BT Brands (BTBD)


Market Price (11/8/2026): $1.56 | Market Cap: $9.6 MilSector: Consumer Discretionary | Industry: Restaurants

BT Brands (BTBD)


Market Price (11/8/2026): $1.56
Market Cap: $9.6 Mil
Sector: Consumer Discretionary
Industry: Restaurants

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

0

Cash is significant % of market cap
Net D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is -10%

Weak multi-year price returns
2Y Excs Rtn is -32%, 3Y Excs Rtn is -84%

Not profitable at operating income level
Op Inc LTMOperating Income, Last Twelve Months is -0.1 Mil, Op Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is -1.1%

Expensive valuation multiples
P/CFOPrice/(Cash Flow from Operations). CFO is cash before capital expenditures. is 30x

Weak revenue growth
Rev Chg LTMRevenue Change % Last Twelve Months (LTM) is -11%, Rev Chg 3Y AvgRevenue Change % averaged over trailing 3 years is -2.7%, Rev Chg QQuarterly Revenue Change % is -6.1%

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 -12%

Key risks
BTBD key risks include [1] substantial execution risk from its strategic overhaul and diversification into unrelated sectors like biotech and drones, Show more.

0 Cash is significant % of market cap
Net D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is -10%
1 Weak multi-year price returns
2Y Excs Rtn is -32%, 3Y Excs Rtn is -84%
2 Not profitable at operating income level
Op Inc LTMOperating Income, Last Twelve Months is -0.1 Mil, Op Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is -1.1%
3 Expensive valuation multiples
P/CFOPrice/(Cash Flow from Operations). CFO is cash before capital expenditures. is 30x
4 Weak revenue growth
Rev Chg LTMRevenue Change % Last Twelve Months (LTM) is -11%, Rev Chg 3Y AvgRevenue Change % averaged over trailing 3 years is -2.7%, Rev Chg QQuarterly Revenue Change % is -6.1%
5 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 -12%
6 Key risks
BTBD key risks include [1] substantial execution risk from its strategic overhaul and diversification into unrelated sectors like biotech and drones, Show more.

Valuation & Metrics

Price Chart

Why The Stock Moved

Qualitative Assessment

AI Analysis | Feedback

Updated on 11/5/2026

BT Brands (BTBD) stock has gained about 30% since 7/31/2026 because of the following key factors:

1. Strong Fiscal Q2 2026 Operating Results and Net Income Growth.

BT Brands reported its fiscal Q2 2026 financial results on August 18, 2026, for the thirteen weeks ended June 28, 2026. The company demonstrated significantly improved operating performance, driven by reduced costs, a 37% decrease in general and administrative expenses (to $334,000 from $531,000 in the prior year period), and stricter operating discipline across all locations. This led to a net income of $576,433 for the quarter, a substantial improvement over a net loss in the comparable prior-year period, with Earnings Per Share (EPS) growing 933.33% to $0.09. Following this announcement, BTBD shares gained +3.3% the day after the earnings release and subsequently drifted +35.7% higher, indicating a strong positive market reaction to the improved financial health.

2. Renewed Strategic Focus on Restaurant Profitability.

Although occurring before the specified period, the termination of the merger agreement with Aero Velocity on May 7, 2026, allowed BT Brands to explicitly reaffirm its commitment to maximizing shareholder value through a concentrated focus on its core restaurant operating business. This strategic reset prioritized restaurant profitability, cash flow improvement, and balance sheet flexibility as a standalone entity, providing a clear operational direction that likely contributed to the positive fiscal Q2 2026 results and investor confidence in the subsequent period.

Show more
Updated on 11/5/2026

BT Brands (BTBD) stock has gained about 30% since 7/31/2026 because of the following key factors:

1. Strong Fiscal Q2 2026 Operating Results and Net Income Growth.

BT Brands reported its fiscal Q2 2026 financial results on August 18, 2026, for the thirteen weeks ended June 28, 2026. The company demonstrated significantly improved operating performance, driven by reduced costs, a 37% decrease in general and administrative expenses (to $334,000 from $531,000 in the prior year period), and stricter operating discipline across all locations. This led to a net income of $576,433 for the quarter, a substantial improvement over a net loss in the comparable prior-year period, with Earnings Per Share (EPS) growing 933.33% to $0.09. Following this announcement, BTBD shares gained +3.3% the day after the earnings release and subsequently drifted +35.7% higher, indicating a strong positive market reaction to the improved financial health.

