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BT Brands, Inc. (BTBD) stock

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NASDAQ: BTBD Nasdaq Restaurants

BT Brands, Inc. is a US-listed company in the restaurants 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

Under review: data-quality checks not passed.

Price vs value

Under review: data-quality checks not passed. We'll show the comparison once resolved.

BT Brands, Inc. 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.

  • Funds7 adding, 4 cuttingOf 2 active managers that changed their stake, 2 added; quarter to June 30, 2026Fund buyers and sellers

Value diary

Our note on each quarter BT Brands files

Where BT Brands stands after its latest 10-Q

Revenue for the twelve months to June 2026 was $14m, down 4.2% on a year earlier, against growth of 1.6% a quarter earlier. Free-cash-flow margin held at -4.2%. Operating margin widened to -4.1% from -11.5%. It passes 3 of our 5 financial-health checks.

Our model value for BT Brands is under review, so past values are not shown until it is resolved.

Source: 10-Q filed August 17, 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

BT Brands, Inc.'s trailing-twelve-month revenue fell 4.2% year on year, with a free-cash-flow margin of -4.2%.

Current signal Revenue growth decelerating: TTM revenue growth slowed to -4.2% (-5.7pp vs the prior quarter), the 3rd consecutive quarterly slowdown.

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

  • Margins widening. Operating margin is up 7.4 points on a year ago.

Things to watch

  • Revenue shrinking. Revenue fell 4.2% over the last 12 months.
  • Growth slowing. The growth rate is 5.7 points lower than a quarter earlier.
  • Loss-making. Operating margin is -4.1%: costs exceed revenue.
  • Burning cash. Free cash flow was -4.2% of revenue over the last 12 months.
  • Volatile shares. Over the past year the shares showed annualised volatility of 88% and a beta of 1.9 against the S&P 500.

Latest results: FY2026 Q2

Filed August 17, 2026
Revenue
$4m, down 6.1% on a year earlier

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

Price chart

  • 1 day-1.6%
  • 1 week+10.4%
  • 1 month-3.2%
  • This year+30.2%
  • 1 year-2.7%
  • S&P 500 this year+11.2%

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

Loading chart…

Third-party market data · may be delayed

At a glance

Trailing twelve months, from SEC filings

Profitability

Revenue (TTM)
$14M
Operating margin
-4.1%
Net margin
-6.7%

Growth

Revenue growth
−4.2%
Change in growth rate
−5.7 pts

Cash

Free cash flow (TTM)
-$585,400
FCF margin
-4.2%
Stock pay % of revenue
1.3%

Earnings

Last results
April 3, 2026

News & updates

Updated October 31, 2026

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

No recent updates are available for BTBD from the sources we follow. See filings →

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

BT Brands, Inc. valuation models and calculator

Fundamentalytics rating

model v1.6 · 2026-11-03

Not rated: data-quality checks not passed.

Moat

20 /100

Weak moat

How hard BT Brands's competitive advantage looks for rivals to wear away, judged from 6 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 -3.0% of total assets over 6 years.

  • Durability 10 / 20

    Operating margin has been a median -4.1%; its worst year was -11.5%.

  • Cash conversion 2 / 20

    Free cash flow was positive in 1 of 5 years, at a median -4.2% of revenue.

AI disruption exposure: Low. In this industry, the business rests on physical assets, regulated networks or products AI itself depends on.

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

Forecasts and guidance

Analysts' consensus

No analyst estimates are published for BT Brands, Inc.: too few analysts cover it.

Management guidance

Earnings release, April 3, 2026

No numeric guidance in BT Brands, Inc.'s latest earnings release (filed April 3, 2026). Some companies give their outlook only on the earnings call.

Positioning

Short interest
0.5%
of tradable shares
Days to cover
1.49
at average volume
Short interest, 1 month
+73%
to October 15, 2026
Held by institutions
4%
of shares
Held by insiders
33.8%
of shares
Employees
28
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 −2.7%

$1.86 on October 31, 2025 to $1.81

ThenNowEffect
Revenue (last 12 months) $15m $14m −3.4%
P/S multiple 0.7x 0.8x +10.1%
Share count 6m 6m −8.5%

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 20222023202420252026 to date
Return
BTBD−38%+37%−42%−4%+30%
Industry peers (median)−15%+15%+0%−10%+2%
S&P 500−18%+26%+25%+18%+11%
Months that ended higher
BTBD25%25%25%50%46%
S&P 50042%67%75%75%46%
Largest fall from a high during the year
BTBD−55%−51%−52%−59%−54%
S&P 500−25%−10%−8%−19%−9%

Worst fall since November 12, 2021: 78% from December 13, 2021 to May 16, 2025. Getting back needed a 358% gain, and the shares have not yet recovered.

