Barnwell Industries, Inc.

BRN

EnergyOil & Gas Exploration & ProductionAMEX

$1.10

Market Cap: $11.34M

Barnwell Industries, Inc. (BRN) Valuation Summary

Updated Apr 28, 2026 22:22

Model	Range	Fair Value	Upside
▸ Discounted Cash Flow
Revenue DCF 5Y	$0.13 – $5.80	$1.11	-3.4%
Revenue DCF 10Y	$0.01 – $4.22	$0.54	-53.1%
▸ Trading Multiples
EV/Revenue	$0.72 – $4.09	$3.12	+171.3%

Valuation History

DCF Analysis

Barnwell Industries, Inc. (BRN) Revenue DCF (5Y)

REVENUE DCF FAIR VALUE

$0.54

Market Price

$1.10

Upside / Downside

-50.9%

Verdict

Overvalued

Using a Revenue DCF model with operating margin convergence from -39.1% to a target of 15.7% over 5 years, discounted at a WACC of 7.3%, Barnwell Industries, Inc. (BRN) has an intrinsic value of $0.54 per share (range: $0.01 – $4.22).

Key Assumptions

Current Operating Margin

-39.1%

Target Operating Margin

15.7%

WACC

7.3%

Terminal Growth Rate

3.0%

Historical CapEx/Rev

26.2%

Target CapEx/Rev

17.6%

D&A/Revenue

11.7%

Tax Rate

4.9%

Operating margin fades linearly from the current level to the industry target over the 5-year projection. CapEx intensity fades from the historical average to a maintenance level (D&A × 1.5). Tax is only applied when operating income is positive (NOL shield).

Margin Convergence Projection

USD in millions. Mid-year discounting convention.

Year	Revenue	Growth	Op Margin	Op Income	NOPAT	D&A	CapEx	ΔNWC	FCFF	PV(FCFF)
2026	13	-5.9%	-28.1%	-4	-4	2	(3)	2	-7	-7
2027	12	-5.0%	-17.2%	-2	-2	1	(3)	-0	-4	-3
2028	12	-4.1%	-6.2%	-1	-1	1	(3)	-0	-2	-2
2029	11	-3.2%	4.7%	1	1	1	(3)	-0	-1	-1
2030	11	-2.3%	15.7%	2	2	1	(2)	-0	1	0
2031	11	-1.4%	15.7%	2	2	1	(2)	-0	1	0
2032	11	-0.5%	15.7%	2	2	1	(2)	-0	1	0
2033	11	0.3%	15.7%	2	2	1	(2)	0	1	0
2034	11	1.2%	15.7%	2	2	1	(2)	0	1	0
2035	11	2.1%	15.7%	2	2	1	(2)	0	1	1

Enterprise Value Bridge

Sum of PV(FCFF)-9

Terminal Value (Gordon Growth at 3.0%)24

PV of Terminal Value12

Enterprise Value3

(–) Net Debt-3

Equity Value5

(÷) Shares Outstanding10

Fair Value per Share$0.54

Sensitivity Analysis — WACC × Target Operating Margin

WACC \ Target Op. Margin	9.7%	12.7%	15.7%	18.7%	21.7%
5.3%	$-0	$1	$2	$3	$4
6.3%	$-0	$0	$1	$2	$3
7.3%	$-1	$-0	$1	$1	$2
8.3%	$-1	$-0	$0	$1	$1
9.3%	$-1	$-0	$0	$0	$1

Current price: $1.10. Green = undervalued, Red = overvalued.

Working Capital Assumption

Net Working Capital is modeled at 9.9% of revenue (historical average of receivables + inventory − payables). Changes in NWC (ΔNWC) are computed year-over-year and subtracted from free cash flow.

