Blue Bird Corporation (BLBD) 10-Year Financial Performance & Capital Metrics

BLBD • • Industrial / General

Consumer CyclicalAuto ManufacturersCommercial & Specialty VehiclesSchool & Transit Buses

AboutBlue Bird Corporation designs, engineers, manufactures, and sells school buses and related parts in the United States, Canada, and internationally. It operates through two segments, Bus and Parts. The company offers Type C, Type D, and specialty buses; and alternative fuel applications through its propane powered, gasoline powered, compressed natural gas powered, and electric powered school buses. Blue Bird Corporation sells its products through a network of dealers, as well as directly to fleet operators, the United States government, and state governments; and maintains a parts distribution center. Blue Bird Corporation was formerly known as Hennessy Capital Acquisition Corp. The company was founded in 1927 and is headquartered in Macon, Georgia.Show more

Revenue $1.48B +9.9%
EBITDA $183M +18.6%
Net Income $128M +21.0%
EPS (Diluted) 3.88 +22.8%
Gross Margin 20.51% +7.8%
EBITDA Margin 12.35% +7.9%
Operating Margin 11.29% +9.2%
Net Margin 8.63% +10.1%
ROE 61.55% -41.8%
ROIC 98.18% +6.0%
Debt/Equity 0.38 -40.1%
Interest Coverage 23.21 +76.2%

Technical Analysis

Key Insights

Based on financial data analysis

✓Strengths

✓Excellent 3Y average ROE of 94.1%
✓Strong 5Y profit CAGR of 70.1%
✓Strong Piotroski F-Score: 7/9
✓High quality earnings: Operating CF exceeds net income
✓Strong 5Y sales CAGR of 11.0%
✓Efficient asset utilization: 2.4x turnover

✗Weaknesses

No significant weaknesses identified

Price & Volume

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Growth Metrics

Revenue CAGR

10Y4.88%

5Y10.98%

3Y22.73%

TTM9.87%

Profit (Net Income) CAGR

10Y23.94%

5Y70.09%

3Y-

TTM21.01%

EPS CAGR

10Y20.73%

5Y63.71%

3Y-

TTM22.01%

ROCE

10Y Avg23%

5Y Avg23.69%

3Y Avg44.76%

Latest49.36%

Peer Comparison

School & Transit Buses

Name	Market Cap	Current Price	P/E Ratio	Revenue Growth 1Y	Net Margin	ROE	FCF Yield	Debt/Equity
BLBDBlue Bird Corporation	1.56B	49.34	12.72	9.87%	8.63%	50%	11.26%	0.38
GPGreenPower Motor Company Inc.	3.57M	1.16	-1.71	-49.46%	-105%	-374.74%

