Byrna Technologies (BYRN) AI Stock Analysis

• Market Cap: $761.09M
• Dividend Yield: N/A
• Average Volume (3M): 481.51K
• Price to Earnings (P/E): 53.0
• Beta (1Y): 1.43
• Revenue Growth: 87.26%
• EPS Growth: N/A
• Country: US
• Employees: 167
• Sector: Industrials
• Sector Strength: 89
• Industry: Aerospace & Defense
• EPS (TTM): 0.10
• Shares Outstanding: 22,678,469
• 10 Day Avg. Volume: 518,372
• 30 Day Avg. Volume: 481,508
• PEG Ratio: -0.23
• Price to Book (P/B): 4.21
• Price to Sales (P/S): 0.00
• P/FCF Ratio: -11.34
• Enterprise Value/Market Cap: 0.23
• Enterprise Value/Revenue: 0.56
• Enterprise Value/Gross Profit: 2.98
• Enterprise Value/Ebitda: 9.17
• 1Y Price Target: $37.00
• Price Target Upside: 15.01% Upside
• Rating Consensus: Strong Buy
• Number of Analyst Covering: 3

• Rating: 75 Outperform
• Price Target: $35.00 ▲(8.80%Upside)

Byrna Technologies scores well due to strong financial performance and positive earnings call sentiment, indicating robust revenue growth and profitability improvements. However, technical analysis suggests potential overbought conditions, and the high P/E ratio points to valuation concerns. The absence of dividend yield also affects the attractiveness for certain investors.

Positive Factors

Financial Health

Byrna has a good balance sheet with ~$25mn in cash, no debt, and the ability to self-fund growth.

Market Potential

Byrna is viewed as a leader in non-lethal consumer products for self-defense, with a large potential addressable market and the ability to scale both category awareness and sales.

Negative Factors

Market Adoption Risks

Key risks include limited adoption or acceptance of less-lethal products among consumers and challenges in scaling marketing dollars or implementing the store growth strategy.

Byrna Technologies Business Overview & Revenue Model

Company Description

Byrna Technologies Inc., a less-lethal defense technology company, develops and manufactures less-lethal munitions. It offers a Byrna line of handheld personal security devices, including the Byrna SD and Byrna SD .68 caliber handheld personal security devices that are designed to be used by civilians and private security professionals, as well as Byrna HD magazines, shoulder-fired launchers, and projectiles. The company also offers accessories and related safety products, including the Byrna Banshee, Byrna Shield, compressed carbon dioxide canisters, sighting systems, holsters, and Byrna-branded apparels. It operates in the United States and South Africa. The company was formerly known as Security Devices International, Inc. and changed its name to Byrna Technologies Inc. in March 2020. Byrna Technologies Inc. was incorporated in 2005 and is headquartered in Andover, Massachusetts.

How the Company Makes Money

Byrna Technologies generates revenue primarily through the sale of its non-lethal self-defense products, including launchers, projectiles, and related accessories. The company's revenue model is largely based on direct-to-consumer sales via its e-commerce platform, as well as through various retail partners and distributors. Byrna also engages in international sales, expanding its market presence beyond the United States. Key revenue streams include the initial sale of the launcher units and the recurring sales of consumable components like CO2 cartridges and projectiles. Additionally, strategic partnerships with law enforcement agencies and security firms contribute to their earnings by providing tailored solutions for professional use.

Byrna Technologies Financial Statement Overview

Summary

Byrna Technologies demonstrates strong revenue growth and improved profitability, with efficient cost management reflected in better margins. The balance sheet is solid, with low leverage and a high equity base, providing financial stability. Despite these strengths, the decline in operating cash flow and negative free cash flow indicate potential liquidity challenges that need monitoring.

Income Statement

Byrna Technologies shows a robust revenue growth with a significant increase from $42.64 million in 2023 to $95.29 million in TTM (Trailing-Twelve-Months) 2025. Gross profit margin has improved to 61.96% in TTM 2025, indicating strong operational efficiency. The net profit margin stands at a healthy 15.15% for TTM 2025, reflecting profitability improvements. EBIT and EBITDA margins have also improved, suggesting better cost management and operational leverage.

