Byrna Technologies (BYRN) AI Stock Analysis

• Market Cap: $292.23M
• Dividend Yield: N/A
• Average Volume (3M): 516.64K
• Price to Earnings (P/E): 32.0
• Beta (1Y): 1.60
• Revenue Growth: 50.99%
• EPS Growth: 612.36%
• Country: US
• Employees: 167
• Sector: Industrials
• Sector Strength: 72
• Industry: Aerospace & Defense
• EPS (TTM): 0.14
• Shares Outstanding: 22,671,284
• 10 Day Avg. Volume: 283,271
• 30 Day Avg. Volume: 516,642
• PEG Ratio: -1.72
• Price to Book (P/B): 6.24
• Price to Sales (P/S): 3.47
• P/FCF Ratio: -44.62
• Enterprise Value/Market Cap: 0.96
• Enterprise Value/Revenue: 2.39
• Enterprise Value/Gross Profit: 3.94
• Enterprise Value/Ebitda: 20.20
• 1Y Price Target: $35.00
• Price Target Upside: 171.53% Upside
• Rating Consensus: Strong Buy
• Number of Analyst Covering: 3
• EPS Forecast (FY): 0.58
• Revenue Forecast (FY): $138.95M

• Rating: 66 Neutral
• Price Target: $14.00 ▲(8.61% Upside)
• Action: Reiterated Date: 03/03/26
• Date: Action: Reiterated 03/03/26

The score is driven primarily by improving fundamentals and a strong balance sheet, reinforced by constructive FY2026 margin and growth guidance from the latest earnings call. These positives are tempered by weak recent cash flow and a bearish technical setup (price below key moving averages with negative MACD), while valuation (P/E ~32) also limits upside without continued execution.

Positive Factors

Multi-year revenue expansion & retail footprint

Sustained, multi-year top-line scaling and a rapid retail rollout (chain-store footprint expanded dramatically) reflect durable demand, broader distribution and brand strength. This expansion supports long-term market penetration, greater repeat consumable sales and improved operating leverage as the business scales.

Conservatively levered balance sheet

Very low leverage and a materially strengthened equity base provide financing optionality and a cushion to absorb execution missteps. This structural strength reduces bankruptcy risk, enables access to the $20M credit facility for strategic investments, and supports M&A or onshoring initiatives without immediate dilutive financing.

Product innovation & lower-cost next-gen designs

A pipeline that includes a modular launcher with ~40% lower BOM and connected accessories creates durable competitive advantages: lower unit COGS, higher margin potential, and new recurring revenue streams (accessory subscriptions). Product-led differentiation supports long-term margin and market-share gains.

Negative Factors

Volatile and recently negative cash generation

A shift to negative operating and free cash flow in 2025, following volatile prior years, signals weaker cash conversion and higher investment intensity. This persistent cash volatility raises execution risk, can constrain reinvestment capacity, and increases reliance on external financing despite low balance-sheet leverage.

Elevated inventory and YoY cash decline

A meaningful buildup in inventory alongside a significant YoY cash decline ties up working capital and elevates liquidity risk. Large inventories ahead of rollouts increase exposure to obsolescence, markdowns or longer cash conversion cycles, pressuring sustainable free cash flow unless retail sell-through and inventory turns accelerate.

Rising operating expenses to scale the business

Material OpEx growth to support retail expansion and product development can compress margins if revenue mix or productivity doesn't keep pace. Sustained high SG&A spend raises the bar for operating leverage execution and makes profitable scaling contingent on persistent sales growth and tight cost control.

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 through the sale of its non-lethal self-defense products, which include launchers, projectiles, and accessories. The company's primary revenue stream comes from direct sales to consumers and law enforcement agencies, as well as through partnerships with various retailers and distributors. Byrna also benefits from recurring revenue through the sale of consumables, such as the projectiles used in their launchers. Additionally, strategic collaborations with law enforcement and security organizations enhance their market reach and credibility, contributing to overall sales growth.

Byrna Technologies Financial Statement Overview

Summary

Strong multi-year revenue expansion and a return to profitability in 2024–2025, supported by a conservatively levered balance sheet and growing equity. The main offset is weak and volatile cash generation, including negative operating and free cash flow in 2025, which raises earnings-quality and execution risk.

Income Statement

Revenue has scaled materially over the last several years (from ~$16.6M in 2020 to ~$118.1M in 2025), showing strong long-term expansion, though growth appears to be moderating most recently (2025 revenue growth ~6.6%). Profitability has improved meaningfully versus earlier loss years, with positive operating profit and net income in 2024–2025. However, earnings have been volatile historically (losses from 2020–2023), and net income declined from 2024 to 2025 despite higher revenue, suggesting some margin pressure or higher costs.

Balance Sheet

The balance sheet looks conservatively levered, with very low debt relative to equity across the period (debt-to-equity ~0.04–0.06 in 2022–2024, and total debt only ~$2.35M in 2025). Equity has built over time (from ~$8.4M in 2020 to ~$65.8M in 2025), providing a solid cushion. The main watch-out is that returns on equity have been inconsistent due to prior-year losses, although profitability in 2024 was strong.

