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ZYBERNO

Stock Report

Updated Aug 26, 2026

BT BRANDS, INC. (BTBDW)

NASDAQ

$0.03

Professional Investment Analysis

ZYBERNO SCORE →

Is it a great business? Is it getting better?

41.0/100

WEAK BUSINESS

BT BRANDS, INC. (BTBDW) scores 41/100 — weak fundamentals with mixed indicators requiring careful analysis before acting.

📊 How is the Zyberno Score calculated? +

The Zyberno Score answers one question: "Is this a quality business worth owning?" It's a 0-100 investment grade that evaluates business fundamentals across four critical dimensions, based on principles from Warren Buffett, Benjamin Graham, Peter Lynch, and Charlie Munger.

The 4 Core Categories (25 points each):

1. PROFITABILITY (25 pts)

Metrics: ROE, ROIC, Net Margin, Operating Margin
Thresholds: ROE >20% excellent • ROIC >20% excellent • Net Margin >20% excellent • Operating Margin >25% excellent

2. FINANCIAL STRENGTH (25 pts)

Metrics: Debt-to-Equity, Current Ratio, Interest Coverage, Altman Z-Score
Thresholds: D/E <0.3 excellent • Current Ratio >2.5 excellent • Interest Coverage >10x excellent • Altman Z >3.0 safe

3. CASH FLOW QUALITY (25 pts)

Metrics: Free Cash Flow, OCF vs Net Income, FCF Margin
Thresholds: Positive & growing FCF excellent • OCF/NI >1.2x excellent (cash earnings exceed accounting)

4. GROWTH & CONSISTENCY (25 pts)

Metrics: Revenue Growth, Net Income Growth, FCF Growth, Piotroski F-Score
Thresholds: Growth via log-linear regression • Piotroski 8-9 excellent, 6-7 good

Score Interpretation:

75-100

GREAT BUSINESS

65-74

GOOD BUSINESS

50-64

AVERAGE BUSINESS

30-49

WEAK BUSINESS

0-29

POOR BUSINESS

→ View full BTBDW quality analysis & detailed breakdown

VALUATION SIGNAL

MARGIN OF SAFETY

Is this stock cheap or expensive relative to what the business has historically generated for owners?

Margin of Safety unavailable — insufficient data for the owner-earnings DCF.

BRINA GAP ↗

Is the market underestimating or overestimating what this business is capable of going forward?

+28.3%

Market Underestimates

💰 How is Margin of Safety calculated? +

Margin of Safety measures how much discount or premium you're paying relative to a stock's intrinsic value. It's Benjamin Graham's core principle: the larger the margin, the lower your downside risk.

Formula: (Intrinsic Value − Current Price) ÷ Intrinsic Value × 100%

How We Calculate Intrinsic Value (DCF Method):

Step 1: Calculate current Owner Earnings (OCF − Maintenance CapEx)

Step 2: Calculate company-specific growth rate using log-linear regression on 16 quarters of Owner Earnings

Step 3: Project 10 years forward using the calculated growth rate

Step 4: Discount each year's cash flow to present value using 10% discount rate

Step 5: Calculate terminal value using 3% perpetual growth rate

Step 6: Sum all discounted cash flows = Intrinsic Value

What The Percentages Mean:

+50% or more

EXCELLENT — Very undervalued

+25% to +50%

GOOD — Attractive discount

0% to +25%

FAIR — Reasonable value

0% to -25%

CAUTION — Slight premium

-25% or worse

POOR — Overvalued

"Price is what you pay, value is what you get." — Warren Buffett

→ View full BTBDW valuation analysis · → View full BTBDW Brina Gap analysis

📈 How is Brina Gap calculated? +

Brina Gap measures the difference between the growth a business can fundamentally sustain and the growth the market is already pricing in.

Formula: Fundamental Growth Rate − Market-Implied Growth Rate

The Two Components:

Fundamental Growth Rate = ROIC × Reinvestment Rate

What the business can sustainably grow at based on how much it reinvests and what return it earns on that capital. Grounded in historical financials.

Market-Implied Growth Rate = Reverse DCF

The growth rate the current Enterprise Value implicitly assumes. Calculated by back-solving a 10-year DCF model (10% WACC, 3% terminal growth) until the present value of projected cash flows equals EV.

