Smartbird, Inc.
BIRDAbout the company
Smartbird, Inc provides footwear and apparel products in the United States and internationally. The company offers a range of lifestyle products for men and women, as well as footwear and secondary apparel, such as classic tees, sweats, socks, and underwear. It sells its products through its e-commerce and third-party marketplace site, distributor and third-party retail partners, and physical retail channels. The company was formerly known as Allbirds, Inc. and changed its name to Smartbird, Inc in December 2015.
Investment snapshot
Positive
1
BUY / PASS
Neutral / negative
3 / 12
NEUTRAL / FAIL
Median fair value
—
No comparable estimates
Models with upside
0 / 17
Positive margin of safety
Strongest signal
9 of 12 pass — Buffett, Piotroski and Marks object
Key risk
No clean pass — all 13 investors flag at least one valuation criterion
Framework analysis
| Verdict | Meaning |
|---|---|
| BUY | Positive purchase signal: the framework's buy requirements are met. |
| PASS | The company clears the framework's checklist or screen, but the framework does not produce a buy signal. For valuation frameworks this often means margin of safety is missing, insufficient, or unavailable; some screen-only frameworks have no intrinsic-value BUY state. |
| NEUTRAL | Neither a positive nor negative conclusion. It does not mean to hold an existing position. |
| FAIL | The company does not clear the framework's requirements. |
| Ranked | Ranked strategies do not use PASS: selected cohort is BUY, outside the cohort is FAIL, and unranked is NEUTRAL. |
Current investor scores use trailing 12-month flows and the latest balance sheet where supported. Multi-year and EPS tests retain annual history; each framework shows its financial basis below. Intrinsic values use annual financials.
| Metric | Graham Defensive Value | Buffett Quality Compounder | Lynch GARP | Greenblatt Magic Formula | Piotroski F-Score | Dreman Contrarian Value | Munger Quality Focus | Pabrai Dhandho Framework | Akre Three-Legged Stool | Marks Risk-Aware Value | Ackman Activist Value | Templeton Global Bargain Hunter | Sleep Scale Economies Shared | Asness Systematic Factors | Neff Low-P/E Total Return | Schloss Asset-Value Discipline | O'Shaughnessy Systematic Factor Composite |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Verdict | PASS | FAIL | FAIL | FAIL · Rank #3038 (Top 98.1%) | FAIL | FAIL | FAIL | FAIL | FAIL | FAIL | FAIL | NEUTRAL | FAIL | FAIL | FAIL | NEUTRAL | NEUTRAL |
| Score | |||||||||||||||||
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| Intrinsic Value (annual) | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Margin of Safety | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Financial Basis | TTM ended 2026-06-30 · Balance sheet at 2026-06-30 · Annual history · FY 2025 Latest source filing: 2026-08-19 Score computed: 2026-11-14 | Annual history · FY 2025 Latest source filing: 2026-03-31 Score computed: 2026-11-14 | Annual history · FY 2025 · Balance sheet at 2026-06-30 · TTM