Barnwell (BRN) AI Stock Analysis

• Market Cap: $13.19M
• Dividend Yield: N/A
• Average Volume (3M): 33.68K
• Price to Earnings (P/E): ―
• Beta (1Y): -0.18
• Revenue Growth: -32.91%
• EPS Growth: -23.72%
• Country: US
• Employees: 27
• Sector: Energy
• Sector Strength: 52
• Industry: Oil & Gas Exploration & Production
• EPS (TTM): -0.11
• Shares Outstanding: 12,566,314
• 10 Day Avg. Volume: 27,649
• 30 Day Avg. Volume: 33,684
• PEG Ratio: -0.08
• Price to Book (P/B): 1.87
• Price to Sales (P/S): 0.95
• P/FCF Ratio: -2.65
• Enterprise Value/Market Cap: 0.57
• Enterprise Value/Revenue: 0.60
• Enterprise Value/Gross Profit: 7.02
• Enterprise Value/Ebitda: -2.00
• 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: 49 Neutral
• Price Target: $1.00 ▼(-13.04% Downside)
• Action: Reiterated Date: 03/17/26
• Date: Action: Reiterated 03/17/26

The score is held down primarily by deteriorating financial performance (shrinking revenue, large net losses, and a return to operating cash burn). Technicals are only mildly supportive (neutral momentum and mixed trend vs. longer-term averages), while valuation is difficult to justify with negative earnings. Positive corporate updates (M&A capability build and stable winter operations) provide some support but are secondary to the fundamental weakness.

Positive Factors

Very low leverage balance sheet

Extremely low debt provides durable financial flexibility: it lowers default risk, preserves borrowing capacity for downturns or opportunistic M&A, and reduces near-term interest burden. That balance-sheet cushion supports survival and strategic optionality while earnings recover.

Reliable Canadian winter production

Consistent, weather-resilient production from politically stable Western Canada supports predictable cash generation capacity over seasons. Operational reliability reduces production volatility, underpins reserve value, and strengthens the asset base available for long-term monetization or divestiture strategies.

Strengthened M&A / corporate-development capability

Adding an experienced strategic advisor materially increases the company's ability to source, evaluate and execute portfolio-transforming transactions. Over months this can accelerate asset sales, tuck-ins, or diversification into higher-growth sectors, improving long-term capital allocation and strategic optionality.

Negative Factors

Shrinking revenue and deep net losses

Steep revenue decline and large, persistent losses erode shareholder equity and limit internal reinvestment. Sustained negative margins weaken competitive position, hamper investment in operations or growth, and raise the bar for any recovery to restore profitability and capital stability over the medium term.

Operating cash flow turned negative

The swing to cash burn increases reliance on external financing or asset sales to fund operations and capex. Over several months this raises execution risk, may dilute shareholders if equity is issued, and constrains the company's ability to pursue strategic investments without third-party funding.

High sensitivity to commodity prices

Business model dependence on volatile commodity prices and production volumes creates structural revenue volatility. With limited scale, Barnwell has less hedging and margin protection, making cash flow and planning vulnerable to prolonged commodity downturns and increasing the uncertainty of medium-term recovery plans.

Barnwell Business Overview & Revenue Model

Company Description

Barnwell Industries, Inc. acquires, develops, produces, and sells oil and natural gas in Canada. It operates through three segments: Oil and Natural Gas, Land Investment, and Contract Drilling. The company acquires and develops crude and natural gas assets in the province of Alberta; and invests in land interests in Hawaii. It also owns and operates five water well drilling rigs, two pump rigs, and other ancillary drilling and pump equipment; drills water and water monitoring wells of varying depths; installs and repairs water pumping systems; and distributes trillium flow technologies. Barnwell Industries, Inc. was incorporated in 1956 and is headquartered in Honolulu, Hawaii.

How the Company Makes Money

Barnwell makes money primarily by selling the oil and natural gas produced from properties in which it holds working and/or royalty interests. Revenue is generated as production volumes are sold into the market at prevailing commodity prices (typically under marketing arrangements customary in the oil and gas industry), so earnings are highly sensitive to changes in oil and natural gas prices and production levels. The company’s cash flow is generally driven by (1) realized oil and gas sales prices, (2) its share of production volumes from the wells and properties it participates in, and (3) operating and development costs associated with producing and maintaining those assets. Significant partnerships or counterparties: null.

Barnwell Financial Statement Overview

Summary

Financials are weak overall: revenue declined (~31% TTM) and profitability is deeply negative (net margin ~-68%, EBITDA margin ~-40%) with a ~$6.6M net loss. Cash flow also turned negative (TTM operating cash flow ~-$2.9M; free cash flow ~-$0.6M). The main offset is a very low leverage balance sheet (debt-to-equity ~0.01), which provides flexibility despite poor returns (ROE ~-77%).

