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Barnes & Noble Education (BNED)


Market Price (6/19/2026): $11.18 | Market Cap: $385.2 MilSector: Consumer Discretionary | Industry: Other Specialty Retail

Barnes & Noble Education (BNED)


Market Price (6/19/2026): $11.18
Market Cap: $385.2 Mil
Sector: Consumer Discretionary
Industry: Other Specialty Retail

Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.

0

Strong revenue growth
Rev Chg LTMRevenue Change % Last Twelve Months (LTM) is 11%

Megatrend and thematic drivers
Megatrends include Future of Education. Themes include Digital Course Materials & Access, Educational Technology Platforms, and Campus Experience & Retail Solutions.

Weak multi-year price returns
2Y Excs Rtn is -20%, 3Y Excs Rtn is -162%

Debt is significant
Net D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is 81%

Yield minus risk free rate is negative
ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -6.5%

Key risks
BNED key risks include [1] potential NYSE delisting due to severe accounting irregularities and material internal control weaknesses, Show more.

0 Strong revenue growth
Rev Chg LTMRevenue Change % Last Twelve Months (LTM) is 11%
1 Megatrend and thematic drivers
Megatrends include Future of Education. Themes include Digital Course Materials & Access, Educational Technology Platforms, and Campus Experience & Retail Solutions.
2 Weak multi-year price returns
2Y Excs Rtn is -20%, 3Y Excs Rtn is -162%
3 Debt is significant
Net D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is 81%
4 Yield minus risk free rate is negative
ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -6.5%
5 Key risks
BNED key risks include [1] potential NYSE delisting due to severe accounting irregularities and material internal control weaknesses, Show more.

BNED in ETFs

Weight = BNED's share of each fund

VTI0.00%
IWM0.01%
IWN0.01%
VTWO0.00%
AVUV0.00%
DFAS0.00%

Valuation & Metrics

Price Chart

Why The Stock Moved

Qualitative Assessment

AI Analysis | Feedback

Updated on 6/17/2026

Barnes & Noble Education (BNED) stock has gained about 25% since 2/28/2026 because of the following key factors:

1. Strong Performance of BNC First Day Programs and Overall Revenue Growth.

Barnes & Noble Education reported an 11.3% year-over-year increase in overall revenue to $515.1 million for fiscal Q3 2026, which ended January 31, 2026. Crucially, revenue from its BNC First Day programs surged by 32.1% year-over-year to $293.6 million. These programs, particularly First Day Complete, saw robust institutional adoption, with 237 campus stores serving approximately 1.25 million students in the Spring 2026 academic term, marking a significant increase from 957,000 students in the prior year.

2. Initiation of Quarterly Dividend Program.

The company announced its intention to begin a regular quarterly dividend program of $0.08 per share, commencing in fiscal Q1 2027. This decision, representing an approximate 3.5% annual dividend yield at $8.80 per share, signaled management's confidence in BNED's sustained financial health and future cash flow generation, attracting investor interest.

Show more
Updated on 6/17/2026

Barnes & Noble Education (BNED) stock has gained about 25% since 2/28/2026 because of the following key factors:

1. Strong Performance of BNC First Day Programs and Overall Revenue Growth.

Barnes & Noble Education reported an 11.3% year-over-year increase in overall revenue to $515.1 million for fiscal Q3 2026, which ended January 31, 2026. Crucially, revenue from its BNC First Day programs surged by 32.1% year-over-year to $293.6 million. These programs, particularly First Day Complete, saw robust institutional adoption, with 237 campus stores serving approximately 1.25 million students in the Spring 2026 academic term, marking a significant increase from 957,000 students in the prior year.

2. Initiation of Quarterly Dividend Program.

The company announced its intention to begin a regular quarterly dividend program of $0.08 per share, commencing in fiscal Q1 2027. This decision, representing an approximate 3.5% annual dividend yield at $8.80 per share, signaled management's confidence in BNED's sustained financial health and future cash flow generation, attracting investor interest.

3. Reaffirmed Fiscal Year 2026 Adjusted EBITDA Guidance.

Despite some year-over-year pressure on net income and Adjusted EBITDA in fiscal Q3 2026 due to one-time factors and revenue recognition timing, Barnes & Noble Education reiterated its fiscal 2026 Adjusted EBITDA outlook in the range of $65 million to $75 million. This guidance projected year-over-year growth, underpinned by anticipated gross profit dollar growth and continued expense management, providing a positive outlook on the company's operational profitability.

4. Strategic Partnerships and Digital Expansion.

Barnes & Noble College secured a significant partnership with the University of California, Berkeley, announced in January 2026, to manage all retail, course material, and e-commerce operations starting January 20, 2026. This demonstrates the company's ability to forge key alliances and modernize campus retail. Further, the launch of an enhanced gift card program in May 2026 aimed at improving the campus store experience and fostering greater engagement with the campus community.

