Forensic Analysis · Restaurants · as of Nov 9, 2026

BJs Restaurants Inc (BJRI)

A forensic read on BJs Restaurants Inc built from its complete SEC filings — financial-health screens, earnings quality, red flags and a price-aware rating. Reproducible math, not opinion.

C · Mixed — selective

Forensic grade

Grey Zone

Financial health

1.1

Distress distance

Clean

Earnings quality

Forensic signals

13.3%

ROE

3.1%

Revenue growth

This free snapshot doesn't read filing or proxy text, so the auditor-quality and governance checks that can lower a grade were not evaluated (auditor quality, say on pay, board independence, going concern). Those checks only ever lower a grade, so the full analysis can land below the grade above but never above it — treat it as the most favourable reading, not the settled one.

BJs Restaurants Inc earns a C (Mixed — selective) forensic quality grade, and its balance-sheet distress test reads 1.1, placing it in the Grey zone. 2 forensic signals were flagged in its latest SEC filings, led by return on invested capital.

What the filings flag

5.1%

FY2025

Return on invested capital. Return on invested capital is 5.1% in the latest fiscal year and rising across FY2023–FY2025 from 1.5%. After-tax operating profit was $12M in FY2023 and $42M in FY2025, with operating income at 1.0% of revenue in FY2023, 1.0% in FY2024 and 3.3% in FY2025. The capital base behind it went from $830M in FY2023 to $811M in FY2025 (-2%), while the revenue it carried went from $1.3B to $1.4B.

166% of FCF

FY2025

Shareholder returns. Returned $68M to shareholders (buybacks + dividends) in FY2025 — 166% of free cash flow, but 61% of operating cash flow. Returns run ahead of free cash flow, with the gap funded by debt or cash reserves rather than the cash the business itself throws off; the payout itself is still covered by operating cash. Counting the $8M of stock-based comp paid out in shares on top of that, the combined claim on free cash flow is 186%.

Key fundamentals

Latest Revenue$1.40B

Revenue Growth YoY+3.1%

Revenue CAGR (2yr)+2.4%

Net Margin3.5%

Free Cash Flow$40.9M

Return on Equity13.3%

Debt / Equity0.23x

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Data from SEC EDGAR public filings · metrics as of Nov 9, 2026. Forensic signals flag probability, not certainty.

See a wrong number? Report an error with the filing it should match.