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Birchtech Corp. (BCHT) stock

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NYSE: BCHT NYSE Electronic Equipment & Instruments Next results ~November 12, 2026

B Fundamentals grade

Birchtech Corp. is a US-listed company in the electronic equipment & instruments industry. Its financial year ends in December.

Stock price today

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Third-party market data · may be delayed

Fair value per share

~$3.1

Cash-flow model

Base case. Range ~$2.4–$3.9 across our lower- and higher-growth cases (-0.4%–9.6% a year).

Price vs value

Undervalued

The price is below our entire value range; our base value is 182% above it.

Price used: $1.09, November 2, 2026

Birchtech Corp. valuation: adjust assumptions and compare models →

Who’s trading

What company insiders, investment funds and members of Congress have been doing with the stock, from their own filings.

  • Insiders1 buying, 0 selling1 purchase and 0 sales by directors and officers, last 12 monthsInsider trades
  • Funds15 adding, 7 cuttingOf 1 active managers that changed their stake, 0 added; quarter to June 30, 2026Fund buyers and sellers

Value diary

Our note on each quarter Birchtech files

Where Birchtech stands after its latest 10-Q

Revenue for the twelve months to June 2026 was $19m, up 11.0% on a year earlier, faster than the 7.2% growth a quarter earlier. Free-cash-flow margin rose to -20.1% from -21.6% a year earlier. Operating margin widened to -17.1% from -21.5%. Against its peers on growth, profitability, cash generation and balance sheet, it grades C+. It passes 2 of our 3 financial-health checks. Our cash-flow model value is $2.56 a share.

Source: 10-Q filed August 13, 2026 on SEC EDGAR · Financials · Valuation

Written from the company's filings and our models when each quarter's report arrives. Figures in older notes are as published at the time. Not investment advice.

The Fundamentalytics view

Next results ~November 12, 2026 (estimated)

Birchtech Corp.'s trailing-twelve-month revenue grew 11.0% year on year, with a free-cash-flow margin of -20.1%. Where it stands out: stock pay as % of revenue of 0.2% ranks 3 of 49 electronic equipment & instruments companies we cover.

Our discounted-cash-flow model values the business at ~$3.1 per share in the base case (~$2.4–$3.9 across growth scenarios) — model values under stated assumptions, not a price target.

Current signal Balance sheet growing far ahead of sales: Total assets grew 126% year over year while revenue grew 11% — the balance sheet is expanding 115 points faster than the business it supports.

Assembled from SEC-filed figures — the full workings are on this page and in our methodology. Observations, not recommendations.

Highlights

How we pick these

Strengths

  • Priced below our value. The share price of $1.09 is 181% below our value per share of $3.
  • Growth speeding up. The growth rate is 3.8 points higher than a quarter earlier.
  • Margins widening. Operating margin is up 4.4 points on a year ago.
  • Net cash. Cash exceeds long-term debt by $0.0bn.

Things to watch

  • Loss-making. Operating margin is -17.1%: costs exceed revenue.
  • Burning cash. Free cash flow was -20.1% of revenue over the last 12 months.
  • Share dilution. Diluted shares rose 7.1% in a year.
  • Volatile shares. Over the past year the shares showed annualised volatility of 79% and a beta of 1.5 against the S&P 500.
  • Missing expectations. Earnings per share fell short of the consensus estimate in 3 of the last four quarters.

Latest results: FY2026 Q2

Filed August 13, 2026
Earnings per share
-$0.09 against an average estimate of -$0.07: missed by 23.1%
Revenue
$4m, up 16.5% on a year earlier
Guidance given
revenue $23m (fiscal year ending December 31, 2025); air business run rate $40m (by the end of 2026)
Next report
November 12, 2026; average EPS estimate -$0.04

Birchtech's figures from its SEC filings and results release; estimates are the analysts' average. Not a recommendation.

Price chart

  • 1 day-3.5%
  • 1 week-12.1%
  • 1 month-27.3%
  • This year-70.9%
  • 1 year-70.9%
  • 5 years-75.2%
  • S&P 500 this year+11.2%

Closing prices to 2026-11-02. Price change only, dividends excluded.

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Third-party market data · may be delayed

At a glance

Trailing twelve months, from SEC filings

Profitability

Revenue (TTM)
$19.2M
Operating margin
-17.1%
Net margin
-21.7%

Growth

Revenue growth
+11.0%
Change in growth rate
+3.8 pts

Cash

Free cash flow (TTM)
-$3.8M
FCF margin
-20.1%
Stock pay % of revenue
0.2%

Earnings

Last results
March 4, 2025

News & updates

Updated October 31, 2026

Company announcements, filed results and changes that matter to shareholders.

