Bj’s Wholesale Club BJ

NYSE · Retail-Variety Stores · $14.2B

$111.26+0.32%Nov 5 close · Databento

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BJ Wire Story Reactions & EOD Technical StudyDaily closes (Databento EOD) pinned with every AlgoThesis Wire story (dot colour = next trading day close) and SEC filing

Nov 5, 2026CLOSE $111.261D +0.32%3M +15.65%SMA20 $104.87SMA50 $97.70RSI(14) 71.0

111.26

RSI (14, Wilder EOD) · 70 Overbought / 30 OversoldRSI 71.0

Data provided by Databento (end of day). Next close = the first close after a story against the close before it; official daily closes only, not a call, not advice.

The numbers

fiscal 2026, as filed with the SEC · 66-metric EOD snapshot via Databento

Market cap$14.2B

EV / True FCF52.1x

Revenue$21.5B +4.7%

True FCF (ex-SBC)$280.8M +4.8%

Rule of 406.2%

ROIC22.8%

True FCF Yield2.0%

EPS, diluted$4.38 +9.5%

Modern Valuation (EOD)

Market Cap$14.2B

Enterprise Value$14.6B

EV / True FCF52.11

EV / FCF44.62

EV / Gross Profit—

EV / EBIT17.92

EV / Sales0.68

P / E (GAAP)24.50

P / FCF43.17

P / Oper. CF13.75

P / Book6.44

Owner & Cash Yields

True FCF Yield2.0%

FCF Yield2.3%

Owner Earn. Yield0.8%

Earnings Yield4.1%

Shareholder Yield+1.7%

Buyback Yield2.0%

Dividend Yield—

Dividend / sh—

Payout Ratio0%

FCF / sh$2.60

EPS (diluted)$4.38

Compounder & Returns

Rule of 406.2%

ROIC22.8%

Cash ROIC (CROIC)12.3%

GP / Assets—

ROE26.3%

ROA7.7%

Gross Margin—

Oper. Margin3.8%

Net Margin2.7%

FCF Margin1.5%

True FCF Margin1.3%

Quality & Dilution

Cash Conversion57%

Accrual Ratio−6.0%

SBC % of FCF14.4%

SBC % of Rev0.2%

Reinvest. Rate68%

Sales Growth Y/Y+4.7%

Sales 3Y CAGR+3.6%

EPS Growth Y/Y+9.5%

FCF Growth Y/Y+4.8%

FCF 3Y CAGR−5.6%

Share Change Y/Y−1.2%

Balance Sheet & Scale

Revenue (FY)$21.5B

Gross Profit (FY)—

Oper. Income (FY)$816.6M

GAAP Net Income$578.0M

True FCF (ex-SBC)$280.8M

Cash & Equiv$46.2M

Total Debt$519.1M

Net Cash (Debt)$-472.9M

Net Cash % MCap−3.3%

Debt / FCF (yrs)1.6y

Current Ratio0.75126.31M sh

Price & Technicals (EOD)

Perf Week+5.55%

Perf Month+16.02%

Perf Quarter+15.32%

Perf Half Y+17.95%

Perf YTD+18.98%

SMA 20 Dist+6.10%$104.87

SMA 50 Dist+13.88%$97.70

SMA 100 Dist+17.36%$94.80

Window High0.00%$111.26

Window Low+32.74%$83.82

RSI (14) · Vol71.026%v

Income Distribution & Cash Flow ConversionHow every dollar of BJ revenue flows through cost of goods, operating expenses, taxes, GAAP net income, and dilution-adjusted free cash flow

Where Every $100 of Revenue Goes (FY2026)

Cost of Revenue (COGS)$17.5B ($81.4 / $100)

SG&A & Other OpEx$3.2B ($14.8 / $100)

Tax & Non-Operating$238.6M ($1.1 / $100)

Net Profit Kept$578.0M ($2.7 / $100)

Earnings Quality: GAAP Profit → True Owner Cash (FY2026)

GAAP Net Income$578.0M (2.7% margin)

Operating Cash Flow (OCF)$1.0B(4.8% of rev)

Less: Capital Expenditures−$702.0M(3.3% of rev)

Standard Free Cash Flow (FCF)$328.0M(1.5% margin)

Less: Stock-Based Comp (SBC)−$47.2M(14.4% of FCF)

True FCF (Owner Cash ex-SBC)$280.8M(1.3% of rev)

