BBX Capital, Inc.

Loss-making diversified holding company shrinking and openly weighing deregistration and asset sales to preserve cash.

Strengths

• Net loss narrowed vs prior year (net income growth 87th pct, off a low base)
• ~$87.7M cash with ~8.5 quarters of runway (60th pct)

Risks

• Negative returns (ROE -26%, ROA -10.6%) and revenue down 23% (9th pct)
• Negative FCF (16th pct) and interest coverage; subsidiary covenant pressure at Renin
• Management exploring strategic alternatives, possible deregistration, and warns of further impairments

Notable findings

• No interest coverageInterest coverage -19.89 (cannot cover interest)
• Net lossNet loss (net margin -20.8%)
• Cash burnNegative free cash flow (-41.2M)
• Buying back stockNet buyback — share count -10%/yr over 2y