Capital Intensity
Score how much of a company is physical plant, inventory, and equipment, whether that base is being maintained, and whether the shares have tangible backing.
BJs Wholesale Club Holdings Inc
Physical assets are 78.5% of total assets, a heavy footprint. Capex is 2.42x depreciation and free cash flow yield is still positive, which fits a physical base that is being replaced or expanded without consuming all of its cash. ROIC is 23.7%, above an 8% cost-of-capital hurdle.
Fixed-asset turnover is 4.94x. Compare it with other names in the same basket.
Physical asset ratio
78.5%Physical asset ratio · 2026-01-31(Net PP&E + inventory) / total assetsNet PP&E$4.34BpropertyPlantEquipmentInventory$1.56BinventoryTotal assets$7.51BtotalAssetsResult 78.5%
Net PP&E plus inventory, divided by total assets. Above 50% is a heavy footprint.
Fixed asset turnover
4.94xFixed asset turnover · 2026-01-31Revenue / net PP&ERevenue$21.46BtotalRevenueNet PP&E$4.34BpropertyPlantEquipmentResult 4.94x
Revenue per dollar of the physical asset base.
Capex / D&A
2.42xCapex / D&A · 2026-01-31Capital expenditures / depreciation and amortizationCapex$699.05McapitalExpendituresD&A$288.59MdepreciationAndAmortizationResult 2.42x
Above 1.0x means the physical base is being replaced or expanded.
Tangible book / share
$8.28Tangible book / share · 2026-01-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$7.51BtotalAssetsGoodwill$1.01BgoodWillIntangibles$95.46MintangibleAssetsLiabilities$5.31BtotalLiabTangible book$1.09BShares132,066,000commonStockSharesOutstandingResult $8.28
Assets minus goodwill, intangibles, and liabilities, per share.
Price / tangible book
13.44xPrice / tangible bookPrice / tangible book per sharePrice$111.26Latest quoteTangible book / share$8.282026-01-31Result 13.44x
Price $111.26.
Fixed-charge coverage
2.50xFixed-charge coverage · 2026-01-31(EBITDA − capex) / (interest + short-term debt)EBITDA$1.11BebitdaCapex$699.05McapitalExpendituresInterest$42.39MinterestExpenseShort-term debt$120.00MshortLongTermDebtEBITDA − capex$406.15MPrincipal due is the current portion of debt.Result 2.50x
EBITDA minus capex, divided by interest plus short-term debt.
FCF yield
2.4%Free cash flow yield · 2026-01-31Latest free cash flow / current market capFree cash flow$331.00MfreeCashFlowMarket cap$14.01BMarketCapitalizationResult 2.4%
Latest free cash flow divided by current market cap ($14.01B).
ROIC
23.7%ROIC · 2026-01-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$846.05MoperatingIncomeTax expense$195.83MincomeTaxExpensePretax income$774.21MincomeBeforeTaxTax rate25.3%Equity$2.20BtotalStockholderEquityDebt$519.10MlongTermDebt + shortLongTermDebtCash$46.25McashAndEquivalentsInvested capital$2.67BReported total debt was more than 1.5× long-term debt plus the current portion, so invested capital uses those two lines.Result 23.7%
After-tax operating income over equity plus debt minus cash.
Operating income / net PP&E is 0.19x.
