Barnes & Noble Education, Inc.
BNEDAbout the company
Barnes & Noble Education, Inc. operates bookstores for college and university campuses, and K-12 institutions primarily in the United States. The company engages in the sale and rental of course materials, including new and used print textbooks, digital textbooks, and publisher-hosted digital courseware through its physical and virtual bookstores.
Investment snapshot
Positive
5
BUY / PASS
Neutral / negative
1 / 10
NEUTRAL / FAIL
Median fair value
$10.54
-17.7% vs price
Models with upside
2 / 17
Positive margin of safety
Strongest signal
6 of 10 pass — Buffett, Dreman, Pabrai +1 more object
Key risk
No clean pass — all 8 investors flag at least one growth 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 | FAIL | FAIL | FAIL | FAIL · Rank #936 (Top 30.2%) | BUY | FAIL | PASS | FAIL | FAIL | FAIL | PASS | FAIL | PASS | BUY | FAIL | FAIL | 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 | ||||||
| Margin of Safety | -32.2% | -12.3% | N/A | -801.4% | N/A | N/A | +10.0% | -377.6% | N/A | N/A | +9.3% | N/A | N/A | N/A | N/A | N/A | N/A |
| Financial Basis | TTM ended 2026-08-01 · Balance sheet at 2026-08-01 · Annual history · FY 2025 Latest source filing: 2026-09-08 Score computed: 2026-11-14 | Annual history · FY 2025 Latest source filing: 2026-07-09 Score computed: 2026-11-14 | Annual history · FY 2025 · Balance sheet at 2026-08-01 · TTM ended 2026-08-01 Latest source filing: 2026-09-08 Score computed: 2026-11-14 | TTM ended 2026-08-01 Latest source filing: 2026-09-08 Score computed: 2026-11-14 | Annual history · FY 2025 Latest source filing: 2026-07-09 Score computed: 2026-11-14 | Annual history · FY 2025 · TTM ended 2026-08-01 · Balance sheet at 2026-08-01 · Market data at 2026-11-01 Latest source filing: 2026-09-08 Score computed: 2026-11-14 | Qualitative assessment · Annual history · FY 2025 · TTM ended 2026-08-01 · Balance sheet at 2026-08-01 Latest source filing: 2026-09-08 Score computed: 2026-11-14 | Qualitative assessment · Annual history · FY 2025 Latest source filing: 2026-07-09 Score computed: 2026-11-14 | Annual history · FY 2025 · Qualitative assessment · TTM ended 2026-08-01 · Balance sheet at 2026-08-01 Latest source filing: 2026-09-08 Score computed: 2026-11-14 | Annual history · FY 2025 · Qualitative assessment Latest source filing: 2026-07-09 Score computed: 2026-11-14 | Annual history · FY 2025 · TTM ended 2026-08-01 · Balance sheet at 2026-08-01 · Market data at 2026-11-01 Latest source filing: 2026-09-08 Score computed: 2026-11-14 | Annual history · FY 2025 · Price history 2025-01-01–2026-11-01 · Balance sheet at 2026-08-01 Latest source filing: 2026-09-08 Score computed: 2026-11-14 | Annual history · FY 2025 · Qualitative assessment Latest source filing: 2026-07-09 Score computed: 2026-11-14 | TTM ended 2026-08-01 · Balance sheet at 2026-08-01 · Price history 2025-01-01–2026-11-01 · Annual history · FY 2025 Latest source filing: 2026-09-08 Score computed: 2026-11-14 | Annual history · FY 2025 · TTM ended 2026-08-01 Latest source filing: 2026-09-08 Score computed: 2026-11-14 | Annual history · FY 2025 · Balance sheet at 2026-08-01 Latest source filing: 2026-09-08 Score computed: 2026-11-14 | TTM ended 2026-08-01 · Annual history · FY 2025 · Price history 2025-01-01–2026-11-01 Latest source filing: 2026-09-08 Score computed: 2026-11-14 |
