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On October 9, 2025 Byrna announced an AI-driven advertising workstream that lifted website traffic, expanded brick-and-mortar placements to over 1,000 stores, introduced a ByrnaCare protection plan for launchers, and added two new board members; management cited stronger web and retail traction ahead of the holiday season. On November 12, 2025 Byrna received placement at #10 on Forbes’ America’s Most Successful Small‑Cap Companies list.
Technical Analysis
Directional indicators show no established trend: ADX registers 15.11, indicating lack of trend strength; that low ADX reduces confidence in breakout continuation and favors range-bound moves around current levels.
Directional momentum favors downside: DI‑ registers 28.65 and trends higher while DI+ sits at 21.24 and trends lower, a configuration that signals directional pressure toward sellers and biases near‑term price action lower relative to recent highs.
MACD reads -0.94 and trends downward while the MACD signal line sits at -0.66; MACD negative and declining indicates bearish momentum and confirms the directional-indicator bias.
MRO equals -2.9 and trends lower; the negative MRO indicates price sits below the model target, implying limited mean-reversion potential toward fair value, though the magnitude at -2.9 suggests that any upward correction would likely remain modest.
RSI sits at 44.15 and trends down, signaling mild bearish momentum without oversold extremes; combined with low ADX, expect choppy, volume-light trading rather than strong directional moves.
Price sits beneath short-, intermediate-, and long-term averages: close at $17.99 versus the 20‑day average $19.46, 50‑day $21.05 and 200‑day $23.27, which frames resistance at those averages and near the super trend upper band at $20.93. The close near the lower Bollinger band ($17.92) highlights immediate support just below current levels.
Ichimoku components keep price below the cloud (Tenkan $19.41, Kijun $23.73, Senkou A $21.15, Senkou B $21.30), reinforcing a bearish price bias until price clears the cloud and moving averages on meaningful volume.
Fundamental Analysis
Revenue totaled $28,179,000 with gross profit $16,922,000, producing a gross margin of 60.05%, a strong production-level margin that supports product-level pricing power and higher unit profitability.
Operating performance shows operating income $2,863,000 and an EBIT margin of 10.16%; that EBIT margin sits above the industry peer mean of 2.77% while slightly below the industry peer median of 10.31%, and QoQ the EBIT margin contracted by 12.92% while YoY it expanded by 155.92%—the QoQ decline signals near-term pressure, while the large YoY improvement reflects recent operational leverage versus the prior year.
Earnings per share arrived at $0.12 versus an estimate of $0.05, producing an EPS beat of $0.07, equivalent to a 140% surprise relative to the estimate; that upside supports near-term sentiment but sits alongside weak cash generation.
Cash flow and liquidity present mixed signals: cash and short‑term investments sum to $8,996,000 and current ratio equals 421.29%, indicating ample near-term liquidity, while operating cash flow equals -$2,268,000 and free cash flow equals -$4,517,000, producing a negative free cash flow yield of -0.90%, which pressures valuation until cash conversion improves.
Balance-sheet leverage remains light: total debt $2,432,000 produces debt to assets 3.10% and debt to equity 3.85%, giving meaningful room to finance growth initiatives without near-term solvency strain.
Market multiples show elevated investor expectations: trailing PE at 183.65 and forward PE at 262.91 sit at premium levels, price‑to‑sales 17.75 and price‑to‑book 7.92; these multiples align with WMDST’s current assessment that the stock appears over‑valued given negative free cash flow and modest revenue growth trends.
Revenue growth reads -1.14% overall, with QoQ down 112.943% and YoY down 139.64% per the provided labels; those declines contrast with improving margins and operational scale, creating a mixed fundamental picture where margin expansion follows recent operational changes while top-line growth requires continued marketing and retail execution to recover.
Valuation summary: WMDST values the stock as over‑valued; strong gross margins and light leverage support a premium but negative cash flow and high earnings multiples drive the over‑valuation assessment until cash conversion turns positive and revenue growth resumes sustainably.
