CEA Industries Inc.

BNC
About the company

CEA Industries Inc. operates as the digital asset treasury company in the United States and Canada. It operates through two segments: BNB Treasury Management and Retail and Industry. The company builds and manages corporate treasury of BNB to provide institutional-grade exposure to blockchain infrastructure and decentralized finance.

Country: United StatesPrice: $4.14Market Cap: $201.9M

Investment snapshot

12%positive consensus
Scored 1d ago

Positive

2

BUY / PASS

Neutral / negative

3 / 11

NEUTRAL / FAIL

Median fair value

$20.46

+394.2% vs price

Models with upside

3 / 17

Positive margin of safety

Strongest signal

BNC undervalued: all 3 models price fair value above $4.14 (median $20.46)

Key risk

No clean pass — all 8 investors flag at least one growth criterion

Framework analysis

VerdictMeaning
BUYPositive purchase signal: the framework's buy requirements are met.
PASSThe company clears the framework's checklist or screen, but the framework does not produce a buy signal. For valuation frameworks this often means margin of safety is missing, insufficient, or unavailable; some screen-only frameworks have no intrinsic-value BUY state.
NEUTRALNeither a positive nor negative conclusion. It does not mean to hold an existing position.
FAILThe company does not clear the framework's requirements.
RankedRanked strategies do not use PASS: selected cohort is BUY, outside the cohort is FAIL, and unranked is NEUTRAL.

Current investor scores use trailing 12-month flows and the latest balance sheet where supported. Multi-year and EPS tests retain annual history; each framework shows its financial basis below. Intrinsic values use annual financials.

MetricGraham

Defensive Value

Buffett

Quality Compounder

Lynch

GARP

Greenblatt

Magic Formula

Piotroski

F-Score

Dreman

Contrarian Value

Munger

Quality Focus

Pabrai

Dhandho Framework

Akre

Three-Legged Stool

Marks

Risk-Aware Value

Ackman

Activist Value

Templeton

Global Bargain Hunter

Sleep

Scale Economies Shared

Asness

Systematic Factors

Neff

Low-P/E Total Return

Schloss

Asset-Value Discipline

O'Shaughnessy

Systematic Factor Composite

VerdictFAILFAILFAILNot rankedFAILPASSNEUTRALNEUTRALFAILFAILFAILPASSFAILFAILFAILFAILNEUTRAL
Score
AnalysisChecking access…Checking access…Checking access…Checking access…Checking access…Checking access…Checking access…Checking access…Checking access…Checking access…Checking access…Checking access…Checking access…Checking access…Checking access…Checking access…Checking access…
Intrinsic Value (annual)N/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/A
Margin of Safety+79.8%+87.5%N/AN/AN/AN/AN/A+74.5%N/AN/AN/AN/AN/AN/AN/AN/AN/A
Financial Basis

Annual history · FY 2025 · Balance sheet at 2026-07-31

Latest source filing: 2026-09-11

Score computed: 2026-11-14

Annual history · FY 2025

Latest source filing: 2026-06-23

Score computed: 2026-11-14

Annual history · FY 2025 · Balance sheet at 2026-07-31

Latest source filing: 2026-09-11

Score computed: 2026-11-14

Annual history · FY 2025

Latest source filing: 2026-06-23

Score computed: 2026-11-14

Annual history · FY 2025

Latest source filing: 2026-06-23

Score computed: 2026-11-14

Annual history · FY 2025 · Balance sheet at 2026-07-31 · Market data at 2026-11-01

Latest source filing: 2026-09-11

Score computed: 2026-11-14

Qualitative assessment · Annual history · FY 2025 · Balance sheet at 2026-07-31

Latest source filing: 2026-09-11

Score computed: 2026-11-14

Qualitative assessment · Annual history · FY 2025

Latest source filing: 2026-06-23

Score computed: 2026-11-14

Annual history · FY 2025 · Qualitative assessment · Balance sheet at 2026-07-31

Latest source filing: 2026-09-11

Score computed: 2026-11-14

Annual history · FY 2025 · Qualitative assessment

Latest source filing: 2026-06-23

Score computed: 2026-11-14

Annual history · FY 2025 · Balance sheet at 2026-07-31 · Market data at 2026-11-01

