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Barnwell Industries (BRN) USD

Barnwell Industries, Inc. acquires and develops crude oil and natural gas assets in Canada, and also holds interests in land development projects.

At a glance: strengths & risks
✓Revenue growing (+6% y/y, Q3 2026)✓Margins improving (-24%→13%, Q3 2026)✓Net cash balance sheet✗Loss-making last FY

Sector: Oil & gas

Geography: United States

COMM_BRN

Price chart

0.87 USDDay -2.25%

Key metrics

Net debt (table and EV/EBITDA): |short-term borrowings| + |long-term borrowings| + |other financial liabilities| when extracted + |non-controlling interest| when extracted − |cash and equivalents|; amounts in millions of the reporting currency.

Market

Price
0.87 USD · -2.25%
Market cap
9 mln USD

Growth

Δ revenue y/y
5.9%
Δ EBITDA y/y
-151.9%

Multiples

P/E (LTM)
—
P/B (FY)
1.3x
P/E (ann.)
<0
EV/EBITDA (LTM)
3.4x
EV/EBITDA (ann.)
0.9x

Cash return

Dividend yield
—
FCF yield (LTM)
-27.0%

Liquidity

Daily turnover (listing)
0 mln USD

Shares: yahoo_fundamentals_timeseries/BRN

Financial results

Monetary columns are in M USD, one decimal; scale (K/M/B/T) keeps values readable. For the period (default) shows P&L and cash flow for that row’s reporting window: quarterly amounts when the feed uses quarter-duration facts (typical US 10-Q revenue and income), quarterly cash flows after stripping YTD where only cumulative tags exist, and an implied Q4 on 31 Dec FY rows (P&L: FY minus Q1–Q3; operating / investing cash flow: FY 12m minus 9M YTD to 30 Sep when sourced from SEC builder evidence) so they match 10-Q scale. Some issuers still use cumulative YTD minus the prior row in the same calendar year. As reported shows values stored on each row (e.g. full-year on FY). Balance sheet is always as reported. Source JSON may use millions etc.; conversion uses amounts_unit per row.

DatePeriodStatusRevenueM USDOperating profitM USDD&AM USDEBITDAM USDNet profitM USDOperating CFM USDCapex + M&AM USDAssetsM USDEquityM USDROE (annualized)Net debtM USDSource
2026-06-30Q2 2026 (3M)PARTIAL3.4
y/y 5.9%
0.8
y/y —
0.5
y/y -40.8%
1.3
y/y —
-0.4
y/y —
-0.70.021.5
y/y -9.5%
8.9
y/y 3.6%
-6.9%-4.4Yahoo Finance
2026-03-31Q1 2026 (3M)PARTIAL2.5
y/y -29.0%
0.1
y/y —
0.6
y/y -23.2%
0.7
y/y —
-1.1
y/y —
-0.7-0.221.5
y/y -11.6%
8.1
y/y -19.8%
-56.5%-3.9Link
2025-12-31Q4 2025 (3M)PARTIAL2.7
y/y -30.2%
0.1
y/y —
0.6
y/y -57.5%
0.7
y/y -48.7%
-1.4
y/y —
0.10.021.5
y/y -17.5%
8.2
y/y -27.7%
-75.2%-3.5Link
2025-09-30Q3 2025 (3M)OK3.0
y/y -37.0%
-2.3
y/y -0.3%
1.0
y/y -26.7%
-1.3
y/y -38.3%
-2.2
y/y -18.6%
-0.94.920.8
y/y -32.1%
7.0
y/y -46.3%
-88.7%-2.8Yahoo Finance
2025-06-30Q2 2025 (3M)OK3.2
y/y -42.2%
-1.6
y/y —
0.8
y/y -36.2%
-0.8
y/y -198.6%
-1.6
y/y —
-0.3-2.523.8
y/y -24.3%
8.6
y/y -42.8%
-22.1%-0.9Yahoo Finance
2025-03-31Q1 2025 (3M)OK3.6
y/y -32.3%
-1.3
y/y —
0.7
y/y -55.1%
-0.6
y/y -228.0%
-1.2
y/y —
0.1-0.124.4
y/y -25.6%
10.1
y/y -38.1%
-45.1%-1.3Yahoo Finance
2024-12-31Q4 2024 (3M)OK3.9
y/y -36.1%
-0.1
y/y -115.0%
1.4
y/y -18.6%
1.3
y/y -46.6%
-1.9
y/y —
-0.8-2.526.0
y/y -25.7%
11.3
y/y -37.8%
-63.0%-1.8Link
2024-09-30Q3 2024 (3M)OK4.8
y/y —
-2.3
y/y —
1.3
y/y —
-1.0
y/y —
-1.9
y/y —
1.2-1.830.7
y/y -13.4%
13.0
y/y -30.4%
-39.7%-4.5Yahoo Finance
2024-06-30Q2 2024 (3M)OK5.5
y/y -2.6%
-0.6
y/y -284.3%
1.3
y/y 5.2%
0.8
y/y -50.6%
-1.2
y/y —
1.3-0.831.4
y/y -10.6%
15.0
y/y -17.0%
-10.6%-4.4Yahoo Finance
2024-03-31Q1 2024 (3M)OK5.3
y/y 0.7%
-1.2
y/y —
1.6
y/y 113.7%
0.5
y/y —
-1.8
y/y —
0.9-0.632.8
y/y -7.7%
16.4
y/y -13.1%
-41.0%-3.7Yahoo Finance
2023-12-31Q4 2023 (3M)OK6.2
y/y —
0.7
y/y —
1.7
y/y —
2.4
y/y —
-0.7
y/y —
1.4-1.035.0
y/y —
18.2
y/y —
-14.4%-3.2Yahoo Finance
2023-09-30FY 2023 (12M)OK—
y/y —
—
y/y —
—
y/y —
—
y/y —
—
y/y —
——35.4
y/y —
18.7
y/y —
-5.2%-2.8Yahoo Finance
2023-06-30Q2 2023 (3M)OK5.7
y/y —
0.3
y/y —
1.3
y/y —
1.6
y/y —
-0.7
y/y —
-0.6-2.535.1
y/y —
18.1
y/y —
-5.2%-2.5Yahoo Finance
2023-03-31Q1 2023 (3M)OK5.2
y/y —
-1.2
y/y —
0.8
y/y —
-0.5
y/y —
-1.2
y/y —
-0.2-0.535.5
y/y —
18.8
y/y —
—-5.7Yahoo Finance

