olivLaw · US equity research
Barnes & Noble Education, Inc. BNED
Retail-Miscellaneous Shopping Goods Stores · SIC 5940 · Vertical: Miscellaneous retail (SIC 594x)
At the close of 04 Nov 2026, Barnes & Noble Education, Inc. (BNED) stock was 13.21 USD (+5.68% on the day), with market capitalisation 457.9 m USD, P/E 20.6 on diluted EPS of 0.64 USD over the last 12 months, beta 1.50, 52-week range 6.12–13.95 USD. Latest reported quarter (Q1 2027): revenue of 290.6 m USD (+0.8% YoY), net income of -12.9 m USD, diluted EPS -0.37 USD.
Data as of · Source: SEC filings and closing prices, computed by olivLaw.
Price history
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Technical reading
- RSI (14)
- 57.9
- strong (55–70)
- Bollinger (20, 2)
- 11.89 – 14.05
- in the upper half of the band · %B 0.61 · band width 16.6%
- SMA 50 / 200
- 12.07 / 10.79
- uptrend (price > SMA50 > SMA200)
- MACD (12, 26, 9)
- 0.26 / 0.35
- MACD below signal
Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).
Performance
| Company | S&P 500 | vs S&P 500 | Vertical median | |
|---|---|---|---|---|
| 1 month | +14.5% | −1.1% | +15.6 pp | — |
| 3 months | +4.2% | −0.5% | +4.6 pp | — |
| 6 months | +26.4% | +4.4% | +22.0 pp | — |
| Year to date | +43.7% | +12.3% | +31.4 pp | — |
| 1 year | +52.2% | +13.5% | +38.6 pp | −34.6% |
| 3 years | −87.9% | +76.4% | −164.3 pp | +29.1% |
| 5 years | −98.7% | +63.7% | −162.4 pp | — |
Price returns, dividends excluded.
Quarterly results
Latest quarter: Q1 2027 · 01 Aug 2026
Quarterly margins
Quarterly statements · USD
| Fiscal year | Q2 '25 | Q3 '25 | Q4 '25 | Q1 '26 | Q2 '26 | Q3 '26 | Q4 '26 | Q1 '27 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 602.1 m | 462.8 m | 281.8 m | 288.2 m | 644.4 m | 515.1 m | 267.1 m | 290.6 m |
| Cost of revenue | 473.6 m | 369.1 m | 211.2 m | 232.8 m | 514.6 m | 419.0 m | 182.2 m | 233.5 m |
| Gross profit | 128.5 m | 93.8 m | 70.6 m | 55.4 m | 129.8 m | 96.1 m | 84.9 m | 57.0 m |
| SG&A | 72.9 m | 71.6 m | 72.3 m | 67.9 m | 77.3 m | 72.6 m | 70.9 m | 67.3 m |
| Operating income | 47.1 m | 18.9 m | -11.4 m | -23.2 m | 40.8 m | 14.6 m | 4.3 m | -17.3 m |
| Depreciation & amortisation | 8.5 m | 7.8 m | 8.5 m | 9.2 m | 7.6 m | 7.4 m | 8.5 m | 8.2 m |
| Pre-tax income | 41.7 m | 13.8 m | -15.5 m | -26.9 m | 36.9 m | 9.7 m | 935.0 k | -20.0 m |
| Income tax | -1.5 m | -4.1 m | 7.5 m | -8.6 m | 11.9 m | 3.1 m | -2.5 m | -7.1 m |
| Net income | 43.2 m | 17.9 m | -23.0 m | -18.3 m | 25.0 m | 6.7 m | 3.5 m | -12.9 m |
| Diluted EPS | 1.63 | 0.59 | -0.68 | -0.54 | 0.72 | 0.19 | 0.10 ≈ | -0.37 |
| Operating cash flow | 47.4 m ≈ | -41.9 m ≈ | 52.6 m | -67.6 m | 66.2 m ≈ | -29.4 m ≈ | 80.8 m | -52.9 m |
| Capex | 3.1 m ≈ | 2.8 m ≈ | 3.1 m | 3.7 m | 4.3 m ≈ | 3.7 m ≈ | 4.4 m | 3.5 m |
| Dividends paid | — | — | — | 0 | — | — | — | 2.8 m |
| Share repurchases | 0 ≈ | 0 ≈ | 1.0 k | 0 | 0 ≈ | 0 ≈ | 0 | — |
≈ derived quarter (cumulative difference / share-days average)
E/P over time
E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.
