BUKS BUTLER NATIONAL CORP

Overview and Growth

BUTLER NATIONAL CORP generated $97.97M of revenue in fiscal 2026, with net income of $21.93M and an operating cash inflow of $25.78M. Revenue of $97.97M sets the scale for evaluating how effectively sales translated into profit and cash during the year. The top line expanded 16.7% from $83.97M in fiscal 2025, increasing the company’s operating scale. On a per-share basis, diluted EPS was $0.34, which connects the reported earnings outcome with the company’s diluted share count. The per-share result recorded a 78.9% increase from fiscal 2025 diluted EPS of $0.19. The revenue-to-assets relationship was 0.69x, showing the sales generated relative to the resources carried on the balance sheet.

Profitability

Operating income was $28.45M, the earnings remaining from reported operations after the company’s recognized operating cost structure. The operating result equaled 29.0% of revenue, placing the absolute operating-income figure in the context of the company’s sales base. After all reported below-operating-line items, the company recorded net income of $21.93M for the fiscal year. Measured against reported revenue, net income produced a 22.4% margin after operating costs and the remaining recognized items. Pretax income was $29.30M, isolating the reported earnings outcome before the income-tax provision recognized for the fiscal year. Pretax income represented 29.9% of revenue, placing earnings before tax in the context of the company’s operating scale. The company recognized $7.37M of income tax for the period, completing the transition from pretax income to net income. The income-tax provision equaled 25.1% of pretax income, showing the tax burden absorbed by the year’s earnings. Return on period-end equity was 26.8%, relating annual net income to the equity capital on the balance sheet.

Liquidity and Capital Structure

At period end, the $141.84M asset base was financed through $59.86M of liabilities and $81.98M of equity. Current assets were $67.30M against $31.42M of current liabilities, framing the resources and obligations classified within the near-term balance-sheet horizon. The current ratio was 2.14x, with current assets exceeding current liabilities and providing a short-term liquidity cushion. The company held $35.12M in cash and equivalents, a narrower liquidity measure than total current assets. Cash and equivalents represented 111.8% of current liabilities, showing the portion of near-term obligations matched by reported cash alone. Total debt was $29.47M, establishing the amount of borrowing carried within the company’s capital structure. The debt-to-equity relationship was 0.36x, showing how much debt the company carried for each unit of book equity. Debt represented 20.8% of total assets, placing borrowing in the context of the company’s full resource base. Relative to total assets, liabilities measured 42.2%, complementing the separate equity-based view of the company’s capital structure. The cash-to-assets relationship was 24.8%, comparing reported cash and equivalents with the full positive asset balance. Compared with $123.30M in fiscal 2025, the current asset base moved 15.0% and finished higher.

Cash Flow and Earnings Quality

Operating activities produced a cash inflow of $25.78M, giving the cash-flow counterpart to the accrual-based profit measures reported for the year. Operating cash flow equaled 1.18x of net income, showing how strongly accounting earnings converted into cash from operations. Capital spending was $6.54M, absorbing part of the cash generated from operations before free cash flow. Capital spending absorbed 25.4% of operating cash flow, quantifying the share of cash from operations directed to investment. The combination of operating cash flow and capital spending produced $19.24M of positive free cash flow for the period. The free-cash-flow margin was 19.6%, measuring cash remaining after capital spending against revenue. Measured against total assets, free cash flow represented 13.6%, showing the cash productivity of the company’s assets.

Based on the annual report for the fiscal year ending Apr 30, 2026. Analysis generated Oct 21, 2026.