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General information

Country: UNITED STATES

Sector: Restaurants

BT Brands, Inc. owns and operates fast-food restaurants in the north central region of United States. The company operates nine Burger Time restaurants located in Minnesota, North Dakota, and South Dakota; and a Dairy Queen franchise in Ham Lake, Minnesota. Its Burger Time restaurants provide various burgers and other food products, such as chicken sandwiches, pulled pork sandwiches, side dishes, and soft drinks; and Dairy Queen restaurant offers burgers, chicken, sides, ice cream and other desserts, and various beverages. The company was founded in 1987 and is based in West Fargo, North Dakota.



Growth: Good revenue growth rate >200%, there is acceleration compared to average historical growth rates 40.0%. The revenue growth dynamics is unstable

Profitability: LTM EBITDA margin is positive, +4.3%. Gross margin is normal, +35.9%.

Cash Flow Generation: Dividend yield for the last twelve months 0.0%. Free cash flow yield 89.9% (LTM)

Undervaluation: Fundamental value created in LTM (estimate)


Entry Point: Share price is 6.2% higher than minimum and 66.1% lower than maximum for the last 3 years

AI Insight: the companies with similar growth trajectories, EBITDA margin, industries and geography on average are valued >100x by EV / Sales multiple , the company can be >100% undervalued

Key Financials (Download financials)

Ticker: BTBD
Share price, USD:  (0.0%)1.55
year average price 2.1378  


year start price 2.9200 2023-05-08

max close price 2.9200 2023-05-08

min close price 1.4600 2023-12-05

current price 1.5500 2024-05-06
Common stocks: 6 461 120

Dividend Yield:  0.0%
FCF Yield LTM: 89.9%
EV / LTM EBITDA: 0.0x
EV / EBITDA annualized: 0.0x
Last revenue growth (y/y):  > 200.0%
Last growth of EBITDA (y/y):  ---
Historical revenue growth:  40.0%
Historical growth of EBITDA:  40.0%
EV / Sales: 0.0x
Margin (EBITDA LTM / Revenue): 4.3%
Fundamental value created in LTM:
Market Cap ($m): 10
Net Debt ($m): -7
EV (Enterprise Value): 3
Price to Book: 1.1x

Revenue and EBITDA

Quarterly values ($m)

Change (y/y)

Cash Flow

FCF ($m)

Net Debt / Cash and Equivalents ($m)

Share price and dividends (Download history)

Share price

Payment USD per share

Multiple and potential

EV / Sales

Potential dynamics

News


2024-03-28Business Wire

BT Brands to Report 2023 Today

2024-03-01CNBC

British telco giant BT expects to launch 5G standalone — or 'true' 5G — later this year
More information for subscribed users:
detailed calculation of
Fundamental value created in LTM

