BJ's Restaurants, Inc.
- Open
- 63.48
- Day high
- 68.02
- Day low
- 63.34
- Prev close
- 62.47
- Volume
- 1.1M
- Mkt cap
- $1.4B
- P/E (TTM)
- 32.7
- EPS (TTM)
- $2.06
- P/B
- 3.8
- P/S
- 1.0
- Yield
- —
- Per share
- —
- ▼Insiders net selling -$3.4M over the last 3 months (0 open-market buys, 12 sales)
- 🏛Institutions mixed (13F)
BJ's Restaurants, Inc. (BJRI) is a Consumer Cyclical company listed on NASDAQ. The stock is up 69% over the past year. Over the trailing 3 months, insiders filed 0 open-market buys and 12 sales (SEC Form 4).
BJ's Restaurants, Inc. (BJRI) financials & analyst ratings
Fundamentals (TTM)
Analyst consensus · 4 analysts
Source: exchange market data + company filings. Figures are trailing-twelve-month or as most recently reported. For informational purposes only — not investment advice.
BJRI earnings date, history & EPS estimates
| Report date | EPS est | EPS actual | Surprise | Revenue | Rev. surprise |
|---|---|---|---|---|---|
| May 5, 2026 | $0.61 | $0.57 | -6.6% | $358M | +0.3% |
| Feb 25, 2026 | $0.60 | $0.56 | -6.8% | $355M | -0.4% |
| Oct 30, 2025 | $-0.01 | $0.04 | +500.0% | $330M | -6.7% |
| Jul 31, 2025 | $0.69 | $0.97 | +40.6% | $366M | +8.9% |
| May 1, 2025 | $0.40 | $0.59 | +47.5% | $348M | -0.0% |
| Feb 20, 2025 | $0.35 | $0.47 | +34.3% | $344M | +2.3% |
| Oct 31, 2024 | $-0.02 | $-0.13 | -719.2% | $326M | -3.0% |
| Jul 25, 2024 | $0.51 | $0.72 | +41.2% | $350M | +0.2% |
| May 2, 2024 | $0.17 | $0.32 | +88.2% | $337M | +0.6% |
| Feb 15, 2024 | $0.28 | $0.34 | +21.4% | $324M | -1.8% |
| Oct 26, 2023 | $-0.01 | $-0.16 | -2100.8% | $319M | -2.5% |
| Jul 27, 2023 | $0.34 | $0.50 | +47.1% | $350M | +0.1% |
BJRI insider trading activity (SEC Form 4)
| Date | Insider | Type | Shares | Price |
|---|---|---|---|---|
| Jun 22, 2026 | Miller Kendra Dofficer: EVP & General Counsel | Sell | 14,716 | $55.60 |
| Jun 22, 2026 | Krakower Brian Sofficer: EVP & Chief Info. Officer | Option | 3,151 | $37.70 |
| Jun 22, 2026 | Sherlock Janetdirector | Grant | 2,955 | — |
| Jun 22, 2026 | Krakower Brian Sofficer: EVP & Chief Info. Officer | Sell | 7,341 | $55.17 |
| Jun 22, 2026 | Chaurasia Binadirector | Grant | 2,955 | — |
| Jun 22, 2026 | Miller Kendra Dofficer: EVP & General Counsel | Option | 3,238 | $31.86 |
| Jun 22, 2026 | Elbogen Noah A.director | Option | 4,652 | $37.70 |
| Jun 22, 2026 | Krakower Brian Sofficer: EVP & Chief Info. Officer | Option | 3,300 | $38.90 |
| Jun 22, 2026 | Robinson Juliusdirector | Grant | 2,955 | — |
| Jun 22, 2026 | Ottinger Lea Annedirector | Option | 4,153 | $35.95 |
| Jun 22, 2026 | Miller Kendra Dofficer: EVP & General Counsel | Option | 4,545 | $31.34 |
| Jun 22, 2026 | Elbogen Noah A.director | Sell | 4,652 | $54.00 |
| Jun 22, 2026 | Krakower Brian Sofficer: EVP & Chief Info. Officer | Option | 890 | $34.28 |
| Jun 22, 2026 | Richmond C Bradforddirector | Grant | 2,955 | — |
| Jun 22, 2026 | Lynds Gregory Sofficer: EVP & Chief Dev. Officer | Option | 6,201 | $37.70 |
Source: BJRI SEC Form 4 filings, latest Jun 22, 2026. For informational purposes only — not investment advice.
