Recent News
November 6, 2025 — BJ’s rolled out a remixed signature deep-dish pizza nationwide, updating dough, cheese and sauce formulations. November 6, 2025 — Freedom Capital Markets initiated analyst coverage with a Buy call and published a one-year price target range that implies modest upside. November 12, 2025 — Seasonal menu updates added two Pizookie® variants and holiday promotions through January 1, 2026. December 23, 2025 — Analysts noted improving traffic and ongoing margin pressure from food inflation while management continued remodel and prototype efforts.
Technical Analysis
Directional indicators. ADX at 17.15 signals no established trend; DI+ peaked and reversed while DI- rises, producing net directional pressure toward sellers. This combination tilts near-term price bias downward and reduces conviction for trend-following moves.
MACD. MACD reads 0.26 below the 0.61 signal line and the MACD trend shows a peak-and-reversal, indicating bearish momentum and a failure of recent upside to sustain momentum.
MRO. MRO stands at 19.47 with a peak-and-reversal; price sits above the derived target implied by MRO, implying potential mean reversion pressure on the stock.
RSI and volatility. RSI at 54.87 and decreasing suggests momentum waning from neutral levels rather than oversold conditions. Bollinger bands place price between the 1x and 2x lower bands, implying limited near-term downside cushion before broader-support levels near the 52-week low.
Price versus moving averages and cloud. Current close $40.32 sits below the 12-day EMA ($42.75) and 20-day average ($42.69), signaling short-term weakness; price remains above the Ichimoku Senkou A ($39.36) and Senkou B ($35.33), indicating the longer-term baseline still holds but recent momentum favors retracement.
Volume and beta. Intraday volume of ~443k exceeds the 10-day average, suggesting active participation on recent moves, while 42-day beta at 0.56 versus 52-week beta 1.03 suggests recent volatility contraction relative to the full-year profile.
Fundamental Analysis
Top-line and margins. Total revenue registers $330,157,000 with YoY revenue growth of 40.03%, signaling strong sales recovery. Gross margin at 12.52% declined QoQ by 26.34% but improved YoY by 7.31%. Operating margin stands negative at -0.128% with a QoQ decline of -102.19%, reflecting operating leverage strain despite higher sales.
Profitability and earnings. Net income from continuing operations $465,000 and EPS actual $0.04 beat the estimate $0.03 by $0.01, a 33.33% surprise. EBIT $184,000 and EBITDA $19,495,000 show material divergence between operating profit and cash-based EBITDA. Interest coverage sits at 0.155, indicating limited near-term buffer for interest obligations relative to operating income.
Cash, leverage and liquidity. Cash and short-term investments total $25,431,000 while total debt equals $500,850,000, producing net debt of $64,069,000. Current ratio 0.365 and quick ratio 0.300 reflect below‑one liquidity metrics; cash conversion cycle at -5.83 days supports working-capital efficiency but negative net working capital of -$123,104,000 demands monitoring.
Efficiency and returns. Asset turnover 0.3225 and inventory turnover 23.13 suggest reasonable revenue productivity; return on equity 0.131% and return on assets 0.045% remain near zero, with QoQ and YoY declines across return metrics indicating operational stress on profitability despite revenue gains.
Valuation context. P/E sits at 824.6x while forward P/E reads ~92.3x; EV/Revenue at 3.56 and enterprise multiple near 60.31 reflect elevated multiples relative to typical casual-dining norms. WMDST values the stock as over-valued, given stretched earnings multiples, compressed margins and limited interest coverage that counteract strong YoY revenue growth.
