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Barnwell was incorporated in Delaware in 1956 and fiscal 2025 represented Barnwell s 69th year of operations. Barnwell operates in the following two principal business segments: Oil and Natural Gas Segment - Barnwell engages in oil and natural gas development, production, acquisitions and sales in Canada and in the U.S.
Operating margin is thin at 0.22%. Limited cushion if revenue slows or costs rise, not the profile of a wide-moat business.
Revenue declined 24.2% YoY. The question is whether this is cyclical or a structural shift.
Free cash flow declined 521% versus the prior year, cash generation momentum has weakened. Negative free cash flow of -$2M. The business is consuming cash, not generating it.
Profitability & Returns
Revenue (TTM)
$11M
▼ -24.2% YoY
Net Income (TTM)
-$7M
▼ -27.6% YoY
Op. Margin
-4.16%
▼ -1.5pp YoY
ROIC
-4.67%
▼ -1.3pp YoY
Cash Flow & Balance Sheet
FCF (FY)
-$2M
▼ -520.5% YoY
Op. Cash Flow (TTM)
-$3M
▼ -137.6% YoY
Net Debt
-$4M
Net Cash Position
Cash & Equiv.
$4M
5Y CAGR: -5.7%
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