Net debt structure (leases included, IFRS 16) 2026-06-30

Short-term debt (incl. ST leases)0
Long-term debt (incl. LT leases)0
− Cash & equivalents4
Net debt-4

Net debt / LTM EBITDA: -3.4x

Revenue & EBITDA

RevenueEBITDA

Quarterly values ($ mln)

-202462024 q12024 q22024 q32024 q42025 q12025 q22025 q32025 q42026 q12026 q2

Year-over-year change

-300%-200%-100%0%100%2024 q12024 q22024 q32024 q42025 q12025 q22025 q32025 q42026 q12026 q2

Cash flow

Operating and investing cash flow (OCF + ICF) ($ mln)

-4-20242024 q12024 q22024 q32024 q42025 q12025 q22025 q32025 q42026 q12026 q2

Net debt / cash ($ mln)

-5-4-3-2-102024 q12024 q22024 q32024 q42025 q12025 q22025 q32025 q42026 q12026 q2

Profit and cash

Profit is broadly cash-backed
In a typical year of 2021–2025 operating cash flow came to 0.73x of reported net profit; after capex, -0.45x. Loss years (2023, 2024, 2025) are left out of the ratio.
year20212022202320242025
cash flow / profit0.13x1.32x———
accruals, % of assets22.2%-4.8%-8.2%-33.5%-24.2%
capex 1.4x of depreciation · share count +4.0% a year
Read from the reported annual statements: cash flow / profit is the median of the yearly operating cash flow over net profit for the years shown; accruals are (profit − operating cash flow) / assets, the classic gap between what was booked and what was collected. A gap can be growth in working capital, capitalised costs, revaluations or profit from associates — the panel points at it, the statements explain it. Not investment advice.

Research & reviews

Our earnings breakdowns and investment notes on this issuer.

