BT Brands, Inc. key statistics and ratios

In fiscal 2024, BT Brands, Inc. had return on equity of -28.6%, an operating margin of -12.4%, debt equal to 32.7% of equity and a current ratio of 3.46. Each ratio below is calculated from the figures on its income statement, balance sheet and cash flow pages.

Financial ratios

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

BT Brands, Inc.: financial ratios, annual
Fiscal year	2018Dec 2018	2019Dec 2019	2020Jan 2021	2021Jan 2022	2022Jan 2023	2023Dec 2023	2024Dec 2024	LTMSept 2025
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%
Return on equity	—	—	—	12.2%	−5.4%	−9.2%	−28.6%	−12.7%
Return on assets	0.6%	−15.8%	26.3%	6.8%	−3.6%	−5.7%	−17.4%	−7.8%
Asset turnover	2.16	2.20	2.71	0.94	0.81	0.90	1.11	1.17
Current ratio	1.08	0.42	1.36	13.58	4.15	4.66	3.46	6.80
Debt to equity	—	—	—	28.7%	28.2%	26.7%	32.7%	27.6%
Interest cover (operating income ÷ interest)	—	n/m	3.0x	5.7x	n/m	n/m	n/m	n/m
Effective tax rate	—	—	14.1%	24.8%	—	—	—	—
Capital spending as % of revenue	−0.9%	0.0%	1.9%	2.5%	3.8%	3.5%	3.3%	3.3%
Free cash flow ÷ net income	556.5%	—	157.0%	99.7%	—	—	—	—

US$ thousands unless shown otherwise. Fiscal quarters.

BT Brands, Inc.: financial ratios, quarterly
Quarter	2024 Q2Jun 2024	2024 Q3Sept 2024	2024 Q4Dec 2024	2025 Q1Mar 2025	2025 Q2Jun 2025	2025 Q3Sept 2025	2026 Q1Mar 2026	2026 Q2Jun 2026
Operating margin	−4.6%	−1.7%	−29.6%	−9.0%	−2.0%	19.1%	−8.2%	3.3%
Net margin	−1.7%	−5.0%	−49.7%	−10.2%	1.5%	23.7%	−26.4%	16.2%
Free-cash-flow margin	1.3%	1.2%	−25.2%	−13.3%	10.2%	6.8%	−4.8%	4.6%
Current ratio	3.96	3.94	3.46	4.60	4.67	6.80	4.11	4.48
Debt to equity	27.2%	27.3%	32.7%	33.5%	32.2%	27.6%	36.0%	31.5%

Returns use average equity or assets over the year. Return on equity is left blank when equity is negative or so small that the ratio says nothing (above ±200%); interest cover is left blank above 200 times. Price-based ratios such as P/E are on the valuation page.

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.

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.

Compare with peers

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Figures from BT Brands, Inc.'s SEC filings (10-K and 10-Q), retrieved November 1, 2026. How we read and check them: methodology and data sources. Not investment advice. Back to BT Brands, Inc.