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BUKS · BUTLER NATIONAL CORP

Butler National Corporation designs, engineers, manufactures, sells, integrates, installs, repairs, modifies, overhauls, services, and distributes a portfolio of aerostructures, aircraft components, avionics, accessories, subassemblies, and systems. It operates through two segments, Aerospace Products and Professional Services. The Aerospace Products segment designs, manufactures, sales, and services structural modifications, design, integration, and installation of electronic equipment, systems, and technologies, as well as commercial controls, cabling, and defence related articles; and operates repair stations. Its products include aerial surveillance, aerodynamic enhancement, airplane range extension, avcon stability enhancing fins, airplane nose extension, cargo/sensor carrying pods and radomes, fuel system protection devices, navigation / flight display installations, crew work stations, electrical power systems and switching equipment, enlarged aircraft doors, powered airplane sensor lifts, and specialized cabling and harnesses products; and provisions to allow carrying of external stores. The company also provides modifications on aerial photograph capabilities, aerodynamic improvements, avionics systems, cargo or expanded-sized doors, search and rescue, airborne research capability, extended range fuel tanks, radar systems, intelligence surveillance reconnaissance, special mission modifications, target towing capability, and electrical systems integration; and cabling, electronic control systems, hangfire override modules, test equipment, and gun control units. The Professional Services segment manages a gaming, dining, and entertainment facility. It serves owners and operators of private, commercial, business and government aircraft; and commercial weapon manufacturers and suppliers in North America, Europe, Asia, Australia, and internationally. Butler National Corporation was incorporated in 1960 and is headquartered in New Century, Kansas.

Cap structure and valuation

Cap structure
SP$4.75
SO63.9M
Options0.0M
Warrants0.0M
FD SO63.9M
MC$303.7M
Cash$35.1M
Total debt$33.4M
EV$302.0M
TTM Multiples
EV / Revenue3.1x
EV / EBITDA8.6x
MC / Net Income13.8x
EV / FCF
MC / FCF
Ownership & coverage
Institutional13.9%
Insiders40.8%
# Institutions2
Analysts0
Consensus
Avg target
Short % float
Days to cover

MC = SP × FD SO. EV = MC + Debt − Cash. SP = previous yfinance close. Balance-sheet figures as of 2026-06-26. Multiples use TTM (sum of last 4 quarters); shown as "—" when the denominator is zero or negative, or when fewer than four quarters are reported — a partial sum is not a trailing twelve months. Ownership & coverage per Yahoo Finance as of 2026-07-15 — institutional % is 13F-based, so it can lag a quarter and exceed 100% on share-count timing. Short interest shown as "—" when unreported or older than 60 days.