  1. Shareholder vote

Refreshed hourly when new source data is available. Summaries are checked against company releases and SEC filings. Company announcement headlines are labelled when a checked summary is unavailable.

Valuation

Birchtech Corp. valuation models and calculator

What the price is pricing in

The share price implies cash flow shrinking about 16.0% a year for five years.That is slower than the 8.1% a year revenue growth Birchtech has delivered.

Read with care: free cash flow has swung sharply in the past year (often a one-off tax, legal or working-capital item), so the cash-flow base behind this reading may be unusually low or high.

  • Priced in-16.0%
  • Last 12 months11.0%
  • 3 years a year-1.8%
  • 5 years a year8.1%

Our cash-flow model with every input fixed except growth over the next five years, solved for the growth at which the model value equals the share price ($1.08, Nov 3, 2026). Cash-flow growth then fades to 2.5% a year; discount rate 8.5%. Delivered figures are revenue growth from SEC filings. This is a model exercise, not investment advice or a forecast of the share price. All companies

Fundamentalytics rating

model v1.6 · 2026-11-03
Buy12-month view
12-month price target
~$3.1
Price used
$1.08close November 3, 2026
Implied change
▲ +183%
Uncertainty
Low

How we got here: a discounted-cash-flow model of Birchtech Corp.'s free cash flow after stock-based pay with after-tax interest added back ($2.9M, FY2026 Q2 TTM), growing 11% and 13.8% in the next two years (forecasts, guidance and its record), then back to 4.6% by year five, and fading to 2.5%, discounted at 8.5%. Lower and higher growth cases span ~$2.4–~$3.9 ; that spread sets a 15% margin before we rate Buy or Sell.

Produced by Fundamentalytics' automated valuation model on November 3, 2026, using delayed market prices. Rating meanings, methodology and conflicts: recommendations disclosure and research disclaimer. General research, not personal advice — it does not consider your circumstances. Prices can fall as well as rise.

Our value per share comes from a discounted-cash-flow model of Birchtech Corp.'s free cash flow after stock-based pay ( $2.9M, FY2026 Q2 TTM, with after-tax interest added back): growth for five years as below (the first two years from forecasts, guidance and the company's record), fading to 2.5%, discounted at 8.5%, then cash added and debt and other claims subtracted. These are model values under stated assumptions, not price targets or recommendations.

Valuation models

We value Birchtech Corp. as an operating company, with every model that fits that kind of business. Cost of equity 10.3%: the 10-year Treasury yield (4.9%) plus a beta of 1.19 times a 4.5% equity risk premium.

Value per share by model
Model Value per share In the combined value?
Cash-flow model (DCF) Free cash flow to the firm (after stock pay, with after-tax interest added back), grown then faded to 2.5%, discounted at 8.5% as the firm rate, less debt and other claims. ~$3.1 ~$2.4–$3.9 Primary model, counts double
Price-to-earnings vs peers Earnings per share times peers' typical (harmonic-mean) price-to-earnings. — Does not apply: no positive earnings in the latest twelve months
Residual income Book value plus the present value of returns above the cost of equity, fading over ten years. — Does not apply: the model gives no positive value
Justified price-to-book Book value times (return on equity - growth) / (cost of equity - growth): steady-state returns. — Does not apply: return on equity is not positive
Combined value Weighted average of the models that apply: the primary model (cash-flow model (dcf)) counts double. Models more than 5x or less than 0.2x the share price, or more than 3x away from the other models' median, are left out. ~$3.1 ~$2.4–$3.9 1 model

Different models fail in different ways, so where several apply we average them rather than trust one. Peer-based models compare Birchtech Corp. with Electronic Equipment & Instruments in our coverage, using third-party market data. Model values are estimates under stated assumptions, updated as new filings arrive; not price targets or investment advice. How each model works.

Value per share under different assumptions
Discount rate ↓ / growth → −5% growth0% growth5% growth10% growth15% growth20% growth
7% $2$3$3$4$6$7
8.5% $2$2$3$3$4$5
10% $1$2$2$3$3$4

Valuation multiples over time Market data may be delayed

At fiscal year end 2015201620172018201920202022202320242025
Share price$3.15$6.75$1.25$1.20$0.95$3.20$1.30$4.60$2.55$3.75
Market value$28m$68m$19m$18m$15m$50m$23m$90m$49m$72m
+ Net debt (− = net cash)$5m−$7m$565584$12m$8m$10m−$2m$1m−$218343−$2m
Enterprise value$32m$62m$19m$31m$22m$59m$22m$91m$48m$70m
Multiples
Price / sales 2.2x2.1x0.7x1.5x1.3x6.1x1.1x5.1x2.8x4.1x
Price / earnings ———————15.8x——
Price / free cash flow ——————n/m4.7x——
EV / EBITDA —24.5x25.5x9.4x——23.9x———

Market value uses the period's diluted share count; figures for each fiscal year use that year's results and the price at year end. "Now" uses today's price and the last twelve months.

