Cea Industries Inc. (BNCWZ) intrinsic value & 10-year financials
Cea Industries Inc. (BNCWZ) has a Graham intrinsic value of $47.91 per share. Over the last 10 fiscal years revenue shrank 10.8% a year to $2.8M, with an average return on invested capital of 746.0%.
- Graham intrinsic value
- $47.91
- Revenue (FY2024)
- $2.8M
- Revenue growth (10-yr CAGR)
- -10.8%
- ROIC (10-yr avg)
- 746.0%
- Free cash flow (FY2024)
- —
BNCWZ 10-year financial history
| Fiscal year | Revenue | Net income | EPS (diluted) | Free cash flow | Operating margin | ROIC |
|---|---|---|---|---|---|---|
| FY2024 | $2.8M | -$3.1M | -$4.22 | — | -113.1% | 5805.8% |
| FY2023 | $6.9M | -$2.9M | -$0.36 | — | -42.7% | 173.7% |
| FY2022 | $11.3M | -$5.5M | -$0.84 | -$3.2M | -50.7% | 127.7% |
| FY2021 | $13.6M | -$1.3M | — | -$3.3M | -14.5% | 30.8% |
| FY2020 | $8.5M | -$1.8M | — | $808.7K | -27.7% | 81.4% |
| FY2019 | $15.2M | -$1.3M | — | $668.8K | -8.6% | 153.2% |
| FY2018 | $9.6M | -$4.7M | — | -$3.1M | -50.3% | -590.5% |
| FY2017 | $7.2M | -$4.9M | — | -$2.5M | -58.8% | 1408.2% |
| FY2016 | $7.6M | -$3.3M | — | $85.3K | -7.0% | 103.0% |
| FY2015 | $7.9M | -$5.3M | — | -$1.7M | -39.6% | 166.7% |
Source: annual 10-K filings on SEC EDGAR. Figures in USD.
Executive summary
CEA Industries Inc. is facing top-line stagnation, with revenue contracting over the decade.
CEA Industries Inc. has earned high returns on invested capital, averaging 41.4% ROIC over the available history. High ROIC is consistent with a durable franchise, but it is not by itself proof of an economic moat.
CEA Industries Inc. has not shown aggressive share repurchases (>10% retirement) or a major balance-sheet leverage increase (>50% net debt growth) over the 10-year window.
Benjamin Graham lens
Under Benjamin Graham's formula using SEC EDGAR fundamentals, CEA Industries Inc. is modeled at -10.8% normalized earnings growth with a 5.1% bond-yield adjustment. The resulting Graham intrinsic value estimate is $47.91 per share.