Latest Ratios: P/E Ratio 28.5x · EV/EBITDA 14.3x · ROE 13.3%. (1996–2025 historical series)
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $1.3B | $889M | $835M | $861M | $624M | $801M | $815M | $782M | $1.1B | $793M | $952M |
| Enterprise Value | $1.8B | $1.4B | $1.3B | $1.4B | $1.1B | $1.3B | $1.4B | $1.4B | $1.2B | $932M | $1.1B |
| P/E Ratio → | 28.49 | 18.19 | 50.20 | 43.91 | 155.18 | — | — | 17.25 | 21.52 | 17.67 | 20.90 |
| P/S Ratio | 0.92 | 0.64 | 0.62 | 0.65 | 0.49 | 0.74 | 1.05 | 0.67 | 0.98 | 0.77 | 0.96 |
| P/B Ratio | 3.80 | 2.43 | 2.26 | 2.36 | 1.81 | 2.40 | 2.77 | 2.69 | 3.53 | 3.06 | 3.46 |
| P/FCF | 31.62 | 21.73 | 33.99 | 124.44 | — | 36.26 | — | 23.10 | 15.17 | 21.83 | 32.84 |
| P/OCF | 11.70 | 8.04 | 8.23 | 8.14 | 12.21 | 12.46 | 20.09 | 6.74 | 8.21 | 7.40 | 6.88 |
P/E links to full P/E history page with 30-year chart
Enterprise-value multiples — capital-structure-neutral measures of total business value
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 0.97 | 0.96 | 1.01 | 0.88 | 1.18 | 1.76 | 1.19 | 1.04 | 0.90 | 1.09 |
| EV / EBITDA | 14.33 | 11.03 | 15.08 | 15.95 | 17.44 | 22.90 | — | 11.42 | 9.04 | 8.74 | 8.56 |
| EV / EBIT | 38.01 | 26.08 | 95.26 | 90.04 | — | — | — | 27.16 | 18.78 | 21.17 | 16.58 |
| EV / FCF | — | 33.15 | 53.30 | 195.28 | — | 58.29 | — | 40.86 | 16.08 | 25.67 | 37.16 |
Margins and return-on-capital ratios measuring operating efficiency
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 74.7% | 74.7% | 74.2% | 13.3% | 11.3% | 11.9% | 7.2% | 16.0% | 17.4% | 16.7% | 19.3% |
| Operating Margin | 3.3% | 3.3% | 1.0% | 1.0% | -0.4% | -1.5% | -11.1% | 4.2% | 5.2% | 3.7% | 6.2% |
| Net Profit Margin | 3.5% | 3.5% | 1.2% | 1.5% | 0.3% | -0.3% | -7.4% | 3.9% | 4.5% | 4.3% | 4.6% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 13.3% | 13.3% | 4.5% | 5.5% | 1.2% | -1.1% | -19.8% | 15.1% | 17.9% | 16.8% | 15.4% |
| ROA | 4.7% | 4.7% | 1.5% | 1.6% | 0.4% | -0.3% | -5.0% | 4.7% | 7.4% | 6.4% | 6.6% |
| ROIC | 4.1% | 4.1% | 1.2% | 1.2% | -0.5% | -1.5% | -7.4% | 5.8% | 11.2% | 7.1% | 11.8% |
| ROCE | 5.5% | 5.5% | 1.5% | 1.3% | -0.6% | -1.9% | -8.8% | 6.1% | 10.4% | 6.6% | 10.7% |
Solvency and debt-coverage ratios — lower is generally safer
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 1.34 | 1.34 | 1.35 | 1.42 | 1.54 | 1.57 | 2.08 | 2.15 | 0.31 | 0.63 | 0.54 |
| Debt / EBITDA | 3.99 | 3.99 | 5.77 | 6.13 | 8.21 | 9.34 | — | 5.15 | 0.74 | 1.53 | 1.18 |
| Net Debt / Equity | — | 1.28 | 1.28 | 1.34 | 1.47 | 1.46 | 1.90 | 2.07 | 0.21 | 0.54 | 0.46 |
| Net Debt / EBITDA | 3.80 | 3.80 | 5.47 | 5.79 | 7.82 | 8.65 | — | 4.96 | 0.51 | 1.31 | 0.99 |
| Debt / FCF | — | 11.42 | 19.31 | 70.84 | — | 22.03 | — | 17.76 | 0.91 | 3.83 | 4.32 |
| Interest Coverage | 10.95 | 10.95 | 2.51 | 3.05 | -1.88 | -2.83 | -11.71 | 11.04 | 12.74 | 9.78 | 37.56 |
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 0.40 | 0.40 | 0.41 | 0.42 | 0.42 | 0.45 | 0.54 | 0.41 | 0.52 | 0.49 | 0.61 |
| Quick Ratio | 0.33 | 0.33 | 0.34 | 0.35 | 0.36 | 0.40 | 0.48 | 0.34 | 0.45 | 0.41 | 0.53 |
| Cash Ratio | 0.13 | 0.13 | 0.13 | 0.15 | 0.13 | 0.19 | 0.29 | 0.14 | 0.19 | 0.20 | 0.18 |
| Asset Turnover | — | 1.38 | 1.30 | 1.09 | 1.06 | 1.05 | 0.73 | 0.94 | 1.61 | 1.51 | 1.40 |
| Inventory Turnover | 26.96 | 26.96 | 27.46 | 87.24 | 95.83 | 82.68 | 67.67 | 87.89 | 91.00 | 81.78 | 80.89 |
| Days Sales Outstanding | — | 4.80 | 5.49 | 5.33 | 8.13 | 9.76 | 11.08 | 6.98 | 10.19 | 4.90 | 5.40 |
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | — | — | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 1.3% | 0.9% | 0.3% | — |
| Payout Ratio | — | — | 0.1% | 0.2% | 2.5% | — | — | 22.1% | 18.7% | 5.1% | — |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 3.5% | 5.5% | 2.0% | 2.3% | 0.6% | — | — | 5.8% | 4.6% | 5.7% | 4.8% |
| FCF Yield | 3.2% | 4.6% | 2.9% | 0.8% | — | 2.8% | — | 4.3% | 6.6% | 4.6% | 3.0% |
| Buyback Yield | 5.2% | 7.6% | 3.0% | 1.3% | 0.4% | 0.0% | 1.8% | 10.6% | 1.9% | 8.4% | 10.0% |
| Total Shareholder Yield | 5.2% | 7.6% | 3.0% | 1.3% | 0.4% | 0.0% | 1.9% | 11.9% | 2.7% | 8.7% | 10.0% |
| Shares Outstanding | — | $23M | $24M | $24M | $24M | $23M | $21M | $21M | $22M | $22M | $24M |
Includes 30+ ratios · 30 years · Updated daily
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Quick answers to the most common questions about buying BJRI stock.
