BT Brands, Inc.

BTBD
Country: United StatesPrice: $1.51Market Cap: $9.4M

Investment snapshot

6%positive consensus
Scored 1d ago

Positive

1

BUY / PASS

Neutral / negative

4 / 11

NEUTRAL / FAIL

Median fair value

$0.30

-79.9% vs price

Models with upside

0 / 17

Positive margin of safety

Strongest signal

7 of 12 pass — Buffett, Piotroski, Akre +2 more 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

VerdictFAILFAILFAILFAIL · Rank #1964 (Top 63.4%)NEUTRALFAILFAILFAILFAILFAILFAILPASSNEUTRALNEUTRALFAILFAILNEUTRAL
Score
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Intrinsic Value (annual)N/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/A
Margin of SafetyN/AN/AN/AN/AN/AN/A-422.4%N/AN/AN/A-373.4%N/AN/AN/AN/AN/AN/A
Financial Basis

Annual history · FY 2025 · Balance sheet at 2026-09-27

Latest source filing: 2026-11-12

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 2026-09-27

Latest source filing: 2026-11-12

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 · Balance sheet at 2026-09-27 · Market data at 2026-11-01

Latest source filing: 2026-11-12

Score computed: 2026-11-14

Qualitative assessment · Annual history · FY 2025 · Balance sheet at 2026-09-27

Latest source filing: 2026-11-12

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 · Balance sheet at 2026-09-27

Latest source filing: 2026-11-12

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 · Balance sheet at 2026-09-27 · Market data at 2026-11-01

Latest source filing: 2026-11-12

Score computed: 2026-11-14

Annual history · FY 2025 · Price history 2025-01-01–2026-11-01 · Balance sheet at 2026-09-27

Latest source filing: 2026-11-12

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 · Balance sheet at 2026-09-27 · Price history 2025-01-01–2026-11-01

Latest source filing: 2026-11-12

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 2026-09-27

Latest source filing: 2026-11-12

Score computed: 2026-11-14

Annual history · FY 2025 · Price history 2025-01-01–2026-11-01

Latest source filing: 2026-03-31

Score computed: 2026-11-14

Where It Passes

  • Debt & Leverage58% pass✓ 10✗ 5▾

    7 of 12 pass — Buffett, Piotroski, Akre +2 more object

    Debt Levels0.31
    ✓MungerDebt/Equity < 0.5✗AkreDebt/Equity < 0.3
    LT Debt vs Net Current AssetsLT Debt $1.8M vs NCA $4.4M
    ✓GrahamLT Debt <= Net Current Assets
    Debt/Equity & Interest CoverageD/E: 0.36, IC: -4.5x
    ✗BuffettD/E < 0.5 AND Interest Coverage > 5x
    Total Debt / Equity0.31
    ✓Lynch< 0.33
    Cash - Long-term Debt$1.1M
    ✓LynchPositive preferred
    LT Debt / Total Assets Change17.43% -> 17.68%
    ✗PiotroskiDecreased YoY
    Current Assets / Current Liabilities4.74
    ✓Dreman> 1.5✓SchlossCurrent ratio >= 1.50x (app cutoff)
    Total Debt / Shareholders' Equity0.31
    ✓Dreman< 0.8✓Templeton< 1.0 (fixed cap; proxy for below-sector-median leverage)✓SchlossD/E < 1.00x
    Interest Coverage & Debt/EBITDAIC=-4.5x, D/EBITDA=8.2x
    ✗MarksInterest Coverage > 3x; Debt/EBITDA < 4x
    Total Debt / Shareholders Equity0.31
    ✓Ackman<= 1.0
    Negative debt-to-equity (higher means less debt)-0.3129; #2035/4210 (top 48.3%)
    ✗AsnessTop 30% of eligible cross-section

