Barnwell Industries (BRN)
Market Price (6/22/2026): $1.04 | Market Cap: $13.2 MilSector: Energy | Industry: Oil & Gas Exploration & Production
Barnwell Industries (BRN)
Market Price (6/22/2026): $1.04Market Cap: $13.2 MilSector: EnergyIndustry: Oil & Gas Exploration & Production
Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.
Cash is significant % of market capNet D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is -31% Megatrend and thematic driversMegatrends include US Energy Independence, and Water Infrastructure. Themes include US Oil & Gas Exploration & Production, and Hawaii Water Well Drilling & Development. | Weak multi-year price returns2Y Excs Rtn is -99%, 3Y Excs Rtn is -136% | Not profitable at operating income levelOp Inc LTMOperating Income, Last Twelve Months is -6.3 Mil, Op Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is -55% Weak revenue growthRev Chg LTMRevenue Change % Last Twelve Months (LTM) is -27%, Rev Chg 3Y AvgRevenue Change % averaged over trailing 3 years is -27%, Rev Chg QQuarterly Revenue Change % is -29% Not cash flow generativeCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is -29%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is -35% Yield minus risk free rate is negativeERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -56% Key risksBRN key risks include [1] substantial doubt about its ability to continue as a going concern, Show more. |
| Cash is significant % of market capNet D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is -31% |
| Megatrend and thematic driversMegatrends include US Energy Independence, and Water Infrastructure. Themes include US Oil & Gas Exploration & Production, and Hawaii Water Well Drilling & Development. |
| Weak multi-year price returns2Y Excs Rtn is -99%, 3Y Excs Rtn is -136% |
| Not profitable at operating income levelOp Inc LTMOperating Income, Last Twelve Months is -6.3 Mil, Op Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is -55% |
| Weak revenue growthRev Chg LTMRevenue Change % Last Twelve Months (LTM) is -27%, Rev Chg 3Y AvgRevenue Change % averaged over trailing 3 years is -27%, Rev Chg QQuarterly Revenue Change % is -29% |
| Not cash flow generativeCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is -29%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is -35% |
| Yield minus risk free rate is negativeERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -56% |
| Key risksBRN key risks include [1] substantial doubt about its ability to continue as a going concern, Show more. |
Qualitative Assessment
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Barnwell Industries (BRN) stock has lost about 10% since 2/28/2026 because of the following key factors:
1. Declining Revenue and Persistent Net Losses.
Barnwell Industries reported a significant decrease in revenue for its fiscal second quarter ended March 31, 2026, with revenue at $2.54 million, a 29% decline year-over-year from $3.57 million in the prior year's fiscal Q2. This reduction was primarily driven by a 16-26% year-over-year decline in net production across products due to asset sales and natural field declines. Although the company narrowed its net loss to $1.15 million (or $0.09 per share) in fiscal Q2 2026 from $1.21 million in the prior year quarter, and sequentially improved from a $1.43 million loss in fiscal Q1 2026, the market reacted negatively to the Q2 results, with the stock declining 2.65% on the announcement day.
2. Strategic Review and Asset Divestitures Creating Uncertainty.
The company initiated a strategic review process for its Canadian oil and gas business, including a potential sale of these assets, announcing this on March 13, 2026. This news contributed to a 6.6% drop in the stock price over the preceding week. This strategic shift follows the completed sale of its U.S. drilling subsidiary and U.S. oil & gas assets. The ongoing evaluation of strategic alternatives, while aimed at value creation, introduces uncertainty for investors regarding the company's future operational footprint and earnings potential.
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Barnwell Industries (BRN) stock has lost about 10% since 2/28/2026 because of the following key factors:
1. Declining Revenue and Persistent Net Losses.
Barnwell Industries reported a significant decrease in revenue for its fiscal second quarter ended March 31, 2026, with revenue at $2.54 million, a 29% decline year-over-year from $3.57 million in the prior year's fiscal Q2. This reduction was primarily driven by a 16-26% year-over-year decline in net production across products due to asset sales and natural field declines. Although the company narrowed its net loss to $1.15 million (or $0.09 per share) in fiscal Q2 2026 from $1.21 million in the prior year quarter, and sequentially improved from a $1.43 million loss in fiscal Q1 2026, the market reacted negatively to the Q2 results, with the stock declining 2.65% on the announcement day.
2. Strategic Review and Asset Divestitures Creating Uncertainty.
The company initiated a strategic review process for its Canadian oil and gas business, including a potential sale of these assets, announcing this on March 13, 2026. This news contributed to a 6.6% drop in the stock price over the preceding week. This strategic shift follows the completed sale of its U.S. drilling subsidiary and U.S. oil & gas assets. The ongoing evaluation of strategic alternatives, while aimed at value creation, introduces uncertainty for investors regarding the company's future operational footprint and earnings potential.