Footprint and return
Turnover and reinvestment
| Year | Physical | FAT | Capex/D&A | TBV/sh | Coverage | FCF | ROIC | EBIT/PP&E |
|---|---|---|---|---|---|---|---|---|
| 2019 | 55.6%Physical asset ratio · 2019-01-31(Net PP&E + inventory) / total assetsNet PP&E$748.78MpropertyPlantEquipmentInventory$1.05BinventoryTotal assets$3.24BtotalAssetsResult 55.6% | 17.37xFixed asset turnover · 2019-01-31Revenue / net PP&ERevenue$13.01BtotalRevenueNet PP&E$748.78MpropertyPlantEquipmentResult 17.37x | 0.90xCapex / D&A · 2019-01-31Capital expenditures / depreciation and amortizationCapex$145.91McapitalExpendituresD&A$162.22MdepreciationAndAmortizationResult 0.90x | -$10.96Tangible book / share · 2019-01-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$3.24BtotalAssetsGoodwill$924.13MgoodWillIntangibles$200.87MintangibleAssetsLiabilities$3.44BtotalLiabTangible book-$1.33BShares121,135,000commonStockSharesOutstandingResult -$10.96 | 0.69xFixed-charge coverage · 2019-01-31(EBITDA − capex) / (interest + short-term debt)EBITDA$436.95MebitdaCapex$145.91McapitalExpendituresInterest$164.54MinterestExpenseShort-term debt$254.38MshortTermDebtEBITDA − capex$291.04MPrincipal due is short-term debt.Result 0.69x | $281.19MFree cash flow · 2019-01-31Reported free cash flowOperating cash flow$427.10MtotalCashFromOperatingActivitiesCapex$145.91McapitalExpendituresFree cash flow$281.19MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $281.19M | 17.3%ROIC · 2019-01-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$303.45MoperatingIncomeTax expense$11.83MincomeTaxExpensePretax income$138.92MincomeBeforeTaxTax rate8.5%Equity-$202.08MtotalStockholderEquityDebt$1.83BshortLongTermDebtTotalCash$27.15McashAndEquivalentsInvested capital$1.60BResult 17.3% | 0.41xEBIT / PP&E · 2019-01-31Operating income / net PP&EOperating income$303.45MoperatingIncomeNet PP&E$748.78MpropertyPlantEquipmentResult 0.41x |
| 2020 | 74.0%Physical asset ratio · 2020-01-31(Net PP&E + inventory) / total assetsNet PP&E$2.82BpropertyPlantEquipmentInventory$1.08BinventoryTotal assets$5.27BtotalAssetsResult 74.0% | 4.68xFixed asset turnover · 2020-01-31Revenue / net PP&ERevenue$13.19BtotalRevenueNet PP&E$2.82BpropertyPlantEquipmentResult 4.68x | 1.25xCapex / D&A · 2020-01-31Capital expenditures / depreciation and amortizationCapex$196.90McapitalExpendituresD&A$157.00MdepreciationAndAmortizationResult 1.25x | -$8.09Tangible book / share · 2020-01-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$5.27BtotalAssetsGoodwill$924.13MgoodWillIntangibles$146.99MintangibleAssetsLiabilities$5.32BtotalLiabTangible book-$1.13BShares139,109,188commonStockSharesOutstandingResult -$8.09 | 0.68xFixed-charge coverage · 2020-01-31(EBITDA − capex) / (interest + short-term debt)EBITDA$502.63MebitdaCapex$196.90McapitalExpendituresInterest$104.41MinterestExpenseShort-term debt$343.38MshortLongTermDebtEBITDA − capex$305.73MPrincipal due is the current portion of debt.Result 0.68x | $158.24MFree cash flow · 2020-01-31Reported free cash flowOperating cash flow$355.14MtotalCashFromOperatingActivitiesCapex$196.90McapitalExpendituresFree cash flow$158.24MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $158.24M | 17.0%ROIC · 2020-01-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$352.20MoperatingIncomeTax expense$56.21MincomeTaxExpensePretax income$243.97MincomeBeforeTaxTax rate23.0%Equity-$54.34MtotalStockholderEquityDebt$1.68BlongTermDebt + shortLongTermDebtCash$30.20McashAndEquivalentsInvested capital$1.60BReported total debt was more than 1.5× long-term debt plus the current portion, so invested capital uses those two lines.Result 17.0% | 0.12xEBIT / PP&E · 2020-01-31Operating income / net PP&EOperating income$352.20MoperatingIncomeNet PP&E$2.82BpropertyPlantEquipmentResult 0.12x |