Latest source filing: 2026-09-11

Score computed: 2026-11-14

Annual history · FY 2025 · Price history 2025-01-01–2026-11-01 · Balance sheet at 2026-07-31

Latest source filing: 2026-09-11

Score computed: 2026-11-14

Annual history · FY 2025 · Qualitative assessment

Latest source filing: 2026-06-23

Score computed: 2026-11-14

Annual history · FY 2025 · Balance sheet at 2026-07-31 · Price history 2025-01-01–2026-11-01

Latest source filing: 2026-09-11

Score computed: 2026-11-14

Annual history · FY 2025

Latest source filing: 2026-06-23

Score computed: 2026-11-14

Annual history · FY 2025 · Balance sheet at 2026-07-31

Latest source filing: 2026-09-11

Score computed: 2026-11-14

Annual history · FY 2025 · Price history 2025-01-01–2026-11-01

Latest source filing: 2026-06-23

Score computed: 2026-11-14

Where It Passes

  • Valuation models100% pass✓ 3▾

    BNC undervalued: all 3 models price fair value above $4.14 (median $20.46)

    Graham fair value$20.46
    ✓Graham+79.8% margin vs $4.14
    Buffett fair value$33.25
    ✓Buffett+87.5% margin vs $4.14
    Pabrai fair value$16.25
    ✓Pabrai+74.5% margin vs $4.14

Where It Falls Short

  • Growth0% pass✓ 2✗ 11▾

    No clean pass — all 8 investors flag at least one growth criterion

    EPS Growth (3-yr avg, 10-yr window)
    ✗Graham>= 33% growth
    Basic earnings-growth PEG (dividends excluded)P/E 1.6x (growth N/A)
    ✗Lynch< 1.0 (ideally < 0.5)
    3-5 Year EPS CAGR
    ✗Lynch15-30% (Fast Grower); > 0% to pass
    Inventory Growth vs Revenue GrowthInv: 22.6% vs Rev: 841.9%
    ✓LynchInventory growth < Revenue growth
    EPS Growth Direction
    ✗DremanPositive over recent years
    EPS CAGR
    ✗Dreman> 5% annualized
    Positive Net Income Frequency1/16 years positive
    ✗MarksPositive net income in >= 7 of last 10 years
    3yr Median Revenue Growth-38.8%
    ✗Ackman>= 5%
    Positive EPS Growth Frequency
    ✗AckmanPositive EPS growth in >= 3 of last 5 years
    5-Year EPS CAGR
    ✗Templeton> 0% (5-year EPS CAGR)
    Revenue growth vs. gross and operating margin trendgross margin 7.8% -> 29.8%, operating margin -42.7% -> -604.3%
    ✗SleepRevenue rising; gross margin flat or falling; operating margin holding
    5-year Revenue CAGR25.4%
    ✓SleepCAGR > 7%
    3-5 Year Diluted EPS CAGR
    ✗Neff7%-20% annualized
  • Efficiency0% pass✗ 11▾

    All 8 investors flag BNC's efficiency

    Current Ratio0.62
    ✗Graham>= 2.0
    ROIC (3-5 yr avg)-41.5%
    ✗Buffett> 10%
    ROIC - WACC-51.5%
    ✗BuffettPositive (WACC = 10%)
    EBIT / (NWC + Net Fixed Assets)
    ✗Greenblatt> 25%
    Current Ratio Change YoY9.80 -> 1.18
    ✗PiotroskiIncreased YoY
    Revenue / Total Assets Change YoY0.31x -> 0.08x
    ✗PiotroskiImproved YoY
    Current Assets / Current Liabilities0.62
    ✗Dreman> 1.5
    Return on Invested Capital-41.1%
    ✗Munger> 15%
    ROIC (high and growing)FY2023: ROIC=unavailable; FY2024: ROIC=unavailable; FY2025: ROIC=-41.1%
    ✗AkreLatest 3 consecutive FYs: ROIC > 15% in each
    Reinvestment Rate x ROIC-41.1% (RR=100% x ROIC=-41.1%)
    ✗AkreReinvestment Rate * ROIC > 10%
    ROIC (5-year)0/1 years above 12% (latest -41.1%)
    ✗SleepROIC > 12% in a majority of years
  • Verdicts15% pass✓ 2✗ 11▾