Profit & Loss

	Sep 2016	Sep 2017	Sep 2018	Sep 2019	Sep 2020	Sep 2021	Sep 2022	Sep 2023	Sep 2024	Sep 2025
Sales/Revenue+	932.01M	990.6M	1.02B	1.02B	879.22M	684M	800.64M	1.13B	1.35B	1.48B
Revenue Growth %	0.01%	0.06%	0.03%	-0.01%	-0.14%	-0.22%	0.17%	0.41%	0.19%	0.1%
Cost of Goods Sold+	802.65M	863.23M	902.99M	885.4M	783.02M	611.85M	764.09M	993.94M	1.09B	1.18B
COGS % of Revenue	0.86%	0.87%	0.88%	0.87%	0.89%	0.89%	0.95%	0.88%	0.81%	0.79%
Gross Profit+	129.36M	127.37M	121.99M	133.47M	96.2M	72.14M	36.55M	138.85M	256.16M	303.51M
Gross Margin %	0.14%	0.13%	0.12%	0.13%	0.11%	0.11%	0.05%	0.12%	0.19%	0.21%
Gross Profit Growth %	0.07%	-0.02%	-0.04%	0.09%	-0.28%	-0.25%	-0.49%	2.8%	0.84%	0.18%
Operating Expenses+	102.71M	72.83M	88.75M	89.64M	74.21M	65.62M	77.25M	87.19M	116.83M	136.35M
OpEx % of Revenue	0.11%	0.07%	0.09%	0.09%	0.08%	0.1%	0.1%	0.08%	0.09%	0.09%
Selling, General & Admin	102.71M	72.83M	88.75M	89.64M	74.21M	65.62M	77.25M	81.31M	116.83M	136.35M
SG&A % of Revenue	0.11%	0.07%	0.09%	0.09%	0.08%	0.1%	0.1%	0.07%	0.09%	0.09%
Research & Development	5.4M	7M	8.5M	11.5M	6.4M	5.2M	6.1M	6.6M	0	15.2M
R&D % of Revenue	0.01%	0.01%	0.01%	0.01%	0.01%	0.01%	0.01%	0.01%	-	0.01%
Other Operating Expenses	-26K	1K	231K	-1.33M	738K	1.78M	2.95M	-712K	0	-15.2M
Operating Income+	26.64M	54.54M	33.23M	43.83M	21.99M	6.52M	-40.7M	51.66M	139.33M	167.17M
Operating Margin %	0.03%	0.06%	0.03%	0.04%	0.03%	0.01%	-0.05%	0.05%	0.1%	0.11%
Operating Income Growth %	-0.26%	1.05%	-0.39%	0.32%	-0.5%	-0.7%	-7.24%	2.27%	1.7%	0.2%
EBITDA+	34.69M	62.72M	42.27M	54.22M	36.39M	20.77M	-25.55M	68.76M	154.15M	182.75M
EBITDA Margin %	0.04%	0.06%	0.04%	0.05%	0.04%	0.03%	-0.03%	0.06%	0.11%	0.12%
EBITDA Growth %	-0.22%	0.81%	-0.33%	0.28%	-0.33%	-0.43%	-2.23%	3.69%	1.24%	0.19%
D&A (Non-Cash Add-back)	8.05M	8.18M	9.04M	10.38M	14.4M	14.25M	15.15M	17.1M	14.82M	15.59M
EBIT	26.24M	44.6M	33.53M	53.19M	22.74M	7.7M	-38.38M	43.82M	137.51M	176.77M
Net Interest Income+	-16.28M	-7.11M	-6.59M	-12.87M	-12.24M	-9.68M	-14.67M	-17.01M	-6.44M	-1.01M
Interest Income	133K	140K	70K	9K	11K	4K	9K	1M	4.14M	6.19M
Interest Expense	16.41M	7.25M	6.66M	12.88M	12.25M	9.68M	14.68M	18.01M	10.58M	7.2M
Other Income/Expense	-16.3M	-17.19M	-8.2M	-14.2M	-11.5M	-8.5M	-12.35M	-18.89M	-12.39M	4.48M
Pretax Income+	10.34M	37.28M	26.87M	29.63M	10.49M	-1.98M	-53.05M	32.77M	126.94M	171.65M
Pretax Margin %	0.01%	0.04%	0.03%	0.03%	0.01%	-0%	-0.07%	0.03%	0.09%	0.12%
Income Tax+	5.99M	11.83M	-2.62M	7.57M	1.52M	-1.19M	-11.45M	8.95M	33.23M	-43.93M
Effective Tax Rate %	0.67%	0.77%	1.15%	0.82%	0.86%	0.4%	0.78%	0.73%	0.83%	0.74%
Net Income+	6.9M	28.8M	30.82M	24.3M	8.97M	-787K	-41.6M	23.81M	105.55M	127.72M
Net Margin %	0.01%	0.03%	0.03%	0.02%	0.01%	-0%	-0.05%	0.02%	0.08%	0.09%
Net Income Growth %	-0.54%	3.17%	0.07%	-0.21%	-0.63%	-1.09%	-51.86%	1.57%	3.43%	0.21%
Net Income (Continuing)	6.9M	28.8M	29.49M	24.3M	12.19M	-289K	-45.76M	23.81M	93.71M	127.72M
Discontinued Operations	0	0	0	0	0	0	0	0	0	0
Minority Interest	0	0	0	0	0	0	0	0	0	0
EPS (Diluted)+	0.14	0.74	1.08	0.90	0.33	-0.03	-1.34	0.74	3.16	3.88
EPS Growth %	-0.76%	4.29%	0.46%	-0.17%	-0.63%	-1.09%	-45.21%	1.55%	3.27%	0.23%
EPS (Basic)	0.14	0.79	1.08	0.92	0.33	-0.03	-1.34	0.74	3.27	4.01
Diluted Shares Outstanding	21.32M	24.88M	28.62M	27.04M	27.09M	27.14M	31.02M	32.26M	33.35M	32.88M
Basic Shares Outstanding	21.25M	23.34M	28.62M	26.46M	26.85M	27.14M	31.02M	32.18M	32.27M	31.86M
Dividend Payout Ratio	-	-	-	-	-	-	-	-	-	-