| 2021 | 75.1%Physical asset ratio · 2021-01-31(Net PP&E + inventory) / total assetsNet PP&E$2.86BpropertyPlantEquipmentInventory$1.21BinventoryTotal assets$5.41BtotalAssetsResult 75.1% | 5.40xFixed asset turnover · 2021-01-31Revenue / net PP&ERevenue$15.43BtotalRevenueNet PP&E$2.86BpropertyPlantEquipmentResult 5.40x | 1.30xCapex / D&A · 2021-01-31Capital expenditures / depreciation and amortizationCapex$218.33McapitalExpendituresD&A$167.45MdepreciationAndAmortizationResult 1.30x | -$5.33Tangible book / share · 2021-01-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$5.41BtotalAssetsGoodwill$924.13MgoodWillIntangibles$135.12MintangibleAssetsLiabilities$5.09BtotalLiabTangible book-$739.93MShares138,876,497commonStockSharesOutstandingResult -$5.33 | 1.68xFixed-charge coverage · 2021-01-31(EBITDA − capex) / (interest + short-term debt)EBITDA$796.35MebitdaCapex$218.33McapitalExpendituresInterest$84.39MinterestExpenseShort-term debt$260.00MshortLongTermDebtEBITDA − capex$578.01MPrincipal due is the current portion of debt.Result 1.68x | $650.21MFree cash flow · 2021-01-31Reported free cash flowOperating cash flow$868.55MtotalCashFromOperatingActivitiesCapex$218.33McapitalExpendituresFree cash flow$650.21MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $650.21M | 35.1%ROIC · 2021-01-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$642.39MoperatingIncomeTax expense$136.83MincomeTaxExpensePretax income$558.01MincomeBeforeTaxTax rate24.5%Equity$319.33MtotalStockholderEquityDebt$1.11BlongTermDebt + shortLongTermDebtCash$43.52McashAndEquivalentsInvested capital$1.38BReported total debt was more than 1.5× long-term debt plus the current portion, so invested capital uses those two lines.Result 35.1% | 0.22xEBIT / PP&E · 2021-01-31Operating income / net PP&EOperating income$642.39MoperatingIncomeNet PP&E$2.86BpropertyPlantEquipmentResult 0.22x |
| 2022 | 76.6%Physical asset ratio · 2022-01-31(Net PP&E + inventory) / total assetsNet PP&E$3.10BpropertyPlantEquipmentInventory$1.24BinventoryTotal assets$5.67BtotalAssetsResult 76.6% | 5.37xFixed asset turnover · 2022-01-31Revenue / net PP&ERevenue$16.67BtotalRevenueNet PP&E$3.10BpropertyPlantEquipmentResult 5.37x | 1.69xCapex / D&A · 2022-01-31Capital expenditures / depreciation and amortizationCapex$304.51McapitalExpendituresD&A$180.55MdepreciationAndAmortizationResult 1.69x | -$2.90Tangible book / share · 2022-01-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$5.67BtotalAssetsGoodwill$924.13MgoodWillIntangibles$124.64MintangibleAssetsLiabilities$5.02BtotalLiabTangible book-$400.67MShares138,044,527commonStockSharesOutstandingResult -$2.90 | 2.41xFixed-charge coverage · 2022-01-31(EBITDA − capex) / (interest + short-term debt)EBITDA$788.68MebitdaCapex$304.51McapitalExpendituresInterest$59.44MinterestExpenseShort-term debt$141.45MshortTermDebtEBITDA − capex$484.17MPrincipal due is short-term debt.Result 2.41x | $527.14MFree cash flow · 2022-01-31Reported free cash flowOperating cash flow$831.66MtotalCashFromOperatingActivitiesCapex$304.51McapitalExpendituresFree cash flow$527.14MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $527.14M | 34.9%ROIC · 2022-01-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$617.32MoperatingIncomeTax expense$131.12MincomeTaxExpensePretax income$557.88MincomeBeforeTaxTax rate23.5%Equity$648.11MtotalStockholderEquityDebt$748.57MlongTermDebt + shortLongTermDebtCash$45.44McashAndEquivalentsInvested capital$1.35BReported total debt was more than 1.5× long-term debt plus the current portion, so invested capital uses those two lines.Result 34.9% | 0.20xEBIT / PP&E · 2022-01-31Operating income / net PP&EOperating income$617.32MoperatingIncomeNet PP&E$3.10BpropertyPlantEquipmentResult 0.20x |