Where It Passes
- Cash Flow60% pass✓ 8✗ 4▾
6 of 10 pass — Buffett, Dreman, Pabrai +1 more object
Free Cash Flow Proxy$33.4M✗BuffettPositive and growingFCF Positive and Growing$33.9M✓LynchPositive and growingOperating Cash Flow$50.1M✓PiotroskiCFO > 0(CFO / Total Assets) vs ROACFO/Assets=6.77%, ROA=2.28%✓PiotroskiCFO/Assets > ROAPrice / (CFO / Shares)8.9x✗Dreman< 8xP/E or FCF YieldP/E=26.1x, FCF Yield=7.6%✗PabraiP/E < 15 or FCF Yield > 10%FCF Positive8/13 years FCF positive✓MarksPositive FCF in majority of recent years(OCF - CapEx) / Market Cap11.0%✓Ackman>= 4%Price / FCF per Share13.1x✓Ackman<= 25Positive Operating Cash Flow frequency10/13 years positive✓SleepPositive OCF in >= 70% of available yearsOperating Cash Flow - Capital Expenditures$48.8M✓Neff> $0 (app proxy for a strong fundamental case)(Operating cash flow - capex) / market capitalization+11.00%; #655/4519 (top 14.5%)✗OshaughnessyTop 10% of eligible cross-section - Debt & Leverage58% pass✓ 9✗ 6▾
7 of 12 pass — Buffett, Lynch, Akre +2 more object
Debt Levels0.44✓MungerDebt/Equity < 0.5✗AkreDebt/Equity < 0.3LT Debt vs Net Current AssetsLT Debt $123.5M vs NCA $236.8M✓GrahamLT Debt <= Net Current AssetsDebt/Equity & Interest CoverageD/E: 0.24, IC: 2.9x✗BuffettD/E < 0.5 AND Interest Coverage > 5xTotal Debt / Equity0.44✗Lynch< 0.33Cash - Long-term Debt$-115.7M✗LynchPositive preferredLT Debt / Total Assets Change13.05% -> 9.60%✓PiotroskiDecreased YoYCurrent Assets / Current Liabilities1.66✓Dreman> 1.5✓SchlossCurrent ratio >= 1.50x (app cutoff)Total Debt / Shareholders' Equity0.44✓Dreman< 0.8✓Templeton< 1.0 (fixed cap; proxy for below-sector-median leverage)✓SchlossD/E < 1.00xInterest Coverage & Debt/EBITDAIC=2.9x, D/EBITDA=1.0x✗MarksInterest Coverage > 3x; Debt/EBITDA < 4xTotal Debt / Shareholders Equity0.44✓Ackman<= 1.0Negative debt-to-equity (higher means less debt)-0.4437; #2348/4210 (top 55.8%)✗AsnessTop 30% of eligible cross-section
Where It Falls Short
- Growth0% pass✓ 3✗ 10▾
No clean pass — all 8 investors flag at least one growth criterion
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: -0.4% vs Rev: 6.5%✓LynchInventory growth < Revenue growthEPS Growth Direction✗DremanPositive over recent yearsEPS CAGR✗Dreman> 5% annualizedPositive Net Income Frequency5/13 years positive✗MarksPositive net income in >= 7 of last 10 years3yr Median Revenue Growth2.7%✗Ackman>= 5%Positive EPS Growth Frequency3/5 years with positive EPS growth✓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 22.0% -> 21.4%, operating margin -2.2% -> 2.1%✓SleepRevenue rising; gross margin flat or falling; operating margin holding5-year Revenue CAGR4.0%✗SleepCAGR > 7%3-5 Year Diluted EPS CAGR✗Neff7%-20% annualized - Profitability13% pass✓ 8✗ 27▾
14 of 16 flag BNED's profitability — Graham, Buffett, Lynch +11 more