Moat

25 /100

Weak moat

How hard Birchtech's competitive advantage looks for rivals to wear away, judged from 10 years of its own filings: returns on capital, pricing power, profit durability, cash conversion and discipline.

  • Returns on capital 0 / 20

    Net income has been a median -55.8% of total assets over 10 years.

  • Durability 10 / 20

    Operating margin has been a median -23.0%; its worst year was -1308.5%.

  • Discipline 8 / 20

    The diluted share count rose 73.8% over five years; stock-based pay has been a median 3.7% of revenue.

AI disruption exposure: Medium. In this industry, AI could change how the product is made or sold, without replacing the core asset. The score above includes a 5-point deduction for that exposure (30 before it).

A rules-based reading of reported figures, not a forecast and not investment advice. How the score is built: methodology.

Forecasts and guidance

Next results: November 12, 2026, after the close. Analysts expect revenue of $4m and EPS of −$0.04 (range −$0.04 to −$0.04) for the quarter.

Analysts' consensus

Fiscal yearEPSGrowthRevenueGrowth
Current −$0.26 −63% $17m −6%
Next $0.00 +100% $29m +74%

How the EPS forecast has moved

The consensus EPS forecast for the current fiscal year is +44.4% on 90 days ago. In the last 30 days, 0 analysts raised Birchtech Corp.'s forecast and 1 cut it.

Consensus EPS forecast Birchtech Corp., last 90 days
−$0.30 −$0.20 −$0.10 $0.00 90 days ago 60 days ago 30 days ago 7 days ago Now Current fiscal year, 90 days ago: −$0.18 Current fiscal year, 60 days ago: −$0.18 Current fiscal year, 30 days ago: −$0.18 Current fiscal year, 7 days ago: −$0.18 Current fiscal year, Now: −$0.26 −$0.26

Average of analysts' published estimates (third-party data).

View chart data
Period Current fiscal year
90 days ago −$0.18
60 days ago −$0.18
30 days ago −$0.18
7 days ago −$0.18
Now −$0.26

Earnings against estimates

Quarter toEstimateActualSurprise
Jun 2026 −$0.07 −$0.09 −23.1%
Mar 2026 −$0.04 −$0.06 −50.0%
Dec 2025 −$0.06 −$0.13 −116.7%
Sept 2025 −$0.05 $0.05 +200.0%

Adjusted EPS as companies report it, against the average analyst estimate.

Management guidance

Earnings release, March 4, 2025
  • Revenue fiscal year ending December 31, 2025 about $23m New
    “For the fiscal year ending December 31, 2025, Birchtech expects revenues of at least $23 million, excluding any potential cash from legal claims in defense of the Company's intellectual property, as well as potential revenues from the Company's emerging water treatment business.” source
  • Air business run rate by the end of 2026 about $40m New
    “Supported by these tailwinds, our air business alone is expected to achieve a run-rate of at least $40 million by the end of 2026.” source

How earlier guidance turned out

  • Revenue, fiscal year ending December 31, 2025 guided about $23m Below range: $17.626366m

Figures and quotations are management's, copied from the company's own press release (SEC 8-K exhibit) and checked word for word against it. Forward-looking statements are the company's expectations, not ours and not advice; guidance can change or be missed.

How our valuation uses these forecasts

Our cash-flow model grows Birchtech Corp.'s revenue by +11.0% next year and +13.8% the year after, then fades back toward its own record by year five. Next year's rate weighs analysts' consensus (+18.6%, weight 45%) and the company's own record (+4.6%, weight 55%) . How the weights are set.

Analyst recommendations

1 analysts, Oct 2026
Buy1100%
Hold00%
Sell00%

Monthly trend

  1. Oct 202611

Counts of recommendations published by analysts covering Birchtech Corp., by month. Source: Aggregated broker recommendations (third-party data). Aggregated counts only: we do not reproduce any firm's recommendation or price target, and these are not Fundamentalytics ratings.

Positioning

Short interest
0.3%
of tradable shares
Days to cover
0.46
at average volume
Short interest, 1 month
−31%
to October 15, 2026
Held by institutions
24%
of shares
Held by insiders
18.8%
of shares
Employees
14
full time

Consensus figures average analysts' published estimates (third-party data); guidance is the company's own. Neither is our forecast. Short interest is reported twice a month and lags. Market data may be delayed.