ended 2026-06-30 Latest source filing: 2026-08-19 Score computed: 2026-11-14 | Annual history · FY 2025 Latest source filing: 2026-03-31 Score computed: 2026-11-14 | Annual history · FY 2025 Latest source filing: 2026-03-31 Score computed: 2026-11-14 | Annual history · FY 2025 · TTM ended 2026-06-30 · Balance sheet at 2026-06-30 · Market data at 2026-11-01 Latest source filing: 2026-08-19 Score computed: 2026-11-14 | Qualitative assessment · Annual history · FY 2025 · TTM ended 2026-06-30 · Balance sheet at 2026-06-30 Latest source filing: 2026-08-19 Score computed: 2026-11-14 | Qualitative assessment · Annual history · FY 2025 Latest source filing: 2026-03-31 Score computed: 2026-11-14 | Annual history · FY 2025 · Qualitative assessment · TTM ended 2026-06-30 · Balance sheet at 2026-06-30 Latest source filing: 2026-08-19 Score computed: 2026-11-14 | Annual history · FY 2025 · Qualitative assessment Latest source filing: 2026-03-31 Score computed: 2026-11-14 | Annual history · FY 2025 · TTM ended 2026-06-30 · Balance sheet at 2026-06-30 · Market data at 2026-11-01 Latest source filing: 2026-08-19 Score computed: 2026-11-14 | Annual history · FY 2025 · Price history 2025-01-01–2026-11-01 · Balance sheet at 2026-06-30 Latest source filing: 2026-08-19 Score computed: 2026-11-14 | Annual history · FY 2025 · Qualitative assessment Latest source filing: 2026-03-31 Score computed: 2026-11-14 | TTM ended 2026-06-30 · Balance sheet at 2026-06-30 · Price history 2025-01-01–2026-11-01 · Annual history · FY 2025 Latest source filing: 2026-08-19 Score computed: 2026-11-14 | Annual history · FY 2025 Latest source filing: 2026-03-31 Score computed: 2026-11-14 | Annual history · FY 2025 · Balance sheet at 2026-06-30 Latest source filing: 2026-08-19 Score computed: 2026-11-14 | TTM ended 2026-06-30 · Annual history · FY 2025 · Price history 2025-01-01–2026-11-01 Latest source filing: 2026-08-19 Score computed: 2026-11-14 |
Where It Passes
- Debt & Leverage75% pass✓ 12✗ 3▾
9 of 12 pass — Buffett, Piotroski and Marks object
LT Debt vs Net Current AssetsLT Debt $17.4M vs NCA $41.5M✓GrahamLT Debt <= Net Current AssetsDebt/Equity & Interest CoverageD/E: 0.48, IC: -1378.7x✗BuffettD/E < 0.5 AND Interest Coverage > 5xTotal Debt / Equity0✓Lynch< 0.33Cash - Long-term Debt$9.3M✓LynchPositive preferredLT Debt / Total Assets Change0.00% -> 15.88%✗PiotroskiDecreased YoYCurrent Assets / Current Liabilities3.70✓Dreman> 1.5✓SchlossCurrent ratio >= 1.50x (app cutoff)Total Debt / Shareholders' Equity0✓Dreman< 0.8✓Templeton< 1.0 (fixed cap; proxy for below-sector-median leverage)✓SchlossD/E < 1.00xDebt Levels0✓MungerDebt/Equity < 0.5✓AkreDebt/Equity < 0.3Interest Coverage & Debt/EBITDAIC=-1378.7x, D/EBITDA=N/A✗MarksInterest Coverage > 3x; Debt/EBITDA < 4xTotal Debt / Shareholders Equity0✓Ackman<= 1.0Negative debt-to-equity (higher means less debt)-0.0000; #1/4210 (top 0.0%)✓AsnessTop 30% of eligible cross-section
Where It Falls Short
- Valuation0% pass✓ 9✗ 19▾
No clean pass — all 13 investors flag at least one valuation criterion