3. Equity Dilution from Capital Raising Efforts.
Barnwell Industries engaged in capital raising activities during the period, which resulted in significant shareholder dilution. The company raised gross proceeds of $4.74 million through an at-the-market equity program and a prior private placement. Specifically, in fiscal Q2 2026, 926,403 shares were issued under the at-the-market program for gross proceeds of $1.1 million. Overall, shareholders experienced substantial dilution in the past year, with total shares outstanding increasing by 43.2%. This increase in share count typically puts downward pressure on the stock price per share.
4. Persistent Cash Burn and "Going Concern" Status.
Despite cost-reduction initiatives, including a 26% sequential decline in salaries, wages, and bonuses and reduced general and administrative expenses, Barnwell Industries continued to experience negative cash flow. For the six months ended March 31, 2026, the company reported an operating cash flow outflow of $2.42 million from continuing operations. Analysts highlighted the "persistent losses and cash burn," noting that the company's financial statements were prepared on a "going concern" basis, indicating a reliance on equity issuance to maintain liquidity.
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Stock Movement Drivers
Fundamental Drivers
The -12.3% change in BRN stock from 2/28/2026 to 6/21/2026 was primarily driven by a -12.6% change in the company's Shares Outstanding (Mil).| (LTM values as of) | 2282026 | 6212026 | Change |
|---|---|---|---|
| Stock Price ($) | 1.14 | 1.00 | -12.3% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 13 | 11 | -8.3% |
| P/S Multiple | 1.0 | 1.1 | 9.5% |
| Shares Outstanding (Mil) | 11 | 13 | -12.6% |
| Cumulative Contribution | -12.3% |
Market Drivers
2/28/2026 to 6/21/2026| Return | Correlation | |
|---|---|---|
| BRN | -12.3% | |
| Market (SPY) | 9.2% | -25.8% |
| Sector (XLE) | -3.2% | 40.2% |
Fundamental Drivers
The -21.3% change in BRN stock from 11/30/2025 to 6/21/2026 was primarily driven by a -20.7% change in the company's Shares Outstanding (Mil).| (LTM values as of) | 11302025 | 6212026 | Change |
|---|---|---|---|
| Stock Price ($) | 1.27 | 1.00 | -21.3% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 14 | 11 | -20.4% |
| P/S Multiple | 0.9 | 1.1 | 24.8% |
| Shares Outstanding (Mil) | 10 | 13 | -20.7% |
| Cumulative Contribution | -21.3% |
Market Drivers
11/30/2025 to 6/21/2026| Return | Correlation | |
|---|---|---|
| BRN | -21.3% | |
| Market (SPY) | 9.9% | -11.0% |
| Sector (XLE) | 20.7% | 45.9% |
Fundamental Drivers
The -19.4% change in BRN stock from 5/31/2025 to 6/21/2026 was primarily driven by a -27.1% change in the company's Total Revenues ($ Mil).| (LTM values as of) | 5312025 | 6212026 | Change |
|---|---|---|---|
| Stock Price ($) | 1.24 | 1.00 | -19.4% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 16 | 11 | -27.1% |
| P/S Multiple | 0.8 | 1.1 | 39.4% |
| Shares Outstanding (Mil) | 10 | 13 | -20.7% |
| Cumulative Contribution | -19.4% |
Market Drivers
5/31/2025 to 6/21/2026| Return | Correlation | |
|---|---|---|
| BRN | -19.4% | |
| Market (SPY) | 28.1% | -5.1% |
| Sector (XLE) | 36.1% | 34.8% |
Fundamental Drivers
The -63.6% change in BRN stock from 5/31/2023 to 6/21/2026 was primarily driven by a -60.7% change in the company's Total Revenues ($ Mil).| (LTM values as of) | 5312023 | 6212026 | Change |
|---|---|---|---|
| Stock Price ($) | 2.74 | 1.00 | -63.6% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 29 | 11 | -60.7% |
| P/S Multiple | 0.9 | 1.1 | 17.8% |
| Shares Outstanding (Mil) | 10 | 13 | -21.4% |
| Cumulative Contribution | -63.6% |
Market Drivers
5/31/2023 to 6/21/2026| Return | Correlation | |
|---|---|---|
| BRN | -63.6% | |
| Market (SPY) | 85.7% | 3.2% |
| Sector (XLE) | 54.8% | 24.7% |
Price Returns Compared
| 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Total [1] | |
|---|---|---|---|---|---|---|---|
| Returns | |||||||
| BRN Return | 129% | 3% | -16% | -38% | -26% | -8% | -17% |
| Peers Return | 95% | 45% | 6% | 3% | 21% | 36% | 405% |
| S&P 500 Return | 27% | -19% | 24% | 23% | 16% | 8% | 98% |
Monthly Win Rates [3] | |||||||
| BRN Win Rate | 50% | 42% | 25% | 33% | 42% | 33% | |
| Peers Win Rate | 67% | 62% | 53% | 52% | 68% | 63% | |
| S&P 500 Win Rate | 75% | 42% | 67% | 75% | 67% | 50% | |
Max Drawdowns [4] | |||||||
| BRN Max Drawdown | -64% | -55% | -35% | -52% | -47% | -23% | |
| Peers Max Drawdown | -28% | -35% | -25% | -26% | -25% | -17% | |
| S&P 500 Max Drawdown | -5% | -25% | -10% | -8% | -19% | -9% | |
[1] Cumulative total returns since the beginning of 2021
[2] Peers: IMO, CNQ, SU, CVE, OVV.
