vs
Side-by-side financial comparison of Bath & Body Works, Inc. (BBWI) and SEALED AIR CORP (SEE). Click either name above to swap in a different company.
Bath & Body Works, Inc. is the larger business by last-quarter revenue ($1.6B vs $1.4B, roughly 1.1× SEALED AIR CORP). Bath & Body Works, Inc. runs the higher net margin — 4.8% vs 3.1%, a 1.7% gap on every dollar of revenue. On growth, SEALED AIR CORP posted the faster year-over-year revenue change (2.6% vs -1.0%). SEALED AIR CORP produced more free cash flow last quarter ($257.7M vs $-1.0M). Over the past eight quarters, SEALED AIR CORP's revenue compounded faster (2.7% CAGR vs -26.0%).
Bath & Body Works, Inc. is an American specialty retail company based in Columbus, Ohio. It owns Bath & Body Works, posted $7.4 billion in revenue in 2023, and was listed as 481 on the 2024 Fortune 500 list of largest United States companies by revenue.
Sealed Air Corporation is a global provider of innovative packaging and protective solutions. Its core offerings include cushioning materials, food safety and preservation packaging, and sustainable waste-reducing packaging systems, serving retail, e-commerce, food and beverage, and industrial manufacturing markets worldwide.
BBWI vs SEE — Head-to-Head
Income Statement — Q3 FY2026 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $1.6B | $1.4B |
| Net Profit | $77.0M | $43.8M |
| Gross Margin | 41.3% | 28.6% |
| Operating Margin | 10.1% | 11.4% |
| Net Margin | 4.8% | 3.1% |
| Revenue YoY | -1.0% | 2.6% |
| Net Profit YoY | -27.4% | 700.0% |
| EPS (diluted) | $0.37 | $0.30 |
Green = leading value per metric. Periods may differ when fiscal calendars don't align.
8-Quarter Revenue & Profit Trend
Side-by-side quarterly history. Quarters aligned by calendar period so offset fiscal years line up.
| Q4 25 | $1.6B | $1.4B | ||
| Q3 25 | $1.5B | $1.3B | ||
| Q2 25 | $1.4B | $1.3B | ||
| Q1 25 | $2.8B | $1.3B | ||
| Q4 24 | $1.6B | $1.4B | ||
| Q3 24 | $1.5B | $1.3B | ||
| Q2 24 | $1.4B | $1.3B | ||
| Q1 24 | $2.9B | $1.3B |
| Q4 25 | $77.0M | $43.8M | ||
| Q3 25 | $64.0M | $255.1M | ||
| Q2 25 | $105.0M | $93.1M | ||
| Q1 25 | $453.0M | $113.5M | ||
| Q4 24 | $106.0M | $-7.3M | ||
| Q3 24 | $152.0M | $91.7M | ||
| Q2 24 | $87.0M | $98.3M | ||
| Q1 24 | $579.0M | $82.0M |
| Q4 25 | 41.3% | 28.6% | ||
| Q3 25 | 41.3% | 29.8% | ||
| Q2 25 | 45.4% | 30.7% | ||
| Q1 25 | 46.7% | 30.9% | ||
| Q4 24 | 43.5% | 30.0% | ||
| Q3 24 | 41.0% | 30.1% | ||
| Q2 24 | 43.8% | 31.2% | ||
| Q1 24 | 45.9% | 30.3% |
| Q4 25 | 10.1% | 11.4% | ||
| Q3 25 | 10.1% | 13.8% | ||
| Q2 25 | 14.7% | 15.0% | ||
| Q1 25 | 24.3% | 14.5% | ||
| Q4 24 | 13.5% | 11.7% | ||
| Q3 24 | 12.0% | 13.9% | ||
| Q2 24 | 13.5% | 15.4% | ||
| Q1 24 | 23.9% | 14.0% |
| Q4 25 | 4.8% | 3.1% | ||
| Q3 25 | 4.1% | 19.0% | ||
| Q2 25 | 7.4% | 7.0% | ||
| Q1 25 | 16.3% | 9.0% | ||
| Q4 24 | 6.6% | -0.5% | ||
| Q3 24 | 10.0% | 6.9% | ||
| Q2 24 | 6.3% | 7.4% | ||
| Q1 24 | 19.9% | 6.2% |
| Q4 25 | $0.37 | $0.30 | ||
| Q3 25 | $0.30 | $1.73 | ||
| Q2 25 | $0.49 | $0.63 | ||
| Q1 25 | $2.06 | $0.77 | ||
| Q4 24 | $0.49 | $-0.05 | ||
| Q3 24 | $0.68 | $0.63 | ||
| Q2 24 | $0.38 | $0.67 | ||
| Q1 24 | $2.54 | $0.56 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $236.0M | $344.0M |
| Total DebtLower is stronger | $3.9B | $3.3B |