See the full BJRI insider & 13F page →BJ's Restaurants, Inc. company profile
Overview
BJ's Restaurants, Inc. (NASDAQ:BJRI) is a casual dining restaurant chain founded in 1978 and based in Huntington Beach, California. The company went public in 1996 and has grown to operate 213 restaurants across 29 states as of 2024. BJ's positions itself as a brewhouse-style restaurant known for its handcrafted pizzas, signature Pizookie desserts, and craft beer offerings. The company has navigated through various economic cycles and industry challenges, including the COVID-19 pandemic, while maintaining its focus on casual dining experiences that blend restaurant and brewery atmospheres.
Business
BJ's Restaurants operates in the casual dining restaurant industry, which sits between fast-casual and fine dining segments. Casual dining restaurants typically feature table service, moderate pricing, and a comfortable atmosphere for family and social dining occasions. The industry is highly competitive and sensitive to consumer discretionary spending, economic conditions, and changing dining preferences. The company's core offerings center around three main pillars. Pizza represents a significant portion of the menu, with the company emphasizing handcrafted, made-to-order pizzas that differentiate from typical pizza chains. Pizookie is BJ's signature dessert - a warm, individual-sized cookie served in a small pan with ice cream on top, which has become a brand trademark and social media phenomenon. Craft beverages, including both proprietary craft beers and curated selections, reinforce the company's brewhouse identity and provide higher-margin revenue streams. Beyond these core pillars, BJ's offers a comprehensive casual dining menu including appetizers, entrées, pastas, sandwiches, specialty salads, and other desserts. The company has been working on menu simplification, reducing offerings by approximately 15% to focus on higher-performing items and improve operational efficiency. BJ's also maintains a growing off-premise business through delivery and takeout services, which expanded significantly during the pandemic and now operates at double pre-COVID levels. The restaurant locations average approximately $115,000 in weekly sales per unit, with the company focusing on markets where it can achieve sufficient density for operational efficiency and brand awareness. Late-night dining has emerged as one of the strongest performing dayparts for the brand.
Revenue model
BJ's generates revenue primarily through restaurant sales from dine-in customers, takeout orders, and delivery services. The company operates company-owned restaurants rather than franchising, meaning it captures the full revenue from each location but also bears all operational costs and risks. Revenue streams include food sales, beverage sales (including higher-margin alcoholic beverages), and a growing catering business that has been expanding in double digits. The business model depends on achieving sufficient traffic volume and average check sizes to cover the substantial fixed costs of restaurant operations, including rent, labor, and equipment. Restaurant-level operating margins currently run around 15-16%, with the company targeting expansion toward mid-teen levels through sales growth and operational efficiency improvements. Several factors significantly impact BJ's profitability. Labor costs represent one of the largest expense categories, with wage inflation of 3-4% annually pressuring margins. The company has been working to improve labor efficiency through better scheduling, training programs, and process simplification. Food commodity costs create margin volatility, particularly for proteins and dairy products used in pizza and other menu items. Consumer discretionary spending directly affects traffic patterns, as casual dining is often among the first categories consumers reduce during economic uncertainty. Promotional activity can drive traffic but pressures average check and margins. The company has been rationalizing its promotional calendar to focus on brand-building offers like the Pizookie Meal Deal rather than deep discounts. Real estate costs vary significantly by market, with the company focusing on locations that can generate sufficient sales volumes to justify occupancy expenses. Competition from other casual dining chains, fast-casual concepts, and delivery-focused restaurants requires ongoing marketing investment and menu innovation to maintain market share. The company's brewhouse positioning and signature items like Pizookie provide some differentiation, but the business remains sensitive to broader economic trends affecting restaurant spending patterns.
