Smartbird, Inc.

BIRD
About 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.

Country: United StatesPrice: $1.43Market Cap: $17.1M

Investment snapshot

6%positive consensus
Scored 1d ago

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

VerdictMeaning
BUYPositive purchase signal: the framework's buy requirements are met.
PASSThe 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.
NEUTRALNeither a positive nor negative conclusion. It does not mean to hold an existing position.
FAILThe company does not clear the framework's requirements.
RankedRanked 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.

MetricGraham

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

VerdictPASSFAILFAILFAIL · Rank #3038 (Top 98.1%)FAILFAILFAILFAILFAILFAILFAILNEUTRALFAILFAILFAILNEUTRALNEUTRAL
Score
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Intrinsic Value (annual)N/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/A
Margin of SafetyN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/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 Assets
    Debt/Equity & Interest CoverageD/E: 0.48, IC: -1378.7x
    ✗BuffettD/E < 0.5 AND Interest Coverage > 5x
    Total Debt / Equity0
    ✓Lynch< 0.33
    Cash - Long-term Debt$9.3M
    ✓LynchPositive preferred
    LT Debt / Total Assets Change0.00% -> 15.88%
    ✗PiotroskiDecreased YoY
    Current 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 < 1.00x
    Debt Levels0
    ✓MungerDebt/Equity < 0.5✓AkreDebt/Equity < 0.3
    Interest Coverage & Debt/EBITDAIC=-1378.7x, D/EBITDA=N/A
    ✗MarksInterest Coverage > 3x; Debt/EBITDA < 4x
    Total Debt / Shareholders Equity0
    ✓Ackman<= 1.0
    Negative 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<= 15x
    Price-to-Book Ratio0.3x
    ✓Graham<= 1.5x
    P/E x P/B
    ✗Graham<= 22.5
    Basic 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< 8x
    Price / 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 < 2.0
    Discount to Intrinsic Value
    ✗Marks>= 20% below intrinsic value
    Price / FCF per ShareN/A (negative FCF)
    ✗Ackman<= 25
    Price 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-section
    Positive book equity / market capitalization+1.3142; #1072/6449 (top 16.6%)
    ✓AsnessTop 30% of eligible cross-section
    Price / 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-section
    Trailing 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$-72.4M
    ✗BuffettPositive and growing
    FCF Positive and Growing$-58.2M
    ✗LynchPositive and growing
    Operating Cash Flow$-55.1M
    ✗PiotroskiCFO > 0
    (CFO / Total Assets) vs ROACFO/Assets=-50.34%, ROA=-70.63%
    ✓PiotroskiCFO/Assets > ROA
    Price / (CFO / Shares)N/A (negative CFPS)
    ✗Dreman< 8x
    P/E or FCF YieldFCF Yield=-339.7%
    ✗PabraiP/E < 15 or FCF Yield > 10%
    FCF Positive0/7 years FCF positive
    ✗MarksPositive FCF in majority of recent years
    (OCF - CapEx) / Market Cap-499.1%
    ✗Ackman>= 4%
    Price / FCF per ShareN/A (negative FCF)
    ✗Ackman<= 25
    Positive Operating Cash Flow frequency1/7 years positive
    ✗SleepPositive OCF in >= 70% of available years
    Operating Cash Flow - Capital Expenditures$-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% growth
    Basic earnings-growth PEG (dividends excluded)
    ✗Lynch< 1.0 (ideally < 0.5)
    3-5 Year EPS CAGR
    ✗Lynch15-30% (Fast Grower); > 0% to pass
    Inventory Growth vs Revenue GrowthInv: -11.9% vs Rev: -19.7%
    ✗LynchInventory growth < Revenue growth
    EPS Growth Direction
    ✗DremanPositive over recent years
    EPS CAGR
    ✗Dreman> 5% annualized
    Positive Net Income Frequency0/7 years positive
    ✗MarksPositive net income in >= 7 of last 10 years
    3yr Median Revenue Growth-19.7%
    ✗Ackman>= 5%
    Positive EPS Growth Frequency
    ✗AckmanPositive EPS growth in >= 3 of last 5 years
    5-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 holding
    5-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 years
    EPS Growth (3-yr avg, 10-yr window)
    ✗Graham>= 33% growth
    Net Income Positive (10+ years)0/8 years positive
    ✗BuffettPositive every year for 10+ years
    ROE (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 years
    Free Cash Flow Proxy$-72.4M
    ✗BuffettPositive and growing
    Earnings Variance (10-yr CoV)
    ✗BuffettCoV < 0.3
    Retained Earnings Effectiveness
    ✗Buffett$1 retained -> > $1 market value created
    Basic earnings-growth PEG (dividends excluded)
    ✗Lynch< 1.0 (ideally < 0.5)
    3-5 Year EPS CAGR
    ✗Lynch15-30% (Fast Grower); > 0% to pass
    ROE-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 > 0
    ROA 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 > ROA
    Gross Margin Change YoY42.7% -> 41.0%
    ✗PiotroskiImproved YoY
    Pre-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 < 15
    Return on Equity-129.7% (3-yr avg)
    ✗AkreROE > 20% (3-year avg)
    Discount to Intrinsic Value
    ✗Marks>= 20% below intrinsic value
    Positive Net Income Frequency0/7 years positive
    ✗MarksPositive net income in >= 7 of last 10 years
    Operating 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 years
    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 holding
    Net income / market capitalization-449.27%; #5900/6340 (top 93.1%)
    ✗AsnessTop 30% of eligible cross-section✗OshaughnessyTop 10% of eligible cross-section
    Gross profit / total assets+57.17%; #517/3702 (top 14.0%)
    ✓AsnessTop 30% of eligible cross-section
    Net income / positive book equity-341.86%; #5011/5226 (top 95.9%)
    ✗AsnessTop 30% of eligible cross-section
    Negative 5-year standard deviation of ROA-0.2179; #4311/5884 (top 73.3%)
    ✗AsnessTop 30% of eligible cross-section
    3-5 Year Diluted EPS CAGR
    ✗Neff7%-20% annualized
    Positive 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>= 2.0
    ROIC (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 YoY
    Revenue / Total Assets Change YoY1.00x -> 1.39x
    ✓PiotroskiImproved YoY
    Current Assets / Current Liabilities3.70
    ✓Dreman> 1.5
    Return 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 each
    Reinvestment 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