BJ's Restaurants, Inc.'s current P/E ratio is 28.5x. The historical average is 45.7x. This places it at the 38th percentile of its historical range.
BJ's Restaurants, Inc.'s current EV/EBITDA is 14.3x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 14.6x.
BJ's Restaurants, Inc.'s return on equity (ROE) is 13.3%. The historical average is 6.0%.
Based on historical data, BJ's Restaurants, Inc. is trading at a P/E of 28.5x. This is at the 38th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
BJ's Restaurants, Inc. has 74.7% gross margin and 3.3% operating margin.
BJ's Restaurants, Inc.'s Debt/EBITDA ratio is 4.0x, indicating high leverage. A ratio between 2-4x is manageable but warrants monitoring.
Key Metrics
Top Statement Risk
California labor cost inflation
Metrics are mathematically derived from official filings.
Margin Recovery Masks Structural Shift
Gross margin swung from 74.3% in 2025Q3 to 17.2% in 2026Q2, yet operating margin improved to 5.0%, suggesting a new cost structure, as per reported financials.
The dramatic gross margin decline appears to reflect a reclassification of costs, likely from COGS to operating expenses, rather than a true deterioration in pricing power. Operating margin expansion from 3.3% in 2025Q4 to 5.0% in 2026Q2 indicates that the 'Kitchen of the Future' initiatives may be driving labor efficiencies, though the sustainability of this margin level remains unproven. Investors should monitor whether the 17.2% gross margin stabilizes or if further volatility emerges.
Return on Capital Inflecting Higher
ROIC improved from -0.1% in 2025Q3 to 1.8% in 2026Q2, while ROE rose to 4.9%, indicating a recovery from prior losses, based on reported figures.
The positive inflection in ROIC and ROE suggests that the company is beginning to generate returns above its cost of capital, though the absolute levels remain low relative to peers like TXRH (ROIC 14.5%). The improvement appears driven by margin expansion rather than asset efficiency, as asset turnover has only modestly increased from 0.32 to 0.39. Given the capital-intensive large-format model, sustained ROIC improvement will require continued sales growth and cost discipline.
Working Capital Efficiency Improves
Cash conversion cycle turned negative to -5 days in 2026Q2, driven by DPO of 13 days and minimal DSO, indicating efficient working capital management, as per financial statements.
The negative CCC suggests that BJRI is collecting cash from sales before paying suppliers, a favorable position that reduces the need for external financing. However, the improvement is partly due to a sharp reduction in DIO from 13 days in 2025Q3 to 4 days in 2026Q2, which may reflect tighter inventory management or a shift in product mix. Asset turnover remains low at 0.39, highlighting the inherent capital intensity of the large-format model, but the working capital efficiency provides some offset.
Leverage Eases but Lease Burden Looms
Debt-to-equity improved to 1.09 in 2026Q2 from 1.34 in 2025Q4, with interest coverage at 24.5x, yet reported leverage excludes operating leases, as per balance sheet data.
The reduction in total debt from $500.6M to $434.7M over the past six quarters indicates a deliberate deleveraging, supported by strong operating cash flow. Interest coverage of 24.5x suggests that debt service is currently comfortable, but this metric could deteriorate if EBITDA normalizes. The reported D/E of 1.09 likely understates true leverage because operating lease liabilities are not capitalized; adjusting for these could reveal a more strained balance sheet, warranting caution.
Thin Liquidity Buffer Raises Concern
Current ratio fell to 0.29 in 2026Q2, with cash of only $14.4M against total liabilities of $594.4M, indicating a tight liquidity position, as reported in financial statements.
The current ratio of 0.29 is extremely low, suggesting that BJRI may struggle to meet short-term obligations without relying on operating cash flow or additional financing. However, the negative cash conversion cycle and consistent positive operating cash flow mitigate some of this risk. The company's ability to generate cash from operations is critical, and any disruption in sales or margins could quickly strain liquidity, given the minimal cash buffer.
Gross Margin Misleads in This Model
The reported gross margin of 17.2% in 2026Q2 appears to understate true product profitability, as the 74.3% figure in 2025Q3 likely reflected a different cost classification, per financial data.
Analysts commonly misapply gross margin as a measure of core profitability for restaurant chains, but for BJRI, the volatility in this metric suggests a reclassification of costs between COGS and operating expenses, possibly due to the integration of brewery operations. A more reliable measure is restaurant-level operating margin or EBITDA margin, which smooths out these classification shifts. Investors should focus on operating margin trends, which have improved to 5.0%, rather than the headline gross margin, to assess true earning power.