Barnwell Industries Inc. Common Stock (BRN)

FairStock Score: 50/100 — MIXED

Key Financials

AI Analysis

AI-generated, general educational analysis — not personal investment advice.

I look at Barnwell as a tiny commodity producer, not a franchise. It has 16 employees and operates oil and natural gas assets in Canada plus a land investment segment; there is no obvious moat, because its results depend on volatile energy prices and its scale is very small. The filed record is weak: revenue fell from $25.2M in FY2023 to $18.0M in FY2024 and $13.6M in FY2025, while net losses went from $961,000 to $5.6M to $7.1M. In fiscal Q3 2026, the quarter ended 2026-06-30, revenue was $3.4M and net loss $440,000, better than fiscal Q3 2025 revenue of $3.2M and net loss of $1.6M, but still a loss. Trailing free cash flow is -$4.0M, a -31.7% FCF yield. FairStock's price-based figures at the 2026-10-26 close are P/E -1.83, P/B 1.44, market cap $12.7M, ROE -61.22%, ROCE -14.93%, and D/E 0.01. The low debt is a real cushion, but Altman Z-score -0.00 and a Piotroski F-score of 5/9 do not prove safety. FairStock calls it a TURNAROUND because the latest year had a loss after earlier profits. As a Graham-style investor, I need demonstrated earning power and a margin of safety; neither is clear while revenue shrinks and cash burns. As a Buffett-style investor, I ask whether the business has a durable advantage; I do not see one. The Q3 improvement is worth watching, but one quarter does not make a sound investment case.

In plain English: Barnwell is a small oil and gas company with land interests in Canada. It is currently losing money, revenue has been falling, and the business brings in less cash than it spends. At $0.88, the stock looks low in price, but the numbers show a weak business rather than an obviously cheap one.

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Data as of 2026-10-26 close · note generated 2026-10-28 · model deepseek-flash

Sources (SEC EDGAR): fiscal Q3 2026 10-Q (period ended 2026-06-30) · fiscal Q2 2026 10-Q (period ended 2026-03-31) · fiscal Q1 2026 10-Q (period ended 2025-12-31) · fiscal Q3 2025 10-Q (period ended 2025-06-30) · FY2025 10-K (period ended 2025-09-30) · FY2024 10-K (period ended 2024-09-30) · FY2023 10-K (period ended 2023-09-30)

Fundamentals from company filings and market-data providers; prices are end-of-day, not real-time. AI-generated analysis is general and educational — not personal investment advice. Scoring methodology · Score test · Disclaimer