Industry: Apparel
SIC Sector: Apparel Manufacturing
Size: Micro Cap($17.1M)
Revenue: $152.5M-19.7% YoY
Net Income: $77.3M+17.2% YoY

Financial Snapshot

Operating Margin-52.4%
Return on Equity-215.2%
Debt / Equity0.48
Current Ratio2.02
EPS (Diluted)$-9.47
Shares Retired−3.8%

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.

MetricTTM · 2026-09-30

2025-10-01 – 2026-09-30

Sources · derived quarter values

Derived 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 values

Derived from cumulative filings: operating cash flow, capex, buybacks.

Q2 FY 2026

2026-04-01 – 2026-06-30

Sources · derived quarter values

Derived from cumulative filings: capex.

Q1 FY 2026

2026-01-01 – 2026-03-31

Sources
FY 2025
Sources
  • 10-K · 2026-03-31
FY 2024
Sources
  • 10-K · 2025-03-12
FY 2023
Sources
  • 10-K · 2024-03-13
FY 2022
Sources
  • 10-K · 2023-03-10
FY 2021
Sources
  • 10-K · 2022-03-16
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 Ratio4.78↑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 / Equity0.00↓100%0.00↓100%0.00↓100%1.070.480.00———
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

Revenue$152.5MBottom 25%
Net Income$77.3MBottom 25%
ROE-215.2%Bottom 25%
D/E0.48Median
Op. Margin-52.4%Bottom 25%
Curr. Ratio2.02Median
CompanyMarket CapPriceRevenueNet IncomeROED/EOp. MarginCurr. RatioGrahamBuffettLynchGreenblattPiotroskiDreman
CINTAS CORPCTAS$89.8B$226.24$10.3B$1.8B38.7%0.5222.8%2.092/96/93/71/3F-Score 74/11
TAPESTRY, INC.TPR$26.0B$132.41$7.0B$183.2M21.4%2.795.9%1.871/93/93/71/3F-Score 53/11
Amer Sports, Inc.AS$17.4B$29.94$6.6B$427.4M7.4%0.1410.7%1.502/93/92/71/3F-Score 74/11
lululemon athletica inc.LULU$12.2B$105.65$11.1B$1.6B31.8%0.0019.9%2.264/96/96/73/3F-Score 67/11
DECKERS OUTDOOR CORPDECK$11.6B$86.82$5.5B$1.0B41.0%—23.1%3.542/95/93/73/3F-Score 74/11
On Holding AGONON$11.3B$33.63$3.8B$257.3M12.5%0.3212.5%2.712/95/92/71/3F-Score 74/11
LEVI STRAUSS & COLEVI$9.3B$24.29$6.3B$578.1M25.4%0.4610.8%1.553/95/94/71/3F-Score 75/11
V F CORPVFC$8.1B$20.68$9.6B$254.9M13.8%1.906.0%1.842/90/91/71/3F-Score 72/11