Build-A-Bear Workshop
Build-A-Bear Workshop's revenue rose 6.7% to $530 million in fiscal 2026. Its net margin was 9.8%, down from 10.4% a year earlier. Free cash flow was $40 million, up 42.3%. It paid out $39 million in dividends and buybacks, 99% of free cash flow. The diluted share count fell 4.0%.
Net margin is net income as a share of revenue. Free cash flow is cash from operations minus capital spending. Return on equity is net income as a share of shareholders' equity. Market cap is the last closing share price times the latest diluted share count, so it is approximate. P/E is the last close divided by diluted earnings per share over the last four quarters, or the latest fiscal year where the quarters aren't available; there is none when the company made a loss.
Charts show fiscal years, from the 10-K filings.
What Build-A-Bear Workshop does
Build-A-Bear Workshop sells stuffed animals that customers make themselves in its stores, by stuffing, dressing and naming them. It also sells pre-stuffed plush, gifts and licensed and collectible items, and develops original stories through a media unit. It says its appeal now reaches teens and adults as well as children.
It reports three segments: direct-to-consumer, commercial and international franchising. As of January 31, 2026, it had 662 locations worldwide. Of these, 375 were run by the company (333 in the United States and Canada and 42 in the United Kingdom and Ireland), 178 were run by partners that buy its products wholesale and run the store experience, and 109 were international franchises. It also sells online through its own sites and third-party marketplaces, and other companies sell its products online under wholesale agreements.
The company was formed in 1997 as a mall-based store for children. It is adding more stores in tourist spots and in new formats, and is expanding abroad mainly through partners and franchisees.
Its biggest risks, as it describes them
- Changing consumer interests, and whether its marketing and online efforts keep up with them.
- Dependence on shopping malls and tourist locations for visitors to its stores.
- Tariffs and trade policy affecting the products it imports, and inflation that may force price changes.
- Competitive threats, and demand for its interactive in-store experience and products.
- Risks from its use of artificial intelligence technologies, and swings in petroleum product prices.
Income statement
From fiscal 2016 to 2026, earnings per share grew 46.1% a year and net income 43.6% a year, as buybacks cut the share count by 16%.
Returns on capital
Balance sheet
Five years at a glance
| Fiscal year end | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Cash and short-term investments | 33 | 42 | 44 | 28 | 27 |
| Debt incl. finance leases | — | — | — | — | — |
| Net debt (negative means net cash) | — | — | — | — | — |
| Net debt to EBITDA | — | — | — | — | — |
| Debt to equity | — | — | — | — | — |
| Interest coverage | — | — | — | — | — |
| Current ratio | 1.3x | 1.5x | 1.5x | 1.6x | 1.6x |
| Quick ratio | 0.6x | 0.8x | 0.8x | 0.7x | 0.6x |
Cash flow
Projections
Project Build-A-Bear Workshop's revenue, net income and earnings per share five years ahead in a bull, a base and a bear case with your own figures, and see the share prices your P/E estimates give them, or value it with a discounted cash flow model. Every projected figure is yours: it is not a forecast of ours.
Insider trades
No officer, director or 10% owner of Build-A-Bear Workshop reported buying or selling its shares on the open market between November 7, 2025 and November 6, 2026.
Indicators
Four widely used measures, worked out from the company's filings. The cutoffs are the ones their authors or users go by, not a verdict of ours.
| Indicator | FY24 | FY25 | FY26 |
|---|---|---|---|
| Piotroski F-score | — | — | — |
| Rule of 40 | 13.3% | 7.7% | 14.2% |
| Altman Z'' | — | — | — |
| Accruals ratio | −4.2% | 1.7% | −4.0% |
The nine F-score tests
| Test | FY24 | FY25 | FY26 |
|---|---|---|---|
| Net income is positive | Pass | Pass | Pass |
| Cash from operations is positive | Pass | Pass | Pass |
| Return on assets rose | Pass | Pass | Fail |
| Cash from operations exceeds net income | Pass | Fail | Pass |
| Debt fell relative to assets | — | — | — |
| Current ratio rose | Pass | Pass | Fail |
| Share count didn't rise | Pass | Pass | Pass |
| Gross margin rose | Pass | Pass | Pass |
| Revenue rose relative to assets | Fail | Pass | Pass |
| F-score | — | — | — |
Compare
Put Build-A-Bear Workshop side by side with any other company we cover: revenue, growth, margins, cash flow and returns, with ten years of charts.
