BYRN Stock Overview
Byrna Technologies Inc., a less-lethal defense technology company, develops and manufactures less-lethal munitions.
No risks detected for BYRN from our risk checks.
Byrna Technologies Competitors
Price History & Performance
|Historical stock prices|
|Current Share Price||US$9.27|
|52 Week High||US$30.55|
|52 Week Low||US$5.89|
|1 Month Change||12.91%|
|3 Month Change||25.44%|
|1 Year Change||-61.17%|
|3 Year Change||526.35%|
|5 Year Change||692.31%|
|Change since IPO||209.00%|
Recent News & Updates
Byrna Technologies: New Products Could Bring The Stock Price Up
Byrna is a defense technology company offering solutions for security situations that do not require the use of lethal force. Management is already present in well-known e-commerce shops, and it has connections with a significant number of physical stores. With so many people trying to sell Byrna’s products, future revenue growth may continue. Byrna Technologies Inc. (BYRN) recently announced that its research teams are working on new launchers. In my view, more products will likely enhance revenue generation. The company also received great financial forecasts from investment analysts, and the guidance is beneficial. There are some risks because BYRN's manufacturing activity is very recent, and many teams were recently created. With that, I believe that more M&A activity could send the stock price north. Byrna Byrna is a defense technology company offering solutions for security situations that do not require the use of lethal force. Byrna's customers include law enforcement and private security customers in addition to individuals, international dealers, and distributors. Considering the list of clients, I believe that the customer base is quite diversified. Presentation Byrna reported sales growth of 154% in 2021, and expects to report sales growth of 36% in 2022. With these figures, I believe that many investors would be interested in the company. Future sales growth is expected to be enhanced by new channels, new markets, and strategic acquisitions. I designed several financial models to understand how fast Byrna could grow. Presentation Future profitability ratios are also improving. Byrna expects to report a target gross profit of 60%-65% and adjusted EBITDA of 30%. I have not used these figures in my models because I believe that they are too optimistic. With that, I believe that investors should know about the Byrna's targets. Presentation With No Debt, New Acquisitions Seem Achievable As of May 31, 2022, Byrna reported $25 million in cash, $56 million in total assets, and $11 million in total liabilities. Considering the current balance sheet, in my view, Byrna could receive debt to acquire other targets. 10-Q Byrna did not report financial debt, so the net debt is actually negative. Accounts payables are the largest liability. Hence, it seems that some providers are financing Byrna's activity. 10-Q Presentation Expectations From Analysts Are Beneficial Analysts reported beneficial expectations about Byrna's revenue growth, EBITDA margin, and EBT. We are talking about double digit sales growth in 2022 and 2023, and 24%-12% EBITDA margin in 2023 and 2024. I usually don't disclose what other investment analysts report. However, the numbers are so remarkable that I made an exception in this article. Work From Other Analysts It is also quite beneficial that net income is expected to be positive from 2023, and free cash flow will likely trend positive in 2024. Work From Other Analysts E-commerce And New Products Could Enhance Revenue Generation I believe that the sales and marketing processes of Byrna will enhance sales growth. Management is already present in well-known e-commerce shops, and it has connections with a significant number of physical stores. With so many people trying to sell Byrna's products, future revenue growth may continue. We sell our products into the consumer market through our Byrna e-commerce store and a network of over 1,300 local, regional and national outdoor and sporting goods stores, either directly or through distributors. We also sell our products through an Amazon (AMZN) storefront. Source: 10-k Byrna is signing agreements with popular national news providers, and is working with key influencers. According to the annual report, campaigns in the media significantly increase the orders online. In my view, further campaigns will likely help management sell more. Finally, under this case scenario, I assumed that Byrna will have cash to finance more campaigns: Our current marketing strategy includes engaging key influencers in relevant markets to highlight the benefits of our security solutions to their respective networks of followers. Source: 10-k The company is working on new launchers, the Byrna LE and Byrna PE. With more efficient utilization of CO2 and other innovations, new products will likely bring further revenue growth. The company discussed these new products in a recent report: Our design team is comprised of experts in the fields of mechanical design, precision manufacturing and CO2-powered propulsion. We are currently focused on executing the commercial introduction of a series of new launchers, including the Byrna LE and Byrna PE. Source: 10-k The global guns and accessories market is expected to grow at a CAGR of 6% from now until 2027. Under normal circumstances, I believe that Byrna will likely experience sales growth close to the market growth. The global guns and accessories market size was USD 6.14 billion in 2019 and is projected to reach USD 9.33 billion by 2027, exhibiting a CAGR of 6.15% during the forecast period. Source: Fortune Business Insights With sales growth around 6% from 2024 to 2026 and an EBITDA margin of 6%-24%, I obtained 2026 EBITDA of $16 million and 2026 non operating profit after tax of $9 million. My DCF Model In my CAPM model, I included a beta of 1.22, cost of equity of 10%, and cost of debt of 2.8%. My results include a discount of 7.7%. Also, with an exit multiple of 12x, which is close to the sector median, the implied price would be $9.4-$9.5 per share.
