ROARABLE // PRO
GLOBAL DESKS // NYC --:--:-- NYSE
US TAPE
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BBW // Build-A-Bear Workshop Inc.

DES <GO> NYSE RQD COCKPIT → CIK 0001113809 ↗
Consumer Discretionary • Recreational Games/Products/Toys
$27.48 ▲ +2.31 (+9.18%)
MKT CAP: $338.5M • VOL: 955.9K
BBW // ROARABLE RATING & 5-PILLAR RQD CONFIDENCE 02:00 EST DETERMINISTIC ENGINE
PRIOR: RQD 83/100 [A-] (+0 PT) • UNCHANGED
ROARABLE A-
RQD CONFIDENCE
83 / 100 +0D
5 X 20-PT QUANT PILLARS
E 0 D 35 C 59 B 70 A 86+
Roarable Buy — Superior Risk/Reward
01 MASSIVE / SEC XBRL
Forensic Fundamentals
18 / 20
STRONG
FCF +42.3% vs NI +0.8% • ROIC-WACC +25.1% • Z 3.2
02 INSTITUTIONAL TAPE & TREND
Whale & Options Flow
16 / 20
STRONG
52W RANGE 96% • VS 200D +18.3% • RSI 84
03 SEC XBRL CAPITAL ALLOCATION
Insider & Capital Conviction
[LOCKED] OUTLIER
UNLOCK BELOW TO REVEAL
04 FRED 90D r-MATRIX
Macro Regime Fit
16 / 20
STRONG
TAILWIND • r(10Y)=+0.00 (+23bp) • r(OAS)=+0.00
05 10-K REDLINE AUDIT
Forensic 10-K Risk
[LOCKED] OUTLIER
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SIGNAL

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BBW // CANDLESTICK & AUTO-TRENDLINE WORKSTATION6M: -25.61%📐 HORIZONTAL RANGE
2026-10-30O $27.71H $28.48L $27.25C $27.48VOL 886.1K
RES: $40.18SUP: $21.25SMA50: $27.30SMA200: $37.28
$55.88$47.02$38.16$29.30$20.44RES $40.18SUP $21.25$27.482026-04-302026-06-152026-07-312026-09-162026-10-30
BBW // INSTITUTIONAL BULL VS. BEAR FORENSIC DEBATE
ACCUMULATE CONVICTION: 66/100
BEAR 0
100 BULL

Build-A-Bear Workshop Inc. (BBW) exhibits 55.8% gross margins and 33.7% return on invested capital within Consumer Discretionary (Recreational Games/Products/Toys), balanced against a 6.5x enterprise multiple and 4.8% implied options volatility.

▲ INSTITUTIONAL BULL THESIS (LONG)
01. Operating Leverage & Capital Efficiency Moat

Sustained 55.8% gross profitability converts into — operating margin and 33.7% ROIC, outpacing sector cost of capital.

ROIC: 33.7% // GM: 55.8%
02. Top-Line Expansion & Cash Conversion

YoY revenue trajectory of +6.7% paired with 11.67% free cash flow yield supports self-funded R&D and capital return.

REV YOY: +6.7% // FCF YLD: 11.67%
03. Balance Sheet Solvency & Forensic Quality

Altman Z-Score of 3.80 and Piotroski F-Score of 8/9 indicate low near-term refinancing stress.

ALTMAN Z: 3.80 // F-SCORE: 8/9
▼ INSTITUTIONAL BEAR THESIS (SHORT / RISK)
01. Multiple Compression & Duration Sensitivity

Trading at 6.5x trailing P/E (6.0x Fwd P/E) leaves valuation vulnerable if real 10Y TIPS yields spike.

P/E: 6.5x // EV/EBITDA: —
02. Options Skew & Event Volatility Risk

Options market prices a ±5.2% implied move with a 0.85 put/call ratio around $27.48 max pain.

IMPL MOVE: ±5.2% // P/C: 0.85
03. Competitive Margin & CapEx Cycle Pressure

Elevated industry capital intensity and customer concentration in Recreational Games/Products/Toys require continuous execution to defend 9.9% net margins.

NET MARGIN: 9.9% // D/E: 0.45x
KEY CATALYST // Upcoming 10-Q/10-K XBRL margin progression, guidance revision vs 6.0x forward consensus, and institutional 13F positioning.
MACRO REGIME // Monitor US 10Y Real Yields (DFII10) and High-Yield Credit Spreads (OAS) for beta-adjusted multiple impact (Beta 1.10).
FORM 4 & 13F FLOW OPEN OWN <GO>
FILER SIDE $ VALUE
INSPECT FULL OWNERSHIP LEDGER IN OWN <GO>
UNUSUAL OPTIONS TAPE OPEN OPT <GO>
STRIKE / EXP TYPE PREMIUM
INSPECT GEX & CHAIN IN OPT <GO>
KEY VALUATION & PROFITABILITY RATIOS XBRL FA <GO>
TRAILING P/E 6.5x
FORWARD P/E 6.0x
EV / EBITDA —
FCF YIELD 11.67%
GROSS MARGIN 55.8%
OPERATING MARGIN —
NET MARGIN 9.9%
ROIC % 33.7%
REV GROWTH YOY +6.7%
DILUTED EPS TTM $4.24
DEBT / EQUITY —
DIVIDEND YIELD 3.41%
RSI-14 MOMENTUM 59.8
5Y EQUITY BETA —
FRED MACRO SENSITIVITY (PEARSON r) ECST <GO>
MACRO CORRELATION CALIBRATION ACTIVE BELOW.
FRED MACRO REGIME STRESS-TEST SIMULATOR // BBWPEARSON R VARIANCE ENGINE
01 // SELECT FEDERAL RESERVE & CREDIT SHOCK SCENARIO
02 // POSITION NOTIONAL EXPOSURE
HEADLINE STRESS SCORE
75/100SEVERE DRAWDOWN PRESSURE
PRIMARY FACTOR EXPOSURE
DFII10 // -0.61 r
Latest: 2.08%
EST. DIRECTIONAL MOVE
-8.50%
Implied Px: $25.15
EST. DOLLAR VARIANCE
-$4,248
On $50,000 Notional
[LOCKED // MULTI-FACTOR DRAWDOWN HEDGE & MACRO TRIGGER ALERT]

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HEAD-TO-HEAD PEER COMPARISONS COMP <GO>