Barnes & Noble Education Inc. (BNED)
NYSE:BNED
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Barnes & Noble Education
(NYSE:BNED)
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Rating:50Neutral
Price Target:
$9.00
▲(3.33% Upside)
Action:ReiteratedDate:03/17/26
The score is held back primarily by still-thin/negative profitability and historically volatile cash generation despite recent improvement, while the better balance sheet and modest revenue growth provide support. Technicals are neutral-to-mixed (below the 200-day and slightly negative MACD), and valuation is reasonable (P/E ~11.6) but without dividend support. Corporate governance approvals are mildly positive but not a major driver.
Positive Factors
Improved leverage
Material de-leveraging strengthens financial flexibility over the medium term. Lower debt reduces refinancing and interest burden risk, giving management room to fund working capital, invest in campus partnerships or cushion enrollment swings without immediate need for external capital.
Negative Factors
Thin margins
Low gross margins leave limited buffer against cost inflation, lower rental textbook demand, or promotional pricing. Sustained thin margins constrain the company's ability to absorb shocks, invest in digital transitions or expand margins without structural changes to product mix or pricing.
Read all positive and negative factors
Positive Factors
Negative Factors
Improved leverage
Material de-leveraging strengthens financial flexibility over the medium term. Lower debt reduces refinancing and interest burden risk, giving management room to fund working capital, invest in campus partnerships or cushion enrollment swings without immediate need for external capital.
Read all positive factors
Barnes & Noble Education (BNED) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$334.73M
Dividend YieldN/A
Average Volume (3M)316.56K
Price to Earnings (P/E)11.6
Beta (1Y)2.35
Revenue Growth1.38%
EPS Growth63.65%
CountryUS
Employees2,520
SectorConsumer Cyclical
Sector Strength84
IndustrySpecialty Retail
Share Statistics
EPS (TTM)0.19
Shares Outstanding34,296,120
10 Day Avg. Volume344,856
30 Day Avg. Volume316,555
Financial Highlights & Ratios
PEG Ratio0.05
Price to Book (P/B)1.00
Price to Sales (P/S)0.17
P/FCF Ratio-2.77
Enterprise Value/Market Cap1.91
Enterprise Value/Revenue0.37
Enterprise Value/Gross Profit1.94
Enterprise Value/Ebitda19.33
Forecast
1Y Price TargetN/A
Price Target UpsideN/A
Rating ConsensusN/A
Number of Analyst Covering0
EPS Forecast (FY)N/A
Revenue Forecast (FY)N/A
Barnes & Noble Education Business Overview & Revenue Model
Company Description
Barnes & Noble Education, Inc. operates bookstores for college and university campuses, and K-12 institutions in the United States. It operates through three segments: Retail, Wholesale, and Digital Student Solutions. The company sells and rents n...
How the Company Makes Money
BNED primarily makes money by selling products and services to students, faculty, and campus communities through physical campus stores and online channels. Key revenue streams include: (1) Course materials: revenue from selling and renting print ...
Barnes & Noble Education Key Performance Indicators (KPIs)
Barnes & Noble Education Earnings Call Summary
Earnings Call Date:Dec 06, 2023
(Q2-2024)
| % Change Since: |
Next Earnings Date:Jul 01, 2026
Earnings Call Sentiment Positive
The earnings call reflects a period of solid growth and strategic progress for BNED, particularly in its First Day Complete and subscription-like revenue models, which have led to significant EBITDA growth and operational efficiencies. Despite some challenges in general merchandise sales and retail gross margin, the overall sentiment of the call is positive due to the successful implementation of cost-saving measures and the strategic transition to more predictable revenue streams.Positive Updates
Strong Growth in First Day Complete Revenue
First Day Complete revenue increased 52% year-over-year to $136 million. Combined First Day programs revenue reached $199 million, marking a 39% growth.
Negative Updates
Decline in General Merchandise Sales
Comparable store sales for general merchandise declined by 1.7%, primarily due to declines in trade books and cafe and convenience items.
Read all updates
Q2-2024 Updates
Positive
Negative
Strong Growth in First Day Complete Revenue
First Day Complete revenue increased 52% year-over-year to $136 million. Combined First Day programs revenue reached $199 million, marking a 39% growth.
