BJ's Wholesale Club Holdings Inc
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BJ's Wholesale Club Holdings Inc AI Insights
Informational only. Not investment advice.Snapshot
- ROE of 30.8% TTM vs industry median 8.8% - 3.5x advantage from high asset turnover (2.95x) and leverage (1.26 D/E)[Return on Equity]
- Negative working capital (-505M) - membership model collects cash before inventory turns, funding growth without debt[Working Capital]
- Goodwill (1.0B) is 48% of equity (2.1B) - acquisition-driven growth creates impairment risk in downturn[Goodwill]
Watch Triggers
- Gross Margin: Falls below 18% TTM — At 18.7% TTM, 0.7% cushion to breakeven operating margin - signals pricing power erosion
- Membership renewal rate: Not in data - monitor quarterly — Negative working capital model depends on membership stickiness - churn destroys economics
- Inventory Turnover: Inventory growth exceeds revenue growth — 1.5B inventory on 47M cash - buildup signals demand weakness or markdown risk
Bull Case
Capital-light membership model: 30.8% ROE with 12.5% ROIC TTM despite only 2.8% net margin - extreme asset efficiency monetizes low margins
Buyback-funded value return: 41.6M in repurchases TTM with no dividend - all FCF (282M) available for growth or buybacks
Bear Case
Thin margin vulnerability: 2.8% net margin TTM leaves no buffer - 1% gross margin compression wipes 50%+ of net income
Leverage risk: 1.26 D/E with 2.6B total debt vs 47M cash - interest expense (44M TTM) consumes 5% of operating income
Bull vs Bear Balance
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Forward Thesis
Margin expansion likely as scale benefits compound - operating margin can reach 5%+ from 4.1% TTM
- Asset turnover 2.95x vs 1.33x median amplifies margin gains
- Capex of 654M TTM building capacity for membership growth
- Negative working capital improves as membership scales
Valuation Context
Caveats
BJ Fundamentals
| Metric | Value | YoY Growth | Industry Percentile |
|---|---|---|---|
$12.25B | — | ||
$14.93B | — | ||
22 | — | ||
$21.46B | +4.7% | — | |
$4.38 | +9.2% | — | |
3.94% | +0.0% | — | |
2.70% | +0.1% | — | |
$328.01M | +4.8% | — | |
28.6% | -3.7% | — | |
Beta 5Y (Monthly) | unknown | — |
BJ Dividend History
BJ Stock Splits
BJ SEC Filings
| Filing Date | Report Date | Report Type | Filing Link |
|---|---|---|---|
03/12/26 | 01/31/26 | 10-K | |
11/26/25 | 11/01/25 | 10-Q | |
08/28/25 | 08/02/25 | 10-Q | |
05/29/25 | 05/03/25 | 10-Q | |
03/14/25 | 02/01/25 | Unknown | |
11/27/24 | 11/02/24 | 10-Q | |
08/29/24 | 08/03/24 | 10-Q | |
05/30/24 | 05/04/24 | 10-Q | |
03/18/24 | 02/03/24 | 10-K | |
11/22/23 | 10/28/23 | 10-Q | |
08/25/23 | 07/29/23 | 10-Q | |
05/26/23 | 04/29/23 | 10-Q | |
03/16/23 | 01/28/23 | 10-K | |
11/23/22 | 10/29/22 | 10-Q | |
08/26/22 | 07/30/22 | 10-Q | |
05/27/22 | 04/30/22 | 10-Q | |
03/17/22 | 01/29/22 | 10-K | |
11/24/21 | 10/30/21 | 10-Q | |
08/26/21 | 07/31/21 | 10-Q | |
05/28/21 | 05/01/21 | 10-Q | |
03/19/21 | 01/30/21 | 10-K | |
11/25/20 | 10/31/20 | 10-Q | |
08/25/20 | 08/01/20 | 10-Q | |
05/29/20 | 05/02/20 | 10-Q | |
03/19/20 | 02/01/20 | 10-K | |
11/27/19 | 11/02/19 | 10-Q | |
08/30/19 | 08/03/19 | 10-Q | |
06/04/19 | 05/04/19 | 10-Q | |
03/25/19 | 02/02/19 | 10-K | |
12/07/18 | 11/03/18 | 10-Q | |
09/07/18 | 08/04/18 | 10-Q | |
06/28/18 | 05/05/18 | 424B4 | |
06/28/18 | 02/03/18 | 424B4 | |
12/07/18 | 10/28/17 | 10-Q | |
09/07/18 | 07/29/17 | 10-Q | |
06/28/18 | 04/29/17 | 424B4 |