Free cash flow remains volatile and largely negative, with capital expenditures occasionally consuming up to 79.2% of quarterly revenue as seen in 2025Q3.
| Metric | TTM | Sep'25 | Sep'24 | Sep'23 | Sep'22 | Sep'21 | Sep'20 | Sep'19 | Sep'18 | Sep'17 | Sep'16 | Sep'15 | Sep'14 | Sep'13 | Sep'12 | Sep'11 | Sep'10 | Sep'09 | Sep'08 | Sep'07 | Sep'06 | Sep'05 | Sep'04 | Sep'03 | Sep'02 | Sep'01 | Sep'00 | Sep'99 | Sep'98 | Sep'97 | Sep'96 |
|---|
| Cash from Operations | -3.27M | -1.87M | 4.71M | 1.94M | 7.29M | 831K | 750K | -2.13M | -5.09M | -2.12M | 1.77M | -7.13M | 5.57M | 3.19M | 11.47M | 13.26M | 7.47M | -3.06M | 18.44M | 8.79M | 18.13M | 14.21M | 6.15M | 8.52M | 1.45M | 10.16M | 8.19M | 2.7M | 3M | 7.4M | 5.7M |
| Operating CF Margin % | - | -13.64% | 21.68% | 7.69% | 25.54% | 4.59% | 4.09% | -17.66% | -54.34% | -16.26% | 13.32% | -40.68% | 17.71% | 12.97% | 33.66% | 34.49% | 17.84% | -9.51% | 28.09% | 18.53% | 31.28% | 32.15% | 16.19% | 35.96% | 9.12% | 42.75% | 30.84% | 17.76% | 25.21% | 50% | 40.14% |
| Operating CF Growth % | -1083.73% | -139.66% | 142.41% | -73.35% | 777.38% | 10.8% | 135.16% | 58.1% | -140.25% | -219.72% | 124.82% | -228.07% | 74.52% | -72.17% | -13.55% | 77.6% | 344.05% | -116.59% | 109.74% | -51.5% | 27.55% | 131.18% | -27.8% | 488.05% | -85.75% | 23.97% | 203.48% | -10% | -59.46% | 29.82% | 200% |
| Net Income | -6.51M | -7.11M | -5.33M | -811K | 6.17M | 7.2M | -4.68M | -12.42M | -1.42M | 2.31M | -2.86M | 1.77M | 1.34M | -8.67M | -10.96M | 205K | 4.3M | -24.36M | 11.73M | 3.52M | 14.64M | 6.03M | 8.71M | 2.32M | 40K | 3.83M | 5.01M | 500K | -3.9M | 1.1M | 1.2M |
| Depreciation & Amortization | 2.84M | 3.15M | 5.11M | 4.46M | 2.78M | -2.74M | 2.71M | 8.88M | 1.11M | 1.2M | 1.61M | 3.36M | 6.39M | 8.54M | 10.99M | 10.13M | 9.3M | 11.55M | 14.73M | 13.17M | 11.58M | 8.79M | 6.76M | 4.33M | 3.65M | 3.75M | 3.57M | 2.8M | 2.9M | 3M | 3M |
| Stock-Based Compensation | 465K | 372K | 208K | 263K | 660K | 643K | 0 | -42K | -59K | 15K | -22K | -140K | -380K | -73K | -103K | 274K | 72K | -259K | -402M | -1.56B | -1.07B | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Deferred Taxes | -48K | -82K | 42K | -130K | -171K | 165K | 26K | -175K | -48K | -268K | -71K | -415K | -707K | -1.46M | -1.3M | 675K | 978K | -6.64M | -2.4M | 1.46M | 1.16M | -1.59M | -307K | 709K | 405K | 154K | 1.04M | 300K | 500K | 900K | 200K |
| Other Non-Cash Items | -234K | 1.58M | 1.91M | -1.44M | -1.12M | -2.29M | 2.25M | 375K | -3.32M | -4.77M | 4.41M | -10.14M | -3.42M | 4.37M | 11.69M | -1.87M | -3.06M | 22.6M | 395.69M | 1.55B | 1.05B | -2.49M | -7.66M | -326K | -58K | 8K | -3.05M | 0 | 100K | 0 | 0 |
| Working Capital Changes | 225K | 224K | 2.78M | -393K | -1.03M | -2.15M | 448K | 1.24M | -1.35M | -614K | -1.29M | -1.57M | 2.35M | 481K | 1.15M | 3.85M | -4.12M | -5.96M | 695K | 1.56M | 1.9M | 3.48M | -1.36M | 1.48M | -2.59M | 2.41M | 1.63M | -900K | 400K | 2.4M | 1.3M |
| Change in Receivables | 0 | 197K | 647K | 1.09M | -1.75M | -814K | -598K | -260K | -574K | -166K | 1.08M | 324K | 542K | 180K | 2.41M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Change in Inventory | 0 | 0 | 0 | 0 | 0 | -1.26M | -81K | 2.02M | -1.14M | -97K | -833K | -1.13M | 2.6M | -1.72M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 18K | -29K | 25K | 0 | 0 | 0 | 0 |
| Change in Payables | 0 | 458K | 928K | -595K | 110K | -746K | 924K | -202K | 124K | -279K | -1.46M | -439K | -681K | 1.86M | -214K | 1.38M | -2M | -2.11M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Cash from Investing | 2.66M | 773K | -2.83M | -11.18M | -7.11M | 3.69M | -833K | 905K | -3.88M | 2.91M | 9.38M | 9.08M | 9.08M | -3.78M | -6.28M | -11.47M | 1.81M | -7.61M | -12.04M | -18.04M | -7.3M | -13.42M | 1.56M | -7.75M | -3.55M | -9.66M | 803K | -2.5M | -8M | -6.5M | -5.3M |