This section is general information, not investment advice or a personal recommendation, and it does not take account of your objectives or circumstances. Forecasts and guidance are estimates, not promises: companies miss their own guidance and analysts' figures are often revised. Prices can fall as well as rise, and you can lose money. See our disclaimer.

Share-price performance

Market data may be delayed

What moved the share price

Last 12 months −70.9%

$3.75 on October 31, 2025 to $1.09

ThenNowEffect
Revenue (last 12 months) $17m $19m +11.0%
P/S multiple 4.2x 1.2x −70.3%
Share count 19m 22m −11.9%

Biggest factor: p/s multiple. Loss-making at one end, so the split uses price/sales.

Last 3 years −48.1%

$2.10 on November 3, 2023 to $1.09

ThenNowEffect
Revenue (last 12 months) $20m $19m −5.4%
P/S multiple 1.8x 1.2x −31.4%
Share count 17m 22m −20.1%

Biggest factor: p/s multiple. Loss-making at one end, so the split uses price/sales.

The effects multiply back to the price change exactly. Results are the last 12 months as known on each date (filings assumed public 45 days after quarter end).

Return and risk by year

Calendar year 202120222023202420252026 to date
Return
BCHT−8%−56%+254%−45%+47%−71%
Industry peers (median)0%−37%+13%+2%−7%−15%
S&P 500+29%−18%+26%+25%+18%+11%
Months that ended higher
BCHT33%25%50%25%58%27%
S&P 50075%42%67%75%75%46%
Largest fall from a high during the year
BCHT−68%−72%−56%−61%−31%−75%
S&P 500−5%−25%−10%−8%−19%−9%

Worst fall since November 2, 2015: 93% from September 16, 2016 to March 20, 2020. Getting back needed a 1308% gain, and the shares have not yet recovered.

Price behaviour

52-week range
$1.09 – $4.75
From 52-week high
−77.1%
vs 50-day average
−19.8%
vs 200-day average
−42.4%
Volatility (1 year)
79%
Beta vs S&P 500
1.49

Volatility is the annualised standard deviation of daily returns. Beta 1.5 means the shares typically moved 1.5% for each 1% move in the S&P 500 over the past year. Prices to November 2, 2026.

Share price after results

Next day
3 up, 6 down
typical move ±3.6%
After a week
4 up, 5 down
typical move ±9.4%
After a month
3 up, 6 down
typical move ±19.0%
Results releasedNext dayS&P 500 next day5 days21 days
March 4, 2025 +4.5% −0.1% +11.4% +13.6%
March 4, 2024 −8.0% −1.1% −12.8% −24.0%
April 20, 2023 0.0% −0.5% −4.3% −14.9%
January 18, 2023 +2.6% −2.3% +17.9% +10.3%
March 10, 2022 0.0% −1.7% +7.1% +7.1%
February 17, 2022 −5.7% −2.8% −13.2% −17.0%
November 5, 2021 −2.3% +0.4% −3.4% −28.7%
April 24, 2017 −2.9% +1.7% −8.8% −46.1%
July 12, 2016 +6.4% +0.7% +5.5% −9.1%

From the close before the release date to the close 1, 5 and 21 trading days after it, so releases before the open and after the close are both captured. Past moves don't predict future ones.

Birchtech Corp. in five measures

Fundamentals grade B
Growth Profitability Cash Balance sheet Value

Growth, profitability, cash generation and balance sheet are percentiles against the companies we cover in the same industry, from SEC filings (100 = best). Value compares the share price with our modelled value range (50 = at our base value; higher = cheaper). A description of reported data and our model — not a quality score or advice.

Fundamentals

Revenue (TTM) Birchtech Corp.
$15M $16M $17M $18M $19M $20M FY23 Q3 FY24 Q2 FY25 Q1 FY26 Q2 Revenue (TTM), FY23 Q3: $19.5M Revenue (TTM), FY23 Q4: $17.6M Revenue (TTM), FY24 Q1: $17.9M Revenue (TTM), FY24 Q2: $17.1M Revenue (TTM), FY24 Q3: $15.6M Revenue (TTM), FY24 Q4: $17.4M Revenue (TTM), FY25 Q1: $17.4M Revenue (TTM), FY25 Q2: $17.3M Revenue (TTM), FY25 Q3: $19.4M Revenue (TTM), FY25 Q4: $17.6M Revenue (TTM), FY26 Q1: $18.6M Revenue (TTM), FY26 Q2: $19.2M $19.2M

Source: SEC EDGAR filings. Retrieved October 29, 2026.