Income Statement

Profitability has deteriorated meaningfully. In TTM (Trailing-Twelve-Months), revenue fell to ~$9.8M (down ~31%), while margins are deeply negative (net margin ~-68%, EBITDA margin ~-40%), resulting in a ~$6.6M net loss. The company was profitable in 2021–2022, but results turned sharply lower in 2023–2025, showing weak earnings stability and a negative operating trend despite modest gross margin (~11%).

Balance Sheet

Leverage is very low, which is a clear strength. In TTM (Trailing-Twelve-Months), total debt is minimal (~$82K) against ~$8.2M of equity (debt-to-equity ~0.01), providing balance-sheet flexibility. The key weakness is returns: equity is shrinking in effectiveness as losses persist (TTM return on equity around -77%), which can pressure the capital base over time if not reversed.

Cash Flow

Cash generation is inconsistent and has recently weakened. TTM (Trailing-Twelve-Months) operating cash flow is negative (~-$2.9M) and free cash flow is also negative (~-$0.6M), a reversal from 2024 when both operating cash flow (~$4.7M) and free cash flow (~$1.2M) were positive. While free cash flow is less negative than net income in TTM (indicating some non-cash losses), the recent swing to cash burn increases funding and execution risk.

Breakdown	TTM	Sep 2025	Sep 2024	Sep 2023	Sep 2022	Sep 2021
Income Statement
Total Revenue	12.44M	13.70M	21.72M	25.27M	28.55M	18.11M
Gross Profit	1.06M	1.58M	2.29M	4.71M	11.74M	5.04M
EBITDA	-3.73M	-3.09M	890.00K	4.40M	10.06M	9.09M
Net Income	-6.60M	-6.91M	-5.57M	-961.00K	5.51M	6.25M
Balance Sheet
Total Assets	21.47M	20.81M	30.67M	35.42M	37.22M	24.43M
Cash, Cash Equivalents and Short-Term Investments	3.62M	2.89M	4.50M	2.83M	12.80M	11.28M
Total Debt	164.00K	264.00K	7.00K	47.00K	266.00K	344.00K
Total Liabilities	13.28M	13.79M	17.61M	16.66M	18.05M	14.93M
Stockholders Equity	8.16M	7.01M	13.04M	18.74M	19.14M	9.50M
Cash Flow
Free Cash Flow	-607.00K	-4.94M	1.18M	-9.69M	-2.93M	-1.10M
Operating Cash Flow	-2.88M	-1.87M	4.71M	1.94M	7.29M	831.00K
Investing Cash Flow	2.51M	773.00K	-2.83M	-11.18M	-7.11M	3.69M
Financing Cash Flow	2.01M	-418.00K	-226.00K	-786.00K	1.56M	2.19M

Barnwell Technical Analysis

• Technical Analysis Sentiment: Negative
• Last Price: 1.15
• 50DMA: Negative
• 100DMA: Negative
• 200DMA: Negative
• MACD: Positive
• RSI: Neutral
• STOCH: Neutral

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For BRN, the sentiment is Negative. The current price of 1.15 is above the 20-day moving average (MA) of 1.10, above the 50-day MA of 1.09, and below the 200-day MA of 1.17, indicating a bearish trend. The MACD of <0.01 indicates Positive momentum. The RSI at 46.70 is Neutral, neither overbought nor oversold. The STOCH value of 29.43 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for BRN.

Barnwell Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
MXC	74 Outperform	$23.53M	100.88	6.59%	0.96%	7.26%	40.01%
Sector *	65 Neutral	$15.17B	7.61	4.09%	5.20%	3.87%	-62.32%
BRN	49 Neutral	$13.19M	-2.18	-77.96%	―	-32.91%	-23.72%
BATL	48 Neutral	$246.03M	-6.77	-8.95%	―	-4.08%	-325.73%
VIVK	46 Neutral	$2.51M	-0.05	-69.23%	―	101.82%	-605.58%

Barnwell Corporate Events

Barnwell Appoints Sean Wallace as Strategic M&A Advisor

On March 11, 2026, Barnwell Industries, Inc. announced it had appointed veteran finance executive Sean Wallace as a strategic advisor to strengthen its mergers and acquisitions capabilities and broader corporate development efforts. Wallace, who participated in Barnwell’s November 2025 private placement, brings more than three decades of senior financial and leadership experience, including prior CFO roles at AST SpaceMobile and Cogent Communications and senior posts at Standard Chartered Bank and JPMorgan in Asia Pacific.