Net income / market capitalization+5.01%; #1685/6340 (top 26.6%)✓AsnessTop 30% of eligible cross-section✗OshaughnessyTop 10% of eligible cross-sectionPositive EPS (10 years)4/13 years positive✗GrahamPositive EPS every year for 10 yearsEPS Growth (3-yr avg, 10-yr window)✗Graham>= 33% growthNet Income Positive (10+ years)5/13 years positive✗BuffettPositive every year for 10+ yearsROE (up to 5-year arithmetic mean)-41.9%✗Buffett> 15% arithmetic mean (app rule)Operating Margin (10-yr trend)2.1% (latest)✗BuffettStable or rising over 10 yearsFree Cash Flow Proxy$33.4M✗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 passROE8.0%✗Lynch> 15%EBIT / Enterprise Value7.6%✗Greenblatt> 10%Earnings Yield + ROC AssessmentEY=7.6%, ROC=16.2%✗GreenblattBoth EY > 10% and ROC > 25%Net Income / Total Assets2.28%✓PiotroskiROA > 0ROA Change YoY-8.33% -> 2.28% (delta: +10.61%)✓PiotroskiCurrent ROA > Prior ROA(CFO / Total Assets) vs ROACFO/Assets=6.77%, ROA=2.28%✓PiotroskiCFO/Assets > ROAGross Margin Change YoY21.0% -> 21.4%✓PiotroskiImproved YoYPre-Tax Income / Revenue1.6%✗Dreman>= 8%Net Income / Shareholders' Equity8.0%✗Dreman> 12%Margin of SafetyP/E=26.1x, P/B=1.5x✗PabraiP/B < 1.5 or P/E < 15Return on Equity-37.6% (3-yr avg)✗AkreROE > 20% (3-year avg)Discount to Intrinsic ValueN/A (negative normalized EPS)✗Marks>= 20% below intrinsic valuePositive Net Income Frequency5/13 years positive✗MarksPositive net income in >= 7 of last 10 yearsOperating Income / Revenue2.5%✗Ackman>= 15%Net Income / Shareholders Equity8.0%✗Ackman>= 15%5-Year EPS CAGR✗Templeton> 0% (5-year EPS CAGR)Operating Margin Trend-2.2% (2023) -> 2.1% (2025)✓TempletonNon-negative operating-margin trend over 3 yearsRevenue growth vs. gross and operating margin trendgross margin 22.0% -> 21.4%, operating margin -2.2% -> 2.1%✓SleepRevenue rising; gross margin flat or falling; operating margin holdingGross profit / total assets+43.44%; #853/3702 (top 23.0%)✓AsnessTop 30% of eligible cross-sectionNet income / positive book equity+7.99%; #2096/5226 (top 40.1%)✗AsnessTop 30% of eligible cross-sectionNegative 5-year standard deviation of ROA-0.0444; #2421/5884 (top 41.1%)✗AsnessTop 30% of eligible cross-section3-5 Year Diluted EPS CAGR✗Neff7%-20% annualizedPositive Diluted-EPS Years2/10 years positive✗Schloss>= 70% positive over 5-10 observed years (app rule) - Valuation15% pass✓ 5✗ 23▾
11 of 13 flag BNED's valuation — Graham, Lynch, Greenblatt +8 more
Net income / market capitalization+5.01%; #1685/6340 (top 26.6%)✓AsnessTop 30% of eligible cross-section✗OshaughnessyTop 10% of eligible cross-sectionPrice / 3-yr avg EPS✗Graham<= 15xPrice-to-Book Ratio1.5x✗Graham<= 1.5xP/E x P/B✗Graham<= 22.5Basic earnings-growth PEG (dividends excluded)✗Lynch< 1.0 (ideally < 0.5)EBIT / Enterprise Value7.6%✗Greenblatt> 10%Earnings Yield + ROC AssessmentEY=7.6%, ROC=16.2%✗GreenblattBoth EY > 10% and ROC > 25%Price / EPS26.1x✗Dreman< 12x✗Templeton< 12x (fixed ceiling; proxy for the market's cheapest 40%)Price / (CFO / Shares)8.9x✗Dreman< 8xPrice / Book Value per Share1.5x✗Dreman< 1.2x✗Templeton< 