BJ's Wholesale Club Holdings, Inc. BJ
NYSEDiscount and grocery retailFinancials to Aug 1, 2026 · Updated Nov 11, 2026
Moat ranks
Balance sheet
| $B | Feb '25 | Jan '26 |
|---|---|---|
| Cash | 0.0 | 0.0 |
| Securities | 0.0 | 0.0 |
| Debt | 0.6 | 0.6 |
| Net cash | -0.6 | -0.6 |
| Equity | 1.8 | 2.2 |
- Debt / EBITDA
- 0.52×
- Debt / equity
- 0.27×
- Leases (1/31/26)
- $2.1B
- Diluted shares
- 128M
- Book value / share
- $17.20
- Price / book
- 6.3×
- Net cash / share
- −$4.32
- Market cap
- $13.9B
- Enterprise value
- $14.5B
Per-share record
Key indicators
| Indicator | Latest | Vs year ago | Last 8 quarters |
|---|---|---|---|
| Revenue growth | 15.7% | +12.4 pts | |
| Operating margin | 4.1% | +0.0 pts | |
| FCF margin | 2.3% | +0.7 pts | |
| Capex / revenue | 4.1% | +1.1 pts | |
| Membership fee income | $136M | +10% | |
| Comparable club sales excluding gasoline growth | +3% | +1 pts | |
| Paid members | ~8.5M | – | |
| Warehouse clubs at quarter end | 267 | +5% | |
| Digitally enabled comparable sales growth | +30% | – | – |
Margins and growth from reported quarters; company KPIs as reported in results releases.
About BJ
BJ's sells groceries, household goods and gasoline through paid warehouse clubs in the United States. Fiscal 2025 revenue was $21.46 billion, including $499.8 million of membership fees.
- Scale Economies Unit Cost
Warehouse-club operating model (direct purchasing, high-volume turns, low-frills operations) supports structurally lower unit costs vs traditional retail formats.
- Physical Network Density
Dense club footprint in core markets (especially New England) supports convenience, local awareness, and distribution efficiency.
- Brand Trust
Private label brands (Wellsley Farms, Berkley Jensen) increase differentiation and margin, supporting member value perception and repeat purchasing.
- Float Prepayment
Annual memberships collect cash before access is provided.
- Sep 23, 2026
BJ's announced that its second Alabama club in Foley would open September 25, adding access in the Southeast; the announcement does not establish mature-club returns.
- Sep 14, 2026
BJ's committed to a leverage target below 1.0 times adjusted EBITDA, excluding leases, and intends to move to unsecured debt; the policy limits borrowing but does not remove lease commitments.
- Sep 4, 2026
BJ's settled credit-card interchange litigation and expects about $240 million of pretax benefit in Q3; this can fund investment but is not recurring retail income.
- Aug 21, 2026
BJ's raised fiscal 2026 adjusted EPS guidance to $4.60 to $4.80 after Q2 fee growth of 9.9%; merchandise margin still fell about 20 basis points.
- Aug 21, 2026
BJ's announced a planned Tyler, Texas club, extending expansion into a market where larger warehouse clubs already compete.
Ownership
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On this page
Financial record
| Fiscal year | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | TTM | Trend | Change 2017–26 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Per share ($) | |||||||||||||
| Revenue | 136.11 | 138.24 | 107.38 | 94.82 | 111.11 | 120.74 | 141.53 | 147.79 | 153.45 | 162.47 | 178.58 | +2.0%/yr | |
| Cash flow | 3.28 | 2.28 | 3.53 | 2.55 | 6.25 | 6.02 | 5.78 | 5.32 | 6.74 | 7.80 | 8.72 | +10.1%/yr | |
| Earnings | 0.49 | 0.56 | 1.05 | 1.35 | 3.03 | 3.09 | 3.77 | 3.88 | 4.00 | 4.38 | 4.65 | +27.5%/yr | |
| Free cash flow | 2.01 | 0.79 | 2.32 | 1.14 | 4.68 | 3.68 | 2.86 | 1.86 | 2.34 | 2.48 | 2.17 | +2.4%/yr | |
| Capex | 1.26 | 1.49 | 1.20 | 1.42 | 1.57 | 2.34 | 2.91 | 3.46 | 4.40 | 5.32 | 6.54 | +17.3%/yr | |
