Loading financials from SEC filings…
Farm & heavy construction machinery · Industrials · Fiscal year ends Oct 3
Blue Bird reported revenue of $1.5B in the fiscal year ended Sep 2025, up 9.9% from the year before. Operating income was $167M, an operating margin of 11.3%, and net income was $128M. Operating cash flow of $176M less capital expenditure of $23M left free cash flow of $153M. It held more cash than debt (net cash $139M).
Ranks among the 8 farm & heavy construction machinery companies we cover (1st = best; for debt, the least indebted). Green = top third, red = bottom third.
Last 5 fiscal years
| Fiscal year | Oct 2021 | Oct 2022 | Sep 2023 | Sep 2024 | Sep 2025 |
|---|---|---|---|---|---|
| Revenue | 684 | 801 | 1,133 | 1,347 | 1,480 |
| Cost of revenue | 612 | 764 | 994 | 1,091 | 1,177 |
| Gross profit | 72.1 | 36.5 | 139 | 256 | 304 |
| Research & development | 5.2 | 6.1 | 6.6 | 9.4 | 15.2 |
| Selling, general & admin | 65.6 | 77.2 | 87.2 | 117 | 136 |
| Operating income | 6.5 | −40.7 | 51.7 | 139 | 167 |
| Interest expense | 9.7 | 14.7 | 18.0 | 10.6 | 7.2 |
| Pre-tax income | −2.0 | −53.1 | 25.8 | 127 | 170 |
| Income tax | −1.2 | −11.5 | 9.0 | 33.2 | 43.9 |
| Net income | −0.3 | −45.8 | 23.8 | 106 | 128 |
| Diluted EPS | −0.01 | −1.48 | 0.74 | 3.16 | 3.88 |
| Diluted shares | 27.1 | 31.0 | 32.3 | 33.3 | 32.9 |
| Fiscal year | Oct 2021 | Oct 2022 | Sep 2023 | Sep 2024 | Sep 2025 |
|---|---|---|---|---|---|
| Cash & equivalents | 11.7 | 10.5 | 79.0 | 128 | 229 |
| Receivables | 10.0 | 12.5 | 12.6 | 59.1 | 20.7 |
| Inventory | 125 | 143 | 135 | 128 | 139 |
| Current assets | 156 | 174 | 236 | 323 | 412 |
| Net PP&E | 105 | 101 | 95.1 | 97.3 | 109 |
| Goodwill | 18.8 | 18.8 | 18.8 | 18.8 | 18.8 |
| Total assets | 356 | 366 | 418 | 525 | 625 |
| Payables | 72.3 | 108 | 137 | 143 | 151 |
| Deferred revenue | 7.8 | 7.2 | 8.1 | 9.4 | 11.3 |
| Current liabilities | 125 | 165 | 230 | 236 | 237 |
| Short-term debt | 14.9 | 19.8 | 19.8 | 5.0 | 5.0 |
| Long-term debt | 150 | 130 | 111 | 90.0 | 85.3 |
| Total liabilities | 389 | 365 | 378 | 365 | 370 |
| Shareholders' equity | −32.7 | 1.4 | 40.0 | 160 | 255 |
| Fiscal year | Oct 2021 | Oct 2022 | Sep 2023 | Sep 2024 | Sep 2025 |
|---|---|---|---|---|---|
| Operating cash flow | −54.2 | −24.4 | 120 | 111 | 176 |
| Capital expenditure | 12.2 | 6.5 | 8.5 | 15.3 | 22.9 |
| Free cash flow | −66.5 | −30.9 | 111 | 95.8 | 153 |
| Depreciation & amortisation | 13.4 | 14.1 | 16.0 | 14.8 | 15.6 |
| Stock-based compensation | 5.9 | 3.7 | 4.2 | 8.6 | 14.8 |
| Share buybacks | 0.5 | 1.7 | 0.4 | 1.2 | 9.9 |
| Fiscal year | Oct 2021 | Oct 2022 | Sep 2023 | Sep 2024 | Sep 2025 |
|---|---|---|---|---|---|
| Revenue growth (YoY) | – | 17.1% | 41.5% | 18.9% | 9.9% |
| Operating income growth (YoY) | – | −724.0% | – | 169.7% | 20.0% |
| EPS growth (YoY) | – | – | – | 327.0% | 22.8% |
| Gross margin | 10.5% | 4.6% | 12.3% | 19.0% | 20.5% |
| Operating margin | 1.0% | −5.1% | 4.6% | 10.3% | 11.3% |
| Net margin | −0.0% | −5.7% | 2.1% | 7.8% | 8.6% |
| Return on equityBlank when equity is negative | – | −3311.1% | 59.5% | 66.1% | 50.0% |
| ROCEEBIT ÷ (assets − current liabilities) | 2.8% | −20.2% | 27.5% | 48.2% | 43.0% |
| Free cash flow margin | −9.7% | −3.9% | 9.8% | 7.1% | 10.4% |
| Cash conversion (CFO ÷ net income) | 188x | 0.53x | 5.04x | 1.05x | 1.38x |
| Receivable days | 5 | 6 | 4 | 16 | 5 |
| Inventory days | 75 | 68 | 50 | 43 | 43 |
| Payable days | 43 | 52 | 50 | 48 | 47 |
| Interest cover | 0.67x | −2.77x | 2.87x | 13.2x | 23.2x |
| Debt ÷ equity | – | 109x | 3.26x | 0.60x | 0.35x |
| Net debtDebt − cash & equivalents; excludes investments; negative = net cash | 153 | 140 | 51.4 | −32.7 | −139 |
| Current ratio | 1.25x | 1.06x | 1.03x | 1.37x | 1.74x |
Standardised figures from the company's XBRL filings with the SEC (10-K, 10-Q). Line items follow US GAAP tags, so a company's own statement layout may differ and some lines show “–” where the company does not report that item. Ratios are calculated from these figures. For education only; not investment advice or a recommendation.