Balance Sheet

	Sep 2016	Sep 2017	Sep 2018	Sep 2019	Sep 2020	Sep 2021	Sep 2022	Sep 2023	Sep 2024	Sep 2025
Total Current Assets+	140.15M	160.45M	149.84M	172.09M	116.9M	156.07M	174.48M	236.06M	323.38M	411.63M
Cash & Short-Term Investments	52.31M	62.62M	60.26M	70.96M	44.51M	11.71M	10.48M	78.99M	127.69M	229.31M
Cash Only	52.31M	62.62M	60.26M	70.96M	44.51M	11.71M	10.48M	78.99M	127.69M	229.31M
Short-Term Investments	0	0	0	0	0	0	0	0	0	0
Accounts Receivable	20.32M	10.15M	24.07M	10.54M	7.62M	9.97M	12.53M	12.57M	59.1M	20.65M
Days Sales Outstanding	7.96	3.74	8.57	3.77	3.16	5.32	5.71	4.05	16.01	5.09
Inventory	53.81M	76.16M	57.33M	78.83M	56.52M	125.21M	142.98M	135.29M	127.8M	139.47M
Days Inventory Outstanding	24.47	32.2	23.17	32.5	26.35	74.69	68.3	49.68	42.76	43.27
Other Current Assets	13.72M	11.53M	8.18M	11.77M	8.24M	9.19M	8.49M	9.21M	8.79M	22.2M
Total Non-Current Assets+	137.72M	135.37M	157.59M	193.32M	200.52M	199.95M	191.65M	181.7M	201.51M	213.63M
Property, Plant & Equipment	33.47M	34.71M	66.05M	104.7M	110.36M	110.97M	102.34M	96.14M	97.65M	108.54M
Fixed Asset Turnover	27.85x	28.54x	15.52x	9.73x	7.97x	6.16x	7.82x	11.78x	13.80x	13.64x
Goodwill	18.82M	18.82M	18.82M	18.82M	18.82M	18.82M	18.82M	18.82M	18.82M	18.82M
Intangible Assets	59.49M	57.48M	55.47M	54.72M	51.63M	49.44M	47.43M	45.42M	43.55M	41.69M
Long-Term Investments	12.94M	11.63M	11.12M	11.11M	14.32M	14.82M	10.66M	17.62M	32.09M	35.2M
Other Non-Current Assets	1.53M	975K	1.68M	375K	1.02M	1.48M	1.48M	1.52M	6.99M	6.68M
Total Assets+	277.87M	295.82M	307.43M	365.41M	317.42M	356.02M	366.13M	417.77M	524.89M	625.25M
Asset Turnover	3.35x	3.35x	3.33x	2.79x	2.77x	1.92x	2.19x	2.71x	2.57x	2.37x
Asset Growth %	0.04%	0.06%	0.04%	0.19%	-0.13%	0.12%	0.03%	0.14%	0.26%	0.19%
Total Current Liabilities+	130.52M	138.76M	148.86M	169.68M	111.65M	124.78M	164.77M	229.62M	235.97M	236.8M
Accounts Payable	80.65M	87.33M	95.78M	102.27M	57.6M	72.27M	107.94M	137.14M	143.16M	151.48M
Days Payables Outstanding	36.67	36.93	38.72	42.16	26.85	43.11	51.56	50.36	47.89	46.99
Short-Term Debt	11.75M	8M	9.9M	9.9M	9.9M	14.85M	19.8M	19.8M	7.85M	7.28M
