Byrna Technologies Inc. (BYRN) valuation at a glance
- Price
- $3.71
- Market cap
- $87M
- P/S (TTM)
- 0.8×
CompaniesBYRN
BYRN
Byrna Technologies Inc.
IndustrialsLess-lethal defenseUnited StatesNet CashTurnaround
Overview
$3.71-0.5%
Market Cap
$87M
SEC filings
P/E (TTM)
–
SEC filings
Rev Growth YoY
–
SEC filings
Gross Margin
52.5%
SEC filings
FCF Yield
-0.6%
Calculated from SEC filings
Fair Value
Not established
Yahoo chart 2026-09-16
Conviction
2/5Is a debt-free less-lethal launcher maker at about 0.7x trailing sales a reset after a 42% quarterly revenue drop, or a brand in decline?
Research Depth
ScreeningDeep ResearchFull Model
Updated 1d ago
Quality Snowflake
Overall 38/100
Value1/2
Futuren/a
Past1/4
Health3/4
Dividend0/1
Each axis scores the checks for which data is available (filled = pass, hollow = no data). Computed from the sourced metrics on this page, not a third-party rating.
Thesis
Byrna Technologies designs and sells less-lethal self-defense launchers (Byrna SD, CL, LE and LE PRO) and projectiles through direct-to-consumer channels (its website and Amazon), wholesale dealers and distributors, and international partners; the fiscal year ends November 30. The company screens as deep value because it carries no drawn debt, reported 9.4 million dollars of cash plus 1.0 million dollars of marketable debt securities at May 31, 2026 against total liabilities of 11.4 million dollars, 30.4 million dollars of net inventory and 57.0 million dollars of stockholders equity, and has a 20.0 million dollar undrawn bank facility (10-Q filed 2026-07-09). Fiscal 2025 revenue was 118.1 million dollars with net income of 9.7 million dollars, so the roughly 84 million dollar market value at the 2026-09-16 close of 3.71 dollars is about 0.7x trailing annual sales. The strongest counter-evidence is the May 2026 quarter: net revenue fell 42.5% to 16.4 million dollars, DTC conversion declined, and 9.4 million dollars of write-downs and impairments to exit in-house ammunition production left gross margin at 10.9%. Confirmation would be a fiscal Q3 report showing revenue stabilization, gross margin recovering toward the prior 60% range without new charges, and near break-even operating cash flow.
Bull Case
Balance sheetAt May 31, 2026 the company had 9.4 million dollars of cash, 1.0 million dollars of marketable debt securities, no borrowings, and 20.0 million dollars available under a February 2026 Texas Capital Bank revolver and delayed-draw term loan, per the 10-Q filed 2026-07-09 (https://www.sec.gov/Archives/edgar/data/1354866/000143774926023100/byrn20260531_10q.htm).
Prior earnings powerFiscal 2025 (ended November 30, 2025) produced 118.1 million dollars of revenue, 71.5 million dollars of gross profit and 9.7 million dollars of net income, per the 10-K filed 2026-02-05 (https://www.sec.gov/Archives/edgar/data/1354866/000143774926003206/byrn20251130_10k.htm).
Founder alignmentFormer CEO Bryan Ganz reported a 9.6% beneficial stake (2,296,635 shares) in the 13D/A filed 2026-09-08 and endorsed the board's appointment of ex-Axon director Matt McBrady, a candidate Ganz had proposed (https://www.sec.gov/Archives/edgar/data/1354866/000121465926011482/primary_doc.xml).
Bear Case
Demand collapseSecond fiscal quarter 2026 net revenue fell 42.5% year over year to 16.4 million dollars, with DTC down 34.5% on lower online conversion and wholesale down 53.8% against a Byrna CL launch comparison, per the 10-Q filed 2026-07-09 (https://www.sec.gov/Archives/edgar/data/1354866/000143774926023100/byrn20260531_10q.htm).
Margin and chargesGross profit was 1.8 million dollars, or 10.9% of revenue, in the May 2026 quarter versus 61.6% a year earlier, after a 5.9 million dollar inventory write-down and a 3.5 million dollar impairment tied to ceasing in-house ammunition production at Fort Wayne (https://www.sec.gov/Archives/edgar/data/1354866/000143774926023100/byrn20260531_10q.htm).
Cash burn and ad spendOperating activities used 3.0 million dollars in the six months ended May 31, 2026 and advertising costs were 10.3 million dollars in that period against 45.4 million dollars of revenue, per the 10-Q (https://www.sec.gov/Archives/edgar/data/1354866/000143774926023100/byrn20260531_10q.htm).