Price behaviour

52-week range
$1.04 – $2.25
From 52-week high
−19.6%
vs 50-day average
+5.6%
vs 200-day average
+24.7%
Volatility (1 year)
88%
Beta vs S&P 500
1.86

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
1 up, 0 down
typical move ±10.6%
After a week
0 up, 1 down
typical move ±14.3%
After a month
0 up, 1 down
typical move ±4.8%
Results releasedNext dayS&P 500 next day5 days21 days
April 3, 2026 +10.6% +0.5% −14.3% −4.8%

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.

Fundamentals

Revenue (TTM) BT Brands, Inc.
$12M $13M $14M $15M FY22 Q4 FY23 Q3 FY24 Q2 FY25 Q3 Revenue (TTM), FY22 Q4: $12.6M Revenue (TTM), FY23 Q1: $13.6M Revenue (TTM), FY23 Q2: $14.1M Revenue (TTM), FY23 Q3: $14.1M Revenue (TTM), FY23 Q4: $14.1M Revenue (TTM), FY24 Q1: $14.2M Revenue (TTM), FY24 Q2: $14.3M Revenue (TTM), FY24 Q3: $14.6M Revenue (TTM), FY24 Q4: $14.8M Revenue (TTM), FY25 Q1: $14.9M Revenue (TTM), FY25 Q2: $14.5M Revenue (TTM), FY25 Q3: $14M $14M

Source: SEC EDGAR filings. Retrieved November 1, 2026.

View chart data
Period Revenue (TTM)
FY22 Q4 $12.6M
FY23 Q1 $13.6M
FY23 Q2 $14.1M
FY23 Q3 $14.1M
FY23 Q4 $14.1M
FY24 Q1 $14.2M
FY24 Q2 $14.3M
FY24 Q3 $14.6M
FY24 Q4 $14.8M
FY25 Q1 $14.9M
FY25 Q2 $14.5M
FY25 Q3 $14M
Revenue growth, TTM YoY BT Brands, Inc.
-20% 0% 20% 40% 60% FY22 Q4 FY23 Q3 FY24 Q2 FY25 Q3 Revenue growth, TTM YoY, FY22 Q4: 49.1% Revenue growth, TTM YoY, FY23 Q1: 58.4% Revenue growth, TTM YoY, FY23 Q2: 44.7% Revenue growth, TTM YoY, FY23 Q3: 22.6% Revenue growth, TTM YoY, FY23 Q4: 11.7% Revenue growth, TTM YoY, FY24 Q1: 4.4% Revenue growth, TTM YoY, FY24 Q2: 1.7% Revenue growth, TTM YoY, FY24 Q3: 4.2% Revenue growth, TTM YoY, FY24 Q4: 5.3% Revenue growth, TTM YoY, FY25 Q1: 4.7% Revenue growth, TTM YoY, FY25 Q2: 1.6% Revenue growth, TTM YoY, FY25 Q3: -4.2% -4.2%

Source: SEC EDGAR filings. Retrieved November 1, 2026.

View chart data
Period Revenue growth, TTM YoY
FY22 Q4 49.1%
FY23 Q1 58.4%
FY23 Q2 44.7%
FY23 Q3 22.6%
FY23 Q4 11.7%
FY24 Q1 4.4%
FY24 Q2 1.7%
FY24 Q3 4.2%
FY24 Q4 5.3%
FY25 Q1 4.7%
FY25 Q2 1.6%
FY25 Q3 -4.2%
Operating margin (TTM) BT Brands, Inc.
-15% -10% -5% 0% FY22 Q4 FY23 Q3 FY24 Q2 FY25 Q3 Operating margin (TTM), FY22 Q4: -3.1% Operating margin (TTM), FY23 Q1: -5.4% Operating margin (TTM), FY23 Q2: -5.7% Operating margin (TTM), FY23 Q3: -5.5% Operating margin (TTM), FY23 Q4: -7.6% Operating margin (TTM), FY24 Q1: -10.2% Operating margin (TTM), FY24 Q2: -10.9% Operating margin (TTM), FY24 Q3: -11.5% Operating margin (TTM), FY24 Q4: -12.4% Operating margin (TTM), FY25 Q1: -10.0% Operating margin (TTM), FY25 Q2: -9.5% Operating margin (TTM), FY25 Q3: -4.1% -4.1%

Source: SEC EDGAR filings. Retrieved November 1, 2026.

