BJ's Wholesale Club vs Dollar Tree
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The short version
- BJ's Wholesale Club is the larger business, with $21.5B of revenue in fiscal 2025 against $19.4B for Dollar Tree.
- Dollar Tree grew revenue faster (10.4%, against 4.7%).
- Dollar Tree kept more of each dollar of sales as operating profit (8.5% operating margin, against 3.8%).
- Dollar Tree turned more of its sales into free cash flow (5.4% FCF margin, against 1.5%).
- BJ's Wholesale Club earned a higher return on the capital invested in it (23.7%, against 21.4%).
- Investors pay more for each dollar of BJ's Wholesale Club’s earnings: a P/E of 23.2x against 15.4x for Dollar Tree.
| Latest fiscal year | BJ · FY25 | DLTR · FY25 |
|---|---|---|
| Size | ||
| Market cap | $13.5B | $23.9B |
| Revenue | $21.5B | $19.4B |
| Free cash flow | $328M | $1.1B |
| Net income | $578M | $1.3B |
| Growth | ||
| Revenue growth | 4.7% | 10.4% |
| 5-year growth | 6.8% | −5.3% |
| Share count change | −1.2% | −4.5% |
| Profitability | ||
| Gross margin | 18.6% | 36.3% |
| Operating margin | 3.8% | 8.5% |
| Net margin | 2.7% | 6.6% |
| FCF margin | 1.5% | 5.4% |
| Return on capital | 23.7% | 21.4% |
| Return on equity | 28.6% | 33.2% |
| Balance sheet | ||
| Net debt | $523M | $1.7B |
| Net debt / EBITDA | 0.5x | 0.7x |
| Dividends and buybacks | $287M | $1.5B |
| Valuation & quality | ||
| P/E | 23.2x | 15.4x |
| Piotroski F-score | 8 | 9 |
Revenue
FY16
BJ $12.4B
DLTR $20.7B
FY17
BJ $12.8B
DLTR $22.2B
FY18
BJ $13.0B
DLTR $22.8B
FY19
BJ $13.2B
DLTR $23.6B
FY20
BJ $15.4B
DLTR $25.5B
FY21
BJ $16.7B
DLTR $26.3B
FY22
BJ $19.3B
DLTR $15.4B
FY23
BJ $20.0B
DLTR $16.8B
FY24
BJ $20.5B
DLTR $17.6B
FY25
BJ $21.5B
DLTR $19.4B
BJ
DLTR
Operating margin
FY16
BJ 1.8%
DLTR 8.2%
FY17
BJ 1.7%
DLTR 9.0%
FY18
BJ 2.3%
DLTR −4.1%
FY19
BJ 2.7%
DLTR 5.4%
FY20
BJ 4.2%
DLTR 7.4%
FY21
BJ 3.7%
DLTR 6.9%
FY22
BJ 3.8%
DLTR 13.6%
FY23
BJ 4.0%
DLTR 10.6%
FY24
BJ 3.8%
DLTR 8.3%
FY25
BJ 3.8%
DLTR 8.5%
BJ
DLTR
Free cash flow
FY16
BJ $183M
DLTR $1.1B
FY17
BJ $72.6M
DLTR $878M
FY18
BJ $281M
DLTR $949M
FY19
BJ $158M
DLTR $835M
FY20
BJ $650M
DLTR $1.8B
FY21
BJ $508M
DLTR $410M
FY22
BJ $390M
DLTR $976M
FY23
BJ $252M
DLTR $1.5B
FY24
BJ $313M
DLTR $893M
FY25
BJ $328M
DLTR $1.1B
BJ
DLTR
Return on capital
FY16
BJ —
DLTR 10.4%
FY17
BJ —
DLTR 17.6%
FY18
BJ 17.3%
DLTR −7.0%
FY19
BJ 17.0%
DLTR 10.0%
FY20
BJ 32.2%
DLTR 15.7%
FY21
BJ 34.2%
DLTR 15.3%
FY22
BJ 33.8%
DLTR 14.7%
FY23
BJ 28.1%
DLTR 12.4%
FY24
BJ 24.9%
DLTR 13.4%
FY25
BJ 23.7%
DLTR 21.4%
BJ
DLTR
Each company's latest fiscal year; fiscal years end in different months. The best value in each row is highlighted where higher (or lower) is clearly better. Not investment advice.