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BUILD-A-BEAR WORKSHOP INC

BBW · Consumer Discretionary · $432M mkt cap · FY2026 filings · · not refreshed in 40 days · Wide moat ·

Wonderful & reasonably priced

Wide moat
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The five investor questions

89

2022–2026 (latest 5 aligned FYs; v3 window cap 5): revenue $412M to $530M, increasing; diluted EPS 2.93 to 3.99, increasing.

77

Median gross margin 52.5% over 9y, stable.

—

Not enough years of ROIC data to score returns on capital.

78

Net cash position — no leverage risk.

100

Owner earnings changed +23.3%/yr over up to the ten most recent annual observations.

The returnsOnCapital component abstained: Not enough years of ROIC data to score returns on capital. The other four 20% weights were renormalized over the scored 80%.

Price vs. value if growth stopped today

A cautious baseline, not a price target: what the shares may support if normalized owner earnings simply hold steady.

Above value if growth stopped todayBelow value if growth stopped today
25% below value if growth stopped today
$51.8M
$44.92
$44.92
$33.70
25% below value if growth stopped today

A discount this large is often a warning rather than a bargain — the market may expect earnings to keep falling. See the revenue trend above.

How to read this

What today’s price assumes: owner earnings shrinking ~6%/yr over 5 years. The estimate assumes owner earnings stay flat (0% growth).

We solve for the constant annual change in owner earnings that would make the five-year zero-growth estimate equal today’s price. This keeps the existing model inputs and calculation unchanged; it is an expectations lens, not a forecast.

This zero-growth estimate assumes trailing owner earnings persist — unreliable for declining businesses. The recent FY revenue series does not trigger the three-consecutive-declines flag.

Among the current top-score group, the median current price is 239% above the zero-growth estimate across 48 of the current top 50 companies by Moat Score with both values.

Score records captured Jul 26, 2026.

Exactly which 50 companies?

FTNT, META, MEDP, IBEX, MSFT, GOOGL, LULU, ANF, IDXX, TXRH, FHI, QLYS, FFIV, ADBE, LLY, MANH, VEEV, GRMN, SSD, MNST, DOCS, MCO, CPRT, NTAP, LRCX, NVDA, CORT, SFM, MPTI, ULTA, SN, RMD, ROL, PAYC, IRMD, INTU, DECK, MORN, LGCY, DAL, GWW, ISRG, MPWR, CTAS, LOPE, MRK, CMG, FAST, BKNG, ORLY

Missing a usable price or zero-growth estimate: ANF, BKNG.

Model details under moat-index@3.0.0: zero-growth multiple 11.1×, capped-growth comparison at no more than 18×; 9% discount rate; high-end growth 0% (capped at 4%) using min(5y revenue CAGR, 5y diluted-EPS CAGR), clamped to 0%–4%; maintenance capex uses min(capex, D&A); abstain when D&A is unavailable. This is a disclosed model range, not intrinsic value as fact.

19 years of fundamentals

The business, in plain English

BUILD-A-BEAR WORKSHOP INC booked $530M of revenue in FY2026 in the Consumer Discretionary sector and kept 55.8% of it as gross profit — a high-margin business by that measure. After every other cost, 9.9% of each revenue dollar reached the bottom line.

Across the filed record, revenue grew from $396M (FY2009) to $530M (FY2026) — about 1.7% a year compounded over 17 years.

BBW's latest filed year, FY2026, doesn't disclose total debt in a form the methodology can use, so current leverage is treated as unmeasured — never assumed to be zero.

This breakdown is generated from the filed numbers and sub-scores above — no outside narrative, no estimates. Where a filing doesn’t disclose an input, the sentence that would need it is omitted instead of guessed.

FY2008–FY2026 · 19 fiscal years, normalized from BBW’s SEC filings

Sales, as filed$530M FY2026
$0$200M$400M2008201420202026
Revenue kept after cost of goods55.8% FY2026
0%25%50%2008201420202026
Standard ROIC or separately labeled Operating ROIC

Not disclosed in BBW’s filings for these years — we don’t estimate it.

Cash an owner could take out$52.2M FY2026
−$50M$0$50M2008201420202026

Gaps in a line mean that item isn’t in BBW’s filings for that year. The series is never interpolated or estimated. The Table view lists every filed value, including operating and net margins, total debt, and share count.