Revenue by fiscal year

Operating leverage — margins

GrossOperatingNet

Line Item (USD)	FY2022	FY2023	FY2024	FY2025	FY2026	YoY Δ	4Y CAGR
Income Statement
Revenue	$16.7B	$19.3B	$20.0B	$20.5B	$21.5B	+4.7%	+6.5%
Cost of Revenue (COGS)	$13.6B	$15.9B	$16.3B	$16.7B	$17.5B	+4.3%	+6.5%
Selling, General & Admin (SG&A)	$2.4B	$2.7B	$2.8B	$3.0B	$3.2B	+6.4%	+6.6%
Operating Income (EBIT)	$617.3M	$738.0M	$800.4M	$772.2M	$816.6M	+5.7%	+7.2%
Income Tax Expense	$131.1M	$176.3M	$212.2M	$186.4M	$195.8M	+5.0%	+10.5%
GAAP Net Income	$427.0M	$513.0M	$524.0M	$534.0M	$578.0M	+8.2%	+7.9%
Diluted EPS	$3.09	$3.76	$3.88	$4.00	$4.38	+9.5%	+9.1%
Diluted Shares	138.0M	136.5M	135.1M	133.6M	132.1M	−1.2%	−1.1%
Balance Sheet
Cash & Equivalents	$45.4M	$33.9M	$36.0M	$28.3M	$46.2M	+63.6%	+0.4%
Inventory	$1.2B	$1.4B	$1.5B	$1.5B	$1.6B	+3.1%	+5.8%
Total Current Assets	$1.5B	$1.7B	$1.8B	$1.9B	$2.0B	+5.9%	+7.0%
Total Assets	$5.7B	$6.3B	$6.7B	$7.1B	$7.5B	+6.3%	+7.3%
Total Current Liabilities	$2.0B	$2.5B	$2.5B	$2.5B	$2.7B	+5.4%	+7.5%
Total Debt (Short + Long Term)	$748.6M	$852.9M	$717.4M	$573.8M	$519.1M	−9.5%	−8.7%
Total Liabilities	$5.8B	$5.8B	$5.8B	$5.2B	$5.3B	+1.8%	−2.1%
Stockholders' Equity	$648.1M	$1.0B	$1.5B	$1.8B	$2.2B	+19.0%	+35.7%
Net Cash / (Net Debt)	$-703.1M	$-819.0M	$-681.4M	$-545.5M	$-472.9M	+13.3%	—
Invested Capital	$1.4B	$1.9B	$2.1B	$2.4B	$2.7B	+11.6%	+18.6%
Cash Flow & Capital Allocation
Operating Cash Flow (OCF)	$831.7M	$788.2M	$718.9M	$900.9M	$1.0B	+14.3%	+5.5%
Depreciation & Amortization (D&A)	$180.5M	$200.9M	$227.7M	$262.1M	$288.6M	+10.1%	+12.4%
Stock-Based Compensation (SBC)	$53.8M	$42.6M	$39.0M	$47.8M	$47.2M	−1.3%	−3.2%
Capital Expenditures (CapEx)	$323.6M	$397.8M	$467.1M	$588.0M	$702.0M	+19.4%	+21.4%
Free Cash Flow (FCF)	$508.1M	$390.4M	$251.8M	$312.9M	$328.0M	+4.8%	−10.4%
True FCF (ex-SBC Owner Cash)	$454.2M	$347.7M	$212.8M	$265.1M	$280.8M	+5.9%	−11.3%
Share Repurchases (Buybacks)	$194.3M	$172.3M	$155.2M	$219.6M	$286.8M	+30.6%	+10.2%
Dividends Paid	$25,000	$25,000	$25,000	$25,000	$25,000	+0.0%	+0.0%

Fundamentals, income distribution and multi-year statements from SEC EDGAR filings (public domain). Valuation multiples, performance and technicals computed from Databento 1D EOD closes. For information only, not investment advice.

On the Wire

what BJ did at the next close after each story

No Wire story has named BJ yet.

What happened · big days

8 big days in a year, and what we hold on each

A big day is a close more than 3.97% from the one before, three times BJ’s median day (1.32%). On 1 of the 8, its peer group moved the same way at least half as far. We show what we hold. We never name a cause.

every other trading daya big day, numbered in the list below±3.97%Hover a bar for its day. Click a big day to open it.

Shaded: since our stories began, Jun 10. Tap a bar for its day.