| Capital Expenditures | -120K | 0 | -3.53M | -11.63M | -10.22M | -1.93M | -3.13M | -1.83M | -11.11M | -1.19M | -1.76M | -2.54M | -3.58M | -4.12M | -6.88M | -15.31M | -5.05M | -8.75M | -17.68M | -18M | -25.39M | -16.71M | -12.11M | -9.82M | -5.64M | -5.46M | -6.25M | -2.8M | -8.1M | -7.5M | -6M |
| CapEx % of Revenue | 1.05% | 22.44% | 16.24% | 46.03% | 35.8% | 10.68% | 17.07% | 15.16% | 118.62% | 9.12% | 13.28% | 14.5% | 11.37% | 16.75% | 20.2% | 39.82% | 12.07% | 27.2% | 26.93% | 37.94% | 43.8% | 37.81% | 31.89% | 41.45% | 35.54% | 22.97% | 23.52% | 18.42% | 68.07% | 50.68% | 42.25% |
| Acquisitions | 0 | 0 | 256K | 0 | 687K | 1.86M | 1.71M | 1.69M | 750K | 5.34M | 493K | 0 | -5.14M | 0 | 0 | 0 | 45K | -271K | 0 | 5.91M | 0 | 550K | 10.8M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Investments | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Investing | 2.78M | 773K | 439K | 452K | 2.42M | 3.76M | 2.3M | 2M | 2.81M | 3.17M | 11.14M | 10.47M | 10.92M | 344K | 602K | 3.84M | 6.82M | 1.41M | 5.53M | -800K | 16.38M | 3.06M | 2.94M | 2.07M | 2.1M | -4.21M | 6.67M | 300K | 100K | 1M | 700K |
| Cash from Financing | 3.18M | -418K | -226K | -786K | 1.56M | 2.19M | 60K | -110K | -1.07M | -370K | -4.25M | -8.71M | -6.03M | -319K | -6.21M | -2.69M | -5.41M | 4.58M | -2.5M | 7.28M | -4.53M | -2K | -4.95M | -635K | -1.54M | -866K | -5.81M | 100K | 3M | 0 | 200K |
| Debt Issued (Net) | -153K | -168K | 0 | -30K | 0 | 47K | 147K | 0 | 0 | 0 | -3.44M | -7.66M | -5.54M | -517K | -6.55M | -2.35M | -5.1M | 4.66M | 2.03M | 9.43M | 0 | 1.12M | -1.41M | -360K | -869K | -400K | -4.72M | 200K | 3.1M | 0 | 0 |
| Equity Issued (Net) | 3.37M | 0 | 0 | 0 | 2.36M | 3.18M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 370K | 400K | 0 | -97K | -1.89M | 174K | 0 | 197K | 218K | 0 | 0 | -7K | -93K | 0 | -100K | 0 | 0 |
| Dividends Paid | 0 | 0 | 0 | -599K | -149K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -29K | 0 | 0 | 0 | -1.86M | -2.05M | -1.43M | -802K | -1.12M | 0 | -672K | -459K | -1M | 0 | 0 | 0 | 0 |
| Share Repurchases | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -97K | -1.89M | -155K | 0 | 0 | 0 | 0 | 0 | -20K | -93K | 0 | -100K | 0 | 0 |
| Other Financing | -35K | -250K | -226K | -157K | -647K | -1.03M | -87K | -110K | -1.07M | -370K | -812K | -1.05M | -490K | 198K | -29K | -740K | -307K | 21K | -792K | -281K | -3.1M | -513K | -2.63M | -275K | 1K | 0 | 0 | -100K | 0 | 0 | 200K |
| Net Change in Cash | 2.58M | -1.62M | 1.68M | -9.97M | 1.52M | 6.7M | -29K | -1.35M | -10.32M | 731K | 7.08M | -7.63M | 8.28M | -1.02M | -989K | -840K | 3.79M | -6.74M | 3.51M | -1.86M | 6.48M | 995K | 2.85M | 159K | -3.67M | -547K | 3.12M | 400K | -2.1M | 800K | 200K |
| Free Cash Flow | -1.11M | -4.94M | 1.18M | -9.69M | -2.93M | -1.1M | -2.38M | -3.96M | -16.2M | -3.31M | 5K | -9.67M | 1.99M | -931K | 4.59M | -2.05M | 2.41M | -11.81M | 762K | -9.21M | -7.26M | -2.5M | -5.96M | -1.3M | -4.2M | 4.7M | 1.95M | -100K | -5.1M | -100K | -300K |
| FCF Margin % | -9.72% | -36.08% | 5.45% | -38.34% | -10.26% | -6.09% | -12.98% | -32.83% | -172.96% | -25.38% | 0.04% | -55.18% | 6.34% | -3.78% | 13.47% | -5.33% | 5.76% | -36.71% | 1.16% | -19.41% | -12.52% | -5.66% | -15.7% | -5.49% | -26.42% | 19.78% | 7.32% | -0.66% | -42.86% | -0.68% | -2.11% |
| FCF Growth % | 60.31% | -517.75% | 112.21% | -230.8% | -165.55% | 53.67% | 39.93% | 75.54% | -389.96% | -66240% | 100.05% | -585.4% | 314.07% | -120.3% | 323.76% | -184.96% | 120.43% | -1650.26% | 108.28% | -26.86% | -190.01% | 58.03% | -358.19% | 68.99% | -189.28% | 141.65% | 2045% | 98.04% | -5000% | 66.67% | 85% |
