What is Bath & Body Works, Inc. worth?
With the base-case assumptions below, a discounted cash flow model on Bath & Body Works, Inc.'s reported free cash flow gives $51.77 per share. The share price was $16.45 on September 25, 2026, 68% below that value.
Inputs from the filings
Three sets of assumptions
| Case | Growth yrs 1-5 | Discount rate | Value per share | Value vs price |
|---|---|---|---|---|
| Bear | -2.5% | 10.0% | $27.07 | +65% |
| Base | 2.5% | 9.0% | $51.77 | +215% |
| Bull | 7.5% | 8.0% | $99.87 | +507% |
Sensitivity: base case value per share
| 1.5% | 2.0% | 2.5% | 3.0% | 3.5% | |
|---|---|---|---|---|---|
| 7.0% | $69.14 | $74.37 | $80.78 | $88.78 | $99.08 |
| 8.0% | $56.23 | $59.62 | $63.64 | $68.46 | $74.35 |
| 9.0% | $46.77 | $49.09 | $51.77 | $54.90 | $58.60 |
| 10.0% | $39.55 | $41.20 | $43.07 | $45.21 | $47.68 |
| 11.0% | $33.85 | $35.06 | $36.42 | $37.94 | $39.66 |
Where the presets come from
Base: years 1 to 5 grow at Bath & Body Works, Inc.'s revenue growth rate over the last 5 fiscal years (2.5% a year), held between -5% and 15%. Years 6 to 10 grow halfway between that and the long-run rate of 2.5%. Future cash is discounted at 9% a year.
Bear: 5 points less growth, 2% long-run growth, 10% discount rate. Bull: 5 points more growth (at most 25%), 3% long-run growth, 8% discount rate.
Value per share = (present value of 10 years of free cash flow + present value of everything after + cash - debt) / diluted shares.
This is a model run on assumptions, not a recommendation or a price target. Small changes in the discount rate or growth move the result a lot, as the table above shows. Change them yourself in the calculator.
Adjust the assumptions
Move the sliders for growth, long-run growth and discount rate, or switch to average free cash flow, and see the value per share change.
Adjust the assumptions