2. Renewed Strategic Focus on Restaurant Profitability.

Although occurring before the specified period, the termination of the merger agreement with Aero Velocity on May 7, 2026, allowed BT Brands to explicitly reaffirm its commitment to maximizing shareholder value through a concentrated focus on its core restaurant operating business. This strategic reset prioritized restaurant profitability, cash flow improvement, and balance sheet flexibility as a standalone entity, providing a clear operational direction that likely contributed to the positive fiscal Q2 2026 results and investor confidence in the subsequent period.

3. Bullish Technical Momentum.

During the latter part of the specified period, BT Brands exhibited strong bullish technical indicators. As of October 30, 2026, the stock price was trading above its 20-day, 50-day, and 200-day moving averages ($1.73, $1.70, and $1.45 respectively), signaling an upward trend. Furthermore, the Momentum Indicator moved above the 0 level on October 28, 2026, with an 87% historical probability of continued upward movement, and the Moving Average Convergence Divergence (MACD) turned positive on the same day, historically indicating an 81% chance of further price increases in the following month. These technical signals suggested sustained positive investor sentiment and momentum for the stock.

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Stock Movement Drivers

Fundamental Drivers

The 32.2% change in BTBD stock from 7/31/2026 to 11/7/2026 was primarily driven by a 35.0% change in the company's P/S Multiple.
(LTM values as of)731202611072026Change
Stock Price ($)1.181.5632.2%
Change Contribution By: 
Total Revenues ($ Mil)1313-1.7%
P/S Multiple0.60.735.0%
Shares Outstanding (Mil)66-0.3%
Cumulative Contribution32.2%

LTM = Last Twelve Months as of date shown

Market Drivers

7/31/2026 to 11/7/2026
ReturnCorrelation
BTBD32.2% 
Market (SPY)-1.6%34.5%
Sector (XLY)1.3%25.8%

Fundamental Drivers

The -16.1% change in BTBD stock from 4/30/2026 to 11/7/2026 was primarily driven by a -11.8% change in the company's P/S Multiple.
(LTM values as of)430202611072026Change
Stock Price ($)1.861.56-16.1%
Change Contribution By: 
Total Revenues ($ Mil)1313-4.6%
P/S Multiple0.80.7-11.8%
Shares Outstanding (Mil)66-0.3%
Cumulative Contribution-16.1%

LTM = Last Twelve Months as of date shown

Market Drivers

4/30/2026 to 11/7/2026
ReturnCorrelation
BTBD-16.1% 
Market (SPY)2.6%25.6%
Sector (XLY)-0.5%24.7%

Fundamental Drivers

The -16.1% change in BTBD stock from 10/31/2025 to 11/7/2026 was primarily driven by a -11.4% change in the company's Total Revenues ($ Mil).
(LTM values as of)1031202511072026Change
Stock Price ($)1.861.56-16.1%
Change Contribution By: 
Total Revenues ($ Mil)1513-11.4%
P/S Multiple0.80.7-5.0%
Shares Outstanding (Mil)66-0.3%
Cumulative Contribution-16.1%

LTM = Last Twelve Months as of date shown

Market Drivers

10/31/2025 to 11/7/2026
ReturnCorrelation
BTBD-16.1% 
Market (SPY)8.7%28.9%
Sector (XLY)-1.4%25.7%

Fundamental Drivers

The -18.7% change in BTBD stock from 10/31/2023 to 11/7/2026 was primarily driven by a -12.2% change in the company's P/S Multiple.
(LTM values as of)1031202311072026Change
Stock Price ($)1.921.56-18.7%
Change Contribution By: 
Total Revenues ($ Mil)1413-8.6%
P/S Multiple0.90.7-12.2%
Shares Outstanding (Mil)661.2%
Cumulative Contribution-18.7%

LTM = Last Twelve Months as of date shown

Market Drivers

10/31/2023 to 11/7/2026
ReturnCorrelation
BTBD-18.7% 
Market (SPY)81.9%13.7%
Sector (XLY)58.2%11.3%