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Stock Movement Drivers

Fundamental Drivers

The 27.3% change in BNED stock from 2/28/2026 to 6/18/2026 was primarily driven by a 21.7% change in the company's P/S Multiple.
(LTM values as of)22820266182026Change
Stock Price ($)8.6511.0127.3%
Change Contribution By: 
Total Revenues ($ Mil)1,6351,7295.8%
P/S Multiple0.20.221.7%
Shares Outstanding (Mil)3434-1.2%
Cumulative Contribution27.3%

LTM = Last Twelve Months as of date shown

Market Drivers

2/28/2026 to 6/18/2026
ReturnCorrelation
BNED27.3% 
Market (SPY)9.2%47.1%
Sector (XLY)0.5%48.1%

Fundamental Drivers

The 17.8% change in BNED stock from 11/30/2025 to 6/18/2026 was primarily driven by a 20.3% change in the company's P/S Multiple.
(LTM values as of)113020256182026Change
Stock Price ($)9.3511.0117.8%
Change Contribution By: 
Total Revenues ($ Mil)1,5641,72910.6%
P/S Multiple0.20.220.3%
Shares Outstanding (Mil)3134-11.4%
Cumulative Contribution17.8%

LTM = Last Twelve Months as of date shown

Market Drivers

11/30/2025 to 6/18/2026
ReturnCorrelation
BNED17.8% 
Market (SPY)9.9%42.2%
Sector (XLY)-0.5%40.5%

Fundamental Drivers

The -8.5% change in BNED stock from 5/31/2025 to 6/18/2026 was primarily driven by a -11.4% change in the company's Shares Outstanding (Mil).
(LTM values as of)53120256182026Change
Stock Price ($)12.0311.01-8.5%
Change Contribution By: 
Total Revenues ($ Mil)1,5641,72910.6%
P/S Multiple0.20.2-6.5%
Shares Outstanding (Mil)3134-11.4%
Cumulative Contribution-8.5%

LTM = Last Twelve Months as of date shown

Market Drivers

5/31/2025 to 6/18/2026
ReturnCorrelation
BNED-8.5% 
Market (SPY)28.1%37.3%
Sector (XLY)10.5%34.4%

Fundamental Drivers

The -92.1% change in BNED stock from 5/31/2023 to 6/18/2026 was primarily driven by a -93.0% change in the company's Shares Outstanding (Mil).
(LTM values as of)53120236182026Change
Stock Price ($)139.0011.01-92.1%
Change Contribution By: 
Total Revenues ($ Mil)1,5271,72913.3%
P/S Multiple0.20.2-0.2%
Shares Outstanding (Mil)234-93.0%
Cumulative Contribution-92.1%

LTM = Last Twelve Months as of date shown

Market Drivers

5/31/2023 to 6/18/2026
ReturnCorrelation
BNED-92.1% 
Market (SPY)85.7%10.1%
Sector (XLY)58.4%11.5%

Return vs. Risk

Price Returns Compared

 202120222023202420252026Total [1]
Returns
BNED Return46%-74%-15%-93%-8%15%-98%
Peers Return-33%3%17%-12%-11%-5%-40%
S&P 500 Return27%-19%24%23%16%8%98%

Monthly Win Rates [3]
BNED Win Rate58%17%42%50%50%67% 
Peers Win Rate41%48%60%33%50%40% 
S&P 500 Win Rate75%42%67%75%67%50% 

Max Drawdowns [4]
BNED Max Drawdown-46%-80%-68%-97%-50%-22% 
Peers Max Drawdown-47%-37%-37%-44%-41%-28% 
S&P 500 Max Drawdown-5%-25%-10%-8%-19%-9% 


[1] Cumulative total returns since the beginning of 2021
[2] Peers: CHGG, COUR, LOPE, STRA, PRDO.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2026 data is for the year up to 6/18/2026 (YTD)

How Low Can It Go

EventBNEDS&P 500
2025 US Tariff Shock
  % Loss-22.9%-18.8%
  % Gain to Breakeven29.7%23.1%
  Time to Breakeven35 days79 days
Summer-Fall 2023 Five Percent Yield Shock
  % Loss-41.9%-9.5%
  % Gain to Breakeven72.2%10.5%
  Time to Breakeven77 days24 days
2020 COVID-19 Crash
  % Loss-69.5%-33.7%
  % Gain to Breakeven227.8%50.9%
  Time to Breakeven231 days140 days
Q4 2018 Fed Policy Error / Growth Scare
  % Loss-32.9%-19.2%
  % Gain to Breakeven49.1%23.8%
  Time to Breakeven31 days105 days

Compare to CHGG, COUR, LOPE, STRA, PRDO

In The Past

Barnes & Noble Education's stock fell -22.9% during the 2025 US Tariff Shock. Such a loss loss requires a 29.7% gain to breakeven.

Preserve Wealth

Limiting losses and compounding gains is essential to preserving wealth.

Asset Allocation

Actively managed asset allocation strategies protect wealth. Learn more.