Competitive moat
BJ's Restaurants operates in the highly competitive casual dining sector with limited sustainable competitive advantages. The company's primary moat elements are relatively modest and center around brand recognition and operational execution rather than structural barriers to competition. The Pizookie dessert represents BJ's strongest differentiating asset, having achieved significant brand recognition and social media engagement. This signature item creates customer loyalty and provides a unique selling proposition that competitors cannot easily replicate without legal issues. However, dessert items alone rarely drive restaurant selection decisions for most dining occasions. Brewhouse positioning offers some differentiation in markets where BJ's has established presence, combining casual dining with craft beer offerings. This positioning appeals to certain demographic segments and creates a distinct atmosphere. However, the craft beer and brewpub concept has been widely adopted across the industry, limiting the uniqueness of this approach. Local market density provides modest advantages in markets where BJ's has multiple locations, enabling more efficient marketing spend and brand awareness. The company has been focusing on infill strategies rather than broad geographic expansion to leverage this dynamic. The company faces significant competitive threats from multiple directions. Fast-casual concepts offer similar food quality with faster service and often lower prices. Delivery platforms have commoditized restaurant access, making it easier for consumers to try alternatives. Other casual dining chains with similar formats and pricing compete directly for the same customer occasions. Independent restaurants often provide more unique experiences and local appeal. BJ's lacks significant structural moats such as network effects, switching costs, or economies of scale that would protect against competitive pressure. The restaurant industry's low barriers to entry and high capital intensity make it challenging to build sustainable competitive advantages. Success depends primarily on consistent execution, brand building, and operational efficiency rather than defensible market positions.
Risks & safety
BJ's Restaurants presents moderate financial risk with some liquidity concerns but manageable debt levels for a restaurant operator. • Liquidity position: Cash of $19 million against current liabilities of $164 million creates a concerning current ratio of 0.39, indicating potential working capital pressures • Debt burden: Debt-to-equity ratio of 1.36 is elevated but typical for restaurant chains requiring significant capital for locations and equipment • Cash generation: Operating cash flow of $105 million annually demonstrates solid underlying cash generation, though free cash flow has been pressured by capital expenditures • Solvency risk: Total liabilities of $648 million against assets of $1.02 billion provides reasonable asset coverage, though restaurant assets can be illiquid • Valuation metrics: Trading at 15x earnings and 10.6x EBITDA appears reasonable for a restaurant chain, though cyclical earnings make these metrics volatile • Graham metrics: Negative Graham net-net value reflects the asset-heavy, low-working-capital nature of restaurant operations • Other considerations: Restaurant industry's sensitivity to economic cycles, labor inflation, and consumer discretionary spending creates ongoing operational risks that could pressure cash flow and debt service capacity
Recent development
Over the past several years, BJ's has undergone a significant strategic transformation focused on operational simplification and brand clarity. The company has moved away from aggressive expansion toward optimizing existing operations and strengthening its core brand identity. Menu rationalization has been a central initiative, with the company reducing menu items by approximately 15% to focus on higher-performing offerings and improve kitchen efficiency. This simplification extends to operational processes, with management identifying over 50 potential process improvements to reduce task saturation for team members and improve execution consistency. The company has invested heavily in restaurant remodeling, completing 36 remodels in 2023 and planning up to 30 in 2025. These remodels refresh the brand's atmosphere and reinforce the brewhouse positioning. By the end of 2024, approximately half of the restaurant base had been remodeled under the updated design standards. Technology adoption has accelerated, with the company implementing AI-powered forecasting and labor scheduling systems to improve efficiency. Enhanced service models introduced in 2024 focus on faster order processing and improved table turnover rates. Off-premise capabilities were significantly expanded during the pandemic and have been maintained at double pre-COVID levels. The company has developed dedicated catering operations that are growing in double digits, representing a higher-margin revenue stream. Unit growth strategy has shifted toward disciplined expansion, focusing on infill opportunities in existing markets rather than broad geographic expansion. The company opened only 1-3 new restaurants annually in recent years, prioritizing returns over growth rate. Marketing approach has evolved toward more targeted, efficient spending concentrated in markets with restaurant density. The company has increased investment in connected TV and digital channels while reducing broad-based advertising spend.
BJRI company profile · for informational purposes only — not investment advice.
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