Return vs. Risk

Price Returns Compared

 202120222023202420252026Total [1]
Returns
BTBD Return-35%-38%37%-42%-3%12%-66%
Peers Return4%-11%26%1%-24%-5%-15%
S&P 500 Return27%-19%24%23%16%12%105%

Monthly Win Rates [3]
BTBD Win Rate0%25%25%25%50%45% 
Peers Win Rate48%42%52%37%38%56% 
S&P 500 Win Rate75%42%67%75%67%45% 

Max Drawdowns [4]
BTBD Max Drawdown--55%-51%-52%-59%-54% 
Peers Max Drawdown-27%-33%-26%-27%-37%-38% 
S&P 500 Max Drawdown-5%-25%-10%-8%-19%-9% 


[1] Cumulative total returns since the beginning of 2021
[2] Peers: MCD, QSR, WEN, JACK, SHAK.
[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 11/6/2026 (YTD)

How Low Can It Go

EventBTBDS&P 500
2025 US Tariff Shock
  % Loss-39.8%-18.8%
  % Gain to Breakeven66.0%23.1%
  Time to Breakeven80 days79 days
2024 Yen Carry Trade Unwind
  % Loss-13.8%-7.8%
  % Gain to Breakeven16.0%8.5%
  Time to Breakeven2 days18 days
Summer-Fall 2023 Five Percent Yield Shock
  % Loss-41.4%-9.5%
  % Gain to Breakeven70.5%10.5%
  Time to Breakeven14 days24 days
2022 Inflation Shock & Fed Tightening
  % Loss-50.0%-24.5%
  % Gain to Breakeven100.0%32.4%
  Time to Breakeven18 days427 days

Compare to MCD, QSR, WEN, JACK, SHAK

In The Past

BT Brands's stock fell -39.8% during the 2025 US Tariff Shock. Such a loss loss requires a 66.0% 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.

EventBTBDS&P 500
2025 US Tariff Shock
  % Loss-39.8%-18.8%
  % Gain to Breakeven66.0%23.1%
  Time to Breakeven80 days79 days
Summer-Fall 2023 Five Percent Yield Shock
  % Loss-41.4%-9.5%
  % Gain to Breakeven70.5%10.5%
  Time to Breakeven14 days24 days
2022 Inflation Shock & Fed Tightening
  % Loss-50.0%-24.5%
  % Gain to Breakeven100.0%32.4%
  Time to Breakeven18 days427 days

Compare to MCD, QSR, WEN, JACK, SHAK

In The Past

BT Brands's stock fell -39.8% during the 2025 US Tariff Shock. Such a loss loss requires a 66.0% 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 BT Brands (BTBD)

BT Brands, Inc. (BTBD) is a public company that operates a chain of fast-food restaurants primarily within the north central United States. The company's core business involves owning and managing quick-service dining establishments that cater to local communities, offering a range of classic American fast-food items.

BTBD's restaurant portfolio consists of nine "Burger Time" locations situated across Minnesota, North Dakota, and South Dakota. These Burger Time restaurants serve a menu featuring various burgers, chicken and pulled pork sandwiches, side dishes, and soft drinks. Additionally, the company operates one franchised Dairy Queen restaurant in Ham Lake, Minnesota, which expands its offerings to include burgers, chicken, and sides, alongside popular ice cream, desserts, and beverages.

AI Analysis | Feedback

Here are 1-3 brief analogies for BT Brands (BTBD):

  • A micro-cap version of McDonald's, operating just a handful of fast-food restaurants in a few states.
  • Like a publicly-traded, regional Wendy's that also happens to run a Dairy Queen franchise.

AI Analysis | Feedback

  • Burger Time Restaurant Offerings: This includes various fast-food items such as burgers, chicken and pulled pork sandwiches, side dishes, and soft drinks.
  • Dairy Queen Restaurant Offerings: This includes a variety of fast-food items like burgers, chicken, sides, along with ice cream, desserts, and various beverages.

AI Analysis | Feedback

BT Brands (symbol: BTBD) sells primarily to individuals. Its major customer categories include:

  • General Public / Local Residents: Individuals and families residing in or visiting the communities where the Burger Time and Dairy Queen restaurants are located, seeking convenient and affordable meals or treats for daily consumption.
  • Travelers and Commuters: People passing through the north central region of the United States who are looking for quick and accessible dining options while on the go.
  • Families with Children: Families seeking casual dining experiences that cater to diverse tastes, particularly benefiting from the kid-friendly menus and dessert offerings at both Burger Time and Dairy Queen.

