BUTLER NATIONAL CORP financial statements

Income statement, balance sheet and cash flow statement for the last 10 fiscal years, taken from the XBRL data BUTLER NATIONAL CORP files with the SEC in its annual reports.

In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.

Income statement

	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025	FY2026
Revenue	50.6	48.3	58.7	65.9	61.5	71.5	75.2	78.4	84	98
Cost of revenue	14.5
Gross profit	36.1
Research and development	1.48	1.76	1.89	2.4	3.49	2.35	1.07	0.82	0.95	1.47
Selling and marketing	4.28	3.8	4.17	4.1	3.75	5.12	5.43	5.01	3.72	3.62
Operating income	3.5	2.12	5.28	8.31	5.9	16.1	8.65	13.2	16.8	28.5
Interest expense	0.4	0.33	0.25	4.37	3.14	2.69	2.74	2.45	2.18	1.93
Interest income							0	0.31	0.51	0.9
Other non-operating income	-0.42	-0.33	1.75	-3.73	-3.13	-0.61	-2.13	3.52	-0.11	0.85
Pre-tax income	3.08	1.8	7.03	4.58	2.77	15.5	6.53	16.8	16.7	29.3
Income tax	0.77	0.54	1.38	1.33	0.31	3.28	2.01	4.24	4.17	7.37
Net income to minority interests	0.78	0.92	1.8	-0.99	1.03	1.87	0
Net income	1.53	0.34	3.85	4.23	1.43	10.4	4.52	12.5	12.6	21.9
EBITDA	5.49	3.88	7.12	13.4	9.44	21.4	14.6	19.3	23.6	35.3
EPS, basic	0.02	0.01	0.06	0.06	0.02	0.14	0.06	0.18	0.19	0.34
EPS, diluted	0.02	0.01	0.06	0.06	0.02	0.14	0.06	0.18	0.19	0.34
Shares, basic (weighted)	63.5	64.4	64.5	68.6	74.1	75.3	76.5	70.4	67.8	65
Shares, diluted (weighted)	63.5	64.4	64.5	68.6	74.1	75.3	76.5	70.4	67.8	65

Balance sheet

	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025	FY2026
Cash and equivalents	6.39	7.35	9.01	16.8	22	12.5	22	17.8	25.2	35.1
Receivables	4.1	3.11	3.27	2.78	1.96	3.64	3.79	5.78	5.87	14
Inventory	6.86	7.12	8.89	8.62	8.57	8.87	8.95	9.52	10.9	13.1
Other current assets	0.99	0.98	1.65	1.62	1.5	1.36	3.53	1.69	1.77	3.47
Total current assets	18.3	18.8	23.3	30	34.5	27.8	40.2	38.6	47.3	67.3
Property, plant and equipment	10.7	10.8	14.8	54.7	56.4	58.8	59.1	59.6	60.3	58
Intangible assets	6.35	6.6	6.41	6.48	8.21	8.02	8.72	9.76	9.24	9.98
Other non-current assets	6.48	5.24	4.4	3.55	2.87	3.39	2.87	3.14	3.13	3.42
Total assets	42.8	41.4	48.9	94.8	102	101	114	114	123	142
Accounts payable	1.92	2.22	1.77	0.96	1.89	2.77	5.32	5.29	8.62	13.1
Accrued liabilities	1.48	1.44	1.66	2.57	1.86	1.91	6.72	1.93	2.66	3.53
Deferred revenue		1.4	2.76	2.19	5.8	0.82	6.03	5.92	5.53	5.19
Short-term debt	2.3	1.61	1.9	2.23	5.97	5.17	4.99	4.87	5.29	4.87
Total current liabilities	11.1	10.4	9.85	10.9	17.6	13.7	25.4	22.9	24.4	31.4
Long-term debt	3.35	1.74	2.08	3.21	39.8	43.4	38.4	33.2	29.9	24.6
Total liabilities	14.5	12.2	14.6	57	60.5	60	67.1	59.5	58.2	59.9
Total debt	5.64	3.35	3.98	5.44	45.8	48.6	43.4	38.1	35.2	29.5
Paid-in capital	14	14.2	14.8	15.6	16.9	12.2	13.6	13.9	14.2	14.7
Retained earnings	9.72	10.1	13.9	18.1	19.6	29.9	34.5	47	59.5	81.5
Treasury stock	-0.76	-0.95	-1.39	-1.71	-1.91	-2.08	-2.14	-7.2	-9.46	-14.9
Shareholders' equity	23.6	24	28	32.8	35.4	40.8	46.8	54.4	65.1	82
Minority interests	4.71	5.26	6.34	4.99	6.02	0
Total equity	28.3	29.3	34.3	37.8	41.4	40.8	46.8	54.4	65.1	82
Total liabilities and equity	42.8	41.4	48.9	94.8	102	101	114	114	123	142
Shares outstanding	64.5	64.7	68.3	74.4	75.4	76.5	76.9	68.8	67.2	64.1

