BJ's Wholesale Club Holdings, Inc.

Consumer Discretionary • CIK: 0001531152

Market Cap

$12.13B

P/E (TTM)

21.0x

Rev Growth (TTM)

+4.7%

Net Margin (TTM)

2.7%

FCF Yield (TTM)

2.7%

FCF Margin (TTM)

1.5%

Filing Intelligence

6.0/10

10-K filed Mar 12, 2026 • FY 2025

Executive Summary

The company prioritizes disciplined capital allocation, balancing reinvestment in growth with shareholder returns through share repurchases.. No material related party transactions were disclosed.....

Key Concerns

●No material related party transactions were disclosed.
●Legal proceedings are deemed routine and unlikely to have a material impact.
●Competitive Landscape (high)

Key Strengths

●BJ's demonstrated solid revenue growth driven by new club openings and comparable sales increases, coupled with strong membership fee...
●Operating income improved due to higher net sales, though SG&A expenses increased due to investments in expansion and operations.
●Cash flow from operations showed a significant increase, supported by higher net income and favorable working capital movements, while...

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LATEST EARNINGS

•

Q4 FY2025

•

28 days ago

•View source

Revenue

$5.58B

+5.6%

Net Income

$125.85M

—

EPS

$0.96

+4.3%

Operating

3.2%↓ -0.2%

Net

2.3%↓ -0.1%

•Total revenues increased 5.6% to $5.58 billion in Q4 FY2025 and 4.7% to $21.46 billion for the full fiscal year 2025.
•Membership fee income grew 10.9% year-over-year to $129.8 million in Q4 FY2025 and 11.0% to $499.8 million for the full fiscal year.
•Comparable club sales, excluding gasoline, increased by 2.6% in both Q4 FY2025 and full fiscal year 2025.
•Digitally enabled comparable sales grew 31% in Q4 FY2025, with a two-year stacked growth of 57%.

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Cash Flow Health

Free Cash Flow7/8 positive

TTM$328M

Q4 '26

$190M+1482%

Q3 '26

$-14M-116%

FCF Margin

TTM1.5%

Q4 '263.4%+1426%

Sector: 2.7%Below Avg

OCF Margin4.8%

OCF/NI1.78x

CapEx Coverage1.5x

FCF Yield2.7%

FCF Growth (2Y)-6%

Cash Conversion Cycle

11 days

DSO: 5+DIO: 33−DPO: 27

View Insights from Latest Filing →View Full Cash Flow Statement →

Capital Allocation & Returns

Balanced

Total Shareholder YieldTTM

TTM2.4%

Div Yield0.0%

Buyback (TTM)2.4%

Balancing returns with reinvestment

Dividend & Payout Metrics

Dividend Yield (TTM)0.0%

Free Cash Flow (TTM)$328.0M

Stock Repurchases (TTM)$286.8M

Capital Return / FCF87.4%

Est. Dividends Paid (TTM)$0

Shows how management rewards shareholders

Operational Efficiency & Returns

Return on Invested CapitalTTM

13.1%

Stable

-0.0% YoY-0.8%

P25MedianP75

75th pctl (med: 0.1%)

DuPont BreakdownROIC = Margin × Turn × (1+D/E)

NOPAT Margin

2.8%

Asset Turnover

2.94x

8Q: 2.94x

Leverage (1+D/E)