Deferred Revenue (Current)	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K
Other Current Liabilities	12M	33.45M	29.29M	39.25M	30.27M	25.72M	23.12M	59.52M	70.54M	61.74M
Current Ratio	1.07x	1.16x	1.01x	1.01x	1.05x	1.25x	1.06x	1.03x	1.37x	1.74x
Quick Ratio	0.66x	0.61x	0.62x	0.55x	0.54x	0.25x	0.19x	0.44x	0.83x	1.15x
Cash Conversion Cycle	-4.25	-0.99	-6.97	-5.89	2.66	36.9	22.45	3.37	10.87	1.37
Total Non-Current Liabilities+	234.32M	215.57M	186.91M	263.54M	259M	263.89M	199.97M	148.15M	151.76M	133.04M
Long-Term Debt	140.37M	143.22M	132.24M	173.23M	164.2M	194.57M	150.39M	110.54M	89.99M	85.32M
Capital Lease Obligations	0	0	0	3.92M	5.88M	10.07M	1.57M	987K	2.98M	4.01M
Deferred Tax Liabilities	11.47M	44.76M	197K	168K	254K	3.67M	22.03M	2.51M	25.18M	5.44M
Other Non-Current Liabilities	83.43M	59.83M	39.44M	70.81M	74.61M	43.27M	14.39M	19.08M	15.06M	15.9M
Total Liabilities	364.84M	354.33M	335.77M	433.22M	370.64M	388.68M	364.74M	377.77M	387.73M	369.84M
Total Debt+	152.12M	151.22M	142.14M	188.95M	182.32M	220.82M	174.48M	131.91M	100.82M	96.61M
Net Debt	99.81M	88.61M	81.88M	117.99M	137.82M	209.11M	164M	52.93M	-26.87M	-132.71M
Debt / Equity	-	-	-	-	-	-	126.25x	3.30x	0.63x	0.38x
Debt / EBITDA	4.38x	2.41x	3.36x	3.49x	5.01x	10.63x	-	1.92x	0.65x	0.53x
Net Debt / EBITDA	2.88x	1.41x	1.94x	2.18x	3.79x	10.07x	-	0.77x	-0.17x	-0.73x
Interest Coverage	1.62x	7.52x	4.99x	3.40x	1.80x	0.67x	-2.77x	2.87x	13.17x	23.21x
Total Equity+	-86.97M	-58.51M	-28.34M	-67.81M	-53.23M	-32.66M	1.38M	40M	159.56M	255.41M
Equity Growth %	0.28%	0.33%	0.52%	-1.39%	0.22%	0.39%	1.04%	27.94%	2.99%	0.6%
Book Value per Share	-4.08	-2.35	-0.99	-2.51	-1.97	-1.20	0.04	1.24	4.78	7.77
Total Shareholders' Equity	-86.97M	-58.51M	-28.34M	-67.81M	-53.23M	-32.66M	1.38M	40M	159.56M	255.41M
Common Stock	2K	2K	3K	3K	3K	3K	3K	3K	3K	3K
Retained Earnings	-128.86M	-100.06M	-69.23M	-45.65M	-33.46M	-33.75M	-79.51M	-55.7M	0	88.19M
Treasury Stock	0	0	0	-50.28M	-50.28M	-50.28M	-50.28M	-50.28M	0	0
Accumulated OCI	-58.89M	-43.88M	-38.43M	-56.15M	-58.4M	-44.79M	-41.93M	-31.88M	-26.42M	-28.25M
Minority Interest	0	0	0	0	0	0	0	0	0	0

