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ZYBERNO

Stock Report

Updated Aug 21, 2026

Byrna Technologies Inc. (BYRN)

Technology • NASDAQ

$3.69

Professional Investment Analysis

ZYBERNO SCORE →

Is it a great business? Is it getting better?

44.0/100

WEAK BUSINESS

Byrna Technologies Inc. (BYRN) scores 44/100 — 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 BYRN quality analysis & detailed breakdown

VALUATION SIGNAL

N/A (Requires more data)

Requires fair value calculation and current price data

💰 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 BYRN valuation analysis · → View full BYRN 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):CRITICAL (-5.8%)

Debt-to-Equity (Solvency Risk):EXCELLENT (0.07x)

Operating Margin (Operational Efficiency):CRITICAL (-4.7%)

Return on Capital (Capital Efficiency):CRITICAL (-6.6%)

📊 Valuation Trilogy

Three interconnected metrics for complete valuation analysis

Click any metric for full methodology and detailed analysis

Zyberno's Verdict

Byrna Technologies Inc. (BYRN) stock report — Zyberno Score 44/100 (WEAK BUSINESS). Full financial analysis on Zyberno.

Over the trailing twelve months, BYRN generated -$4.52M in Owner Earnings. Capital was deployed as follows: $953.00K returned via share buybacks, $5.60M invested in capital expenditures. Reinvestment rate: -143.9%.

DIVISION I: EXECUTIVE SUMMARY

A. Market Valuation

Market Price & Capitalization (2)

Current Price:3.69

Market Cap:$83.71M

Valuation Multiples (3)

P/B Ratio:1.47x

P/S Ratio:0.77x

Peg Ratio:-999.00x

Enterprise Metrics (1)

Enterprise Value:$84.58M

Price Action & Momentum (3)

12-1 Momentum:

-82.1% (2th pctile)

📈 Click to view full BYRN Momentum analysis →

Momentum Percentile:2 / 100

% of 52-Week High:12.1%

B. Profitability Assessment

Return Metrics (5)

ROE:

-5.8%

📊 Click to view full BYRN ROE analysis →

ROA:-4.7%

Roic:

-6.6%

📊 Click to view full BYRN ROIC analysis →

Reinvestment Rate:-143.9%

Fundamental Growth Rate (g):9.5%

Margin Analysis (3)

Operating Margin Ttm:-4.7%

Net Margin Ttm:-3.4%

Ebitda Margin:-2.0%

TTM Performance (3)

Gross Margin Ttm:52.5%

Operating Margin Ttm:-4.7%

Net Margin Ttm:-3.4%

Yield Metrics (2)

Earnings Yield:-$4.21

Dividend Yield:0.0%

C. Log-Linear Regression Growth Trends

Earnings Surprise (SUE) (3)

Earnings Surprise (SUE):

-4.00

📊 Click to view full BYRN Earnings Surprise analysis →

EPS Surprise vs Expected:-914.8%

Latest Earnings Filed:2026-07-09

Revenue Growth (Linear) (1)

Revenue Growth Rate (Linear):33.9%

Earnings Growth (Linear) (1)

Net Income Growth Rate (Linear):100.0%

Cash Flow Growth (Linear) (2)

Free Cash Flow Growth Rate (Linear):92.9%

Operating Cash Flow Growth Rate (Linear):100.0%

Operating Growth (Linear) (1)

Operating Income Growth Rate (Linear):12.0%

D. Financial Stability

Liquidity Ratios (3)

Current Ratio:4.86x

Quick Ratio:1.86x

Cash Ratio:0.93x

Leverage Analysis (3)

Debt To Equity Ttm:0.07x

Debt-to-Equity Ratio:0.07x

Debt To Ebitda:-999.00x

Coverage Ratios (1)

Times Interest Earned:-999.00

Capital Structure (4)

Working Capital:39,185,000.00

Cash And Cash Equivalents:9,436,000.00

Long Term Debt:$1.27M

Net Debt:$867.00K

DIVISION II: FINANCIAL STATEMENTS ANALYSIS

A. Income Statement Analysis

Revenue Components (2)

Revenue TTM: $108.86M

Linear Growth: 33.9%

📊 Click to view full BYRN Revenue analysis & methodology →

Cost Of Revenue Ttm:$51.70M

Profitability Breakdown (2)

Gross profit TTM: $57.17M

Linear Growth: 19.2%

📊 Click to view full BYRN Gross Profit analysis & methodology →

Operating income TTM: -$5.10M

Linear Growth: 12.0%

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

Bottom Line Performance (3)

Net income TTM: -$3.69M

Linear Growth: 100.0%

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

Income Before Tax:-$5.34M

Ebitda Ttm:-2,202,000.00

Operating Expenses (5)

