Byrna Technologies Inc

Byrna Technologies maintains a conservative capital structure with zero debt, resulting in a debt-to-equity ratio of 0.0. The balance sheet shows total assets of $84.5 million against total liabilities of $18.7 million, leaving total equity at $65.8 million. Liquidity is supported by $13.7 million in cash and equivalents, though operating cash flow is negative at -$1.6 million, indicating a reliance on existing cash reserves or external financing to fund operations. The company’s market capitalization stands at $89.4 million, trading at a price-to-book ratio of 1.36.

Profitability metrics present a mixed picture, with the company reporting a net income of $9.7 million on revenue of $118.1 million. However, return on equity is negative at -5.61% and return on assets is -4.37%, suggesting that while the company achieved accounting profitability in the latest period, its capital efficiency remains below optimal levels. The negative EV/EBITDA of -14.82 further highlights challenges in generating consistent operating cash flow relative to enterprise value.

Revenue concentration and geographic exposure details are not provided in the current dataset, limiting the ability to assess segment-specific performance or regional risk factors. The company’s total revenue of $118.1 million serves as the primary aggregate metric for scale analysis.

Growth trajectory analysis is constrained by the absence of historical period data in the input. Without multi-year revenue or net income trends, it is not possible to determine the company’s growth rate or consistency over time.

Risk assessment indicates low liquidity risk and low dilution risk, with no immediate filing-based flags detected. The negative operating cash flow of -$1.6 million and significant capital expenditure of $7.6 million pose a near-term cash burn risk, requiring monitoring of cash reserves against ongoing operational needs.

Recent events include a sector re-analysis due to sector contamination, which was resolved via a sector classification-direct path audit in July 2026. Analyst sentiment is neutral to positive, with a mean price target of $7.62 and a median target of $7.25, compared to the current market price of $3.94. The mean recommendation is 2.50, with two buy ratings and two hold ratings, indicating moderate analyst confidence in the company’s future performance.

Byrna Technologies Inc. (BYRN.O) has undergone a significant revision in its analytical profile, with the AI-driven narrative, business summary, and conclusion all marked as modified with low similarity scores to prior versions. This comprehensive update, sourced from the ha_light_thesis, indicates a fundamental shift in how the company's strategic position and operational outlook are being interpreted, rather than a reaction to a single discrete market event. A key quantitative adjustment within this revision is the recalibration of Byrna’s estimated market share, which increased by approximately 24.27% from 1.82e-06 to 2.26e-06. While the absolute figures remain microscopic, the upward adjustment suggests a refined view of the company's competitive standing within its niche, potentially reflecting updated data on total addressable market size or Byrna's specific penetration rates. The structural composition of the analysis also shifted, with the key takeaways section seeing a net neutral change of +7/-7 items. This churn implies that while the core themes may remain consistent, the specific drivers and risks highlighted by the analytical model have been re-evaluated, replacing older points with new insights that better align with the current business summary. Despite these internal analytical updates, external market attention remains sparse. Cross-source signals show zero dispatches for most of the period leading up to July 2026, with only two mentions recorded on July 5. This lack of external noise, combined with the absence of analyst coverage and index membership, underscores that Byrna remains a low-visibility entity where changes are driven by internal data refinement rather than broad market sentiment or institutional activity.

Revenue is projected to grow 37.7% year-over-year to $118.1 million in fiscal 2026, demonstrating strong top-line expansion.

Operating income is expected to surge 77.5% to $11.8 million in fiscal 2026, indicating significant operational leverage.

The company maintains a debt-to-equity ratio of 0.28, placing it in the top quartile for financial stability within its cohort.

Analysts assign a mean price target of $7.63, implying 119.1% upside from the current market price of $3.48.

Liquidity risk is assessed as low, supported by a robust current ratio of 3.73 as of November 2025.

Operating margin of -4.7% remains significantly below the Aerospace & Defense cohort median of 7.1%, indicating poor profitability.

Cash conversion ratio of 0.43 is well below the cohort median of 0.91, suggesting inefficient working capital management.

Revenue $16.4M, −42,5% YoY; Operating income −486,2% YoY.

• ▍Revenue $16.4M, −42,5% YoY
• ▍Operating income −486,2% YoY
• ▍Net income −515,7% YoY
• ▍Free cash flow −596,7% YoY
• ▍Net margin -61.6%

Revenue $29.0M, +10,9% YoY; Operating income −45,3% YoY.

• ▍Revenue $29.0M, +10,9% YoY
• ▍Operating income −45,3% YoY
• ▍Net income −51,8% YoY
• ▍Free cash flow +283,3% YoY
• ▍Net margin 2.8%

Revenue $35.2M, +26,0% YoY; Operating income −3,4% YoY.

• ▍Revenue $35.2M, +26,0% YoY
• ▍Operating income −3,4% YoY
• ▍Net income −65,2% YoY
• ▍Free cash flow −76,5% YoY
• ▍Net margin 9.5%

Revenue $28.2M, +35,1% YoY; Operating income +245,8% YoY.

• ▍Revenue $28.2M, +35,1% YoY
• ▍Operating income +245,8% YoY
• ▍Net income +118,0% YoY
• ▍Free cash flow −29,9% YoY
• ▍Net margin 7.9%

Revenue $28.5M; Operating income $3.3M.

• ▍Revenue $28.5M
• ▍Operating income $3.3M
• ▍Net margin 8.5%

Revenue $26.2M; Operating income $1.7M.

• ▍Revenue $26.2M
• ▍Operating income $1.7M
• ▍Net margin 6.3%

Revenue $28.0M; Operating income $4.1M.

• ▍Revenue $28.0M
• ▍Operating income $4.1M
• ▍Net margin 34.6%

Revenue $20.9M; Operating income $828.0k.

• ▍Revenue $20.9M
• ▍Operating income $828.0k
• ▍Net margin 4.9%

Revenue $118.1M, +37,7% YoY; Operating income +77,5% YoY.

• ▍Revenue $118.1M, +37,7% YoY
• ▍Operating income +77,5% YoY
• ▍Net income −24,3% YoY
• ▍Free cash flow −64,3% YoY
• ▍Net margin 8.2%

Revenue $85.8M, +101,1% YoY; Operating income +185,6% YoY.

• ▍Revenue $85.8M, +101,1% YoY
• ▍Operating income +185,6% YoY
• ▍Net income +256,1% YoY
• ▍Free cash flow +253,2% YoY
• ▍Net margin 14.9%

Revenue $42.6M, −11,2% YoY; Operating income −0,8% YoY.

• ▍Revenue $42.6M, −11,2% YoY
• ▍Operating income −0,8% YoY
• ▍Net income −3,9% YoY
• ▍Free cash flow +23,9% YoY
• ▍Net margin -19.2%

Revenue $48.0M, +13,9% YoY; Operating income −149,3% YoY.

• ▍Revenue $48.0M, +13,9% YoY
• ▍Operating income −149,3% YoY
• ▍Net income −140,2% YoY
• ▍Free cash flow −85,3% YoY
• ▍Net margin -16.4%