The company has achieved a significant deleveraging trend, reducing its debt-to-equity ratio from 2.05 in 2023Q4 to 1.14 by 2026Q1, even as net PPE grew to $4.5 billion.
| Total Current Assets | 2.21B | 1.99B | 1.88B | 1.79B | 1.7B | 1.52B | 1.47B | 1.36B | 1.34B | 1.34B | 1.26B |
| Cash & Short-Term Investments | 27.83M | 46.24M | 28.27M | 36.05M | 33.91M | 45.44M | 43.52M | 30.2M | 27.15M | 34.95M | 31.96M |
| Cash Only | 27.83M | 46.24M | 28.27M | 36.05M | 33.91M | 45.44M | 43.52M | 30.2M | 27.15M | 34.95M | 31.96M |
| Short-Term Investments | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Accounts Receivable | 319.94M | 252.79M | 277.33M | 234.77M | 239.75M | 173.95M | 172.72M | 206.35M | 194.3M | 190.76M | 166.25M |
| Days Sales Outstanding | 4.75 | 4.3 | 4.94 | 4.29 | 4.53 | 3.81 | 4.09 | 5.71 | 5.45 | 5.46 | 4.91 |
| Inventory | 1.67B | 1.56B | 1.51B | 1.45B | 1.38B | 1.24B | 1.21B | 1.08B | 1.05B | 1.02B | 1.03B |
| Days Inventory Outstanding | 32.81 | 32.52 | 32.91 | 32.53 | 31.68 | 33.39 | 35.34 | 36.67 | 36.08 | 35.38 | 36.84 |
| Other Current Assets | 198.88M | 135.58M | 64.37M | 68.37M | 51.03M | 0 | 0 | 0 | 0 | 81.97M | 0 |
| Total Non-Current Assets | 5.71B | 5.52B | 5.19B | 4.88B | 4.65B | 4.15B | 3.94B | 3.91B | 1.9B | 1.94B | 1.97B |
| Property, Plant & Equipment | 4.54B | 4.34B | 4B | 3.72B | 3.48B | 3.07B | 2.86B | 2.82B | 748.78M | 758.75M | 763.64M |
| Fixed Asset Turnover | 5.09x | 4.94x | 5.13x | 5.37x | 5.55x | 5.42x | 5.40x | 4.68x | 17.37x | 16.81x | 16.17x |
| Goodwill | 1.01B | 1.01B | 1.01B | 1.01B | 1.01B | 924.13M | 924.13M | 924.13M | 924.13M | 924.13M | 924.13M |
| Intangible Assets | 94.24M | 95.46M | 101.11M | 107.63M | 115.5M | 124.64M | 135.12M | 146.99M | 200.87M | 224.88M | 253.16M |
| Long-Term Investments | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Current Assets | 67.58M | 71.12M | 71.58M | 43.82M | 30.94M | 23.24M | 19.4M | 18.37M | 28.3M | 29.49M | 26.89M |
| Total Assets | 7.93B | 7.51B | 7.07B | 6.68B | 6.35B | 5.67B | 5.41B | 5.27B | 3.24B | 3.27B | 3.23B |
| Asset Turnover | 2.91x | 2.86x | 2.90x | 2.99x | 3.04x | 2.94x | 2.85x | 2.50x | 4.02x | 3.90x | 3.82x |
| Asset Growth % | 26% | 6.3% | 5.81% | 5.16% | 12.01% | 4.76% | 2.69% | 62.68% | -1.06% | 1.29% | - |
| Total Current Liabilities | 3.04B | 2.67B | 2.53B | 2.47B | 2.55B | 2B | 2.03B | 1.8B | 1.58B | 1.47B | 1.2B |
| Accounts Payable | 1.44B | 1.31B | 1.25B | 1.18B | 1.2B | 1.11B | 988.07M | 786.41M | 816.88M | 751.95M | 720.63M |
| Days Payables Outstanding | 27.45 | 27.33 | 27.34 | 26.45 | 27.48 | 29.89 | 28.97 | 26.67 | 28.01 | 26.11 | 25.73 |
| Short-Term Debt | 556.99M | 329.25M | 175M | 319M | 405M | 0 | 260M | 343.38M | 254.38M | 219.75M | 20M |
| Deferred Revenue (Current) | 0 | 0 | 368.8M | 318.75M | 265.73M | 202.63M | 173.7M | 174.67M | 161.22M | 143.19M | 116.48M |
| Other Current Liabilities | 0 | 1.03B | 283.96M | 235.93M | 255.62M | 243.04M | 224.47M | 157.69M | 160.35M | 178.08M | 134.39M |