In his advisory role, Wallace will work with Barnwell’s leadership to assess and execute strategic transactions, such as mergers, acquisitions, divestitures, and other initiatives aligned with the company’s long-term objectives. The company highlighted that his expertise is expected to support Barnwell’s ambitions to source and grow opportunities in areas including space, telecommunications, emerging defense, rare earths, reshoring, and energy, potentially broadening its strategic positioning and deal pipeline.

The most recent analyst rating on (BRN) stock is a Hold with a $1.00 price target. To see the full list of analyst forecasts on Barnwell stock, see the BRN Stock Forecast page.

Barnwell Explores Strategic Alternatives for Canadian Oil Assets

Barnwell Industries, Inc. announced it has retained an independent financial advisor to help evaluate strategic alternatives for its Canadian oil and gas business, including a possible sale of those assets. The company has begun soliciting and reviewing indications of interest from potential counterparties but emphasized that no decision has been made to pursue or complete any transaction, and it may provide further disclosure only if its board approves a specific deal or is otherwise required to do so by law.

The most recent analyst rating on (BRN) stock is a Hold with a $1.00 price target. To see the full list of analyst forecasts on Barnwell stock, see the BRN Stock Forecast page.

Barnwell Highlights Strong Winter Canadian Oil Production Performance

On March 4, 2026, Barnwell Industries highlighted operational results from its first-quarter fiscal 2026 period, emphasizing the reliability of its Canadian oil production during the winter operating season. The company reported minimal weather-related disruptions at its Twining oil field in Alberta, underscoring the robustness of its infrastructure and operating partners in a region known for harsh winter conditions.

During the quarter, Barnwell produced about 35,000 barrels of oil, 10,000 barrels of natural gas liquids, and 250,000 thousand cubic feet of natural gas from its Canadian properties, totaling roughly 86,667 barrels of oil equivalent or around 950 BOEs per day. Management framed these results as evidence that its assets in politically stable Western Canada are well positioned to supply North American markets amid tightening global supply and rising geopolitical risks, reinforcing the company’s focus on maximizing asset value with disciplined oversight and capital allocation.

The most recent analyst rating on (BRN) stock is a Sell with a $1.00 price target. To see the full list of analyst forecasts on Barnwell stock, see the BRN Stock Forecast page.

Barnwell Launches At-The-Market Equity Offering Program

On February 25, 2026, Barnwell Industries, Inc. entered into a sales agreement with Roth Capital Partners, LLC that allows the company to sell up to $50 million of its common stock in at-the-market offerings, subject to market conditions and mutual discretion. Due to current Form S-3 limitations tied to its public float, Barnwell is initially offering up to $3.2 million of common stock under a prospectus supplement filed the same day, with shares to be sold at prevailing market prices, a commission of up to 2.5% payable to the agent, and customary indemnification and termination provisions that give the company flexible, albeit uncertain, access to additional equity capital.

The shares are being issued off Barnwell’s shelf registration statement on Form S-3 that was filed with the SEC on January 12, 2026 and declared effective on January 30, 2026. The arrangement provides Barnwell with a scalable mechanism to raise funds over time while signaling to stakeholders that future equity issuance will depend on market pricing, investor demand and the company’s ongoing financing requirements.

The most recent analyst rating on (BRN) stock is a Hold with a $1.00 price target. To see the full list of analyst forecasts on Barnwell stock, see the BRN Stock Forecast page.

Barnwell Adopts New Limited-Duration Shareholder Rights Plan

On January 30, 2026, Barnwell Industries announced that its board adopted a new limited-duration shareholder rights plan after the company’s prior plan expired on January 26, 2026, aiming to protect the long-term value of the company and ensure fair and equal treatment of shareholders in the event of any takeover attempt. Under the plan, one right will be issued for each common share outstanding as of February 13, 2026, with the rights becoming exercisable if any person acquires 20% or more of Barnwell’s common stock, a structure designed to prevent “creeping control” and address concerns arising from a significant existing shareholder whose ownership exceeds the triggering threshold, while still allowing the board flexibility to evaluate bona fide offers and preserving protections through July 29, 2026.

The most recent analyst rating on (BRN) stock is a Hold with a $1.00 price target. To see the full list of analyst forecasts on Barnwell stock, see the BRN Stock Forecast page.

Barnwell Industries announces planned chief financial officer transition

On December 30, 2025, Barnwell Industries, Inc. announced that longtime Executive Vice President, Chief Financial Officer, Treasurer, principal financial officer and principal accounting officer Russell M. Gifford will retire effective December 31, 2025. The company said that Executive Vice President-Finance Philip F. Patman, Jr. will succeed Gifford as Chief Financial Officer, Treasurer and principal financial officer, marking a planned senior management transition in the firm’s financial leadership structure.

The most recent analyst rating on (BRN) stock is a Hold with a $1.50 price target. To see the full list of analyst forecasts on Barnwell stock, see the BRN Stock Forecast page.