Focused on building reliable datasets, financial models, and research tools for value-minded investors. Committed to turning complex data into practical guidance for value-investing and long-term wealth.
Dr. Charlie Tian is the founder and CEO of GuruFocus.com, a leading global investment research platform established in 2004. With a Ph.D. in physics, Dr. Tian transitioned from science to finance, applying a data-driven, disciplined approach to value investing.
Bath & Body WorksMEX:BBWI 50 Net-Net Working Capital is MXN-418.50 as of Apr. 2026. GuruFocus rates MEX:BBWI with a GF Score™ of 50/100 and a GF Value™ of MXN584.03 (Significantly Undervalued). The stock has 4 warning signs investors should review. Among 329 Retail - Cyclical companies, Bath & Body Works ranks worse than 303951.06% on this metric.
In calculating the Net-Net Working Capital (NNWC), Benjamin Graham assumed that a company's accounts receivable is only worth 75% its value, its inventory is only worth 50% of its value, but its liabilities have to be paid in full. In addition, Graham believed that preferred stock belongs on the liability side of the balance sheet, not as part of capital and surplus. This is a conservative way of estimating the company's value.
Bath & Body Works's Net-Net Working Capital for the quarter that ended in Apr. 2026 was MXN-418.50.
The industry rank for Bath & Body Works's Net-Net Working Capital or its related term are showing as below:
MEX:BBWI's Price-to-Net-Net-Working-Capital is not ranked *
in the Retail - Cyclical industry.
Industry Median: 6.11 * Ranked among companies with meaningful Price-to-Net-Net-Working-Capital only.
Bath & Body Works (MEX:BBWI) Net-Net Working Capital Explanation
One research study, covering the years 1970 through 1983 showed that portfolios picked at the beginning of each year, and held for one year, returned 29.4 percent, on average, over the 13-year period, compared to 11.5 percent for the S&P 500 Index. Other studies of Graham's strategy produced similar results.
Benjamin Graham looked for companies whose market values were less than two-thirds of their net-net value. They are collected under our Net-Net screener.
Bath & Body Works Net-Net Working Capital Related Terms
Bath & Body Works Net-Net Working Capital Historical Data
* Premium members only.
The historical data trend for Bath & Body Works's Net-Net Working Capital can be seen below:
* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD. * For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.
MEX:BBWI vs MNSO, RH, ASO: Net-Net Working Capital Comparison
For the Specialty Retail subindustry, Bath & Body Works's Price-to-Net-Net-Working-Capital, along with its competitors' market caps and Price-to-Net-Net-Working-Capital data, can be viewed below:
* Competitive companies are chosen from companies within the same industry, with headquarter located in same country, with closest market capitalization; x-axis shows the market cap, and y-axis shows the term value; the bigger the dot, the larger the market cap. Note that "N/A" values will not show up in the chart.
Bath & Body Works Price-to-Net-Net-Working-Capital vs Retail - Cyclical Industry
For the Retail - Cyclical industry and Consumer Cyclical sector, Bath & Body Works's Price-to-Net-Net-Working-Capital distribution charts can be found below:
* The bar in red indicates where Bath & Body Works's Price-to-Net-Net-Working-Capital falls into.
* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD. * For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.
In calculating the Net-Net Working Capital (NNWC), Benjamin Graham assumed that a company's accounts receivable is only worth 75% its value, its inventory is only worth 50% of its value, but its liabilities have to be paid in full.
In addition, Graham believed that preferred stock belongs on the liability side of the balance sheet, not as part of capital and surplus. In "Security Analysis", preferred stock is dubbed "an imperfect creditorship position" that is best placed on the balance sheet alongside funded debt.
This is a conservative way of estimating the company's value.
What does a Net-Net Working Capital of MXN-418.50 mean?
Bath & Body Works (MEX:BBWI) has a Net-Net Working Capital of MXN-418.50 as of Apr. 2026. Ben Graham defined net-net working capital as the per-share sum of cash, 75% of receivables and 50% of inventory less total liabilities. View historical data on Bath & Body Works According to the industry distribution chart, Bath & Body Works ranks #999999 out of 329 companies in the Retail - Cyclical industry.