Barnwell Industries, Inc. (BRN) Revenue DCF (5Y)

REVENUE DCF FAIR VALUE

$1.11

Market Price

$1.10

Upside / Downside

+0.9%

Verdict

Undervalued

Key Assumptions

Current Operating Margin

-39.1%

Target Operating Margin

15.7%

WACC

7.3%

Terminal Growth Rate

3.0%

Historical CapEx/Rev

26.2%

Target CapEx/Rev

17.6%

D&A/Revenue

11.7%

Tax Rate

4.9%

Margin Convergence Projection

USD in millions. Mid-year discounting convention.

Year	Revenue	Growth	Op Margin	Op Income	NOPAT	D&A	CapEx	ΔNWC	FCFF	PV(FCFF)
2026	13	-5.1%	-28.1%	-4	-4	2	(3)	2	-7	-7
2027	13	-3.5%	-17.2%	-2	-2	1	(3)	-0	-3	-3
2028	12	-1.9%	-6.2%	-1	-1	1	(3)	-0	-2	-2
2029	12	-0.3%	4.7%	1	1	1	(2)	-0	-0	-0
2030	12	1.4%	15.7%	2	2	1	(2)	0	1	1

Enterprise Value Bridge

Sum of PV(FCFF)-11

Terminal Value (Gordon Growth at 3.0%)27

PV of Terminal Value19

Enterprise Value9

(–) Net Debt-3

Equity Value11

(÷) Shares Outstanding10

Fair Value per Share$1.11

Sensitivity Analysis — WACC × Target Operating Margin

WACC \ Target Op. Margin	9.7%	12.7%	15.7%	18.7%	21.7%
5.3%	$0	$2	$3	$4	$6
6.3%	$-0	$1	$2	$3	$4
7.3%	$-0	$0	$1	$2	$3
8.3%	$-0	$0	$1	$1	$2
9.3%	$-1	$-0	$0	$1	$1

Current price: $1.10. Green = undervalued, Red = overvalued.

Working Capital Assumption

Net Working Capital is modeled at 9.9% of revenue (historical average of receivables + inventory − payables). Changes in NWC (ΔNWC) are computed year-over-year and subtracted from free cash flow.

Trading Multiples

Fair Value

$3.12

Market Price

$1.10

Upside / Downside

+183.6%

Verdict

Undervalued

Using the industry peer median EV/Revenue multiple (trailing + forward), Barnwell Industries, Inc. (BRN) has a fair value of $3.12 based on 9 comparable companies in the Oil & Gas Exploration & Production industry.

EV/Revenue Valuation — Oil & Gas Exploration & Production

USD in millions except Fair Price. Subject company highlighted.

	Mkt Cap ($M)	Trailing EV/Revenue	Forward EV/Revenue
Barnwell Industries, Inc.BRN	11	0.6x	—
Battalion Oil CorporationBATL	61	2.8x	1.4x
EON Resources Inc.EONR	37	3.8x	3.5x
TMD Energy LimitedTMDE	30	0.1x	—
Mexco Energy CorporationMXC	19	2.3x	—
Sky Quarry Inc.SKYQ	16	2.1x	—
CBL International LimitedBANL	12	0.0x	—
STAK Inc. Ordinary SharesSTAK	9	0.6x	—
Trio Petroleum Corp.TPET	5	12.4x	—
Vivakor, Inc.VIVK	1	0.3x	1.3x
Industry Median		2.1x	1.4x
(*) Revenue		14
= Enterprise Value		29
(-) Net Debt		-3
Equity Value		31
(/) Outstanding shares		10
Fair Price		$3

Disclaimer: Sweet Value Lab provides estimated intrinsic values for informational purposes only. This is not financial advice. All models rely on assumptions that may not reflect future performance. Always do your own research before making investment decisions.