| Dividends | 0.00 | 7.97 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | -4.1%/yr | |
| Book value | -3.83 | -11.16 | -1.67 | -0.39 | 2.30 | 4.69 | 7.67 | 10.80 | 13.83 | 16.64 | 17.20 | – | |
| Diluted shares (M) | 91 | 92 | 121 | 139 | 139 | 138 | 136 | 135 | 134 | 132 | 128 | +4.3%/yr | |
| Totals ($B) | |||||||||||||
| Revenue | 12.4 | 12.8 | 13.0 | 13.2 | 15.4 | 16.7 | 19.3 | 20.0 | 20.5 | 21.5 | 22.8 | +6.3%/yr | |
| Operating income | 0.2 | 0.2 | 0.3 | 0.4 | 0.6 | 0.6 | 0.7 | 0.8 | 0.8 | 0.8 | 0.9 | +15.9%/yr | |
| Net income | 0.0 | 0.1 | 0.1 | 0.2 | 0.4 | 0.4 | 0.5 | 0.5 | 0.5 | 0.6 | 0.6 | +32.9%/yr | |
| Free cash flow | 0.2 | 0.1 | 0.3 | 0.2 | 0.7 | 0.5 | 0.4 | 0.3 | 0.3 | 0.3 | 0.3 | +6.7%/yr | |
| Buybacks | 0.0 | 0.0 | 0.0 | – | 0.1 | 0.2 | 0.2 | 0.1 | 0.2 | 0.3 | 0.5 | +77.7%/yr | |
| Dividends | 0.0 | 0.7 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0%/yr | |
| Net cash | -2.0 | -2.7 | -1.8 | -1.7 | -1.1 | -0.7 | -0.8 | -0.7 | -0.6 | -0.6 | – | +$1.4B | |
| Margins & returns (%) | |||||||||||||
| Gross margin | 17.2 | 17.6 | 18.2 | 18.4 | 19.3 | 18.5 | 17.8 | 18.2 | 18.4 | 18.6 | 18.2 | +1.4 pts | |
| Operating margin | 1.7 | 1.7 | 2.3 | 2.7 | 4.2 | 3.7 | 3.8 | 4.0 | 3.8 | 3.8 | 3.8 | +2.1 pts | |
| Net margin | 0.4 | 0.4 | 1.0 | 1.4 | 2.7 | 2.6 | 2.7 | 2.6 | 2.6 | 2.7 | 2.6 | +2.3 pts | |
| FCF margin | 1.5 | 0.6 | 2.2 | 1.2 | 4.2 | 3.0 | 2.0 | 1.3 | 1.5 | 1.5 | 1.2 | +0.0 pts | |
| ROIC | 9.7 | 9.8 | 14.2 | 16.2 | – | – | – | 27.0 | 23.2 | 21.8 | – | +12.1 pts | |
| Return on equity | – | – | – | – | – | – | – | – | – | 26.3 | – | – | – |
| Stock pay % of revenue | 0.1 | 0.1 | 0.4 | 0.1 | 0.2 | 0.3 | 0.2 | 0.2 | 0.2 | 0.2 | 0.2 | +0.1 pts | |
| Capex % of revenue | 0.9 | 1.1 | 1.1 | 1.5 | 1.4 | 1.9 | 2.1 | 2.3 | 2.9 | 3.3 | 3.7 | +2.3 pts | |
Change uses 2017 and 2026 only: compound annual growth for amounts, points for margins and returns, and the change in amount for net cash. A dash means no 2017 base. Trend shows the fiscal years.
Moat
Moat scorecard
- Strength
- Confidence
- Structure
- Oligopoly
- Durability
- durable
- Trajectory
- stable
- Pricing power
- weak
- Merchandise and Gasoline Sales97.7%3 claims
- Membership Fee Income2.3%2 claims
Moat claims
- Applies to
- Merchandise and Gasoline Sales
- Confidence
- Durability
- durable
- Trajectory
- stableas of Oct 8, 2026
Warehouse-club operating model (direct purchasing, high-volume turns, low-frills operations) supports structurally lower unit costs vs traditional retail formats.
Q2 merchandise comparable sales rose 3.1%, but merchandise margin fell about 20 basis points as BJ's invested in prices; this does not show a wider cost advantage.
- Warehouse clubs263+5%
- Comparable club sales excluding gasoline growth+3%
- Warehouse clubs at quarter end267+5%
- Price wars led by larger rivals (Costco/Sam's)
- Labor, shrink, and freight inflation compressing cost advantage
- E-commerce substitution for general merchandise
- FilingForm 10-K (FY ended 2026-01-31) - Industry OverviewMar 12, 2026
- FilingForm 10-K (FY ended 2026-01-31) - CompetitionMar 12, 2026
- Applies to
- Merchandise and Gasoline Sales
- Confidence
- Durability
- medium
- Trajectory
- stableas of Oct 8, 2026
Dense club footprint in core markets (especially New England) supports convenience, local awareness, and distribution efficiency.
The chain reached 267 clubs at August 1, 2026, up from 263 at fiscal year end; new states add reach, while no new evidence shows the near-threefold New England density lead increased.
