olivLaw · US equity research
BJ's Restaurants, Inc. BJRI
Retail-Eating Places · SIC 5812 · Vertical: Retail-Eating Places (SIC 5812)
BJ's Restaurants operates a national chain of full-service restaurants known for deep-dish pizza, proprietary craft beer and a high-energy atmosphere. In the second quarter of 2026 the company reported a 6.5% comparable restaurant sales increase, which led it to raise its full-year guidance.
At the close of 04 Nov 2026, BJ's Restaurants, Inc. (BJRI) stock was 61.75 USD (+1.86% on the day), with market capitalisation 1.3 bn USD, P/E 33.0 on diluted EPS of 1.87 USD over the last 12 months, dividend yield 0.79%, beta 0.96, 52-week range 33.42–74.26 USD. Latest reported quarter (Q2 2026): revenue of 388.9 m USD (+6.4% YoY), net income of 18.8 m USD (−15.4% YoY), diluted EPS 0.86 USD.
Data as of · AI analysis dated · Source: SEC filings and closing prices, computed by olivLaw.
Price history
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Technical reading
- RSI (14)
- 54.0
- neutral
- Bollinger (20, 2)
- 55.99 – 63.44
- in the upper half of the band · %B 0.77 · band width 12.5%
- SMA 50 / 200
- 60.51 / 51.09
- uptrend (price > SMA50 > SMA200)
- MACD (12, 26, 9)
- 0.31 / -0.17
- MACD above signal
Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).
Performance
| Company | S&P 500 | vs S&P 500 | Vertical median | |
|---|---|---|---|---|
| 1 month | +0.1% | −1.1% | +1.2 pp | — |
| 3 months | −9.0% | −0.5% | −8.5 pp | — |
| 6 months | +54.2% | +4.4% | +49.8 pp | — |
| Year to date | +56.7% | +12.3% | +44.4 pp | — |
| 1 year | +78.8% | +13.5% | +65.2 pp | +3.2% |
| 3 years | +119.0% | +76.4% | +42.6 pp | −16.1% |
| 5 years | +64.7% | +63.7% | +1.0 pp | — |
Price returns, dividends excluded.
Quarterly results
Latest quarter: Q2 2026 · 30 Jun 2026
Quarterly margins
Quarterly statements · USD
| Fiscal year | Q3 '24 | Q4 '24 | Q1 '25 | Q2 '25 | Q3 '25 | Q4 '25 | Q1 '26 | Q2 '26 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 325.7 m | 344.3 m | 348.0 m | 365.6 m | 330.2 m | 355.4 m | 358.1 m | 388.9 m |
| Cost of revenue | 86.7 m | 89.1 m | 86.8 m | 90.8 m | 84.9 m | 90.8 m | 89.9 m | 99.1 m |
| Operating income | -2.6 m | -4.8 m | 15.0 m | 21.2 m | -997.0 k | 11.1 m | 10.6 m | 18.4 m |
| Depreciation & amortisation | 18.2 m | 18.5 m | 18.3 m | 18.7 m | 19.3 m | 20.2 m | 22.8 m | 21.0 m |
| Pre-tax income | -3.2 m | -10.8 m | 13.7 m | 23.7 m | -999.0 k | 10.9 m | 9.1 m | 19.0 m |
| Income tax | -260.0 k | -5.6 m | 167.0 k | 1.5 m | -1.5 m | -1.8 m | 55.0 k | 239.0 k |
| Net income | -2.9 m | -5.3 m | 13.5 m | 22.2 m | 465.0 k | 12.6 m | 9.0 m | 18.8 m |
| Diluted EPS | -0.13 | -0.22 ≈ | 0.58 | 0.97 | 0.02 | 0.58 ≈ | 0.41 | 0.86 |
| Operating cash flow | 27.3 m ≈ | 31.6 m | 4.6 m | 62.3 m ≈ | 25.1 m ≈ | 18.6 m | 43.0 m | 31.1 m ≈ |
| Capex | 19.7 m ≈ | 15.9 m | 16.7 m | 20.4 m ≈ | 21.5 m ≈ | 11.1 m | 15.8 m | 23.3 m ≈ |
| Dividends paid | 2.0 k ≈ | -11.0 k | 0 | 0 ≈ | 0 ≈ | 0 | — | — |
| Share repurchases | 8.2 m ≈ | 8.0 m | 14.1 m | 15.1 m ≈ | 33.2 m ≈ | 5.4 m | 5.3 m | 2.4 m ≈ |
≈ derived quarter (cumulative difference / share-days average)
E/P over time
E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.