Byrna Technologies Non-GAAP EPS of -$0.12, revenue of $11.6M beats by $0.65M, guides FY revenue above the consensus
Byrna Technologies press release (NASDAQ:BYRN): Q2 Non-GAAP EPS of -$0.12. Revenue of $11.6M (-13.4% Y/Y) beats by $0.65M. Reiterates Full Year Revenue Guidance of $55 - $60 Million vs consensus of $54.56M
|BYRN||US Aerospace & Defense||US Market|
Return vs Industry: BYRN underperformed the US Aerospace & Defense industry which returned 9.7% over the past year.
Return vs Market: BYRN underperformed the US Market which returned -9.6% over the past year.
|BYRN Average Weekly Movement||8.9%|
|Aerospace & Defense Industry Average Movement||6.5%|
|Market Average Movement||7.6%|
|10% most volatile stocks in US Market||16.8%|
|10% least volatile stocks in US Market||3.1%|
Stable Share Price: BYRN is not significantly more volatile than the rest of US stocks over the past 3 months, typically moving +/- 9% a week.
Volatility Over Time: BYRN's weekly volatility (9%) has been stable over the past year.
About the Company
Byrna Technologies Inc., a less-lethal defense technology company, develops and manufactures less-lethal munitions. It offers a Byrna line of handheld personal security devices, including the Byrna SD and Byrna SD .68 caliber handheld personal security devices that are designed to be used by civilians and private security professionals, as well as Byrna HD magazines, shoulder-fired launchers, and projectiles. The company also offers accessories and related safety products, including the Byrna Banshee, Byrna Shield, compressed carbon dioxide canisters, sighting systems, holsters, and Byrna-branded apparels.
Byrna Technologies Fundamentals Summary
|BYRN fundamental statistics|
Is BYRN overvalued?See Fair Value and valuation analysis
Earnings & Revenue
|BYRN income statement (TTM)|
|Cost of Revenue||US$18.14m|
Last Reported Earnings
May 31, 2022
Next Earnings Date
|Earnings per share (EPS)||-0.51|
|Net Profit Margin||-28.55%|
How did BYRN perform over the long term?See historical performance and comparison
Is BYRN undervalued compared to its fair value, analyst forecasts and its price relative to the market?
Valuation Score 2/6
Price-To-Sales vs Peers
Price-To-Sales vs Industry
Price-To-Sales vs Fair Ratio
Below Fair Value
Significantly Below Fair Value
Key Valuation Metric
Which metric is best to use when looking at relative valuation for BYRN?
Other financial metrics that can be useful for relative valuation.
|What is BYRN's n/a Ratio?|
Price to Sales Ratio vs Peers
How does BYRN's PS Ratio compare to its peers?
|BYRN PS Ratio vs Peers|
|Company||PS||Estimated Growth||Market Cap|
RADA RADA Electronic Industries
ISSC Innovative Solutions and Support
PKE Park Aerospace
BYRN Byrna Technologies
Price-To-Sales vs Peers: BYRN is expensive based on its Price-To-Sales Ratio (5.2x) compared to the peer average (3.8x).
Price to Earnings Ratio vs Industry
How does BYRN's PE Ratio compare vs other companies in the US Aerospace & Defense Industry?
Price-To-Sales vs Industry: BYRN is expensive based on its Price-To-Sales Ratio (5.2x) compared to the US Aerospace & Defense industry average (2.3x)
Price to Sales Ratio vs Fair Ratio
What is BYRN's PS Ratio compared to its Fair PS Ratio? This is the expected PS Ratio taking into account the company's forecast earnings growth, profit margins and other risk factors.
|Current PS Ratio||5.2x|
|Fair PS Ratio||5x|
Price-To-Sales vs Fair Ratio: BYRN is expensive based on its Price-To-Sales Ratio (5.2x) compared to the estimated Fair Price-To-Sales Ratio (5x).
Share Price vs Fair Value
What is the Fair Price of BYRN when looking at its future cash flows? For this estimate we use a Discounted Cash Flow model.
Below Fair Value: BYRN ($9.27) is trading below our estimate of fair value ($10.99)
Significantly Below Fair Value: BYRN is trading below fair value, but not by a significant amount.
Analyst Price Targets
What is the analyst 12-month forecast and do we have any statistical confidence in the consensus price target?
Analyst Forecast: Target price is more than 20% higher than the current share price and analysts are within a statistically confident range of agreement.
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How is Byrna Technologies forecast to perform in the next 1 to 3 years based on estimates from 3 analysts?
Future Growth Score5/6
Future Growth Score 5/6
Earnings vs Savings Rate
Earnings vs Market
High Growth Earnings
Revenue vs Market
High Growth Revenue
Forecasted annual earnings growth
Earnings and Revenue Growth Forecasts
Analyst Future Growth Forecasts
Earnings vs Savings Rate: BYRN is forecast to become profitable over the next 3 years, which is considered faster growth than the savings rate (1.9%).