Financial reporting

Income Statement

Property 2023 q4 2023 q3 2023 q2 2023 q1 2022 q4 2022 q3 2022 q2
date 2023-12-31 2023-10-01 2023-07-02 2023-04-02 2023-01-01 2022-10-02 2022-07-03
symbol BTBD BTBD BTBD BTBD BTBD BTBD BTBD
reportedCurrency USD USD USD USD USD USD USD
cik 2M 2M 2M 2M 2M 2M 2M
fillingDate 2024-04-01 2023-11-15 2023-08-16 2023-05-17 2023-04-18 2022-11-15 2022-08-16
acceptedDate 2024-04-01 16:40:00 2023-11-15 16:01:05 2023-08-16 13:16:38 2023-05-17 06:22:06 2023-04-18 15:07:21 2022-11-15 06:02:33 2022-08-16 07:58:56
calendarYear 2023.000 2023.000 2023.000 2023.000 2022.000 2022.000 2022.000
period Q4 Q3 Q2 Q1 Q4 Q3 Q2
revenue 3M 4M 4M 3M 3M 4M 4M
costOfRevenue 3M 3M 3M 2M 2M 3M 2M
grossProfit -416 656 1M 979 414 577 715 758 696 1M 1M
grossProfitRatio -0.139 0.262 0.245 0.188 0.255 0.269 0.293
researchAndDevelopmentExpenses 0 0 0 0 0 0 0
generalAndAdministrativeExpenses 829 590 683 029 667 813 783 040 942 142 656 793 716 938
sellingAndMarketingExpenses -466 854 0 0 0 0 0 0
sellingGeneralAndAdministrativeExpenses 362 736 683 029 667 813 783 040 942 142 656 793 716 938
otherExpenses 0 0 1M 359 121 301 483 417 238 321 600
operatingExpenses 362 736 1M 1M 1M 1M 1M 1M
costAndExpenses 4M 4M 4M 4M 3M 4M 4M
interestIncome 177 293 32 821 1761.000 89 048 69 693 46 364 9473.000
interestExpense 23 751 23 948 24 376 25 533 26 667 33 638 26 190
depreciationAndAmortization 127 738 114 775 192 520 198 156 27 998 172 383 24 349
ebitda -651 650 78 989 24 081 -366 290 -456 931 106 097 20 201
ebitdaratio -0.217 0.020 0.006 -0.119 -0.153 0.026 0.006
operatingIncome -779 390 40 615 -79 548 -564 446 -484 929 -66 286 -4148.000
operatingIncomeRatio -0.260 0.010 -0.020 -0.184 -0.163 -0.016 -0.001
totalOtherIncomeExpensesNet 104 180 -52 974 -183 570 392 660 -27 825 -108 620 -111 127
incomeBeforeTax -675 210 -3486.000 -285 734 -171 786 -512 754 -174 906 -115 275
incomeBeforeTaxRatio -0.225 -0.001 -0.071 -0.056 -0.172 -0.043 -0.033
incomeTaxExpense -63 000 -85 274 -52 000 -30 000 -175 000 5000.000 -23 000
netIncome -612 210 -3486.000 -233 734 -141 786 -337 754 -179 906 -92 275
netIncomeRatio -0.204 -0.001 -0.058 -0.046 -0.113 -0.045 -0.026
eps -0.098 -0.001 -0.037 -0.023 -0.052 -0.028 -0.014
epsdiluted -0.098 -0.001 -0.037 -0.023 -0.052 -0.028 -0.014
weightedAverageShsOut 6M 6M 6M 6M 6M 6M 6M
weightedAverageShsOutDil 6M 6M 6M 6M 6M 6M 6M
link Link Link Link Link Link Link Link
finalLink Link Link Link Link Link Link Link