View chart data
Period Operating margin (TTM)
FY22 Q4 -3.1%
FY23 Q1 -5.4%
FY23 Q2 -5.7%
FY23 Q3 -5.5%
FY23 Q4 -7.6%
FY24 Q1 -10.2%
FY24 Q2 -10.9%
FY24 Q3 -11.5%
FY24 Q4 -12.4%
FY25 Q1 -10.0%
FY25 Q2 -9.5%
FY25 Q3 -4.1%
FCF margin (TTM) BT Brands, Inc.
-10% -5% 0% FY22 Q4 FY23 Q3 FY24 Q2 FY25 Q3 FCF margin (TTM), FY22 Q4: -2.1% FCF margin (TTM), FY23 Q1: -8.6% FCF margin (TTM), FY23 Q2: -7.0% FCF margin (TTM), FY23 Q3: -6.0% FCF margin (TTM), FY23 Q4: -5.3% FCF margin (TTM), FY24 Q1: -4.8% FCF margin (TTM), FY24 Q2: -5.9% FCF margin (TTM), FY24 Q3: -5.0% FCF margin (TTM), FY24 Q4: -8.2% FCF margin (TTM), FY25 Q1: -7.6% FCF margin (TTM), FY25 Q2: -5.5% FCF margin (TTM), FY25 Q3: -4.2% -4.2%

Source: SEC EDGAR filings. Retrieved November 1, 2026.

View chart data
Period FCF margin (TTM)
FY22 Q4 -2.1%
FY23 Q1 -8.6%
FY23 Q2 -7.0%
FY23 Q3 -6.0%
FY23 Q4 -5.3%
FY24 Q1 -4.8%
FY24 Q2 -5.9%
FY24 Q3 -5.0%
FY24 Q4 -8.2%
FY25 Q1 -7.6%
FY25 Q2 -5.5%
FY25 Q3 -4.2%

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 2018 Dec 2018 2019 Dec 2019 2020 Jan 2021 2021 Jan 2022 2022 Jan 2023 2023 Dec 2023 2024 Dec 2024 LTM Sept 2025
Income
Revenue 7 6 8 8 13 14 15 14
EBITDA 0 −0 1 1 0 −0 −1 0
Operating income 0 −0 1 1 −0 −1 −2 −1
Net income 0 −0 1 1 −1 −1 −2 −1
Diluted EPS $0.00 −$0.12 $0.20 $0.14 — — — —
Growth (year on year)
Revenue — −8.1% +25.9% +3.6% +49.1% +11.7% +5.3% −4.2%
EBITDA — −166.3% — +69.0% −95.2% — — —
Operating income — −255.1% — +85.3% −139.9% — — —
Net income — — — −23.3% −192.5% — — —
Diluted EPS — — — −30.0% — — — —
Margins
EBITDA margin 3.4% −2.5% 8.8% 14.4% 0.5% −3.4% −7.3% 0.9%
Operating margin 3.4% −5.8% 6.5% 11.6% −3.1% −7.6% −12.4% −4.1%
Net margin 0.3% −7.2% 9.7% 7.2% −4.5% −6.3% −15.6% −6.7%
Free-cash-flow margin 1.6% 0.8% 15.2% 7.2% −2.1% −5.3% −8.2% −4.2%
Cash flow
Cash from operations 0 0 1 1 0 −0 −1 −0
Capital spending −0 0 0 0 0 0 0 0
Free cash flow 0 0 1 1 −0 −1 −1 −1
Stock-based pay — — — 0 0 0 0 0
Free cash flow after stock pay — — — 1 −0 −1 −1 −1
Balance sheet
Cash 1 0 1 12 2 5 2 1
Total debt — 4 3 3 3 — — 2
Net debt (negative = net cash) −1 3 2 −9 1 −5 −2 1
Diluted shares 7m 4m 4m — — — — —
Returned to shareholders
Buybacks — — — — 0 0 0 —
Total returned — — — — 0 0 0 —

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

3 of 5 checks passed · June 28, 2026
What it owns · $10m
Short-term assets $6mLonger-term assets $5m
What it owes, and who funded it · $10m
Short-term liabilities $1mLonger-term liabilities $3mShareholders' equity $6m
  • Short-term assets cover short-term liabilities $6m of assets due within a year against $1m of liabilities due within a year.
  • Short-term assets cover long-term liabilities $6m short-term assets against $3m of longer-dated liabilities.
  • More cash than debt $2m of cash against $2m of debt.
  • Debt below 40% of shareholders' equity Debt is 31% of equity.
  • Debt burden no higher than five years ago Debt to equity moved from 27% to 31% over five years.
  • 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 Interest not separately reported. Not assessable.

From BT Brands, Inc.'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.