EventBNEDS&P 500
2025 US Tariff Shock
  % Loss-22.9%-18.8%
  % Gain to Breakeven29.7%23.1%
  Time to Breakeven35 days79 days
Summer-Fall 2023 Five Percent Yield Shock
  % Loss-41.9%-9.5%
  % Gain to Breakeven72.2%10.5%
  Time to Breakeven77 days24 days
2020 COVID-19 Crash
  % Loss-69.5%-33.7%
  % Gain to Breakeven227.8%50.9%
  Time to Breakeven231 days140 days
Q4 2018 Fed Policy Error / Growth Scare
  % Loss-32.9%-19.2%
  % Gain to Breakeven49.1%23.8%
  Time to Breakeven31 days105 days

Compare to CHGG, COUR, LOPE, STRA, PRDO

In The Past

Barnes & Noble Education's stock fell -22.9% during the 2025 US Tariff Shock. Such a loss loss requires a 29.7% gain to breakeven.

Preserve Wealth

Limiting losses and compounding gains is essential to preserving wealth.

Asset Allocation

Actively managed asset allocation strategies protect wealth. Learn more.

About Barnes & Noble Education (BNED)

Barnes & Noble Education, Inc. (BNED) is a prominent operator of bookstores and educational content providers for college, university, and K-12 institutions across the United States. The company manages an extensive network of both physical and virtual bookstores, acting as a crucial partner for academic institutions in delivering course materials, and also directly serves individual students.

BNED's core business involves the sale and rental of textbooks, including new, used, print, and digital formats, along with integrated publisher-hosted digital courseware. It offers innovative course material access programs such as First Day and First Day Complete, which streamline content delivery, and BNC OER+, a digital solution featuring content, activities, and assessments. Beyond educational content, BNED supplies campus stores with essential inventory management and point-of-sale software and hardware solutions.

Furthermore, BNED provides a wide array of general merchandise through its stores and e-commerce sites, ranging from collegiate and athletic apparel to technology products and convenience items. The company also extends its reach directly to students through subscription-based digital services, notably "bartleby," which offers textbook solutions, expert question and answer assistance, AI-based writing tools, and tutoring services, thereby encompassing a comprehensive ecosystem for academic support.

AI Analysis | Feedback

Here are 1-3 brief analogies for Barnes & Noble Education (BNED):

  • Imagine them as the Amazon for college textbooks and campus merchandise, operating the bookstores and supplying students and institutions nationwide.

  • Similar to Aramark or Sodexo, but instead of providing food services, they manage and operate the entire retail experience—from textbooks to school spirit gear—for educational institutions.

  • Think of them as a blend of Chegg (for digital study tools, textbook solutions, and tutoring) combined with a full-service campus retail operator, managing all bookstore operations for universities.

AI Analysis | Feedback

The major products and services of Barnes & Noble Education (BNED) are:

  • Textbook Sales & Rentals: Provides new, used, and digital textbooks for sale and rent to college, university, and K-12 students.
  • Course Material Access Programs (First Day/First Day Complete): Offers inclusive access programs that provide students with required course materials directly through their institutions.
  • Digital Course Content Solutions (BNC OER+): Delivers a turnkey solution for colleges and universities offering digital content like videos, activities, and assessments.
  • General Merchandise Sales: Sells collegiate apparel, school spirit products, lifestyle items, technology, supplies, and convenience goods.
  • Bookstore Operations & Technology Solutions: Provides hardware and software for inventory management and point-of-sale solutions primarily for educational institution bookstores.
  • Direct-to-Student Writing Services: Offers subscription-based writing assistance directly to students.
  • bartleby (Digital Learning Platform): Provides a subscription-based platform with textbook solutions, expert Q&A, AI writing assistance, and tutoring services.

AI Analysis | Feedback

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Barnes & Noble Education (BNED) primarily sells its products and services to individuals, specifically students and, by extension, their parents/guardians. While the company operates bookstores and offers solutions for educational institutions (colleges, universities, and K-12 schools), the ultimate transactions for textbooks, course materials, merchandise, and digital subscriptions largely occur directly with individual consumers.

Major Customer Categories:

  1. College and University Students: This is the largest and most prominent customer group. These individuals purchase and rent new and used print textbooks, digital textbooks, and publisher-hosted digital courseware through BNED's physical and virtual bookstores. They also buy general merchandise such as collegiate apparel, school spirit products, lifestyle items, technology, and supplies. Furthermore, college students are the primary users and subscribers of direct-to-student digital services like Bartleby (for textbook solutions, Q&A, AI writing assistance, and tutoring) and other subscription-based writing services, as well as participants in programs like First Day and First Day Complete.
  2. K-12 Students and their Parents/Guardians: BNED operates bookstores for K-12 institutions. This customer category involves students (and often their parents/guardians) purchasing educational materials, school supplies, and general merchandise through these school-specific retail channels.
  3. Individuals Seeking Academic Support and Materials Directly: This category encompasses a broader group of individuals who may or may not be affiliated with one of BNED's partner institutions. They directly access BNED's offerings through platforms like Textbooks.com for purchasing or renting books, and subscribing to Bartleby or other digital student solutions for academic assistance, outside of a campus-specific program.
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Pearson plc (PSO)