Balance Sheet Statement

Property 2023 q4 2023 q3 2023 q2 2023 q1 2022 q4 2022 q3 2022 q2
date 2023-12-31 2023-10-01 2023-07-02 2023-04-02 2023-01-01 2022-10-02 2022-07-03
symbol BTBD BTBD BTBD BTBD BTBD BTBD BTBD
reportedCurrency USD USD USD USD USD USD USD
cik 2M 2M 2M 2M 2M 2M 2M
fillingDate 2024-04-01 2023-11-15 2023-08-16 2023-05-17 2023-04-18 2022-11-15 2022-08-16
acceptedDate 2024-04-01 16:40:00 2023-11-15 16:01:05 2023-08-16 13:16:38 2023-05-17 06:22:06 2023-04-18 15:07:21 2022-11-15 06:02:33 2022-08-16 07:58:56
calendarYear 2023.000 2023.000 2023.000 2023.000 2022.000 2022.000 2022.000
period Q4 Q3 Q2 Q1 Q4 Q3 Q2
cashAndCashEquivalents 5M 6M 6M 5M 2M 7M 8M
shortTermInvestments 1M 1M 1M 1M 6M 653 399 527 750
cashAndShortTermInvestments 7M 7M 7M 7M 8M 8M 9M
netReceivables 28 737 55 200 35 412 14 596 76 948 57 603 36 068
inventory 201 333 192 991 191 206 173 007 158 351 150 814 146 892
otherCurrentAssets 305 997 37 445 316 891 323 175 2M 50 375 53 460
totalCurrentAssets 7M 7M 7M 7M 9M 8M 9M
propertyPlantEquipmentNet 5M 5M 5M 5M 6M 5M 4M
goodwill 671 220 671 220 671 220 671 220 671 220 488 431 488 431
intangibleAssets 395 113 400 766 411 713 438 960 453 978 545 500 425 000
goodwillAndIntangibleAssets 1M 1M 1M 1M 1M 1M 913 431
longTermInvestments 1M 1M 1M 1M 1M 1M 2M
taxAssets 206 000 143 000 143 000 91 000 61 000 51 510 0
otherNonCurrentAssets 49 201 -209 124 -208 699 -208 274 -395 623 -29 849 26 534
totalNonCurrentAssets 7M 7M 8M 8M 8M 8M 7M
otherAssets 1.000 0 0 300.000 0 1.000 15 346
totalAssets 15M 15M 15M 15M 17M 16M 16M
accountPayables 555 247 431 187 639 226 400 711 448 605 354 486 498 257
shortTermDebt 514 553 380 192 450 980 359 671 1M 387 248 305 546
taxPayables 142 383 145 743 355 342 311 551 285 470 215 006 228 666
deferredRevenue 1.000 0 0 0 0 0 0
otherCurrentLiabilities 480 289 476 035 451 891 410 101 532 520 498 627 583 790
totalCurrentLiabilities 2M 1M 2M 1M 2M 1M 1M
longTermDebt 2M 4M 4M 4M 4M 4M 4M
deferredRevenueNonCurrent 0 0 0 0 0 0 0
deferredTaxLiabilitiesNonCurrent 0 0 0 0 0 51 510 51 510
otherNonCurrentLiabilities 2M 0 0 0 0 3M 3M
totalNonCurrentLiabilities 4M 4M 4M 4M 4M 4M 4M
otherLiabilities 0 0 0 0 0 0 0
capitalLeaseObligations 2M 2M 2M 2M 2M 2M 1M
totalLiabilities 5M 5M 6M 5M 7M 5M 5M
preferredStock 0 1.000 0 0 0 0 0
commonStock 12 492 12 492 12 492 12 492 12 792 12 922 12 922
retainedEarnings -2M -2M -2M -1M -1M -824 769 -649 863
accumulatedOtherComprehensiveIncomeLoss 0.000 0.000 0 0 0 0 0
othertotalStockholdersEquity 11M 11M 11M 11M 11M 11M 11M
totalStockholdersEquity 9M 10M 10M 10M 10M 11M 11M
totalEquity 9M 10M 10M 10M 10M 11M 11M
totalLiabilitiesAndStockholdersEquity 15M 15M 15M 15M 17M 16M 16M
minorityInterest 0 0 0 0 0 0 0
totalLiabilitiesAndTotalEquity 15M 15M 15M 15M 17M 16M 16M
totalInvestments 2M 2M -80 238 3M 7M 2M 2M
totalDebt 4M 4M 4M 5M 6M 4M 4M
netDebt -915 499 -1M -1M -946 311 3M -3M -4M
link Link Link Link Link Link Link Link
finalLink Link Link Link Link Link Link Link