Key Metrics
Market Cap
$87M
SEC filings
Enterprise Value
$79M
Calculated from SEC filings
Revenue (TTM)
$109M
SEC filings
P/E (TTM)
–
SEC filings
Forward P/E
–
Yahoo chart 2026-09-16
P/S (TTM)
0.8×
SEC filings
P/B
1.5×
SEC filings
EV/EBITDA
–
Calculated from SEC filings
PEG
–
Calculated from SEC filings
Revenue Growth
–
SEC filings
Gross Margin
52.5%
SEC filings
Operating Margin
-4.7%
SEC filings
Net Margin
-3.4%
SEC filings
Free Cash Flow
$-548.0K
SEC filings
FCF Yield
-0.6%
Calculated from SEC filings
Debt / Equity
0.0×
SEC filings
Current Ratio
4.9×
SEC filings
Short Interest
8.4%
SEC filings
Institutional Own.
49.6%
SEC filings
Insider Own.
23.4%
SEC filings
Shares Out.
23.4M
SEC filings
Float
17.5M
SEC filings
Valuation
Price vs Fair Value
Now $3.71
DCF Summary
DCF awaiting Phase 2+
Discounted cash-flow model is built once research reaches the deep-research stage.
Historical Multiples
Multiple history pending
This section is being deepened.
Peer Comparison
| Ticker | Mkt Cap | P/E | P/S | EV/EBITDA | Rev Growth | Gross Mgn | Net Mgn |
|---|---|---|---|---|---|---|---|
| BYRN | $87M | – | 0.8× | – | -42.0% | 53.0% | -3.0% |
| AXON | $37.53B | 193.3× | 11.7× | 237.5× | +35.0% | 60.0% | 6.0% |
| SWBI | $588M | 23.8× | 1.1× | 10.0× | +32.0% | 27.0% | 4.0% |
| RGR | $624M | 52.7× | 1.1× | 14.7× | +19.0% | 19.0% | 2.0% |
| AOUT | $202M | – | 1.0× | 17.4× | +25.0% | 46.0% | -2.0% |
| WRAP | $99M | – | 16.3× | – | +103.0% | 64.0% | -223.0% |
Financials
Income statement pending
Awaiting source-linked statement data.
Balance sheet pending
Awaiting source-linked statement data.
Cash flow pending
Awaiting source-linked statement data.
Figures in US dollars; fiscal year ends November 30; annual statements from the 10-K filed 2026-02-05 and interim statements from the 10-Q for the quarter ended May 31, 2026 filed 2026-07-09. Source: 10-Q ↗
Catalysts
Sep '26
Governance
Virtual annual meeting: eight-director slate including Matt McBrady
Election of eight directors including the newly appointed McBrady, auditor ratification and say-on-pay, per the DEF 14A filed 2026-09-02 (https://www.sec.gov/Archives/edgar/data/1354866/000143774926029518/byrn20260828_def14a.htm). The 8-K filed 2026-09-03 records the McBrady appointment that expanded the board from seven to eight (https://www.sec.gov/Archives/edgar/data/1354866/000143774926029555/byrn20260902_8k.htm).
Q3 FY26
Earningshigh relevance
Fiscal Q3 2026 results (quarter ended August 31, 2026)
First full quarter after the Fort Wayne ammunition shutdown. Date not announced; the prior year Q3 10-Q was filed 2025-10-09. Focus items: revenue versus the 28.2 million dollars reported for the August 2025 quarter (10-Q filed 2025-10-09), gross margin without charges, and cash burn.
Q4 FY26
Earnings
Fiscal 2026 10-K and Q4 (November quarter) results
The prior 10-K was filed 2026-02-05 (https://www.sec.gov/Archives/edgar/data/1354866/000143774926003206/byrn20251130_10k.htm). Holiday-season DTC demand and full-year cash generation will show whether fiscal 2025's 118.1 million dollar revenue base is recoverable.
Risks
| Risk | Category | Severity | Probability | Impact on Thesis |
|---|---|---|---|---|
| Sustained decline in consumer demand and online conversion | Market/Macro | High | High | Management attributed the Q2 FY2026 DTC decline to lower conversion rates on Amazon and its website; if this persists, fixed costs and advertising spend keep the company loss-making. |
| Inventory obsolescence and further write-downs | Operational | Medium | Medium | Net inventory of 30.4 million dollars at May 31, 2026 exceeds two quarters of sales at the current run rate and 5.9 million dollars was already written down in Q2, so more reserves would hit gross margin and book value. |
| Cash depletion leading to facility draw or equity issuance | Liquidity | Medium | Medium | Cash fell from 13.7 million dollars to 9.4 million dollars in six months; continued burn would force use of the secured Texas Capital Bank facility, which carries financial-ratio conditions, or dilutive financing. |
| Receivable concentration with two wholesale customers | Financial | Low | Medium | Two customers accounted for approximately 47% of accounts receivable at November 30, 2025 (10-K), so a dealer pulling back or paying late affects working capital. |
| Board and strategy transition after founder CEO retirement | Governance | Medium | Medium | A new CEO took office March 2, 2026 and the former CEO, a 9.6% holder, is publicly pressing board composition; strategic disagreement could distract a company mid-restructuring. |
Technical Snapshot
52-Week Range
–$3.71–
RSI (14)
n/a
insufficient history
50-Day MA
–
insufficient history
200-Day MA
–
insufficient history
Avg Vol (30d)
vs average
Support Levels
Resistance Levels
Technical inputs: SEC filings. See the record-specific source notes for measurement basis.
