Positioning no disclosures inside 60 days, left as found
Options put/call open interest 0.92, read 2026-10-27
Ethical does not pass the values gate
Price21.95 USD
Fair value23.51
Ethical score10.0/100
RatingAVOID
Our investment reviews on this name
2026-10-25Read Markup20.44+7.4% to today ✓Accumulation gives way to Markup first Markup read since October
2026-10-18Read Accumulation20.44+7.4% to today ✓Markup gives way to Accumulation after a 20% rise in 7 days
2026-10-11Read Markup17.02+29.0% to today ✓Markdown gives way to Markup first Markup read since August
2026-10-02Read Markdown17.02+29.0% to today Markup gives way to Markdown after a 15% slide in 5 weeks
Our analytic regime reads on this name, dated and marked against the screened price. Small sample per name, and separate from the daily-framework accuracy on the Track Record page.
Bath & Body Works, Inc. holds its Markup at $21.95. The statistical read favours the sellers, held for 175 days.
As held on the ledger · 2026-10-27
Phase
Markup
Quantitative state
The statistical read favours the sellers, held for 175 days
Price at the screen
$21.95
Valuation
5.78 trailing · 7.89 forward price to earnings
Values screen
FAIL· score 10.0
Beta
1.40
The Workings
Five Screens, Shown in Full
Does not pass. Debt ratio
Test
Figure
Limit
What it means
Status
Business activity
Permissible
Core business clean
Its core business isn't built on prohibited lines: no gambling, alcohol, tobacco, weapons, or interest-based lending.
Pass
Debt load
135.05%
Below 33%
Interest-bearing debt is 135.1% of its assets, above the one-third ceiling the screen allows.
Fail
Interest-bearing cash
25.98%
Below 33%
Cash held in interest-bearing accounts and securities is 26.0% of assets, under the one-third limit.
Pass
Receivables
0.00%
Below 49%
Money owed to the company is 0.0% of assets, under the 49% limit.
Pass
Five checks adapted from AAOIFI screening standards: business activity plus four balance-sheet ratios. All five must pass for ethical clearance. Every figure is arithmetic on public accounts, not judgement.
The Ethical Read
Why It Falls Short, in Plain English
Bath & Body Works,'s business is in a permissible area, but its interest-bearing debt is about 135% of the company, well over the ~33% line, so it does not pass on the financial screens.
Read as at 2026-10-27. It updates when the underlying figures move, and past reads are kept below.
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Get an email when BBWI's ethical verdict changes
Today BBWI does not pass the screen. If new figures move it to a pass, we send you one short email with the before and after. Verdicts change rarely, so you may not hear from us for a long time.
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What the Numbers Say It Is Worth
The Fair Value Range
Our analysis reads AVOID: it trades at roughly a 7% discount to our $23.51 fair value, weak competitive moat.
Fair value range in USD, drawn from the 2026-10-27 screen. The gold marker is the market price at the same screen. A 7.1% margin of safety to the base estimate.
Third-party analyst targets: 15 covering, consensus Hold. The average target sits +0% from the screen price.
Reading the gap · Our model sees value the Street hasn't fully caught up to yet.
Price History & Projections
Where it has been, where the models see it going. History from market close data; projection points are our fair-value estimates and third-party analyst targets, dated to the 2026-10-27 screen.
Fair value and rating are our own model estimates; the Street's range reflects third-party analyst estimates. Analysis, not advice.
The Business, in Plain Words
Debt burden outweighs any bargain in bath products
Every time someone reaches for a three wick candle or a bottle of lotion the retailer behind it is already carrying more debt than its balance sheet can comfortably support. We pass because the company fails the ethical screen on that leverage, leaving no margin for the kind of shocks that hit specialty retail hard.
Revenue is shrinking three percent while the forward multiple sits at seven times earnings. That looks cheap until you remember this is a cyclical business with a weak moat and margins that can compress quickly when spending slows. The fifteen analysts see it as a hold with targets barely above the current price, which tells you the market is not pricing in much recovery.
High debt plus negative growth creates exactly the sort of value trap that appears attractive on paper but rarely rewards patience. Analysis, not advice.
The risks · The things to watch: it already moves more than the market on an average day.
Plain-English interpretation of our own screen data. Analysis, not advice.
Where & How to Trade
BBWI trades on the NYSE. As a listed security it is accessible through almost any international broker offering its home market. New to this, or investing from abroad? Our guide to accessing global markets covers brokers, currencies and the practical steps.
The Dated Journal · Newest First, Never Edited
Every Entry, As Written
2026-10-25Markup · changed$20.44+0.0%Entry 13
The framework has shifted from accumulation to markup since the last review. Price is trending higher with momentum. The crowd has caught on and buyers are in control. Price has moved down 0.0% since our last review. Ethical screening: FAIL. This security does not pass our values-based screening criteria. The risk-adjusted return profile shows negative risk-adjusted returns. Our composite framework grades it C. Technically it is sitting below its long-term trend line with momentum reading overbought. Over the past year the shares are down 29%. Our forward projection puts the odds of a 10% gain over the next month near 19%. The street (14 analysts) rates it hold, with a mean price target of $26.
The framework has shifted from markup to accumulation since the last review. Smart money appears to be quietly building positions. This typically precedes a markup phase. Price has moved up 20.1% since our last review. Ethical screening: FAIL. This security does not pass our values-based screening criteria. The risk-adjusted return profile shows negative risk-adjusted returns. Our composite framework grades it D. Technically it is sitting below its long-term trend line with momentum reading neutral. Over the past year the shares are down 29%. Our forward projection puts the odds of a 10% gain over the next month near 19%. The street (14 analysts) rates it hold, with a mean price target of $26.