[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
| Event | BRN | S&P 500 |
|---|---|---|
| 2025 US Tariff Shock | ||
| % Loss | -30.6% | -18.8% |
| % Gain to Breakeven | 44.1% | 23.1% |
| Time to Breakeven | 11 days | 79 days |
| Summer-Fall 2023 Five Percent Yield Shock | ||
| % Loss | -14.2% | -9.5% |
| % Gain to Breakeven | 16.5% | 10.5% |
| Time to Breakeven | 114 days | 24 days |
| 2023 SVB Regional Banking Crisis | ||
| % Loss | -23.1% | -6.7% |
| % Gain to Breakeven | 30.0% | 7.1% |
| Time to Breakeven | 14 days | 31 days |
| 2022 Inflation Shock & Fed Tightening | ||
| % Loss | -25.8% | -24.5% |
| % Gain to Breakeven | 34.7% | 32.4% |
| Time to Breakeven | 38 days | 427 days |
| 2020 COVID-19 Crash | ||
| % Loss | -66.2% | -33.7% |
| % Gain to Breakeven | 196.0% | 50.9% |
| Time to Breakeven | 85 days | 140 days |
| Q4 2018 Fed Policy Error / Growth Scare | ||
| % Loss | -28.5% | -19.2% |
| % Gain to Breakeven | 39.9% | 23.8% |
| Time to Breakeven | 754 days | 105 days |
In The Past
Barnwell Industries's stock fell -30.6% during the 2025 US Tariff Shock. Such a loss loss requires a 44.1% gain to breakeven.
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| Event | BRN | S&P 500 |
|---|---|---|
| 2025 US Tariff Shock | ||
| % Loss | -30.6% | -18.8% |
| % Gain to Breakeven | 44.1% | 23.1% |
| Time to Breakeven | 11 days | 79 days |
| 2023 SVB Regional Banking Crisis | ||
| % Loss | -23.1% | -6.7% |
| % Gain to Breakeven | 30.0% | 7.1% |
| Time to Breakeven | 14 days | 31 days |
| 2022 Inflation Shock & Fed Tightening | ||
| % Loss | -25.8% | -24.5% |
| % Gain to Breakeven | 34.7% | 32.4% |
| Time to Breakeven | 38 days | 427 days |
| 2020 COVID-19 Crash | ||
| % Loss | -66.2% | -33.7% |
| % Gain to Breakeven | 196.0% | 50.9% |
| Time to Breakeven | 85 days | 140 days |
| Q4 2018 Fed Policy Error / Growth Scare | ||
| % Loss | -28.5% | -19.2% |
| % Gain to Breakeven | 39.9% | 23.8% |
| Time to Breakeven | 754 days | 105 days |
| 2015-2016 China Devaluation / Global Growth Scare | ||
| % Loss | -37.2% | -12.2% |
| % Gain to Breakeven | 59.2% | 13.9% |
| Time to Breakeven | 352 days | 62 days |
| 2014-2016 Oil Price Collapse | ||
| % Loss | -51.4% | -6.8% |
| % Gain to Breakeven | 105.6% | 7.3% |
| Time to Breakeven | 1814 days | 15 days |
| 2011 US Debt Ceiling Crisis & European Contagion | ||
| % Loss | -30.7% | -17.9% |
| % Gain to Breakeven | 44.2% | 21.8% |
| Time to Breakeven | 3446 days | 123 days |
| 2010 Eurozone Sovereign Debt Crisis / Flash Crash | ||
| % Loss | -35.6% | -15.4% |
| % Gain to Breakeven | 55.4% | 18.2% |
| Time to Breakeven | 186 days | 125 days |
In The Past
Barnwell Industries's stock fell -30.6% during the 2025 US Tariff Shock. Such a loss loss requires a 44.1% 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 Barnwell Industries (BRN)
Barnwell Industries, Inc. (BRN) is a diversified company operating primarily through three distinct segments: oil and natural gas, land investment, and contract drilling. Headquartered in Honolulu, Hawaii, the company engages in various activities aimed at energy production, real estate development, and water infrastructure services.
In its Oil and Natural Gas segment, Barnwell Industries is involved in the acquisition, development, production, and sale of crude oil and natural gas assets. These energy operations are concentrated in the province of Alberta, Canada, where the company supplies hydrocarbon resources to the broader energy market. Additionally, through its Land Investment segment, Barnwell acquires and holds interests in land, specifically within Hawaii, potentially leveraging real estate appreciation or development opportunities.