What The Gap Means:

Gap > +5% Market Underestimates — potential upside

+2% to +5% Slight Underestimate

-2% to +2% Fairly Priced — market consensus matches fundamentals

-5% to -2% Slight Overestimate

Gap < -5% Market Overestimates — price embeds optimism fundamentals don't support

A positive gap (market underestimates) combined with a positive Margin of Safety is the strongest combined signal — the business is both cheap historically and forward economics are stronger than the price suggests.

Critical Financial Health Indicators

Return on Equity (Profitability):AVERAGE (12.0%)

Debt-to-Equity (Solvency Risk):GOOD (0.48x)

Operating Margin (Operational Efficiency):POOR (7.2%)

Return on Capital (Capital Efficiency):AVERAGE (12.0%)

📊 Valuation Trilogy

Three interconnected metrics for complete valuation analysis

Click any metric for full methodology and detailed analysis

Zyberno's Verdict

BT BRANDS, INC. (BTBDW) stock report — Zyberno Score 41/100 (WEAK BUSINESS). Full financial analysis on Zyberno.

According to Zyberno's DCF model, BT BRANDS, INC. (BTBDW) shows a Brina Gap of +28.3%, which strengthens the case: based on the company's ROIC (12.0%) and reinvestment rate (69.2%), the business can fundamentally grow at 8.3% — but the current enterprise value implies the market expects -20.0%.

DIVISION I: EXECUTIVE SUMMARY

A. Market Valuation

Market Price & Capitalization (2)

Current Price:0.03

Market Cap:$185.27K

Valuation Multiples (3)

P/B Ratio:0.03x

P/S Ratio:0.01x

Peg Ratio:-999.00x

Enterprise Metrics (2)

Enterprise Value:$2.18M

Ev Ebitda Ratio:1.36x

Price Action & Momentum (1)

% of 52-Week High:4.1%

B. Profitability Assessment

Return Metrics (7)

ROE:

12.0%

📊 Click to view full BTBDW ROE analysis →

ROA:7.3%

Roic:

12.0%

📊 Click to view full BTBDW ROIC analysis →

Reinvestment Rate:69.2%

Fundamental Growth Rate (g):8.3%

Market-Implied Growth Rate:-20.0%

Brina Gap:

28.3%

☷ Click to view full BTBDW Brina Gap analysis →

Margin Analysis (3)

Operating Margin Ttm:7.2%

Net Margin Ttm:5.7%

Ebitda Margin:11.4%

TTM Performance (2)

Operating Margin Ttm:7.2%

Net Margin Ttm:5.7%

Yield Metrics (2)

Earnings Yield:-$999.00

Dividend Yield:0.0%

C. Log-Linear Regression Growth Trends

Revenue Growth (Linear) (1)

Revenue Growth Rate (Linear):10.2%

Earnings Growth (Linear) (1)

Net Income Growth Rate (Linear):51.5%

Cash Flow Growth (Linear) (2)

Free Cash Flow Growth Rate (Linear):-40.8%

Operating Cash Flow Growth Rate (Linear):-8.6%

Operating Growth (Linear) (1)

Operating Income Growth Rate (Linear):28.4%

D. Financial Stability

Liquidity Ratios (3)

Current Ratio:4.48x

Quick Ratio:4.30x

Cash Ratio:0.00x

Leverage Analysis (3)

Debt To Equity Ttm:0.48x

Debt-to-Equity Ratio:0.48x

Debt To Ebitda:1.25x

Coverage Ratios (2)

Interest Coverage Ratio:-23.98x

Times Interest Earned:-23.98

Capital Structure (4)

Working Capital:4,466,308.00

Cash And Cash Equivalents:0.00

Long Term Debt:$1.80M

Net Debt:$2.00M

DIVISION II: FINANCIAL STATEMENTS ANALYSIS

A. Income Statement Analysis

Revenue Components (2)

Revenue TTM: $14.03M

Linear Growth: 10.2%

📊 Click to view full BTBDW Revenue analysis & methodology →

Cost Of Revenue Ttm:$0.00

Profitability Breakdown (2)

$0.00

Operating income TTM: $1.00M

Linear Growth: 28.4%

📊 Click to view full BTBDW Operating Income analysis & methodology →

Bottom Line Performance (3)

Net income TTM: $795.43K

Linear Growth: 51.5%

📊 Click to view full BTBDW Net Income analysis & methodology →

Income Before Tax:$795.43K

Ebitda Ttm:1,602,428.00

Operating Expenses (5)

