F

BJ's Restaurants, Inc. — Earnings Quality Grade F

BJRI · Consumer Cyclical

Major red flags

Revenue
$1.4B
2025
Net Income
$49M
2025
Gross Margin
15.5%
Free Cash Flow
$41M
01

Screening Summary

16
Passed
0
Watch
1
Failed
-2.8
M-Score

Management Signals

No recent CEO, CFO, board, or accounting leadership signals found in SEC 8-K filings.
02

Financial Trends

Revenue & Net Income ($B)

Margins (%)

03

18-Point Screening

01

Revenue Quality

A1DSO Change

DSO 3 days, change -0 days YoY

A2AR vs Revenue Growth

AR growth -1.5% vs revenue growth 3.1%

A3Revenue vs CFFO

Revenue 3.1%, CFFO 8.9%. Cash follows revenue

02

Expense Quality

B1Inventory vs COGS

Inventory 2.6% vs COGS 1.8%. Normal

B2CapEx vs Revenue

CapEx growth -9.5% vs revenue 3.1%. Normal

B3SG&A Ratio

SG&A/Gross Profit = 42.1%. Normal

B4Gross Margin

Gross margin 15.5%, change +1.0pp. Stable

03

Cash Flow Quality

C1CFFO vs Net Income

CFFO/NI = 2.26. Profits backed by cash

C2Free Cash Flow

FCF $0.0B, FCF/NI = 0.84

C3Accruals Ratio

Accruals ratio = -6.1%. Low accruals

C4Cash vs Debt

Cash $0.0B covers only 5% of debt $0.5B

04

Balance Sheet Health

D1Goodwill + Intangibles

Goodwill+Intangibles $0.0B = 1% of equity. Manageable

D2Leverage

Debt/EBITDA = 3.8x. Healthy

D3Soft Asset Growth

Other assets 12.8% vs revenue 3.1%. Normal

D4Asset Impairment

No write-off data

05

Acquisition Risk

E1Serial Acquirer FCF

FCF after acquisitions positive

E2Goodwill Surge

Goodwill+Intangibles change 0% YoY. Normal

06

Manipulation Score

F1Beneish M-Score

M-Score = -2.80 (< -2.22). Unlikely manipulator

Portfolio monitoring

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04

Beneish M-Score

Manipulation Probability-2.8
-4.0 Clean-2.22 Grey-1.78 Danger0
0.955
DSRI
AR growing faster than revenue?
0.932
GMI
Gross margin declining?
1.118
AQI
Asset quality deteriorating?
1.031
SGI
Revenue growth rate
0.914
DEPI
Depreciation slowing?
1
SGAI
SG&A ratio changing?
-0.0608
TATA
Accruals level
1.064
LVGI
Leverage increasing?
05

Altman Z-Score

1.14
Grey Zone
0 Distress1.102.605.0+ Safe
-0.1111
Liquidity
0.2867
Cumulative profit
0.0512
Operating efficiency
0.564
Leverage

Generated from public financial data using forensic accounting frameworks. Not investment advice. Data: Yahoo Finance · 2026-04-25