Today's P/E sits at the 62 percentile of its own 26-quarter history (min 10.0, median 27.3, max 7,207.9; quarters with earnings only).
Fiscal years
| Fiscal year | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 1.1 bn | 1.2 bn | 778.5 m | 1.1 bn | 1.3 bn | 1.3 bn | 1.4 bn | 1.4 bn |
| Revenue YoY | +12.5% | +4.0% | −33.0% | +39.6% | +18.1% | +3.8% | +1.8% | +3.1% |
| Net income | 50.8 m | 45.2 m | -57.9 m | -3.6 m | 4.1 m | 19.7 m | 16.7 m | 48.8 m |
| Net income YoY | +11.5% | −11.0% | −228.0% | unavailable | unavailable | +382.3% | −15.1% | +192.5% |
| Diluted EPS | 2.35 | 2.20 | -2.74 | -0.16 | 0.17 | 0.82 | 0.70 | 2.16 |
| Diluted EPS YoY | +25.0% | −6.4% | −224.5% | unavailable | unavailable | +382.4% | −14.6% | +208.6% |
| net % | 4.5% | 3.9% | -7.4% | -0.3% | 0.3% | 1.5% | 1.2% | 3.5% |
| Free cash flow | 72.0 m | 33.8 m | -2.8 m | 22.1 m | -27.5 m | 6.9 m | 24.6 m | 40.9 m |
Reported results vs expectations
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Balance sheet & financial health
Fiscal year 2025 · 30 Dec 2025
- Cash
- 23.8 m USD
- Financial debt
- 85.0 m USD
- Net debt
- 61.2 m USD
- Equity
- 366.2 m USD
- Total assets
- 1.0 bn USD
- Debt / equity
- 0.23x
- Current ratio
- 0.40x
- ROE
- 13.3%
- ROA
- 4.7%
- FCF margin
- 2.9%
Financial statements (source on every figure)
Revenue and net income (USD)
Margins
Income statement · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Revenue | 778.5 m | 1.1 bn | 1.3 bn | 1.3 bn | 1.4 bn | 1.4 bn | SEC (XBRL)· 02 Mar 2026verified |
| Cost of revenue | 195.6 m | 288.1 m | 349.6 m | 346.6 m | 350.6 m | 353.3 m | SEC (XBRL)· 02 Mar 2026verified |
| Gross profit | 582.9 m ≈ | 798.9 m ≈ | 934.3 m ≈ | 986.7 m ≈ | 1.0 bn ≈ | 1.0 bn ≈ | SEC (XBRL)· 02 Mar 2026derived |
| Operating income | -86.4 m | -16.5 m | -5.5 m | 13.8 m | 14.1 m | 46.3 m | SEC (XBRL)· 02 Mar 2026verified |
| Depreciation & amortisation | 73.1 m | 72.8 m | 70.4 m | 71.0 m | 72.7 m | 76.6 m | SEC (XBRL)· 02 Mar 2026verified |
| EBITDA | -13.3 m ≈ | 56.2 m ≈ | 64.9 m ≈ | 84.8 m ≈ | 86.8 m ≈ | 122.9 m ≈ | SEC (XBRL)· 02 Mar 2026derived |
| Pre-tax income | -90.0 m | -19.2 m | -8.3 m | 10.1 m | 8.3 m | 47.2 m | SEC (XBRL)· 02 Mar 2026verified |
| Income tax | -32.1 m | -15.6 m | -12.4 m | -9.6 m | -8.4 m | -1.6 m | SEC (XBRL)· 02 Mar 2026verified |
| Net income | -57.9 m | -3.6 m | 4.1 m | 19.7 m | 16.7 m | 48.8 m | SEC (XBRL)· 02 Mar 2026verified |
| Diluted EPS | -2.74 | -0.16 | 0.17 | 0.82 | 0.70 | 2.16 | SEC (XBRL)· 02 Mar 2026verified |
| Weighted average diluted shares | 21.2 m | 23.2 m | 23.7 m | 23.9 m | 23.8 m | 22.6 m | SEC (XBRL)· 02 Mar 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Revenue − Cost of revenue; Operating income + Depreciation & amortisation.