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Gary Copperud Chief Executive Officer and Director

Gary Copperud serves as the Chief Executive Officer and a Director of BT Brands, Inc.. He has been instrumental in guiding the company's vision and growth, leveraging his deep experience with the foundational Burger Time brand. His tenure as CEO began on July 31, 2018. Copperud is recognized for his commitment to operational excellence, product innovation, and fostering strong brand identities, possessing a track record in navigating complex market dynamics and driving sustainable profitability through a clear corporate strategy.

Kenneth W. Brimmer Chief Operating Officer, Chief Financial Officer, Principal Accounting Officer, and Chairman of the Board

Kenneth W. Brimmer holds multiple critical leadership roles at BT Brands, Inc., serving as Chief Operating Officer, Chief Financial Officer, Principal Accounting Officer, and Chairman of the Board. His multifaceted responsibilities are integral to the company's strategic and operational framework. As COO, he oversees daily business operations, ensuring efficiency and the successful execution of business plans. In his capacity as CFO and Principal Accounting Officer, Brimmer is responsible for the financial health, planning, budgeting, accounting, and reporting, ensuring compliance with financial regulations and managing capital to drive profitability.

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Here are the key risks to BT Brands' business:

  1. Limited Geographic Concentration and Regional Economic Sensitivity: BT Brands operates its nine Burger Time restaurants and one Dairy Queen franchise exclusively in the north central region of the United States, specifically Minnesota, North Dakota, and South Dakota. This high geographic concentration exposes the company to specific regional economic downturns, adverse weather conditions (particularly severe winters common in these states that can impact customer traffic), and localized demographic shifts.
  2. Intense Competition in the Fast-Food Industry: The fast-food sector in the United States is highly saturated and fiercely competitive. BT Brands, with its regional Burger Time chain and a single Dairy Queen franchise, faces significant competition from numerous national and local fast-food chains. This intense rivalry puts constant pressure on pricing, marketing, menu innovation, and operational efficiency to attract and retain customers.
  3. Rising Operating Costs (Labor and Ingredients): The restaurant industry, including fast food, is highly susceptible to fluctuations in key operating costs. Labor expenses, encompassing wages, benefits, and payroll taxes, typically constitute a significant portion (25-35% for fast-food restaurants) of a restaurant's total revenue. Similarly, ingredient costs, especially for items like meat proteins which can represent a large share of expenses, are subject to volatility due to supply chain disruptions, inflation, and market demand, directly impacting profit margins.
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AI Analysis | Feedback

The emergence and proliferation of virtual restaurants and ghost kitchens present a clear emerging threat. These new business models operate without traditional storefronts, focusing solely on food delivery with significantly lower overhead costs. This allows for greater flexibility in menu offerings, rapid market entry, and aggressive pricing, directly competing for the same customer base as traditional brick-and-mortar fast-food establishments like BT Brands’ Burger Time and Dairy Queen locations, especially in the growing food delivery segment.

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BT Brands, Inc. operates fast-food restaurants, including Burger Time and Dairy Queen franchises, across Minnesota, North Dakota, and South Dakota. The addressable markets for their main products and services can be identified at both regional (state) and national (U.S.) levels.

Addressable Markets:

  • Fast Food Market (Minnesota): The fast food restaurants industry in Minnesota is projected to have a market size of approximately $5.6 billion in 2026.
  • Fast Food Market (North Dakota): The fast food restaurants industry in North Dakota is projected to be approximately $780.6 million in 2026.
  • Fast Food Market (South Dakota): The fast food restaurants industry in South Dakota is projected to be approximately $887.3 million in 2026.
  • Burger Restaurants Market (U.S.): The market size for Burger Restaurants in the U.S. is projected to be $177.7 billion in 2026.
  • Chicken Fast Food Segment (U.S.): The U.S. quick-service chicken restaurants segment generated approximately $60–65 billion in annual revenue in 2025.
  • Ice Cream Market (U.S.): The U.S. ice cream market is estimated to reach approximately $20.03 billion in 2026.

