6× | 8.0% | 50.3% | 9.0% | 14.5% | 7.4% | — | 472 |
| CHWY | $8.4B | 40.1× | 19.6× | 0.7× | 6.2% | 29.8% | 1.8% | 44.7% | 44.7% | -2.2× | 509 |
| VIPS | $6.1B | 1.3× | 2.6× | 0.4× | 2.0% | 23.1% | 6.8% | 17.7% | 15.5% | -1.8× | 275 |
| NSIT | $4.9B | 34.2× | 10.2× | 0.6× | -5.2% | 21.4% | 1.9% | 9.5% | 9.5% | -0.8× | 315 |
| SIG | $4.1B | 15.3× | 6.0× | 0.6× | 1.6% | 39.5% | 4.3% | 15.0% | 15.0% | -1.6× | 323 |
| BBWI | $3.8B | 6.1× | 4.9× | 0.5× | -0.2% | 43.7% | 8.9% | -50.7% | 24.9% | 2.1× | 453 |
| ASO | $3.4B | 10.1× | 5.7× | 0.6× | 2.0% | 34.8% | 6.2% | 17.4% | 14.2% | 0.2× | 351 |
| PTRN | $3.1B | — | 65.9× | 1.2× | 39.3% | 43.6% | 0.6% | 2.8% | 2.8% | -6.8× | 143 |
| GRDN | $2.6B | — | 26.4× | 1.8× | 17.9% | 20.2% | 3.4% | 22.6% | 22.6% | -0.7× | 181 |
| GCT | $2.1B | 16.1× | 11.0× | 1.6× | 11.1% | 23.3% | 10.6% | 28.3% | 28.3% | -2.5× | 213 |
| EZPW | $2.0B | 23.0× | 11.3× | 1.6× | 9.7% | 58.5% | 8.6% | 10.7% | 7.1% | 0.3× | 307 |
| RVLV | $1.5B | 25.1× | 15.8× | 1.3× | 8.5% | 53.5% | 5.0% | 12.0% | 12.0% | -3.7× | 205 |
| SBH | $1.5B | 8.5× | 5.2× | 0.4× | -0.4% | 51.6% | 5.3% | 24.7% | 11.7% | 1.7× | 237 |
| SVV | $1.4B | 66.8× | 10.1× | 0.8× | 9.2% | — | 1.3% | 5.2% | 2.0% | 3.1× | 144 |
| SPH | $1.1B | 10.5× | 8.4× | 0.8× | 7.9% | 60.6% | 7.4% | — | — | 4.3× | 146 |
| REAL | $1.1B | — | 105.4× | 1.6× | 15.4% | 74.6% | -6.0% | 10.1% | 10.1% | -16.7× | 245 |
Peers = companies sharing BBWI's sector (Retail-Retail Stores, NEC) with collected SEC financials. Multiples use the most recent end-of-day close and latest fiscal-year fundamentals (trailing, not forward). Missing cells mean the peer never reported that line item, has no collected price, or has a non-positive denominator. Not investment advice.
The spread has compressed 4 years running.
| Period | ROIC | Cost of capital | Spread |
|---|---|---|---|
| FY2021 | 13.2% | 8.8% (today's — no rate published for this year) | 4.5pts |
| FY2021 | 37.2% | 8.8% (today's — no rate published for this year) | 28.4pts |
| FY2022 | 59.4% | 7.5% | 51.9pts |
| FY2023 | 39.3% | 7.5% | 31.8pts |
| FY2025 | 33.8% | 7.6% | 26.2pts |
| FY2026 | 32.9% | 7.8% | 25.1pts |
| FY2026 | 31.1% | 7.8% | 23.3pts |
| Now | 24.9% | 8.8% | 16.1pts |
| Fiscal year | Gross margin | Operating margin | Net margin |
|---|---|---|---|
| FY2017 | 40.8% | 15.9% | 9.2% |
| FY2019 | 39.3% | 13.7% | 7.8% |
| FY2020 | 37.0% | 9.3% | 4.9% |
| FY2021 | 44.2% | 19.2% | -6.8% |
| FY2021 | 48.1% | 24.9% | 13.1% |
| FY2022 | 48.9% | 25.5% | 16.9% |
| FY2023 | 43.1% | 18.2% | 10.6% |
| FY2025 | 43.6% | 17.3% | 11.8% |
| FY2026 | 44.3% | 17.3% | 10.9% |
| FY2026 | 43.7% | 15.4% | 8.9% |
$628M of goodwill — 20% of invested capital. The gap is what was paid above the fair value of what was bought; it is real capital shareholders provided, so neither bar is the whole answer.