Financial statements

LTM4/30/264/30/254/30/244/30/23
Total Revenue 97.9797.9783.9778.3875.18
Revenue YoY % 0.0%16.7%7.1%4.2%
Gross Profit 46.5546.5534.3328.8928.45
Gross Profit YoY % 0.0%35.6%18.8%1.6%
Gross Margin % 47.5%47.5%40.9%36.9%37.8%
SG&A 18.1018.1017.5015.6619.80
R&D 1.470.950.821.06
Operating Income 28.4528.4516.8313.248.65
Operating Income YoY % 0.0%69.1%27.1%53.0%
Operating Margin % 29.0%29.0%20.0%16.9%11.5%
EBITDA 35.3235.3223.5719.3114.55
EBITDA Margin % 36.0%36.1%28.1%24.6%19.4%
Interest Expense 1.931.932.182.452.74
Other Income / (Expense) 2.782.782.075.960.62
Pretax Income 29.3029.3016.7216.766.53
Tax Provision 7.377.374.174.242.01
Net Income 21.9321.9312.5512.514.52
Net Margin % 22.4%22.4%14.9%16.0%6.0%
Diluted EPS $0.34$0.34$0.19$0.18$0.06
Basic EPS $0.34$0.34$0.19$0.18$0.06
Diluted Avg Shares 65.067.870.476.5
Basic Avg Shares 65.067.870.476.5

Insider activity (last 2 years)

Date Filed Reporter Relationship Trans. Date Code Shares Price Total Value
2026-07-14 Zeff Capital, LP 10% Owner 2026-07-14 S (36,925) $4.65 -$171,701
2026-07-14 Zeff Capital, LP 10% Owner 2026-07-13 S (11,050) $4.46 -$49,283
2026-07-14 Daly Joseph Patrick Director, 10% Owner 2026-07-13 P 7,500 $4.45 $33,375
2026-07-14 Daly Joseph Patrick Director, 10% Owner 2026-07-13 P 2,500 $4.37 $10,925
2026-07-14 Zeff Capital, LP 10% Owner 2026-07-10 S (4,000) $4.41 -$17,640
2026-07-14 Daly Joseph Patrick Director, 10% Owner 2026-07-10 P 5,000 $4.40 $22,000
2026-07-14 Daly Joseph Patrick Director, 10% Owner 2026-07-10 P 6,000 $4.35 $26,100
2026-07-14 Daly Joseph Patrick Director, 10% Owner 2026-07-10 P 7,000 $4.34 $30,380
2026-07-14 Daly Joseph Patrick Director, 10% Owner 2026-07-10 P 2,000 $4.32 $8,640
2026-07-13 Loh Michael Anthony Director 2026-07-10 P 3,658 $4.34 $15,876
2026-06-22 Sefchick Adam Brett Officer (Chief Financial Officer) 2026-05-01 F (5,645) $4.08 -$23,003
2026-03-23 Daly Joseph Patrick Director, 10% Owner 2026-03-20 P 1,000 $3.88 $3,880
2026-03-19 Daly Joseph Patrick Director, 10% Owner 2026-03-19 P 745 $3.93 $2,928
2026-03-19 Daly Joseph Patrick Director, 10% Owner 2026-03-17 A 3,255 $3.84 $12,499
2026-03-18 Bowen Julie Marie Director 2026-03-17 A 3,255 $3.84 $12,499
2026-03-18 Loh Michael Anthony Director 2026-03-17 A 3,255 $3.84 $12,499
2026-03-18 Yowell Jeffrey David Director 2026-03-17 A 3,255 $3.84 $12,499
2026-01-13 Loh Michael Anthony Director 2026-01-12 P 8,000 $2.87 $22,956
2026-01-12 REEDY CHRISTOPHER J Director, Officer (CEO and President) 2026-01-12 P 200 $2.84 $567
