Recent News
March 6, 2026 — DA Davidson initiated coverage of BJ’s Restaurants with a Neutral note, marking renewed analyst attention. March 2026 — Act III Holdings (Ronald Shaich) updated its Schedule 13D/13D/A filings, reporting an increased beneficial stake and amendments to its cooperation agreement with the company; related SEC filings recorded updates to ownership thresholds and agreement expiration dates. February–March 2026 — an amended Schedule 13G/A reported a ~3% passive stake by another institutional holder.
Technical Analysis
ADX at 24.14 signals an emerging directional move rather than a fully developed trend; that emergent strength aligns with the fair-valued assessment but implies limited conviction until ADX climbs above 25.
DI+ shows an increasing trajectory while DI- displays a peak-and-reversal; both patterns read as a bullish directional shift despite DI- currently exceeding DI+ in absolute terms, suggesting an early-stage improvement in buying pressure that still competes with residual downside momentum.
MACD sits negative at -0.95 but has turned higher and crossed above its -1.19 signal line, producing a bullish momentum signal; the negative absolute value indicates momentum remains below zero, so upside may prove measured until MACD clears zero.
MRO equals 3.49 and is positive, which implies price currently sits above the WMDST target and therefore faces pressure to pull back toward intrinsic levels; the rising MRO trend reduces the immediate magnitude of any correction but flags limited near-term upside.
RSI registers 44.98 with a peak-and-reversal pattern, indicating stalled short-term momentum and a tendency for price to consolidate rather than accelerate higher from current levels.
Price sits at $35.64, above the 20-day average ($35.23) but below the 50-day ($39.03) and 200-day ($37.41) averages; this configuration supports a short-term bias but shows medium-term resistance clustered near the 50- and 200-day averages and the Ichimoku cloud (Senkou A $42.80 / Senkou B $41.24).
Bollinger bands remain relatively narrow (upper ~ $36.35 / lower ~ $34.11 at 1σ), consistent with the expectation for compressed price action and potential for a directional expansion only if momentum indicators confirm strength.
Fundamental Analysis
Total revenue reached $355,399,000 while net income equaled $12,643,000 and EBITDA totaled $32,849,000, demonstrating positive operating scale but modest profitability in absolute dollars.
Adjusted EPS came in at $0.66 versus an estimate of $0.62, an EPS surprise of 6.45%; forward EPS sits near $0.675 and forward P/E at 54.73, while reported trailing P/E equals 61.88 — valuations that reflect growth expectations relative to current earnings power.
EBIT ($11,930,000) produces an EBIT margin of 3.36%, which sits below the industry peer mean of 13.48% (industry peer range: low -8.38% to high 34.81%), indicating lower operating profitability versus peers by that metric.
Gross margin equals 16.10% with a YoY improvement of ~4.80% and QoQ expansion of ~28.60%, pointing to recent operational improvement at the restaurant level that helped deliver positive free cash flow of $7,455,000 and a free cash flow yield of 0.86% (WMDST reference).
Liquidity metrics show total cash and short-term investments of $23,781,000 against total current liabilities of $187,775,000; the current ratio equals 0.40 and quick ratio 0.33, both below the industry peer mean current ratio of 0.97, highlighting constrained near-term liquidity relative to peers even as interest coverage (~11.25x) remains healthy.
Leverage remains material: total debt $490,758,000 and debt-to-equity ~1.34 (134.02%), with net debt about $61,219,000; debt-to-EBITDA near 14.94x signals earnings leverage that compresses flexibility despite positive operating cash flow of $18,554,000.
Revenue growth rates show trailing revenue growth of ~7.65% and revenue growth YoY of ~33.61%, while earnings growth prints 15.5% (QoQ and YoY datapoints vary), indicating top-line momentum that outpaced some margin gains but has yet to translate to peer-level operating margins.
Valuation context: WMDST values the stock as fair-valued. Trailing and forward multiples (P/E ~61.9, forward P/E ~54.7) sit above simple earnings yields implied by free cash flow, while the analyst price-target mean near $44.64 implies upside versus the current mid-$30s price; that gap coexists with constrained liquidity and meaningful leverage.