View chart data
Period Revenue (TTM)
FY23 Q3 $19.5M
FY23 Q4 $17.6M
FY24 Q1 $17.9M
FY24 Q2 $17.1M
FY24 Q3 $15.6M
FY24 Q4 $17.4M
FY25 Q1 $17.4M
FY25 Q2 $17.3M
FY25 Q3 $19.4M
FY25 Q4 $17.6M
FY26 Q1 $18.6M
FY26 Q2 $19.2M
Revenue growth, TTM YoY Birchtech Corp.
-40% -20% 0% 20% 40% FY23 Q3 FY24 Q2 FY25 Q1 FY26 Q2 Revenue growth, TTM YoY, FY23 Q3: 4.7% Revenue growth, TTM YoY, FY23 Q4: -18.5% Revenue growth, TTM YoY, FY24 Q1: -16.1% Revenue growth, TTM YoY, FY24 Q2: -15.6% Revenue growth, TTM YoY, FY24 Q3: -20.2% Revenue growth, TTM YoY, FY24 Q4: -1.2% Revenue growth, TTM YoY, FY25 Q1: -2.6% Revenue growth, TTM YoY, FY25 Q2: 1.0% Revenue growth, TTM YoY, FY25 Q3: 24.4% Revenue growth, TTM YoY, FY25 Q4: 1.3% Revenue growth, TTM YoY, FY26 Q1: 7.2% Revenue growth, TTM YoY, FY26 Q2: 11.0% 11.0%

Source: SEC EDGAR filings. Retrieved October 29, 2026.

View chart data
Period Revenue growth, TTM YoY
FY23 Q3 4.7%
FY23 Q4 -18.5%
FY24 Q1 -16.1%
FY24 Q2 -15.6%
FY24 Q3 -20.2%
FY24 Q4 -1.2%
FY25 Q1 -2.6%
FY25 Q2 1.0%
FY25 Q3 24.4%
FY25 Q4 1.3%
FY26 Q1 7.2%
FY26 Q2 11.0%
Operating margin (TTM) Birchtech Corp.
-100% -50% 0% 50% FY18 Q4 FY24 Q2 FY25 Q1 FY26 Q2 Operating margin (TTM), FY18 Q4: 22.8% Operating margin (TTM), FY23 Q4: -50.8% Operating margin (TTM), FY24 Q1: -58.5% Operating margin (TTM), FY24 Q2: -80.2% Operating margin (TTM), FY24 Q3: -93.9% Operating margin (TTM), FY24 Q4: -41.1% Operating margin (TTM), FY25 Q1: -35.1% Operating margin (TTM), FY25 Q2: -21.5% Operating margin (TTM), FY25 Q3: -9.3% Operating margin (TTM), FY25 Q4: -17.2% Operating margin (TTM), FY26 Q1: -15.2% Operating margin (TTM), FY26 Q2: -17.1% -17.1%

Source: SEC EDGAR filings. Retrieved October 29, 2026.

View chart data
Period Operating margin (TTM)
FY18 Q4 22.8%
FY23 Q4 -50.8%
FY24 Q1 -58.5%
FY24 Q2 -80.2%
FY24 Q3 -93.9%
FY24 Q4 -41.1%
FY25 Q1 -35.1%
FY25 Q2 -21.5%
FY25 Q3 -9.3%
FY25 Q4 -17.2%
FY26 Q1 -15.2%
FY26 Q2 -17.1%
FCF margin (TTM) Birchtech Corp.
-50% 0% 50% 100% FY24 Q2 FY24 Q4 FY25 Q2 FY25 Q4 FY26 Q2 FCF margin (TTM), FY24 Q2: 92.4% FCF margin (TTM), FY24 Q3: 92.8% FCF margin (TTM), FY24 Q4: -28.2% FCF margin (TTM), FY25 Q1: -27.3% FCF margin (TTM), FY25 Q2: -21.6% FCF margin (TTM), FY25 Q3: -13.5% FCF margin (TTM), FY25 Q4: -4.1% FCF margin (TTM), FY26 Q1: -14.3% FCF margin (TTM), FY26 Q2: -20.1% -20.1%

Source: SEC EDGAR filings. Retrieved October 29, 2026.

View chart data
Period FCF margin (TTM)
FY24 Q2 92.4%
FY24 Q3 92.8%
FY24 Q4 -28.2%
FY25 Q1 -27.3%
FY25 Q2 -21.6%
FY25 Q3 -13.5%
FY25 Q4 -4.1%
FY26 Q1 -14.3%
FY26 Q2 -20.1%

Data: SEC EDGAR XBRL company facts (as filed in 10-K/10-Q); forms 10-K, 10-K/A, 10-Q, 10-Q/A. Generated November 3, 2026. Definitions in our methodology.