John Wiley & Sons, Inc. (WLY)

RELX PLC (RELX)

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Jonathan Shar, Chief Executive Officer

Jonathan Shar was appointed Chief Executive Officer of Barnes & Noble Education in June 2024. Prior to his CEO appointment, he served as Executive Vice President of BNED Retail and President of Barnes & Noble College, overseeing the company's campus bookstore and e-commerce strategy. Before joining BNED in 2018, Mr. Shar held executive roles at Akademos, Inc., where he was Chief Marketing Officer, and Barnes & Noble, Inc., where he served as General Manager of NOOK Digital Content. He also held executive positions at CNNMoney and Time Inc., demonstrating a background in education, digital content, and media.

Jason Snagusky, Executive Vice President, Chief Financial Officer

Jason Snagusky was appointed Executive Vice President and Chief Financial Officer for Barnes & Noble Education, effective January 4, 2025. He joined the company in 2007 and has since held various finance and treasury roles with increasing levels of responsibility, including Senior Vice President of Treasury, Loss Prevention, and Procurement since April 2023. Before his tenure at Barnes & Noble Education, Mr. Snagusky held positions at NYSE Euronext, Inc. and Toys R Us, Inc.

Christopher Neumann, General Counsel & Corporate Secretary

Christopher Neumann joined Barnes & Noble Education in March 2025 as General Counsel and Corporate Secretary. Prior to this role, from January 2018 to December 2024, he held various positions at Six Flags Entertainment Corporation, most recently as General Counsel and Corporate Secretary. From 2010 through 2017, Mr. Neumann served as Vice President, Deputy General Counsel for Kaplan, Inc., an international educational services company, where he managed Kaplan's U.S. legal function and handled transactional matters.

Cynthia Origlio, Senior Vice President, Chief Human Resources Officer

Cynthia Origlio serves as Senior Vice President and Chief Human Resources Officer for Barnes & Noble Education. In this capacity, she oversees the overall management and operations of human resources across the entire enterprise, including Barnes & Noble College and MBS. Her responsibilities encompass leading the human resources strategy, talent acquisition, talent development, diversity and inclusion, compensation, benefits, employee relations, and HR operations for the company.

Stephen Culver, Senior Vice President, Chief Information Officer

Stephen Culver serves as Senior Vice President, Chief Information Officer, overseeing Barnes & Noble Education's IT operations and strategic development. He joined Barnes & Noble College in 2005. Prior to that, he owned and presided over an IT consulting company that specialized in the retail and wholesale industries. Mr. Culver also served as CIO of Giorgio Armani Corporation, where he led IT operations during the development and expansion of their North American operations.

AI Analysis | Feedback

The key risks to Barnes & Noble Education (BNED) are primarily centered around its financial stability, ongoing governance and compliance issues, and the challenging transformation of its business model amidst a declining higher education market.

  1. Financial Instability and Liquidity Risk: Barnes & Noble Education faces significant solvency and liquidity challenges, characterized by a substantial debt load and inconsistent profitability. The company has historically faced bankruptcy risk and continues to have a large debt burden. Although recent equity raises have provided some relief and improved its equity position, concerns persist regarding its ability to maintain adequate liquidity to support ongoing operations and vendor payments. Furthermore, BNED has experienced negative operating cash flow, indicating that the business is burning cash, which is not sustainable long-term.
  2. Governance, Compliance, and Internal Control Weaknesses: BNED has faced critical governance and compliance issues, including delays in filing its annual report (Form 10-K) due to an internal audit committee investigation into a potential overstatement of accounts receivable. This led to a notice of non-compliance from the New York Stock Exchange (NYSE), threatening potential delisting if reporting issues are not rectified. The company has acknowledged material weaknesses in its internal controls over financial reporting and has undertaken restatements of prior financial results, creating uncertainty and impacting investor confidence.
  3. Declining Higher Education Enrollment and Business Model Transformation Challenges: The company operates within a higher education market experiencing a continuous decline in enrollment, particularly at smaller schools and community colleges, which directly shrinks BNED's addressable market for textbook sales. Concurrently, Barnes & Noble Education is in the midst of a significant and costly business model transformation, shifting from traditional, higher-margin print textbook sales to lower-margin digital courseware solutions like "First Day Complete." This pivot requires substantial upfront investment, and while the program shows promise, it carries execution risk, including slower than anticipated adoption rates and intense competition from other educational content providers and online platforms.