MOST-RECENT QUARTERLY REPORT
| REPORT PERIOD ENDING: | 2025-12-31 |
| REPORT DATE: | 2026-02-25 |
| NEXT REPORT DATE: | 2026-05-27 |
| CASH FLOW | Begin Period Cash Flow | $ 25.4 M |
| Operating Cash Flow | $ 18.6 M | |
| Capital Expenditures | $ -11.10 M | |
| Change In Working Capital | $ -24.63 M | |
| Dividends Paid | — | |
| Cash Flow Delta | $ -1.65 M | |
| End Period Cash Flow | $ 23.8 M | |
| INCOME STATEMENT | REVENUE | |
| Total Revenue | $ 355.4 M | |
| Forward Revenue | $ 100.2 M | |
| COSTS | ||
| Cost Of Revenue | $ 298.2 M | |
| Depreciation | $ 20.9 M | |
| Depreciation and Amortization | $ 20.9 M | |
| Research and Development | — | |
| Total Operating Expenses | $ 343.5 M | |
| PROFITABILITY | ||
| Gross Profit | $ 57.2 M | |
| EBITDA | $ 32.8 M | |
| EBIT | $ 11.9 M | |
| Operating Income | $ 11.9 M | |
| Interest Income | — | |
| Interest Expense | $ 1.1 M | |
| Net Interest Income | $ -1.06 M | |
| Income Before Tax | $ 10.9 M | |
| Tax Provision | $ -1.77 M | |
| Tax Rate | 21.0 % | |
| Net Income | $ 12.6 M | |
| Net Income From Continuing Operations | $ 12.6 M | |
| EARNINGS | ||
| EPS Estimate | $ 0.62 | |
| EPS Actual | $ 0.66 | |
| EPS Difference | $ 0.04 | |
| EPS Surprise | 6.452 % | |
| Forward EPS | $ 0.68 | |
| BALANCE SHEET | ASSETS | |
| Total Assets | $ 1.0 B | |
| Intangible Assets | $ 4.7 M | |
| Net Tangible Assets | $ 361.5 M | |
| Total Current Assets | $ 74.9 M | |
| Cash and Short-Term Investments | $ 23.8 M | |
| Cash | $ 23.8 M | |
| Net Receivables | $ 12.3 M | |
| Inventory | $ 13.1 M | |
| Long-Term Investments | $ 48.2 M | |
| LIABILITIES | ||
| Accounts Payable | $ 38.4 M | |
| Short-Term Debt | — | |
| Total Current Liabilities | $ 187.8 M | |
| Net Debt | $ 61.2 M | |
| Total Debt | $ 490.8 M | |
| Total Liabilities | $ 649.3 M | |
| EQUITY | ||
| Total Equity | $ 366.2 M | |
| Retained Earnings | $ 291.2 M | |
| VALUATION & PER-SHARE METRICS | EQUITY & PER-SHARE METRICS | |
| Book Value Per-Share | $ 17.34 | |
| Shares Outstanding | 21.114 M | |
| Revenue Per-Share | $ 16.83 | |
| VALUATION | Market Capitalization | $ 862.4 M |
| Enterprise Value | $ 1.3 B | |
| Enterprise Multiple | 40.468 | |
| Enterprise Multiple QoQ | -32.9 % | |
| Enterprise Multiple YoY | -71.035 % | |
| Enterprise Multiple IPRWA | high: 130.17 median: 91.512 mean: 88.123 BJRI: 40.468 low: 5.064 |
|
| EV/R | 3.74 | |
| CAPITAL STRUCTURE | ||
| Asset To Equity | 2.773 | |
| Asset To Liability | 1.564 | |
| Debt To Capital | 0.573 | |
| Debt To Assets | 0.483 | |
| Debt To Assets QoQ | -1.379 % | |
| Debt To Assets YoY | 0.505 % | |
| Debt To Assets IPRWA | high: 1.609 mean: 0.65 median: 0.62 BJRI: 0.483 low: 0.019 |
|
| Debt To Equity | 1.34 | |
| Debt To Equity QoQ | -4.69 % | |
| Debt To Equity YoY | -0.945 % | |
| Debt To Equity IPRWA | high: 12.912 BJRI: 1.34 mean: -0.774 median: -1.801 low: -8.585 |