Where It Falls Short

  • Valuation0% pass✓ 3✗ 25▾

    No clean pass — all 13 investors flag at least one valuation criterion

    Price / Book Value per Share1.5x
    ✗Dreman< 1.2x✓Templeton< 1.5x✗SchlossP/B <= 0.80x (app cutoff)
    Price / 3-yr avg EPS
    ✗Graham<= 15x
    Price-to-Book Ratio1.5x
    ✓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-3.1%
    ✗Greenblatt> 10%
    Earnings Yield + ROC AssessmentEY=-3.1%, ROC=-4.8%
    ✗GreenblattBoth EY > 10% and ROC > 25%
    Price / EPS
    ✗Dreman< 12x✗Templeton< 12x (fixed ceiling; proxy for the market's cheapest 40%)
    Price / (CFO / Shares)32.7x
    ✗Dreman< 8x
    Valuation ReasonablenessOE Yield=-2.3%
    ✗MungerP/E < 25 or Owner Earnings Yield > 5%
    P/E or FCF YieldFCF Yield=1.2%
    ✗PabraiP/E < 15 or FCF Yield > 10%
    P/B or P/E vs. Historical AverageP/B=1.5x
    ✓MarksP/E < 15 or P/B < 2.0
    Discount to Intrinsic Value
    ✗Marks>= 20% below intrinsic value
    Price / FCF per Share83.3x
    ✗Ackman<= 25
    Price vs. Trailing Low143% of trailing low ($1.06)
    ✗Templeton<= 120% of trailing low (certified split-adjusted live window)
    Net income / market capitalization-7.34%; #4043/6340 (top 63.8%)
    ✗AsnessTop 30% of eligible cross-section✗OshaughnessyTop 10% of eligible cross-section
    Positive book equity / market capitalization+0.6663; #2310/6449 (top 35.8%)
    ✗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 Share1.45x
    ✗SchlossP/TBV <= 1.00x (app cutoff)
    Book Value per Share Change
    ✗SchlossLatest BVPS >= earliest BVPS over >= 3 years (app rule)
    Revenue / market capitalization+1.4394; #1385/5247 (top 26.4%)
    ✗OshaughnessyTop 10% of eligible cross-section
    (Operating cash flow - capex) / market capitalization+1.19%; #2372/4519 (top 52.5%)
    ✗OshaughnessyTop 10% of eligible cross-section
    Trailing six-month price return through the evaluation date+34.07%; #930/6202 (top 15.0%)
    ✗OshaughnessyTop 10% of eligible cross-section
  • 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% 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: -15.5% vs Rev: -9.0%
    ✓LynchInventory growth < Revenue growth
    EPS Growth Direction
    ✗DremanPositive over recent years
    EPS CAGR
    ✗Dreman> 5% annualized
    Positive Net Income Frequency3/8 years positive
    ✗MarksPositive net income in >= 7 of last 10 years
    3yr Median Revenue Growth5.3%
    ✓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 trendrevenue flat/down, operating margin -7.6% -> -2.7%
    ✗SleepRevenue rising; gross margin flat or falling; operating margin holding
    5-year Revenue CAGR10.6%
    ✓SleepCAGR > 7%
    3-5 Year Diluted EPS CAGR
    ✗Neff7%-20% annualized
  • Valuation models0% pass✗ 2▾

    BTBD overvalued: all 2 models price fair value below $1.51 (median $0.30)

    Munger fair value$0.29
    ✗Munger-422.4% margin vs $1.51
    Ackman fair value$0.32
    ✗Ackman-373.4% margin vs $1.51
  • Profitability6% pass✓ 4✗ 31▾