Balance sheet · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Cash | 51.7 m | 38.5 m | 24.9 m | 29.1 m | 26.1 m | 23.8 m | SEC (XBRL)· 02 Mar 2026verified |
| Current assets | 95.3 m | 90.8 m | 82.3 m | 83.0 m | 79.6 m | 74.9 m | SEC (XBRL)· 02 Mar 2026verified |
| Property, plant & equipment, net | 534.8 m | 506.1 m | 507.1 m | 525.2 m | 510.6 m | 502.1 m | SEC (XBRL)· 02 Mar 2026verified |
| Goodwill | 4.7 m | 4.7 m | 4.7 m | 4.7 m | 4.7 m | 4.7 m | SEC (XBRL)· 02 Mar 2026verified |
| Intangibles (excl. goodwill) | — | — | — | — | — | 129.0 k | SEC (XBRL)· 31 Jul 2026verified |
| Total assets | 1.1 bn | 1.0 bn | 1.0 bn | 1.1 bn | 1.0 bn | 1.0 bn | SEC (XBRL)· 02 Mar 2026verified |
| Accounts payable | 37.8 m | 48.8 m | 59.6 m | 60.6 m | 51.0 m | 38.4 m | SEC (XBRL)· 02 Mar 2026verified |
| Long-term debt | 116.8 m | 50.0 m | 60.0 m | 68.0 m | 66.5 m | 85.0 m | SEC (XBRL)· 02 Mar 2026verified |
| Current liabilities | 177.9 m | 200.4 m | 196.9 m | 199.3 m | 196.3 m | 187.8 m | SEC (XBRL)· 02 Mar 2026verified |
| Total liabilities | 765.6 m | 701.4 m | 700.4 m | 692.7 m | 671.0 m | 649.3 m | SEC (XBRL)· 02 Mar 2026verified |
| Equity | 293.8 m † | 333.8 m † | 345.5 m † | 365.8 m † | 370.0 m † | 366.2 m † | SEC (XBRL)· 02 Mar 2026verified |
† equity attributable to the parent's shareholders: in these years the issuer no longer reports the total including non-controlling interests.
Cash flow · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Operating cash flow | 40.5 m | 64.3 m | 51.1 m | 105.8 m | 101.5 m | 110.5 m | SEC (XBRL)· 02 Mar 2026verified |
| Capex | 43.3 m | 42.2 m | 78.6 m | 98.9 m | 76.9 m | 69.6 m | SEC (XBRL)· 02 Mar 2026verified |
| Free cash flow | -2.8 m ≈ | 22.1 m ≈ | -27.5 m ≈ | 6.9 m ≈ | 24.6 m ≈ | 40.9 m ≈ | SEC (XBRL)· 02 Mar 2026derived |
| Investing cash flow | -35.7 m | -42.2 m | -71.9 m | -98.9 m | -76.9 m | -69.6 m | SEC (XBRL)· 02 Mar 2026verified |
| Financing cash flow | 24.4 m | -35.3 m | 7.1 m | -2.7 m | -27.6 m | -43.3 m | SEC (XBRL)· 02 Mar 2026verified |
| Dividends paid | 150.0 k | 118.0 k | 100.0 k | 32.0 k | 0 | 0 | SEC (XBRL)· 02 Mar 2026verified |
| Share repurchases | 15.0 m | — | 2.4 m | 11.0 m | 25.1 m | 67.8 m | SEC (XBRL)· 02 Mar 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating cash flow − Capex.
Computed indicators
Growth
Profitability
Returns
Balance sheet
Liquidity
Cash
Efficiency
Market and valuation
1 indicators that do not apply to the sector.