2026-01-12 REEDY CHRISTOPHER J Director, Officer (CEO and President) 2026-01-12 P 1,800 $2.84 $5,112
2026-01-12 Loh Michael Anthony Director 2026-01-09 P 2,000 $2.96 $5,910
2026-01-02 Daly Joseph Patrick Director, 10% Owner 2026-01-02 P 2,678 $3.04 $8,141
2025-12-30 Daly Joseph Patrick Director, 10% Owner 2025-12-29 P 2,322 $2.95 $6,850
2025-12-30 Daly Joseph Patrick Director, 10% Owner 2025-12-26 P 5,000 $3.00 $15,000
2025-12-29 Zeff Capital, LP 10% Owner 2025-12-29 S (72,788) $3.12 -$227,099
2025-12-29 Zeff Capital, LP 10% Owner 2025-12-23 S (400) $3.06 -$1,224
2025-12-29 Zeff Capital, LP 10% Owner 2025-12-22 S (33,500) $3.10 -$103,850
2025-12-23 Daly Joseph Patrick Director, 10% Owner 2025-12-23 P 472 $3.12 $1,473
2025-12-23 Daly Joseph Patrick Director, 10% Owner 2025-12-19 A 4,528 $2.76 $12,497
2025-12-19 Loh Michael Anthony Director 2025-12-19 A 4,528 $2.76 $12,497
2025-12-19 Bowen Julie Marie Director 2025-12-19 A 4,528 $2.76 $12,497
2025-12-19 Yowell Jeffrey David Director 2025-12-19 A 4,528 $2.76 $12,497
2025-10-06 Daly Joseph Patrick Director, 10% Owner 2025-10-06 P 4,308 $2.30 $9,908
2025-09-26 Daly Joseph Patrick Director, 10% Owner 2025-09-26 P 7,431 $1.80 $13,376
2025-09-25 Daly Joseph Patrick Director, 10% Owner 2025-09-25 P 5,561 $1.80 $10,010
2025-09-25 Daly Joseph Patrick Director, 10% Owner 2025-09-24 P 12,700 $1.80 $22,860
2025-09-23 Daly Joseph Patrick Director, 10% Owner 2025-09-23 P 9,900 $1.80 $17,820
2025-09-23 Daly Joseph Patrick Director, 10% Owner 2025-09-23 A 7,575 $1.65 $12,499
2025-09-23 Daly Joseph Patrick Director, 10% Owner 2025-09-23 P 10,000 $1.75 $17,500
2025-09-23 Daly Joseph Patrick Director, 10% Owner 2025-09-23 P 2,425 $1.77 $4,292
2025-09-23 Daly Joseph Patrick Director, 10% Owner 2025-09-23 P 5,000 $1.78 $8,900
2025-09-23 Yowell Jeffrey David Director 2025-09-23 A 7,575 $1.65 $12,499
2025-09-23 Loh Michael Anthony Director 2025-09-23 A 7,575 $1.65 $12,499
2025-09-23 Bowen Julie Marie Director 2025-09-23 A 7,575 $1.65 $12,499
2025-09-23 Daly Joseph Patrick Director, 10% Owner 2025-09-22 P 100 $1.80 $180
2025-09-23 Daly Joseph Patrick Director, 10% Owner 2025-09-22 P 20,000 $1.82 $36,400
2025-09-19 Daly Joseph Patrick Director, 10% Owner 2025-09-18 P 20,000 $1.66 $33,200
2025-09-18 REEDY CHRISTOPHER J Director, Officer (CEO and President) 2025-09-17 P 5,000 $1.66 $8,300
2025-09-18 Daly Joseph Patrick Director, 10% Owner 2025-09-16 P 15,000 $1.65 $24,750
2025-07-23 REEDY CHRISTOPHER J Director, Officer (President & CEO) 2025-07-21 A 81,818 $1.65 $135,000
2025-07-11 Daly Joseph Patrick Director, 10% Owner 2025-07-10 P 2,611 $1.55 $4,047
2025-07-11 Daly Joseph Patrick Director, 10% Owner 2025-07-10 P 10,000 $1.53 $15,300
2025-07-11 Daly Joseph Patrick Director, 10% Owner 2025-07-10 P 1,000 $1.49 $1,490