    Split decision: 11 FAIL · 3 NEUTRAL · 2 PASS

    Overall verdict
    ✗GrahamFAIL (1/9)✗BuffettFAIL (2/9)✗LynchFAIL (3/7)•GreenblattNot ranked✗PiotroskiFAIL (F-Score 3)✓DremanPASS (5/11)•MungerNEUTRAL (3/4)•PabraiNEUTRAL (2/3)✗AkreFAIL (2/6)✗MarksFAIL (1/5)✗AckmanFAIL (3/9)✓TempletonPASS (4/8)✗SleepFAIL (2/6)✗AsnessFAIL (Rank #885/2370 (Top 37.3%))✗NeffFAIL (2/6)✗SchlossFAIL (3/7)•OshaughnessyNEUTRAL (Not ranked)
  • Profitability19% pass✓ 13✗ 22▾

    13 of 16 flag BNC's profitability — Graham, Buffett, Lynch +10 more

    Positive EPS (10 years)1/16 years positive
    ✗GrahamPositive EPS every year for 10 years
    EPS Growth (3-yr avg, 10-yr window)
    ✗Graham>= 33% growth
    Net Income Positive (10+ years)1/16 years positive
    ✗BuffettPositive every year for 10+ years
    ROE (up to 5-year arithmetic mean)-500.8%
    ✗Buffett> 15% arithmetic mean (app rule)
    Operating Margin (10-yr trend)-604.3% (latest)
    ✓BuffettStable or rising over 10 years
    Free Cash Flow Proxy$116.1M
    ✓BuffettPositive and growing
    Earnings Variance (10-yr CoV)
    ✗BuffettCoV < 0.3
    Retained Earnings Effectiveness
    ✗Buffett$1 retained -> > $1 market value created
    Basic earnings-growth PEG (dividends excluded)P/E 1.6x (growth N/A)
    ✗Lynch< 1.0 (ideally < 0.5)
    3-5 Year EPS CAGR
    ✗Lynch15-30% (Fast Grower); > 0% to pass
    ROE37.8%
    ✓Lynch> 15%
    EBIT / Enterprise Value-79.5%
    ✗Greenblatt> 10%
    Earnings Yield + ROC AssessmentEY=-79.5%, ROC=None
    ✗GreenblattBoth EY > 10% and ROC > 25%
    Net Income / Total Assets34.11%
    ✓PiotroskiROA > 0
    ROA Change YoY-34.23% -> 34.11% (delta: +68.34%)
    ✓PiotroskiCurrent ROA > Prior ROA
    (CFO / Total Assets) vs ROACFO/Assets=-7.88%, ROA=34.11%
    ✗PiotroskiCFO/Assets > ROA
    Gross Margin Change YoY-7.8% -> 29.8%
    ✓PiotroskiImproved YoY
    Pre-Tax Income / Revenue435.0%
    ✓Dreman>= 8%
    Net Income / Shareholders' Equity37.8%
    ✓Dreman> 12%
    Margin of SafetyP/E=1.6x, P/B=0.6x
    ✓PabraiP/B < 1.5 or P/E < 15
    Return on Equity-8.7% (3-yr avg)
    ✗AkreROE > 20% (3-year avg)
    Discount to Intrinsic Value
    ✗Marks>= 20% below intrinsic value
    Positive Net Income Frequency1/16 years positive
    ✗MarksPositive net income in >= 7 of last 10 years
    Operating Income / Revenue-604.3%
    ✗Ackman>= 15%
    Net Income / Shareholders Equity37.8%
    ✓Ackman>= 15%
    5-Year EPS CAGR
    ✗Templeton> 0% (5-year EPS CAGR)
    Operating Margin Trend-42.7% (2023) -> -604.3% (2025)
    ✗TempletonNon-negative operating-margin trend over 3 years
    Revenue growth vs. gross and operating margin trendgross margin 7.8% -> 29.8%, operating margin -42.7% -> -604.3%
    ✗SleepRevenue rising; gross margin flat or falling; operating margin holding
    Net income / market capitalization+57.07%; #127/6340 (top 2.0%)
    ✓AsnessTop 30% of eligible cross-section✓OshaughnessyTop 10% of eligible cross-section
    Gross profit / total assets+2.33%; #3247/3702 (top 87.7%)
    ✗AsnessTop 30% of eligible cross-section
    Net income / positive book equity+37.81%; #320/5226 (top 6.1%)
    ✓AsnessTop 30% of eligible cross-section
    Negative 5-year standard deviation of ROA-0.2470; #4438/5884 (top 75.4%)
    ✗AsnessTop 30% of eligible cross-section
    3-5 Year Diluted EPS CAGR
    ✗Neff7%-20% annualized
    Positive Diluted-EPS Years1/10 years positive
    ✗Schloss>= 70% positive over 5-10 observed years (app rule)
  • Cash Flow20% pass✓ 2✗ 10▾