Valuation
olivLaw classification
Score: 56 / 100
A scoring methodology on indicators and valuation, not investment advice.
Closing price
04 Nov 2026Source: olivLaw, closing series
Market cap: 1.3 bn USD
Key indicators
Coverage and freshness
Score by group
- Balance sheet53
- Growth62
- Quality66
- Returns70
- Valuation41
Estimated value range
The combined range = the median of the valid methods' low, central and high values; it is not a probability interval and does not cover every result. Envelope of all methods: 6.44 – 93.04 USD.
Valuation assumptions are editorial choices, not measured; beta is not measured.
Method ranges (USD per share)
— — Mid · ▏ Price
Valuation methods
- DCF (discounted cash flow)unavailable · the reported interest expense is far older than the latest period (the filer changed its XBRL tag): a stale figure is not used
- Peers: EV/EBITDA39.33 – 93.04 (Mid 53.10)22 companies used · median multiple 9.5x · quartiles 7.1x – 16.4xARCO, BDL, BLMN, CAKE, CBRL, DRI, FWRG, GTIM, LOCO, MCD, NATH, NDLS, PLAY, PTLO, PZZA, QSR, RRGB, STKS, TXRH, WING, YUM, YUMC
- Peers: P/E28.21 – 57.88 (Mid 39.35)22 companies used · median multiple 21.0x · quartiles 15.1x – 30.9xARCO, BDL, BLMN, CAKE, CBRL, CMG, DRI, EAT, FWRG, GTIM, JACK, LOCO, MB, MCD, NATH, PTLO, PZZA, QSR, TXRH, WING, YUM, YUMC
- Dividend discount (DDM)6.44 – 8.66 (Mid 7.39)
Classification (SIC) comparables group by industry code, not by economic activity; the direct group is an editorial selection by activity. Members' multiples are on their own trailing twelve months, at their own latest close.
Assumptions (illustrative, editorial)
- Risk-free rate
- 4.3%
- Equity risk premium
- 5.0%
- Beta (default)
- 1.00
- Cost of equity
- 9.3%
- Terminal growth
- 2.5%
Factor scorecard
Neutral profile · Score 56/100
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | 7.8% | 50 (vs peers) | 11% |
| Net margin · Quality | 2.9% | 59 (vs peers) | 7% |
| FCF conversion · Quality | 112.4% | 100 (on a fixed band) | 7% |
| Revenue CAGR 3Y · Growth | 2.9% | 24 (on a fixed band) | 9% |
| EPS CAGR 3Y · Growth | 133.3% | 100 (on a fixed band) | 9% |
| Net debt / EBITDA · Balance sheet | 0.2x | 74 (vs peers) | 11% |
| Interest coverage · Balance sheet | unavailable | unavailable | — |
| Current ratio · Balance sheet | 0.3x | 0 (on a fixed band) | 4% |
| P/E (TTM) · Valuation | 33.0x | 31 (vs peers) | 11% |
| EV/EBITDA · Valuation | 11.0x | 48 (vs peers) | 11% |
| FCF yield · Valuation | 3.5% | 44 (on a fixed band) | 9% |
| Shareholder yield (distributions) · Returns | 3.5% | 50 (on a fixed band) | 7% |
| Payout ratio (FCF) · Returns | 0.0% | 100 (on a fixed band) | 4% |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet53/100 · 2/3 factors with a value
- Growth62/100 · 2/2 factors with a value
- Quality66/100 · 3/3 factors with a value
- Returns70/100 · 2/2 factors with a value
- Valuation41/100 · 3/3 factors with a value
Memo
BJ’S RESTAURANTS, INC. (BJRI). Latest full fiscal year: 2025; data up to 2026-06-30.
Figures computed from the financial statements: revenue 1.4 bn USD in 2025; YoY growth 3.1%; net margin 2.9%; ROE 10.4%; net debt/EBITDA 0.2x.
The estimated value range is 28.21–57.88 USD per share (median of 3 methods, agreement: low); assumptions are illustrative. Against the central value of 39.35 USD, the price of 61.75 USD leaves a potential of -36.3% (value / price − 1) and a margin of safety of -56.9% (1 − price / value). The range is the median of the methods' low, central and high values, not a probability interval.
olivLaw score 56/100, methodological classification: neutral profile (score, margin of safety and method agreement together; not a judgement of the right price). Not investment advice.
