Barnwell (BRN) AI Stock Analysis

• Market Cap: $12.69M
• Dividend Yield: N/A
• Average Volume (3M): 33.68K
• Price to Earnings (P/E): ―
• Beta (1Y): -0.13
• 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: 0.55
• Enterprise Value/Revenue: 0.56
• Enterprise Value/Gross Profit: 6.54
• Enterprise Value/Ebitda: -1.86
• 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: 47 Neutral
• Price Target: $1.00 ▼(-13.04% Downside)
• Action: Reiterated Date: 02/24/26
• Date: Action: Reiterated 02/24/26

The score is held down primarily by deteriorating profitability and a return to cash burn, alongside a bearish longer-term price trend. Very low leverage provides some financial flexibility, and the recent private placement modestly supports liquidity, but valuation is constrained by current losses.

Positive Factors

Low Leverage

Minimal debt gives Barnwell durable financial flexibility to weather oil and gas cyclical swings without large interest burdens. Low leverage limits bankruptcy risk, preserves capacity to finance maintenance or selective investments, and makes strategic alternatives less constrained over months.

Owned Producing Assets & Tax Shields

Owning producing properties and having NOL carryforwards provide structural optionality: assets generate operating cash when commodity prices recover and tax shields can improve after-tax returns. These durable elements support monetization, joint ventures or repositioning over the medium term.

Capital Injection via Private Placement

The ~$2.4M private placement materially bolsters near-term liquidity and funds the board's strategic review. This capital provides runway to stabilize operations, pursue higher-return projects, and execute value-creation options without immediate asset fire sales, aiding multi-month execution.

Negative Factors

Falling Revenue & Deep Losses

A steep revenue decline and very negative margins indicate persistent erosion of core E&P profitability. Sustained losses reduce retained capital for reinvestment, impair reserve development, and, if not reversed, will make it harder to achieve self-funded growth or attract long-term capital.

Negative Cash Generation

Recent cash burn reverses prior positive cash generation, increasing funding pressure. Ongoing negative operating and free cash flow force reliance on external financing or asset sales, elevating dilution or refinancing risk and constraining investment in sustaining production.

Very Negative Returns

Deeply negative ROE signals capital destruction and weak earnings stability. Over months this undermines the firm's ability to attract favorable capital, pressures the equity base, and makes it more difficult to fund growth or improve margins without meaningful operational turnaround.

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 generates revenue primarily through the exploration and production of oil and natural gas, which includes the sale of crude oil, natural gas liquids, and natural gas. The company earns income from its interests in various oil and gas properties, with revenue fluctuating based on market prices for these commodities. Additionally, Barnwell has revenue streams from its real estate segment, which includes rental incomes from residential and commercial properties. The company may also benefit from strategic partnerships in both the energy and real estate sectors, allowing for shared resources and expanded market reach, although specific partnerships are not detailed.

Barnwell Financial Statement Overview

Summary

Income statement and cash flow are weak: TTM revenue fell ~31% to ~$9.8M with deeply negative margins (net margin ~-68%) and a ~$6.6M net loss, while TTM operating cash flow turned negative (~-$2.9M) and free cash flow is negative (~-$0.6M). The main offset is a strong balance sheet with minimal debt (~$82K; debt-to-equity ~0.01), but persistent losses and very negative ROE (~-77%) keep the score low.

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: Negative
• 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 1.03, above the 50-day MA of 1.08, and below the 200-day MA of 1.18, indicating a bearish trend. The MACD of -0.02 indicates Negative momentum. The RSI at 46.20 is Neutral, neither overbought nor oversold. The STOCH value of 45.45 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	71 Outperform	$21.79M	17.54	9.11%	0.96%	7.26%	40.01%
Sector *	65 Neutral	$15.17B	7.61	4.09%	5.20%	3.87%	-62.32%
BATL	48 Neutral	$67.14M	-1.22	-164.49%	―	-4.08%	-325.73%
BRN	47 Neutral	$12.69M	-1.66	―	―	-32.91%	-23.72%
VIVK	46 Neutral	$2.38M	>-0.01	-163.97%	―	101.82%	-605.58%

Barnwell Corporate Events

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.

Barnwell Expands Board with New Director Appointment

On November 25, 2025, Barnwell Industries, Inc. announced an increase in its Board of Directors from five to six members, effective upon the closing of a private placement offering on November 28, 2025. Joshua E. Schechter was appointed as a new board member, following the rights granted to investor Bradley L. Radoff to appoint a director. Schechter, who has held various directorial roles in other companies, will serve until the next annual meeting of stockholders.

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.

Barnwell Announces Private Placement to Boost Growth

On November 24, 2025, Barnwell Industries, Inc. announced a private placement agreement with investors, including board members, to issue approximately 2.2 million shares of common stock and warrants, expecting to raise around $2.4 million. This move is part of Barnwell’s strategic repositioning to enhance profitability and shareholder value, following its exit from the water well drilling business and closure of its Hawaii headquarters. The transaction, led by Bradley Radoff, also involves appointing Joshua Schechter to the board, aiming to strengthen Barnwell’s balance sheet and support its focus on high-return investments.

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.