Model

Range

Fair Value

Upside

▸ Discounted Cash Flow

Revenue DCF 5Y

$0.13 – $5.80

$1.11

-3.4%

Revenue DCF 10Y

$0.01 – $4.22

$0.54

-53.1%

▸ Trading Multiples

EV/Revenue

$0.72 – $4.09

$3.12

+171.3%

DCF Analysis

Barnwell Industries, Inc. (BRN) Revenue DCF (5Y)

REVENUE DCF FAIR VALUE

$0.54

Market Price

$1.10

Upside / Downside

-50.9%

Verdict

Overvalued

Key Assumptions

Current Operating Margin

-39.1%

Target Operating Margin

15.7%

WACC

7.3%

Terminal Growth Rate

3.0%

Historical CapEx/Rev

26.2%

Target CapEx/Rev

17.6%

D&A/Revenue

11.7%

Tax Rate

4.9%

Margin Convergence Projection

USD in millions. Mid-year discounting convention.

Year	Revenue	Growth	Op Margin	Op Income	NOPAT	D&A	CapEx	ΔNWC	FCFF	PV(FCFF)
2026	13	-5.9%	-28.1%	-4	-4	2	(3)	2	-7	-7
2027	12	-5.0%	-17.2%	-2	-2	1	(3)	-0	-4	-3
2028	12	-4.1%	-6.2%	-1	-1	1	(3)	-0	-2	-2
2029	11	-3.2%	4.7%	1	1	1	(3)	-0	-1	-1
2030	11	-2.3%	15.7%	2	2	1	(2)	-0	1	0
2031	11	-1.4%	15.7%	2	2	1	(2)	-0	1	0
2032	11	-0.5%	15.7%	2	2	1	(2)	-0	1	0
2033	11	0.3%	15.7%	2	2	1	(2)	0	1	0
2034	11	1.2%	15.7%	2	2	1	(2)	0	1	0
2035	11	2.1%	15.7%	2	2	1	(2)	0	1	1

Enterprise Value Bridge

Sum of PV(FCFF)-9

Terminal Value (Gordon Growth at 3.0%)24

PV of Terminal Value12

Enterprise Value3

(–) Net Debt-3

Equity Value5

(÷) Shares Outstanding10

Fair Value per Share$0.54

Sensitivity Analysis — WACC × Target Operating Margin

WACC \ Target Op. Margin	9.7%	12.7%	15.7%	18.7%	21.7%
5.3%	$-0	$1	$2	$3	$4
6.3%	$-0	$0	$1	$2	$3
7.3%	$-1	$-0	$1	$1	$2
8.3%	$-1	$-0	$0	$1	$1
9.3%	$-1	$-0	$0	$0	$1

Current price: $1.10. Green = undervalued, Red = overvalued.

Working Capital Assumption

Net Working Capital is modeled at 9.9% of revenue (historical average of receivables + inventory − payables). Changes in NWC (ΔNWC) are computed year-over-year and subtracted from free cash flow.

Trading Multiples

Fair Value

$3.12

Market Price

$1.10

Upside / Downside

+183.6%

Verdict

Undervalued

EV/Revenue Valuation — Oil & Gas Exploration & Production

USD in millions except Fair Price. Subject company highlighted.

	Mkt Cap ($M)	Trailing EV/Revenue	Forward EV/Revenue
Barnwell Industries, Inc.BRN	11	0.6x	—
Battalion Oil CorporationBATL	61	2.8x	1.4x
EON Resources Inc.EONR	37	3.8x	3.5x
TMD Energy LimitedTMDE	30	0.1x	—
Mexco Energy CorporationMXC	19	2.3x	—
Sky Quarry Inc.SKYQ	16	2.1x	—
CBL International LimitedBANL	12	0.0x	—
STAK Inc. Ordinary SharesSTAK	9	0.6x	—
Trio Petroleum Corp.TPET	5	12.4x	—
Vivakor, Inc.VIVK	1	0.3x	1.3x
Industry Median		2.1x	1.4x
(*) Revenue		14
= Enterprise Value		29
(-) Net Debt		-3
Equity Value		31
(/) Outstanding shares		10
Fair Price		$3