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- FCF conversion: 112.4%
- EPS CAGR 3Y: 133.3%
- Net debt / EBITDA: 0.2x
- Payout ratio (FCF): 0.0%
What contradicts it
- Revenue CAGR 3Y: 2.9%
- Current ratio: 0.3x
- The price is above the estimated value range
- The valuation methods diverge
Not assessed (insufficient data or a ratio without meaning): Interest coverage.
Versus the vertical median
Retail-Eating Places (SIC 5812) · same industry (4-digit SIC) · compared with 39 companies
Multiples and returns vs the median
Price rebased to 100 (monthly, 5 years)
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| MCDMcDONALD’S CORPORATION | 198.3 bn | 0.0 | — | 31.7% | +3.7% | −10% / −1% |
| YUMYum! Brands, Inc. | 45.4 bn | 20.9 | — | 25.4% | +8.8% | +9% / +32% |
| CMGChipotle Mexican Grill, Inc. | 44.5 bn | 32.9 | 48.5% | 10.8% | +5.4% | +2% / −20% |
| DRIDarden Restaurants, Inc. | 26.1 bn | 22.5 | 55.1% | 8.8% | +9.4% | +28% / +47% |
| QSRRestaurant Brands International Inc. | 24.8 bn | 18.2 | 53.8% | 20.1% | +12.2% | +8% / +10% |
| YUMCYum China Holdings, Inc. | 17.0 bn | 18.3 | 17.5% | 7.8% | +4.4% | +3% / +15% |
| TXRHTexas Roadhouse, Inc. | 12.9 bn | 31.3 | 28.1% | 6.8% | +9.4% | +12% / +75% |
| EATBrinker International, Inc. | 9.2 bn | 19.4 | 134.7% | 8.4% | +7.9% | +43% / +512% |
| CAVACAVA Group, Inc. | 7.2 bn | 109.3 | 8.3% | 4.8% | +22.4% | +27% / +82% |
| HDLSuper Hi International Holding Ltd. | 6.4 bn | 247.5 | 6.9% | 2.8% | +13.4% | −46% / unavailable |
| CAKEThe Cheesecake Factory Incorporated | 5.8 bn | 27.4 | 41.6% | 5.2% | +4.7% | +142% / +268% |
| WINGWingstop Inc. | 4.5 bn | 39.3 | — | 16.0% | +11.4% | −37% / −30% |
| CBRLCracker Barrel Old Country Store, Inc. | 1.6 bn | 50.2 | 6.7% | 1.0% | −4.7% | +143% / +5% |
| ARCOArcos Dorados Holdings Inc. | 1.5 bn | 7.0 | 33.2% | 4.5% | +4.7% | −7% / −39% |
| BJRIBj’s Restaurants, Inc. | 1.3 bn | 33.0 | 10.4% | 2.9% | +3.1% | +79% / +119% |
| SGSweetgreen, Inc. | 1.1 bn | 117.9 | 3.1% | 2.0% | +0.4% | +82% / +25% |
| BLMNBloomin’ Brands, Inc. | 939.3 m | 35.1 | 6.7% | 0.7% | +0.1% | +55% / −53% |
| FWRGFirst Watch Restaurant Group, Inc. | 833.3 m | 42.1 | 3.1% | 1.5% | +20.3% | −27% / −25% |
| PZZAPapa John’s International, Inc. | 658.1 m | 25.1 | — | 1.4% | −0.3% | −52% / −69% |
| LOCOEl Pollo Loco Holdings, Inc. | 501.2 m | 14.1 | 11.8% | 7.0% | +3.6% | +51% / +98% |
| DINDine Brands Global, Inc. | 448.6 m | 106.7 | — | 0.4% | +8.2% | +17% / −16% |
| NATHNathan's Famous, Inc. | 418.2 m | 21.1 | — | 11.8% | +9.4% | −4% / +56% |
| PTLOPortillo's Inc. | 336.8 m | 29.8 | 3.0% | 1.9% | +3.0% | +4% / −65% |
| PLAYDave & Buster’s Entertainment, Inc. | 305.8 m | — | -69.7% | -4.3% | −1.4% | −50% / −79% |
| JACKJack In The Box Inc. | 275.6 m | 8.2 | — | 2.4% | −6.7% | −27% / −80% |
1- and 3-year price returns: for BJRI from daily closes (the same as the performance table), for the other companies from month-end closes.
olivLaw engine forecast
The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.