MOST-RECENT QUARTERLY REPORT
| REPORT PERIOD ENDING: | 2025-08-31 |
| REPORT DATE: | 2025-10-09 |
| NEXT REPORT DATE: | 2026-01-08 |
| CASH FLOW | Begin Period Cash Flow | $ 7.0 M |
| Operating Cash Flow | $ -2.27 M | |
| Capital Expenditures | $ -2.25 M | |
| Change In Working Capital | $ -7.22 M | |
| Dividends Paid | — | |
| Cash Flow Delta | $ -506.00 K | |
| End Period Cash Flow | $ 6.5 M | |
| INCOME STATEMENT | REVENUE | |
| Total Revenue | $ 28.2 M | |
| Forward Revenue | $ 6.3 M | |
| COSTS | ||
| Cost Of Revenue | $ 11.3 M | |
| Depreciation | $ 618.0 K | |
| Depreciation and Amortization | $ 618.0 K | |
| Research and Development | — | |
| Total Operating Expenses | $ 25.3 M | |
| PROFITABILITY | ||
| Gross Profit | $ 16.9 M | |
| EBITDA | $ 3.5 M | |
| EBIT | $ 2.9 M | |
| Operating Income | $ 2.9 M | |
| Interest Income | $ 97.0 K | |
| Interest Expense | — | |
| Net Interest Income | $ 97.0 K | |
| Income Before Tax | $ 2.9 M | |
| Tax Provision | $ 628.0 K | |
| Tax Rate | 20.56 % | |
| Net Income | $ 2.2 M | |
| Net Income From Continuing Operations | $ 2.2 M | |
| EARNINGS | ||
| EPS Estimate | $ 0.05 | |
| EPS Actual | $ 0.12 | |
| EPS Difference | $ 0.07 | |
| EPS Surprise | 140.0 % | |
| Forward EPS | $ 0.09 | |
| BALANCE SHEET | ASSETS | |
| Total Assets | $ 78.6 M | |
| Intangible Assets | $ 5.4 M | |
| Net Tangible Assets | $ 57.7 M | |
| Total Current Assets | $ 57.4 M | |
| Cash and Short-Term Investments | $ 9.0 M | |
| Cash | $ 6.5 M | |
| Net Receivables | $ 8.9 M | |
| Inventory | $ 34.1 M | |
| Long-Term Investments | $ 51.0 K | |
| LIABILITIES | ||
| Accounts Payable | $ 8.5 M | |
| Short-Term Debt | — | |
| Total Current Liabilities | $ 13.6 M | |
| Net Debt | — | |
| Total Debt | $ 2.4 M | |
| Total Liabilities | $ 15.4 M | |
| EQUITY | ||
| Total Equity | $ 63.1 M | |
| Retained Earnings | $ -50.46 M | |
| VALUATION & PER-SHARE METRICS | EQUITY & PER-SHARE METRICS | |
| Book Value Per-Share | $ 2.78 | |
| Shares Outstanding | 22.695 M | |
| Revenue Per-Share | $ 1.24 | |
| VALUATION | Market Capitalization | $ 500.1 M |
| Enterprise Value | $ 493.6 M | |
| Enterprise Multiple | 141.791 | |
| Enterprise Multiple QoQ | 8.065 % | |
| Enterprise Multiple YoY | -54.816 % | |
| Enterprise Multiple IPRWA | high: 142.731 BYRN: 141.791 median: 52.696 mean: 33.0 low: -103.663 |
|
| EV/R | 17.516 | |
| CAPITAL STRUCTURE | ||
| Asset To Equity | 1.244 | |
| Asset To Liability | 5.095 | |
| Debt To Capital | 0.037 | |
| Debt To Assets | 0.031 | |
| Debt To Assets QoQ | -7.305 % | |
| Debt To Assets YoY | 53.267 % | |
| Debt To Assets IPRWA | high: 0.68 median: 0.344 mean: 0.28 BYRN: 0.031 low: 0.003 |
|
| Debt To Equity | 0.039 | |
| Debt To Equity QoQ | -10.46 % | |
| Debt To Equity YoY | 43.946 % | |
| Debt To Equity IPRWA | high: 1.061 mean: 0.535 median: 0.448 BYRN: 0.039 low: -0.656 |
|
