Butn Limited (BTN) AI Stock Analysis

• Market Cap: AU$24.07M
• Dividend Yield: N/A
• Average Volume (3M): 74.58K
• Price to Earnings (P/E): ―
• Beta (1Y): 0.57
• Revenue Growth: 8.28%
• EPS Growth: 84.45%
• Country: AU
• Employees: N/A
• Sector: Financial
• Sector Strength: 70
• Industry: Financial - Credit Services
• EPS (TTM): -0.01
• Shares Outstanding: 382,094,570
• 10 Day Avg. Volume: 52,483
• 30 Day Avg. Volume: 74,580
• PEG Ratio: 0.14
• Price to Book (P/B): 2.66
• Price to Sales (P/S): 96.68
• P/FCF Ratio: 33.41
• Enterprise Value/Market Cap: N/A
• Enterprise Value/Revenue: N/A
• Enterprise Value/Gross Profit: N/A
• Enterprise Value/Ebitda: N/A
• 1Y Price Target: N/A
• Price Target Upside: N/A
• Rating Consensus: N/A
• Number of Analyst Covering: 0
• EPS Forecast (FY): N/A
• Revenue Forecast (FY): N/A

• Rating: 40 Underperform
• Price Target: AU$0.06 ▼(-25.00% Downside)

The score is primarily held down by weak financial performance (sharp revenue decline, persistent losses, high leverage, and weak cash-flow quality). Technicals add further risk due to a clear downtrend, with only an oversold RSI offering limited near-term support; valuation is constrained by negative earnings and no dividend data.

Positive Factors

SME-focused invoice financing model

Butn's core business of invoice and supply chain financing addresses structural working-capital needs of SMEs. An asset-light fee-and-interest model can generate recurring transaction revenue and scales with merchant partners, supporting durable revenue potential if underwriting and client retention remain intact.

Improved EBITDA margin

An improving EBITDA margin suggests the business can achieve better operating leverage as volumes recover. Sustained mid-teens EBITDA supports long-term viability by indicating core operations can cover fixed costs and move the company closer to profitability as revenue scales and cost discipline continues.

Partnership-driven distribution

Partnerships with businesses and financial institutions provide scalable distribution channels and lower customer acquisition costs. Durable partner networks can accelerate client onboarding, improve deal flow for financing products, and enable cross-sell opportunities that strengthen competitive positioning over time.

Negative Factors

Very high leverage

A debt-to-equity ratio near 7.5 indicates heavy reliance on debt financing. For a fintech that lends or funds receivables, such leverage raises refinancing and interest-rate risk, constrains strategic flexibility, and amplifies downside during revenue shortfalls, making capitalization fragile over the medium term.

Severe recent revenue contraction

A near-total decline in reported revenue signals loss of scale and weak demand or execution problems. Persistent revenue erosion undermines unit economics, degrades margins, and limits the firm's ability to cover fixed costs, making recovery dependent on substantive strategy shifts or market improvement.

Poor cash-flow quality

Very low operating cash flow relative to net income and negative free cash flow growth indicate weak cash generation and conversion. This forces dependence on external funding, increases dilution or refinancing risk, and limits reinvestment in platform development or client acquisition over the medium term.

Butn Limited Business Overview & Revenue Model

Company Description

Butn Limited provides transactional funding to small and medium enterprises in Australia. The company's products include Butn Pay, a solution that allows organizations to pay for goods and services, and choose the repayment terms; Butn Now, a solution for businesses to claim their commissions instantly; Butn X, a solution that helps customers to get paid as soon as the goods and services are delivered with advanced payments; Butn Terms, a solution that enables organizations to outsource their accounts receivable; and Butn Plus, a solution that enables businesses to avail secured business loans. It offers factoring, supply chain finance, and commission advancement services. The company was founded in 2015 and is headquartered in Caulfield North, Australia.

How the Company Makes Money

Butn Limited generates revenue primarily through fees and interest associated with its financing products. The company charges a percentage of the invoice amount as a fee for its invoice financing services, which provides immediate liquidity to SMEs by allowing them to access cash tied up in unpaid invoices. Additionally, Butn earns interest on the funds it provides to clients, further contributing to its revenue. Key revenue streams include transaction fees, service fees for providing financial services, and interest income from financing agreements. Butn also benefits from partnerships with businesses and financial institutions that facilitate access to a broader customer base, enhancing its market reach and revenue potential.