Today's P/E sits at the 25 percentile of its own 8-quarter history (min 8.4, median 403.2, max 20,300.0; quarters with earnings only).
Fiscal years
| Fiscal year | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 2.0 bn | 1.9 bn | 1.4 bn | 1.5 bn | 1.5 bn | 1.6 bn | 1.6 bn | 1.7 bn |
| Revenue YoY | −7.7% | −9.0% | −24.0% | +6.3% | +3.2% | +1.6% | +2.7% | +6.5% |
| Net income | -24.4 m | -38.3 m | -139.8 m | -68.9 m | -101.9 m | -75.7 m | -65.8 m | 16.9 m |
| Net income YoY | unavailable | unavailable | unavailable | unavailable | unavailable | unavailable | unavailable | unavailable |
| Diluted EPS | -0.52 | -0.80 | -2.81 | -1.33 | -38.61 | -28.46 | -2.50 | 0.49 |
| Diluted EPS YoY | unavailable | unavailable | unavailable | unavailable | unavailable | unavailable | unavailable | unavailable |
| net % | -1.2% | -2.1% | -9.9% | -4.6% | -6.6% | -4.8% | -4.1% | 1.0% |
| Free cash flow | 75.4 m | -44.9 m | 5.3 m | -32.4 m | 66.6 m | -19.2 m | -98.3 m | 33.9 m |
Reported results vs expectations
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Balance sheet & financial health
Fiscal year 2026 · 02 May 2026
- Cash
- 8.4 m USD
- Financial debt
- 71.0 m USD
- Net debt
- 62.6 m USD
- Equity
- 294.4 m USD
- Total assets
- 739.9 m USD
- Debt / equity
- 0.24x
- Current ratio
- 1.71x
- ROE
- 6.0%
- ROA
- 2.2%
- FCF margin
- 2.0%
Financial statements (source on every figure)
Revenue and net income (USD)
Margins
Income statement · USD
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Revenue | 1.4 bn | 1.5 bn | 1.5 bn | 1.6 bn | 1.6 bn | 1.7 bn | SEC (XBRL)· 09 Jul 2026verified |
| Cost of revenue | 1.2 bn | 1.2 bn | 1.2 bn | 1.2 bn | 1.3 bn | 1.3 bn | SEC (XBRL)· 09 Jul 2026verified |
| Gross profit | 230.3 m | 342.8 m | 349.4 m | 344.9 m | 337.8 m | 366.2 m | SEC (XBRL)· 09 Jul 2026verified |
| SG&A | 316.2 m | 354.0 m | 357.6 m | 311.6 m | 283.8 m | 288.6 m | SEC (XBRL)· 09 Jul 2026verified |
| Operating income | -168.8 m | -60.6 m | -66.4 m | -33.8 m | 15.9 m | 36.5 m | SEC (XBRL)· 09 Jul 2026verified |
| Depreciation & amortisation | 45.2 m | 42.1 m | 42.2 m | 40.6 m | 37.9 m | 32.8 m | SEC (XBRL)· 09 Jul 2026verified |
| EBITDA | -123.6 m ≈ | -18.5 m ≈ | -24.3 m ≈ | 6.8 m ≈ | 53.9 m ≈ | 69.3 m ≈ | SEC (XBRL)· 09 Jul 2026derived |
| Pre-tax income | -176.8 m | -70.7 m | -89.1 m | -74.2 m | -61.6 m | 20.7 m | SEC (XBRL)· 09 Jul 2026verified |
| Income tax | -7.2 m | -9.2 m | 1.0 m | 858.0 k | 4.3 m | 3.8 m | SEC (XBRL)· 09 Jul 2026verified |
| Net income | -139.8 m | -68.9 m | -101.9 m | -75.7 m | -65.8 m | 16.9 m | SEC (XBRL)· 09 Jul 2026verified |
| Diluted EPS | -2.81 | -1.33 | -38.61 | -28.46 | -2.50 | 0.49 | SEC (XBRL)· 09 Jul 2026verified |
| Weighted average diluted shares | 49.7 m | 51.8 m | 2.6 m | 2.7 m | 26.3 m | 34.6 m | SEC (XBRL)· 09 Jul 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating income + Depreciation & amortisation.