ROIC ex-goodwill is 36.5% against 29.03% reported — the return is earned on a capital base inflated by what was paid for acquisitions, not by the operating business alone.
Converts 0.97x of reported profit into free cash flow over 5 years, with accruals negative.
No material counter-signal in the checked set: FCF / net income over 3 and 5 years, Sloan accruals, SBC as a share of revenue, SBC as a share of operating cash flow, SBC-adjusted free cash flow, free cash flow per diluted share, buybacks against SBC issued, capex vs depreciation, free cash flow against revenue, share count since the first year on file, cash conversion cycle (DSO, DIO, DPO), receivables growth against revenue growth.
Covers interest 2.9x under stress — adequate, without much room.
| EBITDA decline | Interest coverage |
|---|---|
| 0% | 4.08x |
| 5% | 3.88x |
| 10% | 3.67x |
| 15% | 3.47x |
| 20% | 3.26x |
| 25% | 3.06x |
| 30% | 2.86x |
| 35% | 2.65x |
| 40% | 2.45x |
| 45% | 2.24x |
| 50% | 2.04x |
| 55% | 1.84x |
| 60% | 1.63x |
Ladder as of 2026-01-31 (10-K); cash from the 2026-01-31 balance sheet; FCF from FY2026.
Balance sheet at 2026-01-31. Undrawn revolving credit is not shown: the tag is collected but not yet mapped through to the API.
Coverage is comfortable at 4.1x today but falls to 2.9x after a 30% EBITDA decline — the cushion is earnings, not liquidity.
At $18.95, free cash flow must compound -3.11%/yr for 10 years. It has done 1.78%/yr over 6 years.
| Fiscal year | FCF growth | Price requires |
|---|---|---|
| FY2021 | 132.8% | −3.1% |
| FY2022 | −32.5% | −3.1% |
| FY2023 | −33.2% | −3.1% |
| FY2025 | −19.6% | −3.1% |
| FY2026 | 0.6% | −3.1% |
| FY2026 | 31.1% | −3.1% |
The implied rate has been matched or beaten in 3 of the last 6 years.
| Step | Amount | Running total |
|---|---|---|
| Net income | $649M | $649M |
| Share-based comp | $31M | $680M |
| Other non-cash & working capital | $422M | $1.10B |
| Operating cash flow | $1.10B | $1.10B |
| Capex | −$237M | $865M |
| Free cash flow | $865M | $865M |
| FCF after SBC | $834M | $834M |
| Fiscal year | Revenue growth | Receivables growth | Gap |
|---|---|---|---|
| FY2021 | 19.0% | -51.6% | -70.7 points |
| FY2022 | 22.5% | 62.2% | 39.6 points |
| FY2023 | -4.1% | -5.8% | -1.7 points |
| FY2025 | -1.7% | -0.9% | 0.8 points |
| FY2026 | -1.6% | -8.5% | -6.8 points |
| FY2026 | -0.2% | -12.2% | -12.0 points |
| Fiscal year | DSO | DIO | DPO | Cash conversion cycle |
|---|---|---|---|---|
| FY2021 | 20.7 days | 155.7 days | 78.2 days | 98.1 days |
| FY2021 | 8.4 days | 62.5 days | 37.7 days | 33.2 days |
| FY2022 | 11.1 days | 64.3 days | 39.4 days | 35.9 days |
| FY2023 | 10.9 days | 60.1 days | 38.6 days | 32.4 days |
| FY2025 | 11 days | 61.8 days | 33.1 days | 39.7 days |
| FY2026 | 10.2 days | 65.8 days | 30.3 days | 45.7 days |
| FY2026 | 9 days | 62.2 days | 41.4 days | 29.8 days |
| Fiscal year | Accruals / assets |
|---|---|
| FY2021 | -15.8 percent |
| FY2021 | -10.3 percent |
| FY2022 | -2.6 percent |
| FY2023 | -6.3 percent |
| FY2025 | -1.4 percent |
| FY2026 | -1.8 percent |
| FY2026 | -8.9 percent |
SBC is added back inside operating cash flow, so reported free cash flow treats shares issued to employees as free. Percent of revenue says how expensive the payroll is; percent of operating cash flow says how much of the cash exists only because the charge was added back. The buyback offset is buybacks over SBC — below 1.0 the repurchase does not cover the shares issued.
Figures are the latest fiscal year (FY2026) from the company's own filings, not a trailing-twelve-month window — Q2 reads fiscal years throughout so the cash-conversion ratios and these share one basis. A blank is a line the filer did not report; it is never read as zero.