AI Analysis | Feedback

BT Brands (BTBD) is undergoing a significant strategic transformation, shifting its primary business focus from fast-food restaurants to advanced drone technology and services. This pivot is due to a definitive merger agreement with Aero Velocity Inc., a drone services and manufacturing company. The existing restaurant operations are planned to be spun off into a new wholly-owned subsidiary, BT Group, Inc., which will seek its own public listing. Therefore, the future revenue growth drivers for the entity trading under the symbol BTBD over the next 2-3 years will be rooted in the drone industry. Here are the expected drivers of future revenue growth for BT Brands (BTBD), post-merger with Aero Velocity:
  • Development and Commercialization of Advanced Drone Technologies and AI-Powered Solutions: The combined company will concentrate on developing advanced drone technologies and providing AI-powered solutions for both government and commercial applications. This focus on cutting-edge technology and artificial intelligence is expected to drive significant revenue growth in a rapidly expanding market.
  • Expansion of Contract Drone Manufacturing Business: Aero Velocity, as a wholly-owned subsidiary of the merged entity, is developing a contract drone manufacturing business. This initiative aims to broaden the company's portfolio and tap into the growing demand for drone hardware and production.
  • Strategic Alliances and Partnerships in Drone and Robotics Inspections: The company is actively forming strategic alliances, such as agreements with SoftWash Systems and HMT, to scale drone and robotics inspection services. These collaborations are anticipated to facilitate market penetration and expand service offerings in various sectors for 2026 growth.
  • Capitalizing on the Rapidly Expanding Global Drone Market: The global drone industry is experiencing rapid growth, with market forecasts predicting the sector will reach $63 billion by 2030. The merger positions BT Brands (as the new Aero Velocity Inc.) to leverage this substantial market expansion in commercial and defense applications.

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Share Repurchases

  • On June 6, 2024, BT Brands' board of directors authorized the repurchase of up to 625,000 shares, representing approximately 10% of its outstanding common shares.
  • By the end of 2024, the company had repurchased 306,394 shares under this program.

Share Issuance

  • In November 2021, BT Brands completed its initial public offering (IPO), pricing 2,400,000 units at $5.00 per unit, which generated gross proceeds of $12 million. [cite: 3 in previous step]
  • BT Brands established an at-the-market (ATM) equity offering program on December 13, 2024. [cite: 14 in previous step]
  • On November 25, 2025, the company amended its ATM equity offering program, increasing the maximum aggregate offering price from $3,005,000 to $3,565,880, allowing for the sale of additional common stock. [cite: 6 in previous step, 13 in previous step]

Inbound Investments

  • As part of the definitive merger agreement with Aero Velocity Inc., announced on September 3, 2025, an equity investment ranging from $3 million to $5 million from Aero Velocity shareholders is included. [cite: 6 in previous step, 19 in previous step] This merger is expected to result in Aero Velocity shareholders owning approximately 89% of the combined company. [cite: 6 in previous step, 20 in previous step]

Outbound Investments

  • BT Brands holds a significant ownership interest in Bagger Dave's Burger Tavern, Inc., which has been reported between 39.6% and 41.7%. [cite: 9 in previous step, 11 in previous step, 21 in previous step]
  • The company also has an investment in Noble Roman's Inc., and as of June 2024, BT Brands' CEO indicated an intention to nominate a dissident slate of directors to Noble Roman's board and assist with refinancing its debt. [cite: 2 in previous step]
  • In 2025, BT Brands' 40.8%-owned affiliate, Bagger Dave's Burger Tavern, Inc., sold its Chesterfield, Michigan location for approximately $400,000 in cash and notes, and was in negotiations to sell five other operating Bagger Dave's restaurants. [cite: 9 in previous step, 16 in previous step]

Capital Expenditures

  • In the third quarter of 2025, BT Brands invested $63,000 in capital expenditures, focusing on long-term assets and infrastructure.
  • The company's capital expenditures were approximately $494,000, which consumed a substantial portion of its operating cash flow, contributing to negative free cash flow.
  • BT Brands primarily directs its capital expenditures towards maintaining its existing restaurant locations and acquiring businesses that align with its operational goals. [cite: 3 in previous step]

Better Bets vs. BT Brands (BTBD)