All research →

Production & Reserves

Physical operating metrics — supplementary, not part of the financial statements

Oil and Gas E and P

Proved reserves
1.38 mln boe
2025
Reserve life (R/P)
6.5 yrs
reserves ÷ annual output
Annual production
0.21 mln boe
2025

Production, mln boe

0.1520190.2020200.2020210.2720220.2820230.2420240.212025

Proved reserves

YearReserves, mln boe
20251.38
20242.42
20232.34
20221.94
20211.14
20200.93
20192.20

Production

YearProduction, mln boeper day, mln boe
20260.09 * (6M)
−25.0%		0.00
20250.21
−12.4%		0.00
20240.24
−13.3%		0.00
20230.28
+2.0%		0.00
20220.27
+36.6%		0.00
20210.20
−1.8%		0.00
20200.20
+39.8%		0.00
20190.150.00
20180.10 * (12M)
+6.3%		0.00

* partial year

EI1 ___NASDAQ_press_comm (NASDAQ / SEC filings)

Key-commodity price — WTI Crude Oil

Current 99spot vs LTM +28%

Revenue growth & acceleration

Growth decelerating ▼
Last-year revenue growth -37% vs -14% the year before — a -22.9 pp move. 3-year CAGR -22%.
revenue growth by year: 2023 -11% · 2024 -14% · 2025 -37%
The growth-acceleration signal behind the GARP+acceleration strategy — it favours companies whose revenue growth is speeding up and flags those slowing down (the second derivative of growth).

EV/EBITDA — LTM vs projected

Projected EV/EBITDA 6.1x · target 75th pct (3y) 4.1x · LTM avg 14.0x

EV/EBITDA (LTM)EV/EBITDA (projected)target 75th pct (projected, 3y)

Peer comparison

Group: Oil & gas. Each peer is shown as it trades and re-priced onto this company's market (global) by the ratio of our coverage medians.

CompanyMarketCap, $bnEV/EBITDAEV/EBITDA, adjusted
Aker BPglobal26.03.2x3.2x
Occidental Petroleumglobal61.85.1x5.1x
LukoilRussia43.62.5x5.2x
GazpromRussia32.02.9x5.9x
TatneftRussia17.62.9x6.0x
RosneftRussia49.63.3x6.9x
ConocoPhillipsglobal182.47.4x7.4x
Gazprom NeftRussia33.04.2x8.7x
Chevronglobal420.88.7x8.7x
SantosAustralia20.99.6x9.1x
Exxon Mobilglobal744.210.5x10.5x
NovatekRussia42.68.5x17.7x
Group median4.7x7.1x
Group average5.7x7.9x
This companyglobal0.03.4x3.4x

Group median 4.7x as traded, 7.1x adjusted; this company 3.4x — a 52% discount.

Group average 5.7x as traded, 7.9x adjusted; against the average this company is at a 56% discount.

At the adjusted group median the market cap would be +73% versus today.

The gap and the implied upside are measured against the median: one richly priced peer moves an average, not a median. The market adjustment uses our coverage medians (US 20.9x, Russia 3.7x, South Africa 5.0x, Kazakhstan 4.7x, India 18.8x, Indonesia 5.1x); it is about where a name is listed, not what it does. Peer multiples come from the nightly rebuild of 2026-10-22; the company's own is live.

Dividends

Paid (completed)

DatePer shareDetailsStatusSource
2023-08-230.015 USDEx-dividend: 0.015 USD per sharePaidYahoo Finance (ex-div)
2023-05-240.015 USDEx-dividend: 0.015 USD per sharePaidYahoo Finance (ex-div)
2023-02-220.015 USDEx-dividend: 0.015 USD per sharePaidYahoo Finance (ex-div)
2022-12-230.015 USDEx-dividend: 0.015 USD per sharePaidYahoo Finance (ex-div)
2022-08-220.015 USDEx-dividend: 0.015 USD per sharePaidYahoo Finance (ex-div)

KASE: status follows wording in the news headline (paid vs intends to pay). Yahoo: amounts are cash dividends per share on ex-dividend dates (UTC calendar date). stockscope.uz (UZ): amounts are per share in UZS by publication date (not necessarily ex-div).

Reporting forms detected in loaded periods: ✓ ✓ ✓ (Balance sheet / Profit or loss (P&L) / Cash flows)

Financial results, valuation multiples (P/E, P/B, EV/EBITDA), profitability and dividend yield of Barnwell Industries (BRN) — from primary filings.

Frequently asked questions

What is Barnwell Industries (BRN)'s EV/EBITDA?
Barnwell Industries (BRN) trades at 3.4x EV/EBITDA.
What is Barnwell Industries (BRN)'s P/B ratio?
Barnwell Industries (BRN) trades at a P/B of 1.3x.
What is Barnwell Industries (BRN)'s return on equity (ROE)?
Barnwell Industries (BRN)'s ROE is -6.9%.
What is Barnwell Industries (BRN)'s market capitalization?
Barnwell Industries (BRN)'s market cap is 9 mln USD.

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