Financial statements

US$ millions unless shown otherwise. Fiscal years, plus the last twelve months (LTM) when newer.

Fiscal year 2010 Dec 2010 2011 Dec 2011 2012 Dec 2012 2013 Dec 2013 2014 Dec 2014 2015 Dec 2015 2016 Dec 2016 2017 Dec 2017 2018 Dec 2018 2019 Dec 2019 2020 Dec 2020 2021 Dec 2021 2022 Dec 2022 2023 Dec 2023 2024 Dec 2024 2025 Dec 2025 LTM Jun 2026
Income
Revenue 0 0 1 2 3 13 32 27 12 11 8 13 22 18 17 18 19
Gross profit — — — — — — — 8 3 3 3 5 7 5 7 7 8
EBITDA −0 −9 −4 −4 −6 −4 3 1 3 — — — 1 −9 −7 −3 −3
Operating income −0 −9 −4 −4 −6 −4 2 0 3 — — — 1 −9 −7 −3 −3
Net income −0 −9 −4 −5 −5 −14 −16 −3 −5 −6 −6 −4 −2 6 −11 −3 −4
Diluted EPS — −$1.60 −$0.12 −$0.14 −$0.13 −$0.32 −$1.70 −$0.03 −$0.06 −$0.08 −$0.35 — −$0.10 $0.30 −$0.57 −$0.16 —
Growth (year on year)
Revenue — +>999% +72.0% +111.7% +67.5% +352.1% +156.1% −15.0% −55.3% −7.1% −28.5% +59.5% +66.2% −18.5% −1.2% +1.3% +11.0%
EBITDA — — — — — — — −69.9% +329.1% — — — — <−999% — — —
Operating income — — — — — — — −99.5% — — — — — <−999% — — —
Net income — — — — — — — — — — — — — — −290.6% — —
Diluted EPS — — — — — — — — — — — — — — −290.0% — —
Margins
Gross margin — — — — — — — 30.8% 25.6% 27.0% 33.3% 39.0% 32.5% 30.9% 40.8% 42.0% 39.7%
EBITDA margin <−999% <−999% −452.4% −242.9% −222.9% −28.2% 7.8% 2.8% 26.5% — — — 4.2% −50.8% −41.1% −16.4% −16.2%
Operating margin <−999% <−999% −504.6% −253.1% −231.8% −29.2% 6.4% 0.0% 22.8% — — — 4.2% −50.9% −41.1% −17.2% −17.1%
Net margin <−999% <−999% −492.1% −290.9% −179.2% −112.9% −48.3% −10.6% −39.2% −53.4% −71.4% −27.9% −7.3% 32.2% −62.1% −17.2% −21.7%
Free-cash-flow margin <−999% −625.4% — — — — — — — — −15.2% −1.7% 0.3% 109.1% −28.2% −4.1% −20.1%
Cash flow
Cash from operations −0 −1 −3 −2 −3 −3 3 −0 −1 −2 −1 −0 0 19 −4 −1 −4
Capital spending 0 1 — — — — — — — — 0 0 0 0 1 0 0
Free cash flow −0 −3 — — — — — — — — −1 −0 0 19 −5 −1 −4
Stock-based pay 0 3 0 1 3 1 1 2 0 2 2 1 0 0 1 0 0
Free cash flow after stock pay −0 −6 — — — — — — — — −3 −1 −0 19 −6 −1 −4
Balance sheet
Cash 0 0 0 1 7 1 8 2 1 1 1 1 2 21 3 2 12
Total debt 0 0 — 5 6 6 1 3 13 9 10 0 0 22 3 0 0
Net debt (negative = net cash) −0 0 −0 4 −2 5 −7 1 12 8 10 −1 −2 1 −0 −2 −12
Diluted shares — 6m 7m 7m 8m 9m 10m 15m 15m 15m 16m — 18m 19m 19m 19m —

Source: SEC EDGAR XBRL company facts (US and foreign periodic filings); column headings link to the filing. EBITDA is operating income plus depreciation and amortisation. Free cash flow is cash from operations minus capital spending. Growth is left blank when last year's figure was a loss or under 2% of revenue. Share counts and EPS are restated for stock splits. A dash means the company didn't report the figure.