AI Analysis | Feedback

  • The accelerating adoption of Open Educational Resources (OER) by colleges, universities, and K-12 institutions poses a clear threat. As more institutions and faculty opt for free or low-cost OER content, it directly reduces the demand for traditional print and digital textbooks and publisher-hosted courseware, which form a significant portion of BNED's revenue through its Retail and Wholesale segments and First Day programs. While BNED offers its own BNC OER+ solution, the broader OER movement can bypass traditional intermediaries entirely.
  • The rapid advancements and widespread availability of AI tools represent a direct emerging threat to BNED's "bartleby" direct-to-student subscription services. As AI becomes increasingly sophisticated in generating textbook solutions, answering complex questions, and providing writing assistance, it could diminish the value proposition of bartleby's core offerings, potentially leading students to free or alternative AI-powered resources instead of BNED's subscription service.

AI Analysis | Feedback

For Barnes & Noble Education (BNED), the addressable markets for its main products and services in the U.S. are sized as follows:

  • Higher Education Course Materials (including print and digital textbooks, and digital courseware): While a direct aggregate U.S. market size for all higher education course materials is not explicitly stated, the PreK-12 instructional materials segment in the United States, including digital content, recorded sales of $5.3 billion in 2024. The broader U.S. digital education market, which encompasses various digital learning solutions relevant to course materials, reached USD 7.9 billion in 2025 and is projected to grow to USD 73.4 billion by 2034.

  • General Merchandise (collegiate and athletic apparel, school spirit products, lifestyle products, technology products, supplies, and convenience items - part of "Back to College" shopping): The U.S. Back to College Shopping Market was estimated to be around $85 billion in 2024, with another report citing $86.6 billion for the same year. The North American back to college market, largely driven by the U.S., accounted for over 22.2% of the global market in 2024.

  • Direct-to-Student Subscription-Based Writing Services (e.g., bartleby, including textbook solutions, expert Q&A, AI-based writing assistance, and tutoring services): The U.S. Online Private Tutoring Market was valued at USD 4.32 billion in 2024 and is projected to reach USD 8.08 billion by 2030.

  • Digital Student Solutions (including First Day, First Day Complete, BNC OER+, and other digital content): The global digital education content market, which includes various forms of digital learning resources, was valued at USD 15.8 billion in 2022 and is anticipated to grow to USD 169.2 billion by 2032. North America held over 40% of this revenue share in 2022. The U.S. digital education market, more specifically, reached USD 7.9 billion in 2025 and is expected to grow to USD 73.4 billion by 2034.

  • Hardware and Software Suite (inventory management and point-of-sale solutions; Student Information Systems): The U.S. Student Information Systems (SIS) market is valued at approximately USD 2.2 billion. Globally, the Student Information System Market was valued at USD 11.29 billion in 2024 and is projected to reach USD 70.72 billion by 2034. North America held a 32.15% share of the global SIS market revenue in 2024, with the U.S. having the largest revenue share within North America.

AI Analysis | Feedback

Barnes & Noble Education (BNED) anticipates future revenue growth over the next 2-3 years to be driven by several key initiatives focused on the evolving educational landscape and its strategic business transformation. The primary expected drivers of future revenue growth for Barnes & Noble Education include: * **Continued Expansion of BNC First Day and First Day Complete Programs:** The company's inclusive access programs, BNC First Day and First Day Complete, are consistently highlighted as significant drivers of revenue growth. These programs, which bundle course materials with tuition or fees, have shown substantial year-over-year increases in institutional adoption and student enrollment. For instance, in the third quarter of fiscal year 2025, revenues from BNC First Day® programs increased by 21% year-over-year. The First Day Complete program has seen rapid growth, with management expecting this momentum to continue as schools seek more affordable and convenient options for students. By the fall 2025 academic term, the First Day Complete program expanded to 224 campus stores, serving approximately 1.1 million undergraduate and graduate students, an increase of 22.2% from the previous year. The company expects these programs to eventually constitute a majority of its course material revenue. * **Growth in General Merchandise Sales:** Barnes & Noble Education aims to increase sales of general merchandise, including collegiate and athletic apparel, school spirit products, and lifestyle items. This focus is intended to offset declines in traditional à la carte course materials. The company continues to prioritize strengthening sales in its general merchandise business. * **Strategic Shift Towards Digital Solutions and Technology Investments:** BNED is undergoing a strategic shift towards digital solutions, moving away from a reliance on print materials. This includes expanding its digital services and making strategic technology investments to enhance its market position. This digital transformation encompasses offerings such as BNC OER+, a turnkey solution for digital content, and bartleby, a subscription-based offering for writing assistance and tutoring services, as mentioned in the company background. This broader digital pivot underpins the success and expansion of the First Day programs and other digital offerings.

AI Analysis | Feedback

Share Repurchases

  • Barnes & Noble Education purchased treasury shares amounting to $0.176 million during the 52 weeks ended April 27, 2024.
  • During the 53 weeks ended May 3, 2025, the company purchased treasury shares totaling $0.005 million.
  • As of the fiscal third quarter ended January 31, 2026, the company recorded a purchase of treasury shares of approximately $0.004 million year-to-date.