| Current Ratio | 0.73x | 0.75x | 0.74x | 0.73x | 0.67x | 0.76x | 0.72x | 0.75x | 0.85x | 0.91x | 1.05x |
| Quick Ratio | 0.18x | 0.16x | 0.15x | 0.14x | 0.13x | 0.14x | 0.13x | 0.15x | 0.18x | 0.22x | 0.19x |
| Cash Conversion Cycle | 10.11 | 9.49 | 10.51 | 10.36 | 8.73 | 7.31 | 10.47 | 15.72 | 13.52 | 14.73 | 16.02 |
| Total Non-Current Liabilities | 2.76B | 2.64B | 2.68B | 2.75B | 2.76B | 3.02B | 3.06B | 3.52B | 1.86B | 2.83B | 2.38B |
| Long-Term Debt | 399.17M | 399.1M | 398.81M | 398.43M | 447.88M | 748.57M | 846.17M | 1.34B | 1.55B | 2.49B | 2B |
| Capital Lease Obligations | 7.67B | 1.88B | 2.08B | 2.11B | 2.09B | 2.07B | 2B | 2B | 28.82M | 50.95M | 53.83M |
| Deferred Tax Liabilities | 270.44M | 64.89M | 59.66M | 74.77M | 57.02M | 52.85M | 65.69M | 46.2M | 36.94M | 57.07M | 92.9M |
| Other Non-Current Liabilities | 382.93M | 298.21M | 132.24M | 143.5M | 142.02M | 120.23M | 133.59M | 121.28M | 221.46M | 215.8M | 213.32M |
| Total Liabilities | 5.8B | 5.31B | 5.22B | 5.22B | 5.3B | 5.02B | 5.09B | 5.32B | 3.44B | 4.3B | 3.58B |
| Total Debt | 2.86B | 2.61B | 2.84B | 2.98B | 3.12B | 2.96B | 3.24B | 3.81B | 1.84B | 2.76B | 2.07B |
| Net Debt | 2.83B | 2.56B | 2.82B | 2.95B | 3.08B | 2.92B | 3.2B | 3.78B | 1.82B | 2.73B | 2.04B |
| Debt / Equity | 1.14x | 1.19x | 1.54x | 2.05x | 2.98x | 4.57x | 10.15x | - | - | - | - |
| Debt / EBITDA | 2.50x | 2.30x | 2.75x | 2.90x | 3.32x | 3.72x | 4.00x | 7.48x | 3.96x | 7.19x | 5.26x |
| Net Debt / EBITDA | 2.47x | 2.26x | 2.72x | 2.87x | 3.28x | 3.66x | 3.95x | 7.42x | 3.90x | 7.10x | 5.18x |
| Interest Coverage | 19.43x | 19.96x | 15.26x | 12.73x | 15.43x | 10.23x | 7.45x | 3.31x | 1.67x | 1.11x | 1.45x |
| Total Equity | 2.51B | 2.2B | 1.85B | 1.46B | 1.05B | 648.11M | 319.33M | -54.34M | -202.08M | -1.03B | -347.21M |
| Equity Growth % | 96.43% | 18.96% | 26.64% | 39.36% | 61.52% | 102.96% | 687.6% | 73.11% | 80.38% | -196.61% | - |
| Book Value per Share | 19.41 | 16.64 | 13.83 | 10.80 | 7.67 | 4.69 | 2.30 | -0.39 | -1.67 | -7.87 | -2.65 |
| Total Shareholders' Equity | 2.13B | 2.2B | 1.85B | 1.46B | 1.05B | 648.11M | 319.33M | -54.34M | -202.08M | -1.03B | -347.21M |
| Common Stock | 1.28M | 1.3M | 1.49M | 1.48M | 1.46M | 1.45M | 1.43M | 1.41M | 1.38M | 871K | 871K |
| Retained Earnings | 1.34B | 1.2B | 1.7B | 1.17B | 644.49M | 131.31M | -295.34M | -716.37M | -915.11M | -1.04B | -356.76M |
| Treasury Stock | 0 | 0 | -936.36M | -717.76M | -559.22M | -388.67M | -192.62M | -86.41M | -19.11M | 0 | 0 |
| Accumulated OCI | 73K | 73K | 231K | 501K | 1.55M | 1.3M | -20.53M | -26.59M | -11.31M | 2.4M | 2.28M |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
High lease-adjusted leverage
According to the provided balance sheet data, BJ's debt-to-equity ratio has improved significantly from 2.05 in 2023Q4 to 1.14 in 2026Q1, signaling a disciplined approach to capital structure management as the company scales its physical footprint across new geographic markets.
