OTC · Financial Statements

BWP Trust (BUNNF) Financial Statements

$2.88 OTC: BUNNF Market Cap $2.05B

BWP Trust most recently reported annual revenue of $203.0M, net profit of $266.0M. Revenue grew at an average annual rate of 5.4% over the last 5 fiscal years. See the full income statement, balance sheet, and cash flow statement below, plus valuation and return ratios.

BWP Trust: Revenue rose from $150.0M in 2016 to $203.0M in 2025, a change of +35.3% over 9 years; net profit was positive in all 10 reported years; operating margin moved from 88.0% to 82.6%, a shift of -5.4 percentage points; the most recent year shows net profit of $266.0M.

Income Statement — 10 Years (USD millions)

Metric	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Revenue	$150.0M	$152.0M	$153.0M	$156.0M	$156.0M	$152.0M	$153.0M	$158.0M	$174.0M	$203.0M
Operating Expenses	$18.0M	$18.0M	$13.0M	$21.0M	$23.0M	$23.0M	$25.0M	$28.0M	$19.0M	$35.0M
Operating Profit	$132.0M	$134.0M	$141.0M	$136.0M	$133.0M	$129.0M	$128.0M	$130.0M	$156.0M	$167.0M
Operating Margin	88.0%	88.2%	91.7%	86.7%	85.1%	84.7%	83.8%	82.4%	89.4%	82.6%
Other Income	$178.0M	$89.0M	$48.0M	$34.0M	$78.0M	$134.0M	$349.0M	$-94.0M	$36.0M	$98.0M
Interest	$24.0M	$22.0M	$21.0M	$20.0M	$16.0M	$15.0M	$14.0M	$17.0M	$25.0M	$35.0M
Depreciation	$0	$0	$0	$0	$149.0M	$372.0M	$0	$0	$0	$0
Profit Before Tax	$311.0M	$224.0M	$183.0M	$169.0M	$211.0M	$263.0M	$487.0M	$37.0M	$180.0M	$266.0M
Tax	$0	$0	$26.4M	$-100,000	$0	$0	$0	$0	$0	$0
Net Profit	$311.0M	$224.0M	$183.0M	$169.0M	$211.0M	$263.0M	$487.0M	$37.0M	$180.0M	$266.0M
EPS	$0.48	$0.35	$0.28	$0.26	$0.33	$0.41	$0.76	$0.06	$0.27	$0.37
Dividend Payout	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%

Quarterly Results — Last 12 Quarters (USD millions)

8 duplicate period labels in the source data were collapsed.

Metric	Jun '20	Dec '20	Jun '21	Dec '21	Jun '22	Dec '22	Jun '23	Dec '23	Jun '24	Dec '24	Jun '25	Dec '25
Revenue	$80.0M	$76.0M	$76.0M	$76.0M	$77.0M	$79.0M	$80.0M	$82.0M	$92.0M	$100.0M	$103.0M	$104.0M
Operating Expenses	$12.0M	$12.0M	$12.0M	$12.0M	$13.0M	$13.0M	$14.0M	$14.0M	$10.0M	$19.0M	$18.0M	$14.0M
Operating Profit	$68.0M	$64.0M	$65.0M	$64.0M	$65.0M	$65.0M	$65.0M	$68.0M	$82.0M	$81.0M	$84.0M	$90.0M
Operating Margin	85.0%	84.6%	84.8%	84.3%	83.3%	82.9%	81.9%	82.6%	89.4%	80.9%	82.2%	86.5%
Interest	$8.0M	$7.0M	$7.0M	$7.0M	$6.0M	$8.0M	$9.0M	$11.0M	$10.0M	$17.0M	$18.0M	$21.0M
Profit Before Tax	$75.0M	$144.0M	$119.0M	$348.0M	$138.0M	$111.0M	$-75.0M	$53.0M	$127.0M	$157.0M	$108.0M	$222.0M
Tax	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$80,000
Net Profit	$75.0M	$144.0M	$119.0M	$348.0M	$138.0M	$111.0M	$-75.0M	$53.0M	$127.0M	$157.0M	$108.0M	$222.0M
EPS	$0.12	$0.22	$0.19	$0.54	$0.22	$0.17	$-0.12	$0.08	$0.19	$0.22	$0.15	$0.30

Over the 10 years reported for BWP Trust, borrowings increased from $472.0M in 2016 to $808.0M in 2025, cash stood at $26.0M in the latest year, shareholders' equity was $1.2B, current assets covered current liabilities 0.26 times.