    15 of 16 flag BTBD's profitability — Graham, Buffett, Lynch +12 more

    Positive EPS (10 years)2/9 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)3/9 years positive
    ✗BuffettPositive every year for 10+ years
    ROE (up to 5-year arithmetic mean)-10.7%
    ✗Buffett> 15% arithmetic mean (app rule)
    Operating Margin (10-yr trend)-2.7% (latest)
    ✗BuffettStable or rising over 10 years
    Free Cash Flow Proxy$-0.2M
    ✗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-10.7%
    ✗Lynch> 15%
    EBIT / Enterprise Value-3.1%
    ✗Greenblatt> 10%
    Earnings Yield + ROC AssessmentEY=-3.1%, ROC=-4.8%
    ✗GreenblattBoth EY > 10% and ROC > 25%
    Net Income / Total Assets-6.40%
    ✗PiotroskiROA > 0
    ROA Change YoY-19.27% -> -6.40% (delta: +12.86%)
    ✓PiotroskiCurrent ROA > Prior ROA
    (CFO / Total Assets) vs ROACFO/Assets=2.65%, ROA=-6.40%
    ✓PiotroskiCFO/Assets > ROA
    Gross Margin Change YoY
    ✗PiotroskiImproved YoY
    Pre-Tax Income / Revenue-5.1%
    ✗Dreman>= 8%
    Net Income / Shareholders' Equity-10.7%
    ✗Dreman> 12%
    Margin of SafetyP/B=1.5x
    ✓PabraiP/B < 1.5 or P/E < 15
    Return on Equity-17.9% (3-yr avg)
    ✗AkreROE > 20% (3-year avg)
    Discount to Intrinsic Value
    ✗Marks>= 20% below intrinsic value
    Positive Net Income Frequency3/8 years positive
    ✗MarksPositive net income in >= 7 of last 10 years
    Operating Income / Revenue-2.7%
    ✗Ackman>= 15%
    Net Income / Shareholders Equity-10.7%
    ✗Ackman>= 15%
    5-Year EPS CAGR
    ✗Templeton> 0% (5-year EPS CAGR)
    Operating Margin Trend-7.6% (2023) -> -2.7% (2025)
    ✓TempletonNon-negative operating-margin trend over 3 years
    Revenue growth vs. gross and operating margin trendrevenue flat/down, operating margin -7.6% -> -2.7%
    ✗SleepRevenue rising; gross margin flat or falling; operating margin holding
    Net income / market capitalization-7.34%; #4043/6340 (top 63.8%)
    ✗AsnessTop 30% of eligible cross-section✗OshaughnessyTop 10% of eligible cross-section
    Gross profit / total assets
    ✗AsnessTop 30% of eligible cross-section
    Net income / positive book equity-10.72%; #3430/5226 (top 65.6%)
    ✗AsnessTop 30% of eligible cross-section
    Negative 5-year standard deviation of ROA-0.0757; #3122/5884 (top 53.1%)
    ✗AsnessTop 30% of eligible cross-section
    3-5 Year Diluted EPS CAGR
    ✗Neff7%-20% annualized
    Positive Diluted-EPS Years2/5 years positive
    ✗Schloss>= 70% positive over 5-10 observed years (app rule)
  • Verdicts8% pass✓ 1✗ 12▾

    Split decision: 11 FAIL · 4 NEUTRAL · 1 PASS

    Overall verdict
    ✗GrahamFAIL (3/9)✗BuffettFAIL (0/9)✗LynchFAIL (4/7)✗GreenblattRank #1964•PiotroskiNEUTRAL (F-Score 6)✗DremanFAIL (2/11)✗MungerFAIL (1/4)✗PabraiFAIL (1/3)✗AkreFAIL (1/6)✗MarksFAIL (1/5)✗AckmanFAIL (3/9)✓TempletonPASS (4/8)•SleepNEUTRAL (4/6)•AsnessNEUTRAL (Not ranked)✗NeffFAIL (2/6)✗SchlossFAIL (2/7)•OshaughnessyNEUTRAL (Not ranked)
  • Efficiency38% pass✓ 4✗ 7▾

    5 of 8 flag BTBD's efficiency — Buffett, Greenblatt, Munger +2 more

    Current Ratio4.74
    ✓Graham>= 2.0
    ROIC (3-5 yr avg)4.6%
    ✗Buffett> 10%
    ROIC - WACC-5.4%
    ✗BuffettPositive (WACC = 10%)
    EBIT / (NWC + Net Fixed Assets)-4.8%
    ✗Greenblatt> 25%
    Current Ratio Change YoY3.46 -> 4.84
    ✓PiotroskiIncreased YoY
    Revenue / Total Assets Change YoY1.24x -> 1.26x
    ✓PiotroskiImproved YoY
    Current Assets / Current Liabilities4.74
    ✓Dreman> 1.5
    Return on Invested Capital-3.3%
    ✗Munger> 15%
    ROIC (high and growing)FY2023: ROIC=-7.3%; FY2024: ROIC=-15.7%; FY2025: ROIC=-3.3%
    ✗AkreLatest 3 consecutive FYs: ROIC > 15% in each
    Reinvestment Rate x ROICN/A (non-positive net income)
    ✗AkreReinvestment Rate * ROIC > 10%
    ROIC (5-year)0/5 years above 12% (latest -3.3%)
    ✗SleepROIC > 12% in a majority of years
  • Cash Flow40% pass✓ 5✗ 7▾