| Stockholders' EquityBook value | $-1.6B | $1.2B |
| Total Assets | $5.0B | $7.0B |
| Debt / EquityLower = less leverage | — | 2.65× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $236.0M | $344.0M | ||
| Q3 25 | $364.0M | $282.5M | ||
| Q2 25 | $636.0M | $354.4M | ||
| Q1 25 | $674.0M | $335.2M | ||
| Q4 24 | $191.0M | $371.8M | ||
| Q3 24 | $514.0M | $386.0M | ||
| Q2 24 | $855.0M | $388.6M | ||
| Q1 24 | $1.1B | $352.8M |
| Q4 25 | $3.9B | $3.3B | ||
| Q3 25 | $3.9B | $4.0B | ||
| Q2 25 | $3.9B | $4.0B | ||
| Q1 25 | $3.9B | $4.2B | ||
| Q4 24 | $4.2B | $4.2B | ||
| Q3 24 | $4.2B | $4.3B | ||
| Q2 24 | $4.3B | $4.4B | ||
| Q1 24 | $4.4B | $4.5B |
| Q4 25 | $-1.6B | $1.2B | ||
| Q3 25 | $-1.5B | $1.2B | ||
| Q2 25 | $-1.5B | $953.1M | ||
| Q1 25 | $-1.4B | $797.9M | ||
| Q4 24 | $-1.7B | $624.5M | ||
| Q3 24 | $-1.7B | $771.2M | ||
| Q2 24 | $-1.7B | $650.1M | ||
| Q1 24 | $-1.6B | $598.3M |
| Q4 25 | $5.0B | $7.0B | ||
| Q3 25 | $4.8B | $7.1B | ||
| Q2 25 | $4.9B | $7.2B | ||
| Q1 25 | $4.9B | $7.0B | ||
| Q4 24 | $5.0B | $7.0B | ||
| Q3 24 | $4.9B | $7.3B | ||
| Q2 24 | $5.2B | $7.3B | ||
| Q1 24 | $5.5B | $7.2B |
| Q4 25 | — | 2.65× | ||
| Q3 25 | — | 3.34× | ||
| Q2 25 | — | 4.18× | ||
| Q1 25 | — | 5.26× | ||
| Q4 24 | — | 6.72× | ||
| Q3 24 | — | 5.62× | ||
| Q2 24 | — | 6.81× | ||
| Q1 24 | — | 7.49× |
Cash Flow & Capital Efficiency
How much cash each business actually produces after reinvestment. Cash flow is harder to manipulate than net income.
| Metric | | |
|---|---|---|
| Operating Cash FlowLast quarter | $80.0M | $293.6M |
| Free Cash FlowOCF − Capex | $-1.0M | $257.7M |
| FCF MarginFCF / Revenue | -0.1% | 18.5% |
| Capex IntensityCapex / Revenue | 5.1% | 2.6% |
| Cash ConversionOCF / Net Profit | 1.04× | 6.70× |
| TTM Free Cash FlowTrailing 4 quarters | $946.0M | $458.5M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $80.0M | $293.6M | ||
| Q3 25 | $-43.0M | $165.9M | ||
| Q2 25 | $188.0M | $136.6M | ||
| Q1 25 | $955.0M | $31.9M | ||
| Q4 24 | $-99.0M | $244.2M | ||
| Q3 24 | $-46.0M | $170.5M | ||
| Q2 24 | $76.0M | $188.2M | ||
| Q1 24 | $926.0M | $125.1M |
| Q4 25 | $-1.0M | $257.7M | ||
| Q3 25 | $-99.0M | $119.6M | ||
| Q2 25 | $151.0M | $93.2M | ||
| Q1 25 | $895.0M | $-12.0M | ||
| Q4 24 | $-164.0M | $185.1M | ||
| Q3 24 | $-101.0M | $115.2M | ||
| Q2 24 | $30.0M | $129.5M | ||
| Q1 24 | $878.0M | $78.0M |
| Q4 25 | -0.1% | 18.5% | ||
| Q3 25 | -6.4% | 8.9% | ||
| Q2 25 | 10.6% | 7.0% | ||
| Q1 25 | 32.1% | -0.9% | ||
| Q4 24 | -10.2% | 13.6% | ||
| Q3 24 | -6.6% | 8.6% | ||
| Q2 24 | 2.2% | 9.7% | ||
| Q1 24 | 30.2% | 5.9% |
| Q4 25 | 5.1% | 2.6% | ||
| Q3 25 | 3.6% | 3.4% | ||
| Q2 25 | 2.6% | 3.3% | ||
| Q1 25 | 2.2% | 3.5% | ||
| Q4 24 | 4.0% | 4.4% | ||
| Q3 24 | 3.6% | 4.1% | ||
| Q2 24 | 3.3% | 4.4% | ||
| Q1 24 | 1.6% | 3.6% |
| Q4 25 | 1.04× | 6.70× | ||
| Q3 25 | -0.67× | 0.65× | ||
| Q2 25 | 1.79× | 1.47× | ||
| Q1 25 | 2.11× | 0.28× | ||
| Q4 24 | -0.93× | — | ||
| Q3 24 | -0.30× | 1.86× | ||
| Q2 24 | 0.87× | 1.91× | ||
| Q1 24 | 1.60× | 1.53× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
BBWI
| Bath Body Works Stores | $1.2B | 77% |
| Bath Body Works Direct | $299.0M | 19% |
| Bath Body Works International | $73.0M | 5% |
SEE
| Protective Segment | $1.1B | 78% |
| Other | $292.0M | 21% |
| Pension Plans Defined Benefit | $7.9M | 1% |
