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BARNWELL INDUSTRIES, INC.

BRN · Materials · $13.4M mkt cap · FY2025 filings · Shallow moat ·

Price verdict withheld — value if growth stopped today unreliable

Shallow moat
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The five investor questions

5

2021–2025 (latest 5 aligned FYs; v3 window cap 5): revenue $18.1M to $13.6M, decreasing; diluted EPS 0.73 to -0.71, decreasing.

86

Median gross margin 67.8% over 2y, stable.

88

Median ROIC 28.0%, above the 12% hurdle in 67% of years.

33

Net debt/EBITDA n/ax, interest coverage 4x.

24

Owner earnings changed trend unclear over up to the ten most recent annual observations.

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
No price data
Not reported
Unavailable — insufficient owner-earnings data
Unavailable — insufficient growth-model data
$1.07
No price data

This zero-growth estimate assumes trailing owner earnings persist — unreliable for declining businesses. BRN revenue fell in each of the three most recent year-over-year FY comparisons, so this estimate is flagged as unreliable for this company.

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.

17 years of fundamentals

The business, in plain English

Across the filed record, revenue shrank from $41.9M (FY2010) to $13.6M (FY2025) — about −7.2% a year compounded over 15 years.

It earned 0.6% on invested capital in the latest filed year, FY2025. Across the full 11-year measurable filed record, median ROIC was 25.7%. Over the v3 recent window (6 measurable filed years), median ROIC was 28.0%. The Returns on Capital filter above scores it 88/100.

BRN's latest filed year, FY2025, doesn't disclose total debt in a form the methodology can use, so current leverage is treated as unmeasured — never assumed to be zero.

Put together: Returns on Capital is the strongest of the five filters (88/100) and Business Trend the weakest (5/100), which is how BRN lands at 47/100 — a Shallow moat.

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.

FY2009–FY2025 · 17 fiscal years, normalized from BRN’s SEC filings

Sales, as filed$13.6M FY2025
$0$20M$40M2009201520212025
Revenue kept after cost of goods60.4% FY2018
0%50%2009201520212025
Standard ROIC or separately labeled Operating ROICROIC 0.6% FY2025

Not meaningful FY2016: invested capital is negative (cash exceeds debt + equity). Not meaningful FY2019–2021: invested capital is negative (cash exceeds debt + equity)

0%250%500%2009201520212025
Cash an owner could take out−$4.2M FY2025
−$10M$0$10M2009201520212025

The explained ROIC gaps have filed inputs but no meaningful positive invested-capital denominator. Other gaps mean the item is not in the 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 BARNWELL INDUSTRIES, INC. makes its money

BARNWELL INDUSTRIES, 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
$13.6M100%
$300000%
Income before tax−$7.1M−52%
Income tax$710001%
−$7.1M−52%
Source: · event Sep 30, 2025 · retrieved Jul 26, 2026 · annual-row source set

Flagship explainer

What BARNWELL INDUSTRIES, INC. owns — and owes

BARNWELL INDUSTRIES, INC.'s filing tags don't support a full breakdown — here's what is filed:

Table alternative
Filed lineValue% of assetsSource
Total assets$20.8M100%
Cash and equivalents$2.9M14%
Stockholders’ equity$7M34%
Source: · event Sep 30, 2025 · retrieved Jul 26, 2026 · annual-row source set

Flagship explainer

What drives BARNWELL INDUSTRIES, INC.’s return on equity?

ROE is five filed business factors multiplied together.

