Barnwell Industries, Inc.
BRN Energy Oil & Gas E&P
In the quarter to June 2026, revenue grew 5.86%, EPS grew 80.0% and free cash flow fell 11.9%, each against the same quarter a year earlier. Insiders bought in the last twelve months.
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Barnwell Industries, Inc. (BRN) Altman Z-score
Barnwell Industries, Inc.'s Altman Z-score for fiscal 2025 is −0.03, in the distress zone (below 1.81).
Altman Z-score, annual
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Annual newest first
| Period | Altman Z-score | Change (points) |
|---|---|---|
| FY2025 | −0.03 | (1.26) |
| FY2024 | 1.23 | (0.55) |
| FY2023 | 1.78 | (0.82) |
| FY2022 | 2.60 | 0.36 |
| FY2021 | 2.24 | 1.33 |
| FY2020 | 0.91 | 0.98 |
| FY2019 | −0.06 | (1.41) |
| FY2018 | 1.35 | (0.89) |
| FY2017 | 2.23 | 0.67 |
| FY2016 | 1.56 | 0.04 |
How fiscal 2025’s score is made up
| Component | This year | Year before | Result | Points |
|---|---|---|---|---|
| Working capital / total assets | 0.02 | — | 0.03 | |
| Retained earnings / total assets | (0.31) | — | −0.44 | |
| EBIT / total assets | (0.26) | — | −0.85 | |
| Market value of equity / total liabilities | 0.95 | — | 0.57 | |
| Sales / total assets | 0.66 | — | 0.66 | |
| Altman Z-score | Distress zone | −0.03 | ||
| Z″ Variant for non-manufacturing and asset-light companies (drops the sales/assets term, uses book equity) | Distress zone | −2.05 | ||
How the Altman Z-score works
Z = 1.2 × working capital ÷ total assets + 1.4 × retained earnings ÷ total assets + 3.3 × EBIT ÷ total assets + 0.6 × market value of equity ÷ total liabilities + 1.0 × revenue ÷ total assets (Altman, 1968). The market value of equity is the close on the last trading day of the fiscal year times weighted basic shares.
Z″ = 6.56 × working capital ÷ total assets + 3.26 × retained earnings ÷ total assets + 6.72 × EBIT ÷ total assets + 1.05 × book equity ÷ total liabilities (Altman, Hartzell and Peck, 1995), the variant for non-manufacturing and asset-light companies.
| Zone | Z | Z″ |
|---|---|---|
| Safe zone | above 2.99 | above 2.60 |
| Grey zone | 1.81–2.99 | 1.10–2.60 |
| Distress zone | below 1.81 | below 1.10 |
Not worked out for banks, insurers and REITs, whose balance sheets the model does not describe, nor when a figure is missing or there is no share price in the week to the fiscal year end.
Altman Z-score against peers
| Company | Altman Z-score |
|---|---|
| CKX CKX Lands, Inc. compare | 16.0× |
| MXC Mexco Energy Corporation compare | 8.8× |
| INDO Indonesia Energy Corporation Limited compare | 4.9× |
| PROP Prairie Operating Co. compare | 0.4× |
| BRN Barnwell Industries, Inc. | 0.0× |
| EONR EON Resources Inc. compare | −1.0× |
| TPET Trio Petroleum Corp. compare | −1.3× |
| MTR Mesa Royalty Trust compare | — |
| PRT PermRock Royalty Trust compare | — |
What Altman Z-score is
The Altman Z-Score weighs working capital, retained earnings, operating profit, market value and sales against assets and debts to gauge the risk of distress.
1.2 × working capital ÷ total assets + 1.4 × retained earnings ÷ total assets + 3.3 × EBIT ÷ total assets + 0.6 × market value of equity ÷ total liabilities + 1.0 × revenue ÷ total assets