BJs Restaurants Inc (BJRI)

Return on total capital

		Dec 31, 2023	Sep 30, 2023	Jun 30, 2023	Mar 31, 2023	Dec 31, 2022	Sep 30, 2022	Jun 30, 2022	Mar 31, 2022	Dec 31, 2021	Sep 30, 2021	Jun 30, 2021	Mar 31, 2021	Dec 31, 2020	Sep 30, 2020	Jun 30, 2020	Mar 31, 2020	Dec 31, 2019	Sep 30, 2019	Jun 30, 2019	Mar 31, 2019
Earnings before interest and tax (EBIT) (ttm)	US$ in thousands	13,759	14,680	11,896	4,829	-5,480	-17,727	-19,514	-15,985	-16,507	-28,812	-34,534	-86,941	-86,431	-49,809	-33,859	27,629	49,119	46,997	51,617	54,982
Long-term debt	US$ in thousands	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—
Total stockholders’ equity	US$ in thousands	365,761	360,970	366,046	351,234	345,515	339,014	340,344	337,662	333,771	335,462	335,134	325,283	293,788	308,911	312,594	271,904	290,287	286,565	324,236	329,268
Return on total capital		3.76%	4.07%	3.25%	1.37%	-1.59%	-5.23%	-5.73%	-4.73%	-4.95%	-8.59%	-10.30%	-26.73%	-29.42%	-16.12%	-10.83%	10.16%	16.92%	16.40%	15.92%	16.70%

December 31, 2023 calculation

Return on total capital = EBIT (ttm) ÷ (Long-term debt + Total stockholders’ equity)
= $13,759K ÷ ($—K + $365,761K)
= 3.76%

BJs Restaurants Inc's return on total capital has fluctuated significantly over the periods provided. The return on total capital ranged from a low of -29.42% in December 2020 to a high of 16.92% in September 2019. The trend shows a mix of positive and negative returns, indicating uneven performance in generating profits relative to the company's total capital employed. The recent return on total capital figures in 2023 have improved compared to the negative returns seen in previous quarters. However, it is essential for the company to continue monitoring and improving its return on total capital to ensure sustainable profitability and value creation for its shareholders.