Balance sheet · USD
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Cash | 8.0 m | 8.8 m | 14.2 m | 10.5 m | 9.1 m | 8.4 m | SEC (XBRL)· 09 Jul 2026verified |
| Receivables | — | — | — | 98.8 m | 98.1 m | 116.5 m | SEC (XBRL)· 09 Jul 2026verified |
| Inventories | 281.1 m | 293.9 m | 323.0 m | 344.0 m | 299.6 m | 298.3 m | SEC (XBRL)· 09 Jul 2026verified |
| Current assets | 500.8 m | 531.7 m | 537.0 m | 520.8 m | 465.4 m | 484.5 m | SEC (XBRL)· 09 Jul 2026verified |
| Property, plant & equipment, net | 89.2 m | 73.6 m | 68.2 m | 52.9 m | 40.2 m | 34.1 m | SEC (XBRL)· 09 Jul 2026verified |
| Goodwill | 4.7 m | 4.7 m | — | — | — | — | SEC (XBRL)· 29 Jun 2022verified |
| Intangibles (excl. goodwill) | 150.9 m | 127.0 m | 110.6 m | 94.2 m | 78.2 m | 58.1 m | SEC (XBRL)· 09 Jul 2026verified |
| Total assets | 1.0 bn | 1.1 bn | 980.8 m | 909.9 m | 790.3 m | 739.9 m | SEC (XBRL)· 09 Jul 2026verified |
| Accounts payable | 137.6 m | 182.6 m | 267.9 m | 299.2 m | 148.8 m | 135.6 m | SEC (XBRL)· 09 Jul 2026verified |
| Short-term debt | 50.0 m | 40.0 m | 0 | 0 | — | — | SEC (XBRL)· 10 Mar 2025verified |
| Long-term debt | — | 185.7 m | 182.2 m | 196.3 m | 103.1 m | 71.0 m | SEC (XBRL)· 09 Jul 2026verified |
| Current liabilities | 373.7 m | 415.4 m | 462.1 m | 474.7 m | 279.2 m | 283.6 m | SEC (XBRL)· 09 Jul 2026verified |
| Total liabilities | 738.1 m | 843.2 m | 850.0 m | 829.5 m | 518.1 m | 445.5 m | SEC (XBRL)· 09 Jul 2026verified |
| Equity | 293.0 m † | 228.4 m † | 153.1 m † | 80.4 m † | 272.2 m † | 294.4 m † | SEC (XBRL)· 09 Jul 2026verified |
† equity attributable to the parent's shareholders: in these years the issuer no longer reports the total including non-controlling interests.
Cash flow · USD
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Operating cash flow | 32.9 m | 1.2 m | 91.7 m | -5.1 m | -85.4 m | 50.1 m | SEC (XBRL)· 09 Jul 2026verified |
| Capex | 27.6 m | 33.6 m | 25.1 m | 14.1 m | 12.9 m | 16.2 m | SEC (XBRL)· 09 Jul 2026verified |
| Free cash flow | 5.3 m ≈ | -32.4 m ≈ | 66.6 m ≈ | -19.2 m ≈ | -98.3 m ≈ | 33.9 m ≈ | SEC (XBRL)· 09 Jul 2026derived |
| Investing cash flow | -36.9 m | -42.7 m | -31.0 m | 7.4 m | -12.1 m | -16.2 m | SEC (XBRL)· 09 Jul 2026verified |
| Financing cash flow | 11.8 m | 45.7 m | -49.7 m | -5.7 m | 97.7 m | -34.4 m | SEC (XBRL)· 09 Jul 2026verified |
| Share repurchases | 894.0 k | 2.4 m | 864.0 k | 176.0 k | 5.0 k | 0 | SEC (XBRL)· 09 Jul 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating cash flow − Capex.