| PRICE-BASED VALUATION | ||
| Price To Book (P/B) | 7.921 | |
| Price To Book QoQ | -8.426 % | |
| Price To Book YoY | 13.076 % | |
| Price To Book IPRWA | high: 20.982 mean: 8.365 BYRN: 7.921 median: 5.202 low: -0.305 |
|
| Price To Earnings (P/E) | 183.645 | |
| Price To Earnings QoQ | -32.935 % | |
| Price To Earnings YoY | -47.026 % | |
| Price To Earnings IPRWA | high: 243.643 BYRN: 183.645 median: 75.941 mean: 61.665 low: -88.061 |
|
| PE/G Ratio | 9.182 | |
| Price To Sales (P/S) | 17.749 | |
| Price To Sales QoQ | -2.734 % | |
| Price To Sales YoY | 18.638 % | |
| Price To Sales IPRWA | high: 50.485 BYRN: 17.749 mean: 10.987 median: 7.143 low: 1.449 |
|
| FORWARD MULTIPLES | ||
| Forward P/E | 262.906 | |
| Forward PE/G | 13.145 | |
| Forward P/S | 79.903 | |
| EFFICIENCY | OPERATIONAL | |
| Operating Leverage | 12.172 | |
| ASSET & SALES | ||
| Asset Turnover Ratio | 0.361 | |
| Asset Turnover Ratio QoQ | -5.912 % | |
| Asset Turnover Ratio YoY | 0.925 % | |
| Asset Turnover Ratio IPRWA | high: 0.384 BYRN: 0.361 mean: 0.189 median: 0.153 low: 0.014 |
|
| Receivables Turnover | 3.658 | |
| Receivables Turnover Ratio QoQ | -39.459 % | |
| Receivables Turnover Ratio YoY | -66.999 % | |
| Receivables Turnover Ratio IPRWA | high: 8.501 median: 4.988 mean: 4.612 BYRN: 3.658 low: 1.125 |
|
| Inventory Turnover | 0.339 | |
| Inventory Turnover Ratio QoQ | -14.041 % | |
| Inventory Turnover Ratio YoY | -23.682 % | |
| Inventory Turnover Ratio IPRWA | high: 5.174 mean: 2.058 median: 1.11 BYRN: 0.339 low: 0.301 |
|
| Days Sales Outstanding (DSO) | 24.947 | |
| CASH CYCLE | ||
| Cash Conversion Cycle Days (CCC) | 223.181 | |
| Cash Conversion Cycle Days QoQ | 24.673 % | |
| Cash Conversion Cycle Days YoY | 63.443 % | |
| Cash Conversion Cycle Days IPRWA | high: 343.604 BYRN: 223.181 mean: 129.2 median: 78.599 low: -21.224 |
|
| CAPITAL DEPLOYMENT | ||
| Cash Conversion Ratio | 0.644 | |
| CapEx To Revenue | -0.08 | |
| CapEx To Depreciation | -3.639 | |
| CAPITAL, LIQUIDITY & COVERAGE | CAPITAL STRUCTURE | |
| Total Capital | $ 63.1 M | |
| Net Invested Capital | $ 63.1 M | |
| Invested Capital | $ 63.1 M | |
| Net Tangible Assets | $ 57.7 M | |
| Net Working Capital | $ 43.8 M | |
| LIQUIDITY | ||
| Cash Ratio | 0.661 | |
| Current Ratio | 4.213 | |
| Current Ratio QoQ | 16.128 % | |
| Current Ratio YoY | 20.09 % | |
| Current Ratio IPRWA | high: 5.963 BYRN: 4.213 mean: 1.65 median: 1.182 low: 0.875 |
|
| Quick Ratio | 1.709 | |
| Quick Ratio QoQ | 11.937 % | |
| Quick Ratio YoY | -11.432 % | |
| Quick Ratio IPRWA | high: 5.116 BYRN: 1.709 mean: 1.08 median: 0.966 low: 0.384 |
|
| COVERAGE & LEVERAGE | ||
| Debt To EBITDA | 0.699 | |
| Cost Of Debt | 7.566 % | |
| Interest Coverage Ratio | 11.979 | |
| Interest Coverage Ratio QoQ | -13.921 % | |
| Interest Coverage Ratio YoY | 245.772 % | |