MOST-RECENT QUARTERLY REPORT
| REPORT PERIOD ENDING: | 2025-09-30 |
| REPORT DATE: | 2025-10-30 |
| NEXT REPORT DATE: | 2026-01-29 |
| CASH FLOW | Begin Period Cash Flow | $ 26.0 M |
| Operating Cash Flow | $ 25.1 M | |
| Capital Expenditures | $ -21.46 M | |
| Change In Working Capital | $ -5.36 M | |
| Dividends Paid | — | |
| Cash Flow Delta | $ -533.00 K | |
| End Period Cash Flow | $ 25.4 M | |
| INCOME STATEMENT | REVENUE | |
| Total Revenue | $ 330.2 M | |
| Forward Revenue | $ 2.2 B | |
| COSTS | ||
| Cost Of Revenue | $ 288.8 M | |
| Depreciation | $ 19.3 M | |
| Depreciation and Amortization | $ 19.3 M | |
| Research and Development | — | |
| Total Operating Expenses | $ 330.6 M | |
| PROFITABILITY | ||
| Gross Profit | $ 41.3 M | |
| EBITDA | $ 19.5 M | |
| EBIT | $ 184.0 K | |
| Operating Income | $ -422.00 K | |
| Interest Income | — | |
| Interest Expense | $ 1.2 M | |
| Net Interest Income | $ -1.18 M | |
| Income Before Tax | $ -999.00 K | |
| Tax Provision | $ -1.46 M | |
| Tax Rate | 21.0 % | |
| Net Income | $ 465.0 K | |
| Net Income From Continuing Operations | $ 465.0 K | |
| EARNINGS | ||
| EPS Estimate | $ 0.03 | |
| EPS Actual | $ 0.04 | |
| EPS Difference | $ 0.01 | |
| EPS Surprise | 33.333 % | |
| Forward EPS | $ 0.59 | |
| BALANCE SHEET | ASSETS | |
| Total Assets | $ 1.0 B | |
| Intangible Assets | $ 4.7 M | |
| Net Tangible Assets | $ 351.5 M | |
| Total Current Assets | $ 70.6 M | |
| Cash and Short-Term Investments | $ 25.4 M | |
| Cash | $ 25.4 M | |
| Net Receivables | $ 16.1 M | |
| Inventory | $ 12.5 M | |
| Long-Term Investments | $ 45.4 M | |
| LIABILITIES | ||
| Accounts Payable | $ 45.0 M | |
| Short-Term Debt | — | |
| Total Current Liabilities | $ 193.7 M | |
| Net Debt | $ 64.1 M | |
| Total Debt | $ 500.9 M | |
| Total Liabilities | $ 665.8 M | |
| EQUITY | ||
| Total Equity | $ 356.2 M | |
| Retained Earnings | $ 281.9 M | |
| VALUATION & PER-SHARE METRICS | EQUITY & PER-SHARE METRICS | |
| Book Value Per-Share | $ 16.78 | |
| Shares Outstanding | 21.232 M | |
| Revenue Per-Share | $ 15.55 | |
| VALUATION | Market Capitalization | $ 700.3 M |
| Enterprise Value | $ 1.2 B | |
| Enterprise Multiple | 60.31 | |
| Enterprise Multiple QoQ | 105.372 % | |
| Enterprise Multiple YoY | 21.14 % | |
| Enterprise Multiple IPRWA | high: 189.281 mean: 75.019 median: 68.864 BJRI: 60.31 low: -31.078 |
|
| EV/R | 3.561 | |
| CAPITAL STRUCTURE | ||
| Asset To Equity | 2.869 | |
| Asset To Liability | 1.535 | |
| Debt To Capital | 0.584 | |
| Debt To Assets | 0.49 | |
| Debt To Assets QoQ | 5.184 % | |
| Debt To Assets YoY | 676.871 % | |
| Debt To Assets IPRWA | high: 1.606 median: 0.73 mean: 0.702 BJRI: 0.49 low: 0.003 |
|
| Debt To Equity | 1.406 | |
| Debt To Equity QoQ | 13.794 % | |
| Debt To Equity YoY | 704.958 % | |
| Debt To Equity IPRWA | high: 13.542 BJRI: 1.406 median: 0.265 mean: 0.22 low: -13.223 |
