BJ's Restaurants, Inc. (BJRI) 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

-40.7%

$37.42

vs $63.14 price

Levered DCF

$36.73

After debt service

Piotroski score

8 / 9

Strong

Altman Z-score

3.24

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	17.7×	48.81×	42.87×	155.18×	-215.94×	-14.05×	17.02×	20.9×
P/B	2.36×	2.2×	2.31×	1.79×	2.4×	2.77×	2.65×	3.43×
P/S	0.62×	0.6×	0.63×	0.48×	0.74×	1.05×	0.66×	0.95×
EV / EBITDA	10.3×	14.88×	15.52×	17.32×	21.99×	-140.88×	11.16×	8.84×
Gross margin	15.5%	14.4%	13.3%	11.3%	11.9%	7.2%	16.0%	17.4%
Operating margin	3.4%	2.4%	1.0%	-0.4%	-1.5%	-11.1%	4.2%	5.2%
Net margin	3.5%	1.2%	1.5%	0.3%	-0.3%	-7.4%	3.9%	4.5%
Current ratio	0.4×	0.41×	0.42×	0.42×	0.45×	0.54×	0.41×	0.52×
Debt / equity	1.34×	1.35×	1.42×	1.54×	1.57×	2.08×	2.15×	0.31×
Interest coverage	10.12×	5.93×	2.8×	-1.9×	-3.3×	-12.21×	10.65×	11.9×
Dividend yield	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	1.3%	0.9%
Payout ratio	0.0%	0.1%	0.2%	2.5%	-3.3%	-0.3%	22.1%	18.7%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	13.3%	4.5%	5.4%	1.2%	-1.1%	-19.7%	15.6%	16.4%
Return on invested capital	5.5%	3.7%	1.3%	0.3%	-0.4%	-6.1%	4.3%	10.3%
Return on assets	4.8%	1.6%	1.6%	0.3%	-0.3%	-5.5%	3.7%	7.3%
Free cash flow yield	4.7%	3.0%	0.8%	-4.5%	2.8%	-0.3%	4.4%	6.8%
Earnings yield	5.7%	2.1%	2.3%	0.7%	-0.5%	-7.1%	5.9%	4.8%
Enterprise value	$1.3B	$1.3B	$1.3B	$1.1B	$1.3B	$1.4B	$1.4B	$1.1B
Net debt / EBITDA	3.61×	5.49×	5.7×	7.82×	8.31×	-57.33×	4.89×	0.52×
Cash conversion cycle (days)	-3	-7	-10	-7	-4	-3	2	-0