- Warehouse clubs263+5%
- Comparable club sales excluding gasoline growth+3%
- Warehouse clubs at quarter end267+5%
- Competitor expansion into BJ's core regions
- Traffic diversion to e-commerce and delivery
- Real estate constraints and permitting delays
- FilingForm 10-K (FY ended 2026-01-31) - Core New England footprintMar 12, 2026
- FilingForm 10-K (FY ended 2026-01-31) - Site selectionMar 12, 2026
- NewsBJ's Wholesale Club Q2 2026 earnings-call announcementJul 23, 2026
- Applies to
- Merchandise and Gasoline Sales
- Confidence
- Durability
- medium
- Trajectory
- wideningas of Oct 8, 2026
Private label brands (Wellsley Farms, Berkley Jensen) increase differentiation and margin, supporting member value perception and repeat purchasing.
Private-label penetration rose from about 26% to 27% of ex-gas sales in fiscal 2025, modestly strengthening product differentiation without proving exclusive member loyalty.
- Private-label sales share~27.0%+1.0 pts
- Comparable club sales excluding gasoline growth+3%
- Quality/recall events harming private label perception
- National brands use promotions to regain share
- Competitors expand or improve their own private labels
- FilingForm 10-K (FY ended 2026-01-31) - Private label penetrationMar 12, 2026
- FilingForm 10-K (FY ended 2026-01-31) - Private label positioningMar 12, 2026
- Applies to
- Membership Fee Income
- Confidence
- Durability
- durable
- Trajectory
- stableas of Oct 8, 2026
Annual memberships collect cash before access is provided. Unearned membership fees were $291.0 million at August 1, 2026, providing funding while service is still owed. High renewals support repeat fee income, but this shared club model does not by itself prove cheaper financing than rivals.
Q2 fee income reached $135.6 million and prepaid fees not yet earned reached $291.0 million. The last reported tenured renewal rate remained 90%; the funding benefit persists, but no evidence shows it improved relative to other clubs.
- Membership fee income$136M+10%
- Annual membership fee income$500M+9%
- Tenured membership renewal rate90.0%0.0 pts
- Higher-tier member share42.0%+3.0 pts
- Paid members~8,500,000
- Bank and term-loan borrowings$630M+25%
- Prepaid membership fees not yet earned$291M+9%
- Low switching costs to alternative clubs (Costco/Sam's) or grocery formats
- Economic stress increases cancellations/downgrades
- Perceived value deterioration (prices, service, convenience)
- FilingForm 10-K (FY ended 2026-01-31) - Membership fee income historyMar 12, 2026
- FilingForm 10-K (FY ended 2026-01-31) - Renewal rate and fee incomeMar 12, 2026
- FilingForm 10-K (FY ended 2026-01-31) - Membership fee pricingMar 12, 2026
- FilingBJ's Q1 fiscal 2026 earnings release (Exhibit 99.1)May 22, 2026
- Applies to
- Membership Fee Income
- Confidence
- Durability
- medium
- Trajectory
- wideningas of Oct 8, 2026
Members can develop regular bulk-grocery and fuel shopping habits. Savings and coupons give them a reason to renew.
Higher-tier members rose from 39% to 42% in fiscal 2025 and Q2 digitally enabled comparable sales rose 30%, supporting deeper use of the membership.
- Membership fee income$136M+10%
- Annual membership fee income$500M+9%
- Tenured membership renewal rate90.0%0.0 pts
- Higher-tier member share42.0%+3.0 pts
- Comparable club sales excluding gasoline growth+3%
- Paid members~8,500,000
- Digitally enabled comparable sales growth+30%
- Competitors match pricing and convenience (delivery, omnichannel)
- Members shift trips to online grocery and hard discounters
- Gasoline demand declines structurally over time
- FilingForm 10-K (FY ended 2026-01-31) - Membership role in loyaltyMar 12, 2026
- FilingForm 10-K (FY ended 2026-01-31) - Member savings value propositionMar 12, 2026
- FilingForm 10-K (FY ended 2026-01-31) - Savings vs membership feeMar 12, 2026
- NewsBJ's Q2 fiscal 2026 resultsAug 21, 2026
Profile change log
- Oct 8, 2026 · analyst revision
Annual liability notes show that the financing-obligation subtotal includes finance leases. Restored quantified annual debt from 2020 onward, removing the lease component and noting the small unisolated current portion of long property financings. Earlier wording treated the subtotal as wholly separate debt. Interim debt stays unknown when the omitted financing and lease components could be material.
- Oct 8, 2026 · analyst revision
Verified the ten-year financial and membership-fee history against filings. Corrected the footprint evidence to its July 23 reporting date and included the Ohio property purchase in the capital-spending risk. Added a source-defined U.S. leader list and interest-rate sensitivity to the shared market profile; no moat score or industry changed.