DuPont return on equity factor treeReturn on equity branches into tax burden, interest burden, operating margin, asset turnover, and the equity multiplier.Return on equity−71%Tax burden101%net income ÷ pretax incomeInterest burden−23507%pretax ÷ operating incomeOperating margin0%operating income ÷ revenueAsset turnover0.53×revenue ÷ average assetsEquity multiplier2.57×average assets ÷ average equityAs of 2025-09-30 · 3 SEC filing sourcesBuy Like Buffett · buylikebuffett.com
DuPont source inputs
InputValueFiscal yearSource
−$7.1MFY2025
Income before tax−$7.1MFY2025
Operating income$30000FY2025
$13.6MFY2025
Ending assets$20.8MFY2025
Beginning assets$30.7MFY2024
$7MFY2025
$13MFY2024
Source:
  • SEC filingFiling detailsAccession 0000010048-24-000020
  • SEC filingFiling detailsAccession 0001140361-25-001922
  • SEC filingFiling detailsAccession 0001628280-25-058738
· event Sep 30, 2025 · retrieved Jul 26, 2026 · annual-row source set
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Flagship explainer

Where BARNWELL INDUSTRIES, INC.'s cash went

BARNWELL INDUSTRIES, 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−$1.8M−100%
Depreciation and amortization$3.1M177%
Source: · event Sep 30, 2025 · retrieved Jul 26, 2026 · annual-row source set

Curated 19-manager tier

Who reported holding BARNWELL INDUSTRIES, INC.

Delayed public 13F reports for 2026-Q1—not live positions, trades, or recommendations.

0 holding0 exited0 not holding0/19 resolved19 unavailable

Named manager positions and quarter-over-quarter changes
ManagerReported positionQuarter-over-quarterFiling accession
Abrams CapitalUnavailableComparison unavailableFiling unavailable
Akre CapitalUnavailableComparison unavailableFiling unavailable
Baupost GroupUnavailableComparison unavailableFiling unavailable
Berkshire HathawayUnavailableComparison unavailableFiling unavailable
Brave Warrior AdvisorsUnavailableComparison unavailableFiling unavailable
Dodge & CoxUnavailableComparison unavailableFiling unavailable
First EagleUnavailableComparison unavailableFiling unavailable
FundsmithUnavailableComparison unavailableFiling unavailable
Gardner Russo & QuinnUnavailableComparison unavailableFiling unavailable
Gates Foundation TrustUnavailableComparison unavailableFiling unavailable
Mairs & PowerUnavailableComparison unavailableFiling unavailable
Markel / Markel-GaynerUnavailableComparison unavailableFiling unavailable
Oakmark / Harris AssociatesUnavailableComparison unavailableFiling unavailable
Pershing SquareUnavailableComparison unavailableFiling unavailable
Polen CapitalUnavailableComparison unavailableFiling unavailable
Sequoia / Ruane CunniffUnavailableComparison unavailableFiling unavailable
Southeastern Asset ManagementUnavailableComparison unavailableFiling unavailable
Tweedy, BrowneUnavailableComparison unavailableFiling unavailable
Yacktman Asset ManagementUnavailableComparison unavailableFiling unavailable

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 unavailable · event Mar 31, 2026 · retrieved Jul 26, 2026

Flagship explainer

What BARNWELL INDUSTRIES, INC. insiders reported

Insider activity is unavailable from the source; 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 scale47.3 / 100
0406080100WideNarrowShallowNo moatJul 17, 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 BRN.

Materials context

#105 of 309 scored Materials companies, ranked by Moat Score.

Nearest peers by Moat Score

  1. #103SON SONOCO PRODUCTS CO48.0Shallow moat
  2. #104HNOI HNO International, Inc.48.0Shallow moat
  3. #106BSET BASSETT FURNITURE INDUSTRIES, INCORPORATED47.3Shallow moat
  4. #107AXTA AXALTA COATING SYSTEMS LTD.47.2Shallow moat

Compare BRN with its nearest peers →All Materials companies on the Index →

Common questions about BRN

Does BARNWELL INDUSTRIES, INC. have an economic moat?
Based on its FY2025 SEC filings, the Moat Index scores BARNWELL INDUSTRIES, INC. (BRN) 47.3 out of 100 — a Shallow 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 5, pricing power 86, returns on capital 88, balance-sheet safety 33, capital allocation 24.
How has BRN's Moat Score changed over time?
The record logs 15 readings since Jul 17, 2026; the latest reads 47.3 out of 100 (shallow 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 BRN. See the disclaimer.