Share Issuance

  • In June 2024, Barnes & Noble Education recapitalized the company by raising approximately $80 million in net proceeds.
  • The company subsequently completed two At-the-Market (ATM) equity offering programs of approximately $40 million each, raising a total of $80 million in fiscal year 2025 through these offerings, exclusive of commission costs. This contributed to approximately $160 million in equity raised over the past year as of July 2025.
  • During the 53 weeks ended May 3, 2025, shares sold under At-the-Market offerings, net of commissions, amounted to approximately $78.45 million.

Inbound Investments

  • Following a recapitalization transaction in July 2024, strategic investors, including Immersion, collectively owned more than 70% of Barnes & Noble Education's outstanding shares.
  • This recapitalization included the conversion of $34 million in term loans into new common equity, with Immersion holding a 17.1% stake and another strategic investor holding 12.3%.

Capital Expenditures

  • Total capital expenditures for the 52 weeks ended April 27, 2024, were $14.070 million, with a focus on physical store capital expenditures ($5.813 million) and product and system development ($6.670 million).
  • For the 53 weeks ended May 3, 2025, total capital expenditures were $12.894 million, which included $8.866 million for physical store capital expenditures and $3.063 million for product and system development.
  • For fiscal year 2026, Barnes & Noble Education anticipates approximately $22 million in capital expenditures, primarily focused on contractual capital investments for renewing existing contracts, new store construction, digital initiatives, and enhancements to internal systems and its website.

Better Bets vs. Barnes & Noble Education (BNED)

Latest Trefis Analyses

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Peer Comparisons

Peers to compare with:

Financials

BNEDCHGGCOURLOPESTRAPRDOMedian
NameBarnes &.Chegg Coursera Grand Ca.Strategi.Perdoceo. 
Mkt Price11.011.055.35141.5975.3332.0321.52
Mkt Cap0.40.10.93.81.62.01.3
Rev LTM1,7293197741,1261,271855990
Op Inc LTM24-89-88311198235111
FCF LTM7-2568260174221121
FCF 3Y Avg-164962238138181100
CFO LTM22-590294218230154
CFO 3Y Avg-210681277179188142

Growth & Margins

BNEDCHGGCOURLOPESTRAPRDOMedian
NameBarnes &.Chegg Coursera Grand Ca.Strategi.Perdoceo. 
Rev Chg LTM10.6%-43.5%9.8%7.4%3.0%17.7%8.6%
Rev Chg 3Y Avg4.3%-23.3%12.1%7.1%6.2%6.8%6.5%
Rev Chg Q11.3%-47.9%9.1%6.7%0.8%4.1%5.4%
QoQ Delta Rev Chg LTM3.1%-15.4%2.2%1.8%0.2%1.0%1.4%
Op Inc Chg LTM178.8%-5.3%3.9%10.7%21.1%8.2%9.4%
Op Inc Chg 3Y Avg128.8%-2,376.1%19.6%9.8%54.5%11.1%15.3%
Op Mgn LTM1.4%-27.9%-11.4%27.6%15.6%27.5%8.5%
Op Mgn 3Y Avg0.3%-17.2%-15.0%26.9%13.7%28.8%7.0%
QoQ Delta Op Mgn LTM-0.4%2.6%-1.1%0.2%0.1%0.8%0.1%
CFO/Rev LTM1.3%-1.5%11.6%26.1%17.2%26.8%14.4%
CFO/Rev 3Y Avg-0.2%15.9%11.3%26.4%14.6%24.8%15.2%
FCF/Rev LTM0.4%-8.0%8.9%23.1%13.7%25.8%11.3%
FCF/Rev 3Y Avg-1.1%6.0%8.6%22.6%11.2%23.9%9.9%

Valuation

BNEDCHGGCOURLOPESTRAPRDOMedian
NameBarnes &.Chegg Coursera Grand Ca.Strategi.Perdoceo. 
Mkt Cap0.40.10.93.81.62.01.3
P/S0.20.41.23.41.32.31.2
P/Op Inc15.9-1.3-10.212.28.28.58.4
P/EBIT26.7-1.4-10.212.18.28.58.4
P/E-39.4-1.4-14.217.212.611.85.2
P/CFO17.3-23.810.112.97.58.79.4
Total Yield-2.5%-73.1%-7.1%5.8%11.4%10.4%1.6%
Dividend Yield0.0%0.0%0.0%0.0%3.5%1.9%0.0%
FCF Yield 3Y Avg-5.7%15.7%5.5%5.3%6.9%11.1%6.2%
D/E0.80.40.00.00.10.10.1
Net D/E0.8-0.1-0.9-0.0-0.0-0.3-0.1