1.5x✗SchlossP/B <= 0.80x (app cutoff)Valuation ReasonablenessP/E=26.1x, OE Yield=7.5%✓MungerP/E < 25 or Owner Earnings Yield > 5%P/E or FCF YieldP/E=26.1x, FCF Yield=7.6%✗PabraiP/E < 15 or FCF Yield > 10%P/B or P/E vs. Historical AverageP/E=26.1x, P/B=1.5x✓MarksP/E < 15 or P/B < 2.0Discount to Intrinsic ValueN/A (negative normalized EPS)✗Marks>= 20% below intrinsic valuePrice / FCF per Share13.1x✓Ackman<= 25Price vs. Trailing Low148% of trailing low ($8.63)✗Templeton<= 120% of trailing low (certified split-adjusted live window)Positive book equity / market capitalization+0.6274; #2436/6449 (top 37.8%)✗AsnessTop 30% of eligible cross-sectionPrice / Diluted EPS26.1x✗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 Share1.88x✗SchlossP/TBV <= 1.00x (app cutoff)Book Value per Share Change+49.0%✓SchlossLatest BVPS >= earliest BVPS over >= 3 years (app rule)Revenue / market capitalization+3.8701; #653/5247 (top 12.4%)✗OshaughnessyTop 10% of eligible cross-section(Operating cash flow - capex) / market capitalization+11.00%; #655/4519 (top 14.5%)✗OshaughnessyTop 10% of eligible cross-sectionTrailing six-month price return through the evaluation date+31.15%; #995/6202 (top 16.0%)✗OshaughnessyTop 10% of eligible cross-section - Efficiency25% pass✓ 3✗ 8▾
6 of 8 flag BNED's efficiency — Graham, Buffett, Greenblatt +3 more
Current Ratio1.66✗Graham>= 2.0ROIC (3-5 yr avg)-4.2%✗Buffett> 10%ROIC - WACC-14.2%✗BuffettPositive (WACC = 10%)EBIT / (NWC + Net Fixed Assets)16.2%✗Greenblatt> 25%Current Ratio Change YoY1.67 -> 1.71✓PiotroskiIncreased YoYRevenue / Total Assets Change YoY2.04x -> 2.32x✓PiotroskiImproved YoYCurrent Assets / Current Liabilities1.66✓Dreman> 1.5Return on Invested Capital8.3%✗Munger> 15%ROIC (high and growing)FY2023: ROIC=-5.3%; FY2024: ROIC=3.4%; FY2025: ROIC=7.9%✗AkreLatest 3 consecutive FYs: ROIC > 15% in eachReinvestment Rate x ROIC7.9% (RR=100% x ROIC=7.9%)✗AkreReinvestment Rate * ROIC > 10%ROIC (5-year)0/5 years above 12% (latest 7.9%)✗SleepROIC > 12% in a majority of years - Verdicts31% pass✓ 5✗ 11▾
Split decision: 10 FAIL · 3 PASS · 2 BUY · 1 NEUTRAL
Overall verdict✗GrahamFAIL (2/9)✗BuffettFAIL (0/9)✗LynchFAIL (2/7)✗GreenblattRank #936✓PiotroskiBUY (F-Score 8)✗DremanFAIL (2/11)✓MungerPASS (2/4)✗PabraiFAIL (0/3)✗AkreFAIL (1/6)✗MarksFAIL (2/5)✓AckmanPASS (5/9)✗TempletonFAIL (3/8)✓SleepPASS (3/6)✓AsnessBUY (Rank #151/2370 (Top 6.4%))✗NeffFAIL (2/6)✗SchlossFAIL (3/7)•OshaughnessyNEUTRAL (Not ranked) - Valuation models33% pass✓ 2✗ 4▾
Models split on BNED at $12.80 — fair values range $1.42–$14.23
Graham fair value$9.68✗Graham-32.2% margin vs $12.80Buffett fair value$11.40✗Buffett-12.3% margin vs $12.80Greenblatt fair value$1.42✗Greenblatt-801.4% margin vs $12.80Munger fair value$14.23✓Munger+10.0% margin vs $12.80Pabrai fair value$2.68✗Pabrai-377.6% margin vs $12.80Ackman fair value$14.12✓Ackman+9.3% margin vs $12.80
Business & financials
Financial snapshot: annual FY 2025. Current investor scores may use newer quarterly data.
Company Profile
Financial Snapshot
Shareholder Return
Fiscal 2025
Issued 1.7% of shares last year.