| FCF per Share | -0.09 | -0.49 | 0.12 | -0.97 | -0.30 | -0.13 | -0.29 | -0.48 | -1.96 | -0.40 | 0.00 | -1.17 | 0.24 | -0.11 | 0.55 | -0.25 | 0.29 | -1.43 | 0.09 | -1.07 | -0.83 | -0.29 | -0.71 | -0.16 | -0.52 | 0.56 | 0.23 | -0.01 | -0.64 | -0.01 | -0.04 |
| FCF Conversion (FCF/Net Income) | 0.17x | 0.27x | -0.85x | -2.02x | 1.32x | 0.13x | -0.16x | 0.17x | 2.88x | -1.81x | -0.49x | -5.65x | 8.29x | -0.37x | -1.13x | -121.68x | 1.94x | 0.13x | 1.57x | 2.50x | 1.24x | 2.36x | 0.71x | 3.67x | 36.20x | 2.65x | 1.64x | 5.40x | -0.77x | 6.73x | 4.75x |
| Interest Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Taxes Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Persistent negative operating cash
As reported in recent financial statements, Barnwell's operating cash flow has frequently decoupled from net income, with the OCF/NI ratio fluctuating wildly between 0.30 and -2.07, suggesting that accounting losses are not being mitigated by underlying cash generation from the firm's core energy and drilling operations.
The persistent inability to convert earnings into positive operating cash flow suggests that the company's reported net losses are compounded by operational inefficiencies. Investors should monitor the recurring gap between these metrics, as it implies that the business model is currently unable to self-fund its ongoing operational requirements.
Based on the provided quarterly data, Barnwell's free cash flow has remained largely negative, with a notable exception in 2025Q3, indicating that the company's capital-intensive nature frequently outpaces its ability to generate sufficient cash to cover both maintenance and growth-related expenditures across its diverse business segments.
The erratic nature of FCF margins, which swung from -73.4% in 2025Q1 to 69.5% in 2025Q3, highlights the lumpy and unpredictable revenue recognition inherent in the land investment segment. This volatility suggests that the company's cash flow profile is highly dependent on non-recurring events rather than stable, recurring operational performance.
According to historical cash flow filings, Barnwell's capital expenditure as a percentage of revenue has reached as high as 79.2%, reflecting a heavy reliance on equipment maintenance and asset investment that appears disproportionate to the current, declining revenue base generated by the firm's energy and drilling activities.
The high capital intensity relative to revenue suggests that the company is forced to reinvest heavily just to maintain its existing asset base, even as top-line performance contracts. This dynamic may indicate that the firm is struggling to achieve the necessary scale to justify its current level of capital investment.
As evidenced by the quarterly cash flow data, working capital changes have been highly inconsistent, ranging from a $793,000 outflow in 2025Q1 to a $2 million inflow in 2024Q4, which complicates the assessment of the company's underlying ability to manage its receivables and payables effectively.
These significant fluctuations in working capital suggest that the timing of project-based payments in the drilling segment and land distributions creates substantial noise in the cash flow statement. Analysts should be cautious in interpreting these movements as indicators of operational efficiency, as they appear more reflective of project-specific timing than structural improvements.
Quick answers to the most common questions about buying BRN stock.
Barnwell Industries, Inc. (BRN) generated $-1.9M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Barnwell Industries, Inc. (BRN) reported negative free cash flow of $4.9M in 2025, indicating capital requirements exceeded cash from operations.
Barnwell Industries, Inc. (BRN) spent $0.0M on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.