2025-07-11 Daly Joseph Patrick Director, 10% Owner 2025-07-09 A 8,503 $1.47 $12,499
2025-07-10 Bowen Julie Marie Director 2025-07-09 A 8,503 $1.47 $12,499
2025-07-10 Loh Michael Anthony Director 2025-07-09 A 8,503 $1.47 $12,499
2025-07-10 HAYDEN DAVID B Director 2025-07-09 A 8,503 $1.47 $12,499
2025-07-10 Yowell Jeffrey David Director 2025-07-09 A 8,503 $1.47 $12,499
2025-05-21 Sefchick Adam Brett Officer (Chief Financial Officer) 2025-05-15 A 51,724 $0
2025-04-24 HAYDEN DAVID B Director 2025-04-02 S (15,153) $1.63 -$24,699
2025-04-10 Daly Joseph Patrick Director, 10% Owner 2025-04-10 P 2,500 $1.43 $3,575
2025-04-10 Daly Joseph Patrick Director, 10% Owner 2025-04-08 P 10,000 $1.45 $14,500
2025-04-10 Loh Michael Anthony Director 2025-04-08 A 1,000 $1.46 $1,460
2025-04-09 Daly Joseph Patrick Director, 10% Owner 2025-04-09 P 2,589 $1.44 $3,728
2025-04-09 Daly Joseph Patrick Director, 10% Owner 2025-04-09 P 2,500 $1.43 $3,575
2025-04-09 Daly Joseph Patrick Director, 10% Owner 2025-04-08 P 2,411 $1.45 $3,496
2025-04-08 Daly Joseph Patrick Director, 10% Owner 2025-04-07 P 2,100 $1.42 $2,982
2025-04-08 Daly Joseph Patrick Director, 10% Owner 2025-04-07 P 10,000 $1.40 $14,000
2025-04-08 Daly Joseph Patrick Director, 10% Owner 2025-04-04 P 15,000 $1.57 $23,550
2025-04-08 Daly Joseph Patrick Director, 10% Owner 2025-04-04 P 12,900 $1.46 $18,834
2025-04-08 Daly Joseph Patrick Director, 10% Owner 2025-04-04 P 15,000 $1.55 $23,250
2025-04-08 Daly Joseph Patrick Director, 10% Owner 2025-04-04 P 15,000 $1.51 $22,650
2025-04-03 REEDY CHRISTOPHER J Director, Officer (President & CEO) 2025-04-03 A 2,500 $1.63 $4,075
2025-04-03 REEDY CHRISTOPHER J Director, Officer (President & CEO) 2025-04-02 A 4,000 $1.63 $6,520
2025-04-03 REEDY CHRISTOPHER J Director, Officer (President & CEO) 2025-04-02 A 1,000 $1.62 $1,620
2025-03-21 Daly Joseph Patrick Director, 10% Owner 2025-03-21 P 5,000 $1.75 $8,750
2025-03-21 Daly Joseph Patrick Director, 10% Owner 2025-03-21 P 5,000 $1.75 $8,750
2025-03-21 Daly Joseph Patrick Director, 10% Owner 2025-03-21 P 15,000 $1.75 $26,250
2025-03-21 Daly Joseph Patrick Director, 10% Owner 2025-03-21 P 5,000 $1.73 $8,650
2025-03-21 Daly Joseph Patrick Director, 10% Owner 2025-03-21 P 44,900 $1.75 $78,575
2025-03-21 Daly Joseph Patrick Director, 10% Owner 2025-03-20 A 7,886 $1.58 $12,499
2025-03-21 Yowell Jeffrey David Director 2025-03-20 A 7,886 $1.58 $12,499
2025-03-21 HAYDEN DAVID B Director 2025-03-20 A 7,886 $1.58 $12,499
2025-03-21 Loh Michael Anthony Director 2025-03-20 A 7,886 $1.58 $12,499
2025-03-21 Edgar John M. Director 2025-03-20 A 7,886 $1.58 $12,499
2025-03-20 Daly Joseph Patrick Director, 10% Owner 2025-03-19 P 100 $1.60 $160