Earnings vs Market: BYRN is forecast to become profitable over the next 3 years, which is considered above average market growth.
High Growth Earnings: BYRN is expected to become profitable in the next 3 years.
Revenue vs Market: BYRN's revenue (27.5% per year) is forecast to grow faster than the US market (7.9% per year).
High Growth Revenue: BYRN's revenue (27.5% per year) is forecast to grow faster than 20% per year.
Earnings per Share Growth Forecasts
Future Return on Equity
Future ROE: Insufficient data to determine if BYRN's Return on Equity is forecast to be high in 3 years time
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How has Byrna Technologies performed over the past 5 years?
Past Performance Score0/6
Past Performance Score 0/6
Growing Profit Margin
Earnings vs Industry
Historical annual earnings growth
Earnings and Revenue History
Quality Earnings: BYRN is currently unprofitable.
Growing Profit Margin: BYRN is currently unprofitable.
Past Earnings Growth Analysis
Earnings Trend: BYRN is unprofitable, and losses have increased over the past 5 years at a rate of 27% per year.
Accelerating Growth: Unable to compare BYRN's earnings growth over the past year to its 5-year average as it is currently unprofitable
Earnings vs Industry: BYRN is unprofitable, making it difficult to compare its past year earnings growth to the Aerospace & Defense industry (24.8%).
Return on Equity
High ROE: BYRN has a negative Return on Equity (-24.66%), as it is currently unprofitable.
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How is Byrna Technologies's financial position?
Financial Health Score5/6
Financial Health Score 5/6
Short Term Liabilities
Long Term Liabilities
Stable Cash Runway
Forecast Cash Runway
Financial Position Analysis
Short Term Liabilities: BYRN's short term assets ($43.7M) exceed its short term liabilities ($9.6M).
Long Term Liabilities: BYRN's short term assets ($43.7M) exceed its long term liabilities ($1.5M).
Debt to Equity History and Analysis
Debt Level: BYRN is debt free.
Reducing Debt: BYRN currently has no debt however we can't compare to 5 years ago as we have no data for that period.
Cash Runway Analysis
For companies that have on average been loss making in the past we assess whether they have at least 1 year of cash runway.
Stable Cash Runway: BYRN has sufficient cash runway for more than a year based on its current free cash flow.
Forecast Cash Runway: Insufficient data to determine if BYRN has enough cash runway if its free cash flow continues to grow or shrink based on historical rates.
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What is Byrna Technologies's current dividend yield, its reliability and sustainability?
Dividend Score 0/6
Cash Flow Coverage
Dividend Yield vs Market
Notable Dividend: Unable to evaluate BYRN's dividend yield against the bottom 25% of dividend payers, as the company has not reported any recent payouts.
High Dividend: Unable to evaluate BYRN's dividend yield against the top 25% of dividend payers, as the company has not reported any recent payouts.
Stability and Growth of Payments
Stable Dividend: Insufficient data to determine if BYRN's dividends per share have been stable in the past.
Growing Dividend: Insufficient data to determine if BYRN's dividend payments have been increasing.
Earnings Payout to Shareholders
Earnings Coverage: Insufficient data to calculate payout ratio to determine if its dividend payments are covered by earnings.
Cash Payout to Shareholders
Cash Flow Coverage: Unable to calculate sustainability of dividends as BYRN has not reported any payouts.
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How experienced are the management team and are they aligned to shareholders interests?
Average management tenure
Bryan Ganz (63 yo)
Mr. Bryan Scott Ganz has been President of Byrna Technologies Inc. (formerly known as Security Devices International, Inc.) since July 13, 2018 and has been its CEO and Chairman of the Board since April 1,...
CEO Compensation Analysis
Compensation vs Market: Bryan's total compensation ($USD787.50K) is below average for companies of similar size in the US market ($USD1.67M).
Compensation vs Earnings: Bryan's compensation has been consistent with company performance over the past year.
Experienced Management: BYRN's management team is considered experienced (2 years average tenure).
Experienced Board: BYRN's board of directors are not considered experienced ( 1.9 years average tenure), which suggests a new board.
Who are the major shareholders and have insiders been buying or selling?
Insider Trading Volume
Insider Buying: BYRN insiders have bought more shares than they have sold in the past 3 months.
Recent Insider Transactions
Dilution of Shares: Shareholders have not been meaningfully diluted in the past year.
Byrna Technologies Inc.'s employee growth, exchange listings and data sources
- Name: Byrna Technologies Inc.
- Ticker: BYRN
- Exchange: NasdaqCM
- Founded: 2005
- Industry: Aerospace and Defense
- Sector: Capital Goods
- Implied Market Cap: US$206.133m
- Shares outstanding: 22.24m
- Website: https://www.byrna.com
Number of Employees
- Byrna Technologies Inc.
- 100 Burtt Road
- Suite 115
- United States
Company Analysis and Financial Data Status
|Data||Last Updated (UTC time)|
|Company Analysis||2022/08/16 00:00|
|End of Day Share Price||2022/08/16 00:00|
Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more here.