Cash Flow

	Sep 2016	Sep 2017	Sep 2018	Sep 2019	Sep 2020	Sep 2021	Sep 2022	Sep 2023	Sep 2024	Sep 2025
Cash from Operations+	25.11M	47.64M	48.35M	55.71M	3.46M	-54.24M	-24.44M	119.93M	111.11M	176.21M
Operating CF Margin %	0.03%	0.05%	0.05%	0.05%	0%	-0.08%	-0.03%	0.11%	0.08%	0.12%
Operating CF Growth %	0.07%	0.9%	0.01%	0.15%	-0.94%	-16.68%	0.55%	5.91%	-0.07%	0.59%
Net Income	7.23M	28.76M	30.82M	24.3M	12.19M	-289K	-45.76M	23.81M	105.55M	127.72M
Depreciation & Amortization	8.05M	8.18M	9.04M	10.38M	14.4M	13.45M	14.05M	15.98M	14.82M	15.59M
Stock-Based Compensation	12.72M	1.27M	2.63M	4.27M	4.14M	5.94M	3.69M	4.17M	8.61M	14.79M
Deferred Taxes	8.96M	-1.2M	5.66M	6.63M	29K	-925K	-11.07M	8.06M	-1.67M	2.94M
Other Non-Cash Items	7.11M	18.59M	4.8M	6.71M	2.08M	4.04M	22.08M	-3.69M	-3.67M	-1.15M
Working Capital Changes	-18.95M	-7.96M	-4.59M	3.41M	-29.38M	-76.45M	-7.43M	71.59M	-12.52M	16.33M
Change in Receivables	-6.56M	10.17M	-13.92M	13.53M	2.91M	-2.35M	-2.57M	-40K	-46.52M	38.45M
Change in Inventory	-4.63M	-22.35M	17.79M	-21.5M	22.31M	-68.68M	-26.52M	7.69M	7.49M	-11.67M
Change in Payables	-830K	8.4M	3.1M	6.32M	-40.26M	14.08M	35.08M	28.71M	6.67M	8.02M
Cash from Investing+	-9.58M	-9.2M	-32.1M	-35.47M	-18.8M	-11.31M	-6.45M	-8.52M	-15.81M	-23.87M
Capital Expenditures	-9.58M	-9.25M	-32.12M	-35.51M	-18.97M	-12.21M	-6.45M	-8.52M	0	-22.87M
CapEx % of Revenue	0.01%	0.01%	0.03%	0.03%	0.02%	0.02%	0.01%	0.01%	0.01%	0.02%
Acquisitions	-	-	-	-	-	-	-	-	-	-
Investments	-	-	-	-	-	-	-	-	-	-
Other Investing	0	48K	14K	47K	165K	903K	0	0	-15.81M	0
Cash from Financing+	-16.07M	-28.13M	-18.61M	-9.54M	-11.11M	32.75M	29.66M	-42.9M	-46.6M	-50.72M
Debt Issued (Net)	-	-	-	-	-	-	-	-	-	-
Equity Issued (Net)	-	-	-	-	-	-	-	-	-	-
Dividends Paid	-2.88M	-4.26M	-1.9M	0	0	0	0	0	0	0
Share Repurchases	-	-	-	-	-	-	-	-	-	-
Other Financing	23.78M	21.73M	17.89M	863K	-263K	-537K	-2.65M	-2.15M	0	0
Net Change in Cash	-	-	-	-	-	-	-	-	-	-
Free Cash Flow+	15.52M	38.39M	16.23M	20.19M	-15.51M	-66.45M	-30.89M	111.41M	95.85M	176.21M
FCF Margin %	0.02%	0.04%	0.02%	0.02%	-0.02%	-0.1%	-0.04%	0.1%	0.07%	0.12%
FCF Growth %	-0.15%	1.47%	-0.58%	0.24%	-1.77%	-3.28%	0.54%	4.61%	-0.14%	0.84%
FCF per Share	0.73	1.54	0.57	0.75	-0.57	-2.45	-1.00	3.45	2.87	5.36
FCF Conversion (FCF/Net Income)	3.64x	1.65x	1.57x	2.29x	0.39x	68.92x	0.59x	5.04x	1.05x	1.38x
Interest Paid	13.31M	6.08M	5.78M	10.41M	0	11.57M	0	0	0	7.37M
Taxes Paid	159K	8.42M	3.67M	4.59M	0	31K	0	0	29.4M	58.76M