    8 of 10 flag BNC's cash flow — Lynch, Piotroski, Dreman +5 more

    Free Cash Flow Proxy$116.1M
    ✓BuffettPositive and growing
    FCF Positive and Growing$-26.6M
    ✗LynchPositive and growing
    Operating Cash Flow$-26.6M
    ✗PiotroskiCFO > 0
    (CFO / Total Assets) vs ROACFO/Assets=-7.88%, ROA=34.11%
    ✗PiotroskiCFO/Assets > ROA
    Price / (CFO / Shares)N/A (negative CFPS)
    ✗Dreman< 8x
    P/E or FCF YieldP/E=1.6x, FCF Yield=-13.2%
    ✓PabraiP/E < 15 or FCF Yield > 10%
    FCF Positive3/9 years FCF positive
    ✗MarksPositive FCF in majority of recent years
    (OCF - CapEx) / Market Cap-15.6%
    ✗Ackman>= 4%
    Price / FCF per ShareN/A (negative FCF)
    ✗Ackman<= 25
    Positive Operating Cash Flow frequency4/16 years positive
    ✗SleepPositive OCF in >= 70% of available years
    Operating Cash Flow - Capital Expenditures$-26.6M
    ✗Neff> $0 (app proxy for a strong fundamental case)
    (Operating cash flow - capex) / market capitalization-13.19%; #3338/4519 (top 73.9%)
    ✗OshaughnessyTop 10% of eligible cross-section
  • Valuation23% pass✓ 14✗ 14▾

    10 of 13 flag BNC's valuation — Graham, Lynch, Greenblatt +7 more

    Price / 3-yr avg EPS
    ✗Graham<= 15x
    Price-to-Book Ratio0.6x
    ✓Graham<= 1.5x
    P/E x P/B
    ✗Graham<= 22.5
    Basic earnings-growth PEG (dividends excluded)P/E 1.6x (growth N/A)
    ✗Lynch< 1.0 (ideally < 0.5)
    EBIT / Enterprise Value-79.5%
    ✗Greenblatt> 10%
    Earnings Yield + ROC AssessmentEY=-79.5%, ROC=None
    ✗GreenblattBoth EY > 10% and ROC > 25%
    Price / EPS1.6x
    ✓Dreman< 12x✓Templeton< 12x (fixed ceiling; proxy for the market's cheapest 40%)
    Price / (CFO / Shares)N/A (negative CFPS)
    ✗Dreman< 8x
    Price / Book Value per Share0.6x
    ✓Dreman< 1.2x✓Templeton< 1.5x✓SchlossP/B <= 0.80x (app cutoff)
    Valuation ReasonablenessP/E=1.6x, OE Yield=68.0%
    ✓MungerP/E < 25 or Owner Earnings Yield > 5%
    P/E or FCF YieldP/E=1.6x, FCF Yield=-13.2%
    ✓PabraiP/E < 15 or FCF Yield > 10%
    P/B or P/E vs. Historical AverageP/E=1.6x, P/B=0.6x
    ✓MarksP/E < 15 or P/B < 2.0
    Discount to Intrinsic Value
    ✗Marks>= 20% below intrinsic value
    Price / FCF per ShareN/A (negative FCF)
    ✗Ackman<= 25
    Price vs. Trailing Low156% of trailing low ($2.66)
    ✗Templeton<= 120% of trailing low (certified split-adjusted live window)
    Net income / market capitalization+57.07%; #127/6340 (top 2.0%)
    ✓AsnessTop 30% of eligible cross-section✓OshaughnessyTop 10% of eligible cross-section
    Positive book equity / market capitalization+1.4334; #968/6449 (top 15.0%)
    ✓AsnessTop 30% of eligible cross-section
    Price / Diluted EPS1.6x
    ✓NeffP/E <= 15x (app proxy for a P/E 40%-60% below the market)
    (EPS CAGR % + Dividend Yield %) / P/E
    ✗Neff> 0.7 (Neff's published traditional edge)
    Price / Tangible Book Value per Share0.58x
    ✓SchlossP/TBV <= 1.00x (app cutoff)
    Book Value per Share Change
    ✗SchlossLatest BVPS >= earliest BVPS over >= 3 years (app rule)
    Revenue / market capitalization+0.1308; #4166/5247 (top 79.4%)
    ✗OshaughnessyTop 10% of eligible cross-section
    (Operating cash flow - capex) / market capitalization-13.19%; #3338/4519 (top 73.9%)
    ✗OshaughnessyTop 10% of eligible cross-section
    Trailing six-month price return through the evaluation date+41.78%; #777/6202 (top 12.5%)
    ✗OshaughnessyTop 10% of eligible cross-section
  • Debt & Leverage42% pass✓ 8✗ 7▾