| 2023 | 76.5%Physical asset ratio · 2023-01-31(Net PP&E + inventory) / total assetsNet PP&E$3.48BpropertyPlantEquipmentInventory$1.38BinventoryTotal assets$6.35BtotalAssetsResult 76.5% | 5.55xFixed asset turnover · 2023-01-31Revenue / net PP&ERevenue$19.32BtotalRevenueNet PP&E$3.48BpropertyPlantEquipmentResult 5.55x | 1.84xCapex / D&A · 2023-01-31Capital expenditures / depreciation and amortizationCapex$370.54McapitalExpendituresD&A$200.93MdepreciationAndAmortizationResult 1.84x | -$0.57Tangible book / share · 2023-01-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$6.35BtotalAssetsGoodwill$1.01BgoodWillIntangibles$115.51MintangibleAssetsLiabilities$5.30BtotalLiabTangible book-$77.48MShares136,473,000commonStockSharesOutstandingResult -$0.57 | 1.24xFixed-charge coverage · 2023-01-31(EBITDA − capex) / (interest + short-term debt)EBITDA$933.26MebitdaCapex$370.54McapitalExpendituresInterest$47.46MinterestExpenseShort-term debt$405.00MshortLongTermDebtEBITDA − capex$562.72MPrincipal due is the current portion of debt.Result 1.24x | $417.63MFree cash flow · 2023-01-31Reported free cash flowOperating cash flow$788.17MtotalCashFromOperatingActivitiesCapex$370.54McapitalExpendituresFree cash flow$417.63MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $417.63M | 29.5%ROIC · 2023-01-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$737.99MoperatingIncomeTax expense$176.26MincomeTaxExpensePretax income$690.52MincomeBeforeTaxTax rate25.5%Equity$1.05BtotalStockholderEquityDebt$852.88MlongTermDebt + shortLongTermDebtCash$33.92McashAndEquivalentsInvested capital$1.87BReported total debt was more than 1.5× long-term debt plus the current portion, so invested capital uses those two lines.Result 29.5% | 0.21xEBIT / PP&E · 2023-01-31Operating income / net PP&EOperating income$737.99MoperatingIncomeNet PP&E$3.48BpropertyPlantEquipmentResult 0.21x |
| 2024 | 77.5%Physical asset ratio · 2024-01-31(Net PP&E + inventory) / total assetsNet PP&E$3.72BpropertyPlantEquipmentInventory$1.45BinventoryTotal assets$6.68BtotalAssetsResult 77.5% | 5.37xFixed asset turnover · 2024-01-31Revenue / net PP&ERevenue$19.97BtotalRevenueNet PP&E$3.72BpropertyPlantEquipmentResult 5.37x | 2.05xCapex / D&A · 2024-01-31Capital expenditures / depreciation and amortizationCapex$467.08McapitalExpendituresD&A$227.70MdepreciationAndAmortizationResult 2.05x | $2.53Tangible book / share · 2024-01-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$6.68BtotalAssetsGoodwill$1.01BgoodWillIntangibles$107.63MintangibleAssetsLiabilities$5.22BtotalLiabTangible book$342.40MShares135,118,000commonStockSharesOutstandingResult $2.53 | 1.46xFixed-charge coverage · 2024-01-31(EBITDA − capex) / (interest + short-term debt)EBITDA$1.03BebitdaCapex$467.08McapitalExpendituresInterest$62.70MinterestExpenseShort-term debt$319.00MshortLongTermDebtEBITDA − capex$558.86MPrincipal due is the current portion of debt.Result 1.46x | $251.81MFree cash flow · 2024-01-31Reported free cash flowOperating cash flow$718.88MtotalCashFromOperatingActivitiesCapex$467.08McapitalExpendituresFree cash flow$251.81MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $251.81M | 26.6%ROIC · 2024-01-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$800.42MoperatingIncomeTax expense$212.24MincomeTaxExpensePretax income$735.89MincomeBeforeTaxTax rate28.8%Equity$1.46BtotalStockholderEquityDebt$717.43MlongTermDebt + shortLongTermDebtCash$36.05McashAndEquivalentsInvested capital$2.14BReported total debt was more than 1.5× long-term debt plus the current portion, so invested capital uses those two lines.Result 26.6% | 0.22xEBIT / PP&E · 2024-01-31Operating income / net PP&EOperating income$800.42MoperatingIncomeNet PP&E$3.72BpropertyPlantEquipmentResult 0.22x |
