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

Price$90.99Cached quoteAs of 2026-09-08 14:21 UTC

AI: Fair-priced

Price checkThe shares look fairly priced because today’s valuation already assumes BJ keeps growing steadily.

MarketWatch’s latest regular-session quote values BJ at about 20.4 times trailing earnings of roughly $4.58 per share. Against management’s fiscal 2026 adjusted profit-per-share guidance of $4.60-$4.80, the multiple is about 19.4-20.3 times. Fiscal 2025 free cash flow—cash left after running and investing in the business—was about $328 million, only roughly a 2.8% yield on the quoted market value. That is not cheap, but durable membership income, low debt relative to earnings, and continued per-share growth keep it from looking clearly excessive. The evidence supports Fair-priced, with little margin of safety. (marketwatch.com)

Big pictureSales and earnings keep rising, but expansion spending is absorbing much of the cash growth.

Revenue rose from $15.43 billion in fiscal 2020 to $21.46 billion in fiscal 2025, while net income climbed from $421 million to $578 million. Operating cash flow also reached $1.03 billion. The catch is reinvestment: capital spending rose from $218 million to $702 million, cutting simple free cash flow from about $650 million to $328 million despite higher profit. In the latest half-year, sales at established clubs excluding gasoline rose only 2.3%, showing how fuel demand can make headline growth look much stronger than underlying merchandise demand. (investors.bjs.com)

Business strengthMembership loyalty and a much stronger balance sheet give BJ room to expand and buy shares.

BJ’s balance sheet is much safer than five years ago. Total debt fell from $1.11 billion in fiscal 2020 to $519 million at fiscal 2025 year-end. After recent expansion borrowing, net debt was still only 0.5 times trailing adjusted earnings before interest, taxes and depreciation, a common debt-capacity measure. Fitch gave BJ its first BBB investment-grade rating in May, signaling relatively low credit risk. Membership fees rose 9.9% in the second quarter and membership reached 8.5 million. Buybacks outweighed dilution: diluted shares fell about 3.6% year over year while first-half repurchases totaled $330.7 million. (investors.bjs.com)

What could change the storyFaster new-club returns could create upside, while weak core sales or costly growth would break the case.

The bull case is that new clubs and digital adoption turn today’s heavy spending into faster cash growth. BJ plans 12 openings this fiscal year, digital sales at established clubs rose 30% in the second quarter, and membership hit a record. The bear case is that expansion stays expensive while core demand stays modest: merchandise margin—the share left after merchandise cost—fell about 0.2 percentage points, partly from lower-price investments, and capital spending is guided near $800 million. At roughly twenty times guided earnings, the price needs sustained core growth around 3% or better and recovering cash after expansion spending. (investors.bjs.com)

AI: News

Strong second-quarter beatSecond-quarter results beat expectations, membership hit a record, and higher guidance pushed investor expectations upward.

On August 21, BJ reported 15.7% revenue growth, 3.1% sales growth at established clubs excluding gasoline, 9.9% membership-fee growth, and $1.36 of adjusted profit per share. Management raised full-year adjusted profit-per-share guidance to $4.60-$4.80 while keeping underlying sales-growth guidance at 2%-3%. Shares rose about 5%-6% that day. The reaction is consistent with investors rewarding the earnings beat and better outlook, although a one-day move cannot prove those items were the only cause. (investors.bjs.com)

Core growth disappointedFirst-quarter core sales disappointed despite strong fuel demand, exposing how gasoline can distort headline growth.