Balance Sheet

The company's debt-to-equity ratio remains low at 0.04, indicating minimal leverage, which reduces financial risk. Return on equity improved to 25.41% in TTM 2025, showing strong profitability relative to shareholders' equity. The equity ratio is robust at 79.99%, signifying a strong equity base with limited liabilities, enhancing financial stability.

Cash Flow

Operating cash flow decreased significantly in TTM 2025 compared to the previous year, reflecting operational cash generation challenges. However, the company maintains a positive Operating Cash Flow to Net Income ratio of 0.28, indicating efficiency in converting net income to cash. The free cash flow is negative, suggesting potential liquidity constraints if this trend persists.

Breakdown	TTM	Dec 2024	Dec 2023	Dec 2022	Dec 2021	Dec 2020
Income Statement
Total Revenue	95.29M	85.76M	42.64M	48.04M	42.16M	16.57M
Gross Profit	59.06M	52.77M	23.65M	26.28M	22.89M	7.51M
EBITDA	9.75M	8.16M	-6.53M	-6.88M	-2.80M	-11.03M
Net Income	14.44M	12.79M	-8.19M	-7.88M	-3.28M	-12.55M
Balance Sheet
Total Assets	71.04M	71.92M	52.31M	57.05M	75.31M	21.22M
Cash, Cash Equivalents and Short-Term Investments	19.29M	25.73M	20.50M	20.07M	56.31M	3.18M
Total Debt	2.54M	2.64M	1.90M	2.55M	1.09M	1.28M
Total Liabilities	14.21M	17.55M	9.99M	11.05M	9.22M	12.81M
Stockholders Equity	56.83M	54.37M	42.32M	45.99M	66.10M	8.41M
Cash Flow
Free Cash Flow	-822.00K	9.39M	2.99M	-17.08M	-6.28M	1.03M
Operating Cash Flow	4.02M	11.74M	3.89M	-13.83M	-4.44M	2.54M
Investing Cash Flow	-16.35M	-11.23M	-2.98M	-5.14M	-5.88M	-2.00M
Financing Cash Flow	-4.54M	-4.55M	-422.00K	-17.04M	57.25M	7.77M

Byrna Technologies Technical Analysis

• Technical Analysis Sentiment: Positive
• Last Price: 32.17
• 50DMA: Positive
• 100DMA: Positive
• 200DMA: Positive
• MACD: Positive
• RSI: Neutral
• STOCH: Neutral

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For BYRN, the sentiment is Positive. The current price of 32.17 is above the 20-day moving average (MA) of 31.27, above the 50-day MA of 27.33, and above the 200-day MA of 23.25, indicating a bullish trend. The MACD of 1.46 indicates Positive momentum. The RSI at 58.74 is Neutral, neither overbought nor oversold. The STOCH value of 68.33 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for BYRN.

Byrna Technologies Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
BYRN	75 Outperform	$761.09M	52.95	28.88%	―	87.26%	―
CDRE	71 Outperform	$1.29B	33.86	13.07%	1.19%	10.06%	-7.56%
RGR	69 Neutral	$597.14M	19.70	9.56%	1.99%	0.65%	-20.28%
Sector *	65 Neutral	$10.75B	15.72	5.20%	1.90%	3.09%	-27.42%
NPK	64 Neutral	$756.54M	17.73	12.14%	0.94%	23.15%	31.43%
SWBI	54 Neutral	$379.36M	28.78	3.48%	6.05%	-11.73%	-64.84%
POWW	43 Neutral	$147.56M	―	-17.71%	―	-11.01%	-279.70%

Byrna Technologies Corporate Events

Byrna Technologies Updates Investor Presentation

Byrna Technologies Inc. has updated its investor presentation, which may be used in future investor meetings. The information provided in the presentation is not considered filed under the Securities Exchange Act of 1934 and is not subject to the liabilities of that section.

The most recent analyst rating on (BYRN) stock is a Buy with a $14.00 price target. To see the full list of analyst forecasts on Byrna Technologies stock, see the BYRN Stock Forecast page.