    7 of 12 flag BNC's debt & leverage — Graham, Buffett, Lynch +4 more

    LT Debt vs Net Current AssetsLT Debt $16.8M vs NCA $-9.3M
    ✗GrahamLT Debt <= Net Current Assets
    Debt/Equity & Interest CoverageD/E: 0.01, IC: -246.6x
    ✗BuffettD/E < 0.5 AND Interest Coverage > 5x
    Total Debt / Equity0.01
    ✓Lynch< 0.33
    Cash - Long-term Debt$-9.7M
    ✗LynchPositive preferred
    LT Debt / Total Assets Change0.00% -> 0.54%
    ✗PiotroskiDecreased YoY
    Current Assets / Current Liabilities0.62
    ✗Dreman> 1.5✗SchlossCurrent ratio >= 1.50x (app cutoff)
    Total Debt / Shareholders' Equity0.01
    ✓Dreman< 0.8✓Templeton< 1.0 (fixed cap; proxy for below-sector-median leverage)✓SchlossD/E < 1.00x
    Debt Levels0.01
    ✓MungerDebt/Equity < 0.5✓AkreDebt/Equity < 0.3
    Interest Coverage & Debt/EBITDAIC=-246.6x, D/EBITDA=N/A
    ✗MarksInterest Coverage > 3x; Debt/EBITDA < 4x
    Total Debt / Shareholders Equity0.01
    ✓Ackman<= 1.0
    Negative debt-to-equity (higher means less debt)-0.0062; #534/4210 (top 12.7%)
    ✓AsnessTop 30% of eligible cross-section

Business & financials

Financial snapshot: annual FY 2025. Current investor scores may use newer quarterly data.

Company Profile

Industry: Agriculture
SIC Sector: Agricultural Services
Size: Micro Cap($201.9M)
Revenue: $26.4M+841.9% YoY
Net Income: $115.2M+3763.3% YoY

Financial Snapshot

Operating Margin-604.3%
Return on Equity37.8%
Debt / Equity0.01
Current Ratio1.18
EPS (Diluted)$2.52
Buybacks (1y)$17.0M

Similar Companies

CTVACorteva, Inc.
$6.3B
CALMCAL-MAINE FOODS INC
$3.1B
DOLEDole plc
$1.3B
AGROAdecoagro S.A.
$1.3B

Shareholder Return

Fiscal 2025

Share retirement not available for this company.

Buybacks
$17.0M
Dividends
—

Company Financials

Latest TTM and quarters alongside annual years

TTM sums four consecutive quarters and uses the latest quarter-end balances. Quarter columns show three-month results; annual columns show full-year totals. Growth compares the same period a year earlier. EPS is not added for TTM; full-year ratios are blank for quarters.

The latest annual period end is unavailable. Showing the latest fiscal cycle’s quarters; quarter and annual columns may overlap. Quarterly shows the full quarter history.

