BT Brands (BTBD)
NASDAQ:BTBD
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BT Brands
(NASDAQ:BTBD)
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Rating:48Neutral
Price Target:
$1.00
▼(-33.77% Downside)
Action:Reiterated
Date:06/02/26
The score is held back primarily by continued losses and bearish technical trends (price below key moving averages with negative MACD). Improving cash flow and a more manageable balance sheet provide some support, but the negative earnings-based valuation signal and the CFO resignation add meaningful risk.
Positive Factors
Positive Free Cash Flow
The move to positive operating and free cash flow provides durable operational funding, reducing near-term reliance on external financing. Consistent cash generation improves runway for reinvestment, supports working capital needs, and helps finance a gradual turnaround if sustained over multiple quarters.
Negative Factors
Ongoing Losses and Weak Margins
Negative operating and net margins indicate core restaurant economics are not yet sustainable. Continued losses erode equity (ROE about -16.7%), constrain reinvestment, and require either durable sales growth or structural cost reductions to restore profitability over the medium term.
Read all positive and negative factors
Positive Factors
Negative Factors
Positive Free Cash Flow
The move to positive operating and free cash flow provides durable operational funding, reducing near-term reliance on external financing. Consistent cash generation improves runway for reinvestment, supports working capital needs, and helps finance a gradual turnaround if sustained over multiple quarters.
Read all positive factors
BT Brands (BTBD) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$6.92M
Dividend YieldN/A
Average Volume (3M)129.35K
Price to Earnings (P/E)―
Beta (1Y)0.42
Revenue Growth-11.88%
EPS Growth49.44%
CountryUS
Employees40
SectorConsumer Cyclical
Sector Strength84
IndustryRestaurants
Share Statistics
EPS (TTM)-0.18
Shares Outstanding6,184,724
10 Day Avg. Volume51,870
30 Day Avg. Volume129,348
Financial Highlights & Ratios
PEG Ratio0.18
Price to Book (P/B)1.36
Price to Sales (P/S)0.65
P/FCF Ratio78.07
Enterprise Value/Market Cap1.38
Enterprise Value/Revenue0.73
Enterprise Value/Gross Profit3.00
Enterprise Value/Ebitda84.34
Forecast
1Y Price TargetN/A
Price Target UpsideN/A
Rating ConsensusN/A
Number of Analyst Covering0
EPS Forecast (FY)N/A
Revenue Forecast (FY)N/A
BT Brands Business Overview & Revenue Model
Company Description
BT Brands, Inc. operates as a quick-service restaurant company, with its primary operations centered in the north-central United States. Its portfolio includes nine Burger Time restaurants strategically located across Minnesota, North Dakota, and ...
How the Company Makes Money
BT Brands makes money primarily through restaurant-level sales generated at its company-owned locations (food and beverage revenue from walk-in customers and other off-premise ordering channels). Where it has franchised locations, it also generate...
BT Brands Earnings Call Summary
Earnings Call Date:Mar 28, 2024
(Q4-2023)
| % Change Since: |
Next Earnings Date:Aug 18, 2026
Earnings Call Sentiment Neutral
The earnings call reflects a challenging year for BT Brands with a significant net loss. However, there are positive signs of growth and potential improvements in various segments like Keegan's and Burger Time locations. The company remains optimistic about future performance based on its strong financial position and strategic plans.Positive Updates
Sales Growth Despite Challenges
BT Brands reported a 15% increase in sales, reaching $14 million, despite not making any new acquisitions during the year.
Negative Updates
Net Loss for the Year
BT Brands reported a net loss of $887,368 for the year, with significant losses attributed to Bagger Dave's and nonrecurring expenses.
Read all updates
Q4-2023 Updates
Positive
Negative
Sales Growth Despite Challenges
BT Brands reported a 15% increase in sales, reaching $14 million, despite not making any new acquisitions during the year.