Butn Limited Financial Statement Overview

Summary

Overall fundamentals are weak: severe revenue contraction (latest growth -95.54%), ongoing losses/negative margins, very high leverage (debt-to-equity 7.49), and poor cash flow quality (operating cash flow to net income 0.018) despite an improved EBITDA margin (17.41%).

Income Statement

Butn Limited has experienced significant revenue decline, with a drastic drop in revenue growth rate to -95.54% in the latest period. The company has consistently reported negative net profit margins, indicating ongoing profitability challenges. While the EBITDA margin has improved to 17.41%, the overall profitability remains weak.

Balance Sheet

The company's balance sheet shows high leverage, with a debt-to-equity ratio of 7.49, indicating significant reliance on debt financing. The return on equity is negative, reflecting losses and poor returns for shareholders. The equity ratio is low, suggesting limited equity buffer against liabilities.

Cash Flow

Butn Limited's cash flow position is concerning, with negative free cash flow growth and a low operating cash flow to net income ratio of 0.018. The free cash flow to net income ratio is moderate at 0.55, but overall cash flow management appears weak.

Breakdown	TTM	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 2021
Income Statement
Total Revenue	8.12M	333.85K	13.49M	11.85M	5.42M	4.55M
Gross Profit	8.12M	-7.87M	13.49M	11.87M	5.60M	1.33M
EBITDA	5.81M	5.81M	-829.98K	1.72M	-3.64M	-2.13M
Net Income	-2.66M	-2.66M	-12.33M	-6.53M	-8.66M	-5.26M
Balance Sheet
Total Assets	107.54M	107.54M	91.27M	98.98M	77.82M	53.30M
Cash, Cash Equivalents and Short-Term Investments	20.32M	20.32M	13.36M	14.67M	15.78M	15.52M
Total Debt	91.00M	91.00M	79.73M	79.52M	56.35M	46.76M
Total Liabilities	95.39M	95.39M	83.16M	83.34M	59.80M	49.70M
Stockholders Equity	12.14M	12.14M	8.11M	15.64M	18.02M	3.60M
Cash Flow
Free Cash Flow	1.74M	966.21K	-3.16M	-1.83M	-7.09M	-4.58M
Operating Cash Flow	1.74M	1.74M	-2.36M	-673.74K	-3.85M	-2.43M
Investing Cash Flow	-14.79M	-14.79M	-2.64M	-26.09M	-29.48M	-3.04M
Financing Cash Flow	15.85M	15.85M	3.65M	25.61M	33.60M	11.06M

Butn Limited Technical Analysis

• Technical Analysis Sentiment: Negative
• Last Price: 0.08
• 50DMA: Negative
• 100DMA: Negative
• 200DMA: Negative
• MACD: Positive
• RSI: Positive
• STOCH: Neutral

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For AU:BTN, the sentiment is Negative. The current price of 0.08 is above the 20-day moving average (MA) of 0.07, below the 50-day MA of 0.08, and below the 200-day MA of 0.10, indicating a bearish trend. The MACD of >-0.01 indicates Positive momentum. The RSI at 4.67 is Positive, neither overbought nor oversold. The STOCH value of 33.33 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for AU:BTN.

Butn Limited Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
Sector *	68 Neutral	$18.00B	11.42	9.92%	3.81%	9.73%	1.22%
EPY	65 Neutral	AU$46.63M	17.14	3.91%	4.27%	-6.67%	22.09%
HMY	58 Neutral	AU$92.09M	16.36	15.56%	―	7.92%	―
PNC	52 Neutral	AU$111.30M	16.01	12.72%	―	-0.51%	―
WZR	42 Neutral	AU$51.00M	-5.77	-19.44%	―	-2.35%	13.33%
MME	42 Neutral	AU$101.56M	-1.44	-42.59%	―	-9.56%	-392.31%
BTN	40 Underperform	AU$24.07M	-6.63	-26.29%	―	8.28%	84.45%

Butn Limited Corporate Events

Butn Options Lapse, Trimming Potential Equity Dilution

Butn Limited has notified the market that a total of 3,958,330 options with an exercise price of $0.50 have lapsed without being exercised, comprising 1,093,750 BTNAD options expiring on various dates and 2,864,580 BTNAH options expiring on 8 January 2026. The expiry of these options without conversion reduces the company’s pool of potential equity dilution but also indicates that the current share price did not make exercise economically attractive, a development existing shareholders may view as marginally positive for capital structure while implying limited immediate capital inflow from these instruments.

