BUTLER NATIONAL CORP
BUKS · Services-Miscellaneous Amusement & Recreation · 64.1M shares · +1%/yr ↑ shares · EDGAR filings ↗
Net buyback after stock comp: $5M (gross $5M, SBC -$15K)
Reference price $3.88 · est. market cap ~$249M — last insider purchase, 2026-03-20 (estimated from the dated SEC Form 4 price × shares outstanding — not a live quote)
Grade
B75Small but high-return aerospace/gaming operator with top-decile ROA, expanding margins and a clean balance sheet.
Strengths
- Excellent returns: ROA 10.2% (90th pct) and ROE 19.3% (75th pct), with operating margin expanding to 20%
- Strong liquidity (current ratio 90th pct, quick ratio 80th pct) and healthy interest coverage (7.7x)
Risks
- Significant customer concentration (one customer 32% of receivables; top five ~25% of revenue) and heavy reliance on US/foreign government spending
- Small scale and flat net income ($12.6M vs $12.5M); modest FCF (41st pct)
Notable findings
- Exec changeRecent 8-K item 5.02 8-K ↗
- Customer concentration~80% of revenue from one customer/distributor — Costs and expenses represented 80% of total revenue in fiscal 2025, compared to 83% in fiscal 2024
- Insider buyingInsider buying — 7 open-market buy(s) by 3 insider(s) (cluster of 3 insiders, last 6mo) Form 4 ↗
Quarterly revenue
Last 4 quarters · from SEC filings.
Key metrics
Return on equity
19.3%
Return on assets
10.2%
ROIC
14.0%
Revenue growth (QoQ)
31.2%
Net-income growth
0.3%
Debt / equity
0.5×
Interest coverage
7.7×
Current ratio
1.9×
Free cash flow
$10M
EBITDA
$24M
Tangible book value
$56M
Insider transactions · last 18 months
| Date | Insider | Type | Shares | Price |
|---|---|---|---|---|
| 2026-05-01 | Sefchick Adam Brett | Tax withheld | 5.6K | $4.08 |
| 2026-03-20 | Daly Joseph Patrick | Buy | 1.0K | $3.88 |
| 2026-03-19 | Daly Joseph Patrick | Buy | 745 | $3.93 |
| 2026-03-17 | Loh Michael Anthony | Grant | 3.3K | $3.84 |
| 2026-03-17 | Yowell Jeffrey David | Grant | 3.3K | $3.84 |
| 2026-03-17 | Daly Joseph Patrick | Grant | 3.3K | $3.84 |
| 2026-03-17 | Bowen Julie Marie | Grant | 3.3K | $3.84 |
| 2026-01-12 | Loh Michael Anthony | Buy | 8.0K | $2.87 |
| 2026-01-12 | REEDY CHRISTOPHER J | Buy | 200 | $2.84 |
| 2026-01-12 | REEDY CHRISTOPHER J | Buy | 1.8K | $2.84 |
| 2026-01-09 | Loh Michael Anthony | Buy | 2.0K | $2.96 |
| 2026-01-02 | Daly Joseph Patrick | Buy | 2.7K | $3.04 |
| 2025-12-29 | Daly Joseph Patrick | Buy | 2.3K | $2.95 |
| 2025-12-29 | Zeff Capital, LP | Sell | 73K | $3.12 |
| 2025-12-26 | Daly Joseph Patrick | Buy | 5.0K | $3.00 |
| 2025-12-23 | Daly Joseph Patrick | Buy | 472 | $3.12 |
| 2025-12-23 | Zeff Capital, LP | Sell | 400 | $3.06 |
| 2025-12-22 | Zeff Capital, LP | Sell | 34K | $3.10 |
| 2025-12-19 | Daly Joseph Patrick | Grant | 4.5K | $2.76 |
| 2025-12-19 | Bowen Julie Marie | Grant | 4.5K | $2.76 |
| 2025-12-19 | Loh Michael Anthony | Grant | 4.5K | $2.76 |
| 2025-12-19 | Yowell Jeffrey David | Grant | 4.5K | $2.76 |
| 2025-10-06 | Daly Joseph Patrick | Buy | 4.3K | $2.30 |
| 2025-09-26 | Daly Joseph Patrick | Buy | 7.4K | $1.80 |