Price / 3-yr avg EPS✗Graham<= 15xPrice-to-Book Ratio0.3x✓Graham<= 1.5xP/E x P/B✗Graham<= 22.5Basic earnings-growth PEG (dividends excluded)✗Lynch< 1.0 (ideally < 0.5)EBIT / Enterprise Value-1022.5%✗Greenblatt> 10%Earnings Yield + ROC AssessmentEY=-1022.5%, ROC=-316.1%✗GreenblattBoth EY > 10% and ROC > 25%Price / EPS✗Dreman< 12x✗Templeton< 12x (fixed ceiling; proxy for the market's cheapest 40%)Price / (CFO / Shares)N/A (negative CFPS)✗Dreman< 8xPrice / Book Value per Share0.3x✓Dreman< 1.2x✓Templeton< 1.5x✓SchlossP/B <= 0.80x (app cutoff)Valuation ReasonablenessOE Yield=-620.6%✗MungerP/E < 25 or Owner Earnings Yield > 5%P/E or FCF YieldFCF Yield=-339.7%✗PabraiP/E < 15 or FCF Yield > 10%P/B or P/E vs. Historical AverageP/B=0.3x✓MarksP/E < 15 or P/B < 2.0Discount to Intrinsic Value✗Marks>= 20% below intrinsic valuePrice / FCF per ShareN/A (negative FCF)✗Ackman<= 25Price vs. Trailing Low100% of trailing low ($1.43)✓Templeton<= 120% of trailing low (certified split-adjusted live window)Net income / market capitalization-449.27%; #5900/6340 (top 93.1%)✗AsnessTop 30% of eligible cross-section✗OshaughnessyTop 10% of eligible cross-sectionPositive book equity / market capitalization+1.3142; #1072/6449 (top 16.6%)✓AsnessTop 30% of eligible cross-sectionPrice / Diluted EPS✗NeffP/E <= 15x (app proxy for a P/E 40%-60% below the market)(EPS CAGR % + Dividend Yield %) / P/E✗Neff> 0.7 (Neff's published traditional edge)Price / Tangible Book Value per Share0.32x✓SchlossP/TBV <= 1.00x (app cutoff)Book Value per Share Change✗SchlossLatest BVPS >= earliest BVPS over >= 3 years (app rule)Revenue / market capitalization+6.1699; #459/5247 (top 8.7%)✓OshaughnessyTop 10% of eligible cross-section(Operating cash flow - capex) / market capitalization-339.74%; #4295/4519 (top 95.0%)✗OshaughnessyTop 10% of eligible cross-sectionTrailing six-month price return through the evaluation date-40.17%; #4806/6202 (top 77.5%)✗OshaughnessyTop 10% of eligible cross-section - Cash Flow0% pass✓ 1✗ 11▾
No clean pass — all 10 investors flag at least one cash flow criterion
Free Cash Flow Proxy$-72.4M✗BuffettPositive and growingFCF Positive and Growing$-58.2M✗LynchPositive and growingOperating Cash Flow$-55.1M✗PiotroskiCFO > 0(CFO / Total Assets) vs ROACFO/Assets=-50.34%, ROA=-70.63%✓PiotroskiCFO/Assets > ROAPrice / (CFO / Shares)N/A (negative CFPS)✗Dreman< 8xP/E or FCF YieldFCF Yield=-339.7%✗PabraiP/E < 15 or FCF Yield > 10%FCF Positive0/7 years FCF positive✗MarksPositive FCF in majority of recent years(OCF - CapEx) / Market Cap-499.1%✗Ackman>= 4%Price / FCF per ShareN/A (negative FCF)✗Ackman<= 25Positive Operating Cash Flow frequency1/7 years positive✗SleepPositive OCF in >= 70% of available yearsOperating Cash Flow - Capital Expenditures$-58.2M✗Neff> $0 (app proxy for a strong fundamental case)(Operating cash flow - capex) / market capitalization-339.74%; #4295/4519 (top 95.0%)✗OshaughnessyTop 10% of eligible cross-section - Growth0% pass✗ 13▾
All 8 investors flag BIRD's growth