The engine has no published run for this company yet.
Valuation scenarios (editable assumptions)
Illustrative scenarios
Illustrative: not forecasts and without probabilities. Each case is one coherent set of assumptions, computed on today's figures.
Estimated price (USD)
| Estimated price | Bear | Base | Bull |
|---|---|---|---|
| 1 years | 36.92 Total return -40% · Per year -40% | 65.33 Total return 6% · Per year 6% | 98.48 Total return 59% · Per year 59% |
| 3 years | 34.70 Total return -44% · Per year -17% | 69.18 Total return 12% · Per year 4% | 114.66 Total return 86% · Per year 23% |
| 5 years | 32.60 Total return -47% · Per year -12% | 73.26 Total return 19% · Per year 3% | 133.51 Total return 116% · Per year 17% |
- Exit P/E± 17.30
- Net margin± 12.11
- Annual revenue growth± 10.09
- Annual dilution± 1.02
AI analysis
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
In brief
BJ's Restaurants operates a national chain of full-service restaurants known for deep-dish pizza, proprietary craft beer and a high-energy atmosphere. In the second quarter of 2026 the company reported a 6.5% comparable restaurant sales increase 3, which led it to raise its full-year guidance.
SWOT
Strengths
- A recognized brand with award-winning craft beer and a distinctive atmosphere that support guest loyalty 1.
- Consecutive quarters of traffic and profit growth, according to the company's reporting 3.
- A varied menu with signature products that are hard to replicate, and the ability to modify nearly any item on request 1.
Weaknesses
- Dependence on traffic in retail centers, which may deteriorate as visits to physical retail decline 1.
- Margins sensitive to food, labor and energy costs that may exceed the company's ability to adjust prices 1.
- High commissions charged by delivery partners reduce the profitability of the off-premise channel 1.
Opportunities
Risks
- Intense competitionhigh
A competitive environment with larger rivals and superior marketing resources could affect traffic and margins 1.
- Rising costshigh
If menu price increases cannot offset cost increases, operating profitability could decline 1.
- Food safetymedium
Health incidents or negative publicity, even when not caused by the company, can quickly reduce sales 1.
- Changes in consumer behaviormedium
Growth in e-commerce and off-premise consumption could reduce visits to the retail centers where restaurants are located 1.
- Expansion executionlow
Difficulties opening and staffing new restaurants could slow growth and raise initial costs 1.
Investment thesis
What would need to be true (bull case)
- Growth in comparable sales and traffic over several consecutive quarters suggests the business model is meeting guest demand well 23.
- The raised 2026 guidance points to confidence in operating performance, and restaurant-level margin has improved 3.
- If the remodel and menu initiatives keep attracting guests, the existing network could generate growth without large additional capital 1.
What would break the thesis
- Sales growth could be hard to sustain if traffic returns to earlier levels or if higher prices discourage guests 12.
- Dependence on retail centers and discretionary spending exposes the company to an unfavorable economic cycle 1.
- Competition from larger chains and cheaper alternatives could limit expansion and long-term margins 1.
What to watch
- Trend in comparable restaurant sales and guest trafficQ3 2026
- Delivery of the revised Adjusted EBITDA and restaurant level operating profit guidance2026
- Operating margin and the evolution of labor and food costsQ3 2026
- Pace of share repurchases and capital expendituresnext 10-K
Products, market & competition
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
The business
BJ's Restaurants is a national full-service restaurant chain that, as of February 27, 2026, owned and operated 219 restaurants in 31 states 1. The offer includes approximately 90 menu items, signature deep-dish pizza, slow roasted entrees and the Pizookie dessert, alongside proprietary craft beer produced at four in-house facilities, two brewpubs and third-party brewers using its recipes 1. Strategy centers on gaining market share through operational excellence, hospitality and restaurant expansion, with an off-premise channel (take-out, delivery, catering) under development 1.