#DayBJWhat we hold that dayGroup (median of 4) · each

1 Nov 24, 2025−3.97%
Before our storiesgroup −1.3%, did not move with it
1Nov 24, 2025−3.97%
Before our stories
−1.3% did not move with itTGT −3.5 · COST −1.4 · WMT −1.2 · DG −0.0
2 Jan 28, 2026−4.06%
Before our storiesgroup −1.4%, did not move with it
2Jan 28, 2026−4.06%
Before our stories
−1.4% did not move with itTGT −2.3 · DG −1.8 · COST −1.0 · WMT −0.3
3 Mar 12, 2026+5.64%
Before our storiesgroup −0.7%, did not move with it
3Mar 12, 2026+5.64%
Before our stories
−0.7% did not move with itWMT +1.5 · COST +1.1 · TGT −2.5 · DG −6.1
4 May 22, 2026−8.25%
Resultsgroup −0.7%, did not move with it
4May 22, 2026−8.25%
ResultsFirst close after the May 22 results filing
−0.7% did not move with itCOST −2.1 · WMT −0.9 · TGT −0.4 · DG +0.5
5 Aug 21, 2026+5.61%
Resultsgroup +1.9%, did not move with it
5Aug 21, 2026+5.61%
ResultsFirst close after the Aug 21 results filing
+1.9% did not move with itTGT +4.5 · DG +2.4 · COST +1.5 · WMT −0.1
6 Aug 25, 2026−4.18%
Nothing on BJgroup −1.7%, did not move with it
6Aug 25, 2026−4.18%
Nothing on BJNo BJ story, brief or results filing in our record that day
−1.7% did not move with itTGT −3.8 · DG −2.2 · COST −1.2 · WMT −1.0
7 Sep 14, 2026+4.18%
Nothing on BJgroup +1.8%, did not move with it
7Sep 14, 2026+4.18%
Nothing on BJNo BJ story, brief or results filing in our record that day
+1.8% did not move with itDG +3.7 · TGT +1.8 · WMT +1.8 · COST +1.6
8 Oct 22, 2026+4.12%
Nothing on BJgroup +3.3%, moved with BJ
8Oct 22, 2026+4.12%
Nothing on BJNo BJ story, brief or results filing in our record that day
+3.3% moved with BJDG +5.3 · TGT +3.8 · WMT +2.8 · COST +2.0

A story on the same day is not a cause, and a group move is not proof either. Group: the median of WMT, COST, TGT and DG that day, the largest companies in BJ’s SEC industry; “moved with BJ” means the same direction and at least half the size.

What’s next · results

Before the next report: what the first day after the last four did

Six trading days after each results filing (SEC 8-K, Item 2.02). BJ reports before the open, so day 1 is that day’s close. 2 of 4 times, day 6 ended on the same side as day 1.

Reported Nov 21, 2025

day 1+1.13%day 6−2.17%

Reported Mar 5, 2026

day 1−1.51%day 6−1.20%

Reported May 22, 2026

day 1−8.25%day 6−6.77%

Reported Aug 21, 2026

day 1+5.61%day 6−0.77%

Next report: expected mid-to-late NovemberEstimated from the dates of its last four results filings. Not announced. Since the Aug 21 report: +21.86%. Four reports is a small sample.

Every report since 2022 →

Each line is BJ’s close against its close before the filing, on licensed end-of-day closes. What happened after each report, not a forecast; a move on the day is not a cause.

Same industry

BJ against four retail peers, a year at 100

BJ is up 21.7% in a year. Target is up 78.8%, Dollar General 39.1% and Walmart 25.9%. Of these four, only Costco (+13.4%) did less. Weekly closes, Nov 7, 2025 = 100, on a log scale, so the same percentage move is the same height on every line.

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BJ +21.7%. Target +78.8%, Dollar General +39.1%, Walmart +25.9%, Costco +13.4%. Weekly closes, Nov 7, 2025 = 100, log scale.

Share this chart

End-of-day closes (Databento EOD), the last close of each week. The four peers are the largest US-listed companies by market value in BJ’s SEC industry (Retail-Variety Stores) with a year of closes. It shows what the closes did; a move here is not a cause, a forecast or a call.

The Wire at 7 AM ET, free. Top stories with a bull and a bear case on each, every morning. No account needed.

WMT	Walmart	$1.03T	−1.12%
COST	Costco	$464.1B	+1.83%
TGT	Target	$74.1B	−3.16%
DG	Dollar General	$31.2B	−2.57%
DLTR	Dollar Tree	$28.2B	−6.16%
FIVE	Five Below	$13.9B	−4.27%
OLLI	Ollie's Bargain Outlet	$5.7B	−1.18%
PSMT	Pricesmart	$5.1B	−1.60%