CEA Industries (BNC)
Market Price (2/15/2026): $4.295 | Market Cap: $225.9 MilSector: Industrials | Industry: Agricultural & Farm Machinery
CEA Industries (BNC)
Market Price (2/15/2026): $4.295Market Cap: $225.9 MilSector: IndustrialsIndustry: Agricultural & Farm Machinery
Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.
| Attractive yieldTotal YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 124%, ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is 120% | Weak multi-year price returns2Y Excs Rtn is -73%, 3Y Excs Rtn is -131% | Not profitable at operating income levelOp Inc LTMOperating Income, Last Twelve Months is -27 Mil, Op Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is -312% |
| Cash is significant % of market capNet D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is -11% | Expensive valuation multiplesP/SPrice/Sales ratio is 26x | |
| Strong revenue growthRev Chg LTMRevenue Change % Last Twelve Months (LTM) is 174% | Valuation getting more expensiveP/S 6M Chg %Price/Sales change over 6 months. Declining P/S indicates valuation has become less expensive. is 1269% | |
| High stock price volatilityVol 12M is 566% | ||
| Key risksBNC key risks include [1] extreme concentration and volatility from its near-exclusive reliance on Binance Coin (BNB), Show more. |
| Attractive yieldTotal YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 124%, ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is 120% |
| Cash is significant % of market capNet D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is -11% |
| Strong revenue growthRev Chg LTMRevenue Change % Last Twelve Months (LTM) is 174% |
| Weak multi-year price returns2Y Excs Rtn is -73%, 3Y Excs Rtn is -131% |
| Not profitable at operating income levelOp Inc LTMOperating Income, Last Twelve Months is -27 Mil, Op Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is -312% |
| Expensive valuation multiplesP/SPrice/Sales ratio is 26x |
| Valuation getting more expensiveP/S 6M Chg %Price/Sales change over 6 months. Declining P/S indicates valuation has become less expensive. is 1269% |
| High stock price volatilityVol 12M is 566% |
| Key risksBNC key risks include [1] extreme concentration and volatility from its near-exclusive reliance on Binance Coin (BNB), Show more. |
Qualitative Assessment
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1. Investor Skepticism Surrounding the Digital Asset Treasury (DAT) Strategy.
Despite CEA Industries (BNC) reporting a "definitive transformation" into a digital asset-focused entity in its Q2 2026 earnings report (for the quarter ended October 31, 2025), the market appears to have reacted with skepticism. The company announced a $500 million private placement and the accumulation of over 500,000 BNB tokens, leading to a reported net income of $283.6 million and EPS of $5.36. However, this significant strategic shift towards cryptocurrency holdings might have introduced new perceived risks and volatility for investors, leading to a re-evaluation of the stock downwards due to the inherent unpredictability of digital asset markets.
2. Adoption of a Stockholder Rights Plan and Corporate Control Battle.
On December 26, 2025, CEA Industries adopted a limited-duration stockholder rights plan (often referred to as a "poison pill") and amended its bylaws. This action was taken in response to the formation of the YZi Labs Group, which was actively seeking Board control of the company. Defensive maneuvers like a poison pill, aimed at preventing hostile takeovers, can be viewed negatively by investors as they may suggest internal corporate governance issues or efforts by existing management to entrench themselves, potentially hindering opportunities for shareholder value creation. The announcement itself was met with a 2.25% decline in BNC's stock price on the day it was published.