MetricTTM · 2025-03-31

2024-04-01 – 2025-03-31

Sources · derived quarter values

Derived from cumulative filings: operating cash flow, depreciation amortization, revenue, net income, operating income, gross profit, ebit, pre tax income.

Q1 FY 2027

2026-05-01 – 2026-07-31

Sources
FY 2025
Sources
  • 10-K · 2026-06-23
FY 2024
Sources
  • 10-K · 2025-03-27
FY 2023
Sources
  • 10-K · 2024-03-29
FY 2022
Sources
  • 10-K · 2023-03-28
FY 2021
Sources
  • 10-K · 2022-03-29
Market Cap$201.9Mcurrent--$205.9Mest.$5.8Mest.$54.3Mest.$93.0Mest.--
Revenue$3.3M$7.2M$26.4M↑842%$2.8M↓59%$6.9M↓39%$11.3M↓17%$13.6M
Operating Income-$3.3M-$21.2M-$159.6M↓4930%-$3.2M↓7%-$3.0M↑48%-$5.7M↓189%-$2.0M
Net Income-$3.3M-$11.4M$115.2M↑3763%-$3.1M↓8%-$2.9M↑47%-$5.5M↓311%-$1.3M
EPS (Diluted)--$-0.22$2.52↑160%$-4.22↓1072%$-0.36↑57%$-0.84↑64%$-2.33
Gross Margin-0.8%27.4%29.8%↑480%-7.8%↓200%7.8%↓23%10.1%↓53%21.5%
Operating Margin-101.2%-296.3%-604.3%↓434%-113.1%↓165%-42.7%↑16%-50.7%↓250%-14.5%
ROE-40.2%—37.8%↑194%-40.3%↓70%-23.7%↑36%-36.9%↓198%37.5%
Total Debt--$1.8M$1.8M--------
Shareholders' Equity$8.2M$289.4M$304.8M↑3802%$7.8M↓36%$12.3M↓18%$14.9M↑517%-$3.6M
Current Ratio8.160.621.18↓88%9.80↓8%10.68↑200%3.56↑293%0.91
Debt / Equity—0.010.01————
Operating Cash Flow-$2.9M-$6.5M-$26.6M↓771%-$3.1M↑50%-$6.1M↓92%-$3.2M↑1%-$3.2M
Free Cash Flow---$6.6M-$26.6M-----$3.2M↑2%-$3.3M

Score history

Historical Score Timeline

Industry peers

Industry Peers

Similar companies in Agriculture

BNC vs Peers — Financial Grading

Revenue$26.4MBottom 25%
Net Income$115.2MTop 25%
ROE37.8%Top 25%
D/E0.01Top 25%
Op. Margin-604.3%Bottom 25%
Curr. Ratio1.18Bottom 25%
CompanyMarket CapPriceRevenueNet IncomeROED/EOp. MarginCurr. RatioGrahamBuffettLynchGreenblattPiotroskiDreman
Corteva, Inc.CTVA$6.3B$9.43$17.4B$1.1B4.5%0.11—1.435/92/94/73/3F-Score 79/11
CAL-MAINE FOODS INCCALM$3.1B$66.45$2.9B$316.7M12.0%—12.0%7.706/93/92/71/3F-Score 66/11
Dole plcDOLE$1.3B$14.32$9.2B$51.3M3.8%0.632.4%1.174/91/90/71/3F-Score 63/11
Adecoagro S.A.AGRO$1.3B$9.11$1.5B$92.3M6.7%0.5712.0%2.545/92/93/70/3F-Score 76/11
DEL MONTE CORPDMC$1.3B$27.22$4.3B$90.7M4.5%0.093.2%2.165/91/92/70/3F-Score 86/11
Mission Produce, Inc.AVO$1.0B$11.83$1.4B$37.7M6.4%0.164.7%1.952/90/91/70/3F-Score 83/11
CALAVO GROWERS INCCVGW$490.7M$27.63$648.4M$19.8M9.6%0.023.0%2.473/92/91/71/3F-Score 72/11
BrasilAgro - Brazilian Agricultural Real Estate CoLND$311.8M$3.13$160.2M$25.2M6.3%—23.5%—5/93/90/71/3F-Score 54/11