The Contract Drilling segment provides essential water-related services. Barnwell owns and operates drilling and pump rigs to drill water and water monitoring wells of varying depths. This segment also includes the installation and repair of water pumping systems, further supported by the distribution of Trillium flow technologies. Customers for these services typically include individuals, businesses, and agricultural or governmental entities requiring reliable water access and infrastructure.
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Barnwell Industries is like a small Canadian oil and gas producer (a bit like Vermilion Energy) that also owns land and drills water wells in Hawaii.
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- Oil and Natural Gas: Barnwell Industries acquires, develops, produces, and sells oil and natural gas in Canada.
- Land Investment: The company invests in land interests, specifically in Hawaii.
- Water Well Drilling: Barnwell Industries drills water and water monitoring wells of varying depths.
- Water Pumping System Services: The company installs and repairs water pumping systems.
- Trillium Flow Technologies Distribution: Barnwell Industries distributes trillium flow technology products.
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Barnwell Industries (BRN) primarily sells its products and services to other companies (B2B).
Based on the provided description, specific names of its major corporate customers are not disclosed. However, its customer base can be broadly described by its operating segments:
- Oil and Natural Gas Segment: Customers are typically other energy companies, refineries, and pipeline operators who purchase crude oil and natural gas commodities.
- Land Investment Segment: When selling land interests, customers are likely real estate developers, commercial enterprises, or high-net-worth investors.
- Contract Drilling Segment: Customers include agricultural businesses, commercial and industrial entities, government agencies (for water wells and monitoring), and potentially large residential developers or estates requiring water well drilling, pump installation/repair, and Trillium flow technologies.
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- Trillium Flow Technologies
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Craig D. Hopkins, Chief Executive Officer, President
Craig D. Hopkins became Chief Executive Officer and President of Barnwell Industries, Inc. on April 1, 2024. He brings over 30 years of exploration and production experience in western Canada. Hopkins was a founder of a privately held start-up that achieved over 3000 boe/d through drilling and was subsequently sold to a Canadian major. He also held various leadership and technical roles at Talisman Energy, Aspect Energy, Atlas Energy, Crestar Energy, and began his career at Canadian Occidental Petroleum.
Philip F. Patman, Jr., Chief Financial Officer, Treasurer
Philip F. Patman, Jr. was appointed Chief Financial Officer, Treasurer, and principal financial officer of Barnwell Industries, Inc. effective December 31, 2025, succeeding Russell M. Gifford upon his retirement. He possesses nearly three decades of global finance, operations, and capital markets leadership experience across various sectors, including oil and gas, power and renewables, industrial technology, and digital infrastructure. His background encompasses public and private-company CFO roles, board-level advisory work, and the execution of equity and debt financings, restructurings, asset sales, joint ventures, and cross-border M&A. Patman's career also includes senior roles at Pantheon Resources plc, MacroFab, Soluna Holdings, VAALCO Energy, PTT Exploration & Production, and Ameresco, along with experience in independent power and project finance, and private equity/infrastructure investing.
Alexander Kinzler, Executive Chairman, General Counsel, Corporate Secretary
Alexander Kinzler served as CEO of Barnwell Industries, Inc. from December 2016 until April 1, 2024, at which point he transitioned to Executive Chairman, General Counsel, and Corporate Secretary. He has been with the company since 1984, holding various senior leadership positions. Kinzler has been credited with guiding the company through market cycles and was instrumental in the success of Barnwell's Hawaiian Land Investment Segment.
Russell M. Gifford, Former Executive Vice President, Chief Financial Officer, Treasurer
Russell M. Gifford retired as Executive Vice President, Chief Financial Officer, Treasurer, principal financial officer, and principal accounting officer of Barnwell Industries, Inc. effective December 31, 2025. He joined Barnwell in 1982 as an Assistant Controller and served as CFO since 1985.
Sheryl A. L. Villanueva, Assistant Vice President, Assistant Controller
Sheryl A. L. Villanueva is an Assistant Vice President and Assistant Controller at Barnwell Industries, Inc.
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Barnwell Industries, Inc. (BRN) faces several significant risks, primarily related to its financial viability, reliance on volatile commodity markets, and the cyclical nature of its land investments.
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Liquidity Crisis and Going Concern Doubt: Barnwell Industries has formally expressed "substantial doubt about the company's ability to continue as a going concern" as recently as the second and third quarters of fiscal year 2025. This critical risk stems from a working capital deficit, a low cash position, persistent net losses, and negative operating cash flow. The company is actively seeking external financing or further asset sales to sustain its operations.
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Volatility of Oil and Natural Gas Prices: The company's primary revenue source, its oil and natural gas segment in Canada, is highly exposed to fluctuations in crude oil and natural gas prices. These price movements directly impact revenues, profitability, and future growth potential. Lower commodity prices have been a significant contributor to declining revenues and increased losses, alongside shrinking production volumes.