|
| PRICE-BASED VALUATION | ||
| Price To Book (P/B) | 2.355 | |
| Price To Book QoQ | 19.776 % | |
| Price To Book YoY | 8.153 % | |
| Price To Book IPRWA | high: 26.123 BJRI: 2.355 mean: -2.847 median: -5.751 low: -26.316 |
|
| Price To Earnings (P/E) | 61.883 | |
| Price To Earnings QoQ | -92.495 % | |
| Price To Earnings YoY | -18.063 % | |
| Price To Earnings IPRWA | high: 247.068 mean: 139.507 median: 109.671 BJRI: 61.883 low: -244.749 |
|
| PE/G Ratio | 0.04 | |
| Price To Sales (P/S) | 2.426 | |
| Price To Sales QoQ | 14.391 % | |
| Price To Sales YoY | 3.705 % | |
| Price To Sales IPRWA | high: 27.836 mean: 14.569 median: 12.243 BJRI: 2.426 low: 0.273 |
|
| FORWARD MULTIPLES | ||
| Forward P/E | 54.733 | |
| Forward PE/G | 0.035 | |
| Forward P/S | 8.608 | |
| EFFICIENCY | OPERATIONAL | |
| Operating Leverage | 834.966 | |
| ASSET & SALES | ||
| Asset Turnover Ratio | 0.349 | |
| Asset Turnover Ratio QoQ | 8.164 % | |
| Asset Turnover Ratio YoY | 5.511 % | |
| Asset Turnover Ratio IPRWA | high: 0.603 BJRI: 0.349 median: 0.242 mean: 0.234 low: 0.078 |
|
| Receivables Turnover | 25.038 | |
| Receivables Turnover Ratio QoQ | 28.891 % | |
| Receivables Turnover Ratio YoY | 9.116 % | |
| Receivables Turnover Ratio IPRWA | high: 47.268 BJRI: 25.038 mean: 9.625 median: 7.943 low: 0.996 |
|
| Inventory Turnover | 23.285 | |
| Inventory Turnover Ratio QoQ | 0.66 % | |
| Inventory Turnover Ratio YoY | 2.688 % | |
| Inventory Turnover Ratio IPRWA | high: 56.869 BJRI: 23.285 mean: 15.987 median: 7.445 low: 0.892 |
|
| Days Sales Outstanding (DSO) | 3.644 | |
| CASH CYCLE | ||
| Cash Conversion Cycle Days (CCC) | -5.48 | |
| Cash Conversion Cycle Days QoQ | -5.996 % | |
| Cash Conversion Cycle Days YoY | -27.832 % | |
| Cash Conversion Cycle Days IPRWA | high: 84.283 median: 16.201 mean: 9.787 BJRI: -5.48 low: -80.186 |
|
| CAPITAL DEPLOYMENT | ||
| Cash Conversion Ratio | -3.149 | |
| CapEx To Revenue | -0.031 | |
| CapEx To Depreciation | -0.531 | |
| CAPITAL, LIQUIDITY & COVERAGE | CAPITAL STRUCTURE | |
| Total Capital | $ 451.2 M | |
| Net Invested Capital | $ 451.2 M | |
| Invested Capital | $ 451.2 M | |
| Net Tangible Assets | $ 361.5 M | |
| Net Working Capital | $ -112.85 M | |
| LIQUIDITY | ||
| Cash Ratio | 0.127 | |
| Current Ratio | 0.399 | |
| Current Ratio QoQ | 9.447 % | |
| Current Ratio YoY | -1.552 % | |
| Current Ratio IPRWA | high: 2.73 median: 1.047 mean: 0.965 BJRI: 0.399 low: 0.36 |
|
| Quick Ratio | 0.329 | |
| Quick Ratio QoQ | 9.733 % | |
| Quick Ratio YoY | -3.245 % | |
| Quick Ratio IPRWA | high: 2.688 mean: 0.914 median: 0.863 BJRI: 0.329 low: 0.162 |
|
| COVERAGE & LEVERAGE | ||
| Debt To EBITDA | 14.94 | |
| Cost Of Debt | 0.169 % | |
| Interest Coverage Ratio | 11.255 | |
| Interest Coverage Ratio QoQ | 7135.901 % | |
| Interest Coverage Ratio YoY | -277.13 % | |