EPS Growth (3-yr avg, 10-yr window)✗Graham>= 33% growthBasic earnings-growth PEG (dividends excluded)✗Lynch< 1.0 (ideally < 0.5)3-5 Year EPS CAGR✗Lynch15-30% (Fast Grower); > 0% to passInventory Growth vs Revenue GrowthInv: -11.9% vs Rev: -19.7%✗LynchInventory growth < Revenue growthEPS Growth Direction✗DremanPositive over recent yearsEPS CAGR✗Dreman> 5% annualizedPositive Net Income Frequency0/7 years positive✗MarksPositive net income in >= 7 of last 10 years3yr Median Revenue Growth-19.7%✗Ackman>= 5%Positive EPS Growth Frequency✗AckmanPositive EPS growth in >= 3 of last 5 years5-Year EPS CAGR✗Templeton> 0% (5-year EPS CAGR)Revenue growth vs. gross and operating margin trendgross margin 41.0% -> 41.0%, operating margin -60.2% -> -52.4%✗SleepRevenue rising; gross margin flat or falling; operating margin holding5-year Revenue CAGR-7.0%✗SleepCAGR > 7%3-5 Year Diluted EPS CAGR✗Neff7%-20% annualized - Profitability6% pass✓ 4✗ 31▾
15 of 16 flag BIRD's profitability — Graham, Buffett, Lynch +12 more
Positive EPS (10 years)0/8 years positive✗GrahamPositive EPS every year for 10 yearsEPS Growth (3-yr avg, 10-yr window)✗Graham>= 33% growthNet Income Positive (10+ years)0/8 years positive✗BuffettPositive every year for 10+ yearsROE (up to 5-year arithmetic mean)-86.5%✗Buffett> 15% arithmetic mean (app rule)Operating Margin (10-yr trend)-52.4% (latest)✗BuffettStable or rising over 10 yearsFree Cash Flow Proxy$-72.4M✗BuffettPositive and growingEarnings Variance (10-yr CoV)✗BuffettCoV < 0.3Retained Earnings Effectiveness✗Buffett$1 retained -> > $1 market value createdBasic earnings-growth PEG (dividends excluded)✗Lynch< 1.0 (ideally < 0.5)3-5 Year EPS CAGR✗Lynch15-30% (Fast Grower); > 0% to passROE-341.9%✗Lynch> 15%EBIT / Enterprise Value-1022.5%✗Greenblatt> 10%Earnings Yield + ROC AssessmentEY=-1022.5%, ROC=-316.1%✗GreenblattBoth EY > 10% and ROC > 25%Net Income / Total Assets-70.63%✗PiotroskiROA > 0ROA Change YoY-49.41% -> -70.63% (delta: -21.22%)✗PiotroskiCurrent ROA > Prior ROA(CFO / Total Assets) vs ROACFO/Assets=-50.34%, ROA=-70.63%✓PiotroskiCFO/Assets > ROAGross Margin Change YoY42.7% -> 41.0%✗PiotroskiImproved YoYPre-Tax Income / Revenue-69.1%✗Dreman>= 8%Net Income / Shareholders' Equity-341.9%✗Dreman> 12%Margin of SafetyP/B=0.3x✓PabraiP/B < 1.5 or P/E < 15Return on Equity-129.7% (3-yr avg)✗AkreROE > 20% (3-year avg)Discount to Intrinsic Value✗Marks>= 20% below intrinsic valuePositive Net Income Frequency0/7 years positive✗MarksPositive net income in >= 7 of last 10 yearsOperating Income / Revenue-69.3%✗Ackman>= 15%Net Income / Shareholders Equity-341.9%✗Ackman>= 15%5-Year EPS CAGR✗Templeton> 0% (5-year EPS CAGR)Operating Margin Trend-60.2% (2023) -> -52.4% (2025)✓TempletonNon-negative operating-margin trend over 3 yearsRevenue growth vs. gross and operating margin trendgross margin 41.0% -> 41.0%, operating margin -60.2% -> -52.4%✗SleepRevenue rising; gross margin flat or falling; operating margin holdingNet income / market capitalization-449.27%; #5900/6340 (top 93.1%)✗AsnessTop 30% of eligible cross-section✗OshaughnessyTop 10% of eligible cross-sectionGross profit / total