Barnwell Industries

BRN

Oil & Gas Exploration & Production · Energy

Price

$0.99

+0.02 (+1.58%)

Market Cap

$14.2M

Exchange

New York Stock Exchange American

Winston Score

Winston is serious

Below-average fundamentals — multiple weak pillars.

Data as of Aug 23, 2026 · filings through Jun 30, 2026

How the score breaks down

Quality

Mixed

Growth

Mixed

Cash Flow

Weak

Stability

Good

Valuation

Data not available

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Share count rising — dilution

+17.0% over 4y

The company has issued more shares over this period, which dilutes each existing shareholder’s stake.

Diluted shares outstanding: 8.6M (2021) → 10.1M (2025)

Winston Score History

The full picture

Barnwell Industries is a small energy company that drills for oil and natural gas, mainly in Canada. It also has a land investment segment in Hawaii, where it develops and sells real estate. The company sells the oil and gas it produces to energy buyers and earns money from land deals in the Hawaiian market.

Barnwell makes money through a mix of oil and gas production revenue and proceeds from land sales in Hawaii. It is a very small company, with operations concentrated in Alberta, Canada, and Hawaii, giving it limited geographic diversification. The company's financials show significant pressure — a deeply negative operating margin and poor returns on capital suggest costs are outpacing revenue. The main risk Barnwell faces is its small scale, which leaves it highly exposed to swings in commodity prices and makes it difficult to fund new drilling without taking on debt or diluting shareholders.

Growth Profile

For growth stock investors

When traditional metrics don't capture the full picture, these are the signals growth stock investors use instead.

Revenue Growth

+5.9% YoY

YoY Growth Rate

Slow revenue growth

EPS Growth

+63.7% YoY

YoY Growth Rate

Strong earnings growth

R&D Spend

$0/ year

0.0% of revenue

Below sector average (1%)

Research and development spending

Insider Activity

63.6%ownership

Insiders own a meaningful stake in the company

Cash Runway

~16 months

$5M cash & investments

Quarterly Free Cash Flow

→ Burn rate stable

Adequate runway but may need to raise capital within 2 years

Growth context

Barnwell Industries is growing revenue at 6% year-over-year. The Winston Score measures business quality today — these growth metrics show what could matter tomorrow.

The Winston Score above measures business quality today. Growth stocks often score lower because they invest in the future rather than maximising current profits. These metrics show what matters most for evaluating that future.

Score breakdown

Every number that matters to educated investors.

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Quality

Profit per sale

Gross Margin

100.0%

Premium pricing power — 100.0% gross margin

Profit after running costs

Operating Margin

-19.8%

Losing money on operations — -19.8%

Return on the money invested

ROCE

-60.3%

Weak — -60.3% return on capital

Negative ROIC means the business is losing money on every dollar invested in it.

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Growth

Sales growth

Sales YoY

-24.8%

Shrinking sales (-24.8% YoY)

Profit growth

EPS YoY

N/A

Data not available

How steady the profit is

EPS Consistency

5/8 quarters

Mixed — about half the quarters showed growth

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Cash Flow

Profit that turns into cash

Cash Conversion

N/A

—

Data not available

Spare cash per sale

FCF Margin

-36.5%

Burning cash (-36.5%)

Free cash flow is negative. They are burning cash, not generating it.

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Stability

What it owes vs what it owns

Debt / Equity

0.01

Conservative — low debt load (0.01)

Covers its interest

Interest Cover

N/A

Data not available

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Valuation

Price vs profit

P/E Ratio (TTM)

N/M

Negative earnings — P/E not meaningful

Cheaper or dearer next year

P/E vs Forward

N/A

not available

Data not available

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Dividends

Not applicable for this business.

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