Start here if you're new
what it is
Butler National makes money fixing and upgrading aircraft, then adds casino cash flow from one property in Dodge City.
how it gets paid
Last year L made $84M in revenue. casino gaming was the main engine at $42M, or 50% of sales.
why it's growing
Revenue grew 7.1% last year on the ~$84M base. Ignore +161% / +150% vs. prior year prints next to that — they do not reconcile to full-year growth and usually mean a noisy quarter vs a tiny prior-year comp.
what just happened
Latest quarter revenue lands near ~$27M if you sum the segment cards below ($17.1M aerospace + $9.8M pro services). That fits a ~$84M year; the old $70M quarter headline did not. EPS $0.25 with aerospace doing the heavy lifting.
At a glance
C++ balance sheet — some cracks in the foundation
45/100 earnings predictability — expect surprises
10.8x trailing p/e — the market's not buying it — or you found a deal
13.8% return on capital — nothing to write home about
$0.19 fy2024 eps est
xvary composite: 47/100 — below average
What they do
Butler National makes money fixing and upgrading aircraft, then adds casino cash flow from one property in Dodge City.
This business wins by living in small, regulated corners where fewer people bother to compete. FAA repair stations → government-approved aircraft service shops → customers do not switch lightly when the paperwork keeps planes flying. You are buying a company with just 383 employees that still produced a 28.1% operating margin in fiscal 2024, which says its niches are paying well.
How they make money
$84M
annual revenue · their business grew +7.1% last year
casino gaming
$42M
+7.1%
casino food and entertainment
$8M
+7.1%
aircraft modifications and avionics
$24M
+26.0%
faa repair station services
$7M
+26.0%
electronic controls and cabling
$3M
+26.0%
The products that matter
aircraft design and certification
Aerospace Products & Modifications
$17.1M last quarter · +50%
This segment grew 50% to $17.1M last quarter and drove the sharp jump in profit. If you are looking for the bull case, start here. If you are looking for the risk, also start here.
growth engine
casino gaming management
Professional Services
$9.8M last quarter · flat
This business did $9.8M last quarter and stayed flat from a year ago. It adds a second revenue stream, which matters. It is not the business lifting results right now.
steady, not fast
Key numbers
28.1%
operating margin
Operating margin → profit left after running the business → so what: Butler keeps about 28 cents from each sales dollar before interest and taxes.
$84M
annual revenue
This is still a very small company, which means one good contract or one bad quarter can look huge.
10.8x
trailing p/e
Trailing P/E → price versus last year's earnings → so what: you are not paying a luxury multiple for this story.
13.8%
return on capital
Return on capital → profit earned on money tied up in the business → so what: this is better than survival, but not magic.
Financial health
C++
strength
- balance sheet grade C++ — below average — limited financial resources
- risk rank 3 — safer than 50% of stocks
- price stability 35 / 100
- long-term debt $31M (12% of capital)
C++ — below average. watch for debt servicing and cash burn.
Total return vs. market
Return history isn't available for BUKS right now.
source: institutional data · return history unavailable
What just happened
beat estimates
Recent quarter: about $27M revenue (segment sum) and $0.25 EPS — aerospace did the heavy lifting.
Aerospace lines grew about +26% on the annual bridge; that fits the 28.1% operating margin story. Drop +161% / +150% vs. prior year and the $70M quarter — neither reconciles to +7.1% on ~$84M FY revenue.
~$27M
quarter revenue (approx.)
$0.25
eps (Q)
47.8%
gross margin (Q)
the number that mattered
The number that mattered was 28.1% operating margin, because small companies do not usually get that much room for error.
source: company earnings report, 2026
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What could go wrong
Butler National just printed a strong quarter, but the risk is hiding in plain sight: $17.1M of aerospace revenue did most of the work while professional services stayed at $9.8M.
med
aerospace growth snaps back to earth
The latest quarter was powered by $17.1M of aerospace revenue, up 50% from a year ago. If that jump was timing rather than a lasting demand shift, the earnings story gets smaller fast.
impact: it hits the segment behind the 129% rise in operating income
med
professional services stays a stabilizer, not a grower
Professional Services produced $9.8M last quarter and did not grow. That helps diversification on paper, but it does not give you a second engine if aerospace cools.
impact: if aerospace slows, you fall back on a business that is steady rather than expanding
med
the balance sheet stops being background noise
A C++ balance sheet grade and $31M of long-term debt are manageable when the quarter is good. They matter more when a small company hits an order delay, certification issue, or margin squeeze.
impact: weaker flexibility can pressure investment and sentiment before it shows up in reported earnings
If aerospace cools, Butler National falls back on a flat $9.8M professional-services segment and a balance sheet carrying $31M of long-term debt. The recent quarter was impressive. The cushion still looks thin.
source: institutional data · regulatory filings · risk analysis
Pay attention to
trend
aerospace revenue staying near the recent $17.1M level
That segment carried the quarter. If it holds near this level, the cheap multiple looks more deserved. If it slips, the whole story gets smaller in a hurry.
calendar
next earnings release
You want proof that 27% company revenue growth was more than one strong print in a thinly followed stock.
metric
professional services moving above the current $9.8M base
Flat revenue is not a crisis. It is a clue that diversification is weaker than it looks unless this segment starts contributing growth too.
risk
whether $1.6M of new product spend turns into orders
For a company with $84M in annual revenue, product spend needs to show up in sales or margin. If it does not, you are just funding hope.
Analyst rankings
earnings predictability
45 / 100
in human-speak: the earnings line can swing more than you would want from a stable compounder.
price stability
35 / 100
The stock has traded between $1 and $4 in the last 52 weeks. You are not buying a bond proxy.
source: institutional data
Institutional activity
institutional ownership data for BUKS is being compiled.
source: institutional data
Price targets
3-5 year target range
n/a
n/a
$3
current price
n/a
target midpoint · n/a from current
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