assets+57.17%; #517/3702 (top 14.0%)✓AsnessTop 30% of eligible cross-sectionNet income / positive book equity-341.86%; #5011/5226 (top 95.9%)✗AsnessTop 30% of eligible cross-sectionNegative 5-year standard deviation of ROA-0.2179; #4311/5884 (top 73.3%)✗AsnessTop 30% of eligible cross-section3-5 Year Diluted EPS CAGR✗Neff7%-20% annualizedPositive Diluted-EPS Years0/7 years positive✗Schloss>= 70% positive over 5-10 observed years (app rule) - Verdicts7% pass✓ 1✗ 13▾
Split decision: 12 FAIL · 3 NEUTRAL · 1 PASS
Overall verdict✓GrahamPASS (4/9)✗BuffettFAIL (0/9)✗LynchFAIL (2/7)✗GreenblattRank #3038✗PiotroskiFAIL (F-Score 2)✗DremanFAIL (3/11)✗MungerFAIL (1/4)✗PabraiFAIL (1/3)✗AkreFAIL (2/6)✗MarksFAIL (1/5)✗AckmanFAIL (2/9)•TempletonNEUTRAL (5/8)✗SleepFAIL (1/6)✗AsnessFAIL (Rank #1835/2370 (Top 77.4%))✗NeffFAIL (0/6)•SchlossNEUTRAL (4/7)•OshaughnessyNEUTRAL (Not ranked) - Efficiency25% pass✓ 3✗ 8▾
6 of 8 flag BIRD's efficiency — Buffett, Greenblatt, Piotroski +3 more
Current Ratio3.70✓Graham>= 2.0ROIC (3-5 yr avg)-229.0%✗Buffett> 10%ROIC - WACC-239.0%✗BuffettPositive (WACC = 10%)EBIT / (NWC + Net Fixed Assets)-316.1%✗Greenblatt> 25%Current Ratio Change YoY2.94 -> 2.02✗PiotroskiIncreased YoYRevenue / Total Assets Change YoY1.00x -> 1.39x✓PiotroskiImproved YoYCurrent Assets / Current Liabilities3.70✓Dreman> 1.5Return on Invested Capital-257.1%✗Munger> 15%ROIC (high and growing)FY2023: ROIC=unavailable; FY2024: ROIC=-75.8%; FY2025: ROIC=-118.6%✗AkreLatest 3 consecutive FYs: ROIC > 15% in eachReinvestment Rate x ROICN/A (non-positive net income)✗AkreReinvestment Rate * ROIC > 10%ROIC (5-year)0/2 years above 12% (latest -118.6%)✗SleepROIC > 12% in a majority of years
Business & financials
Financial snapshot: annual FY 2025. Current investor scores may use newer quarterly data.
Company Profile
Financial Snapshot
Shareholder Return
Fiscal 2025
Issued 3.8% of shares last year.
- Buybacks
- —
- Dividends
- —
Company Financials
Latest TTM and quarters alongside annual years
TTM sums four consecutive quarters and uses the latest quarter-end balances. Quarter columns show three-month results; annual columns show full-year totals. Growth compares the same period a year earlier. EPS is not added for TTM; full-year ratios are blank for quarters.
The latest annual period end is unavailable. Showing the latest fiscal cycle’s quarters; quarter and annual columns may overlap. Quarterly shows the full quarter history.
| Metric | TTM · 2026-09-30 2025-10-01 – 2026-09-30 Sources · derived quarter valuesDerived from cumulative filings: revenue, net income, operating income, gross profit, ebit, pre tax income, operating cash flow, depreciation amortization, capex, buybacks. | Q3 FY 2026 2026-07-01 – 2026-09-30 Sources · derived quarter valuesDerived from cumulative filings: operating cash flow, capex, buybacks. | Q2 FY 2026 2026-04-01 – 2026-06-30 | Q1 FY 2026 2026-01-01 – 2026-03-31 Sources | FY 2025Sources
| FY 2024Sources
| FY 2023Sources
| FY 2022Sources
| FY 2021Sources