| 2025-09-25 | Daly Joseph Patrick | Buy | 5.6K | $1.80 |
| 2025-09-24 | Daly Joseph Patrick | Buy | 13K | $1.80 |
| 2025-09-23 | Bowen Julie Marie | Grant | 7.6K | $1.65 |
| 2025-09-23 | Loh Michael Anthony | Grant | 7.6K | $1.65 |
| 2025-09-23 | Yowell Jeffrey David | Grant | 7.6K | $1.65 |
| 2025-09-23 | Daly Joseph Patrick | Buy | 9.9K | $1.80 |
| 2025-09-23 | Daly Joseph Patrick | Grant | 7.6K | $1.65 |
| 2025-09-23 | Daly Joseph Patrick | Buy | 10K | $1.75 |
| 2025-09-23 | Daly Joseph Patrick | Buy | 2.4K | $1.77 |
| 2025-09-23 | Daly Joseph Patrick | Buy | 5.0K | $1.78 |
| 2025-09-22 | Daly Joseph Patrick | Buy | 100 | $1.80 |
| 2025-09-22 | Daly Joseph Patrick | Buy | 20K | $1.82 |
| 2025-09-18 | Daly Joseph Patrick | Buy | 20K | $1.66 |
| 2025-09-17 | REEDY CHRISTOPHER J | Buy | 5.0K | $1.66 |
| 2025-09-16 | Daly Joseph Patrick | Buy | 15K | $1.65 |
| 2025-07-21 | REEDY CHRISTOPHER J | Grant | 82K | $1.65 |
| 2025-07-10 | Daly Joseph Patrick | Buy | 10K | $1.53 |
| 2025-07-10 | Daly Joseph Patrick | Buy | 2.6K | $1.55 |
| 2025-07-10 | Daly Joseph Patrick | Buy | 1.0K | $1.49 |
| 2025-07-09 | Loh Michael Anthony | Grant | 8.5K | $1.47 |
| 2025-07-09 | Daly Joseph Patrick | Grant | 8.5K | $1.47 |
| 2025-07-09 | Bowen Julie Marie | Grant | 8.5K | $1.47 |
| 2025-07-09 | HAYDEN DAVID B | Grant | 8.5K | $1.47 |
| 2025-07-09 | Yowell Jeffrey David | Grant | 8.5K | $1.47 |
| 2025-05-15 | Sefchick Adam Brett | Grant | 52K | — |
| 2025-04-10 | Daly Joseph Patrick | Buy | 2.5K | $1.43 |
| 2025-04-09 | Daly Joseph Patrick | Buy | 2.5K | $1.43 |
| 2025-04-09 | Daly Joseph Patrick | Buy | 2.6K | $1.44 |
| 2025-04-08 | Loh Michael Anthony | Grant | 1.0K | $1.46 |
| 2025-04-08 | Daly Joseph Patrick | Buy | 2.4K | $1.45 |
| 2025-04-08 | Daly Joseph Patrick | Buy | 10K | $1.45 |
| 2025-04-07 | Daly Joseph Patrick | Buy | 10K | $1.40 |
| 2025-04-07 | Daly Joseph Patrick | Buy | 2.1K | $1.42 |
| 2025-04-04 | Daly Joseph Patrick | Buy | 15K | $1.57 |
| 2025-04-04 | Daly Joseph Patrick | Buy | 13K | $1.46 |
| 2025-04-04 | Daly Joseph Patrick | Buy | 15K | $1.55 |
| 2025-04-04 | Daly Joseph Patrick | Buy | 15K | $1.51 |
| 2025-04-03 | REEDY CHRISTOPHER J | Grant | 2.5K | $1.63 |
| 2025-04-02 | REEDY CHRISTOPHER J | Grant | 1.0K | $1.62 |
| 2025-04-02 | HAYDEN DAVID B | Sell | 15K | $1.63 |
| 2025-04-02 | REEDY CHRISTOPHER J | Grant | 4.0K | $1.63 |
| 2025-03-21 | Daly Joseph Patrick | Buy | 5.0K | $1.75 |
| 2025-03-21 | Daly Joseph Patrick | Buy | 45K | $1.75 |
| 2025-03-21 | Daly Joseph Patrick | Buy | 5.0K | $1.75 |
| 2025-03-21 | Daly Joseph Patrick | Buy | 15K | $1.75 |
| 2025-03-21 | Daly Joseph Patrick | Buy | 5.0K | $1.73 |
| 2025-03-20 | Yowell Jeffrey David | Grant | 7.9K | $1.58 |
| 2025-03-20 | HAYDEN DAVID B | Grant | 7.9K | $1.58 |
| 2025-03-20 | Loh Michael Anthony | Grant | 7.9K | $1.58 |
| 2025-03-20 | Edgar John M. | Grant | 7.9K | $1.58 |
| 2025-03-20 | Daly Joseph Patrick | Grant | 7.9K | $1.58 |
| 2025-03-19 | Daly Joseph Patrick | Buy | 100 | $1.60 |