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Intermittent Cash Flows and Real Estate Market Fluctuations in Land Investment: Barnwell's land investment segment in Hawaii generates inherently intermittent cash flows, as revenue is dependent on the timing of real estate sales. This introduces unpredictable revenue streams. The profitability of this segment is also closely tied to the economic health and real estate market conditions in Hawaii, which in turn are affected by broader U.S. and global economic trends and the tourism industry. Recent periods have shown softer results in this segment due to a lack of recurring lot sales compared to prior years.
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The global energy transition, characterized by the accelerating shift away from fossil fuels towards renewable energy sources and decarbonization efforts, represents a clear emerging threat to Barnwell Industries' Oil and Natural Gas segment. This trend, driven by climate change concerns, evolving government policies (e.g., carbon pricing, renewable energy mandates), and advancements in green technologies, threatens to reduce long-term demand for oil and natural gas, potentially leading to declining asset values, increased regulatory hurdles, and reduced profitability for its Canadian energy operations.
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Here are 3-5 expected drivers of future revenue growth for Barnwell Industries (BRN) over the next 2-3 years:
- Continued Production and Optimization of Canadian Oil and Natural Gas Assets: Barnwell Industries has focused its oil and natural gas operations on its Canadian assets, particularly the Twining field in Alberta. The company has reported continued performance and reliability from these assets, even during challenging winter conditions, and has brought new development wells online that are producing as expected. Ongoing optimization programs and cost reduction efforts within this segment are expected to contribute to stabilized or improved revenue streams from its energy operations.
- Monetization of Remaining Hawaiian Land Investment Assets: The company holds a minority interest in oceanside developments in Hawaii, specifically the Kaupulehu Development. The remaining 420 developable acres in Increment 2 of this development are entitled for and can support up to 350 additional homesites. These "ready-to-build" projects are anticipated to command significant value and generate future cash flow through potential sales.
- Exploration of Strategic Alternatives and Diversification into New Industries: Barnwell's Board of Directors has directed its Chief Financial Officer to explore strategic alternatives and value-enhancement possibilities across a wider range of industries, moving beyond its traditional core oil and gas operations. This strategic shift, supported by the company's debt-free balance sheet and strong working capital, positions Barnwell to potentially acquire or invest in new ventures that could drive future revenue growth through diversification.
- Favorable Commodity Price Environment: While external and not directly controllable by the company, an increase in crude oil and natural gas prices would directly and positively impact the revenue generated from Barnwell's Canadian oil and gas production. Historical reports indicate that lower commodity prices have negatively affected the company's revenue, suggesting that a recovery in these prices would serve as a significant revenue growth driver.
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Share Repurchases
No information available regarding share repurchases or authorized share repurchase programs for Barnwell Industries within the last 3-5 years.
Share Issuance
- In November 2025, Barnwell Industries completed a private placement, issuing 2,221,141 shares of common stock and warrants to purchase up to 1,029,104 additional shares, generating gross proceeds of approximately $2.4 million.
- In February 2026, the company established an "at-the-market" (ATM) stock sale program to offer shares with an aggregate gross sales price of up to $3.2 million. This ATM facility is part of a larger shelf registration covering up to $50 million in common stock, warrants, rights, and units.
Inbound Investments
- A private placement in November 2025 resulted in approximately $2.4 million in gross proceeds from various investors, including certain directors and other accredited investors.
Outbound Investments
- In August 2025, Barnwell Industries entered into an agreement to sell all of its working interest in U.S. oil and natural gas assets, located in Texas and Oklahoma, for a purchase price of $2.3 million.
- In November 2025, Barnwell's subsidiary, Kaupulehu Developments, LLC, surrendered all remaining rights in the Increment II real estate in Hawaii for a total consideration of $2 million, with $70,000 received during that period.
- In fiscal years 2024 and 2025, Barnwell divested several minor legacy oil and natural gas properties in Alberta, Canada, to reduce operational risk and increase strategic focus on the Twining area.
Capital Expenditures
- Barnwell's oil and natural gas capital expenditures decreased from $4.805 million in fiscal year 2024 to $939,000 in fiscal year 2025.
- In fiscal year 2024, the company participated in the drilling of one gross (1.0 net) operated development oil well in the Twining area of Canada.
- Proceeds from the sale of U.S. oil and natural gas properties in 2025 were intended to provide capital for well workovers and optimization opportunities in the Canadian Twining field, and the company indicated a need to raise additional capital to develop these assets.