Operating Expenses:13,483,556.00

R And D Expense:0.00

Sga Expense:1,392,022.00

Income Tax Expense:$0.00

Interest Expense:76,407.00

Expense Ratios (3)

R And D To Revenue Percentage:0.0%

Sga To Revenue Percentage:39.2%

Ebitda Margin:11.4%

B. Balance Sheet Analysis

Asset Composition (5)

Total Assets:$10.48M

Current Assets:$5.75M

Ppe Net:2,274,675.00

Goodwill:796,220.00

Intangible Assets:$277.14K

Liability Structure (4)

Total Liabilities:4,136,196.00

Current Liabilities:1,285,162.00

Long Term Debt:$1.80M

Short Term Debt:$199.98K

Equity & Capital (3)

Equity:$6.35M

Retained Earnings:-$5.22M

Common Stock:50,000,000.00

Working Capital Items (3)

Accounts Receivable:17,713.00

Inventory:230,410.00

Accounts Payable:274,278.00

Special Items (2)

Contract Liabilities:0.00

Stock Based Compensation:43,084.00

C. Cash Flow Analysis

Operating Activities (2)

Operating cash flow TTM: -$723.51K

Linear Growth: -8.6%

Free cash flow TTM: -$1.22M

Linear Growth: -40.8%

📊 Click to view full BTBDW Free Cash Flow analysis & methodology →

Investment Activities (1)

Investing Cash Flow:$323.66K

Financing Activities (3)

Financing Cash Flow:-$57.19K

Dividends Paid Ttm:0.00

Stock Repurchase:28,910.00

Capital Transactions (3)

Common Stock Issuance:0.00

Long Term Debt Issuance:$0.00

Long Term Debt Repayments:$44.01K

Non-Cash Items (1)

Depreciation Amortization Ttm:598,885.00

DIVISION III: OPERATIONAL METRICS

A. Per Share Analysis

Earnings Per Share (1)

Earnings Per Share Ttm:$0.13

Revenue & Cash Per Share (2)

Sales Per Share Ttm:2.27

Operating Cash Flow Per Share:-$0.12

Book Value & Capital (2)

Book Value Per Share:$1.03

Cash Per Share:-999.00

Dividend Policy (1)

Dividend Payout Ratio:0.00x

B. Operational Efficiency

Asset Utilization (2)

Asset Turnover Ttm:1.29x

Working Capital Turnover Ttm:3.14x

Receivables Management (2)

Receivables Turnover Ttm:791.95x

Days Sales Outstanding Ttm:0.46

Inventory Management (2)

Inventory Turnover Ttm:60.88x

Days Inventory Outstanding Ttm:6.00

Payables & Cash Cycle (2)

Days Payable Outstanding:7.14

Cash Conversion Cycle:-0.68

C. Quality & Risk Metrics

Financial Quality Scores (2)

Financial Strength Score:100.00

Quality Score:40.00

Market Metrics (2)

Beta:0.00x

Volatility Category:unknown

DIVISION IV: INVESTMENT ANALYSIS

A. Value Investment Framework

Damodaran Growth Analysis (4)

Reinvestment Rate:69.2%

Fundamental Growth Rate (g):8.3%

Market-Implied Growth Rate:-20.0%

Brina Gap:

28.3%

☷ Click to view full BTBDW Brina Gap analysis →

B. Log-Linear Regression Growth Analysis

Growth Rates (Log-Linear Regression) (3)

Revenue Growth Rate (Linear):10.2%

Net Income Growth Rate (Linear):51.5%

Operating Income Growth Rate (Linear):28.4%

Cash Flow Growth Rates (2)

Free Cash Flow Growth Rate (Linear):-40.8%

Operating Cash Flow Growth Rate (Linear):-8.6%

Other Growth Rates (1)

Book Value Growth Rate (Linear):-13.7%

C. Company Profile & Context

Corporate Information (6)

Symbol:BTBDW

Company Name:BT BRANDS, INC.

Sector:Unknown

Industry:Retail-Eating Places

Exchange:NASDAQ

Country:United States

Market Classification (3)

Market Cap Category:N/A

Price Category:penny

Volume Category:N/A

Share Structure (3)

Shares Outstanding:6.17M

Shares Outstanding Basic:6.17M

Shares Outstanding Diluted:6.15M

Data Processing Info (3)

Processing Version:v3.0

Last Updated:2026-08-26 06:32:05 UTC

Data Timestamp:2026-08-26T06:32:05.233318