2025-03-20 Daly Joseph Patrick Director, 10% Owner 2025-03-18 P 100 $1.59 $159
2025-03-20 Daly Joseph Patrick Director, 10% Owner 2025-03-18 P 29,000 $1.60 $46,400
2025-03-20 Daly Joseph Patrick Director, 10% Owner 2025-03-18 P 23,000 $1.64 $37,720
2025-03-20 Daly Joseph Patrick Director, 10% Owner 2025-03-18 P 28,900 $1.65 $47,685
2025-01-14 Daly Joseph Patrick Director, 10% Owner 2025-01-14 P 10,000 $1.70 $17,000
2025-01-14 Daly Joseph Patrick Director, 10% Owner 2025-01-14 P 15,000 $1.69 $25,350
2025-01-14 Daly Joseph Patrick Director, 10% Owner 2025-01-14 P 10,000 $1.68 $16,800
2025-01-14 Daly Joseph Patrick Director, 10% Owner 2025-01-14 P 9,000 $1.67 $15,030
2025-01-14 Daly Joseph Patrick Director, 10% Owner 2025-01-14 P 5,000 $1.60 $8,000
2025-01-14 Daly Joseph Patrick Director, 10% Owner 2025-01-13 P 5,000 $1.73 $8,650
2025-01-14 Daly Joseph Patrick Director, 10% Owner 2025-01-13 P 5,000 $1.72 $8,600
2025-01-14 Daly Joseph Patrick Director, 10% Owner 2025-01-13 P 5,000 $1.71 $8,550
2025-01-14 Daly Joseph Patrick Director, 10% Owner 2025-01-13 P 8,500 $1.70 $14,450
2025-01-14 Daly Joseph Patrick Director, 10% Owner 2025-01-13 P 5,000 $1.69 $8,450
2025-01-10 Daly Joseph Patrick Director, 10% Owner 2025-01-08 P 6,500 $1.72 $11,180
2025-01-08 REEDY CHRISTOPHER J Director, Officer (President & CEO) 2025-01-07 A 78,034 $1.73 $134,999
2025-01-08 Peters Joe Aric Officer (Vice President) 2025-01-07 A 8,670 $1.73 $14,999
2025-01-07 Daly Joseph Patrick Director, 10% Owner 2025-01-07 P 2,000 $1.72 $3,440
2025-01-06 Daly Joseph Patrick Director, 10% Owner 2025-01-06 P 5,000 $1.72 $8,600
2025-01-06 Daly Joseph Patrick Director, 10% Owner 2025-01-06 P 9,000 $1.70 $15,300
2025-01-06 Daly Joseph Patrick Director, 10% Owner 2025-01-06 P 5,000 $1.68 $8,400
2025-01-06 Daly Joseph Patrick Director, 10% Owner 2025-01-06 P 5,000 $1.67 $8,350
2025-01-06 Daly Joseph Patrick Director, 10% Owner 2025-01-06 P 5,000 $1.66 $8,300
2025-01-06 Daly Joseph Patrick Director, 10% Owner 2025-01-06 P 5,000 $1.64 $8,200
2025-01-06 Daly Joseph Patrick Director, 10% Owner 2025-01-06 P 15,000 $1.75 $26,250
2025-01-06 Daly Joseph Patrick Director, 10% Owner 2025-01-06 P 5,000 $1.74 $8,700
2025-01-06 Daly Joseph Patrick Director, 10% Owner 2025-01-06 P 7,100 $1.72 $12,212
2025-01-06 Daly Joseph Patrick Director, 10% Owner 2025-01-06 P 5,000 $1.70 $8,500
2025-01-06 Daly Joseph Patrick Director, 10% Owner 2025-01-06 P 10,000 $1.69 $16,900
2025-01-06 Daly Joseph Patrick Director, 10% Owner 2025-01-06 P 45,000 $1.67 $75,150
2025-01-06 Daly Joseph Patrick Director, 10% Owner 2025-01-06 P 10,000 $1.66 $16,600
2025-01-06 Daly Joseph Patrick Director, 10% Owner 2025-01-06 P 900 $1.65 $1,485
2025-01-06 Daly Joseph Patrick Director, 10% Owner 2025-01-03 P 9,800 $1.80 $17,640
