BJ
BJ's Wholesale Club Holdings, Inc.
Consumer Discretionary • CIK: 0001531152
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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%
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: 2.2%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
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
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 |
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
–
Leverage Metrics
Debt-to-Equity
0.24x
Balance sheet risk & solvency analysis