Read all positive updates
Company Guidance
During the BT Brands earnings call for Q4 2023, Kenneth Brimmer outlined the company's financial performance and future strategy. The company reported a net loss of $887,368 on $14 million in sales, marking a 15% sales increase compared to the previous year. Brimmer attributed 35% of the loss to Bagger Dave's, with costs of $347,000. Additionally, legal and professional expenses tied to Noble Roman's board efforts amounted to over $100,000. Despite these setbacks, BT Brands holds $6.9 million in cash and aims to revamp its operations by divesting its Dairy Queen franchise and rebranding Bagger Dave's, projecting potential revenue growth to $12 million with an EBITDA margin target of 15%. Keegan's, another venture, aims to achieve $3.2 million in annual sales with 10% profitability, while the Village Bier Garten needs to surpass $30,000 weekly to maintain profitability. Overall, Brimmer expressed optimism for future profitability and growth through potential acquisitions and operational improvements.BT Brands Financial Statement Overview
Summary
Income Statement
34
Negative
Balance Sheet
58
Neutral
Cash Flow
64
Positive
| Breakdown | TTM | Dec 2025 | Mar 2025 | Dec 2023 | Mar 2023 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 13.10M | 13.49M | 14.82M | 14.08M | 12.60M | 8.45M |
| Gross Profit | 3.18M | 3.88M | 3.09M | 3.02M | 3.62M | 2.78M |
| EBITDA | 113.15K | 42.49K | -1.26M | -336.22K | -178.48K | 1.21M |
| Net Income | -1.11M | -687.84K | -2.31M | -887.37K | -562.28K | 607.85K |
Balance Sheet | ||||||
| Total Assets | 9.98M | 10.75M | 12.00M | 14.61M | 16.77M | 14.51M |
| Cash, Cash Equivalents and Short-Term Investments | 3.64M | 4.44M | 4.27M | 6.69M | 8.14M | 12.39M |
| Total Debt | 3.57M | 1.76M | 4.05M | 4.38M | 5.64M | 3.00M |
| Total Liabilities | 4.30M | 4.33M | 5.03M | 5.42M | 6.62M | 3.88M |
| Stockholders Equity | 5.68M | 6.42M | 6.97M | 9.19M | 10.15M | 10.63M |
Cash Flow | ||||||
| Free Cash Flow | 405.29K | 111.95K | -1.22M | -747.17K | -266.60K | 606.03K |
| Operating Cash Flow | 493.96K | 284.88K | -723.50K | -258.79K | 211.80K | 813.96K |
| Investing Cash Flow | -209.04K | -1.06M | -2.18M | 4.71M | -11.04M | -207.92K |
| Financing Cash Flow | -340.04K | -329.72K | -440.85K | -1.30M | 590.70K | 10.46M |
BT Brands Technical Analysis
Negative
1.51
Price Trends
1.56
Negative
1.48
Negative
1.59
Negative
Market Momentum
-0.11
Negative
40.71
Neutral
43.81
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For BTBD, the sentiment is Negative. The current price of 1.51 is above the 20-day moving average (MA) of 1.13, below the 50-day MA of 1.56, and below the 200-day MA of 1.59, indicating a neutral trend. The MACD of -0.11 indicates Negative momentum. The RSI at 40.71 is Neutral, neither overbought nor oversold. The STOCH value of 43.81 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for BTBD.
BT Brands Peers Comparison
UnderperformOutperform
Sector (61)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
77 Outperform | $43.63M | 14.90 | 19.21% | ― | 3.20% | 9.92% | |
61 Neutral | $18.38B | 12.79 | -2.54% | 3.03% | 1.52% | -15.83% | |
54 Neutral | $4.73M | 2.70 | 0.46% | ― | 0.23% | -177.05% | |
52 Neutral | $13.73M | 7.57 | 3.18% | ― | -5.12% | 73.41% | |
48 Neutral | $6.92M | -6.44 | -13.30% | ― | -11.88% | 49.44% | |
43 Neutral | $22.21M | -3.59 | -29.84% | ― | -11.28% | 36.59% | |
40 Underperform | $13.35M | -0.98 | 2210.86% | ― | 90.26% | -9.15% |
* Consumer Cyclical Sector Average
BTBD
BT Brands
1.16
-0.26
-18.31%
ARKR
Ark Restaurants
6.16
-3.79
-38.09%
GTIM
Good Times Restaurants
1.30
-0.39
-23.08%
RAVE
Rave Restaurant Group
3.07
0.46
17.62%
REBN
Reborn Coffee, Inc.
1.63
-0.92
-36.02%
CHSN
Chanson International Holding Class A
1.30
-3,798.70
-99.97%
BT Brands Corporate Events
Executive/Board ChangesRegulatory Filings and Compliance
BT Brands Faces CFO Resignation and Leadership Transition
Negative
Jun 1, 2026
On May 26, 2026, BT Brands, Inc. announced that Kenneth Brimmer resigned from his roles as Chief Financial Officer, principal financial officer, principal accounting officer, and member of the Board of Directors. The company emphasized that Brimme...
Regulatory Filings and Compliance
BT Brands Updates S-3 Shelf with Latest Audit
Neutral
Apr 6, 2026
BT Brands, Inc. has obtained and filed the consent of its independent registered public accounting firm to allow the firm’s audit report dated March 30, 2026, on the company’s consolidated financial statements for the fiscal year ended...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.