Computed indicators
Growth
Profitability
Returns
Balance sheet
Liquidity
Cash
Efficiency
Market and valuation
1 indicators that do not apply to the sector.
Valuation
olivLaw classification
Score: 51 / 100
A scoring methodology on indicators and valuation, not investment advice.
Closing price
04 Nov 2026Source: olivLaw, closing series
Market cap: 457.9 m USD
Key indicators
Coverage and freshness
Score by group
- Balance sheet70
- Valuation52
- Quality61
- Growth30
- Returns0
Estimated value range
The combined range = the median of the valid methods' low, central and high values; it is not a probability interval and does not cover every result. Envelope of all methods: 5.57 – 39.98 USD.
Valuation assumptions are editorial choices, not measured; beta is not measured.
Method ranges (USD per share)
— — Mid · ▏ Price
Valuation methods
- DCF (discounted cash flow)unavailable · input data missing
- Peers: EV/EBITDA12.83 – 39.98 (Mid 15.92)3 companies used · median multiple 9.0x · quartiles 7.6x – 20.2xASO, ELA, SPWH
- Peers: P/E5.57 – 9.27 (Mid 7.97)6 companies used · median multiple 12.4x · quartiles 8.7x – 14.5xASO, BBW, DKS, ELA, HERE, SIG
- Dividend discount (DDM)unavailable · input data missing
Classification (SIC) comparables group by industry code, not by economic activity; the direct group is an editorial selection by activity. Members' multiples are on their own trailing twelve months, at their own latest close.
Assumptions (illustrative, editorial)
- Risk-free rate
- 4.3%
- Equity risk premium
- 5.0%
- Beta (default)
- 1.00
- Cost of equity
- 9.3%
- Terminal growth
- 2.5%
Factor scorecard
Neutral profile · Score 51/100
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | 9.6% | 58 (on a fixed band) | 13% |
| Net margin · Quality | 1.3% | 25 (vs peers) | 8% |
| FCF conversion · Quality | 219.5% | 100 (on a fixed band) | 8% |
| Revenue CAGR 3Y · Growth | 3.6% | 30 (on a fixed band) | 10% |
| EPS CAGR 3Y · Growth | unavailable | unavailable | — |
| Net debt / EBITDA · Balance sheet | 1.6x | 70 (on a fixed band) | 13% |
| Interest coverage · Balance sheet | unavailable | unavailable | — |
| Current ratio · Balance sheet | 1.7x | 72 (on a fixed band) | 5% |
| P/E (TTM) · Valuation | 20.6x | 0 (vs peers) | 13% |
| EV/EBITDA · Valuation | 7.7x | 66 (on a fixed band) | 13% |
| FCF yield · Valuation | 10.7% | 100 (on a fixed band) | 10% |
| Shareholder yield (distributions) · Returns | 0.0% | 0 (on a fixed band) | 8% |
| Payout ratio (FCF) · Returns | unavailable | unavailable | — |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet70/100 · 2/3 factors with a value
- Growth· partial30/100 · 1/2 factors with a value
- Quality61/100 · 3/3 factors with a value
- Returns· partial0/100 · 1/2 factors with a value
- Valuation52/100 · 3/3 factors with a value
A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.
Memo
BARNES & NOBLE EDUCATION, INC. (BNED). Latest full fiscal year: 2026; data up to 2026-08-01.
Figures computed from the financial statements: revenue 1.7 bn USD in 2026; YoY growth 6.5%; net margin 1.3%; ROE 8.3%; net debt/EBITDA 1.6x.
The estimated value range is 9.20–24.63 USD per share (median of 2 methods, agreement: low); assumptions are illustrative. Against the central value of 11.95 USD, the price of 13.21 USD leaves a potential of -9.6% (value / price − 1) and a margin of safety of -10.6% (1 − price / value). The range is the median of the methods' low, central and high values, not a probability interval.
olivLaw score 51/100, methodological classification: neutral profile (score, margin of safety and method agreement together; not a judgement of the right price). Groups assessed only in part: growth, returns. Not investment advice.