Cash flow statement

	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025	FY2026
Net income	2.31	1.26	5.65	3.25	2.46	12.2	4.52	12.5	12.6	21.9
Depreciation and amortization	1.99	1.76	1.85	5.12	3.54	5.28	5.9	6.07	6.74	6.87
Stock-based compensation			0	0.22	0.59	0.59	0.36	-0.02	0.32	0.2
Deferred income tax	0.18	0.73	1.08	-0.26	-0.23	0.17	0.3	-0.45	-0.16	-0.31
Change in receivables	-2.52	0.99	-0.16	0.48	0.82	-1.68	-0.16	-1.98	-0.09	-7.53
Change in inventory	1.11	-0.26	-1.77	0.27	0.05	-0.3	-0.08	-1.05	-1.4	-2.19
Change in payables	-0.1	0.3	-0.44	-0.81	0.93	0.88	2.55	-0.03	3.33	4.48
Cash from operations	6	6.31	9.56	10	13.5	11.2	20.9	7.54	18.4	25.8
Capital expenditures	-3.18	-2.29	-4.99	-3.17	-6.99	-9.58	-6.51	-8.74	-8.26	-6.54
Cash from investing	-3.18	-2.29	-4.99	-2.07	-6.99	-9.5	-5.94	-1.13	-5.42	-4.37
Debt issued								0	2.02	0
Debt repaid			-1.7	-1.92	-3.38	-4.39	-5.17	-5.3	-5.04	-5.76
Share buybacks	-0.03	-0.19	-0.44	-0.33	-0.2	-0.17	-0.06	-5.06	-2.26	-5.48
Cash from financing	-3.81	-3.06	-2.92	-0.2	-1.24	-11.2	-5.49	-10.6	-5.56	-11.5
Net change in cash				7.78	5.23	-9.54	9.51	-4.21	7.43	9.9
Free cash flow	2.82	4.03	4.58	6.88	6.47	1.6	14.4	-1.2	10.1	19.2
Interest paid	0.41	0.33	0.25	4.37	3.03	2.68	2.75	2.45	2.2	1.95
Income taxes paid		0.62	0.11	1.36	0.54	2.27	2.54	2.08	7.7	4.31

Key metrics

Worked out from the statements above. Latest values use the trailing twelve months to July 31, 2026; growth uses fiscal years. Valuation uses the share price of $4.01 on September 28, 2026.

Profitability

Metric	Value	How it is calculated
Operating margin	28.7%	Operating income / revenue.
EBITDA margin	35.1%	EBITDA (operating income + depreciation and amortization) / revenue.
Pre-tax margin	29.6%	Pre-tax income / revenue.
Net margin	21.6%	Net income / revenue.
FCF margin	8.0%	Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin	14.5%	Cash from operations / revenue.
Effective tax rate	26.9%	Income tax / pre-tax income, when pre-tax income is positive.
Return on equity (ROE)	27.2%	Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)	16.9%	Net income / average total assets.
Return on invested capital (ROIC)	28.9%	Approximation: operating income x (1 - tax rate) / average (total debt + equity - cash). Tax rate is the effective rate when between 0% and 50%, else 21%.
R&D / revenue	1.4%	Research and development expense / revenue.
Stock-based pay / revenue	0.2%	Stock-based compensation (from the cash flow statement) / revenue.
Capex / revenue	6.4%	Capital expenditures / revenue.
D&A / revenue	6.4%	Depreciation and amortization / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	16.7%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	9.2%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y	9.8%	Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating income growth, 1y	69.1%	Operating income vs the same period a year earlier. Only from a positive base.
Operating income CAGR, 3y	48.7%	Compound annual growth of operating income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating income CAGR, 5y	37.0%	Compound annual growth of operating income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EBITDA growth, 1y	49.8%	EBITDA vs the same period a year earlier. Only from a positive base.
EBITDA CAGR, 3y	34.4%	Compound annual growth of ebitda over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EBITDA CAGR, 5y	30.2%	Compound annual growth of ebitda over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Net income growth, 1y	74.8%	Net income vs the same period a year earlier. Only from a positive base.
Net income CAGR, 3y	69.3%	Compound annual growth of net income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Net income CAGR, 5y	72.6%	Compound annual growth of net income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EPS growth, 1y	78.9%	EPS vs the same period a year earlier. Only from a positive base.
EPS CAGR, 3y	78.3%	Compound annual growth of eps over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EPS CAGR, 5y	76.2%	Compound annual growth of eps over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating cash flow growth, 1y	40.1%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Operating cash flow CAGR, 3y	7.2%	Compound annual growth of operating cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating cash flow CAGR, 5y	13.9%	Compound annual growth of operating cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Free cash flow growth, 1y	89.7%	Free cash flow vs the same period a year earlier. Only from a positive base.
Free cash flow CAGR, 3y	10.1%	Compound annual growth of free cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Free cash flow CAGR, 5y	24.4%	Compound annual growth of free cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Book value growth, 1y	25.9%	Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y	20.6%	Compound annual growth of book value over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Book value CAGR, 5y	18.3%	Compound annual growth of book value over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Total assets growth, 1y	15.0%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	7.6%	Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets CAGR, 5y	6.8%	Compound annual growth of total assets over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Share count change, 1y	-4.2%	Change in diluted weighted shares vs a year earlier. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 3y	-5.3%	Change in diluted weighted shares, per year over 3 years. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 5y	-2.6%	Change in diluted weighted shares, per year over 5 years. Negative means buybacks shrank the share count; positive means dilution.