Financial health

2 of 3 checks passed · June 30, 2026
What it owns · $19m
Short-term assets $16mLonger-term assets $4m
What it owes, and who funded it · $19m
Short-term liabilities $11mLonger-term liabilities $0mShareholders' equity $8m
  • Short-term assets cover short-term liabilities $16m of assets due within a year against $11m of liabilities due within a year.
  • Short-term assets cover long-term liabilities $16m short-term assets against $183,644 of longer-dated liabilities.
  • More cash than debt Cash or debt not separately reported. Not assessable.
  • Debt below 40% of shareholders' equity Equity or debt not reported. Not assessable.
  • Debt burden no higher than five years ago Five-year comparison not available. Not assessable.
  • A year's operating cash flow covers at least 20% of debt Cash flow or debt not reported. Not assessable.
  • Operating profit covers interest at least five times over Operating income of −$3m against $13,619 of interest.

From Birchtech Corp.'s latest balance sheet as filed. Checks are fixed, documented rules (methodology), counted only where the company reports the figures — a dot means the filing doesn't break the item out. Descriptions of reported data, not advice.

Dividends, buybacks and capital spending

R&D spending
10.8%
of revenue
Sales & admin spending
45.7%
of revenue
Days sales outstanding
50 days
receivables vs revenue

Competitors: side by side with peers

Closest by revenue in electronic equipment & instruments
Last 12 months unless stated BCHT DAIO KSCP VTSI AEVA SPCB Median
Revenue, last 12 months $19m $18m $21m $18m $22m $28m $104m
Revenue growth, last 12 months 11.0% −21.8% 88.0% −35.3% 56.2% 0.9% 9.8%
Revenue growth, 3-year average −1.8% −15.2% 27.0% −19.8% 84.2% 46.8% 7.2%
Revenue growth, latest quarter 16.5% −13.4% 228.3% −17.4% 11.3% — 16.5%
Gross margin 39.7% 50.6% −9.9% 61.4% 27.2% 55.2% 38.5%
Operating margin −17.1% −43.7% −213.5% −19.2% −610.9% −1.2% −7.3%
Operating margin, 3-year average −39.6% −20.5% −236.7% 2.4% <−999% −25.2% −5.1%
Net margin −21.7% −50.1% −217.3% −15.8% −150.1% 13.4% −5.3%
Cash from operations / revenue −19.3% −40.3% −200.8% −23.9% −516.1% −19.7% −1.6%
Free-cash-flow margin −20.1% −42.8% −205.0% −34.9% −540.2% −22.8% −2.5%
Free-cash-flow margin, 3-year average 16.9% −16.8% −386.6% −0.1% <−999% −38.8% 3.7%
Stock pay / revenue 0.2% 2.8% 6.5% −1.3% 134.9% 3.1% 3.0%
Change in share count 7.1% −1.6% — 0.5% 12.9% 186.9% 1.9%

Median of all 53 companies we cover in electronic equipment & instruments. Shaded: best of the six on that line (lowest for stock pay and share-count growth). 3-year figures average the last three 12-month periods; 3-year growth is compound annual. Source: SEC filings.

Peer comparison

53 electronic equipment & instruments companies
Measure Company Peer median Rank
Revenue growth Growth 11.0% 9.8% 26 of 53
Change in growth rate Growth +3.8pp +2.3pp 22 of 53
Gross margin Profitability 39.7% 39.7% 24 of 48
Operating margin Profitability -17.1% -7.3% 32 of 53
Net margin Profitability -21.7% -5.3% 35 of 53
Free-cash-flow margin Cash generation -20.1% -2.1% 32 of 52
Stock pay as % of revenue Cash generation 0.2% 3.0% 3 of 49
Days sales outstanding Balance sheet 50 days 68 days 10 of 52

Rank 1 = best in the group (for spending, debt and dilution, lower ranks first).

Where the revenue comes from

Fiscal year to December 31, 2025
Products and services
Line of business Revenue YoY
Product Revenue $14.2M ▼ 1.7%
License Revenue $3.2M ▲ 12.5%
Licenses $3.1M ▲ 12.7%
Equipment Revenue $140,750 ▲ 75.3%
Demonstrations Consulting Revenue $93,185 ▲ 158.8%

These categories overlap or exclude eliminations, so shares aren't shown.

From Birchtech Corp.'s 10-K filed March 31, 2026, as tagged in the filing. View filing. Indented rows are part of the line above; their share is of that line. In the bars, the faint bar behind is the year before.

