Detailed financial statements for BT Brands, Inc. (BTBD): income statement, balance sheet and cash-flow summary. Track margins, debt, liquidity and profitability trends year over year with up to 20 years of history.
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 South Dakota. Additionally, the company manages a Dairy Queen franchise situated in Ham Lake, Minnesota.
Analysis Summary
BT Brands, Inc. reported revenue of $13.5M in the most recent fiscal year, growing at a 5-year CAGR of 10.6%.
Trailing-twelve-month margins: gross margin 20.4%, operating margin -1.1%, net margin -4.6%. Free cash flow grew at -38.2% CAGR over 5 years.
At the current price of $1.70, BTBD has negative trailing earnings (P/E not meaningful) and an ROE of -8.98%. Market capitalisation stands at $11M.
Balance sheet quality for BTBD: current ratio of 4.8, net cash position of $2.7M. A debt-to-equity below 1.0 typically signals conservative capital structure, while a current ratio above 1.5 indicates comfortable short-term liquidity.
Income Statement (10y)
| Year | 2014 | 2017 | 2018 | 2019 | 2021 | 2022 | 2023 | 2023 | 2024 | 2025 |
|---|
| Revenue | $5.3M | $7.1M | $7.1M | $6.5M | $8.2M | $8.5M | $12.6M | $14.1M | $14.8M | $13.5M |
| Cost of Revenue | $4.1M | $6.5M | $5.1M | $4.7M | $5.4M | $5.7M | $9.0M | $11.1M | $11.7M | $9.6M |
| Gross Profit | $1.2M | $599565 | $2.0M | $1.8M | $2.7M | $2.8M | $3.6M | $3.0M | $3.1M | $3.9M |
| Research & Development | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Selling, General & Admin | $447810 | $621650 | $1.3M | $1.3M | $1.4M | $1.1M | $2.8M | $3.0M | $3.1M | $2.7M |
| Operating Expenses | $890536 | $621650 | $1.7M | $2.1M | $2.2M | $1.8M | $4.0M | $4.4M | $4.8M | $4.3M |
| Operating Income | $279918 | -$22080 | $240815 | -$373548 | $529368 | $980712 | -$391164 | -$1.4M | -$1.7M | -$391816 |
| EBITDA | $380361 | $187069 | $438997 | -$147949 | $1.3M | $1.2M | -$178481 | -$336220 | -$1.3M | $42486 |
| Interest Expense | 0 | 0 | $176955 | $207841 | $177757 | $172861 | $114766 | $97608 | $99906 | $81621 |
| Pre-tax Income | $259540 | -$254851 | $34528 | -$568577 | $921992 | $807851 | -$742285 | -$1.0M | -$2.1M | -$687839 |
| Income Tax | 0 | -$4 | $13725 | -$102000 | $130000 | $200000 | -$180000 | -$145000 | $206000 | 0 |
| Net Income | $259540 | -$254851 | $20803 | -$368577 | $791992 | $607851 | -$562285 | -$887368 | -$2.3M | -$687839 |
| EPS | $0.05 | $-0.06 | $0.01 | $-0.09 | $0.20 | $0.14 | $-0.09 | $-0.14 | $-0.37 | $-0.11 |
| EPS (Diluted) | $0.05 | $-0.06 | $0.01 | $-0.09 | $0.20 | $0.14 | $-0.09 | $-0.14 | $-0.37 | $-0.11 |
| Shares Outstanding (Diluted) | $5.5M | $4.0M | $4.0M | $4.0M | $4.0M | $4.4M | $6.5M | $6.3M | $6.2M | $6.2M |
Income Statement (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|
| Revenue | $3.9M | $2.6M | $2.8M | $3.6M |
| Gross Profit | $1.4M | $525414 | $116090 | $602455 |
| Operating Income | $492811 | -$517310 | -$232811 | $117205 |
| EBITDA | $1.1M | -$1.1M | -$577996 | $747040 |
| Net Income | $914975 | -$1.3M | -$751011 | $576433 |
| EPS | $0.15 | $-0.22 | $-0.12 | $0.09 |
| EPS (Diluted) | $0.15 | $-0.22 | $-0.12 | $0.09 |
Balance Sheet (10y)
| Year | 2014 | 2017 | 2018 | 2019 | 2021 | 2022 | 2023 | 2023 | 2024 | 2025 |
|---|
| Cash & Equivalents | $259989 | $241050 | $663511 | $258101 | $1.3M | $12.4M | $2.2M | $5.3M | $2.0M | $846167 |
| Short-term Investments | 0 | 0 | 0 | 0 | 0 | 0 | $6.0M | $1.4M | $2.3M | $3.6M |
