Free cash flow remains highly volatile, swinging from a $8.1 million inflow in 2025Q4 to a $5.0 million outflow in 2026Q1 due to working capital pressures.
| Metric | TTM | Nov'25 | Nov'24 | Nov'23 | Nov'22 | Nov'21 | Nov'20 | Nov'19 | Nov'18 | Nov'17 | Nov'16 | Nov'15 | Nov'14 | Nov'13 | Nov'12 | Nov'11 | Nov'10 | Nov'09 | Nov'08 | Nov'07 | Nov'06 | Nov'05 |
|---|
| Cash from Operations | -2.22M | -1.57M | 11.74M | 3.89M | -13.83M | -4.44M | 2.54M | -3.78M | -1.6M | -1.47M | -1.66M | -1.74M | -1.94M | -1.73M | -1.29M | -1.17M | -1.5M | -2.3M | -3.13M | -1.87M | -518.63K | -107.37K |
| Operating CF Margin % | - | -1.33% | 13.69% | 9.13% | -28.78% | -10.52% | 15.32% | -408.51% | -637.87% | -502.9% | -1077.91% | -1151.5% | -4566.97% | -5754.77% | - | - | - | - | - | - | - | - |
| Operating CF Growth % | -425.16% | -113.39% | 201.62% | 128.15% | -211.61% | -274.84% | 167.2% | -136.6% | -8.5% | 11.39% | 4.53% | 10.37% | -12.01% | -33.75% | -10.6% | 22.11% | 34.52% | 26.59% | -67.32% | -260.36% | -383.01% | - |
| Net Income | 8.83M | 9.69M | 12.79M | -8.19M | -7.88M | -3.28M | -12.55M | -4.41M | -2.15M | -2.8M | -1.92M | -2.37M | -2.72M | -2.02M | -2.02M | -901.56K | -2.32M | -2.97M | -4.4M | -4.83M | -1.66M | -188.7K |
| Depreciation & Amortization | 2.31M | 2.12M | 1.5M | 1.29M | 883K | 510K | 997K | 1.18M | 177.49K | 287.34K | 110.25K | 110.73K | 65.79K | 575.62K | 20.59K | 10.79K | 8.98K | 9.35K | 8.65K | 2.6K | 0 | 0 |
| Stock-Based Compensation | 2.74M | 3.07M | 3.4M | 5.38M | 5.42M | 3.15M | 1.68M | 732.5K | 1.71M | 426.61K | 77.94K | 639.14K | 751.61K | 0 | 929.37K | 0 | 289.67K | 177.99K | 1.23M | 2.8M | 0 | 0 |
| Deferred Taxes | 807K | 1.7M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -1.23M | 0 | 0 | 0 |
| Other Non-Cash Items | 3.38M | 2.7M | 1.38M | 3.04M | 1.17M | -2.87M | 18.63M | 250.82K | -229.3K | 724.52K | 54.63K | -164.21K | 57.76K | -257.34K | 704.46K | 43.04K | 430.5K | 4.22K | 1.23M | 114.4K | 1.06M | 65.25K |
| Working Capital Changes | -20.29M | -20.85M | -7.33M | 2.38M | -13.41M | -1.95M | -6.21M | -1.52M | -1.1M | -109.25K | 21.15K | 46.41K | -92.8K | -26.02K | 0 | -323.09K | 88.67K | 487.46K | 35.04K | 38.49K | 83.48K | 16.08K |
| Change in Receivables | -7.95M | -7.37M | 491K | 2.19M | -4.25M | -336K | -433K | -419.34K | 15.69K | -3.29K | 6.99K | -31.33K | 12.82K | -20.35K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Change in Inventory | -9.82M | -12.7M | -5.85M | 542K | -9.17M | -1.45M | -4.49M | -875.41K | 28.18K | -149.98K | 37K | 75.93K | -120.25K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Change in Payables | -1.92M | 2.76M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Cash from Investing | 4.22M | -459K | -11.23M | -2.98M | -5.14M | -5.88M | -2M | -245.97K | -421.52K | -21.84K | 0 | 0 | -37.63K | -45.22K | -147.22K | 0 | -8.25K | -13.82K | -10.14K | -26.56K | 0 | 0 |
| Capital Expenditures | -5.6M | -7.62M | -2.35M | -903K | -3.25M | -1.84M | -1.43M | -245.97K | -311.52K | -21.84K | 0 | 0 | -37.63K | -45.22K | -147.22K | 0 | -8.25K | -13.82K | -10.14K | -26.56K | 0 | 0 |
| CapEx % of Revenue | 4.63% | 6.45% | 2.74% | 2.12% | 6.77% | 4.36% | 8.61% | 26.61% | 124.5% | 7.47% | - | - | 88.57% | 150.25% | - | - | - | - | - | - | - | - |
| Acquisitions | 67K | 67K | 0 | 0 | -1.88M | -4.04M | -489K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Investments | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Investing | 5.65M | -6K | -8.88M | -2.08M | 0 | 0 | -80K | 0 | -110K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Cash from Financing | -2.32M | -1.33M | -4.55M | -422K | -17.04M | 57.25M | 7.77M | 4.03M | 1.23M | 3.24M | -36.87K | 2.52M | 1.25M | 3.39M | 1.56M | 1.04M | 1.7M | 197K | 11.7K | 5.72M | 1.98M | 107.5K |
| Debt Issued (Net) | 0 | 0 | 0 | 0 | 0 | 0 | 53K | 4.03M | 1.23M | -431.05K | 0 | 0 | 1.24M | -30K | 0 | 878.33K | 0 | 0 | 0 | -4.23K | -3.8K | 8.03K |
| Equity Issued (Net) | -2.01M | -806K | -4.7M | -456K | -17.5M | 55.95M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 160K | 1.67M | 197K | 11.7K | 5.73M | 820.63K | 99.47K |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Share Repurchases | -2.07M | -1.1M | -4.7M | -456K | -17.5M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -50K | 0 | 0 |
| Other Financing | -306K | -526K | 149K | 34K | 456K | 1.3M | 7.71M | 0 | 0 | 3.67M | -36.87K | 2.52M | 12.5K | 3.42M | 1.56M | 0 | 30K | 0 | 0 | 0 | 1.17M | 0 |
| Net Change in Cash | 183K | -3.1M | -3.67M | 430K | -36.33M | 46.74M | 8.48M | -8.49K | -782.66K | 1.77M | -1.66M | 766.01K | -757.14K | 1.61M | 117.64K | -132.49K | 191.9K | -2.11M | -3.13M | 3.83M | 1.46M | 126 |