Who owns it

Funds buying and selling
Reported value
$7.9M
Institutions reporting
26
Shares held vs prior quarter
▲ 22.1%
Positions opened / closed
9 / 5

Top buyers and sellers, Q2 2026: 15 institutions bought and 7 sold ; the biggest buyer was Vanguard Capital Management LLC (+721K shares) and the biggest seller White Pine Capital LLC (−311K). See which funds bought and sold →

Largest reported holders, June 30, 2026
Manager Value Shares Share of 13F value Shares QoQ
Heartland Advisors Inc $2M 1.0M 26.0% 0.0%
Vanguard Capital Management LLC $1.5M 721K 18.7% New
Chapin Davis, Inc. $1.4M 687K 17.8% 0.0%
Aristides Capital LLC $871,250 425K 11.0% 0.0%
White Pine Capital LLC $676,816 330K 8.6% ▼ 48.5%
Geode Capital Management, LLC $285,343 139K 3.6% New
Vanguard Fiduciary Trust Co $212,517 104K 2.7% New
Blackrock, Inc. $146,063 71K 1.9% New
Ars Investment Partners, LLC $131,610 64K 1.7% ▲ 25.6%
Sigma Planning Corp $107,445 52K 1.4% 0.0%
Diametric Capital, LP $104,730 53K 1.3% ▲ 27.0%
Northern Trust Corp $97,488 48K 1.2% New

From Form 13F filings with the SEC ( quarterly data sets), as reported by each manager for June 30, 2026 and filed up to 45 days later. 13F reports cover long US-listed positions of managers above $100M only, so this is not Birchtech Corp.'s complete shareholder register. Values are as reported by the filers .

Insider trading activity

Full insider history and chart
Insider purchases History → $750,000 1 trade by 1 insider, last 12 months Insider sales History → $0 0 trades by 0 insiders
Net ▲ $750,000 net buying
Insider Date Trade Shares Price Value
Macpherson Richard President and CEO February 27, 2026 Buy 312,500 $2.40 $750,000

From insiders' Form 4 filings with the SEC. Excludes awards, option exercises and shares withheld for tax. "Pre-set plan" means the filing marks the trade as made under a Rule 10b5-1 plan. See every insider trade since five years ago, on a price chart.

Earnings dates and SEC filings

Results announcements

  • March 4, 2025
  • March 4, 2024
  • April 20, 2023
  • January 18, 2023
  • March 10, 2022
  • February 17, 2022

Recent SEC filings

Data status

When each part of this page on Birchtech Corp. was last updated.

DataLast updatedSource
Share priceExchange closing prices
Financial statementsSEC 10-K and 10-Q filings
News and updatesCompany releases and SEC 8-K filings
Analyst estimatesAggregated analyst estimates
Valuation and scoresOur models, from the filed figures

How we build and check these figures: methodology and data sources.

Birchtech Corp. in brief

What does Birchtech Corp. do?
Birchtech Corp. is a US-listed company in the electronic equipment & instruments industry. Its financial year ends in December.
What is Birchtech Corp.'s stock ticker?
Birchtech Corp. trades under the ticker BCHT on NYSE. This page brings together its financial statements, valuation models, ownership and recent company updates.
What is Birchtech Corp.'s revenue, and how fast is it growing?
Over its most recent trailing twelve months, Birchtech Corp. reported revenue of $19.2M, 11.0% higher than a year earlier, according to its SEC filings.
What is Birchtech Corp.'s free cash flow?
Birchtech Corp.'s free-cash-flow margin is -20.1% of revenue over the trailing twelve months, ranking 32 of the 52 electronic equipment & instruments companies we cover.
What is Birchtech Corp.'s fair value (intrinsic value) per share?
Our discounted-cash-flow model of Birchtech Corp.'s free cash flow after stock-based pay gives ~$3.1 per share in the base case, and ~$2.4–$3.9 across growth scenarios. These are model values under stated assumptions — not a price target or a recommendation.
Who are Birchtech Corp.'s largest institutional shareholders?
By value reported in 13F filings for June 30, 2026, the largest reported holders are Heartland Advisors Inc, Vanguard Capital Management LLC and Chapin Davis, Inc. 13F reports cover long US-listed positions of managers above $100M, filed up to 45 days after quarter end.
What is Birchtech Corp.'s market cap?
On December 31, 2025, Birchtech Corp.'s market capitalisation was about $72.4M and net debt of -$2.2M. Market figures come from third-party market data and may be delayed.
Who are Birchtech Corp.'s competitors?
In our Electronic Equipment & Instruments peer group, the companies closest to Birchtech Corp. are Data I/o Corp, Knightscope, Inc., Virtra, Inc, Aeva Technologies, Inc. and Supercom Ltd. The side-by-side comparison below sets their revenue, margins and growth against Birchtech Corp.'s.
Are insiders buying or selling Birchtech Corp. stock?
Over the last 12 months, Birchtech Corp.'s directors and officers reported 1 open-market purchases and 0 sales on Form 4. The insider trading page charts every trade.
When is Birchtech Corp.'s next earnings date?
Around November 12, 2026, estimated from the spacing of its past results announcements (8-K filings). That is an estimate, not a confirmed date — Birchtech Corp. announces its own schedule.