2026-10-11Markup · changed$17.02+0.0%Entry 11
The framework has shifted from markdown to markup since the last review. Price is trending higher with momentum. The crowd has caught on and buyers are in control. Price has moved down 0.0% since our last review. Ethical screening: FAIL. This security does not pass our values-based screening criteria. The risk-adjusted return profile shows negative risk-adjusted returns. Our composite framework grades it D. Technically it is sitting below its long-term trend line with momentum reading neutral. Over the past year the shares are down 29%. Our forward projection puts the odds of a 10% gain over the next month near 19%. The street (14 analysts) rates it hold, with a mean price target of $26.
2026-10-02Markdown · changed$17.02-15.1%Entry 10
The framework has shifted from markup to markdown since the last review. Price is trending lower. Sellers are in control and the prior trend has reversed. Price has moved down 15.1% since our last review. Ethical screening: FAIL. This security does not pass our values-based screening criteria. The risk-adjusted return profile shows negative risk-adjusted returns. Our composite framework grades it D. Technically it is sitting below its long-term trend line with momentum reading neutral. Over the past year the shares are down 29%. Our forward projection puts the odds of a 10% gain over the next month near 19%. The street (14 analysts) rates it hold, with a mean price target of $26. Since the last review it its composite score rose.
2026-08-26Markup$20.04+0.0%Entry 9
Our analysis reads markup. Price is trending higher with momentum. The crowd has caught on and buyers are in control. Price has moved down 0.0% since our last review. Ethical screening: FAIL. This security does not pass our values-based screening criteria. The risk-adjusted return profile shows negative risk-adjusted returns. Our composite framework grades it D. Technically it is sitting below its long-term trend line with momentum reading neutral. Over the past year the shares are down 29%. Our forward projection puts the odds of a 10% gain over the next month near 19%. The street (14 analysts) rates it hold, with a mean price target of $26. It reported earnings in this window, a natural checkpoint for the thesis.
2026-08-25Markup · changed$20.04+0.0%Entry 8
The framework has shifted from distribution to markup since the last review. Price is trending higher with momentum. The crowd has caught on and buyers are in control. Price has moved down 0.0% since our last review. Ethical screening: FAIL. This security does not pass our values-based screening criteria. The risk-adjusted return profile shows negative risk-adjusted returns. Our composite framework grades it D. Technically it is sitting below its long-term trend line with momentum reading neutral. Over the past year the shares are down 29%. Our forward projection puts the odds of a 10% gain over the next month near 19%. The street (14 analysts) rates it hold, with a mean price target of $26. It reported earnings in this window, a natural checkpoint for the thesis.
2026-08-24Distribution$20.04+0.0%Entry 7
Our analysis reads distribution. Smart money appears to be selling into strength. Institutional holders may be rotating out. Price has moved down 0.0% since our last review. Ethical screening: FAIL. This security does not pass our values-based screening criteria. The risk-adjusted return profile shows negative risk-adjusted returns. Our composite framework grades it D. Technically it is sitting below its long-term trend line with momentum reading neutral. Over the past year the shares are down 29%. Our forward projection puts the odds of a 10% gain over the next month near 19%. The street (14 analysts) rates it hold, with a mean price target of $26. It reported earnings in this window, a natural checkpoint for the thesis.
2026-08-23Distribution$20.04+0.0%Entry 6
Our analysis reads distribution. Smart money appears to be selling into strength. Institutional holders may be rotating out. Price has moved down 0.0% since our last review. Ethical screening: FAIL. This security does not pass our values-based screening criteria. The risk-adjusted return profile shows negative risk-adjusted returns. Our composite framework grades it D. Technically it is sitting below its long-term trend line with momentum reading neutral. Over the past year the shares are down 29%. Our forward projection puts the odds of a 10% gain over the next month near 19%. The street (14 analysts) rates it hold, with a mean price target of $26. It reported earnings in this window, a natural checkpoint for the thesis.
2026-08-22Distribution$20.04-4.0%Entry 5
Our analysis reads distribution. Smart money appears to be selling into strength. Institutional holders may be rotating out. Price has moved down 4.0% since our last review. Ethical screening: FAIL. This security does not pass our values-based screening criteria. The risk-adjusted return profile shows negative risk-adjusted returns. Our composite framework grades it D. Technically it is sitting below its long-term trend line with momentum reading neutral. Over the past year the shares are down 29%. Our forward projection puts the odds of a 10% gain over the next month near 19%. The street (14 analysts) rates it hold, with a mean price target of $26.
2026-07-22Distribution$20.87+19.7%Entry 4
Our analysis reads distribution. Smart money appears to be selling into strength. Institutional holders may be rotating out. Price has moved up 19.7% since our last review. Ethical screening: FAIL. This security does not pass our values-based screening criteria. The risk-adjusted return profile shows negative risk-adjusted returns. Our composite framework grades it D. Technically it is sitting below its long-term trend line with momentum reading neutral. Over the past year the shares are down 29%. Our forward projection puts the odds of a 10% gain over the next month near 19%. The street (14 analysts) rates it hold, with a mean price target of $26.
Each entry above was written on its date, before the outcome. A journal you can prune is not a journal.
