Latest Ratios: P/E Ratio 27.4x · EV/EBITDA 13.9x · 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 | $1.2B | $889M | $835M | $861M | $624M | $801M | $815M | $782M | $1.1B | $793M | $952M |
| Enterprise Value | $1.7B | $1.4B | $1.3B | $1.4B | $1.1B | $1.3B | $1.4B | $1.4B | $1.2B | $932M | $1.1B |
| P/E Ratio → | 27.40 | 18.19 | 50.20 | 43.91 | 155.18 | — | — | 17.25 | 21.52 | 17.67 | 20.90 |
| P/S Ratio | 0.89 | 0.64 | 0.62 | 0.65 | 0.49 | 0.74 | 1.05 | 0.67 | 0.98 | 0.77 | 0.96 |
| P/B Ratio | 3.66 | 2.43 | 2.26 | 2.36 | 1.81 | 2.40 | 2.77 | 2.69 | 3.53 | 3.06 | 3.46 |
| P/FCF | 30.42 | 21.73 | 33.99 | 124.44 | — | 36.26 | — | 23.10 | 15.17 | 21.83 | 32.84 |
| P/OCF | 11.26 | 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 | 13.93 | 11.03 | 15.08 | 15.95 | 17.44 | 22.90 | — | 11.42 | 9.04 | 8.74 | 8.56 |
| EV / EBIT | 36.95 | 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 | 0.13 | 0.13 | 0.41 | 0.42 | 0.42 | 0.45 | 0.54 | 0.41 | 0.52 | 0.49 | 0.61 |
| Quick Ratio | 0.06 | 0.06 | 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 | 3.6% | 5.5% | 2.0% | 2.3% | 0.6% | — | — | 5.8% | 4.6% | 5.7% | 4.8% |
| FCF Yield | 3.3% | 4.6% | 2.9% | 0.8% | — | 2.8% | — | 4.3% | 6.6% | 4.6% | 3.0% |
| Buyback Yield | 5.4% | 7.6% | 3.0% | 1.3% | 0.4% | 0.0% | 1.8% | 10.6% | 1.9% | 8.4% | 10.0% |
| Total Shareholder Yield | 5.4% | 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 |
California labor cost inflation
Based on current market data, BJRI trades at a TTM P/E of 27.71, which appears elevated relative to its modest growth profile and suggests that investors are pricing in a potential turnaround in unit-level productivity that has yet to materialize in the reported financial results.
The forward EV/EBITDA multiple of 8.93 indicates that the market anticipates a significant expansion in earnings, likely driven by the 'Kitchen of the Future' initiatives. However, given the historical volatility in net margins, this valuation may be overly optimistic if the company fails to achieve sustained operating leverage.
As reported in recent financial statements, BJRI's ROIC has struggled to exceed 2% in most quarters, reflecting a persistent inability to generate returns on invested capital that meaningfully exceed the company's cost of capital, thereby limiting long-term value creation for shareholders.
The low ROIC trend suggests that the large-format restaurant model requires heavy capital reinvestment just to maintain current revenue levels. Investors should monitor whether management can improve asset turnover, as current returns appear insufficient to justify the ongoing capital intensity of the fleet.
According to quarterly filings, BJRI's cash conversion cycle has remained erratic, with significant fluctuations in payables and inventory management that complicate the assessment of true operational efficiency compared to more streamlined casual dining peers like Texas Roadhouse.
The inconsistency in the cash conversion cycle suggests that the company may be using its payables as a temporary liquidity buffer, which is a risky strategy given the thin operating margins. This lack of stability in working capital management warrants further investigation into the underlying procurement processes.
Based on the most recent quarterly data, BJRI's current ratio has declined to 0.31, a level that indicates a high reliance on daily cash inflows to meet short-term obligations and leaves the company with minimal margin for error during periods of economic stress.
This liquidity profile is particularly concerning given the company's high fixed-cost structure and geographic concentration in California. The lack of a robust cash cushion suggests that any sustained disruption in guest traffic could rapidly lead to a liquidity crisis.
The P/E ratio is frequently misapplied to BJRI, as it fails to account for the significant non-cash charges and capital expenditure requirements inherent in maintaining a large-format restaurant fleet, thereby masking the company's true cash-generating capacity and financial health.
Analysts should prioritize EV/EBITDA or free cash flow yield over P/E, as these metrics better capture the impact of the company's debt load and capital intensity. Relying on P/E alone may lead to an overestimation of the firm's earnings quality and its ability to fund future growth.
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 27.4x. The historical average is 45.7x. This places it at the 35th percentile of its historical range.
BJ's Restaurants, Inc.'s current EV/EBITDA is 13.9x. 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 27.4x. This is at the 35th 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.