The consistent reduction in the debt-to-equity ratio suggests that management is successfully utilizing retained earnings to fund growth rather than relying exclusively on external financing. This trajectory indicates a strengthening balance sheet that may provide the company with greater resilience against potential economic downturns or competitive pricing pressures.
As reported in financial statements, total debt has remained relatively stable between $2.6 billion and $3.0 billion over the last ten quarters, even as the company aggressively expanded its net PPE from $3.7 billion to $4.5 billion during the same period.
The stability of the debt load despite significant capital investment in new club locations suggests that the company is effectively managing its leverage profile. Investors should monitor whether this debt level remains sustainable if the pace of capital expenditure continues to outstrip internal cash generation.
Based on the company's reported figures, net PPE has grown steadily to $4.5 billion by 2026Q1, representing the vast majority of total assets and underscoring the capital-intensive nature of maintaining a dense, warehouse-style retail footprint on the East Coast.
The high concentration of assets in property and equipment reflects the company's commitment to its physical club model, which serves as a primary barrier to entry for competitors. However, this asset-heavy structure necessitates ongoing maintenance and investment, which may limit the company's ability to pivot toward more capital-light digital strategies.
As indicated by the quarterly balance sheet data, the current ratio has hovered between 0.73 and 0.79 over the last ten quarters, suggesting that the company maintains a lean liquidity buffer relative to its short-term obligations.
While a low current ratio is common in high-turnover retail models where inventory moves rapidly, the persistent sub-1.0 ratio warrants further investigation into the company's working capital management. This tight liquidity position may leave the firm with limited flexibility if unexpected operational disruptions occur.
Analysis of the reported figures reveals that while the debt-to-equity ratio appears to be improving, the company's reliance on an extensive portfolio of operating leases, which are not fully captured in traditional debt metrics, may obscure the true extent of its long-term financial commitments.
Investors should be cautious when interpreting the headline debt-to-equity ratio, as the off-balance-sheet nature of these lease obligations likely represents a significant fixed cost burden. This hidden leverage could potentially amplify the company's sensitivity to regional economic shifts and rising interest rates.
Quick answers to the most common questions about buying BJ stock.
As of 2025, BJ's Wholesale Club Holdings, Inc. (BJ) had total assets of $7.51B including $1.99B in current assets.
BJ's Wholesale Club Holdings, Inc. (BJ) carries total debt of $2.61B, offset by $46.2M in cash and short-term investments. Comparing total debt to cash helps evaluate the company's debt burden and net leverage.
BJ's Wholesale Club Holdings, Inc. (BJ) has total shareholders' equity (book value) of $2.20B ($16.64 book value per share). Book value represents the net worth of the company belonging to common stock holders.
BJ's Wholesale Club Holdings, Inc. (BJ) reported a current ratio of 0.75x. A current ratio above 1.0x indicates that the company has more current assets than current liabilities, suggesting sufficient short-term liquidity.