Barnes & Noble Education, Inc
BNED Consumer Cyclical Specialty Retail
Barnes & Noble Education, Inc’s revenue for fiscal 2026 (year ended April 2026) was $1.7 billion, up 6.50% from fiscal 2025. In the quarter to July 2026, revenue was flat, EPS grew 31.5%, free cash flow grew 20.9% and total debt fell 27.4%, each against the same quarter a year earlier. Revenue growth for five consecutive years.
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Barnes & Noble Education, Inc (BNED) Piotroski F-score
Barnes & Noble Education, Inc's Piotroski F-score for fiscal 2026 is 8 out of 9: 8 of nine tests of profitability, leverage and efficiency passed, up from 4 in fiscal 2025.
Piotroski F-score, annual
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Annual newest first
| Period | Piotroski F-score | Change (points) |
|---|---|---|
| FY2026 | 8 | 4.00 |
| FY2025 | 4 | 1.00 |
| FY2024 | 3 | 0.00 |
| FY2023 | 3 | (2.00) |
| FY2022 | 5 | 3.00 |
| FY2021 | 2 | 1.00 |
| FY2020 | 1 | (5.00) |
| FY2019 | 6 | 1.00 |
| FY2018 | 5 | 1.00 |
| FY2017 | 4 | — |
How fiscal 2026’s score is made up
| Test | This year | Year before | Result | Points |
|---|---|---|---|---|
| Positive return on assets | 2.21% | (7.74%) | Pass | 1 |
| Positive operating cash flow | 50.06m | (85.41m) | Pass | 1 |
| Rising return on assets | 2.21% | (7.74%) | Pass | 1 |
| Cash flow above net income | 33.19m | (19.59m) | Pass | 1 |
| Falling long-term leverage | 0.09 | 0.12 | Pass | 1 |
| Rising current ratio | 1.71 | 1.67 | Pass | 1 |
| No new shares issued | 34,330,300 | 26,299,000 | Fail | 0 |
| Rising gross margin | 21.35% | 20.98% | Pass | 1 |
| Rising asset turnover | 2.24 | 1.89 | Pass | 1 |
| Piotroski F-score | Strong — most fundamentals improved | 8 | ||
How the Piotroski F-score works
One point for each of nine tests, this fiscal year against the one before: positive return on assets, positive operating cash flow, rising return on assets, cash flow above net income, falling long-term leverage, a rising current ratio, no new shares issued, a rising gross margin and rising asset turnover. The ratios are the ones on this site, so each can be checked.
Joseph Piotroski (2000) called 8–9 high and 0–1 low; reading it in three bands is the common convention:
| 7–9 | Strong — most fundamentals improved |
|---|---|
| 4–6 | Mixed |
| 0–3 | Weak — most fundamentals deteriorated |
Where this differs from the paper: return on assets is on average rather than beginning-of-year assets, and weighted basic shares stand in for shares issued. The score is shown only when all nine tests can be worked out, which takes three fiscal years; banks and insurers, which report no current assets or gross profit, have none.
Piotroski F-score against peers
| Company | Piotroski F-score |
|---|---|
| BNED Barnes & Noble Education, Inc | 8 |
| ARKO ARKO Corp. compare | 7 |
| BWMX Betterware de Mexico SAPI de C compare | 7 |
| WOOF Petco Health and Wellness Company, Inc. compare | 7 |
| WINA Winmark Corporation compare | 6 |
| BBW Build-A-Bear Workshop, Inc. compare | 6 |
| CHPT ChargePoint Holdings, Inc. compare | 5 |
| EVGO EVgo Inc. compare | 5 |
| FLWS 1-800 FLOWERS.COM, Inc. compare | 4 |
What Piotroski F-score is
The Piotroski F-Score tells an investor how many signs of improving profitability, funding and efficiency a company shows against a year earlier.
One point for each of nine tests against a year earlier: positive return on assets, positive operating cash flow, rising return on assets, cash flow above net income, falling long-term leverage, rising current ratio, no new shares issued, rising gross margin, and rising asset turnover