Key Ratios

Metric	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Return on Equity (ROE)	-	-	-	-	-	-	-3010.13%	115.09%	105.78%	61.55%
Return on Invested Capital (ROIC)	147.55%	190.55%	59.6%	63.39%	24.48%	3.75%	-17.86%	30%	92.63%	98.18%
Gross Margin	13.88%	12.86%	11.9%	13.1%	10.94%	10.55%	4.56%	12.26%	19.01%	20.51%
Net Margin	0.74%	2.91%	3.01%	2.38%	1.02%	-0.12%	-5.2%	2.1%	7.83%	8.63%
Debt / Equity	-	-	-	-	-	-	126.25x	3.30x	0.63x	0.38x
Interest Coverage	1.62x	7.52x	4.99x	3.40x	1.80x	0.67x	-2.77x	2.87x	13.17x	23.21x
FCF Conversion	3.64x	1.65x	1.57x	2.29x	0.39x	68.92x	0.59x	5.04x	1.05x	1.38x
Revenue Growth	1.4%	6.29%	3.47%	-0.6%	-13.71%	-22.2%	17.05%	41.49%	18.92%	9.87%

Revenue by Segment

	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Alternative Fuel Buses	-	-	-	426.51M	381.56M	300.71M	407.6M	648.9M	726.08M	798.41M
Alternative Fuel Buses Growth	-	-	-	-	-10.54%	-21.19%	35.55%	59.20%	11.89%	9.96%
Diesel Buses	-	-	-	476.91M	397.57M	291.2M	276.39M	341.97M	461.22M	523.37M
Diesel Buses Growth	-	-	-	-	-16.64%	-26.75%	-5.09%	23.72%	34.87%	13.47%
Parts	55.92M	59.86M	62.21M	64.55M	54.91M	57.21M	74.78M	95.68M	101.78M	100.24M
Parts Growth	-	7.05%	3.91%	3.77%	-14.94%	4.19%	30.72%	27.94%	6.37%	-1.51%
Product and Service, Other	-	-	-	50.91M	45.19M	34.88M	41.86M	46.25M	58.07M	58.07M
Product and Service, Other Growth	-	-	-	-	-11.23%	-22.83%	20.02%	10.48%	25.58%	-0.00%
Bus	876.09M	930.74M	962.77M	-	-	-	-	-	-	-
Bus Growth	-	6.24%	3.44%	-	-	-	-	-	-	-

Revenue by Geography

	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
UNITED STATES	838.42M	878.63M	911.56M	929.52M	795.21M	601.75M	726.23M	1.05B	1.2B	1.31B
UNITED STATES Growth	-	4.80%	3.75%	1.97%	-14.45%	-24.33%	20.69%	44.35%	14.43%	9.58%
CANADA	83.67M	104.02M	106.76M	80.06M	79.44M	75.64M	69.68M	78.91M	146.61M	163.66M
CANADA Growth	-	24.32%	2.64%	-25.01%	-0.77%	-4.78%	-7.88%	13.24%	85.80%	11.63%
World	9.92M	7.96M	6.66M	9.29M	4.57M	6.6M	4.73M	5.61M	1.02M	2.03M
World Growth	-	-19.83%	-16.33%	39.65%	-50.81%	44.36%	-28.38%	18.62%	-81.84%	99.71%

Frequently Asked Questions

Valuation & Price

Blue Bird Corporation (BLBD) has a price-to-earnings (P/E) ratio of 12.7x. This may indicate the stock is undervalued or faces growth challenges.

Growth & Financials

Blue Bird Corporation (BLBD) reported $1.48B in revenue for fiscal year 2025. This represents a 147% increase from $598.3M in 2012.

Blue Bird Corporation (BLBD) grew revenue by 9.9% over the past year. This is steady growth.

Yes, Blue Bird Corporation (BLBD) is profitable, generating $127.7M in net income for fiscal year 2025 (8.6% net margin).

Dividend & Returns

Blue Bird Corporation (BLBD) has a return on equity (ROE) of 61.6%. This is excellent, indicating efficient use of shareholder capital.

Blue Bird Corporation (BLBD) generated $162.4M in free cash flow for fiscal year 2025. Positive FCF indicates the company can fund dividends, buybacks, or reinvestment.

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