Competitors: side by side with peers

Closest by revenue in restaurants
Last 12 months unless stated BTBD RAVE CHSN CCHH MB GTIM Median
Revenue, last 12 months $14m $13m $18m $10m $59m $135m $1.4bn
Revenue growth, last 12 months −4.2% 7.2% 0.2% 7.6% −8.8% −5.8% 4.5%
Revenue growth, 3-year average 7.0% 2.8% — — — −0.9% 5.6%
Revenue growth, latest quarter −6.1% 8.8% — — — −5.0% 3.9%
Gross margin — 100.0% 45.0% 19.3% — 9.8% 68.6%
Operating margin −4.1% 26.9% −10.3% −24.6% — 1.3% 4.5%
Operating margin, 3-year average −7.0% — — — — 0.9% 6.7%
Net margin −6.7% 22.3% 1.0% −28.0% −11.4% 1.7% 2.4%
Cash from operations / revenue −0.9% 27.5% 15.7% −5.5% −2.8% 2.8% 11.5%
Free-cash-flow margin −4.2% 27.1% 2.6% −7.9% −3.0% 1.9% 3.2%
Free-cash-flow margin, 3-year average −5.0% 25.9% — — — 1.1% 2.8%
Stock pay / revenue 1.3% 2.3% — 24.1% — 16.4% 0.8%
Change in share count — −1.8% >999% 6.0% 28.9% −0.9% 0.2%

Median of all 45 companies we cover in restaurants. 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.

Who owns it

Funds buying and selling
Reported value
$236,374
Institutions reporting
12
Shares held vs prior quarter
▲ 77.8%
Positions opened / closed
4 / 3

Top buyers and sellers, Q2 2026: 7 institutions bought and 4 sold ; the biggest buyer was Citadel Advisors LLC (+46K shares) and the biggest seller HRT Financial LP (−17K). See which funds bought and sold →

Largest reported holders, June 30, 2026
Manager Value Shares Share of 13F value Shares QoQ
Citadel Advisors LLC $48,773 46K 20.6% New
Susquehanna International Group, LLP $44,542 42K 18.8% New
Vanguard Capital Management LLC $32,333 30K 13.7% 0.0%
Geode Capital Management, LLC $26,143 24K 11.1% ▲ 12.0%
Xtx Topco Ltd $23,679 22K 10.0% New
Two Sigma Investments, LP $21,078 20K 8.9% ▲ 73.7%
State Street Corp $17,279 16K 7.3% 0.0%
Jane Street Group, LLC $11,785 11K 5.0% New
Tower Research Capital LLC (TRC) $3,714 3K 1.6% ▲ 81.9%
Vanguard Fiduciary Trust Co $3,649 3K 1.5% 0.0%
UBS Group AG $3,397 3K 1.4% ▼ 45.5%
Sbi Securities Co., Ltd. $2 0K 0.0% 0.0%

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 BT Brands, Inc.'s complete shareholder register. Values are as reported by the filers .

Insider trading activity

Full insider history and chart
Insider purchases History → $0 0 trades by 0 insiders, last 12 months Insider sales History → $0 0 trades by 0 insiders
Net ▲ $0 net buying

No open-market insider trades reported in the last 12 months.

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

  • April 3, 2026

Recent SEC filings

Data status

When each part of this page on BT Brands, Inc. 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.

BT Brands, Inc. in brief

What does BT Brands, Inc. do?
BT Brands, Inc. is a US-listed company in the restaurants industry. Its financial year ends in December.
What is BT Brands, Inc.'s stock ticker?
BT Brands, Inc. trades under the ticker BTBD on Nasdaq. This page brings together its financial statements, valuation models, ownership and recent company updates.
What is BT Brands, Inc.'s revenue, and how fast is it growing?
Over its most recent trailing twelve months, BT Brands, Inc. reported revenue of $14M, 4.2% lower than a year earlier, according to its SEC filings.
What is BT Brands, Inc.'s free cash flow?
BT Brands, Inc.'s free-cash-flow margin is -4.2% of revenue over the trailing twelve months.
Who are BT Brands, Inc.'s largest institutional shareholders?
By value reported in 13F filings for June 30, 2026, the largest reported holders are Citadel Advisors LLC, Susquehanna International Group, LLP and Vanguard Capital Management LLC. 13F reports cover long US-listed positions of managers above $100M, filed up to 45 days after quarter end.
How much debt does BT Brands, Inc. have?
BT Brands, Inc.'s debt-to-equity ratio is 31.5%, from its latest balance sheet (26.7% five years earlier). The financial health section below sets out its other solvency checks.
Who are BT Brands, Inc.'s competitors?
In our Restaurants peer group, the companies closest to BT Brands, Inc. are Rave Restaurant Group, Inc., Chanson International Holding, CCH Holdings Ltd, Masterbeef Group and Good Times Restaurants Inc. The side-by-side comparison below sets their revenue, margins and growth against BT Brands, Inc.'s.