Peer Outperformance in Restaurants

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Share of Restaurants constituents that BTBD has outperformed, by holding period. Peers without a full price history over a given window are excluded from that window.
1Y
47%
of 43 industry peers · -4.9% return
3Y
39%
of 41 industry peers · -17.9% return
5Y
—
insufficient peer history
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Median price return by industry across the Consumer Discretionary sector, ranked by 5Y. Restaurants is BTBD's own industry. Use this to see which corners of the sector have carried the returns.
Industry Names 1Y med3Y med5Y med Top 3 by 5Y
Education Services 14 -14.6%32.4%41.0% CVSA 246% · GHC 109% · LRN 107%
Homebuilding 17 2.8%29.0%29.7% PHM 175% · TOL 159% · GRBK 150%
Automotive Retail 17 -4.5%18.3%11.3% MUSA 209% · PAG 115% · ORLY 111%
Hotels, Resorts & Cruise Lines 21 19.1%65.4%7.0% RCL 250% · MAR 159% · HLT 147%
Home Improvement Retail 5 -4.8%4.3%5.3% HD 6% · LOW 5% · FND -62%
Home Furnishings 3 3.8%76.0%-1.2% SGI 50% · MHK -15%
Footwear 9 75.5%83.0%-15.7% DECK 23% · SHOO -11% · CROX -16%
Restaurants ← 36 1.5%-3.8%-24.2% EAT 363% · CAKE 158% · TXRH 110%
Computer & Electronics Retail 3 32.8%80.3%-24.5% BBY -3% · GME -53%
Specialized Consumer Services 10 -12.1%33.3%-25.5% FTDR 168% · HRB 146% · ADT 24%
Distributors 4 -6.7%-16.6%-26.0% ARMK 96% · GPC 4% · POOL -56%
Leisure Products 14 -18.0%-5.2%-34.4% GOLF 51% · HAS 50% · BC -14%
Leisure Facilities 12 16.8%5.3%-39.5% OSW 160% · LTH 143% · PLNT -37%
Household Appliances 18 36.3%16.7%-40.3% WHR -82%
Broadline Retail 12 -4.4%16.3%-45.7% EBAY 76% · AMZN 47% · OLLI 24%
Apparel Retail 27 -5.5%2.6%-48.8% ANF 223% · VSXY 110% · TJX 104%
Automotive Parts & Equipment 37 -13.5%-25.6%-48.8% GTX 197% · PATK 64% · ALV 41%
Casinos & Gaming 21 -25.1%-16.3%-51.8% RRR 22% · BYD 19% · LVS 3%
Apparel, Accessories & Luxury Goods 29 14.6%20.9%-53.7% TPR 255% · RL 225% · KTB 59%
Other Specialty Retail 25 -5.3%-10.5%-57.7% ULTA 65% · ASO 53% · ARHS 26%
Automobile Manufacturers 8 -57.1%-43.4%-70.5% GM 54% · TSLA -12% · F -12%
Consumer Electronics 11 -31.6%-31.4%-80.5% GRMN 122%
Median of constituents with a full price history over each window. Top names are limited to companies above $2B market cap.

Latest Trefis Analyses

Title
0ARTICLES

Recent Active Movers

Peer Comparisons

Peers to compare with:

Financials

BTBDMCDQSRWENJACKSHAKMedian
NameBT BrandsMcDonald.Restaura.Wendy's Jack In .Shake Sh. 
Mkt Price1.56276.4577.008.1314.0871.9243.00
Mkt Cap0.0195.326.91.60.32.92.2
Rev LTM1327,7819,7752,2011,3401,6081,905
Op Inc LTM-012,7982,64027717388225
FCF LTM07,4911,580222--22222
FCF 3Y Avg-07,1471,411247-25247
CFO LTM010,9471,863308-199308
CFO 3Y Avg-010,2451,643338-190338