- Oct 8, 2026 · analyst revision
Verified the funding claim against membership fees collected before service: $291.0 million remained unearned at August 1. Retained a stable trajectory because competing clubs use the same model. Clarified seasonal demand and the boundary between paid clubs and supercenters in the shared market profile.
- Oct 8, 2026 · business change
BJ's announced that its second Alabama club in Foley would open September 25, adding access in the Southeast; the announcement does not establish mature-club returns.
- Oct 8, 2026 · business change
BJ's committed to a leverage target below 1.0 times adjusted EBITDA, excluding leases, and intends to move to unsecured debt; the policy limits borrowing but does not remove lease commitments.
- Oct 8, 2026 · business change
BJ's settled credit-card interchange litigation and expects about $240 million of pretax benefit in Q3; this can fund investment but is not recurring retail income.
- Oct 8, 2026 · business change
BJ's announced a planned Tyler, Texas club, extending expansion into a market where larger warehouse clubs already compete.
- Oct 8, 2026 · business change
BJ's raised fiscal 2026 adjusted EPS guidance to $4.60 to $4.80 after Q2 fee growth of 9.9%; merchandise margin still fell about 20 basis points.
- Oct 8, 2026 · business change
BJ's assigned the Ohio distribution-center purchase rights for $122.1 million and leased the property for 25 years, recognizing a $10.6 million gain and $93.6 million lease liability.
- Oct 8, 2026 · analyst revision
Weighted the two analytical revenue categories by fiscal 2025 full-year sales instead of Q2; added five moat trajectories, debate, governance and a shared U.S. warehouse-club market. Reduced prepaid-fee strength from 4 to 3 because the company reports durable renewals but no exclusive financing advantage.
- Oct 8, 2026 · business change
BJ's completed its IPO with $685.9 million in net proceeds and used them to repay the $623.3 million second-lien term loan, reducing the financial burden from its private ownership period.
- Oct 8, 2026 · business change
BJ's distributed a $735.5 million dividend and paid $67.5 million to option holders in a debt-funded recapitalization, leaving older equity and earnings unlike the present business.
Industry & peers
Peer map
Peers appear on the map as their numbers are collected.
U.S. membership warehouse clubs
Paid warehouse clubs selling food, household goods, general merchandise, fuel and related services to U.S. households and small businesses. Includes merchandise sales and membership fees; excludes non-membership supercenters and ordinary supermarkets.
- Costco Wholesale
- Sam's Club (Walmart)
| Stocks | Moat | Gross m. | Op. m. | |
|---|---|---|---|---|
| BJ | 63 | 18.2% | 3.8% | |
| Industry median | 5 | 69 | – | – |
| Sector median | 85 | 74 | 55.3% | 17.0% |
| All stocks median | 398 | 76 | 53.1% | 20.0% |
Moat medians cover every stock. Margin medians count only stocks with collected numbers and need at least three.
Drivers & risks
- Food and household staples bring repeat trips and limit demand swings; consumer pressure can increase demand for savings while reducing basket size.
- Large purchasing volumes, short product lists and vendor terms support low prices; a new club earns better unit costs only after member spending builds.
- Premium memberships, owned brands and pickup or delivery deepen member use and support fee income.
- New sites extend reach, but suitable land, construction costs and local member demand determine profitable growth.
- Costco and Sam's Club share the same format and can use larger buying volumes to match prices; traditional grocers and online retailers also compete for trips.
- Food, wages, freight and tariffs can raise costs faster than clubs can raise prices without damaging their savings promise.
- Pump prices distort headline sales; gasoline profit depends on the price spread and gallons sold, while electric vehicles can reduce fuel trips over time.
- Higher interest rates raise floating-rate borrowing costs and property financing costs; sale-leasebacks add long-term rent even when they release cash today.
- Changes to SNAP, food safety rules, privacy requirements or imported-goods tariffs can lower member purchasing power or raise compliance costs. Direct currency exposure is limited for U.S. sellers, but suppliers can pass foreign-exchange costs into import prices.
Bulls & bears
Can BJ's keep members renewing and lift merchandise demand while funding new clubs without giving up its price advantage?
Arguments
What to watch
- 1Tenured renewal and higher-tier member share
- 2Comparable merchandise sales excluding gasoline and merchandise margin
- 3Cash from operations, property spending and recurring profit excluding settlement benefits
Next check: Q3 FY2026 results on November 20: test paid membership, renewal quality, merchandise comparable sales and the cost and maturity of new clubs.
Sources: company filings and dated sources collected for Find My Moat; market cap as of Nov 10, 2026. Not investment advice.
Free to reuse, commercially too, with a credit link. See the data license.
Moat Score 63/100 by <a href="https://www.findmymoat.com/stocks/XNYS:BJ">Find My Moat</a> (as of September 2026)Curation & Accuracy
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