Butler National (BUKS) Stock Fundamentals, Analysis & Risk Signals

Health score, price, valuation, risk signals, and key metrics at a glance.

Butler National

OTC Markets OTCQX•Industrials•Aerospace & Defense

$3.98-0.07(-0.02%)Market closed

Market Cap

$266.30M

P/E

11.3x

P/S

2.5x

P/B

3.1x

Butler National Corporation designs, engineers, manufactures, sells, integrates, installs, repairs, modifies, overhauls, services, and distributes a portfolio of aerostructures, aircraft components, avionics, accessories, subassemblies, and systems. It operates through two segments, Aerospace Products and Professional Services. The Aerospace Products segment designs, manufactures, sales, and services structural modifications, design, integration, and installation of electronic equipment, systems, and technologies, as well as commercial controls, cabling, and defence related articles; and operates repair stations. Its products include aerial surveillance, aerodynamic enhancement, airplane range extension, avcon stability enhancing fins, airplane nose extension, cargo/sensor carrying pods and radomes, fuel system protection devices, navigation / flight display installations, crew work stations, electrical power systems and switching equipment, enlarged aircraft doors, powered airplane sensor lifts, and specialized cabling and harnesses products; and provisions to allow carrying of external stores. The company also provides modifications on aerial photograph capabilities, aerodynamic improvements, avionics systems, cargo or expanded-sized doors, search and rescue, airborne research capability, extended range fuel tanks, radar systems, intelligence surveillance reconnaissance, special mission modifications, target towing capability, and electrical systems integration; and cabling, electronic control systems, hangfire override modules, test equipment, and gun control units. The Professional Services segment manages a gaming, dining, and entertainment facility. It serves owners and operators of private, commercial, business and government aircraft; and commercial weapon manufacturers and suppliers in North America, Europe, Asia, Australia, and internationally. Butler National Corporation was incorporated in 1960 and is headquartered in New Century, Kansas.

How this company scores

GoodMetricSide Score: 78/100

Strongest: Growth (25/25); weakest: Cash & Earnings Quality (6/25).

Profitability22/25

Growth25/25

Balance Sheet & Red Flags25/25

Cash & Earnings Quality6/25

Strengths

Growing revenueStrong marginsHigh ROERising earnings

Valuation vs. 5-year range

Today's multiple positioned against its own trailing range — a visual premium/discount check.

P/E · 11.3x5y range 4.5x – 12.4x

Currently above its 20-quarter median.

P/S · 2.5x5y range 0.6x – 2.7x

Currently above its 20-quarter median.

P/B · 3.1x5y range 1.0x – 3.2x

Watch items

Data-driven signals worth keeping an eye on across the last 8 quarters

High Risk

Earnings Quality

Red Flag

Free cash flow has been negative in 4 of the last 8 quarters — earnings are not translating to cash.

Cash Burn

Watch

4 of the last 8 quarters had negative FCF — inconsistent cash generation raises sustainability concerns.

Price & Volume

Market Cap $266.30M

Metrics at a Glance

as of July 2026

Revenue & Profit

Revenue, EBITDA, operating income, net income, EPS, and shares

TTM Revenue: $108.62M
Q. Revenue: $30.78M
TTM EBITDA: $38.14M
TTM Op. Income: $31.21M
Q. Op. Income: $7.42M
TTM Net Income: $23.51M
Q. Net Income: $5.26M
EPS: $0.08
Shares Out.: $63.86M

$108.62M in TTM revenue grew 28.9% YoY, reaching $30.78M last quarter. TTM EBITDA of $38.14M and TTM operating income of $31.21M show growth is flowing through to the bottom line. TTM net income of $23.51M means revenue is converting into profit. Across the last 8 quarters, TTM revenue has risen for 5 consecutive quarters — an improving trend.

Margins

Gross, EBITDA, operating, and net margin trends

Gross Margin: 44.0%
EBITDA Margin: 29.9%
Op. Margin: 24.1%
Net Margin: 17.1%

Op. margin of 24.1% is up 0.9% YoY — cost efficiency is improving. Net margin at 17.1% and gross margin of 44.0% show how much of each revenue dollar survives to profit. Across the last 8 quarters, operating margin has fallen for 2 consecutive quarters — a weakening trend.

Price Ratios

P/E, P/S, P/B, EV/EBITDA, FCF yield, and earnings yield

P/E Ratio: 11.3x
P/S Ratio: 2.5x
P/B Ratio: 3.1x

At 11.3x P/E, the stock trades below typical market levels. P/S of 2.5x and P/B of 3.1x provide additional context. P/E sits below typical market levels while revenue is growing. Over the past year, P/E is up 44% — an improving trend.

Assets & Liabilities

Total assets, cash, debt, book value, and leverage

Total Assets: $139.52M
Cash: $35.27M
Long-Term Debt: $23.63M
Book Value: $86.30M
D/E Ratio: 0.3
Debt/EBITDA: 2.6

With $139.52M in assets and $23.63M in long-term debt, D/E is 0.3and book value is $86.30M — a conservative capital structure with a cushion to weather downturns. Across the last 8 quarters, debt/equity has fallen for 7 consecutive quarters — an improving trend.

Cash Flow

Operating cash flow, free cash flow, FCF margin, and earnings quality

Op. Cash Flow: $4.64M
TTM Free Cash Flow: $8.73M
FCF Margin: 8.0%
FCF / Net Income: 0.4

TTM FCF of $8.73M on $4.64M in operating cash flow. The FCF / Net Income ratio of 0.4x means cash covers only part of net income — earnings quality needs attention. Over the past year, free cash flow is down 60% — a weakening trend.