Latest Trefis Analyses
| Title | Date | |
|---|---|---|
| DASHBOARDS | ||
| Barnwell Industries Earnings Notes | 12/16/2025 | |
| Barnwell Industries Stock Jump Looks Great, But How Secure Is That Gain? | 10/17/2025 |
| Title | |
|---|---|
| ARTICLES |
Research & Analysis
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Peer Comparisons
| Peers to compare with: |
Financials
| Median | |
|---|---|
| Name | |
| Mkt Price | 46.73 |
| Mkt Cap | 50.8 |
| Rev LTM | 44,782 |
| Op Inc LTM | 4,697 |
| FCF LTM | 4,050 |
| FCF 3Y Avg | 4,221 |
| CFO LTM | 7,516 |
| CFO 3Y Avg | 7,553 |
Growth & Margins
| Median | |
|---|---|
| Name | |
| Rev Chg LTM | -4.3% |
| Rev Chg 3Y Avg | -7.0% |
| Rev Chg Q | -0.8% |
| QoQ Delta Rev Chg LTM | -0.2% |
| Op Inc Chg LTM | -10.5% |
| Op Inc Chg 3Y Avg | -19.1% |
| Op Mgn LTM | 13.2% |
| Op Mgn 3Y Avg | 13.7% |
| QoQ Delta Op Mgn LTM | -0.3% |
| CFO/Rev LTM | 20.5% |
| CFO/Rev 3Y Avg | 21.1% |
| FCF/Rev LTM | 10.9% |
| FCF/Rev 3Y Avg | 11.7% |
Segment Financials
Revenue by Segment| $ Mil | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Oil and natural gas | 14 | 17 | 19 | 23 | 10 |
| Other | 0 | 0 | 0 | 0 | 0 |
| Interest income | 0 | 0 | 0 | 0 | 0 |
| Land investment | 0 | 0 | 0 | 1 | 2 |
| Contract drilling | 4 | 5 | 5 | 6 | |
| Total | 14 | 22 | 25 | 29 | 18 |
| $ Mil | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Oil and natural gas | 1 | -0 | 5 | 11 | 2 |
| Other | 0 | 0 | 0 | 0 | 0 |
| Land investment | 0 | 0 | 0 | 1 | 2 |
| Gain on sales of assets | -1 | 0 | 1 | 2 | |
| Contract drilling | -1 | -0 | 0 | -0 | |
| General and administrative expenses | -8 | -7 | |||
| Total | 0 | -1 | 5 | 4 | -1 |
| $ Mil | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Oil and natural gas | 11 | 19 | 25 | 17 | 6 |
| Asset for retirement benefits | 6 | 5 | 4 | ||
| Cash and cash equivalents | 3 | 5 | 3 | 13 | 11 |
| Corporate and other | 1 | 0 | 0 | 4 | 3 |
| Contract drilling | 2 | 3 | 3 | 4 | |
| Total | 21 | 31 | 35 | 37 | 24 |
Price Behavior
| Market Price | $1.00 | |
| Market Cap ($ Bil) | 0.0 | |
| First Trading Date | 09/07/1984 | |
| Distance from 52W High | -31.0% | |
| 50 Days | 200 Days | |
| DMA Price | $1.10 | $1.14 |
| DMA Trend | indeterminate | down |
| Distance from DMA | -9.2% | -12.3% |
| 3M | 1YR | |
| Volatility | 40.7% | 60.1% |
| Downside Capture | -54.82 | -10.17 |
| Upside Capture | -86.33 | -44.86 |
| Correlation (SPY) | -30.0% | -3.3% |
| 1M | 2M | 3M | 6M | 1Y | 3Y | |
|---|---|---|---|---|---|---|
| Beta | -1.19 | -1.20 | -1.31 | -0.58 | -0.36 | 0.12 |
| Up Beta | -0.94 | -1.16 | -2.97 | -2.16 | -1.21 | 0.04 |
| Down Beta | 1.53 | -0.30 | 0.32 | 1.30 | 0.35 | 0.74 |
| Up Capture | -159% | -65% | -78% | -52% | -18% | -4% |
| Bmk +ve Days | 13 | 28 | 36 | 67 | 141 | 432 |
| Stock +ve Days | 6 | 16 | 27 | 56 | 106 | 319 |
| Down Capture | -216% | -271% | -130% | -48% | -23% | 9% |
| Bmk -ve Days | 7 | 13 | 27 | 57 | 109 | 318 |
| Stock -ve Days | 10 | 20 | 29 | 54 | 114 | 363 |
[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 BRN | |
|---|---|---|---|---|
| BRN | -52.6% | 65.9% | -0.86 | - |
| Sector ETF (XLE) | 25.3% | 20.9% | 0.98 | 35.7% |
| Equity (SPY) | 26.5% | 12.4% | 1.61 | -2.1% |
| Gold (GLD) | 24.2% | 27.5% | 0.77 | 8.4% |
| Commodities (DBC) | 19.8% | 18.8% | 0.83 | 33.0% |