| Receivables | $21457 | $19104 | $20241 | $15363 | $19030 | $72251 | $76948 | $28737 | $69459 | $54506 |
| Inventory | $49414 | $70695 | $58584 | $56432 | $60576 | $79510 | $158351 | $201333 | $272603 | $230443 |
| Total Current Assets | $336748 | $335722 | $790547 | $336825 | $1.4M | $12.6M | $8.9M | $7.2M | $5.0M | $5.9M |
| Property, Plant & Equipment | $882699 | $2.0M | $2.1M | $2.1M | $1.6M | $1.6M | $5.7M | $5.0M | $5.1M | $3.7M |
| Goodwill | 0 | 0 | 0 | 0 | 0 | 0 | $671220 | $671220 | $796220 | $796220 |
| Intangible Assets | 0 | 0 | 0 | 0 | 0 | 0 | $453978 | $395113 | $367799 | $305270 |
| Total Assets | $1.2M | $2.9M | $3.3M | $2.6M | $3.4M | $14.5M | $16.8M | $14.6M | $12.0M | $10.7M |
| Accounts Payable | $133767 | $351821 | $288659 | $321855 | $270487 | $291973 | $448605 | $555247 | $612059 | $245226 |
| Short-term Debt | $161314 | $261571 | $254396 | $277666 | $245306 | $169908 | $958986 | $299228 | $185009 | $550470 |
| Total Current Liabilities | $524277 | $805280 | $731767 | $805151 | $1.0M | $925310 | $2.1M | $1.6M | $1.4M | $1.2M |
| Long-term Debt | $692032 | $3.6M | $3.5M | $3.2M | $2.9M | $2.8M | $2.7M | $2.3M | $2.1M | $1.2M |
| Total Liabilities | $1.2M | $4.4M | $4.3M | $4.0M | $4.1M | $3.9M | $6.6M | $5.4M | $5.0M | $4.3M |
| Retained Earnings | 0 | -$1.5M | -$1.5M | -$1.9M | -$1.2M | -$600238 | -$1.2M | -$2.0M | -$4.4M | -$5.0M |
| Total Equity | $3138 | -$1.5M | -$1.0M | -$1.4M | -$702323 | $10.6M | $10.2M | $9.2M | $7.0M | $6.4M |
| Total Debt | $853346 | $3.8M | $3.8M | $3.5M | $3.2M | $3.0M | $5.6M | $4.4M | $4.0M | $1.8M |
| Net Debt | $593357 | $3.6M | $3.1M | $3.2M | $1.9M | -$9.4M | -$2.5M | -$2.3M | -$222815 | -$2.7M |
| Working Capital | -$187529 | -$469558 | $58780 | -$468326 | $371693 | $11.6M | $6.7M | $5.7M | $3.6M | $4.7M |
Balance Sheet (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|
| Cash & Equivalents | $1.3M | $846167 | $1.0M | $1.6M |
| Total Assets | $11.9M | $10.7M | $10.0M | $10.5M |
| Total Liabilities | $4.2M | $4.3M | $4.3M | $4.1M |
| Total Equity | $7.7M | $6.4M | $5.7M | $6.3M |
| Total Debt | $5.1M | $3.7M | $3.6M | $1.7M |
Cash Flow (10y)
| Year | 2014 | 2017 | 2018 | 2019 | 2021 | 2022 | 2023 | 2023 | 2024 | 2025 |
|---|
| Net Income | $259540 | -$254851 | $20803 | -$466577 | $791992 | $607851 | -$562285 | -$887368 | -$2.3M | -$687839 |
| Depreciation & Amortization | $100443 | $209154 | $225814 | $211087 | $189387 | $234027 | $449038 | $598540 | $742860 | $648704 |
| Stock-based Compensation | 0 | 0 | 0 | $13500 | 0 | $26250 | $118700 | $174000 | $230500 | $141000 |
| Change in Working Capital | $94 | $291292 | -$46823 | $52315 | $236103 | -$112078 | $147354 | $231130 | -$195315 | -$147348 |
| Operating Cash Flow | $278392 | $293360 | $49116 | $50489 | $1.4M | $813955 | $211798 | -$258787 | -$723505 | $284876 |
| Capital Expenditure | -$75449 | -$462189 | -$66652 | 0 | -$154420 | -$207920 | -$478396 | -$488388 | -$494064 | -$172925 |
| Acquisitions | 0 | $22479 | 0 | 0 | 0 | 0 | -$4.5M | 0 | -$943000 | 0 |
| Stock Repurchased | 0 | 0 | 0 | 0 | 0 | 0 | -$107012 | -$250525 | -$142794 | 0 |
| Dividends Paid | -$166984 | -$44154 | -$29572 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Free Cash Flow | $202943 | -$168829 | -$17536 | $50489 | $1.2M | $606035 | -$266598 | -$747175 | -$1.2M | $111951 |
Cash Flow (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|