Growth & Margins

BTBDMCDQSRWENJACKSHAKMedian
NameBT BrandsMcDonald.Restaura.Wendy's Jack In .Shake Sh. 
Rev Chg LTM-11.4%5.8%5.5%-0.3%-0.7%17.1%2.6%
Rev Chg 3Y Avg-2.7%3.6%12.5%0.4%-1.9%15.7%2.0%
Rev Chg Q-6.1%1.1%3.1%-0.5%-3.0%15.2%0.3%
QoQ Delta Rev Chg LTM-1.7%0.3%0.8%-0.1%-0.6%3.6%0.1%
Op Inc Chg LTM88.9%5.7%10.0%-27.2%-27.3%13.8%7.9%
Op Inc Chg 3Y Avg23.0%3.6%7.4%-10.0%-10.0%57.4%5.5%
Op Mgn LTM-1.1%46.1%27.0%12.6%12.9%5.5%12.7%
Op Mgn 3Y Avg-6.9%45.9%26.9%15.7%15.3%4.8%15.5%
QoQ Delta Op Mgn LTM1.4%0.4%0.0%-1.5%-0.5%0.2%0.1%
CFO/Rev LTM2.5%39.4%19.1%14.0%-12.4%14.0%
CFO/Rev 3Y Avg-1.0%38.4%18.2%15.3%-13.7%15.3%
FCF/Rev LTM1.3%27.0%16.2%10.1%--1.4%10.1%
FCF/Rev 3Y Avg-3.3%26.8%15.7%11.2%-2.0%11.2%

Valuation

BTBDMCDQSRWENJACKSHAKMedian
NameBT BrandsMcDonald.Restaura.Wendy's Jack In .Shake Sh. 
Mkt Cap0.0195.326.91.60.32.92.2
P/S0.77.02.70.70.21.81.3
P/Op Inc-68.715.310.25.61.633.17.9
P/EBIT-19.015.010.25.6-5.241.87.9
P/E-16.421.717.916.04.766.517.0
P/CFO29.717.814.45.0-14.614.6
Total Yield-6.1%7.3%9.8%12.2%21.4%1.5%8.6%
Dividend Yield0.0%2.7%4.3%6.0%0.0%0.0%1.4%
FCF Yield 3Y Avg-4.5%3.7%6.2%13.2%-0.5%3.7%
D/E0.40.30.62.69.10.30.5
Net D/E-0.10.30.52.48.90.20.4

Returns

BTBDMCDQSRWENJACKSHAKMedian
NameBT BrandsMcDonald.Restaura.Wendy's Jack In .Shake Sh. 
1M Rtn-8.8%16.7%9.0%30.7%13.1%6.8%11.0%
3M Rtn27.9%1.4%5.1%6.6%-19.9%1.1%3.3%
6M Rtn36.8%1.7%-1.6%14.4%2.1%2.5%2.3%
12M Rtn-4.9%-5.4%17.8%-3.6%-17.4%-21.1%-5.1%
3Y Rtn-17.9%11.1%25.3%-48.4%-77.4%27.8%-3.4%
1M Excs Rtn-3.8%21.7%13.9%35.7%18.1%11.9%16.0%
3M Excs Rtn29.7%6.6%11.4%17.2%-16.2%5.5%9.0%
6M Excs Rtn37.1%1.9%-1.4%14.7%2.4%2.8%2.6%
12M Excs Rtn-19.4%-15.8%10.6%-13.3%-26.3%-33.4%-17.6%
3Y Excs Rtn-84.4%-60.6%-46.0%-122.9%-150.6%-48.5%-72.5%

Comparison Analyses

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Financials

Segment Financials

Revenue by Segment
$ Mil2025202420232022
Single Segment1315138
Total1315138


Price Behavior

Price Behavior
Market Price$1.56 
Market Cap ($ Bil)0.0 
First Trading Date11/12/2021 
Distance from 52W High-30.7% 
   50 Days200 Days
DMA Price$1.74$1.45
DMA Trendupup
Distance from DMA-10.2%7.2%
 3M1YR
Volatility63.9%88.4%
Downside Capture25.10227.28
Upside Capture182.95193.07
Correlation (S&P 500)34.0%28.4%
BTBD Betas & Captures as of 10/31/2026

 1M2M3M6M1Y3Y
Beta1.171.101.091.201.850.87
Up Beta-7.19-1.390.270.381.000.59
Down Beta1.992.662.812.591.951.06
Up Capture119%169%202%66%297%50%
Bmk +ve Days12182862130427
Stock +ve Days9203460119322
Down Capture118%2%-77%97%154%101%
Bmk -ve Days10253664121325
Stock -ve Days13222857121354