| Real Estate (VNQ) | 11.0% | 13.7% | 0.52 | 2.5% |
| Bitcoin (BTCUSD) | -40.0% | 42.4% | -1.08 | 13.2% |
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Based On 5-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with BRN | |
|---|---|---|---|---|
| BRN | -19.5% | 64.2% | -0.08 | - |
| Sector ETF (XLE) | 18.5% | 26.1% | 0.64 | 34.5% |
| Equity (SPY) | 13.5% | 17.1% | 0.62 | 9.7% |
| Gold (GLD) | 17.1% | 18.3% | 0.76 | 10.6% |
| Commodities (DBC) | 7.5% | 19.4% | 0.29 | 32.8% |
| Real Estate (VNQ) | 1.9% | 18.9% | 0.00 | 7.1% |
| Bitcoin (BTCUSD) | 11.0% | 54.2% | 0.40 | 4.9% |
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Based On 10-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with BRN | |
|---|---|---|---|---|
| BRN | -3.3% | 112.9% | 0.37 | - |
| Sector ETF (XLE) | 8.9% | 29.6% | 0.34 | 18.1% |
| Equity (SPY) | 15.3% | 18.0% | 0.73 | 6.4% |
| Gold (GLD) | 12.3% | 16.1% | 0.63 | 2.5% |
| Commodities (DBC) | 5.9% | 18.0% | 0.26 | 14.0% |
| Real Estate (VNQ) | 5.3% | 20.7% | 0.22 | 4.5% |
| Bitcoin (BTCUSD) | 60.0% | 66.8% | 1.00 | 5.7% |
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Returns Analyses
Earnings Returns History
Updated 6/4/2026| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 5/26/2026 | 0.0% | 0.0% | |
| 2/23/2026 | -2.9% | 24.0% | 11.5% |
| 12/19/2025 | 7.5% | 5.6% | 2.8% |
| 8/14/2025 | 1.3% | 3.1% | 3.1% |
| 5/15/2025 | -1.6% | 4.1% | 51.6% |
| 2/14/2025 | -2.9% | -7.4% | -2.2% |
| 12/16/2024 | -4.5% | -5.1% | 5.8% |
| 8/13/2024 | 1.5% | -1.8% | -3.7% |
| ... | |||
| SUMMARY STATS | |||
| # Positive | 9 | 13 | 15 |
| # Negative | 15 | 11 | 8 |
| Median Positive | 2.5% | 5.6% | 11.5% |
| Median Negative | -2.9% | -5.0% | -9.6% |
| Max Positive | 73.2% | 24.0% | 51.6% |
| Max Negative | -16.1% | -18.1% | -30.1% |
| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 5/26/2026 | 0.0% | 0.0% | |
| 2/23/2026 | -2.9% | 24.0% | 11.5% |
| 12/19/2025 | 7.5% | 5.6% | 2.8% |
| 8/14/2025 | 1.3% | 3.1% | 3.1% |
| 5/15/2025 | -1.6% | 4.1% | 51.6% |
| 2/14/2025 | -2.9% | -7.4% | -2.2% |
| 12/16/2024 | -4.5% | -5.1% | 5.8% |
| 8/13/2024 | 1.5% | -1.8% | -3.7% |
| 5/14/2024 | -2.4% | 3.5% | -6.7% |
| 2/12/2024 | -2.2% | -2.2% | 5.3% |
| 12/18/2023 | 0.9% | 9.0% | 12.2% |
| 8/11/2023 | -2.7% | 5.9% | 5.7% |
| 5/15/2023 | -1.2% | -0.8% | 3.7% |
| 2/10/2023 | -1.2% | 0.0% | -12.5% |
| 8/12/2022 | -4.0% | -5.0% | -1.1% |
| 5/13/2022 | 4.9% | -4.9% | -16.1% |
| 2/11/2022 | -0.8% | -4.3% | 6.3% |
| 12/20/2021 | 2.5% | 20.9% | 14.3% |
| 8/11/2021 | -3.8% | -7.3% | 12.0% |
| 5/12/2021 | 24.0% | 11.6% | 13.9% |
| 2/10/2021 | -16.1% | 5.5% | -23.6% |
| 12/14/2020 | -7.3% | -12.4% | 16.3% |
| 8/11/2020 | -6.3% | -18.1% | -30.1% |
| 6/23/2020 | 73.2% | 16.7% | 41.1% |
| SUMMARY STATS | |||
| # Positive | 9 | 13 | 15 |
| # Negative | 15 | 11 | 8 |
| Median Positive | 2.5% | 5.6% | 11.5% |
| Median Negative | -2.9% | -5.0% | -9.6% |
| Max Positive | 73.2% | 24.0% | 51.6% |
| Max Negative | -16.1% | -18.1% | -30.1% |
SEC Filings
Expand for More| Report Date | Filing Date | Filing |
|---|---|---|
| 03/31/2026 | 05/21/2026 | 10-Q |
| 12/31/2025 | 02/23/2026 | 10-Q |
| 09/30/2025 | 12/23/2025 | 10-K |
| 06/30/2025 | 08/13/2025 | 10-Q |
| 03/31/2025 | 05/15/2025 | 10-Q |
| 12/31/2024 | 02/14/2025 | 10-Q |
