Présentation de l'entreprise
Byrna Technologies Inc. operates as a specialized entity within the aerospace and defense sector, focusing on the development, manufacturing, and sale of less-lethal personal security solutions across global markets including the United States, Canada, South Africa, Europe, South America, and Asia. This positioning within the Industrials sector highlights the company's alignment with defense contracting and security technology supply chains, where innovation in non-lethal deterrents is critical for law enforcement and military applications. The company currently maintains a market capitalization of $208.71M and generates annual revenue of $118.12M, supported by an operational workforce of 159 employees. These financial metrics indicate that the firm occupies a mid-cap position with significant revenue generation relative to its headcount, suggesting high operational efficiency and a solid foothold in a niche but expanding global security market.
Santé financière
The company reported a trailing twelve-month revenue of $118.12M and net income of $9.69M, while achieving an EBITDA of $13.95M; the substantial gap between revenue and net income reveals a cost structure where operating expenses, including research and development and sales costs, consume a significant portion of gross profits before reaching the bottom line. Despite generating positive earnings, the free cash flow stands at -$16,573,250, which indicates a temporary cash burn that may be attributed to heavy capital expenditure on manufacturing facilities or inventory buildup necessary for scaling production of handheld and shoulder-fired devices. The gross margin of 60.5% demonstrates strong pricing power and favorable unit economics typical of proprietary defense technology, while the operating margin of 11.2% and profit margin of 8.2% reflect the impact of operational overheads and non-operating expenses on overall profitability. Liquidity is robust with $15.48M in cash compared to $2.35M in debt, and the debt-to-equity ratio of 3.57 suggests a leveraged balance sheet structure that relies heavily on equity financing rather than debt service. The current ratio of 3.73 further confirms excellent short-term liquidity, indicating the company holds more than three times the current assets necessary to cover its immediate liabilities. Management effectiveness is evidenced by a return on equity of 16.1% and a return on assets of 9.5%, showing that the company generates substantial returns on the capital invested by shareholders and utilizes its asset base efficiently to produce earnings.
Évaluation de la valorisation
Byrna Technologies Inc. trades with a trailing P/E ratio of 23.00 and a forward P/E of 16.43, implying that the market expects earnings to expand significantly in the coming year, as the forward multiple is substantially lower than the historical multiple. The price-to-book ratio of 3.17 indicates that the stock is trading at a premium of over three times its book value, reflecting investor confidence in the intangible value of the company's intellectual property and future growth prospects beyond its tangible assets. Alternative valuation metrics such as the price-to-sales ratio of 1.77 and an EV/EBITDA of 14.01 provide additional context, suggesting the company is valued at less than two times its sales, which can be reasonable for high-growth industrial firms, while the EV/EBITDA multiple places the company in a moderate range compared to mature industrial peers. The stock has demonstrated significant volatility within the past year, ranging from a 52-week low of $8.75 to a 52-week high of $34.30, meaning the current price sits at approximately 60% below the recent peak, offering a wide trading range that reflects market sentiment shifts. The beta of 2.45 signifies that the company's stock price is highly sensitive to market movements, tending to fluctuate with much greater intensity than the broader market index, which is characteristic of smaller-cap industrial and defense stocks.
Growth & Income
The company experienced a revenue growth rate of 26.0% year-over-year, whereas earnings growth was -64.8%, indicating that while top-line sales are expanding rapidly, net income has contracted significantly, likely due to one-time costs, restructuring charges, or increased operating expenses that have outpaced revenue growth. As a non-dividend payer, the company reports a dividend yield of N/A and a payout ratio of 0.0%, confirming that the firm retains all its earnings to fund capital expenditures, debt repayment, or strategic reinvestment into its less-lethal technology portfolio rather than distributing cash to shareholders. The divergence between strong revenue expansion and negative earnings growth suggests a transitional phase where profitability is being recalibrated against aggressive scaling or cost optimization efforts. Overall, the growth and income profile presents a classic high-growth industrial story where capital reinvestment is prioritized over current yield, relying on future margin expansion to restore and sustain earnings in line with the robust revenue trajectory.