Cash Flow Statement

Property 2023 q4 2023 q3 2023 q2 2023 q1 2022 q4 2022 q3 2022 q2
date 2023-12-31 2023-10-01 2023-07-02 2023-04-02 2023-01-01 2022-10-02 2022-07-03
symbol BTBD BTBD BTBD BTBD BTBD BTBD BTBD
reportedCurrency USD USD USD USD USD USD USD
cik 2M 2M 2M 2M 2M 2M 2M
fillingDate 2024-04-01 2023-11-15 2023-08-16 2023-05-17 2023-04-18 2022-11-15 2022-08-16
acceptedDate 2024-04-01 16:40:00 2023-11-15 16:01:05 2023-08-16 13:16:38 2023-05-17 06:22:06 2023-04-18 15:07:21 2022-11-15 06:02:33 2022-08-16 07:58:56
calendarYear 2023.000 2023.000 2023.000 2023.000 2022.000 2022.000 2022.000
period Q4 Q3 Q2 Q1 Q4 Q3 Q2
netIncome -612 210 -3486.000 -233 734 -141 786 -337 754 -174 906 -92 275
depreciationAndAmortization 127 738 114 775 192 520 163 507 97 954 172 383 109 286
deferredIncomeTax -63 000 29 848 -52 000 -30 000 -112 510 -25 000 -42 490
stockBasedCompensation 56 000 40 700 41 400 35 900 16 400 28 900 39 900
changeInWorkingCapital 128 929 -153 327 405 171 -149 644 105 546 -224 164 57 239
accountsReceivables 26 463 -19 788 -20 816 0 0 14 648 0
inventory -8342.000 -1785.000 -18 199 -14 656 -7096.000 18 078 -25 542
accountsPayables 116 356 -176 593 214 773 -47 894 94 120 -143 772 94 929
otherWorkingCapital -5548.000 44 839 229 413 -87 094 18 522 -113 118 -12 148
otherNonCashItems 178 488 8505.000 9155.000 -352 236 -42 342 209 223 89 014
netCashProvidedByOperatingActivities -184 055 37 015 362 512 -474 259 -272 706 -13 564 160 674
investmentsInPropertyPlantAndEquipment -126 165 -96 476 -158 730 -107 017 -128 657 -190 248 -149 327
acquisitionsNet 6677.000 54 503 -51 621 0 1.000 -690 000 -4M
purchasesOfInvestments 396 336 162 997 -64 819 -1M -25M -200 631 -347 142
salesMaturitiesOfInvestments -403 013 -217 500 116 440 6M 0 0 0
otherInvestingActivites -6677.000 -54 503 51 621 496 000 20M 5898.000 1M
netCashUsedForInvestingActivites -132 842 -150 979 -107 109 5M -5M -1M -3M
debtRepayment -70 769 -44 041 -44 925 -1M -42 791 -41 703 -41 798
commonStockIssued 0 0 0 0 0 74 866 0
commonStockRepurchased -300.000 0 0 -250 225 0 0 0
dividendsPaid 0 0 0 0 0 0 0
otherFinancingActivites 115 899 0 -44 925 0 684 358 -74 866 0
netCashUsedProvidedByFinancingActivities 70 469 -44 041 -44 925 -1M 641 567 -41 703 -41 798
effectOfForexChangesOnCash 0 272 779 0 0 0 0 0
netChangeInCash -246 428 -158 005 210 478 3M -5M -1M -3M
cashAtEndOfPeriod 5M 6M 6M 5M 2M 7M 8M
cashAtBeginningOfPeriod 6M 6M 5M 2M 7M 8M 11M
operatingCashFlow -184 055 37 015 362 512 -474 259 -272 706 -13 564 160 674
capitalExpenditure -126 165 -96 476 -158 730 -107 017 -128 657 -190 248 -149 327
freeCashFlow -310 220 -59 461 203 782 -581 276 -401 363 -203 812 11 347
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finalLink Link Link Link Link Link Link Link

Earning call transcript

Press-releases

Show financial reports only

2024-01-26 14:00 ET
Bagger Dave’s to Pursue Strategic Alternatives
2023-11-15 19:41 ET
BT Brands Reports Third Quarter 2023 Results
2023-09-07 19:34 ET
BT Brands Withdraws Its Lawsuit Against Noble Roman and Its Directors
2023-08-16 17:27 ET
BT Brands Reports Second Quarter 2023 Results
2023-08-03 21:43 ET
BT Brands Brings Lawsuit Against Noble Roman’s and Its Directors
2023-08-03 16:15 ET
BT Brands Files Lawsuit Against Noble Roman and Its Directors
2023-07-24 21:47 ET
Preliminary Voting Shows Noble Roman’s’ Stockholders Prefer Copperud 78% to 22% Over Mobley
2023-06-29 15:33 ET
Noble Roman Continues Effort to Limit Shareholder Voting
2023-06-27 21:32 ET
Noble Roman’s Moves to Bar BT Brands Highly Qualified Board Nominee
2023-05-17 12:01 ET
BT Brands Reports First Quarter 2023 Results
2023-04-18 17:00 ET
BT Brands Reports Results for the Year Ended January 1, 2023
2022-11-15 13:45 ET
BT Brands, Inc. Reports Results for the Third Quarter Ending October 2, 2022
2022-08-16 13:35 ET
BT Brands, Inc. Reports Results for the Second Quarter Ending July 3, 2022
2022-08-04 19:00 ET
BT Brands Purchases Village Bier Garten
2022-06-02 20:30 ET
BT Brands Acquires Founder’s Stake in Bagger Dave’s
2022-05-18 20:25 ET
BT Brands Reports Results for the First Quarter Ended April 3, 2022
2022-05-12 18:30 ET
BT Brands, Inc. Acquires Pie in the Sky Coffee and Bakery
2022-03-16 20:25 ET
BT Brands Reports Results for 2021 and Fourth Quarter Ended January 2, 2022
2022-03-11 16:25 ET
BT BRANDS to Participate in the 2022 Virtual Growth Conference Presented by Maxim Group LLC and Hosted by M-Vest on March 28th - 30th from 9:00 a.m. - 5:00 p.m. EDT
2022-03-03 18:45 ET
BT Brands, Inc. Acquires Keegan's Seafood Grill
2021-11-17 20:45 ET
BT Brands Reports Results for the Third Quarter Ended October 3, 2021
2021-11-12 15:20 ET
BT Brands, Inc. Announces Pricing of Upsized $12 Million Initial Public Offering