Is Bath & Body Works' Net-Net Working Capital too high?
Bath & Body Works' current Net-Net Working Capital is MXN-418.50. Based on the distribution chart, Bath & Body Works ranks #999999 out of 329 companies in the Retail - Cyclical industry, which is in the bottom quartile relative to peers. Overall, Bath & Body Works has a GF Score™ of 50/100 and is considered Significantly Undervalued, reflecting its overall financial health beyond just this single metric.
How does Bath & Body Works' Net-Net Working Capital compare to MNSO and RH?
According to the Retail - Cyclical industry distribution chart, Bath & Body Works ranks #999999 out of 329 companies for Net-Net Working Capital. This places Bath & Body Works in the lower half of its industry. The industry median Net-Net Working Capital is 6.11. See the competitive comparison table and distribution chart on this page for a detailed peer-by-peer breakdown.
What is a good Net-Net Working Capital for a Retail - Cyclical company?
The median Net-Net Working Capital among Retail - Cyclical companies is 6.11, based on 329 companies in the industry. Companies in the top quartile (top 25%) have a Net-Net Working Capital significantly above this median, while those in the bottom quartile fall well below. However, Net-Net Working Capital should not be evaluated in isolation — investors should consider it alongside profitability, growth, and financial strength metrics. Use the industry distribution chart on this page to see where any company falls relative to its peers.
What does a high Net-Net Working Capital mean?
A high Net-Net Working Capital can signal that a stock is expensive relative to its fundamentals. Ben Graham defined net-net working capital as the per-share sum of cash, 75% of receivables and 50% of inventory less total liabilities. View historical data on Bath & Body Works For the Retail - Cyclical industry, the median Net-Net Working Capital is 6.11 — values significantly above this may indicate overvaluation, while values below may suggest a bargain or underlying issues. Bath & Body Works's current Net-Net Working Capital is MXN-418.50. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Bath & Body Works stock overvalued right now?
Based on GuruFocus' analysis, Bath & Body Works (MEX:BBWI) is currently considered Significantly Undervalued. The stock's GF Value™ is MXN584.03, compared to a current price of MXN345.00 — trading 40.9% below its estimated fair value. The current Net-Net Working Capital is MXN-418.50. Bath & Body Works' overall GF Score™ is 50/100 with 4 warning signs to review. Investors should evaluate multiple metrics — including profitability, growth, and financial strength — before making a decision.
How is Net-Net Working Capital calculated?
Net-Net Working Capital is calculated from a company's financial statements. For Bath & Body Works (MEX:BBWI), the current Net-Net Working Capital is MXN-418.50 as of Apr. 2026. GuruFocus calculates this using data sourced from SEC filings and annual reports. See the calculation section and 30-year financial data on this page for the full breakdown.
Is Bath & Body Works (MEX:BBWI) Overvalued in 2026?
Based on GuruFocus' analysis, Bath & Body Works stock appears to be undervalued.
The current stock price of MXN345.00 is trading 40.9% below its estimated GF Value™ of MXN584.03.
GuruFocus considers Bath & Body Works to be Significantly Undervalued.
Key valuation signals for MEX:BBWI:
Net-Net Working Capital: MXN-418.50
GF Value™: MXN584.03 vs. price of MXN345.00 (40.9% below fair value)
No single metric tells the full story. See the MEX:BBWI stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
Bath & Body Works is a specialty home fragrance and fragrant body care retailer operating under the Bath & Body Works, C.O. Bigelow, and White Barn brands. The company generates most of its business in North America, with just 4% of sales from international markets in fiscal 2025. For fiscal 2025, 77% of sales stemmed from the brick-and-mortar network of more than 1,900 retail stores, similar to 2024 levels, as consumer shopping patterns remained normal. Future growth is expected from store upgrades, digital and international channels, as well as adjacent category expansions like men's and lip.
50GF Score
Get the complete analysis for MEX:BBWI
Net-Net Working Capital is just one metric. See GF Value™, 30-year financials, guru trades, warning signs, and more.
Quick Browse
Personalize
Premium Gurus 
Create New Portfolio
MEX:BBWI has been successfully added to your 