| Operating Cash Flow | $325177 | -$117924 | -$97650 | $215140 |
| Capital Expenditure | -$63397 | $14837 | -$40113 | -$52862 |
| Free Cash Flow | $261780 | -$103087 | -$137763 | $162278 |
| Dividends Paid | 0 | 0 | 0 | 0 |
| Stock-based Compensation | $25334 | $21931 | $16375 | $43084 |
Growth & Margins (10y)
| Year | 2014 | 2017 | 2018 | 2019 | 2021 | 2022 | 2023 | 2023 | 2024 | 2025 |
|---|
| Revenue Growth (YoY) | | +33.9% | -0.8% | -8.1% | +25.9% | +3.6% | +49.1% | +11.7% | +5.3% | -9.0% |
| Net Income Growth (YoY) | | -198.2% | +108.2% | -1871.7% | +314.9% | -23.3% | -192.5% | -57.8% | -160.5% | +70.2% |
| EPS Growth (YoY) | | -233.5% | +108.1% | -1886.3% | +319.5% | -30.0% | -162.2% | -60.7% | -164.3% | +70.3% |
| Shares Change (YoY) | | -26.4% | +0.0% | -0.1% | +0.1% | +8.3% | +47.4% | -3.1% | -1.1% | -0.6% |
| FCF Growth (YoY) | | -183.2% | +89.6% | +387.9% | +2362.1% | -51.2% | -144.0% | -180.3% | -63.0% | +109.2% |
| Gross Margin | 22.7% | 8.4% | 28.1% | 27.3% | 33.5% | 32.9% | 28.7% | 21.5% | 20.8% | 28.8% |
| Operating Margin | 5.3% | -0.3% | 3.4% | -5.8% | 6.5% | 11.6% | -3.1% | -9.8% | -11.5% | -2.9% |
| EBITDA Margin | 7.2% | 2.6% | 6.2% | -2.3% | 15.8% | 14.4% | -1.4% | -2.4% | -8.5% | 0.3% |
| Net Margin | 4.9% | -3.6% | 0.3% | -5.7% | 9.7% | 7.2% | -4.5% | -6.3% | -15.6% | -5.1% |
| FCF Margin | 3.8% | -2.4% | -0.2% | 0.8% | 15.2% | 7.2% | -2.1% | -5.3% | -8.2% | 0.8% |
| Effective Tax Rate | 0.0% | 0.0% | 39.8% | 17.9% | 14.1% | 24.8% | 24.2% | 14.0% | -9.8% | -0.0% |
Per-Share Data (10y)
| Year | 2014 | 2017 | 2018 | 2019 | 2021 | 2022 | 2023 | 2023 | 2024 | 2025 |
|---|
| FCF Per Share | $0.04 | $-0.04 | $-0.00 | $0.01 | $0.31 | $0.14 | $-0.04 | $-0.12 | $-0.20 | $0.02 |
| Dividends Per Share | $0.03 | $0.01 | $0.01 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 |
| Shares Outstanding (Basic) | $5.5M | $4.0M | $4.0M | $4.0M | $4.0M | $4.4M | $6.5M | $6.3M | $6.2M | $6.2M |
What to look at in Consumer Cyclical companies
- 5y avg operating margin (Cycle average) — Look at the cycle average, not the current year (peak or trough).
- Inventory turnover (>=4x/year) — Healthy retail rotates inventory fast. A drop signals weak demand.
- 5y avg ROIC (>=12%) — Cyclicals with avg ROIC >12% are structural winners.
- Net debt / EBITDA (peak) (<3x trough) — In cyclicals debt kills in recessions.
- Current Ratio (>1.5x) — Survives 12-18 months without operating cash.
- Altman Z-Score (>2.99 safe) — Bankruptcy model — key in cyclicals sensitive to recessions.
Profitability
| Return on Equity | -8.98% |
| Return on Invested Capital | -1.43% |
| Return on Assets | -5.60% |
| Gross Margin | 20.44% |
| Operating Margin | -1.09% |
| Net Margin | -4.57% |
Financial Health
| Debt / Equity | 0.26 |
| Current Ratio | 4.48 |
Key Ratios (10y)
| Year | 2014 | 2017 | 2018 | 2019 | 2021 | 2022 | 2023 | 2023 | 2024 | 2025 |
|---|
| P/E | 96.40 | -72.22 | 892.16 | -49.95 | 22.75 | 22.14 | -20.99 | -17.86 | -3.89 | -12.91 |
| P/B | 7974.82 | -12.08 | -17.69 | -13.18 | -26.22 | 1.28 | 1.16 | 1.70 | 1.28 | 1.36 |
| P/S | 4.71 | 2.59 | 2.61 | 2.84 | 2.26 | 1.61 | 0.94 | 1.11 | 0.60 | 0.65 |
| Gross Margin | 22.7% | 8.4% | 28.1% | 27.3% | 33.5% | 32.9% | 28.7% | 21.5% | 20.8% | 28.8% |
| Operating Margin | 5.3% | -0.3% | 3.4% | -5.8% | 6.5% | 11.6% | -3.1% | -9.8% | -11.5% | -2.9% |
| Net Margin | 4.9% | -3.6% | 0.3% | -5.7% | 9.7% | 7.2% | -4.5% | -6.3% | -15.6% | -5.1% |