SEC forms

Show financial reports only

SEC form 10
2024-04-01 00:00 ET
BT Brands, Inc. published news for 2023 q4
SEC form 10
2023-11-15 00:00 ET
BT Brands, Inc. reported for 2023 q3
SEC form 10
2023-08-16 00:00 ET
BT Brands, Inc. reported for 2023 q2
SEC form 10
2023-05-17 00:00 ET
BT Brands, Inc. reported for 2023 q1
SEC form 10
2023-04-18 00:00 ET
BT Brands, Inc. reported for 2022 q4
SEC form 6
2023-04-03 10:56 ET
BT Brands, Inc. published news for 2023 q1
SEC form 6
2023-01-05 16:21 ET
BT Brands, Inc. published news for 2022 q4
SEC form 6
2022-11-22 16:29 ET
BT Brands, Inc. published news for 2022 q3
SEC form 10
2022-11-15 06:02 ET
BT Brands, Inc. reported for 2022 q3
SEC form 10
2022-11-15 00:00 ET
BT Brands, Inc. reported for 2022 q3
SEC form 10
2022-08-16 07:58 ET
BT Brands, Inc. reported for 2022 q2
SEC form 10
2022-08-16 00:00 ET
BT Brands, Inc. reported for 2022 q2
SEC form 6
2022-08-15 10:02 ET
BT Brands, Inc. published news for 2022 q2
SEC form 6
2022-08-11 16:22 ET
BT Brands, Inc. published news for 2022 q2
SEC form 6
2022-07-27 14:59 ET
BT Brands, Inc. published news for 2022 q2
SEC form 6
2022-07-26 18:32 ET
BT Brands, Inc. published news for 2022 q2
SEC form 6
2022-06-06 16:58 ET
BT Brands, Inc. published news for 2022 q1
SEC form 6
2022-05-19 12:03 ET
BT Brands, Inc. published news for 2022 q1
SEC form 10
2022-05-18 16:32 ET
BT Brands, Inc. reported for 2022 q1
SEC form 10
2022-05-18 00:00 ET
BT Brands, Inc. reported for 2022 q1
SEC form 10
2022-03-17 00:00 ET
BT Brands, Inc. published news for 2021 q4
SEC form 10
2022-03-16 19:51 ET
BT Brands, Inc. published news for 2021 q4
SEC form 6
2022-03-08 10:27 ET
BT Brands, Inc. published news for 2021 q4
SEC form 6
2021-11-17 19:56 ET
BT Brands, Inc. published news for 2021 q3
SEC form 10
2021-11-17 14:54 ET
BT Brands, Inc. published news for 2021 q3
SEC form 10
2021-11-17 00:00 ET
BT Brands, Inc. published news for 2021 q3
SEC form 10
2021-08-18 12:19 ET
BT Brands, Inc. published news for 2021 q2
SEC form 10
2021-08-18 00:00 ET
BT Brands, Inc. published news for 2021 q2
SEC form 10
2021-05-18 16:10 ET
BT Brands, Inc. published news for 2021 q1
SEC form 10
2021-05-18 00:00 ET
BT Brands, Inc. published news for 2021 q1
SEC form 10
2021-03-11 17:01 ET
BT Brands, Inc. published news for 2020 q4
SEC form 6
2021-01-05 09:04 ET
BT Brands, Inc. published news for 2020 q4
SEC form 6
2020-12-18 08:27 ET
BT Brands, Inc. published news for 2020 q3
SEC form 6
2020-11-25 12:44 ET
BT Brands, Inc. published news for 2020 q3
SEC form 10
2020-11-10 12:29 ET
BT Brands, Inc. published news for 2020 q3
SEC form 6
2020-10-21 09:10 ET
BT Brands, Inc. published news for 2020 q3