2025-01-06 Daly Joseph Patrick Director, 10% Owner 2025-01-03 P 1,000 $1.78 $1,780
2025-01-06 Daly Joseph Patrick Director, 10% Owner 2025-01-03 P 4,000 $1.76 $7,040
2025-01-06 Daly Joseph Patrick Director, 10% Owner 2025-01-03 P 6,000 $1.75 $10,500
2025-01-06 Daly Joseph Patrick Director, 10% Owner 2025-01-03 P 5,000 $1.74 $8,700
2024-12-30 Daly Joseph Patrick Director, 10% Owner 2024-12-27 P 200 $1.80 $360
2024-12-27 Daly Joseph Patrick Director, 10% Owner 2024-12-23 P 15,000 $1.85 $27,750
2024-12-20 Daly Joseph Patrick Director, 10% Owner 2024-12-19 P 651 $1.90 $1,237
2024-12-17 Daly Joseph Patrick Director, 10% Owner 2024-12-16 P 2,433 $1.70 $4,136
2024-12-16 Daly Joseph Patrick Director, 10% Owner 2024-12-13 P 10,000 $1.70 $17,000
2024-12-13 Daly Joseph Patrick Director, 10% Owner 2024-12-12 P 6,916 $1.70 $11,757
2024-10-16 Daly Joseph Patrick Director, 10% Owner 2024-10-15 P 5,000 $1.38 $6,900
2024-10-15 Daly Joseph Patrick Director, 10% Owner 2024-10-14 P 5,000 $1.40 $7,000
2024-10-11 Daly Joseph Patrick Director, 10% Owner 2024-10-11 P 4,750 $1.40 $6,650
2024-10-04 Daly Joseph Patrick Director, 10% Owner 2024-10-04 P 8,616 $1.34 $11,545
2024-10-04 Daly Joseph Patrick Director, 10% Owner 2024-10-04 P 250 $1.30 $325
2024-10-03 Loh Michael Anthony Director 2024-10-02 P 3,000 $1.27 $3,810
2024-10-02 Daly Joseph Patrick Director, 10% Owner 2024-10-02 P 5 $1.27 $6
2024-10-02 Daly Joseph Patrick Director, 10% Owner 2024-10-02 P 4,379 $1.28 $5,605
2024-10-02 Daly Joseph Patrick Director, 10% Owner 2024-10-01 P 4,000 $1.30 $5,200
2024-10-02 Daly Joseph Patrick Director, 10% Owner 2024-10-01 P 5,061 $1.29 $6,529
2024-10-02 Daly Joseph Patrick Director, 10% Owner 2024-10-01 P 1,939 $1.28 $2,482
2024-10-02 Loh Michael Anthony Director 2024-10-01 P 2,000 $1.30 $2,600
2024-09-30 Loh Michael Anthony Director 2024-09-27 P 5,000 $1.29 $6,450
2024-09-30 Daly Joseph Patrick Director, 10% Owner 2024-09-27 P 27,900 $1.28 $35,712
2024-09-30 Daly Joseph Patrick Director, 10% Owner 2024-09-27 P 3,100 $1.29 $3,999
2024-09-30 Daly Joseph Patrick Director, 10% Owner 2024-09-26 P 43,768 $1.30 $56,898
2024-09-30 Daly Joseph Patrick Director, 10% Owner 2024-09-26 P 200 $1.32 $264
2024-09-30 Daly Joseph Patrick Director, 10% Owner 2024-09-26 P 1,032 $1.33 $1,373
2024-09-27 Loh Michael Anthony Director 2024-09-26 P 2,000 $1.31 $2,620
2024-09-27 Loh Michael Anthony Director 2024-09-25 P 22,850 $1.36 $31,076
2024-09-27 Loh Michael Anthony Director 2024-09-24 P 40,000 $1.40 $56,000
2024-09-19 Daly Joseph Patrick Director, 10% Owner 2024-09-19 P 6,853 $1.30 $8,909
2024-09-19 Daly Joseph Patrick Director, 10% Owner 2024-09-18 P 43,147 $1.30 $56,091
2024-08-12 HAYDEN DAVID B Director 2024-07-26 D (500,000) $0.93 -$465,000