Read all positive updates
Company Guidance
During the Barnes & Noble Education (BNED) Fiscal 2024 2nd Quarter Earnings Call, the company provided several key metrics and insights into its performance and future guidance. The highlight of the quarter was the significant growth in the First Day Complete (FDC) program, which saw a 52% year-over-year revenue increase to $136 million, contributing to a total First Day programs revenue of $199 million. This growth helped offset declines in traditional à la carte courseware sales, with the First Day Complete and First Day revenues approaching 50% of the total course material revenue. This strategic shift has led to improved revenue visibility and operational efficiency, despite the company operating 128 fewer stores. The quarter's total revenue reached $610.4 million, marking a slight increase of 0.3% from the previous year, while consolidated adjusted EBITDA rose by 28.3% to $50.3 million, driven by a $13 million reduction in selling and administrative expenses. Looking ahead, BNED maintains its fiscal 2024 adjusted EBITDA guidance of approximately $40 million, expecting continued growth from its retail segment and ongoing cost reduction initiatives.Barnes & Noble Education Financial Statement Overview
Summary
Income Statement
44
Neutral
Balance Sheet
53
Neutral
Cash Flow
41
Neutral
| Breakdown | TTM | Oct 2025 | Apr 2024 | Jul 2023 | Apr 2022 | Apr 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 1.73B | 1.61B | 1.57B | 1.54B | 1.50B | 1.41B |
| Gross Profit | 330.46M | 337.80M | 344.91M | 349.44M | 342.83M | 230.34M |
| EBITDA | 33.14M | -6.18M | -5.21M | -26.87M | -18.11M | -122.81M |
| Net Income | -9.80M | -65.83M | -75.75M | -101.86M | -68.86M | -139.81M |
Balance Sheet | ||||||
| Total Assets | 1.13B | 790.28M | 909.95M | 980.78M | 1.07B | 1.03B |
| Cash, Cash Equivalents and Short-Term Investments | 10.14M | 9.06M | 10.46M | 14.22M | 8.79M | 8.02M |
| Total Debt | 316.01M | 283.12M | 413.92M | 466.88M | 542.44M | 454.89M |
| Total Liabilities | 840.33M | 518.10M | 829.55M | 850.03M | 843.18M | 738.10M |
| Stockholders Equity | 289.97M | 272.19M | 80.40M | 130.75M | 228.37M | 293.01M |
Cash Flow | ||||||
| Free Cash Flow | 6.99M | -98.31M | -19.19M | 66.58M | -32.45M | 5.33M |
| Operating Cash Flow | 22.36M | -85.41M | -5.12M | 91.67M | 1.16M | 32.90M |
| Investing Cash Flow | -15.37M | -12.10M | 7.40M | -31.04M | -42.66M | -36.89M |
| Financing Cash Flow | -5.29M | 97.67M | -5.70M | -49.67M | 45.72M | 11.80M |
Barnes & Noble Education Technical Analysis
Positive
8.71
Price Trends
8.73
Positive
8.68
Positive
9.01
Positive
Market Momentum
0.28
Negative
65.78
Neutral
79.60
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For BNED, the sentiment is Positive. The current price of 8.71 is below the 20-day moving average (MA) of 9.13, below the 50-day MA of 8.73, and below the 200-day MA of 9.01, indicating a bullish trend. The MACD of 0.28 indicates Negative momentum. The RSI at 65.78 is Neutral, neither overbought nor oversold. The STOCH value of 79.60 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for BNED.
Barnes & Noble Education Risk Analysis
Barnes & Noble Education disclosed 42 risk factors in its most recent earnings report. Barnes & Noble Education reported the most risks in the "Finance & Corporate" category.
Finance & Corporate - Financial and accounting risks. Risks related to the execution of corporate activity and strategy
Latest Risks Added 0 New Risks
Barnes & Noble Education Peers Comparison
UnderperformOutperform
Sector (61)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
70 Outperform | $1.01B | 31.00 | 14.46% | ― | 31.20% | 38.38% | |
61 Neutral | $18.38B | 12.79 | -2.54% | 3.03% | 1.52% | -15.83% | |
58 Neutral | $334.27M | 98.91 | 2.37% | ― | -8.47% | ― | |
50 Neutral | $334.73M | 11.58 | -3.56% | ― | 1.38% | 63.65% | |
47 Neutral | $210.14M | 0.88 | -67.22% | ― | -8.07% | -2206.16% | |
46 Neutral | $339.50M | -3.93 | -48.74% | ― | -27.23% | 62.19% | |
45 Neutral | $124.28M | -0.64 | -353.75% | ― | -6.32% | 28.82% |
* Consumer Cyclical Sector Average
BNED
Barnes & Noble Education
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0.93
10.53%
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Barnes & Noble Education Corporate Events
Executive/Board ChangesShareholder Meetings
Barnes & Noble Education Stockholders Approve Governance Matters
Positive
Mar 16, 2026
At its 2025 Annual Meeting of Stockholders held on March 10, 2026, Barnes Noble Education reported that 29,352,793 shares of common stock were represented in person or by proxy out of 34,294,569 shares outstanding and entitled to vote as of the F...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.