BJ's Wholesale Club Holdings, Inc. (BJ) Valuation

Valuation

Model-based estimates, not advice. The DCF is the discounted-cash-flow value per share; compare it with the price, not as a target.

DCF fair value

+16.6%

$128.19

vs $109.95 price

Levered DCF

$118.79

After debt service

Piotroski score

6 / 9

Average

Altman Z-score

4.76

Safe zone

Rating

Overall 3 / 5

Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
P/E	20.96×	24.52×	16.33×	18.92×	19.51×	13.75×	14.98×	24.14×
P/B	5.52×	7.09×	5.87×	9.28×	12.84×	18.11×	-51.42×	-15.18×
P/S	0.57×	0.64×	0.43×	0.5×	0.5×	0.37×	0.21×	0.24×
EV / EBITDA	13.29×	15.4×	11.22×	13.71×	14.25×	11.28×	13.07×	11.18×
Gross margin	18.6%	18.4%	18.2%	17.8%	18.5%	19.3%	18.4%	18.2%
Operating margin	3.9%	3.8%	4.0%	3.8%	3.7%	4.2%	2.7%	2.3%
Net margin	2.7%	2.6%	2.6%	2.7%	2.6%	2.7%	1.4%	1.0%
Current ratio	0.75×	0.74×	0.73×	0.67×	0.76×	0.72×	0.75×	0.85×
Debt / equity	1.19×	1.54×	2.05×	2.98×	4.57×	10.15×	-70.04×	-9.12×
Interest coverage	19.96×	15.29×	12.77×	15.55×	10.38×	7.61×	3.37×	1.84×
Dividend yield	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%
Payout ratio	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	26.3%	28.9%	35.9%	49.0%	65.8%	131.8%	-344.4%	-63.0%
Return on invested capital	12.2%	11.7%	12.2%	12.5%	12.4%	12.9%	6.9%	14.5%
Return on assets	7.7%	7.6%	7.8%	8.1%	7.5%	7.8%	3.6%	3.9%
Free cash flow yield	2.7%	2.4%	2.9%	4.3%	6.3%	11.2%	5.7%	9.2%
Earnings yield	4.8%	4.1%	6.1%	5.3%	5.1%	7.3%	6.7%	4.1%
Enterprise value	$14.7B	$15.9B	$11.5B	$12.8B	$11.2B	$9B	$6.6B	$4.9B
Net debt / EBITDA	2.32×	2.73×	2.87×	3.3×	3.7×	4.01×	7.51×	4.16×
Cash conversion cycle (days)	9	11	10	9	7	10	16	14