- Buybacks
- $0
- 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 · 2026-08-01 2025-08-03 – 2026-08-01 Sources · derived quarter valuesDerived from cumulative filings: operating cash flow, capex, buybacks, revenue, net income, operating income, gross profit, ebit, pre tax income, depreciation amortization. | Q1 FY 2027 2026-05-03 – 2026-08-01 Sources | FY 2025Sources
| FY 2024Sources
| FY 2023Sources
| FY 2022Sources
| FY 2021Sources
|
|---|---|---|---|---|---|---|---|
| Market Cap | $443.7Mcurrent | -- | $310.1Mest. | $381.1Mest. | $226.9Mest. | $12.2Best. | $31.3Best. |
| Revenue | $1.7B | $290.6M↑1% | $1.7B↑6% | $1.6B↑3% | $1.6B↑2% | $1.5B↑3% | $1.5B |
| Operating Income | $42.4M | -$17.3M↑26% | $36.5M↑129% | $15.9M↑147% | -$33.8M↑49% | -$66.4M↓10% | -$60.6M |
| Net Income | $22.2M | -$12.9M↑29% | $16.9M↑126% | -$65.8M↑13% | -$75.7M↑26% | -$101.9M↓48% | -$68.9M |
| EPS (Diluted) | -- | $-0.37↑31% | $0.49↑120% | $-2.50↑89% | $-23.75↓1124% | $-1.94↓46% | $-1.33 |
| Gross Margin | 21.4% | 19.6%↑2% | 21.4%↑2% | 21.0%↓5% | 22.0%↓3% | 22.6%↓1% | 22.9% |
| Operating Margin | 2.5% | -5.9%↑26% | 2.1%↑115% | 1.0%↑146% | -2.2%↑50% | -4.3%↓6% | -4.1% |
| ROE | 8.0% | — | 5.7%↑124% | -24.2%↑74% | -94.2%↓42% | -66.5%↓121% | -30.2% |
| Total Debt | $123.5M | $123.5M↓27% | $71.0M↓31% | $103.1M↓75% | $420.4M↑131% | $182.2M↓19% | $225.7M |
| Shareholders' Equity | $278.4M | $278.4M↑9% | $294.4M↑8% | $272.2M↑239% | $80.4M↓47% | $153.1M↓33% | $228.4M |
| Current Ratio | 1.66 | 1.66↑3% | 1.71↑2% | 1.67↑52% | 1.10↓6% | 1.16↓9% | 1.28 |
| Debt / Equity | 0.44 | 0.44↓33% | 0.24↓36% | 0.38↓93% | 5.23↑340% | 1.19↑20% | 0.99 |
| Operating Cash Flow | $64.8M | -$52.9M↑22% | $50.1M↑159% | -$85.4M↓1568% | -$5.1M↓106% | $91.7M↑7796% | $1.2M |
| Free Cash Flow | $48.8M | -$56.4M↑21% | $33.9M↑134% | -$98.3M↓412% | -$19.2M↓129% | $66.6M↑305% | -$32.4M |
Score history
Historical Score Timeline
Industry peers
Industry Peers
Similar companies in Retail
BNED vs Peers — Financial Grading
| Company | Market Cap | Price | Revenue | Net Income | ROE | D/E | Op. Margin | Curr. Ratio | Graham | Buffett | Lynch | Greenblatt | Piotroski | Dreman |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| COSTCO WHOLESALE CORP /NEWCOST | $490.2B | $1106.21 | $275.2B | $8.1B | 27.8% | 0.20 | 3.8% | 1.03 | 2/9 | 5/9 | 6/7 | 1/3 | F-Score 6 | 3/11 |
| HOME DEPOT, INC.HD | $347.9B | $348.69 | $164.7B | $14.2B | 110.5% | 4.00 | 12.7% | 1.06 | 3/9 | 5/9 | 3/7 | 1/3 | F-Score 4 | 3/11 |
| TJX COMPANIES INC /DE/TJX | $148.4B | $134.37 | $60.4B | $5.5B | 53.9% | 0.28 | — | 1.14 | 3/9 | 6/9 | 7/7 | 1/3 | F-Score 7 | 4/11 |
| FASTENAL COFAST | $63.3B | $55.19 | $8.2B | $1.3B | 31.9% | 0.03 | 20.2% | 4.85 | 4/9 | 7/9 | 5/7 | 1/3 | F-Score 7 | 5/11 |
| AUTOZONE INCAZO | $52.5B | $3259.70 | $18.9B | $2.5B | -73.2% | -2.61 | 19.1% | 0.88 | 3/9 | 6/9 | 2/7 | 1/3 | F-Score 6 | 4/11 |
| KROGER COKR | $41.8B | $70.80 | $147.6B | $1.0B | 17.1% | 2.68 | 1.3% | 0.80 | 3/9 | 4/9 | 3/7 | 0/3 | F-Score 7 | 3/11 |
| WILLIAMS SONOMA INCWSM | $29.9B | $254.05 | $7.8B | $1.1B | 52.3% | — | 18.1% | 1.39 | 3/9 | 6/9 | 3/7 | 1/3 | F-Score 5 | 3/11 |
| CASEYS GENERAL STORES INCCASY | $26.3B | $712.08 | $17.6B | $714.4M | 18.1% | 0.62 | — | 1.01 | 3/9 | 3/9 | 2/7 | 0/3 | F-Score 9 | 3/11 |