Similar companies
| Company | Year | Revenue growth | Operating margin | Free cash flow margin | Return on capital | Net debt to EBITDA | F-score | Compare |
|---|---|---|---|---|---|---|---|---|
| Build-A-Bear Workshop | FY26 | 6.7% | — | 7.5% | — | — | — | |
| TheRealReal | FY25 | 15.4% | −3.5% | 2.6% | — | −1.1x | 6 | Compare |
| ThredUp | FY25 | 19.5% | −7.0% | 0.1% | −54.2% | — | 4 | Compare |
| Savers Value Village | FY25 | 9.2% | 7.4% | 2.9% | 7.1% | 3.3x | 6 | Compare |
| Barnes & Noble Education | FY26 | 6.5% | 2.1% | 2.0% | 8.2% | 0.9x | 8 | Compare |
10 years of figures
| Fiscal year | FY16 | FY17 | FY19 | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|---|---|---|---|---|
| Income statement | ||||||||||
| Revenue | 364 | 358 | 337 | 338 | 255 | 412 | 468 | 486 | 496 | 530 |
| Revenue growth | −3.6% | −1.7% | — | 0.6% | −24.6% | 61.2% | 13.7% | 3.9% | 2.1% | 6.7% |
| Gross profit | — | 169 | 139 | 154 | 97 | 218 | 246 | 264 | 272 | 296 |
| Research and development | — | — | — | — | — | — | — | — | — | — |
| Operating income | — | — | — | — | — | — | — | — | — | — |
| Net income | 1 | 8 | −18 | 0 | −23 | 47 | 48 | 53 | 52 | 52 |
| Diluted EPS (US$) | 0.09 | 0.50 | −1.23 | 0.02 | −1.54 | 2.93 | 3.15 | 3.65 | 3.80 | 3.99 |
| Diluted shares (millions) | 16 | 16 | 15 | 15 | 15 | 16 | 15 | 14 | 14 | 13 |
| Cash flow | ||||||||||
| Cash from operations | 16 | 21 | 10 | 22 | 13 | 28 | 47 | 64 | 47 | 65 |
| Capital expenditure | 27 | 18 | 11 | 12 | 5 | 8 | 14 | 18 | 19 | 26 |
| Free cash flow | −11 | 3 | −2 | 9 | 8 | 20 | 34 | 46 | 28 | 40 |
| Dividends paid | 0 | 0 | 0 | 0 | 0 | 20 | 0 | 22 | 11 | 12 |
| Share buybacks | 2 | 4 | 2 | 0 | 0 | 4 | 24 | 20 | 31 | 28 |
| Acquisitions | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Stock-based compensation | 3 | 3 | 3 | 3 | 2 | 3 | 3 | 2 | 2 | 3 |
| Balance sheet at fiscal year end | ||||||||||
| Cash and short-term investments | 32 | 30 | 18 | 27 | 35 | 33 | 42 | 44 | 28 | 27 |
| Debt incl. finance leases | — | — | — | — | — | — | — | — | — | — |
| Total assets | 200 | 198 | 172 | 297 | 261 | 266 | 281 | 272 | 290 | 346 |
| Total liabilities | 100 | 91 | 78 | 209 | 194 | 173 | 162 | 143 | 151 | 190 |
| Shareholders' equity | 99 | 107 | 94 | 89 | 67 | 94 | 118 | 130 | 139 | 155 |
| Margins and ratios | ||||||||||
| Gross margin | — | 47.2% | 41.2% | 45.4% | 38.1% | 53.0% | 52.5% | 54.4% | 54.9% | 55.8% |
| Operating margin | — | — | — | — | — | — | — | — | — | — |
| Net margin | 0.4% | 2.2% | −5.3% | 0.1% | −9.0% | 11.5% | 10.2% | 10.9% | 10.4% | 9.8% |
| Free cash flow margin | −3.1% | 0.9% | −0.5% | 2.7% | 3.3% | 4.8% | 7.2% | 9.5% | 5.6% | 7.5% |
| Rule of 40 (growth + FCF margin) | −6.7% | −0.8% | — | 3.3% | −21.3% | 66.0% | 20.9% | 13.3% | 7.7% | 14.2% |
| Return on capital | — | — | — | — | — | — | — | — | — | — |
| Return on equity | 1.4% | 7.7% | — | 0.3% | −29.5% | 58.7% | 45.3% | 42.6% | 38.5% | 35.5% |
| Return on assets | 0.7% | 4.0% | — | 0.1% | −8.2% | 17.9% | 17.5% | 19.1% | 18.4% | 16.4% |
| Net debt to EBITDA | — | — | — | — | — | — | — | — | — | — |