Operating Expenses:62,268,000.00

R And D Expense:36,140.00

Sga Expense:0.00

Income Tax Expense:-$1.65M

Interest Expense:0.00

Expense Ratios (3)

R And D To Revenue Percentage:0.2%

Sga To Revenue Percentage:0.0%

Ebitda Margin:-2.0%

B. Balance Sheet Analysis

Asset Composition (5)

Total Assets:$68.42M

Current Assets:$49.33M

Ppe Net:4,047,000.00

Goodwill:2,258,000.00

Intangible Assets:$2.96M

Liability Structure (4)

Total Liabilities:11,434,000.00

Current Liabilities:10,144,000.00

Long Term Debt:$1.27M

Short Term Debt:$9.03M

Equity & Capital (3)

Equity:$56.98M

Retained Earnings:-$56.38M

Common Stock:50,000,000.00

Working Capital Items (3)

Accounts Receivable:4,437,000.00

Inventory:30,445,000.00

Accounts Payable:9,033,000.00

Special Items (2)

Contract Liabilities:354,000.00

Stock Based Compensation:800,000.00

C. Cash Flow Analysis

Operating Activities (2)

Operating cash flow TTM: -$2.22M

Linear Growth: 100.0%

Free cash flow TTM: -$7.82M

Linear Growth: 92.9%

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

Investment Activities (2)

Investing Cash Flow:-$621.00K

Capital Expenditures Ttm:5,602,000.00

Financing Activities (3)

Financing Cash Flow:-$960.00K

Dividends Paid Ttm:0.00

Stock Repurchase:953,000.00

Capital Transactions (3)

Common Stock Issuance:0.00

Long Term Debt Issuance:$0.00

Long Term Debt Repayments:$0.00

Non-Cash Items (1)

Depreciation Amortization Ttm:2,900,000.00

DIVISION III: OPERATIONAL METRICS

A. Per Share Analysis

Earnings Per Share (3)

EPS (Basic TTM):-0.15

Eps diluted TTM: -$0.18

Linear Growth: 8.4%

📊 Click to view full BYRN EPS analysis & methodology →

Earnings Per Share Ttm:-$0.16

Revenue & Cash Per Share (2)

Sales Per Share Ttm:4.80

Operating Cash Flow Per Share:-$0.07

Book Value & Capital (2)

Book Value Per Share:$2.51

Cash Per Share:0.42

Dividend Policy (1)

Dividend Payout Ratio:-999.00x

B. Operational Efficiency

Asset Utilization (2)

Asset Turnover Ttm:1.40x

Working Capital Turnover Ttm:2.78x

Receivables Management (2)

Receivables Turnover Ttm:24.53x

Days Sales Outstanding Ttm:14.88

Inventory Management (2)

Inventory Turnover Ttm:1.70x

Days Inventory Outstanding Ttm:214.96

Payables & Cash Cycle (2)

Days Payable Outstanding:63.78

Cash Conversion Cycle:166.06

C. Quality & Risk Metrics

Financial Quality Scores (2)

Financial Strength Score:100.00

Quality Score:70.00

Market Metrics (2)

Beta:0.00x

Volatility Category:unknown

DIVISION IV: INVESTMENT ANALYSIS

A. Value Investment Framework

Owner Earnings Analysis (1)

-$4.52M

Damodaran Growth Analysis (2)

Reinvestment Rate:-143.9%

Fundamental Growth Rate (g):9.5%

B. Log-Linear Regression Growth Analysis

Growth Rates (Log-Linear Regression) (3)

Revenue Growth Rate (Linear):33.9%

Net Income Growth Rate (Linear):100.0%

Operating Income Growth Rate (Linear):12.0%

Cash Flow Growth Rates (2)

Free Cash Flow Growth Rate (Linear):92.9%

Operating Cash Flow Growth Rate (Linear):100.0%

Other Growth Rates (2)

Gross Profit Growth Rate (Linear):19.2%

Book Value Growth Rate (Linear):7.4%

C. Company Profile & Context

Corporate Information (6)

Symbol:BYRN

Company Name:Byrna Technologies Inc.

Sector:Technology

Industry:Miscellaneous Electrical Machinery, Equipment & Supplies

Exchange:NASDAQ

Country:United States

Market Classification (3)

Market Cap Category:N/A

Price Category:low

Volume Category:N/A

Share Structure (3)

Shares Outstanding:22.69M

Shares Outstanding Basic:22.69M

Shares Outstanding Diluted:22.69M

Data Processing Info (3)

Processing Version:v3.0

Last Updated:2026-08-21 21:33:35 UTC

Data Timestamp:2026-08-19T07:58:33.979477