Start here if you're new
what it is
Barnwell sells oil and gas, drills wells in Hawaii, and also owns Hawaii land and homebuilding assets.
how it gets paid
Last year Brn made $14M in revenue. Oil and Natural Gas was the main engine at $7.4M, or 53% of sales.
why growth slowed
Revenue fell 24.2% last year. The 30% revenue drop mattered most because a company doing only $14 million a year has very little cushion for volume or pricing misses.
what just happened
Quarterly revenue fell 30% to $3 million, and Barnwell still lost $0.13 a share.
At a glance
C+ balance sheet — struggling to keep the lights on
25/100 earnings predictability — expect surprises
32.2% return on capital — every dollar works hard here
-$0.71 fy2025 eps est
$14M fy2025 rev est
xvary composite: 28/100 — weak
What they do
Barnwell sells oil and gas, drills wells in Hawaii, and also owns Hawaii land and homebuilding assets.
This is not a classic moat story. The closest thing to an edge is control: 52% of reserves are operated, meaning Barnwell runs the wells itself, so you get more say over timing and costs. That matters more in a $14 million revenue business than branding ever will.
How they make money
$14M
annual revenue · their business grew -24.2% last year
Oil and Natural Gas
$7.4M
Contract Drilling
$3.6M
Land Investment
$1.7M
Residential Real Estate
$1.3M
The products that matter
produces and sells hydrocarbons
Canadian Oil & Gas Production
950 BOE/d
this field produced 950 barrels of oil equivalent per day in Q1 FY2026. for you as a shareholder, that is the operating base everything else sits on top of.
core asset
sells stock for cash
At-The-Market Offering
$3.2M capacity
the company set up this program in February 2026 to raise cash by selling shares. against a roughly $14M market cap, that is not a side note.
financing lever
explores a sale or merger
Strategic Alternatives Review
advisor appointed
management hired an M&A advisor in March 2026. in plain English: the board is testing whether the company is worth more to a buyer than to the public market at $1.13 a share.
main catalyst
Key numbers
32.2%
return on capital
Return on capital → profit produced from the asset base → so what, Barnwell generated about $0.32 of operating profit for each $1 tied up in the business.
$14M
annual revenue
Revenue → total sales → so what, this is a very small business, and a few million dollars of change can rewrite the whole story.
$0.71
FY25 EPS est.
EPS estimate → expected profit per share → so what, the business is still forecast to lose money even after fiscal 2024 EPS came in at -$0.37.
8.3%
operating margin
Operating margin → profit left after running the business → so what, Barnwell still shows positive operating profitability even while net results stay negative.
Financial health
C+
strength
- balance sheet grade C+ — weak — may struggle to fund operations
- risk rank 5 — safer than 5% of stocks
- price stability 5 / 100
C+ — below average. watch for debt servicing and cash burn.
Total return vs. market
Return history isn't available for BRN right now.
source: institutional data · return history unavailable
What just happened
missed estimates
Quarterly revenue fell 30% to $3 million, and Barnwell still lost $0.13 a share.
The latest quarter was smaller and weaker than the year before. Full-year revenue was $14 million, down 24.2% Vs. last year, while fiscal 2024 EPS fell to -$0.37 from -$0.14 in fiscal 2023.
$3M
revenue
$0.13
eps
30.0%
vs. last year revenue change
the number that mattered
The 30% revenue drop mattered most because a company doing only $14 million a year has very little cushion for volume or pricing misses.
source: company filings, 2024
Get this snapshot in your inbox
This page, delivered free — plus weekly updates when the numbers change. plain english, no spam.
weekly updates
earnings alerts
plain english
no spam
What could go wrong
the top risk is the strategic review ending with no deal.
high
no buyer shows up
management hired an M&A advisor in March 2026, which tells you a transaction is on the table. if the process ends with nothing, the market is back to valuing a shrinking operator with weak financial flexibility.
the sale process is the rerating story. remove it, and you still have $3.022M of quarterly revenue and a full-year loss.
high
production slips from 950 BOE/d
the core field produced 950 BOE/d in Q1 FY2026. oil and gas revenue already fell 24.2% from a year ago. if production drops again, the operating base gets smaller before any strategic outcome arrives.
this exposes most of the revenue mix shown here, because oil and gas accounts for 82.1% of it.
med
dilution becomes the funding plan
the active $3.2M at-the-market program gives Barnwell a cash option, but it comes from issuing stock. for a company worth about $14M, that financing tool is large enough to matter.
your share of any future upside gets thinner if management leans on equity instead of asset performance or a transaction.
med
data thinness leaves you with blind spots
this page has enough numbers to frame the problem, not enough to build a comforting margin-of-safety case. that is normal with a micro-cap this small, but you should treat the missing depth as a risk, not a footnote.
when disclosure is thin, surprises hit harder. the 25/100 earnings predictability score is the proof beat.
a failed sale process, weaker production, or heavy use of the $3.2M ATM program would leave you owning a $14M company with a C+ balance sheet and very little room for error.
source: institutional data · regulatory filings · risk analysis
Pay attention to
catalyst
strategic review headlines
the board hired an M&A advisor in March 2026. watch for a deal announcement, a process update, or silence that drags on too long.
operations
production staying near 950 BOE/d
this is the number that keeps the operating base intact. if it falls, the rest of the thesis has less time to work.
financing
share count growth from the ATM
the $3.2M program is active. your question is simple: is cash coming from better operations, or from selling more stock.
calendar
next earnings release
watch the next report for three things at once: revenue, production, and any line about strategic alternatives. this is one of those quarters where one sentence matters as much as the table.
Analyst rankings
earnings predictability
25 / 100
in human-speak, analysts do not trust this earnings stream to show up the same way each quarter.
risk rank
5
that places BRN near the bottom of the safety stack. you are being paid in optionality, not stability.
source: institutional data
Institutional activity
institutional ownership data for BRN is being compiled.
source: institutional data
Price targets
3-5 year target range
n/a
n/a
$1
current price
n/a
target midpoint · n/a from current
Want the deeper analysis?
The full deep dive: dcf model, scenario analysis, competitive moat breakdown, and quarterly tracking — everything on this page, taken further.
see plans from $5/moThe deep dive