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- FCF conversion: 219.5%
- Current ratio: 1.7x
- FCF yield: 10.7%
What contradicts it
- Net margin: 1.3%
- Revenue CAGR 3Y: 3.6%
- P/E (TTM): 20.6x
- Shareholder yield (distributions): 0.0%
- The valuation methods diverge
Not assessed (insufficient data or a ratio without meaning): EPS CAGR 3Y, Interest coverage, Payout ratio (FCF).
Versus the vertical median
Miscellaneous retail (SIC 594x) · same industry group (3-digit SIC) · compared with 8 companies
Multiples and returns vs the median
Price rebased to 100 (monthly, 5 years)
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| SIGSignet Jewelers Limited | 4.9 bn | 14.8 | 19.9% | 5.2% | +1.6% | +28% / +56% |
| ASOAcademy Sports and Outdoors, Inc. | 4.2 bn | 11.3 | 18.6% | 6.4% | +2.0% | +40% / +33% |
| BNEDBarnes & Noble Education, Inc. | 457.9 m | 20.6 | 8.3% | 1.3% | +6.5% | +52% / −88% |
| BBWBuild-A-Bear Workshop Inc | 388.6 m | 7.8 | 32.8% | 10.0% | +6.7% | −41% / +29% |
| ELAEnvela Corporation | 303.8 m | 13.6 | 32.4% | 7.6% | +33.6% | +1% / +167% |
| HEREHere Group Limited | 72.2 m | 7.7 | 9.1% | 10.6% | −76.9% | −70% / −22% |
| PEWGrabAGun Digital Holdings Inc. | 59.9 m | — | -13.7% | -7.0% | +3.6% | −42% / unavailable |
| SPWHSportsman’s Warehouse Holdings, Inc. | 45.4 m | — | -25.8% | -3.9% | +1.0% | −48% / −76% |
| DKSDICK'S Sporting Goods, Inc. | — | 15.9 | 18.5% | 4.0% | +28.1% | −29% / +13% |
1- and 3-year price returns: for BNED from daily closes (the same as the performance table), for the other companies from month-end closes.
olivLaw engine forecast
The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.
The engine has no published run for this company yet.
Valuation scenarios (editable assumptions)
Illustrative scenarios
Illustrative: not forecasts and without probabilities. Each case is one coherent set of assumptions, computed on today's figures.
Estimated price (USD)
| Estimated price | Bear | Base | Bull |
|---|---|---|---|
| 1 years | 7.74 Total return -41% · Per year -41% | 13.70 Total return 4% · Per year 4% | 20.64 Total return 56% · Per year 56% |
| 3 years | 7.38 Total return -44% · Per year -18% | 14.70 Total return 11% · Per year 4% | 24.33 Total return 84% · Per year 23% |
| 5 years | 7.03 Total return -47% · Per year -12% | 15.77 Total return 19% · Per year 4% | 28.69 Total return 117% · Per year 17% |
- Exit P/E± 3.67
- Net margin± 2.57
- Annual revenue growth± 2.13
- Annual dilution± 0.22
AI analysis
The qualitative analysis has not been written for this company yet.
Products, market & competition
The qualitative analysis has not been written for this company yet.
Links, dependencies and risks
Who the company is tied to, from its own SEC filings (customers, suppliers, production, partners, competitors, countries, regulation), from the 5 %+ holders' statements (13D/13G) and from what other companies say about it. Click a node for its evidence; on a listed company the graph moves to it.
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News & filings
In the press
No news in our archive over the last 180 days.
SEC filings
- Current report23 Oct 2026Departure or appointment of officers
- Current report30 Sept 2026Shareholder vote
- Current report24 Sept 2026Other events · Financial statements and exhibits
- Quarterly report08 Sept 2026
- Current report08 Sept 2026Results of operations · Financial statements and exhibits
- Proxy statement12 Aug 2026
- Annual report09 Jul 2026
- Current report09 Jul 2026Results of operations · Financial statements and exhibits
- Current report24 Jun 2026Results of operations · Regulation FD disclosure · Other events · Financial statements and exhibits
- Current report16 Mar 2026Shareholder vote
Figures computed by olivLaw from SEC filings and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.