| 2025-03-18 | Daly Joseph Patrick | Buy | 29K | $1.60 |
| 2025-03-18 | Daly Joseph Patrick | Buy | 23K | $1.64 |
| 2025-03-18 | Daly Joseph Patrick | Buy | 29K | $1.65 |
| 2025-03-18 | Daly Joseph Patrick | Buy | 100 | $1.59 |
| 2025-01-14 | Daly Joseph Patrick | Buy | 10K | $1.70 |
| 2025-01-14 | Daly Joseph Patrick | Buy | 5.0K | $1.60 |
| 2025-01-14 | Daly Joseph Patrick | Buy | 9.0K | $1.67 |
| 2025-01-14 | Daly Joseph Patrick | Buy | 10K | $1.68 |
| 2025-01-14 | Daly Joseph Patrick | Buy | 15K | $1.69 |
| 2025-01-13 | Daly Joseph Patrick | Buy | 5.0K | $1.72 |
| 2025-01-13 | Daly Joseph Patrick | Buy | 5.0K | $1.73 |
| 2025-01-13 | Daly Joseph Patrick | Buy | 5.0K | $1.71 |
| 2025-01-13 | Daly Joseph Patrick | Buy | 8.5K | $1.70 |
| 2025-01-13 | Daly Joseph Patrick | Buy | 5.0K | $1.69 |
| 2025-01-08 | Daly Joseph Patrick | Buy | 6.5K | $1.72 |
| 2025-01-07 | REEDY CHRISTOPHER J | Grant | 78K | $1.73 |
| 2025-01-07 | Peters Joe Aric | Grant | 8.7K | $1.73 |
| 2025-01-07 | Daly Joseph Patrick | Buy | 2.0K | $1.72 |
| 2025-01-06 | Daly Joseph Patrick | Buy | 10K | $1.66 |
| 2025-01-06 | Daly Joseph Patrick | Buy | 7.1K | $1.72 |
| 2025-01-06 | Daly Joseph Patrick | Buy | 5.0K | $1.70 |
| 2025-01-06 | Daly Joseph Patrick | Buy | 10K | $1.69 |
| 2025-01-06 | Daly Joseph Patrick | Buy | 45K | $1.67 |
| 2025-01-06 | Daly Joseph Patrick | Buy | 900 | $1.65 |
| 2025-01-06 | Daly Joseph Patrick | Buy | 5.0K | $1.72 |
| 2025-01-06 | Daly Joseph Patrick | Buy | 9.0K | $1.70 |
| 2025-01-06 | Daly Joseph Patrick | Buy | 5.0K | $1.68 |
| 2025-01-06 | Daly Joseph Patrick | Buy | 5.0K | $1.67 |
| 2025-01-06 | Daly Joseph Patrick | Buy | 5.0K | $1.66 |
| 2025-01-06 | Daly Joseph Patrick | Buy | 5.0K | $1.64 |
| 2025-01-06 | Daly Joseph Patrick | Buy | 15K | $1.75 |
| 2025-01-06 | Daly Joseph Patrick | Buy | 5.0K | $1.74 |
| 2025-01-03 | Daly Joseph Patrick | Buy | 1.0K | $1.78 |
| 2025-01-03 | Daly Joseph Patrick | Buy | 4.0K | $1.76 |
| 2025-01-03 | Daly Joseph Patrick | Buy | 6.0K | $1.75 |
| 2025-01-03 | Daly Joseph Patrick | Buy | 5.0K | $1.74 |
| 2025-01-03 | Daly Joseph Patrick | Buy | 9.8K | $1.80 |
All non-derivative Form 4 activity (SEC), newest first.
Supply chain
Customers (0)
Suppliers (1)
Named in the 10-K; linked when we track them.
Notable events (8-K)
Recent filings
| Form | Filed | Period | Accession |
|---|---|---|---|
| 8-K | 2026-06-15 | 2026-06-15 | 0000015847-26-000013 ↗ |
| 8-K | 2026-06-10 | 2026-06-04 | 0000015847-26-000011 ↗ |
| 8-K | 2026-06-01 | 2026-06-01 | 0000015847-26-000009 ↗ |
| 8-K | 2026-03-12 | 2026-03-12 | 0000015847-26-000005 ↗ |
| 10-Q | 2026-03-12 | 2026-01-31 | 0000015847-26-000003 ↗ |
| 10-Q | 2025-12-11 | 2025-10-31 | 0000015847-25-000021 ↗ |
| 8-K | 2025-12-11 | 2025-12-11 | 0000015847-25-000020 ↗ |
| 8-K | 2025-10-02 | 2025-10-01 | 0000015847-25-000016 ↗ |
| 8-K | 2025-10-01 | 2025-10-01 | 0000015847-25-000014 ↗ |
| 8-K | 2025-09-12 | 2025-09-11 | 0000015847-25-000007 ↗ |
| 10-Q | 2025-09-12 | 2025-07-31 | 0000015847-25-000006 ↗ |
| 8-K | 2025-08-13 | 2025-08-13 | 0001628280-25-040035 ↗ |