| Interest Coverage Ratio IPRWA | high: 16.489 BJRI: 11.255 mean: 4.946 median: 4.277 low: -8.807 |
|
| Operating Cash Flow Ratio | 0.16 | |
| TIMING / LIQUIDITY | ||
| Days Payables Outstanding (DPO) | 13.17 | |
| DIVIDENDS | ||
| Dividend Coverage Ratio | — | |
| Dividend Payout Ratio | — | |
| Dividend Rate | — | |
| Dividend Yield | — | |
| PERFORMANCE | GROWTH | |
| Asset Growth Rate | -0.645 % | |
| Revenue Growth | 7.645 % | |
| Revenue Growth QoQ | -178.863 % | |
| Revenue Growth YoY | 33.607 % | |
| Revenue Growth IPRWA | high: 27.02 % BJRI: 7.645 % median: 1.758 % mean: -0.878 % low: -32.161 % |
|
| Earnings Growth | 1550.0 % | |
| Earnings Growth QoQ | -1716.672 % | |
| Earnings Growth YoY | -435.834 % | |
| Earnings Growth IPRWA | BJRI: 1550.0 % high: 206.034 % median: -3.106 % mean: -18.186 % low: -219.355 % |
|
| MARGINS | ||
| Gross Margin | 16.096 % | |
| Gross Margin QoQ | 28.603 % | |
| Gross Margin YoY | 4.798 % | |
| Gross Margin IPRWA | high: 82.469 % mean: 33.119 % median: 23.421 % BJRI: 16.096 % low: -4.539 % |
|
| EBIT Margin | 3.357 % | |
| EBIT Margin QoQ | 5894.643 % | |
| EBIT Margin YoY | -223.601 % | |
| EBIT Margin IPRWA | high: 34.806 % mean: 13.483 % median: 11.624 % BJRI: 3.357 % low: -8.383 % |
|
| Return On Sales (ROS) | 3.345 % | |
| Return On Sales QoQ | -2713.281 % | |
| Return On Sales YoY | -223.159 % | |
| Return On Sales IPRWA | high: 40.032 % mean: 14.056 % median: 11.631 % BJRI: 3.345 % low: -7.947 % |
|
| CASH FLOW | ||
| Free Cash Flow (FCF) | $ 7.5 M | |
| Free Cash Flow Yield | 0.864 % | |
| Free Cash Flow Yield QoQ | 68.093 % | |
| Free Cash Flow Yield YoY | -55.828 % | |
| Free Cash Flow Yield IPRWA | high: 6.594 % mean: 0.941 % BJRI: 0.864 % median: 0.802 % low: -1.958 % |
|
| Free Cash Growth | 106.911 % | |
| Free Cash Growth QoQ | -216.968 % | |
| Free Cash Growth YoY | 0.386 % | |
| Free Cash Growth IPRWA | high: 149.518 % BJRI: 106.911 % median: -31.246 % mean: -33.003 % low: -365.169 % |
|
| Free Cash To Net Income | 0.59 | |
| Cash Flow Margin | 8.453 % | |
| Cash Flow To Earnings | 2.376 | |
| VALUE & RETURNS | ||
| Economic Value Added | $ 0.03 | |
| Return On Assets (ROA) | 1.241 % | |
| Return On Assets QoQ | 2657.778 % | |
| Return On Assets YoY | -345.257 % | |
| Return On Assets IPRWA | high: 6.953 % mean: 1.925 % median: 1.607 % BJRI: 1.241 % low: -1.777 % |
|
| Return On Capital Employed (ROCE) | 1.441 % | |
| Return On Equity (ROE) | 0.035 | |
| Return On Equity QoQ | 2535.878 % | |
| Return On Equity YoY | -342.656 % | |
| Return On Equity IPRWA | high: 0.351 BJRI: 0.035 mean: -0.004 median: -0.035 low: -0.202 |
|
| DuPont ROE | 3.5 % | |
| Return On Invested Capital (ROIC) | 2.089 % | |
| Return On Invested Capital QoQ | 6230.303 % | |
| Return On Invested Capital YoY | -234.168 % | |
| Return On Invested Capital IPRWA | high: 18.398 % mean: 6.454 % median: 5.862 % BJRI: 2.089 % low: -5.359 % |
|