| Free Cash Flow | -7.82M | -9.2M | 9.39M | 2.99M | -17.08M | -6.28M | 1.11M | -4.02M | -1.91M | -1.49M | -1.66M | -1.74M | -1.98M | -1.78M | -1.44M | -1.17M | -1.51M | -2.31M | -3.14M | -1.9M | -518.63K | -107.37K |
| FCF Margin % | -6.46% | -7.78% | 10.95% | 7.01% | -35.55% | -14.88% | 6.71% | -434.67% | -762.37% | -510.37% | -1077.91% | -1151.5% | -4655.54% | -5905.02% | - | - | - | - | - | - | - | - |
| FCF Growth % | -880.08% | -197.9% | 214.22% | 117.5% | -172.18% | -664.3% | 127.67% | -110.64% | -27.78% | 10.08% | 4.53% | 12.08% | -11.28% | -23.23% | -23.17% | 22.53% | 34.55% | 26.39% | -65.51% | -265.48% | -383.01% | - |
| FCF per Share | -0.33 | -0.38 | 0.41 | 0.14 | -0.76 | -0.32 | 0.09 | -0.39 | -0.20 | -0.26 | -0.30 | -0.35 | -0.42 | -0.49 | -0.52 | -0.45 | -0.81 | -1.57 | -2.19 | -1.39 | -0.60 | -0.16 |
| FCF Conversion (FCF/Net Income) | -0.89x | -0.16x | 0.92x | -0.48x | 1.75x | 1.35x | -0.20x | 0.86x | 0.74x | 0.53x | 0.86x | 0.68x | 0.71x | 0.86x | 0.64x | 1.30x | 0.65x | 0.77x | 0.71x | 0.39x | 0.31x | 0.57x |
| Interest Paid | 0 | 0 | 0 | 0 | 0 | 40K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Taxes Paid | 0 | 706K | 0 | 48K | 106K | 337K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Working capital volatility
As reported in quarterly financial statements, Byrna's operating cash flow frequently decouples from net income, evidenced by a 2026Q1 OCF/NI ratio of -5.52, which suggests that reported profits are not currently translating into tangible liquidity for the business despite consistent top-line growth in recent periods.
The persistent gap between net income and operating cash flow indicates that earnings are heavily reliant on non-cash adjustments or accruals rather than realized cash inflows. Investors should monitor whether this divergence is a temporary byproduct of aggressive inventory scaling or a structural issue regarding the company's ability to collect cash from its direct-to-consumer sales model.
Based on the provided cash flow data, Byrna's free cash flow trajectory remains highly erratic, swinging from a positive $8.1 million in 2025Q4 to a negative $5.0 million in 2026Q1, highlighting the company's struggle to maintain consistent cash generation amidst its current operational expansion phase.
The lack of a stable free cash flow trend suggests that the company's capital requirements are highly sensitive to seasonal or marketing-driven demand spikes. This volatility may imply that the business model requires significant upfront cash outlays that are not yet being reliably offset by recurring revenue from consumables.
According to recent SEC filings, Byrna experienced a significant working capital outflow of $6.4 million in 2026Q1, a sharp reversal from the $3.7 million inflow seen in 2025Q4, which suggests that inventory management and receivables collection remain primary drivers of the company's periodic cash burn.
The dramatic fluctuations in working capital indicate that the company is likely building inventory in anticipation of future demand, which ties up cash and creates liquidity pressure. This pattern warrants further investigation into whether these inventory builds are successfully converting to sales or if they risk becoming obsolete as product iterations evolve.
As indicated by the company's financial disclosures, stock-based compensation consistently averages over $700,000 per quarter, effectively acting as a non-cash expense that artificially inflates net income while failing to account for the long-term dilutive impact on shareholders' equity and the underlying cash cost of talent retention.
By relying on equity-based incentives, the company appears to be preserving cash at the expense of shareholder dilution, which may obscure the true cost of operations. Analysts should adjust for these non-cash charges to better understand the company's actual ability to fund its growth through organic cash flow rather than equity issuance.
Quick answers to the most common questions about buying BYRN stock.
Byrna Technologies Inc. (BYRN) generated $-1.6M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Byrna Technologies Inc. (BYRN) reported negative free cash flow of $9.2M in 2025, indicating capital requirements exceeded cash from operations.
Byrna Technologies Inc. (BYRN) spent $7.6M on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.
In 2025, Byrna Technologies Inc. (BYRN) spent $1.1M on share repurchases. This shows the company's commitment to returning capital to its equity investors.