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BT Brands

BTBD
26
Restaurants · Consumer Cyclical
Price
$1.31
+0.05 (+3.97%)
Market Cap
$8.1M
Exchange
NASDAQ Capital Market
Winston Score
26
Winston is worried
Below-average fundamentals — multiple weak pillars.
Data as of Aug 23, 2026 · filings through Jun 28, 2026
How the score breaks down
Quality
Weak
Growth
Mixed
Cash Flow
Weak
Stability
Good
Valuation
Data not available

Share count rising — dilution

+40.4% over 3y

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

Diluted shares outstanding: 4.4M (2022) → 6.2M (2025)

Winston Score History

The full picture

BT Brands, Inc. is a small restaurant company that owns and operates fast-food and quick-service dining locations in the United States. The company has focused on the Burger Time brand, which serves burgers, fries, and other classic American fast food to everyday consumers. It operates in the highly competitive quick-service restaurant industry, targeting budget-conscious diners.

The company earns money directly from food and beverage sales at its restaurant locations. BT Brands is a very small operator with a market cap near zero, meaning it runs only a handful of locations and has limited financial resources compared to national chains. Its gross margin of around 24% is thin, and the business is currently losing money at the operating level, which is a significant concern. The main risk the company faces is sustaining operations and achieving enough scale to become consistently profitable in an industry dominated by much larger, well-funded competitors like McDonald's and Burger King.

Growth Profile

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

Revenue Growth

-6.1% YoY

YoY Growth Rate

Revenue declining

EPS Growth

+911.2% YoY

YoY Growth Rate

EPS growth accelerating

R&D Spend

$0/ year

0.0% of revenue

Below sector average (4%)

Research and development spending

Insider Activity

48.5%ownership

Insiders own a meaningful stake in the company

Cash Position

Cash flow positive

$4M cash & investments

Quarterly Free Cash Flow

→ Burn rate stable

Company generates more cash than it spends — no dilution risk from fundraising

Revenue declining

BT Brands's revenue is actually shrinking. In a growth stock, that removes the core investment thesis. The low Winston Score here may be warranted — unless there's a turnaround story.

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

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Quality

Profit per sale
Gross Margin
17.0%
Thin — 17.0% gross margin
Profit after running costs
Operating Margin
3.3%
Thin — 3.3% operating margin
Return on the money invested
ROCE
-1.8%
Weak — -1.8% 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
-11.4%
Shrinking sales (-11.4% 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
1.2%
Thin free cash flow (1.2%)

FCF margin between 0% and 10%. Some cash from sales, but not a lot.

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Stability

What it owes vs what it owns
Debt / Equity
0.26
Conservative — low debt load (0.26)
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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