| Interest Coverage Ratio IPRWA | high: 22.75 BYRN: 11.979 median: 7.776 mean: 5.632 low: -27.349 |
|
| Operating Cash Flow Ratio | -0.226 | |
| TIMING / LIQUIDITY | ||
| Days Payables Outstanding (DPO) | 78.627 | |
| DIVIDENDS | ||
| Dividend Coverage Ratio | — | |
| Dividend Payout Ratio | — | |
| Dividend Rate | — | |
| Dividend Yield | — | |
| PERFORMANCE | GROWTH | |
| Asset Growth Rate | 1.436 % | |
| Revenue Growth | -1.144 % | |
| Revenue Growth QoQ | -112.943 % | |
| Revenue Growth YoY | -139.64 % | |
| Revenue Growth IPRWA | high: 67.474 % mean: 3.321 % median: 2.29 % BYRN: -1.144 % low: -6.879 % |
|
| Earnings Growth | 20.0 % | |
| Earnings Growth QoQ | -319.998 % | |
| Earnings Growth YoY | -130.0 % | |
| Earnings Growth IPRWA | high: 140.0 % BYRN: 20.0 % median: 3.743 % mean: -1.676 % low: -116.667 % |
|
| MARGINS | ||
| Gross Margin | 60.052 % | |
| Gross Margin QoQ | -2.54 % | |
| Gross Margin YoY | -3.757 % | |
| Gross Margin IPRWA | high: 92.224 % BYRN: 60.052 % mean: 15.681 % median: 15.248 % low: -10.206 % |
|
| EBIT Margin | 10.16 % | |
| EBIT Margin QoQ | -12.924 % | |
| EBIT Margin YoY | 155.919 % | |
| EBIT Margin IPRWA | high: 58.23 % median: 10.312 % BYRN: 10.16 % mean: 2.771 % low: -37.889 % |
|
| Return On Sales (ROS) | 10.16 % | |
| Return On Sales QoQ | -12.924 % | |
| Return On Sales YoY | 155.919 % | |
| Return On Sales IPRWA | high: 57.493 % median: 10.312 % BYRN: 10.16 % mean: 2.054 % low: -39.802 % |
|
| CASH FLOW | ||
| Free Cash Flow (FCF) | $ -4.52 M | |
| Free Cash Flow Yield | -0.903 % | |
| Free Cash Flow Yield QoQ | -26.645 % | |
| Free Cash Flow Yield YoY | 35.18 % | |
| Free Cash Flow Yield IPRWA | high: 3.722 % mean: 1.072 % median: 0.809 % BYRN: -0.903 % low: -3.802 % |
|
| Free Cash Growth | -29.455 % | |
| Free Cash Growth QoQ | 11729.317 % | |
| Free Cash Growth YoY | -88.112 % | |
| Free Cash Growth IPRWA | high: 251.349 % median: 15.758 % BYRN: -29.455 % mean: -45.663 % low: -307.394 % |
|
| Free Cash To Net Income | -2.021 | |
| Cash Flow Margin | -10.923 % | |
| Cash Flow To Earnings | -1.377 | |
| VALUE & RETURNS | ||
| Economic Value Added | $ 0.04 | |
| Return On Assets (ROA) | 2.865 % | |
| Return On Assets QoQ | -12.359 % | |
| Return On Assets YoY | 62.877 % | |
| Return On Assets IPRWA | high: 5.399 % BYRN: 2.865 % median: 1.73 % mean: 0.367 % low: -6.769 % |
|
| Return On Capital Employed (ROCE) | 4.408 % | |
| Return On Equity (ROE) | 0.035 | |
| Return On Equity QoQ | -12.289 % | |
| Return On Equity YoY | 53.846 % | |
| Return On Equity IPRWA | high: 0.262 mean: 0.079 median: 0.043 BYRN: 0.035 low: -0.255 |
|
| DuPont ROE | 3.626 % | |
| Return On Invested Capital (ROIC) | 3.602 % | |
| Return On Invested Capital QoQ | -15.087 % | |
| Return On Invested Capital YoY | -182.237 % | |
| Return On Invested Capital IPRWA | high: 8.317 % BYRN: 3.602 % median: 2.293 % mean: 0.162 % low: -16.009 % |
|