Returns

BNEDCHGGCOURLOPESTRAPRDOMedian
NameBarnes &.Chegg Coursera Grand Ca.Strategi.Perdoceo. 
1M Rtn22.2%0.0%-0.9%-11.2%-5.2%-5.0%-3.0%
3M Rtn21.3%85.3%-11.4%-13.9%-6.3%-6.6%-6.4%
6M Rtn26.1%15.9%-34.2%-14.1%-7.9%10.9%1.5%
12M Rtn0.0%-27.1%-35.2%-24.8%-7.8%1.1%-16.3%
3Y Rtn-91.3%-89.3%-59.0%37.5%9.0%171.8%-25.0%
1M Excs Rtn20.2%-2.0%-2.9%-13.2%-7.2%-7.0%-5.0%
3M Excs Rtn7.7%71.8%-25.0%-27.4%-19.8%-20.1%-20.0%
6M Excs Rtn16.8%3.8%-42.9%-24.6%-15.9%-0.7%-8.3%
12M Excs Rtn-28.1%-53.5%-61.2%-49.1%-32.7%-22.6%-40.9%
3Y Excs Rtn-162.3%-161.8%-131.1%-36.6%-63.8%99.3%-97.5%

Comparison Analyses

null

Financials

Segment Financials

Revenue by Segment
$ Mil20252024202320222021
Single segment1,6101,567   
Eliminations  -55-56-90
Retail  1,4921,4401,330
Wholesale  106112166
Digital Student Solutions (DSS)    27
Total1,6101,5671,5431,4961,434


Operating Income by Segment
$ Mil20242023202220212020
Retail11-35-37-155-24
Wholesale5-301513
Eliminations1-0000
Corporate Services-39-28-24-28-23
Digital Student Solutions (DSS)   -8-9
Total-22-66-61-177-43


Net Income by Segment
$ Mil20252024
Single segment-66-76
Total-66-76


Assets by Segment
$ Mil20242023202220212020
Retail748786876793867
Wholesale143161159200248
Corporate Services137555
Assets Held for Sale02732  
Digital Student Solutions (DSS)   3436
Total9059811,0721,0311,156


Price Behavior

Price Behavior
Market Price$11.01 
Market Cap ($ Bil)0.4 
First Trading Date08/03/2015 
Distance from 52W High-9.6% 
   50 Days200 Days
DMA Price$10.30$9.17
DMA Trendupup
Distance from DMA6.9%20.1%
 3M1YR
Volatility49.0%64.6%
Downside Capture193.39197.82
Upside Capture176.95144.08
Correlation (SPY)44.4%36.8%
BNED Betas & Captures as of 5/31/2026

 1M2M3M6M1Y3Y
Beta0.991.421.431.591.941.07
Up Beta-0.090.540.751.102.630.84
Down Beta3.892.421.671.771.891.53
Up Capture78%153%184%187%144%6%
Bmk +ve Days13283667141432
Stock +ve Days10223462116352
Down Capture45%266%152%162%159%110%
Bmk -ve Days7132757109318
Stock -ve Days10182859125378

[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
Based On 1-Year Data
Annualized
Return
Annualized
Volatility
Sharpe
Ratio
Correlation
with BNED
BNED-1.4%64.7%0.22-
Sector ETF (XLY)12.3%18.4%0.4934.0%
Equity (SPY)26.5%12.4%1.6137.0%
Gold (GLD)24.2%27.5%0.778.8%
Commodities (DBC)19.8%18.8%0.83-5.4%
Real Estate (VNQ)11.0%13.7%0.5219.5%
Bitcoin (BTCUSD)-38.3%42.4%-1.0223.0%

Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 5-Year Data
Annualized
Return
Annualized
Volatility
Sharpe
Ratio
Correlation
with BNED
BNED-58.9%135.1%-0.09-
Sector ETF (XLY)7.1%23.8%0.2618.2%
Equity (SPY)13.5%17.1%0.6216.8%
Gold (GLD)17.1%18.3%0.764.0%
Commodities (DBC)7.5%19.4%0.293.0%
Real Estate (VNQ)1.9%18.9%0.0014.8%
Bitcoin (BTCUSD)11.6%54.2%0.417.8%

Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 10-Year Data
Annualized
Return
Annualized
Volatility
Sharpe
Ratio
Correlation
with BNED
BNED-36.0%110.0%0.07-
Sector ETF (XLY)12.6%22.1%0.5223.7%
Equity (SPY)15.3%18.0%0.7322.3%
Gold (GLD)12.3%16.1%0.633.3%
Commodities (DBC)5.9%18.0%0.266.2%
Real Estate (VNQ)5.3%20.7%0.2220.9%
Bitcoin (BTCUSD)60.4%66.8%1.006.6%

Smart multi-asset allocation framework can stack odds in your favor. Learn How

Short Interest

Short Interest: As Of Date5292026
Short Interest: Shares Quantity2.3 Mil
Short Interest: % Change Since 515202611.3%
Average Daily Volume0.3 Mil
Days-to-Cover Short Interest8.8 days
Basic Shares Quantity34.5 Mil
Short % of Basic Shares6.7%