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|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $17.1Mcurrent | -- | -- | -- | $31.9Mest. | $49.9Mest. | $2.9Best. | $8.2Best. | $17.1Best. |
| Revenue | $72.8M↓55% | $0↓100% | $2.8M↓93% | $22.3M↓31% | $152.5M↓20% | $189.8M↓25% | $254.1M↓15% | $297.8M↑7% | $277.5M |
| Operating Income | -$58.0M↑32% | -$4.6M↑77% | -$10.7M↑35% | -$22.0M↑4% | -$80.0M↑18% | -$97.6M↑36% | -$153.0M↓53% | -$100.3M↓205% | -$32.9M |
| Net Income | -$59.5M↑29% | -$2.8M↑86% | -$16.4M↓6% | -$20.7M↑5% | -$77.3M↑17% | -$93.3M↑39% | -$152.5M↓50% | -$101.4M↓123% | -$45.4M |
| EPS (Diluted) | -- | -- | -- | $-2.37↑13% | $-9.47↑20% | $-11.87↓1075% | $-1.01↓49% | $-0.68↓5% | $-0.65 |
| Gross Margin | — | — | — | 27.8%↓38% | 41.0%↓4% | 42.7%↑4% | 41.0%↓6% | 43.5%↓18% | 52.9% |
| Operating Margin | -79.7%↓51% | — | -387.8%↓831% | -98.6%↓39% | -52.4%↓2% | -51.4%↑15% | -60.2%↓79% | -33.7%↓184% | -11.8% |
| ROE | -342.5%↓113% | — | — | — | -215.2%↓134% | -91.8%↓12% | -82.3%↓157% | -32.0%↓180% | -11.4% |
| Total Debt | $0↓100% | $0↓100% | $0↓100% | $17.4M | $17.4M | $0 | -- | -- | -- |
| Shareholders' Equity | $17.4M↓67% | $17.4M↓67% | $22.5M↓68% | $16.3M↓80% | $35.9M↓65% | $101.7M↓45% | $185.3M↓41% | $316.8M↓20% | $397.0M |
| Current Ratio | 4.78↑102% | 4.78↑102% | 3.70↑45% | 1.59↓51% | 2.02↓31% | 2.94↓33% | 4.37↓29% | 6.18↑13% | 5.48 |
| Debt / Equity | 0.00↓100% | 0.00↓100% | 0.00↓100% | 1.07 | 0.48 | 0.00 | — | — | — |
| Operating Cash Flow | -- | -$8.2M↑46% | -- | -$12.1M↑57% | -$55.1M↑14% | -$63.9M↓111% | -$30.2M↑67% | -$90.6M↓78% | -$50.9M |
| Free Cash Flow | -- | -$8.2M↑49% | -- | -$12.1M↑57% | -$58.2M↑14% | -$68.0M↓65% | -$41.1M↑66% | -$121.9M↓63% | -$75.0M |
Score history
Historical Score Timeline
Industry peers
Industry Peers
Similar companies in Apparel
BIRD vs Peers — Financial Grading
| Company | Market Cap | Price | Revenue | Net Income | ROE | D/E | Op. Margin | Curr. Ratio | Graham | Buffett | Lynch | Greenblatt | Piotroski | Dreman |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| CINTAS CORPCTAS | $89.8B | $226.24 | $10.3B | $1.8B | 38.7% | 0.52 | 22.8% | 2.09 | 2/9 | 6/9 | 3/7 | 1/3 | F-Score 7 | 4/11 |
| TAPESTRY, INC.TPR | $26.0B | $132.41 | $7.0B | $183.2M | 21.4% | 2.79 | 5.9% | 1.87 | 1/9 | 3/9 | 3/7 | 1/3 | F-Score 5 | 3/11 |
| Amer Sports, Inc.AS | $17.4B | $29.94 | $6.6B | $427.4M | 7.4% | 0.14 | 10.7% | 1.50 | 2/9 | 3/9 | 2/7 | 1/3 | F-Score 7 | 4/11 |
| lululemon athletica inc.LULU | $12.2B | $105.65 | $11.1B | $1.6B | 31.8% | 0.00 | 19.9% | 2.26 | 4/9 | 6/9 | 6/7 | 3/3 | F-Score 6 | 7/11 |
| DECKERS OUTDOOR CORPDECK | $11.6B | $86.82 | $5.5B | $1.0B | 41.0% | — | 23.1% | 3.54 | 2/9 | 5/9 | 3/7 | 3/3 | F-Score 7 | 4/11 |
| On Holding AGONON | $11.3B | $33.63 | $3.8B | $257.3M | 12.5% | 0.32 | 12.5% | 2.71 | 2/9 | 5/9 | 2/7 | 1/3 | F-Score 7 | 4/11 |
| LEVI STRAUSS & COLEVI | $9.3B | $24.29 | $6.3B | $578.1M | 25.4% | 0.46 | 10.8% | 1.55 | 3/9 | 5/9 | 4/7 | 1/3 | F-Score 7 | 5/11 |
| V F CORPVFC | $8.1B | $20.68 | $9.6B | $254.9M | 13.8% | 1.90 | 6.0% | 1.84 | 2/9 | 0/9 | 1/7 | 1/3 | F-Score 7 | 2/11 |