What is Butler National Corp worth?
With the base-case assumptions below, a discounted cash flow model on Butler National Corp's reported free cash flow gives $7.43 per share. The share price was $4.01 on September 28, 2026, 46% below that value.
Inputs from the filings
Three sets of assumptions
| Case | Growth yrs 1-5 | Discount rate | Value per share | Value vs price |
|---|---|---|---|---|
| Bear | 5.0% | 10.0% | $4.59 | +14% |
| Base | 10.0% | 9.0% | $7.43 | +85% |
| Bull | 15.0% | 8.0% | $12.74 | +218% |
Sensitivity: base case value per share
| 1.5% | 2.0% | 2.5% | 3.0% | 3.5% | |
|---|---|---|---|---|---|
| 7.0% | $9.53 | $10.18 | $10.97 | $11.95 | $13.22 |
| 8.0% | $7.96 | $8.38 | $8.87 | $9.47 | $10.20 |
| 9.0% | $6.82 | $7.10 | $7.43 | $7.82 | $8.28 |
| 10.0% | $5.95 | $6.15 | $6.38 | $6.65 | $6.95 |
| 11.0% | $5.26 | $5.41 | $5.58 | $5.77 | $5.98 |
Where the presets come from
Base: years 1 to 5 grow at Butler National Corp's revenue growth rate over the last 5 fiscal years (9.8% a year), held between -5% and 15%. Years 6 to 10 grow halfway between that and the long-run rate of 2.5%. Future cash is discounted at 9% a year.
Bear: 5 points less growth, 2% long-run growth, 10% discount rate. Bull: 5 points more growth (at most 25%), 3% long-run growth, 8% discount rate.
Value per share = (present value of 10 years of free cash flow + present value of everything after + cash - debt) / diluted shares.
This is a model run on assumptions, not a recommendation or a price target. Small changes in the discount rate or growth move the result a lot, as the table above shows. Change them yourself in the calculator.
Adjust the assumptions
Move the sliders for growth, long-run growth and discount rate, or switch to average free cash flow, and see the value per share change.
Adjust the assumptions