Flagship explainer

How BUILD-A-BEAR WORKSHOP INC makes its money

BUILD-A-BEAR WORKSHOP INC's filing does not supply enough comparable lines for a truthful flow chart — here's what is filed:

Table alternative
Filed lineValue% of revenueSource
$530M100%
Cost of revenue$234M44%
$296M56%
Income before tax$67.2M13%
Income tax$15M3%
$52.2M10%
Source: · event Jan 31, 2026 · retrieved Jul 26, 2026 · annual-row source set

Flagship explainer

What BUILD-A-BEAR WORKSHOP INC owns — and owes

BUILD-A-BEAR WORKSHOP INC's filing tags don't support a full breakdown — here's what is filed:

Table alternative
Filed lineValue% of assetsSource
Total assets$345M100%
Cash and equivalents$26.8M8%
Stockholders’ equity$155M45%
Source: · event Jan 31, 2026 · retrieved Jul 26, 2026 · annual-row source set

Flagship explainer

What drives BUILD-A-BEAR WORKSHOP INC’s return on equity?

One or more filed inputs needed for the five-factor decomposition are unavailable.

DuPont source inputs
InputValueFiscal yearSource
Net income$52.2MFY2026
Income before tax$67.2MFY2026
Operating incomeUnavailableFY2026
Revenue$530MFY2026
Ending assets$345MFY2026
Beginning assets$290MFY2025
Ending equity$155MFY2026
Beginning equity$139MFY2025
Source:
  • SEC filingFiling detailsAccession 0001437749-26-012501
· event Jan 31, 2026 · retrieved Jul 26, 2026 · annual-row source set

Flagship explainer

Where BUILD-A-BEAR WORKSHOP INC's cash went

BUILD-A-BEAR WORKSHOP INC’s filing does not supply enough provenance-matched cash-flow lines for a truthful flow chart — here’s what is filed:

Table alternative
Filed lineValue% of cash from operationsSource
Cash from operations$65.1M100%
Depreciation and amortization$15M23%
Source: · event Jan 31, 2026 · retrieved Jul 26, 2026 · annual-row source set

Curated 19-manager tier

Who reported holding BUILD-A-BEAR WORKSHOP INC

Delayed public 13F reports for 2026-Q2—not live positions, trades, or recommendations.

0 holding0 exited0 not holding0/19 resolved19 not retrieved

Named manager positions and quarter-over-quarter changes
ManagerReported positionQuarter-over-quarterFiling accession
Abrams CapitalNot retrievedComparison not retrievedFiling not retrieved
Akre CapitalNot retrievedComparison not retrievedFiling not retrieved
Baupost GroupNot retrievedComparison not retrievedFiling not retrieved
Berkshire HathawayNot retrievedComparison not retrievedFiling not retrieved
Brave Warrior AdvisorsNot retrievedComparison not retrievedFiling not retrieved
Dodge & CoxNot retrievedComparison not retrievedFiling not retrieved
First EagleNot retrievedComparison not retrievedFiling not retrieved
FundsmithNot retrievedComparison not retrievedFiling not retrieved
Gardner Russo & QuinnNot retrievedComparison not retrievedFiling not retrieved
Gates Foundation TrustNot retrievedComparison not retrievedFiling not retrieved
Mairs & PowerNot retrievedComparison not retrievedFiling not retrieved
Markel / Markel-GaynerNot retrievedComparison not retrievedFiling not retrieved
Oakmark / Harris AssociatesNot retrievedComparison not retrievedFiling not retrieved
Pershing SquareNot retrievedComparison not retrievedFiling not retrieved
Polen CapitalNot retrievedComparison not retrievedFiling not retrieved
Sequoia / Ruane CunniffNot retrievedComparison not retrievedFiling not retrieved
Southeastern Asset ManagementNot retrievedComparison not retrievedFiling not retrieved
Tweedy, BrowneNot retrievedComparison not retrievedFiling not retrieved
Yacktman Asset ManagementNot retrievedComparison not retrievedFiling not retrieved

Position size uses shares and filed value from each manager’s 13F. Portfolio weight uses the eligible long-share filing denominator. Changes compare only with the immediately preceding calendar quarter.

Source: Filing source not retrieved · event Jun 30, 2026 · retrieved Jul 26, 2026

Flagship explainer

What BUILD-A-BEAR WORKSHOP INC insiders reported

We could not retrieve insider activity for this rendering; no zero-activity claim is shown.

Unavailable: Form 4 activity could not be retrieved for this rendering.

Moat Score history

15 logged readings since Jul 17, 2026 · append-only, never rewritten

Moat Score over timeLast scored reading of each day, on the 0–100 scale85.9 / 100
0406080100WideNarrowShallowNo moatJul 20, 2026Jul 26, 2026

Breaks in the line mark methodology or normalizer upgrades — readings across versions aren’t compared, so a level shift there isn’t a change in the business.