Cash Flow

Cash generation is the key weak spot. After solid cash flow in 2023–2024 (2024 operating cash flow ~$11.7M and free cash flow ~$9.4M), 2025 flipped negative with operating cash flow of about -$1.6M and free cash flow around -$9.2M, indicating a meaningful deterioration in cash conversion and/or higher investment needs. Earlier years also showed volatility (notably negative operating/free cash flow in 2021–2022), so cash flow stability remains a risk despite improved reported profitability in the last two years.

Breakdown	Nov 2025	Nov 2024	Nov 2023	Nov 2022	Nov 2021
Income Statement
Total Revenue	118.12M	85.76M	42.64M	48.04M	42.16M
Gross Profit	71.47M	52.77M	23.65M	26.28M	22.89M
EBITDA	13.88M	8.16M	-6.53M	-6.88M	-2.80M
Net Income	9.69M	12.79M	-8.19M	-7.88M	-3.28M
Balance Sheet
Total Assets	84.49M	71.92M	52.31M	57.05M	75.31M
Cash, Cash Equivalents and Short-Term Investments	15.48M	25.73M	20.50M	20.07M	56.31M
Total Debt	3.96M	2.64M	1.90M	2.55M	1.09M
Total Liabilities	18.73M	17.55M	9.99M	11.05M	9.22M
Stockholders Equity	65.76M	54.37M	42.32M	45.99M	66.10M
Cash Flow
Free Cash Flow	-9.20M	9.39M	2.99M	-17.08M	-6.28M
Operating Cash Flow	-1.57M	11.74M	3.89M	-13.83M	-4.44M
Investing Cash Flow	-459.00K	-11.23M	-2.98M	-5.14M	-5.88M
Financing Cash Flow	-1.33M	-4.55M	-422.00K	-17.04M	57.25M

Byrna Technologies Technical Analysis

• Technical Analysis Sentiment: Negative
• Last Price: 12.89
• 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 BYRN, the sentiment is Negative. The current price of 12.89 is below the 20-day moving average (MA) of 13.13, below the 50-day MA of 15.19, and below the 200-day MA of 20.78, indicating a bearish trend. The MACD of -0.68 indicates Negative momentum. The RSI at 42.72 is Neutral, neither overbought nor oversold. The STOCH value of 64.19 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for BYRN.

Byrna Technologies Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
BYRN	66 Neutral	$292.23M	31.99	16.13%	―	50.99%	612.36%
SWBI	64 Neutral	$535.70M	53.60	2.71%	5.10%	-9.08%	-71.62%
Sector *	63 Neutral	$10.79B	15.43	7.44%	2.01%	2.89%	-14.66%
RGR	60 Neutral	$605.08M	289.34	0.87%	1.92%	3.90%	-92.10%
POWW	57 Neutral	$241.61M	-3.93	―	―	-11.01%	-279.70%
EVEX	49 Neutral	$1.09B	-4.79	-115.63%	―	―	-33.69%
PEW	40 Underperform	$84.95M	-0.13	-1.66%	―	―	-116.40%

Byrna Technologies Corporate Events

Byrna Technologies Announces New CEO and Board Leadership

Byrna Technologies Inc. is a personal defense technology company that develops, manufactures, and sells innovative less-lethal personal security solutions, including CO2-powered handheld launchers such as the Byrna CL, Byrna LE, and Byrna SD. Its products provide alternatives to firearms for consumer, private security, and law enforcement markets, with a growing direct-to-consumer business and a national sporting goods dealer network.

On March 2, 2026, longtime CEO Bryan Ganz retired and resigned from Byrna’s board under a qualified retirement, while remaining as an advisor for up to six months as part of a planned leadership succession. The board appointed former MasterBrand executive Conn Davis as chief executive officer and director, and named TJ Kennedy as chair of the board, with outgoing chair Herbert Hughes remaining as a director.

The transition includes new compensation and equity arrangements for Davis and adjustments for Kennedy and Hughes, underscoring a deliberate shift to a new generation of leadership without any reported disagreements over company operations. The move follows years of rapid growth under Ganz, who led Byrna’s evolution into a multinational consumer-focused less-lethal brand with record 2025 revenue of $118 million and expanded market presence, signaling continuity of the growth strategy under new management.

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.

Byrna Technologies Announces Routine Transition of Chief Operating Officer

Byrna Technologies Inc. announced that Chief Operating Officer John Brasseur informed the company on January 29, 2026, of his decision to leave the firm to pursue other professional opportunities, with his last day of employment set for February 17, 2026. The company emphasized that Brasseur’s departure was amicable and not due to any disagreement over operations, policies, or practices, and noted that he will receive only standard accrued compensation under existing policies, underscoring a routine executive transition with no indicated disruption to ongoing operations or corporate strategy.

The most recent analyst rating on (BYRN) stock is a Hold with a $20.50 price target. To see the full list of analyst forecasts on Byrna Technologies stock, see the BYRN Stock Forecast page.