Mar. 7 at 4:01 PM
$BYRN Byrna closed FY2025 with
$118M revenue, 61% gross margins, zero debt, and
$15.5M cash.
FY2025 adjusted EBITDA was
$16.8M — but that's the floor, not the ceiling.
Revenue has been growing 35–40% annually with expanding distribution and new products.
Chain stores grew from 200 to 900 locations in one year — retail penetration is still early.
Gross margins are guided to 63–65% in 2026 via price increases and manufacturing gains.
FY2026 EBITDA should conservatively reach
$22–23M as operating leverage kicks in.
A 20x forward EBITDA multiple is reasonable — modest for a debt-free 20%+ grower.
20x on
$22M gives an enterprise value of roughly
$440–460M.
Add
$15.5M net cash, divide by 22.8M shares — that's
$20–21 per share base case.
If EBITDA reaches
$25M and you apply 22x, fair value moves toward
$25–26 per share.
FY2027 projected revenue of
$171M with stable margins puts EBITDA near
$28–30M.
