BAR · Financials(commodity contracts brokers & dealers) · 9 years of annual accounts filed with the SEC · latest fiscal year ended 2026-06-30
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On the accounting screens, it passes 1 of 3 Piotroski tests; none of the six cross-checks between its statements fires.
Revenue, fiscal 2026—
Operating margin—gross margin —
Return on invested capital—
Free cash flow—
Net debt ÷ EBITDA—net debt —
Piotroski F-score1/3tests of improvement passed
Is it growing?
Revenue and the operating income it turns into. Growth that does not reach operating income is growth bought with margin.
Compound growth a year
3 yrs
5 yrs
8 yrs
Net income
+83.9%
—
—
Earnings per share
+108.7%
—
—
Shares
-11.8%
—
—
Falling shares are buybacks: each remaining share owns more of the company.
Does it earn more than its capital costs?
Margins say how much of each sale is kept; return on invested capital says how much the business earns on the money it needs to operate. Growth only creates value when that return is above the cost of the capital.
Return on invested capital
Economic profit
Needs a cost of capital, which comes from the valuation below.
Return on equity
—
Return on assets
18.5%
Asset turnover
—
Is the profit cash, and where does the cash go?
Net income is an accounting opinion; free cash flow is what was left in the bank after investing. Stock-based pay does not leave the bank — shareholders pay it through dilution — so it is shown taken off as well.
Net incomeFree cash flowAfter stock-based pay
-100M0100M200M300M400M
2018Net income -9.3M
2019Net income 56.0M
2020Net income 158.6M
2021Net income -12.0M
2022Net income 19.6M
2023Net income 39.7M
2024Net income 187.7M
2025Net income 315.7M
2026Net income 246.9M
201820192020202120222023202420252026
Per share
Earnings per shareFree cash flow per shareDividend per share
$0.0$2.5$5.0$7.5$10.0
2018
2019
2020
2021
2022Earnings per share $0.36
2023Earnings per share $0.78
2024Earnings per share $4.03
2025Earnings per share $9.36
2026Earnings per share $7.13
201820192020202120222023202420252026
Shares outstanding
Diluted shares
30M40M50M60M
2018
2019
2020
2021
2022Diluted shares 54.3M
2023Diluted shares 50.6M
2024Diluted shares 46.6M
2025Diluted shares 33.7M
2026Diluted shares 34.6M
201820192020202120222023202420252026
Debt and liquidity
Debt is not bad in itself; debt the business cannot service in a bad year is. Net debt is debt minus cash, and below zero the company holds more cash than it owes.
Net debt ÷ EBITDA
—
Interest coverage
— operating income ÷ interest
Current ratio
— current assets ÷ current liabilities
Cash conversion cycle
—
Three classic screens of the accounts
Each asks a different question of the same statements — is it improving, does it look like a company heading for distress, do the accounts resemble ones that were manipulated. None is a verdict; each shows what moves it.
Piotroski F-score
Is the business improving? Nine yes-or-no tests, this year against last.
1of 3 tests passed
✓ProfitableReturn on assets above zeropassed
–Cash from operationsOperating cash flow above zero — not reportedno data
✕Profitability improvedReturn on assets higher than a year beforefailed
–Profit backed by cashOperating cash flow above net income (low accruals) — not reportedno data
–Less long-term debtLong-term debt as a share of assets fell — not reportedno data
–More liquidCurrent ratio higher than a year before — not reportedno data
✕No new sharesShare count did not growfailed
–Better gross marginGross margin higher than a year before — not reportedno data
–Sells more per assetAsset turnover higher than a year before — not reportedno data
Where it misleads: it measures change, not level. An excellent business that stood still for a year scores low; a poor one recovering from a disaster scores high.
Altman Z''-score
Does the balance sheet look like those of companies that went bankrupt?
The accounts lack a line it needs (retained earnings, current assets or liabilities).
Beneish M-score
Do the accounts resemble those of companies that manipulated their earnings?
The accounts lack too many of the lines it needs.
Where the statements disagree
Cross-checks between the income statement, the balance sheet and the cash flow for the latest year, each with the benign reading and the worrying one.
None of the six cross-checks fires for the latest year: receivables and inventory move with revenue, profit turns into cash, investment keeps up with depreciation, the tax rate is ordinary and debt is moderate.
What is it worth, under which assumptions?
A company is worth the cash it will generate, brought back to today. This model projects revenue with growth that fades over the years, applies a free cash flow margin, and discounts the result at the cost of capital. Every assumption says where it came from, and all of them can be changed.
The SEC accounts lack the lines needed for revenue, free cash flow or the share count, so there is no DCF for this company.
What it has filed lately
The last twelve months at the SEC, most important first: annual and quarterly reports, events, large holders and insiders.
Accounts from the company's own SEC filings; lines some companies do not report are shown as a dash rather than estimated. The risk-free rate is the 10-year US Treasury yield. A DCF is a way of making assumptions explicit, not a forecast: it states what the company would be worth if the assumptions held. The scores are screens that point where to look, not verdicts. Nothing here is a recommendation to buy or sell.