Earnings Returns History

Updated 6/3/2026
Expand for More
 Forward Returns
Earnings Date1D Returns5D Returns21D Returns
3/10/20260.2%9.6%16.7%
1/20/2026-0.5%2.2%-8.5%
3/10/20251.4%12.9%-3.5%
12/9/20249.6%26.5%-6.5%
9/10/20242.3%10.9%-13.5%
7/1/202411.3%20.3%73.9%
3/13/2024-3.0%-2.4%13.1%
12/6/202321.0%24.8%90.5%
...
SUMMARY STATS   
# Positive101410
# Negative12812
Median Positive9.4%12.9%18.5%
Median Negative-7.5%-18.9%-8.9%
Max Positive21.0%26.5%90.5%
Max Negative-27.5%-39.2%-24.5%
Collapse to Preview
 Forward Returns
Earnings Date1D Returns5D Returns21D Returns
3/10/20260.2%9.6%16.7%
1/20/2026-0.5%2.2%-8.5%
3/10/20251.4%12.9%-3.5%
12/9/20249.6%26.5%-6.5%
9/10/20242.3%10.9%-13.5%
7/1/202411.3%20.3%73.9%
3/13/2024-3.0%-2.4%13.1%
12/6/202321.0%24.8%90.5%
9/6/2023-2.5%-19.0%-17.4%
5/31/2023-12.9%-18.7%-9.4%
3/9/20237.0%4.7%-8.1%
12/6/2022-27.5%-39.2%-23.5%
8/31/202213.3%23.5%3.5%
6/29/2022-2.4%-0.3%-7.4%
3/8/2022-18.8%-23.8%-24.4%
11/30/2021-20.9%-19.3%-24.5%
9/2/202113.3%21.5%22.9%
6/29/2021-16.8%-4.2%-4.4%
3/9/2021-3.6%21.2%5.0%
12/8/20209.2%3.7%38.3%
9/3/2020-2.2%13.0%20.3%
7/14/2020-11.3%7.9%14.3%
SUMMARY STATS   
# Positive101410
# Negative12812
Median Positive9.4%12.9%18.5%
Median Negative-7.5%-18.9%-8.9%
Max Positive21.0%26.5%90.5%
Max Negative-27.5%-39.2%-24.5%

SEC Filings

Expand for More
Report DateFiling DateFiling
01/31/202603/10/202610-Q
10/31/202501/20/202610-Q
07/31/202501/20/202610-Q
04/30/202512/23/202510-K
01/31/202503/10/202510-Q
10/31/202412/09/202410-Q
07/31/202409/10/202410-Q
04/30/202407/01/202410-K
01/31/202403/12/202410-Q
10/31/202312/07/202310-Q
07/31/202309/06/202310-Q
04/30/202307/31/202310-K
01/31/202303/09/202310-Q
10/31/202212/06/202210-Q
07/31/202208/31/202210-Q
04/30/202206/29/202210-K
Collapse to Preview
Report DateFiling DateFiling
01/31/202603/10/202610-Q
10/31/202501/20/202610-Q
07/31/202501/20/202610-Q
04/30/202512/23/202510-K
01/31/202503/10/202510-Q
10/31/202412/09/202410-Q
07/31/202409/10/202410-Q
04/30/202407/01/202410-K
01/31/202403/12/202410-Q
10/31/202312/07/202310-Q
07/31/202309/06/202310-Q
04/30/202307/31/202310-K
01/31/202303/09/202310-Q
10/31/202212/06/202210-Q
07/31/202208/31/202210-Q
04/30/202206/29/202210-K
01/31/202203/08/202210-Q
10/31/202111/30/202110-Q
07/31/202109/02/202110-Q
04/30/202106/30/202110-K
01/31/202103/09/202110-Q
10/31/202012/08/202010-Q
07/31/202009/03/202010-Q
04/30/202007/14/202010-K
01/31/202003/03/202010-Q
10/31/201912/04/201910-Q
07/31/201908/27/201910-Q
04/30/201906/25/201910-K

Recent Forward Guidance

Updated 5/31/2026

Latest: Q3 2026 Earnings Reported 3/10/2026

Forward GuidanceGuidance Change
MetricLowMidHigh% Chg% DeltaChangePrior
Q1 2027 Quarterly Dividend 0.08    
2026 Adjusted EBITDA65.00 Mil70.00 Mil75.00 Mil00AffirmedGuidance: 70.00 Mil for 2026
2026 Capital Expenditures 18.00 Mil -10.0% LoweredGuidance: 20.00 Mil for 2026
2027 Adjusted EBITDA Growth15.0%17.5%20.0%00AffirmedGuidance: 17.5% for 2027

Prior: Q2 2026 Earnings Reported 1/20/2026

Forward GuidanceGuidance Change
MetricLowMidHigh% Chg% DeltaChangePrior
2026 Adjusted EBITDA65.00 Mil70.00 Mil75.00 Mil   
2026 Capital Expenditures 20.00 Mil    
2027 Adjusted EBITDA Growth15.0%17.5%20.0%   
Core Cache Last Updated: 6/18/2026