| 09/30/2024 | 12/17/2024 | 10-K |
| 06/30/2024 | 08/13/2024 | 10-Q |
| 03/31/2024 | 05/14/2024 | 10-Q |
| 12/31/2023 | 02/12/2024 | 10-Q |
| 09/30/2023 | 12/18/2023 | 10-K |
| 06/30/2023 | 08/14/2023 | 10-Q |
| 03/31/2023 | 05/15/2023 | 10-Q |
| 12/31/2022 | 02/13/2023 | 10-Q |
| 09/30/2022 | 12/29/2022 | 10-K |
| 06/30/2022 | 08/12/2022 | 10-Q |
| Report Date | Filing Date | Filing |
|---|---|---|
| 03/31/2026 | 05/21/2026 | 10-Q |
| 12/31/2025 | 02/23/2026 | 10-Q |
| 09/30/2025 | 12/23/2025 | 10-K |
| 06/30/2025 | 08/13/2025 | 10-Q |
| 03/31/2025 | 05/15/2025 | 10-Q |
| 12/31/2024 | 02/14/2025 | 10-Q |
| 09/30/2024 | 12/17/2024 | 10-K |
| 06/30/2024 | 08/13/2024 | 10-Q |
| 03/31/2024 | 05/14/2024 | 10-Q |
| 12/31/2023 | 02/12/2024 | 10-Q |
| 09/30/2023 | 12/18/2023 | 10-K |
| 06/30/2023 | 08/14/2023 | 10-Q |
| 03/31/2023 | 05/15/2023 | 10-Q |
| 12/31/2022 | 02/13/2023 | 10-Q |
| 09/30/2022 | 12/29/2022 | 10-K |
| 06/30/2022 | 08/12/2022 | 10-Q |
| 03/31/2022 | 05/13/2022 | 10-Q |
| 12/31/2021 | 02/11/2022 | 10-Q |
| 09/30/2021 | 12/21/2021 | 10-K |
| 06/30/2021 | 08/13/2021 | 10-Q |
| 03/31/2021 | 05/13/2021 | 10-Q |
| 12/31/2020 | 02/16/2021 | 10-Q |
| 09/30/2020 | 12/16/2020 | 10-K |
| 06/30/2020 | 08/13/2020 | 10-Q |
| 03/31/2020 | 06/29/2020 | 10-Q |
| 12/31/2019 | 02/12/2020 | 10-Q |
| 09/30/2019 | 12/23/2019 | 10-K |
| 06/30/2019 | 08/13/2019 | 10-Q |
Insider Activity
Updated 4/26/2026| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Horowitz, Joshua | Palm Global Small Cap Master Fund LP | Buy | 2272026 | 1.05 | 4,433 | 4,655 | 335,694 | Form | |
| 2 | Sherwood, Ned L | MRMP-Managers LLC | Sell | 12042025 | 1.10 | 131,910 | 145,101 | 2,707,647 | Form | |
| 3 | Sherwood, Ned L | MRMP-Managers LLC | Sell | 12042025 | 1.15 | 174,587 | 200,776 | 2,982,419 | Form | |
| 4 | Sherwood, Ned L | Ned L. Sherwood Revocable Trust | Sell | 12042025 | 1.14 | 13,743 | 15,667 | 255,696 | Form | |
| 5 | Patman, Philip F JR | Executive VP - Finance | Direct | Buy | 11262025 | 1.10 | 43,796 | 48,176 | 231,232 | Form |
| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Horowitz, Joshua | Palm Global Small Cap Master Fund LP | Buy | 2272026 | 1.05 | 4,433 | 4,655 | 335,694 | Form | |
| 2 | Sherwood, Ned L | MRMP-Managers LLC | Sell | 12042025 | 1.10 | 131,910 | 145,101 | 2,707,647 | Form | |
| 3 | Sherwood, Ned L | MRMP-Managers LLC | Sell | 12042025 | 1.15 | 174,587 | 200,776 | 2,982,419 | Form | |
| 4 | Sherwood, Ned L | Ned L. Sherwood Revocable Trust | Sell | 12042025 | 1.14 | 13,743 | 15,667 | 255,696 | Form | |
| 5 | Patman, Philip F JR | Executive VP - Finance | Direct | Buy | 11262025 | 1.10 | 43,796 | 48,176 | 231,232 | Form |
| 6 | Grossman, Kenneth S | Direct | Buy | 11262025 | 1.10 | 59,563 | 65,519 | 298,763 | Form | |
| 7 | Horowitz, Joshua | Direct | Buy | 11262025 | 1.10 | 14,563 | 16,019 | 212,163 | Form | |
| 8 | Horowitz, Joshua | Palm Global Small Cap Master Fund LP | Buy | 11262025 | 1.10 | 45,000 | 49,500 | 346,804 | Form |
Industry Resources
External Quote Links
| Y Finance | Barrons |
| TradingView | Morningstar |
| SeekingAlpha | ValueLine |
| Motley Fool | Robinhood |
| CNBC | Etrade |
| MarketWatch | Unusual Whales |
| YCharts | Perplexity Finance |
| FinViz |
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