|
| PRICE-BASED VALUATION | ||
| Price To Book (P/B) | 1.966 | |
| Price To Book QoQ | -8.643 % | |
| Price To Book YoY | -3.522 % | |
| Price To Book IPRWA | high: 33.181 median: 6.391 BJRI: 1.966 mean: 1.052 low: -22.92 |
|
| Price To Earnings (P/E) | 824.604 | |
| Price To Earnings QoQ | 1857.798 % | |
| Price To Earnings YoY | -420.171 % | |
| Price To Earnings IPRWA | BJRI: 824.604 high: 357.224 median: 93.318 mean: 92.708 low: -85.409 |
|
| PE/G Ratio | -8.601 | |
| Price To Sales (P/S) | 2.121 | |
| Price To Sales QoQ | -6.784 % | |
| Price To Sales YoY | -9.878 % | |
| Price To Sales IPRWA | high: 30.539 mean: 17.504 median: 17.023 BJRI: 2.121 low: 0.325 |
|
| FORWARD MULTIPLES | ||
| Forward P/E | 92.306 | |
| Forward PE/G | -0.963 | |
| Forward P/S | 0.496 | |
| EFFICIENCY | OPERATIONAL | |
| Operating Leverage | 10.24 | |
| ASSET & SALES | ||
| Asset Turnover Ratio | 0.323 | |
| Asset Turnover Ratio QoQ | -9.792 % | |
| Asset Turnover Ratio YoY | 3.279 % | |
| Asset Turnover Ratio IPRWA | high: 0.723 BJRI: 0.323 mean: 0.197 median: 0.164 low: 0.056 |
|
| Receivables Turnover | 19.426 | |
| Receivables Turnover Ratio QoQ | -9.03 % | |
| Receivables Turnover Ratio YoY | -1.236 % | |
| Receivables Turnover Ratio IPRWA | high: 44.676 BJRI: 19.426 mean: 9.319 median: 4.611 low: 1.042 |
|
| Inventory Turnover | 23.133 | |
| Inventory Turnover Ratio QoQ | -5.392 % | |
| Inventory Turnover Ratio YoY | 5.801 % | |
| Inventory Turnover Ratio IPRWA | high: 66.049 median: 39.341 mean: 38.608 BJRI: 23.133 low: 0.468 |
|
| Days Sales Outstanding (DSO) | 4.697 | |
| CASH CYCLE | ||
| Cash Conversion Cycle Days (CCC) | -5.83 | |
| Cash Conversion Cycle Days QoQ | 106.06 % | |
| Cash Conversion Cycle Days YoY | -9.795 % | |
| Cash Conversion Cycle Days IPRWA | high: 77.037 median: 4.037 mean: 2.743 BJRI: -5.83 low: -73.834 |
|
| CAPITAL DEPLOYMENT | ||
| Cash Conversion Ratio | -2.682 | |
| CapEx To Revenue | -0.065 | |
| CapEx To Depreciation | -1.111 | |
| CAPITAL, LIQUIDITY & COVERAGE | CAPITAL STRUCTURE | |
| Total Capital | $ 445.7 M | |
| Net Invested Capital | $ 445.7 M | |
| Invested Capital | $ 445.7 M | |
| Net Tangible Assets | $ 351.5 M | |
| Net Working Capital | $ -123.10 M | |
| LIQUIDITY | ||
| Cash Ratio | 0.131 | |
| Current Ratio | 0.365 | |
| Current Ratio QoQ | -4.565 % | |
| Current Ratio YoY | 3.568 % | |
| Current Ratio IPRWA | high: 3.125 median: 1.0 mean: 0.993 BJRI: 0.365 low: 0.031 |
|
| Quick Ratio | 0.3 | |
| Quick Ratio QoQ | -5.174 % | |
| Quick Ratio YoY | 6.628 % | |
| Quick Ratio IPRWA | high: 3.071 median: 0.991 mean: 0.93 BJRI: 0.3 low: 0.027 |
|
| COVERAGE & LEVERAGE | ||
| Debt To EBITDA | 25.691 | |
| Cost Of Debt | 0.191 % | |
| Interest Coverage Ratio | 0.156 | |
| Interest Coverage Ratio QoQ | -99.208 % | |
| Interest Coverage Ratio YoY | -111.314 % | |