Capital allocation includes share repurchases; as of July 30, 2026 about 85.5 million USD remained under the authorized program 3. Capital expenditures for 2026 are guided to a range of 85 to 95 million USD 3.
Segments
Full-service dine-in restaurants
The core segment is full-service dine-in, where BJ's competes on atmosphere, bar offering and a varied menu; comparable restaurant sales and guest traffic are the key indicators 12.
Off-premise channel
Take-out, delivery through third-party partners and catering form a growing channel, with commissions that affect margins and that can partly cannibalize dine-in consumption 1.
Market context
The company operates in the US full-service segment of the restaurant industry, described as large and highly fragmented, with estimated annual sales in the range of over 100 billion USD 1. The market is competitive, and pressure on discretionary restaurant spending is a constant factor 1.
The segment is sensitive to traffic in retail centers and to consumer behavior, including the shift toward e-commerce, which can influence volumes at restaurants located in these areas 1.
Trends
- Return of guest traffictailwind
In the second quarter of 2026 traffic growth was the main driver of sales, which could support growth if the trend persists 23.
- Cost and menu price pressureheadwind
Rising food, labor and energy costs can be offset through higher menu prices, but this risks reducing traffic if guests are price-sensitive 12.
- Off-premise channelmixed
Expanding delivery and take-out can add sales, but partner commissions reduce margins and can shift the mix between dine-in and at-home consumption 1.
- Restaurant remodel initiativemixed
The remodel program begun in 2022 aims to keep the restaurants contemporary and can support traffic, but it involves capital spending and periods of disruption 1.
Competitive position
Competition is intense and includes well-capitalized national restaurant companies, independent local operators, fast casual and quick-service chains, and supermarket prepared meals 1. Many competitors have substantially greater financial and marketing resources than BJ's 1.
BJ's differentiates through its bar atmosphere, proprietary craft beer and deep-dish pizza, but its position could erode if other restaurants deliver higher perceived value through heavy discounting 1.
- National full-service restaurant chains
Sit-down chains competing for the same guests and commercial locations; the source refers to them without individual naming.
- Fast casual restaurants
Lower-priced alternatives with faster service, cited as part of away-from-home food competition 1.
- Quick-service restaurants
Quick-service chains that capture everyday and occasional restaurant spending 1.
- Supermarket prepared meals
Deli sections of supermarkets offer convenient at-home meal alternatives 1.
Links, dependencies and risks
Who the company is tied to, from its own SEC filings (customers, suppliers, production, partners, competitors, countries, regulation), from the 5 %+ holders' statements (13D/13G) and from what other companies say about it. Click a node for its evidence; on a listed company the graph moves to it.
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News & filings
In the press
No news in our archive over the last 180 days.
SEC filings
- Current report09 Sept 2026Departure or appointment of officers · Amendments to articles or bylaws · Other events · Financial statements and exhibits
- Quarterly report31 Jul 2026
- Current report30 Jul 2026Results of operations · Financial statements and exhibits
- Current report23 Jun 2026Departure or appointment of officers · Financial statements and exhibits
- Current report15 Jun 2026Shareholder vote · Financial statements and exhibits
- Quarterly report06 May 2026
- Current report05 May 2026Results of operations · Financial statements and exhibits
- Proxy statement22 Apr 2026
- Current report10 Apr 2026Departure or appointment of officers · Financial statements and exhibits
- Annual report02 Mar 2026
Sources
- [1] Form 10-K, fiscal year ended 2025-12-30 · SEC / BJ's Restaurants, Inc. · 02 Mar 2026
- [2] Form 10-Q, quarter ended 2026-06-30 · SEC / BJ's Restaurants, Inc. · 31 Jul 2026
- [3] Form 8-K, results release (exhibit 99.1) · SEC / BJ's Restaurants, Inc. · 30 Jul 2026
Figures computed by olivLaw from SEC filings and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.