Butler National Corporation

BUKS

Aerospace & Defense · Industrials

Price

$4.10

-0.15 (-3.53%)

Market Cap

$262.1M

Winston Score

Winston is happy

A high-quality business with solid fundamentals.

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

How the score breaks down

Quality

Strong

Growth

Strong

Cash Flow

Exceptional

Stability

Strong

Valuation

Good

Track this stock — start free trial

Share count falling — buybacks

−13.8% over 4y

The company has reduced its share count over this period, returning value to shareholders through buybacks.

Diluted shares outstanding: 75.3M (2022) → 65.0M (2026)

Winston Score History

The full picture

Butler National Corporation is a small aerospace and defense company based in Kansas. It modifies military and civilian aircraft, makes avionics systems, and provides maintenance services. Its customers include the U.S. military and private aircraft owners, and it also operates gaming facilities in Kansas as a separate business segment.

The company earns money through a mix of government contracts, aircraft modification work, and casino gaming revenue. It operates primarily in the United States and is quite small, with a market cap around $300 million. Its aerospace work benefits from long-standing relationships with military customers and specialized technical certifications that are difficult for new competitors to obtain. The main risk is its heavy reliance on U.S. defense spending, which can shift with government budget decisions, while its unusual combination of aerospace and gaming operations makes it harder to compare directly to pure-play competitors.

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

+28.1% YoY

YoY Growth Rate

Revenue accelerating

EPS Growth

+75.5% YoY

YoY Growth Rate

EPS growth accelerating

R&D Spend

$1M/ year

↑ Rising (+54% vs prior year)

1.5% of revenue

Below sector average (4%)

R&D investment increasing — building for the future

Insider Activity

41.0%ownership

↑ Rising

Insiders increasing their stake — aligned with shareholders

Cash Runway

5+ years

Quarterly Free Cash Flow

↑ Burn rate improving

$35M cash & investments at current burn rate

Revenue accelerating

Butler National Corporation grew revenue 28% year-over-year and the growth rate is speeding up. That's the kind of momentum growth investors look for — the question is whether margins can follow.

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.

Each metric is explained in plain language so you know exactly what you're looking at. Start your free trial now.

Quality

Profit per sale

Gross Margin

51.1%

Healthy — 51.1% gross margin

Profit after running costs

Operating Margin

27.0%

Excellent — 27.0% operating margin

Return on the money invested

ROCE

25.5%

Exceptional — 25.5% return on capital

ROIC above 25%. Every dollar invested in the business earns more than 25 cents back per year.

Full breakdown available with your free trial

See every metric, trend, and what it means for this stock.

Try free

Growth

Sales growth

Sales YoY

+16.7%

Fast-growing sales (+16.7% YoY)

Profit growth

EPS YoY

+80.5%

Earnings growing fast (+80.5% YoY)

Earnings growing 25%+ a year. The compounder zone.

How steady the profit is

EPS Consistency

6/8 quarters

Earnings grew in most of the last 8 quarters

Full breakdown available with your free trial

See every metric, trend, and what it means for this stock.

Try free

Cash Flow

Profit that turns into cash

Cash Conversion

118%

Turns 118% of profit into real cash

Spare cash per sale

FCF Margin

19.6%

Converts sales into free cash efficiently (19.6%)

FCF margin between 10% and 20%. Every $100 in sales becomes $10 to $20 in real cash.

Full breakdown available with your free trial

See every metric, trend, and what it means for this stock.

Try free

Stability

What it owes vs what it owns

Debt / Equity

0.36

Conservative — low debt load (0.36)

Covers its interest

Interest Cover

14.72x

Comfortably covers interest (14.7x)

Interest coverage above 8. Profits cover interest many times over.

Full breakdown available with your free trial

See every metric, trend, and what it means for this stock.

Try free

Valuation

Price vs profit

P/E Ratio (TTM)

12.3x

Attractive valuation — P/E 12.3

P/E in the normal range. Price is roughly $15 for every $1 of yearly profit.

Cheaper or dearer next year

P/E vs Forward

N/A

not available

Data not available

Full breakdown available with your free trial

See every metric, trend, and what it means for this stock.

Try free

Dividends

Not applicable for this business.

🔒 See full fundamentals and if they are improving or declining — click here for your free trial now.

Start free trial