Forensic Analysis · Industrials / Manufacturing / Defense · as of Oct 19, 2026
Byrna Technologies Inc. (BYRN)
A forensic read on Byrna Technologies Inc. built from its complete SEC filings — financial-health screens, earnings quality, red flags and a price-aware rating. Reproducible math, not opinion.
C · Mixed — selective
Forensic grade
Safe
Financial health
6.4
Distress distance
Watch
Earnings quality
5
Forensic signals
14.7%
ROE
37.7%
Revenue growth
This free snapshot doesn't read filing or proxy text, so the auditor-quality and governance checks that can lower a grade were not evaluated (red flags, auditor quality, say on pay, board independence, going concern). Those checks only ever lower a grade, so the full analysis can land below the grade above but never above it — treat it as the most favourable reading, not the settled one.
Byrna Technologies Inc. earns a C (Mixed — selective) forensic quality grade, and its balance-sheet distress test reads 6.4, placing it in the Safe zone. 5 forensic signals were flagged in its latest SEC filings, led by accruals ratio (% of NOA).
What the filings flag
+32.4%
FY2024→FY2025
Accruals ratio (% of NOA).Net operating assets grew +32.4% relative to their own average in FY2025 — scaled by NOA itself, not by total assets, which is what the Forensic Screens card's own accrual row divides by. Accruals are building sharply — a large slice of profit sits in operating assets, not cash. An accrual is a claim that still has to be collected or written down, so the gap resolves in a later period whichever way it goes. The build is led by receivables up +312% against revenue +38% and inventory up +64% against +41% in cost of sales. A cash-flow measure on the same base agrees: reported earnings ran ahead of operating cash by 25% of net operating assets, against an accruals ratio of 32.4%. The two are computed differently: the accruals ratio is the change in net operating assets over average net operating assets, while the cash-flow figure is net income less operating cash flow over that same average.
206d
FY2024→FY2025
Inventory days.Days inventory outstanding moved from 187 to 206 FY2024→FY2025 (against cost of goods sold; inventory +64% vs +41% in cost of sales). Inventory is outrunning what's being sold — a flag for softening demand or obsolescence risk ahead.
+5.0%/yr
FY2023–FY2025
Share-count dilution.Diluted share count changed +10% over the last 2 years to FY2025 (+5.0%/yr). The count is growing — 21.9M shares in FY2023, 24.1M in FY2025: more stock was issued than repurchased over this window, so aggregate results grew faster than their per-share equivalents. That's ~5.0% shaved off per-share growth every year — total profit has to grow that much just to keep earnings-per-share flat, and a stake held since FY2023 has been diluted ~9%.
FCF ($9M)
FY2025
Shareholder returns.Returned $1M to shareholders (buybacks + dividends) in FY2025, but free cash flow was ($9M) after capex — there was no free cash flow to fund the payout from at all, and operating cash flow itself was negative or zero that year too. The entire return is coming from debt or cash reserves, not cash the business itself generated — a harder case than returns merely running ahead of free cash flow, since here there was none to run ahead of.
3% of rev
FY2025
Stock-based comp load.Stock-based compensation ran 3% of revenue in FY2025 — about $0.13 per diluted share. No cash left the business to pay it, which is why operating cash flow adds it back. Net of repurchases the diluted count still rose about 5.0% a year across FY2023–FY2025, and the rate is falling. Stock compensation is one source of that issuance; acquisition consideration, equity raises, convertibles and other employee plans also net into the count, and these figures do not separate them.
Key fundamentals
Latest Revenue$118.1M
Revenue Growth YoY+37.7%
Revenue CAGR (2yr)+66.4%
Net Margin8.2%
Free Cash Flow-$9.2M
Return on Equity14.7%
The forensic grade and screens above are free — no account needed. Want the AI investment read on top — the 0–100 rating, thesis, bull-vs-bear, red flags and the 12-month scenario, written from Byrna Technologies Inc.'s actual 10-K/10-Q/8-K filings?