| 2025 | 77.9%Physical asset ratio · 2025-01-31(Net PP&E + inventory) / total assetsNet PP&E$4.00BpropertyPlantEquipmentInventory$1.51BinventoryTotal assets$7.07BtotalAssetsResult 77.9% | 5.13xFixed asset turnover · 2025-01-31Revenue / net PP&ERevenue$20.50BtotalRevenueNet PP&E$4.00BpropertyPlantEquipmentResult 5.13x | 2.24xCapex / D&A · 2025-01-31Capital expenditures / depreciation and amortizationCapex$587.98McapitalExpendituresD&A$262.07MdepreciationAndAmortizationResult 2.24x | $5.52Tangible book / share · 2025-01-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$7.07BtotalAssetsGoodwill$1.01BgoodWillIntangibles$101.11MintangibleAssetsLiabilities$5.22BtotalLiabTangible book$737.53MShares133,605,000commonStockSharesOutstandingResult $5.52 | 1.97xFixed-charge coverage · 2025-01-31(EBITDA − capex) / (interest + short-term debt)EBITDA$1.03BebitdaCapex$587.98McapitalExpendituresInterest$50.49MinterestExpenseShort-term debt$175.00MshortLongTermDebtEBITDA − capex$444.48MPrincipal due is the current portion of debt.Result 1.97x | $312.89MFree cash flow · 2025-01-31Reported free cash flowOperating cash flow$900.87MtotalCashFromOperatingActivitiesCapex$587.98McapitalExpendituresFree cash flow$312.89MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $312.89M | 23.9%ROIC · 2025-01-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$772.21MoperatingIncomeTax expense$186.43MincomeTaxExpensePretax income$720.85MincomeBeforeTaxTax rate25.9%Equity$1.85BtotalStockholderEquityDebt$573.81MlongTermDebt + shortLongTermDebtCash$28.27McashAndEquivalentsInvested capital$2.39BReported total debt was more than 1.5× long-term debt plus the current portion, so invested capital uses those two lines.Result 23.9% | 0.19xEBIT / PP&E · 2025-01-31Operating income / net PP&EOperating income$772.21MoperatingIncomeNet PP&E$4.00BpropertyPlantEquipmentResult 0.19x |
| 2026 | 78.5%Physical asset ratio · 2026-01-31(Net PP&E + inventory) / total assetsNet PP&E$4.34BpropertyPlantEquipmentInventory$1.56BinventoryTotal assets$7.51BtotalAssetsResult 78.5% | 4.94xFixed asset turnover · 2026-01-31Revenue / net PP&ERevenue$21.46BtotalRevenueNet PP&E$4.34BpropertyPlantEquipmentResult 4.94x | 2.42xCapex / D&A · 2026-01-31Capital expenditures / depreciation and amortizationCapex$699.05McapitalExpendituresD&A$288.59MdepreciationAndAmortizationResult 2.42x | $8.28Tangible book / share · 2026-01-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$7.51BtotalAssetsGoodwill$1.01BgoodWillIntangibles$95.46MintangibleAssetsLiabilities$5.31BtotalLiabTangible book$1.09BShares132,066,000commonStockSharesOutstandingResult $8.28 | 2.50xFixed-charge coverage · 2026-01-31(EBITDA − capex) / (interest + short-term debt)EBITDA$1.11BebitdaCapex$699.05McapitalExpendituresInterest$42.39MinterestExpenseShort-term debt$120.00MshortLongTermDebtEBITDA − capex$406.15MPrincipal due is the current portion of debt.Result 2.50x | $331.00MFree cash flow · 2026-01-31Reported free cash flowOperating cash flow$1.03BtotalCashFromOperatingActivitiesCapex$699.05McapitalExpendituresFree cash flow$331.00MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $331.00M | 23.7%ROIC · 2026-01-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$846.05MoperatingIncomeTax expense$195.83MincomeTaxExpensePretax income$774.21MincomeBeforeTaxTax rate25.3%Equity$2.20BtotalStockholderEquityDebt$519.10MlongTermDebt + shortLongTermDebtCash$46.25McashAndEquivalentsInvested capital$2.67BReported total debt was more than 1.5× long-term debt plus the current portion, so invested capital uses those two lines.Result 23.7% | 0.19xEBIT / PP&E · 2026-01-31Operating income / net PP&EOperating income$846.05MoperatingIncomeNet PP&E$4.34BpropertyPlantEquipmentResult 0.19x |
- Principal due is the current portion of debt.
Latest year inputs (2026)
Net PP&E: $4.34B
Inventory: $1.56B
Total assets: $7.51B
Goodwill: $1.01B
Intangibles: $95.46M
Liabilities: $5.31B
Tangible book: $1.09B
Shares: 132,066,000
Revenue: $21.46B
Capex: $699.05M
D&A: $288.59M
EBITDA: $1.11B
Interest: $42.39M
Short-term debt: $120.00M
Free cash flow: $331.00M
Operating income: $846.05M
Invested capital: $2.67B
Tax rate: 25.3%