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MARKETS / BALCAO / Consumer discretionary / Entertainment / BUKS
BALCAO · SERVICES-MISCELLANEOUS AMUSEMENT & RECREATION · SMALL CAP

Butler National Corp. BUKS

17 fiscal years on record · USD · FY2025 reported · SEC filings only
$98.0M
▲ 16.7% YoY
$21.9M
▲ 74.8% YoY
$19.2M
▲ 89.7% YoY

Slide the table for earlier years · "·" marks a figure not available in our data for that year.

In brief

What this company does

During the fiscal year ended April 30, 2026, the company derived 39.1% of its revenue from five customers, including two major customers that provided 29.9% of total revenue. The company employed 158 full-time and 6 part-time employees, other than persons employed by its gaming management subsidiaries, as of April 30, 2026. For financial reporting purposes, the company operates through two segments, Aerospace Products and Professional Services. Companies in Aerospace Products concentrate on products and services for Learjet, Textron Beechcraft King Air, and Textron Cessna turboprop aircraft, and operate Federal Aviation Administration Repair Stations. The Professional Services segment manages a gaming and related dining and entertainment facility in Dodge City, Kansas, Boot Hill Casino and Resort, which features approximately 500 slot machines, 15 table games, a restaurant and a sportsbook. Butler National Corporation was incorporated in 1960.

Written from the business description in BUTLER NATIONAL CORP's annual report to the U.S. Securities and Exchange Commission, filed 8 July 2026. Every sentence was checked against that document before publication.

Growth

USD 98.0M
Revenue, FY2025 · full 17-year series below
Revenue $M Net income $M
FY2025 · Revenue 98.0 · Net income 21.9
40M80M
2009201220152018202120242025
Compound annual growth
+9.2%
+9.8%
+8.1%
+5.1%
+69.3%
+72.6%
+97.7%
+21.0%
+78.3%
+76.2%
+347.9%
+94.7%
3 yrs
5 yrs
10 yrs
15 yrs

Revenue compounded at +9.8% a year over the five years to FY2025 — but profit grew faster: net income at +72.6%, earnings per share at +76.2%.

The share count fell from 0.08B to 0.06B — the buyback concentrates the same profit into fewer slices.

Compound annual rates per period — left blank where that exact year isn't on file, the series crosses a loss, or (per-share rows) a split falls inside the window.

Profitability

22 cents
of every revenue dollar became profit
Operating margin Net margin
FY2025 · Operating 29.0% · Net 22.4%
10%20%
200920172025
ROE
FY2025 · ROE 29.8%
10%20%
200920172025
Three returns, three denominators.
Gross margin·
Operating margin29.0%
Net margin22.4%
EBITDAUSD 33.3M

Each USD of equity produced 30 cents of profit this year.

Cash & shareholders

USD 5.5M
returned in FY2025 · dividends + net buybacks
Free cash flow $M
FY2025 · FCF 19.2
10M20M-2M-4M
200920172025
Net buybacks $M Dividends $M
FY2025 · Dividends · · Net buybacks 5.5
2M4M
2016201720182019202020212022202320242025
Dividends paid·
Net buybacksUSD 5.5M
Share of profit25.0%
Consecutive raises·

USD 5.5M in buybacks — 25% of the year's profit went back to shareholders.

Total assetsUSD 141.8M
EquityUSD 82.0M
CashUSD 35.1M
Gross debtUSD 29.5M
Net debtUSD -5.7M
Current ratio2.14×

The company holds more cash than debt.

The 17-year record

17 fiscal years
Every figure from documents filed with the SEC · USD

EPS, diluted, dividend per share and shares outstanding are shown without shading, and a vertical line marks the year the share count changed — the series crosses a large, unexplained change in share count, so the years on either side are not on a comparable scale.

row low → row highnegative—not applicable◌not available in our data
BUKS, 17-year financial record
Metric 20252024202320222021202020192018201720162015201420132012201120102009
Revenue $B0.10.10.10.10.10.10.10.10.00.10.00.00.00.00.10.00.0
Operating income $B0.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.0
EBITDA $B0.00.00.00.0◌◌0.00.00.00.00.00.00.00.00.00.00.0
Income tax $B0.00.00.00.00.00.00.00.00.00.00.00.00.0−0.00.00.00.0
Net income $B0.00.00.00.00.00.00.00.00.00.00.00.00.00.0−0.00.00.0
Free cash flow $B0.00.0−0.00.00.00.00.00.00.00.0−0.00.00.0−0.00.0−0.00.0
EPS, diluted $0.340.190.180.060.140.020.060.060.010.020.000.000.000.000.030.020.05
Dividend / sh $◌◌◌◌◌◌◌◌◌◌◌◌◌◌◌◌◌
Payout % — not applicable: no dividend—————————————————
ROE %29.821.024.710.327.24.213.914.81.46.80.10.12.43.920.37.317.7
Shares out B0.060.070.070.080.080.080.070.070.060.060.060.060.060.060.0657.19◌

Slide the table for earlier years. "—" not applicable · "◌" not available in our data.

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Provenance

Company facts, as filed

How we verify · 0 failures in 62 reconciliationsAUDITED

Reconciled in 17 of the 17 fiscal years we could check. Six checks were skipped: the balance sheet is not tagged before 2010. Two checks were skipped: EPS is not tagged before 2009. Two checks were skipped: revenue is not tagged before 2009.

EPS recomputationBalance-sheet identityGross profitBalance-sheet liquidityCurrency consistency0 failures
ActivityServices-Miscellaneous Amusement & Recreation
Listed onOTC market
Incorporated inDelaware
Fiscal year endsApril 30
SEC categorysmaller reporting company
Data on record since2009

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