[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 BTBD
BTBD-10.9%88.4%0.27-
Sector ETF (XLY)-1.9%19.8%-0.2225.6%
Equity (SPY)9.5%13.6%0.4028.6%
Gold (GLD)1.6%28.7%0.057.8%
Commodities (DBC)38.4%21.2%1.42-8.4%
Real Estate (VNQ)11.3%14.2%0.517.2%
Bitcoin (BTCUSD)-27.2%43.6%-0.6114.9%

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 BTBD
BTBD-6.7%110.4%0.42-
Sector ETF (XLY)4.0%24.2%0.126.7%
Equity (SPY)11.3%17.3%0.487.4%
Gold (GLD)17.5%19.1%0.743.2%
Commodities (DBC)8.1%19.6%0.30-1.2%
Real Estate (VNQ)1.3%18.9%-0.042.8%
Bitcoin (BTCUSD)4.0%51.6%0.263.4%

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 BTBD
BTBD-3.4%110.4%0.42-
Sector ETF (XLY)12.8%22.3%0.526.7%
Equity (SPY)15.0%18.0%0.707.4%
Gold (GLD)11.9%16.5%0.593.2%
Commodities (DBC)7.5%18.1%0.33-1.2%
Real Estate (VNQ)5.9%20.7%0.242.8%
Bitcoin (BTCUSD)60.0%66.3%1.003.4%

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

Short Interest

Short Interest: As Of Date10152026
Short Interest: Shares Quantity0.0 Mil
Short Interest: % Change Since 9302026-34.3%
Average Daily Volume0.0 Mil
Days-to-Cover Short Interest1.5 days
Basic Shares Quantity6.2 Mil
Short % of Basic Shares0.4%

Earnings Returns History

Updated 6/3/2026
Expand for More
 Forward Returns
Earnings Date1D Returns5D Returns21D Returns
4/3/20267.4%0.0%10.8%
SUMMARY STATS   
# Positive111
# Negative000
Median Positive7.4%0.0%10.8%
Median Negative   
Max Positive7.4%0.0%10.8%
Max Negative   
Collapse to Preview
 Forward Returns
Earnings Date1D Returns5D Returns21D Returns
4/3/20267.4%0.0%10.8%
SUMMARY STATS   
# Positive111
# Negative000
Median Positive7.4%0.0%10.8%
Median Negative   
Max Positive7.4%0.0%10.8%
Max Negative   

SEC Filings

Expand for More
Report DateFiling DateFiling
06/30/202608/17/202610-Q
03/31/202605/18/202610-Q
12/31/202503/31/202610-K
09/30/202511/17/202510-Q
06/30/202508/19/202510-Q
03/31/202505/14/202510-Q
12/31/202403/31/202510-K
09/30/202411/13/202410-Q
06/30/202408/14/202410-Q
03/31/202405/15/202410-Q
12/31/202304/01/202410-K
09/30/202311/15/202310-Q
06/30/202308/16/202310-Q
03/31/202305/17/202310-Q
12/31/202204/18/202310-K
09/30/202211/15/202210-Q
Collapse to Preview
Report DateFiling DateFiling
06/30/202608/17/202610-Q
03/31/202605/18/202610-Q
12/31/202503/31/202610-K
09/30/202511/17/202510-Q
06/30/202508/19/202510-Q
03/31/202505/14/202510-Q
12/31/202403/31/202510-K
09/30/202411/13/202410-Q
06/30/202408/14/202410-Q
03/31/202405/15/202410-Q
12/31/202304/01/202410-K
09/30/202311/15/202310-Q
06/30/202308/16/202310-Q
03/31/202305/17/202310-Q
12/31/202204/18/202310-K
09/30/202211/15/202210-Q
06/30/202208/16/202210-Q
03/31/202205/18/202210-Q
12/31/202103/17/202210-K
09/30/202111/17/202110-Q
06/30/202108/18/202110-Q
03/31/202105/18/202110-Q
12/31/202003/11/202110-K
09/30/202011/10/202010-Q
06/30/202008/13/202010-Q
03/31/202005/12/202010-Q
12/31/201904/15/202010-K
12/31/201811/25/202010-K/A
Core Cache Last Updated: 11/7/2026