Ownership & Insider Activity
Institutional Holdersvia Source-linked
Institutional holder details unavailable
This research record does not include a holder-level table.
Insider Activity
Founder and former CEO Bryan Ganz, who retired March 2, 2026, reported beneficial ownership of 2,296,635 shares (9.6%) with related trusts and entities in the 13D/A filed 2026-09-08, with no transactions since the July 28, 2026 amendment that disclosed open-market purchases; the filing endorses the September 2026 appointment of Matt McBrady to the board. A cluster of Form 4 filings on 2026-07-23, 07-28 and 07-31 appears in the submissions index but their direction was not read this research pass.
| Name | Title | Action | Shares | Price | Date | Value |
|---|---|---|---|---|---|---|
| Elmore Leonard J | Director | Buy | 10K | $4.64 | 2026-08-06 | $46.4K |
| Hughes Herbert | Director | Buy | 2.5K | $3.77 | 2026-07-27 | $9.4K |
| Hughes Herbert | Director | Buy | 1.5K | $3.86 | 2026-07-28 | $5.8K |
| Reed Chris Lavern | Director | Buy | 8.2K | $3.63 | 2026-07-24 | $29.6K |
| Hughes Herbert | Director | Buy | 5.5K | $3.47 | 2026-07-22 | $19K |
| Hughes Herbert | Director | Buy | 3.7K | $3.42 | 2026-07-23 | $12.7K |
Peer Comparison
| Ticker | Mkt Cap | P/E | P/S | EV/EBITDA | Rev Growth | Gross Mgn | Net Mgn |
|---|---|---|---|---|---|---|---|
| BYRN | $87M | – | 0.8× | – | -42.0% | 53.0% | -3.0% |
| AXON | $37.53B | 193.3× | 11.7× | 237.5× | +35.0% | 60.0% | 6.0% |
| SWBI | $588M | 23.8× | 1.1× | 10.0× | +32.0% | 27.0% | 4.0% |
| RGR | $624M | 52.7× | 1.1× | 14.7× | +19.0% | 19.0% | 2.0% |
| AOUT | $202M | – | 1.0× | 17.4× | +25.0% | 46.0% | -2.0% |
| WRAP | $99M | – | 16.3× | – | +103.0% | 64.0% | -223.0% |
Recognizable sector comparables. Source basis: SEC filings; lowest multiple in each column highlighted. Loss-making peers show no P/E.
Research Notes
2026-09-17SEC 10-Q
Q2 FY2026: revenue down 42.5%, Fort Wayne ammunition exit charges
The 10-Q for the quarter ended May 31, 2026 (filed 2026-07-09) shows net revenue of 16.4 million dollars versus 28.5 million dollars a year earlier, a net loss of 10.1 million dollars, and 9.4 million dollars of write-downs and impairments from the decision to permanently cease in-house ammunition production. The company received 1.1 million dollars of tariff refunds in the quarter and may be entitled to more. Six-month operating cash use was 3.0 million dollars versus 9.2 million dollars in the prior-year period. Source: https://www.sec.gov/Archives/edgar/data/1354866/000143774926023100/byrn20260531_10q.htm
2026-09-17SEC 8-K
Board refresh accepted by founder holder ahead of the September 25 meeting
The 8-K filed 2026-09-03 reports the appointment of Matt McBrady, expanding the board to eight; the 13D/A filed 2026-09-08 by Bryan Ganz (9.6%) states McBrady was one of two candidates Ganz proposed to five directors and endorses the slate. The DEF 14A filed 2026-09-02 sets the virtual annual meeting for 2026-09-25. Sources: https://www.sec.gov/Archives/edgar/data/1354866/000143774926029555/byrn20260902_8k.htm ; https://www.sec.gov/Archives/edgar/data/1354866/000121465926011482/primary_doc.xml ; https://www.sec.gov/Archives/edgar/data/1354866/000143774926029518/byrn20260828_def14a.htm
2026-09-17Research
Kill checks and valuation frame
Neither the FY2025 10-K nor the May 2026 10-Q contains going-concern, substantial-doubt, at-the-market, reverse-split or variable-interest-entity language; the only Nasdaq minimum-bid reference is a generic risk factor. At the 2026-09-16 Yahoo close of 3.71 dollars and 22,693,356 shares outstanding on the 10-Q cover, market value is about 84 million dollars, roughly 1.5x May 2026 book equity of 57.0 million dollars and about 0.7x fiscal 2025 revenue. Source: https://query1.finance.yahoo.com/v8/finance/chart/BYRN?range=1mo&interval=1d
Sources
Byrna Technologies Inc. valuation questions
What is Byrna Technologies Inc.'s market cap?
Byrna Technologies Inc. (BYRN) has a market capitalization (its market value, often searched as "net worth") of $87M, and an enterprise value of $79M.