Balance sheet health

Metric	Value	How it is calculated
Current ratio	2.52x	Current assets / current liabilities.
Quick ratio	1.63x	(Cash + short-term investments + receivables) / current liabilities.
Cash ratio	1.37x	(Cash + short-term investments) / current liabilities.
Debt / equity	0.32x	Total debt / shareholders' equity. Not shown when equity is negative.
Debt / assets	20.1%	Total debt / total assets.
Liabilities / assets	38.1%	Total liabilities / total assets.
Net debt	-$7.3M	Total debt - cash - short-term investments. Negative means more cash than debt.
Net debt / EBITDA	-0.19x	Net debt / EBITDA (twelve months), when EBITDA is positive.
Interest coverage	17.1x	Operating income / interest expense.
Working capital	$39.1M	Current assets - current liabilities.
Goodwill and intangibles / assets	7.5%	(Goodwill + intangible assets) / total assets.
Tangible book value	$75.8M	Shareholders' equity - goodwill - intangible assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	0.78x	Revenue / average total assets.
Fixed asset turnover	1.88x	Revenue / average property, plant and equipment.
Receivables turnover	16.1x	Revenue / average receivables.
Days sales outstanding	23 days	365 x average receivables / revenue.
FCF conversion	37.1%	Free cash flow / net income, when net income is positive.
Capex / operating cash flow	44.5%	Capital expenditures / cash from operations, when that is positive.

Per share

Metric	Value	How it is calculated
EPS, diluted	$0.37	Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS.
Revenue per share	$1.70	Revenue / diluted weighted shares.
FCF per share	$0.14	Free cash flow / diluted weighted shares.
Operating cash flow per share	$0.25	Cash from operations / diluted weighted shares.
Book value per share	$1.35	Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Tangible book per share	$1.19	Tangible book value / shares outstanding.
Cash per share	$0.55	(Cash + short-term investments) / shares outstanding.

Valuation

Metric	Value	How it is calculated
Market cap	$256.0M	Share price x shares outstanding.
Enterprise value	$248.7M	Market cap + total debt - cash - short-term investments.
P/E	10.9x	Market cap / net income. Only when net income is positive.
P/S	2.36x	Market cap / revenue.
P/B	2.97x	Market cap / shareholders' equity. Only when equity is positive.
Price / tangible book	3.38x	Market cap / tangible book value, when positive.
P/FCF	29.3x	Market cap / free cash flow. Only when free cash flow is positive.
P/OCF	16.3x	Market cap / cash from operations, when positive.
EV/Sales	2.29x	Enterprise value / revenue.
EV/EBIT	7.97x	Enterprise value / operating income, when both are positive.
EV/EBITDA	6.52x	Enterprise value / EBITDA, when both are positive.
EV/FCF	28.5x	Enterprise value / free cash flow, when both are positive.
FCF yield	3.4%	Free cash flow / market cap.
Earnings yield	9.2%	Net income / market cap (the inverse of P/E).
PEG	0.14x	P/E / EPS growth per year over 3 years (in percent). Only when both are positive.

What was BUTLER NATIONAL CORP's revenue in fiscal 2026?

BUTLER NATIONAL CORP reported revenue of $98.0M for fiscal 2026, 16.7% higher than the year before.

Was BUTLER NATIONAL CORP profitable in fiscal 2026?

Yes. Net income was $21.9M, a net margin of 22.4%.

How much free cash flow did BUTLER NATIONAL CORP generate in fiscal 2026?

Cash from operations of $25.8M minus capital expenditures of $6.5M left free cash flow of $19.2M.

Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.

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