    6 of 10 flag BTBD's cash flow — Buffett, Dreman, Pabrai +3 more

    Free Cash Flow Proxy$-0.2M
    ✗BuffettPositive and growing
    FCF Positive and Growing$0.1M
    ✓LynchPositive and growing
    Operating Cash Flow$0.3M
    ✓PiotroskiCFO > 0
    (CFO / Total Assets) vs ROACFO/Assets=2.65%, ROA=-6.40%
    ✓PiotroskiCFO/Assets > ROA
    Price / (CFO / Shares)32.7x
    ✗Dreman< 8x
    P/E or FCF YieldFCF Yield=1.2%
    ✗PabraiP/E < 15 or FCF Yield > 10%
    FCF Positive4/8 years FCF positive
    ✗MarksPositive FCF in majority of recent years
    (OCF - CapEx) / Market Cap1.2%
    ✗Ackman>= 4%
    Price / FCF per Share83.3x
    ✗Ackman<= 25
    Positive Operating Cash Flow frequency6/8 years positive
    ✓SleepPositive OCF in >= 70% of available years
    Operating Cash Flow - Capital Expenditures$0.1M
    ✓Neff> $0 (app proxy for a strong fundamental case)
    (Operating cash flow - capex) / market capitalization+1.19%; #2372/4519 (top 52.5%)
    ✗OshaughnessyTop 10% of eligible cross-section

Business & financials

Financial snapshot: annual FY 2025. Current investor scores may use newer quarterly data.

Company Profile

Industry: Restaurants, Hotels, Motels
SIC Sector: Eating & Drinking Places
Size: Micro Cap($9.4M)
Revenue: $13.5M-9.0% YoY
Net Income: $-687839.00+70.2% YoY

Financial Snapshot

Operating Margin-2.7%
Return on Equity-10.7%
Debt / Equity0.36
Current Ratio4.84
EPS (Diluted)$-0.11
Shares Retired0.0% / 1.5% 2y

Similar Companies

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$192.0B
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$121.4B
MARMARRIOTT INTERNATIONAL INC /MD/
$109.0B
YUMYUM BRANDS INC
$43.3B

Shareholder Return

Fiscal 2025

Retired 0.0% of shares last year, 1.5% over two.

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 · 2025-09-28

2024-09-30 – 2025-09-28

Sources · derived quarter values

Derived from cumulative filings: revenue, net income, operating income, ebit, pre tax income, interest expense, operating cash flow, depreciation amortization, capex, buybacks.

Q3 FY 2026

2026-06-29 – 2026-09-27

Sources · derived quarter values

Derived from cumulative filings: operating cash flow, depreciation amortization, capex.

Q2 FY 2026

2026-03-30 – 2026-06-28

Sources · derived quarter values

Derived from cumulative filings: operating cash flow, depreciation amortization, capex.

