The company has issued more shares over this period, which dilutes each existing shareholder’s stake.
Diluted shares outstanding: 8.6M (2021) → 10.1M (2025)
Barnwell Industries, Inc., established in 1956 and based in Honolulu, Hawaii, is a diversified company operating across three distinct business areas: oil and natural gas, land investment, and contract drilling. The company's energy operations involve the acquisition, development, extraction, and sale of crude oil and natural gas resources, predominantly in the Canadian province of Alberta. Separately, its Land Investment segment strategically invests in various land holdings located within Hawaii. Furthermore, Barnwell maintains a Contract Drilling division equipped with five water well drilling rigs, two pump rigs, and other essential support machinery. This segment specializes in drilling water and monitoring wells of varying depths, provides installation and repair services for water pumping systems, and acts as a distributor for Trillium Flow Technologies.
When traditional metrics don't capture the full picture, these are the signals growth stock investors use instead.
-29.0% YoY
YoY Growth Rate
Revenue declining
+24.3% YoY
YoY Growth Rate
Steady EPS growth
$0/ year
0.0% of revenue
Below sector average (1%)
Research and development spending
~22 months
$4M cash & investments
Quarterly Free Cash Flow
→ Burn rate stable
Adequate runway but may need to raise capital within 2 years
Barnwell Industries's revenue is actually shrinking. In a growth stock, that removes the core investment thesis. The low Winston Score here may be warranted — unless there's a turnaround story.
The Winston Score above measures business quality today. Growth stocks often score lower because they invest in the future rather than maximising current profits. These metrics show what matters most for evaluating that future.
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Negative ROIC means the business is losing money on every dollar invested in it.
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Free cash flow is negative. They are burning cash, not generating it.
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