BT Brands, Inc. (BTBD) | Investment Case

1. Company Snapshot

1.a. Company Description

BT Brands, Inc.owns and operates fast-food restaurants in the north central region of United States.The company operates nine Burger Time restaurants located in Minnesota, North Dakota, and South Dakota; and a Dairy Queen franchise in Ham Lake, Minnesota.

Its Burger Time restaurants provide various burgers and other food products, such as chicken sandwiches, pulled pork sandwiches, side dishes, and soft drinks; and Dairy Queen restaurant offers burgers, chicken, sides, ice cream and other desserts, and various beverages.The company was founded in 1987 and is based in West Fargo, North Dakota.

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1.b. Last Insights on BTBD

BT Brands' recent performance faced headwinds from increasing competition in the restaurant industry. Despite reporting a record Q3 2025 profit of $0.15 per share, the company's growth may be capped by rising costs. Restaurant EBITDA surged 74% to $823,000, indicating operational efficiency. However, investors may scrutinize the sustainability of this growth. No recent rating changes or share buyback announcements were found. The company's ability to maintain profitability amidst evolving business conditions remains a concern.

1.c. Company Highlights

Last Price	1.59
Change Percentage	1.92%
Open	1.57
Previous Close	1.56
Market Cap ( Millions)	10
Volume	6733
Year High	5.6
Year Low	1
M A 50	1.73
M A 200	1.52

FCF Yield	-5.98%
Dividend Yield	0.00%
ROE	-13.30%
Debt / Equity	48.47%
Net Debt / EBIDTA	1118.72%
Price To Book	1.27
Price Earnings Ratio	-10.46
Price To FCF	-16.72
Price To sales	0.7
EV / EBITDA	55.58

2. Transcript Summary

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3. NewsRoom

BT Brands Reports Record Third-quarter 2025 Profit of $0.15 per Share

Nov -17

Source: businesswire.com

BTBD Stock Alert: Halper Sadeh LLC Is Investigating Whether the Merger of BT Brands, Inc. Is Fair to Shareholders

Sep -03

Source: businesswire.com

BT Brands and Aero Velocity Announce Execution of Definitive Merger Agreement

Sep -03

Source: businesswire.com

BT Brands, Inc. to Pursue Strategic Initiatives, Including Potential Merger

Aug -04

Source: businesswire.com

CORRECTING and REPLACING BT Brands Reports First Quarter 2025 Results

May -15

Source: businesswire.com

BT Brands Reports First Quarter 2025 Results

May -15

Source: businesswire.com

BT Brands Reports 2024 Results

Mar -31

Source: businesswire.com

BT Brands Reports Third Quarter 2024 Results

Nov -13

Source: businesswire.com

4. Business Breakdown

4.a. Revenues by Country

4.b. Revenues by Segment

5. Expected revenues mid-term growth (4.50%)

6. Segments

Fast-food Restaurants

Expected Growth: 4.5%

Growing demand for quick-service meals, increasing popularity of burgers and sandwiches, and expansion of online ordering and delivery services drive the growth of BT Brands, Inc.

7. Detailed Products

Savage Affiliate

A comprehensive affiliate marketing training program that teaches users how to create and promote affiliate marketing campaigns.

Authority Hacker

A comprehensive online business training program that teaches users how to create and grow a successful online business.

Hybrid Affiliate Marketing

A training program that teaches users how to create and promote affiliate marketing campaigns using a hybrid approach.

Niche Site Project

A training program that teaches users how to create and grow a successful niche website.

8. BT Brands, Inc.'s Porter Forces

Forces Ranking

Threat Of Substitutes

The threat of substitutes for BT Brands, Inc. is medium due to the availability of alternative products in the market. While there are some substitutes available, they are not highly attractive to customers, and BT Brands, Inc. has a strong brand presence that differentiates it from competitors.

Bargaining Power Of Customers

The bargaining power of customers for BT Brands, Inc. is low due to the company's strong brand presence and customer loyalty. Customers have limited bargaining power, and the company has a diverse customer base that reduces dependence on individual customers.

Bargaining Power Of Suppliers

The bargaining power of suppliers for BT Brands, Inc. is medium due to the presence of multiple suppliers in the market. While suppliers have some bargaining power, the company's large scale of operations and diversified supply chain reduce its dependence on individual suppliers.