1.24x

D/E: 0.24x

DuPont: 10.3% ≈ 13.1% ROIC

Asset & CapEx Efficiency

Fixed Asset Turn

10.20x

8Q:10.97x

-288.5%

Invested Cap Turn

4.59x

8Q:4.66x

-16.8%

CapEx Intensity

15.0%

8Q:14.4%

CapEx/Depreciation

2.43x

Asset-based ROIC formula

Full Analysis

QUARTERLY TRENDS

Last 8 quarters + TTM

Metric	TTM	Q4 2026	Q3 2026	Q2 2026	Q1 2026	Q4 2026	Q3 2025	Q2 2025	Q1 2025
Revenue	$21.5B	$5.6B↑4.2%	$5.3B↓0.6%	$5.4B↑4.4%	$5.2B↓2.4%	$5.3B↑3.5%	$5.1B↓2.0%	$5.2B↑5.8%	$4.9B
Operating Income	$816.6M	$178.1M↓18.4%	$218.4M↑0.8%	$216.5M↑6.3%	$203.6M↑14.2%	$178.4M↓22.2%	$229.4M↑12.6%	$203.7M↑26.7%	$160.8M
Net Income	$578.4M	$125.9M↓17.2%	$152.1M↑0.9%	$150.7M↑0.6%	$149.8M↑22.1%	$122.7M↓21.2%	$155.7M↑7.4%	$145.0M↑30.6%	$111.0M
Operating Cash Flow	$1.0B	$391.0M↑115.8%	$181.1M↓27.5%	$249.9M↑20.1%	$208.1M↓23.5%	$271.9M↑31.5%	$206.8M↓6.6%	$221.4M↑10.2%	$200.8M
Free Cash Flow	$328.0M	$189.9M↑1481.9%	$-13.7M↓116.3%	$84.3M↑24.7%	$67.6M↓39.4%	$111.5M↑492.3%	$18.8M↓78.5%	$87.5M↓8.0%	$95.1M
Total Equity	N/A

Income Statement Cash Flow Statement Balance Sheet

Valuation Analysis

Fair Value

Price-to-EarningsTTM

21.0x

Volatile

8Q: 91.7x+840%

Multiple expansion without fundamental improvement

Valuation Lenses

Earnings

21.0x

vs – sector

Cash Flow

38.5x

EV/FCF vs –

Growth-Adj

2.2xPEG

Expensive for growth

Quality-Adj

1.6P/E per %ROIC

ROIC: 13.1%

Shareholder Returns

Dividend

–

Buyback

2.4%

Total Yield

2.4%

Market Cap$12.13B

EV$12.63B

Multi-angle valuation analysis with sector context

Business Quality & Moat

Overall Quality Score

98/100

Exceptional

Composite score: Returns (40%) + Consistency (30%) + Earnings Quality (30%)

Returns on Capital

Return on Equity (ROE)Top 25%

28.0%

8Q:–

Return on Invested Capital (ROIC)Top 25%

13.1%

8Q:–

Flat

vs Sector:0.1%

DuPont Analysis (ROIC = NOPAT Margin × Asset Turnover)

NOPAT Margin: 2.8%

Asset Turnover: 2.94x

Earnings Quality

Cash Conversion

1.78x

OCF / Net Income ✓

FCF Consistency

–

Positive quarters

Competitive Moat Indicators

Pricing Power

Gross Margin18.6%

Capital Efficiency

Invested Capital Turnover4.59x

Working Capital

Cash Conversion Cycle11 days

Growth Quality & Momentum

Moderate Growth

Growth Quality Score

52/100

Growth 40%

Margins 30%

FCF 20%

Consistency 10%

Growth Rates

Revenue Growth YoY

4.7%

OpInc Growth YoY

-0.2%

EPS Growth YoY

9.5%

FCF 3Y CAGR

-5.6%

Growth Quality Analysis

⚠Working Capital Drag: FCF growth lagging revenue by 10.3%

Margin Quality & Sustainability

Low Quality

Profitability Cascade

Gross

18.6%

Operating

3.8%

Below Avg in sector

Net

2.7%

Margins Unknown

Earnings Quality Signals

SBC / Revenue

—

FCF vs Net Gap

-1.2 pts

FCF: 1.5% | Net: 2.7%

Quality = stability + cash conversion + low dilution

Balance Sheet & Solvency

Solid

Net Debt / EBITDA

–Net Debt: $472.85M

Interest Coverage

–

Balance sheet risk & solvency analysis

Research

All research

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