On May 22, total sales at established clubs rose 6.3%, but growth excluding gasoline was only 1.5%; net income fell 4.7% to $142.7 million even as adjusted profit per share reached $1.10. MarketWatch reported an 8.4% share-price decline that session and a 10.2% weekly drop. The timing suggests investors focused on weaker underlying merchandise growth and limited crossover from fuel customers into stores, but the market move also reflected broader expectations and cannot be assigned to one factor with certainty. (investors.bjs.com)

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Financial statements

	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
Revenue	$21.46B	$20.50B	$19.97B	$19.32B	$16.67B	$15.43B	$13.19B	$13.01B	$12.75B	$12.35B
Gross profit	$4.00B	$3.76B	$3.64B	$3.43B	$3.08B	$2.98B	$2.43B	$2.36B	$2.24B	$2.13B
Gross margin	18.64%	18.36%	18.24%	17.77%	18.47%	19.31%	18.40%	18.15%	17.57%	17.23%
Operating expenses	$3.18B	$2.99B	$2.84B	$2.69B	$2.46B	$2.34B	$2.07B	$2.06B	$2.02B	$1.91B
Operating income	$816.6M	$772.2M	$800.4M	$738.0M	$617.3M	$642.4M	$352.2M	$303.5M	$220.3M	$216.0M
Operating margin	3.81%	3.77%	4.01%	3.82%	3.70%	4.16%	2.67%	2.33%	1.73%	1.75%
EBITDA	$1.11B	$1.03B	$1.03B	$938.9M	$797.9M	$809.8M	$509.2M	$465.7M	$384.3M	$394.3M
EBITDA margin	5.15%	5.04%	5.15%	4.86%	4.79%	5.25%	3.86%	3.58%	3.01%	3.19%
Net income	$578.4M	$534.4M	$523.7M	$513.2M	$426.7M	$421.0M	$187.2M	$127.3M	$50.3M	$44.2M
Net profit margin	2.70%	2.61%	2.62%	2.66%	2.56%	2.73%	1.42%	0.98%	0.39%	0.36%
Basic EPSper basic share	$4.41	$4.04	$3.94	$3.83	$3.15	$3.09	$1.37	$1.09	$0.57	$0.50
Diluted EPSper diluted share	$4.38	$4.00	$3.88	$3.76	$3.09	$3.03	$1.35	$1.05	$0.54	$0.48

Review official source filings ↗

Owners

Reported shareholders

Reference date Jun 30, 2026

Reported holdings Number of shares

View holders

Top 20 reported holders of BJ
Holder	Shares held
Eddy Robert W.	292.33K
Felice Laura L.	109.39K
Cichocki Paul	105.24K
Desroches Jeff	58.45K
Werner William C.	57.73K
Morningstar Timothy Pierce	38.78K
Parent Kenneth M.	28.3K
Peterson Christopher H	26.41K
Schwartz Monica	23.57K
Naylor Maile	22.23K
Gloeckler Michelle J.	22.23K
Schmadeke Scott	20.47K
Harve Anjana	18.69K
Steele Robert Allan	18.49K
Luce Graham	18.19K
McGrail Joseph	14.77K
Ortega Steven L	14.67K
Brown Darryl	14.29K
Robinson Cathy Marie	8.4K
Burwick David A	5.98K

Bars compare reported share counts. A matching total for this share class and reporting period is unavailable, so percentages are not shown.

Source: SEC Form 4 ↗Updated Sep 29, 2026 · Quarterly data

Insider buys & sells

Jul 1, 2024–Jun 30, 2026

Buys3$598.8K disclosed value

Sells (SEC code S)82$84.91M disclosed value

Transaction	Insider	Type	Shares	Price	Value	Owned after
Jun 15, 2026Form 4 · 10b5-1	Eddy Robert W.President & CEO	SellCommon Stock	1.4K	$91.35	$127.9K	290.3K
Jun 15, 2026Form 4 · 10b5-1	Eddy Robert W.President & CEO	SellCommon Stock	6.6K	$90.21	$595.4K	291.7K
Jun 10, 2026Form 4	Schmadeke ScottEVP, Chief Operations Officer	SellCommon Stock	16.5K	$92.17	$1.52M	20.5K
May 15, 2026Form 4 · 10b5-1	Eddy Robert W.President & CEO	SellCommon Stock	2.5K	$96.60	$237.3K	298.3K
May 15, 2026Form 4 · 10b5-1	Eddy Robert W.President & CEO	SellCommon Stock	5.5K	$95.91	$531.6K	300.8K

Review ownership filings at SEC.gov ↗

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

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