Threat Of New Entrants

The threat of new entrants for BT Brands, Inc. is high due to the relatively low barriers to entry in the industry. New entrants can easily enter the market, but the company's strong brand presence and established distribution network provide a competitive advantage.

Intensity Of Rivalry

The intensity of rivalry for BT Brands, Inc. is high due to the presence of several established competitors in the market. The company operates in a highly competitive industry, and competitors are constantly innovating and improving their products to gain market share.

9. SWOT Analysis

10. Capital Structure

10.a. Balance Sheet

10.b. Weighted Average Cost of capital

	Value
Debt Weight	23.25%
Debt Cost	3.95%
Equity Weight	76.75%
Equity Cost	6.47%
WACC	5.88%
Leverage	30.30%

11. Quality Control: BT Brands, Inc. passed 3 out of 9 key points

Strong Liquidity

Low Debt

Strong Interest Coverage

Healthy Cash Flow

Operating Efficiency

Strong Return On Equity

Consistent Revenue Growth

Consistent Operating Cash Flow Growth

Margin Improvement

12.a Historical Valuation

12.b Price/Earnings Ratio

12.c Margin Valuation

12.d Peers Valuation

Peers Group Analysis

Potbelly

A-Score: 4.1/10

Value: 2.4

Growth: 6.0

Quality: 3.5

Yield: 0.0

Momentum: 9.5

Volatility: 3.0

1-Year Total Return ->

BT Brands

A-Score: 3.8/10

Value: 8.6

Growth: 2.0

Quality: 4.4

Yield: 0.0

Momentum: 8.0

Volatility: 0.0

1-Year Total Return ->

Red Robin

A-Score: 3.6/10

Value: 8.2

Growth: 1.4

Quality: 3.6

Yield: 0.0

Momentum: 7.5

Volatility: 1.0

1-Year Total Return ->

Portillo's

A-Score: 3.6/10

Value: 8.1

Growth: 5.0

Quality: 4.1

Yield: 0.0

Momentum: 1.0

Volatility: 3.3

1-Year Total Return ->

Noodles

A-Score: 3.2/10

Value: 10.0

Growth: 1.1

Quality: 5.9

Yield: 0.0

Momentum: 1.5

Volatility: 1.0

1-Year Total Return ->

Kura Sushi USA

A-Score: 2.7/10

Value: 3.4

Growth: 6.0

Quality: 2.7

Yield: 0.0

Momentum: 1.5

Volatility: 2.3

1-Year Total Return ->

Peers Metrics

12.e Scoring ^Insights

12.f DCF ^BETA

Parameters

Short Term Growth

18.01%

Short term Time

10.0

Long-Term Growth

2.00%

WACC

5.88%

BT Brands, Inc. - US0557MQ2066

1. Company Snapshot

1.a. Company Description

1.b. Last Insights on BTBD

1.c. Company Highlights

More Volatile

Lower Growth

Weak Momentum

Cheaper

Strong Momentum

Fairly Valued

2. Transcript Summary

3. NewsRoom

4. Business Breakdown

4.a. Revenues by Country

4.b. Revenues by Segment

5. Expected revenues mid-term growth (4.50%)

6. Segments

Fast-food Restaurants

Expected Growth: 4.5%

7. Detailed Products

Savage Affiliate

Authority Hacker

Hybrid Affiliate Marketing

Niche Site Project

8. BT Brands, Inc.'s Porter Forces

Forces Ranking

Threat Of Substitutes

Bargaining Power Of Customers

Bargaining Power Of Suppliers

Threat Of New Entrants

Intensity Of Rivalry

9. SWOT Analysis

Strength

Weaknesses

Opportunities

Threats

10. Capital Structure

10.a. Balance Sheet

10.b. Weighted Average Cost of capital

11. Quality Control: BT Brands, Inc. passed 3 out of 9 key points

12.a Historical Valuation

12.b Price/Earnings Ratio

12.c Margin Valuation

12.d Peers Valuation

Peers Group Analysis

Peers Metrics

12.e Scoring Insights

12.f DCF BETA

Parameters

Short Term Growth

Short term Time

Long-Term Growth

WACC

Target Price

1.59$

Current Price

1.59$

Potential

-0.00%

Expected Cash-Flows

12.e Scoring ^Insights

12.f DCF ^BETA