The most recent analyst rating on (AU:BTN) stock is a Sell with a A$0.09 price target. To see the full list of analyst forecasts on Butn Limited stock, see the AU:BTN Stock Forecast page.

Butn Limited Director Increases Stake in Strategic Move

Butn Limited announced a change in the director’s interest, with Rael Ross acquiring an additional 1,250,000 ordinary fully paid shares indirectly through Why K Pty Ltd, a trustee of the Rael Ross Family Trust. This acquisition, approved at the 20 November 2025 AGM, increases Ross’s total indirect holdings to 40,350,706 shares, reflecting a strategic move to strengthen his stake in the company. The increase in shareholding could potentially enhance Ross’s influence in corporate decisions and signal confidence in Butn Limited’s future prospects, potentially impacting investor perceptions and market positioning.

The most recent analyst rating on (AU:BTN) stock is a Sell with a A$0.09 price target. To see the full list of analyst forecasts on Butn Limited stock, see the AU:BTN Stock Forecast page.

Butn Limited Director Increases Stake with New Share Acquisition

Butn Limited has announced a change in the director’s interest, with Cameron Petricevic acquiring 625,000 ordinary fully paid shares, increasing his total indirect holding to 1,298,163 shares. This change, approved at the November 2025 AGM, reflects a strategic move to strengthen the director’s stake in the company, potentially impacting its governance and stakeholder confidence.

The most recent analyst rating on (AU:BTN) stock is a Sell with a A$0.09 price target. To see the full list of analyst forecasts on Butn Limited stock, see the AU:BTN Stock Forecast page.

Butn Limited Issues New Shares to Strengthen Financial Position

Butn Limited has announced the issuance of 1,875,000 fully paid ordinary shares, as approved by shareholders. This move is part of the company’s efforts to enhance its financial operations and maintain compliance with the Corporations Act 2001. The issuance of shares is expected to bolster Butn’s market position and provide additional resources to support its innovative funding solutions for SMEs.

The most recent analyst rating on (AU:BTN) stock is a Sell with a A$0.09 price target. To see the full list of analyst forecasts on Butn Limited stock, see the AU:BTN Stock Forecast page.

Butn Limited Announces Quotation of New Securities on ASX

Butn Limited has announced the quotation of 1,875,000 fully paid ordinary securities on the Australian Securities Exchange (ASX) under the code BTN, effective December 16, 2025. This move is part of a previously announced transaction and is expected to enhance the company’s liquidity and market presence, potentially benefiting stakeholders by increasing the accessibility of its shares.

The most recent analyst rating on (AU:BTN) stock is a Sell with a A$0.09 price target. To see the full list of analyst forecasts on Butn Limited stock, see the AU:BTN Stock Forecast page.

Butn Limited Announces Proposed Securities Issue

Butn Limited has announced a proposed issue of 1,875,000 ordinary fully paid securities, set to be issued on December 19, 2025. This move is part of a placement or other type of issue, which could potentially impact the company’s market positioning by increasing its capital base, thereby enabling further growth and expansion opportunities.

Butn Limited Successfully Passes All Resolutions at 2025 AGM

Butn Limited announced that all resolutions proposed at its 2025 Annual General Meeting were successfully carried out by poll. This outcome reflects strong shareholder support and may positively influence Butn’s strategic initiatives and operational plans, further solidifying its position in the B2B funding industry.

Butn Limited Discloses Long Equity Derivative Positions

Butn Limited has announced the receipt of a notice from Regal Funds Management Asia Pte Limited concerning long equity derivative positions as per the Australian Takeovers Panel Guidance Note 20. This disclosure highlights the transparency in Butn’s financial dealings and may impact its market positioning by providing stakeholders with insights into equity derivative positions held by investment managers. The announcement underscores the importance of disclosure in maintaining market integrity and could influence investor perceptions and decisions.

Butn Limited Converts Performance Rights into Ordinary Shares

Butn Limited has announced the conversion of 300,000 unlisted performance rights into fully paid ordinary shares. This move signifies the company’s compliance with relevant provisions of the Corporations Act and reflects its ongoing commitment to enhancing shareholder value. The issuance of these shares without disclosure under Part 6D.2 of the Corporations Act suggests a strategic effort to strengthen its financial position and market presence.

Butn Limited Announces Quotation of New Securities on ASX

Butn Limited has announced the quotation of 300,000 ordinary fully paid securities on the Australian Securities Exchange (ASX) as of October 28, 2025. This move is part of the company’s strategic efforts to enhance its market presence and provide additional value to its stakeholders by expanding its capital base.