Q1 FY 2026

2025-12-29 – 2026-03-29

Sources
FY 2025
Sources
  • 10-K · 2026-03-31
FY 2024
Sources
  • 10-K · 2025-03-31
FY 2023
Sources
  • 10-K · 2024-04-01
FY 2022
Sources
  • 10-K · 2023-04-18
FY 2021
Sources
  • 10-K · 2023-04-18
Market Cap$9.4Mcurrent------$8.2Mest.$11.4Mest.$12.8Mest.$11.6Mest.$15.5Mest.
Revenue$14.0M$3.8M↓2%$3.6M↓6%$2.8M↓12%$13.5M↓9%$14.8M↑5%$14.1M↑12%$12.6M↑49%$8.5M
Operating Income-$570.2K$132.8K↓82%$117.2K↑256%-$232.8K↑20%-$364.6K↑80%-$1.8M↓71%-$1.1M↓174%-$391.2K↓140%$980.7K
Net Income-$935.9K-$145.4K↓116%$576.4K↑947%-$751.0K↓128%-$687.8K↑70%-$2.3M↓160%-$887.4K↓58%-$562.3K↓193%$607.9K
EPS (Diluted)--$-0.02↓113%$0.09$-0.12$-0.11------$0.14
Gross Margin—————————
Operating Margin-4.1%3.5%↓82%3.3%↑266%-8.2%↑9%-2.7%↑78%-12.4%↓62%-7.6%↓145%-3.1%↓127%11.6%
ROE-12.1%———-10.7%↑68%-33.2%↓244%-9.7%↓74%-5.5%↓197%5.7%
Total Debt$2.1M$2.0M↓8%$2.0M↓9%$2.0M↓8%$2.3M↑2%$2.3M↓7%$2.5M↓13%$2.8M↓6%$3.0M
Shareholders' Equity$7.7M$6.2M↓19%$6.3M↓6%$5.7M↓15%$6.4M↓8%$7.0M↓24%$9.2M↓9%$10.2M↓4%$10.6M
Current Ratio6.804.74↓30%4.48↓4%4.11↓11%4.84↑40%3.46↓26%4.66↑12%4.15↓69%13.58
Debt / Equity0.280.31↑13%0.31↓2%0.36↑8%0.36↑11%0.33↑22%0.27↓4%0.28↓1%0.28
Operating Cash Flow-$123.6K$223.6K↓31%$215.1K↓44%-$97.7K↑68%$284.9K↑139%-$723.5K↓180%-$258.8K↓222%$211.8K↓74%$814.0K
Free Cash Flow-$585.4K$211.8K↓19%$162.3K↓58%-$137.8K↑68%$112.0K↑109%-$1.2M↓63%-$747.2K↓180%-$266.6K↓144%$606.0K

Score history

Historical Score Timeline

Industry peers

Industry Peers

Similar companies in Restaurants, Hotels, Motels

BTBD vs Peers — Financial Grading

Revenue$13.5MBottom 25%
Net Income$-687839.00Bottom 25%
ROE-10.7%Median
D/E0.36Bottom 25%
Op. Margin-2.7%Bottom 25%
Curr. Ratio4.84Top 25%
CompanyMarket CapPriceRevenueNet IncomeROED/EOp. MarginCurr. RatioGrahamBuffettLynchGreenblattPiotroskiDreman
MCDONALDS CORPMCD$192.0B$271.97$26.9B$8.6B-478.1%-22.7246.1%0.952/96/92/71/3F-Score 54/11
STARBUCKS CORPSBUX$121.4B$106.44$37.2B$1.9B-22.9%-1.997.9%0.722/96/92/71/3F-Score 52/11
MARRIOTT INTERNATIONAL INC /MD/MAR$109.0B$423.16$26.2B$2.6B-69.0%-4.3015.8%0.432/94/94/71/3F-Score 72/11
YUM BRANDS INCYUM$43.3B$161.33$8.2B$1.6B-21.3%-1.6331.3%1.352/95/93/71/3F-Score 52/11
INTERCONTINENTAL HOTELS GROUP PLC /NEW/IHG$26.2B$179.93$5.2B$758.0M-27.7%-1.5323.1%0.981/92/92/71/3F-Score 72/11
DARDEN RESTAURANTS INCDRI$25.9B$228.74$13.2B$1.2B54.7%1.0912.0%0.313/95/93/71/3F-Score 75/11
Hyatt Hotels CorpH$17.5B$187.70$7.1B$52.0M-1.6%1.28—0.752/91/92/71/3F-Score 42/11
Yum China Holdings, Inc.YUMC$17.1B$50.86$11.8B$929.0M17.3%0.0210.9%1.052/94/94/71/3F-Score 76/11