| Interest Coverage Ratio IPRWA | high: 45.223 mean: 8.867 median: 5.825 BJRI: 0.156 low: -5.084 |
|
| Operating Cash Flow Ratio | 0.086 | |
| TIMING / LIQUIDITY | ||
| Days Payables Outstanding (DPO) | 14.281 | |
| DIVIDENDS | ||
| Dividend Coverage Ratio | — | |
| Dividend Payout Ratio | — | |
| Dividend Rate | — | |
| Dividend Yield | — | |
| PERFORMANCE | GROWTH | |
| Asset Growth Rate | -0.311 % | |
| Revenue Growth | -9.694 % | |
| Revenue Growth QoQ | -291.392 % | |
| Revenue Growth YoY | 40.026 % | |
| Revenue Growth IPRWA | high: 15.034 % median: 2.484 % mean: 2.035 % BJRI: -9.694 % low: -13.106 % |
|
| Earnings Growth | -95.876 % | |
| Earnings Growth QoQ | -248.86 % | |
| Earnings Growth YoY | -18.788 % | |
| Earnings Growth IPRWA | high: 114.563 % mean: 6.118 % median: 0.94 % BJRI: -95.876 % low: -175.0 % |
|
| MARGINS | ||
| Gross Margin | 12.516 % | |
| Gross Margin QoQ | -26.337 % | |
| Gross Margin YoY | 7.305 % | |
| Gross Margin IPRWA | high: 86.593 % mean: 42.184 % median: 41.646 % BJRI: 12.516 % low: 8.241 % |
|
| EBIT Margin | 0.056 % | |
| EBIT Margin QoQ | -99.18 % | |
| EBIT Margin YoY | -109.894 % | |
| EBIT Margin IPRWA | high: 52.4 % mean: 27.233 % median: 26.729 % BJRI: 0.056 % low: -25.213 % |
|
| Return On Sales (ROS) | -0.128 % | |
| Return On Sales QoQ | -102.186 % | |
| Return On Sales YoY | -77.385 % | |
| Return On Sales IPRWA | high: 47.382 % mean: 27.463 % median: 26.729 % BJRI: -0.128 % low: -27.119 % |
|
| CASH FLOW | ||
| Free Cash Flow (FCF) | $ 3.6 M | |
| Free Cash Flow Yield | 0.514 % | |
| Free Cash Flow Yield QoQ | -89.796 % | |
| Free Cash Flow Yield YoY | -48.342 % | |
| Free Cash Flow Yield IPRWA | high: 10.115 % mean: 1.363 % median: 1.118 % BJRI: 0.514 % low: -12.37 % |
|
| Free Cash Growth | -91.402 % | |
| Free Cash Growth QoQ | -79.571 % | |
| Free Cash Growth YoY | -109.742 % | |
| Free Cash Growth IPRWA | high: 271.747 % mean: 39.797 % median: 29.31 % BJRI: -91.402 % low: -516.758 % |
|
| Free Cash To Net Income | 7.748 | |
| Cash Flow Margin | 5.041 % | |
| Cash Flow To Earnings | 35.789 | |
| VALUE & RETURNS | ||
| Economic Value Added | $ 0.03 | |
| Return On Assets (ROA) | 0.045 % | |
| Return On Assets QoQ | -97.928 % | |
| Return On Assets YoY | -116.014 % | |
| Return On Assets IPRWA | high: 8.233 % mean: 2.912 % median: 2.639 % BJRI: 0.045 % low: -8.455 % |
|
| Return On Capital Employed (ROCE) | 0.022 % | |
| Return On Equity (ROE) | 0.001 | |
| Return On Equity QoQ | -97.72 % | |
| Return On Equity YoY | -116.838 % | |
| Return On Equity IPRWA | high: 0.405 median: 0.05 mean: 0.027 BJRI: 0.001 low: -0.352 |
|
| DuPont ROE | 0.125 % | |
| Return On Invested Capital (ROIC) | 0.033 % | |
| Return On Invested Capital QoQ | -99.37 % | |
| Return On Invested Capital YoY | -100.921 % | |
| Return On Invested Capital IPRWA | high: 20.403 % mean: 7.152 % median: 6.625 % BJRI: 0.033 % low: -1.956 % |
|