Balance Sheet — 10 Years (USD millions)

Metric	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Total Assets	$2.2B	$2.3B	$2.4B	$2.4B	$2.6B	$2.7B	$3.0B	$3.0B	$3.6B	$3.7B
Current Assets	$36.0M	$53.0M	$89.0M	$24.0M	$68.0M	$53.0M	$21.0M	$23.0M	$51.0M	$64.0M
Cash	$14.0M	$16.0M	$14.0M	$18.0M	$64.0M	$33.0M	$12.0M	$17.0M	$27.0M	$26.0M
Inventory	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0
Receivables	$0	$0	$0	$1.0M	$1.0M	$1.0M	$2.0M	$2.0M	$5.0M	$8.0M
Fixed Assets	$2.2B	$2.3B	$2.3B	$2.4B	$2.5B	$2.6B	$3.0B	$2.9B	$3.5B	$0
Capital Work in Progress	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0
Investments	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0
Other Assets	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0
Total Liabilities	$555.0M	$551.0M	$536.0M	$508.0M	$584.0M	$558.0M	$536.0M	$554.0M	$879.0M	$906.0M
Current Liabilities	$74.0M	$76.0M	$277.0M	$92.0M	$78.0M	$194.0M	$80.0M	$86.0M	$107.0M	$250.0M
Borrowings	$472.0M	$471.0M	$457.0M	$413.0M	$500.0M	$471.0M	$453.0M	$466.0M	$772.0M	$808.0M
Other Liabilities	$83.0M	$80.0M	$79.0M	$95.0M	$84.0M	$87.0M	$83.0M	$88.0M	$107.0M	$98.0M
Equity	$946.0M	$946.0M	$946.0M	$946.0M	$946.0M	$946.0M	$946.0M	$946.0M	$1.2B	$1.2B
Reserves	$1.6B	$1.8B	$1.8B	$1.9B	$2.0B	$2.1B	$2.5B	$2.4B	$2.7B	$2.8B

For BWP Trust, operating cash flow was positive in 10 of 10 reported years; free cash flow in the latest year was $120.0M; free cash flow was positive in 10 of 10 years.

Cash Flow Statement — 10 Years (USD millions)

Metric	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Operating Cash Flow	$106.0M	$112.0M	$113.0M	$110.0M	$110.0M	$112.0M	$111.0M	$120.0M	$129.0M	$120.0M
Investing Cash Flow	$-12.0M	$2.0M	$26.0M	$108.0M	$-24.0M	$5.0M	$9.0M	$-20.0M	$-48.0M	$-25.0M
Financing Cash Flow	$0	$0	$0	$0	$0	$0	$0	$0	$-6.0M	$0
Net Cash Flow	$-18.0M	$2.0M	$-1.0M	$4.0M	$46.0M	$-31.0M	$-21.0M	$5.0M	$10.0M	$-1.0M
Free Cash Flow	$106.0M	$112.0M	$113.0M	$110.0M	$110.0M	$112.0M	$111.0M	$120.0M	$129.0M	$120.0M

Valuation & Return Ratios

Metric	Value
PEG Ratio	0.94
EV / EBITDA	11.94
FCF Yield	4.30%
Quick Ratio	0.46
Interest Coverage	4.51
Return 1Y	—
Return 3Y	—
Return 5Y	—

BWP Trust (BUNNF) financials — frequently asked questions

What is BWP Trust's annual revenue?

BWP Trust (BUNNF) reported annual revenue of $203.0M in its most recent fiscal year.

What is BWP Trust's net profit?

BWP Trust (BUNNF) reported net profit of $266.0M in its most recent fiscal year.

What is BUNNF EV/EBITDA?

BWP Trust's enterprise value to EBITDA (EV/EBITDA) ratio is 11.94.

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