Barnes & Noble Education, Inc.
BNED · Retail-Miscellaneous Shopping Goods Stores · 34.3M shares · -51%/yr ↓ buyback · EDGAR filings ↗
Net buyback after stock comp: -$859K (gross $98K, SBC $957K)
Reference price $8.11 · est. market cap ~$278M — last insider sale, 2026-03-13 (estimated from the dated SEC Form 4 price × shares outstanding — not a live quote)
Grade
F35Near-cash-out campus retailer with going-concern exposure, deeply negative FCF and a financial restatement.
Strengths
- BNC First Day revenue +25% drove headline revenue growth (97.6th pct)
- Largest contract bookstore operator with ~1,146 stores and long-term campus contracts
Risks
- Cash runway 0.4 quarters (6.9th pct), FCF -$98M (10.1th), quick ratio 0.59 — acute liquidity distress with going-concern language
- Negative ROE -24%, restated prior financials, intense price competition from Amazon/publishers
Notable findings
- RestatementOverview Restatement of Previously Issued Consolidated Financial Statements This Management’s Discussion and Analysis of Financial Condition and Results of Operations gives effect to the restateme 8-K ↗
- Net lossNet loss (net margin -4.1%)
- Cash burnNegative free cash flow (-98.3M)
- Buying back stockNet buyback — share count -51%/yr over 4y
- Insider sellingInsider selling — 2 open-market sale(s) by 2 insider(s) (cluster of 2 insiders, last 6mo) Form 4 ↗
Quarterly revenue
Last 4 quarters · from SEC filings.
Key metrics
Gross margin
21.0%
Operating margin
1.0%
Net margin
-4.1%
Return on equity
-24.2%
Return on assets
-8.3%
ROIC
3.4%
Revenue growth (QoQ)
123.6%
Debt / equity
0.4×
Net debt / EBITDA
1.7×
Current ratio
1.7×
Free cash flow
-$98M
EBITDA
$54M
Tangible book value
$194M
Cash & investments
$9M
Cash runway
0q
Stock comp / revenue
0.3%
Insider transactions · last 18 months
| Date | Insider | Type | Shares | Price |
|---|---|---|---|---|
| 2026-03-13 | SHAR JONATHAN | Sell | 81 | $8.11 |
| 2026-03-13 | Snagusky Jason | Sell | 17 | $8.11 |
| 2026-03-11 | Singer Eric | Grant | 24K | — |
| 2026-03-11 | HOFFMAN EMILY | Grant | 24K | — |
| 2026-03-11 | WALKER KATHRYN EBERLE | Grant | 24K | — |
| 2026-03-11 | MARTIN WILLIAM C | Grant | 24K | — |
| 2026-03-11 | Madnani Sean V | Grant | 24K | — |
| 2026-03-11 | Warren Denise | Grant | 24K | — |
| 2025-03-13 | TORO 18 HOLDINGS LLC | Buy | 143K | $8.60 |
| 2025-03-12 | TORO 18 HOLDINGS LLC | Buy | 59K | $8.49 |
| 2025-03-12 | Neumann Christopher | Grant | 80K | — |
| 2025-03-12 | Luster Gary | Grant | 30K | — |
| 2025-02-21 | Snagusky Jason | Grant | 60K | — |
All non-derivative Form 4 activity (SEC), newest first.
Notable events (8-K)
| Date | Items | |
|---|---|---|
| 2026-06-24 | ResultsReg FDOtherExhibits | filing ↗ |
| 2026-03-16 | Shareholder vote | filing ↗ |
| 2026-03-10 | ResultsExhibits | filing ↗ |
| 2026-01-20 | ResultsExhibits | filing ↗ |
| 2025-12-23 | ResultsExhibits | filing ↗ |
| 2025-11-25 | ResultsNon-reliance/restatementOtherExhibits | filing ↗ |
| 2025-09-12 | Results | filing ↗ |
| 2025-08-29 | ResultsNon-reliance/restatement | filing ↗ |
Recent filings
| Form | Filed | Period | Accession |
|---|---|---|---|
| 8-K | 2026-06-24 | 2026-06-24 | 0001634117-26-000059 ↗ |
| 8-K | 2026-03-16 | 2026-03-10 | 0001634117-26-000050 ↗ |
| 10-Q | 2026-03-10 | 2026-01-31 | 0001634117-26-000018 ↗ |
| 8-K | 2026-03-10 | 2026-03-10 | 0001634117-26-000017 ↗ |
| 10-Q | 2026-01-20 | 2025-08-02 | 0001634117-26-000007 ↗ |
| 8-K | 2026-01-20 | 2026-01-20 | 0001634117-26-000005 ↗ |
| 10-Q | 2026-01-20 | 2025-11-01 | 0001634117-26-000009 ↗ |
| 8-K | 2025-12-23 | 2025-12-23 | 0001634117-25-000041 ↗ |
| 10-K | 2025-12-23 | 2025-05-03 | 0001634117-25-000038 ↗ |
| 8-K | 2025-11-25 | 2025-11-24 | 0001634117-25-000025 ↗ |
| 8-K | 2025-09-12 | 2025-09-12 | 0001634117-25-000020 ↗ |
| 8-K | 2025-08-29 | 2025-05-03 | 0001634117-25-000011 ↗ |