Tier changesSame-methodology and same-normalizer crossings of the Wide / Narrow / Shallow bars

  1. Normalizer upgraded unstamped (version unknown)moat-xbrl-normalizer@1.1.0 — readings across versions aren’t comparedJul 26, 2026
  2. Methodology upgraded moat-index@2.0.0moat-index@3.0.0 — readings across versions aren’t comparedJul 23, 2026
  3. Methodology upgraded moat-index@1.2.0moat-index@2.0.0 — readings across versions aren’t comparedJul 20, 2026

Scores are logged append-only and never overwritten — this record cannot be reconstructed retroactively, which is exactly why it’s worth keeping.

Insider activity

Form 4 reports mix P/S market or private transactions with compensation-plan mechanics. Activity casually described as “insider selling” can include compensation mechanics; awards, tax withholding, and option exercises are shown by their exact filed class here, never collapsed into “Bought” or “Sold.”

These are disclosed filing facts and arithmetic aggregates, not a signal or verdict.

The insider-filing service is temporarily unavailable, so no partial or guessed answer is shown for BBW.

Track record

How BUILD-A-BEAR WORKSHOP INC’s moat rated in each of the years we can reconstruct from its filings — scored only on what was knowable at the time — and what its price and returns did afterward. The score never saw a price; the two are joined only in hindsight, for education, not as a signal.

Point-in-time scores 2011–2025, one methodology version · reconstructed from filings on file each Dec 31 — never with hindsight

Point-in-time Moat Score (dot colored by tier)Indexed price (total-return (dividends reinvested))Rated Wide-moat that year

How to read this: each dot is what the engine would have scored BBW on that December 31; the line below is its total-return price path (dividends reinvested) in the years since.

0406080100WideNarrowShallowNo moatPoint-in-time Moat Score501002005001,000Indexed price · log scale (2012 = 100)201120142017202020232026

Two tracks, one timeline: the score has its own 0–100 scale (top), the price its own 100-based scale (bottom) — never a shared axis. The price path is a total-return (dividends reinvested) index built from the same data the forward returns use; gaps in the score line are years with no reconstructed rating (see the table for why). The Table view carries every value.

What followed, in the years it rated Wide

In the 1 year BBW rated Wide-moat (2025), the median forward total return that followed — measured only after each year’s filings were public — was:

  • 1 year None of the 1 year it rated Wide has a fully elapsed 1-year window with a benchmark to compare against yet.
  • 3 years None of the 1 year it rated Wide has a fully elapsed 3-year window with a benchmark to compare against yet.
  • 5 years None of the 1 year it rated Wide has a fully elapsed 5-year window with a benchmark to compare against yet.

These are medians computed from the data, not a claim about any one year. The company figures are total returns (dividends reinvested); the S&P 500 is the price-only ^GSPC index, which excludes dividends and so understates the index — the gap flatters the company. A quality rating is not a return forecast, and past returns don’t predict future ones. Educational only, not investment advice.

Consumer Discretionary context

#20 of 487 scored Consumer Discretionary companies, ranked by Moat Score.

Nearest peers by Moat Score

  1. #18EXPO EXPONENT, INC.86.7Wide moat
  2. #19CRAI CRA International, Inc.85.9Wide moat
  3. #21EAT BRINKER INTERNATIONAL, INC.85.6Wide moat
  4. #22WING WINGSTOP INC.85.5Wide moat

Compare BBW with its nearest peers →All Consumer Discretionary companies on the Index →

Common questions about BBW

Does BUILD-A-BEAR WORKSHOP INC have an economic moat?
Based on its FY2026 SEC filings, the Moat Index scores BUILD-A-BEAR WORKSHOP INC (BBW) 85.9 out of 100 — a Wide moat. The five questions behind that score begin at 20% each; if exactly one genuinely lacks data, the other four weights are renormalized and disclosed. revenue and EPS trend 89, pricing power 77, returns on capital not measurable from the filings, balance-sheet safety 78, capital allocation 100.
Is BBW trading below the conservative owner-earnings estimate?
The value if growth stopped today — a zero-growth baseline — is $44.92 per share. It capitalizes normalized owner earnings at a 9% rate and assumes 0% growth. Versus a recent price of $33.70, that is 25% below value if growth stopped today. The model also publishes a capped-growth comparison, but the zero-growth estimate is the cautious baseline. It assumes trailing owner earnings persist and is unreliable for declining businesses. This is an educational estimate from primary SEC filings, not intrinsic value as a fact or investment advice.
How has BBW's Moat Score changed over time?
The record logs 15 readings since Jul 17, 2026; the latest reads 85.9 out of 100 (wide moat). No tier changes on record yet. (Methodology or normalizer upgrades on Jul 20, 2026, Jul 23, 2026, Jul 26, 2026 re-based the score; readings across versions aren't compared.) The history is append-only — readings are only ever added, never rewritten.

Scored from primary SEC filings via the public methodology. Educational only — not a recommendation to buy or sell BBW. See the disclaimer.