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Stock Movement Drivers
Fundamental Drivers
The -42.1% change in BNC stock from 10/31/2025 to 2/15/2026 was primarily driven by a -98.5% change in the company's Shares Outstanding (Mil).| (LTM values as of) | 10312025 | 2152026 | Change |
|---|---|---|---|
| Stock Price ($) | 7.42 | 4.29 | -42.1% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 3 | 9 | 164.0% |
| P/S Multiple | 1.8 | 26.1 | 1337.3% |
| Shares Outstanding (Mil) | 1 | 53 | -98.5% |
| Cumulative Contribution | -42.1% |
Market Drivers
10/31/2025 to 2/15/2026| Return | Correlation | |
|---|---|---|
| BNC | -42.0% | |
| Market (SPY) | -0.0% | 34.6% |
| Sector (XLI) | 12.3% | 41.5% |
Fundamental Drivers
The -84.1% change in BNC stock from 7/31/2025 to 2/15/2026 was primarily driven by a -98.5% change in the company's Shares Outstanding (Mil).| (LTM values as of) | 7312025 | 2152026 | Change |
|---|---|---|---|
| Stock Price ($) | 27.02 | 4.29 | -84.1% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 3 | 9 | 164.0% |
| P/S Multiple | 6.6 | 26.1 | 294.7% |
| Shares Outstanding (Mil) | 1 | 53 | -98.5% |
| Cumulative Contribution | -84.1% |
Market Drivers
7/31/2025 to 2/15/2026| Return | Correlation | |
|---|---|---|
| BNC | -84.1% | |
| Market (SPY) | 8.2% | 15.7% |
| Sector (XLI) | 15.1% | 20.4% |
Fundamental Drivers
The -40.4% change in BNC stock from 1/31/2025 to 2/15/2026 was primarily driven by a -98.5% change in the company's Shares Outstanding (Mil).| (LTM values as of) | 1312025 | 2152026 | Change |
|---|---|---|---|
| Stock Price ($) | 7.21 | 4.29 | -40.4% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 3 | 9 | 228.6% |
| P/S Multiple | 2.2 | 26.1 | 1104.4% |
| Shares Outstanding (Mil) | 1 | 53 | -98.5% |
| Cumulative Contribution | -40.4% |
Market Drivers
1/31/2025 to 2/15/2026| Return | Correlation | |
|---|---|---|
| BNC | -40.4% | |
| Market (SPY) | 14.3% | 2.4% |
| Sector (XLI) | 27.2% | 1.1% |
Fundamental Drivers
The -62.7% change in BNC stock from 1/31/2023 to 2/15/2026 was primarily driven by a -98.7% change in the company's Shares Outstanding (Mil).| (LTM values as of) | 1312023 | 2152026 | Change |
|---|---|---|---|
| Stock Price ($) | 11.52 | 4.29 | -62.7% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 13 | 9 | -32.7% |
| P/S Multiple | 0.6 | 26.1 | 4296.1% |
| Shares Outstanding (Mil) | 1 | 53 | -98.7% |
| Cumulative Contribution | -62.7% |
Market Drivers
1/31/2023 to 2/15/2026| Return | Correlation | |
|---|---|---|
| BNC | -62.7% | |
| Market (SPY) | 74.0% | 3.0% |
| Sector (XLI) | 78.5% | 1.7% |
Price Returns Compared
| 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Total [1] | |
|---|---|---|---|---|---|---|---|
| Returns | |||||||
| BNC Return | -7% | -83% | -35% | 24% | -21% | -33% | -93% |
| Peers Return | 43% | -86% | 328% | 60% | -31% | -14% | -16% |
| S&P 500 Return | 27% | -19% | 24% | 23% | 16% | -0% | 82% |
Monthly Win Rates [3] | |||||||
| BNC Win Rate | 33% | 42% | 50% | 50% | 33% | 0% | |
| Peers Win Rate | 45% | 30% | 65% | 43% | 53% | 20% | |
| S&P 500 Win Rate | 75% | 42% | 67% | 75% | 67% | 50% | |
Max Drawdowns [4] | |||||||
| BNC Max Drawdown | -7% | -83% | -44% | -13% | -40% | -33% | |
| Peers Max Drawdown | -18% | -87% | -12% | -43% | -52% | -21% | |
| S&P 500 Max Drawdown | -1% | -25% | -1% | -2% | -15% | -1% | |
[1] Cumulative total returns since the beginning of 2021
[2] Peers: MSTR, MARA, RIOT, COIN, HYFM.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2026 data is for the year up to 2/13/2026 (YTD)
How Low Can It Go
| Event | BNC | S&P 500 |
|---|---|---|
| 2022 Inflation Shock | ||
| % Loss | -98.4% | -25.4% |
| % Gain to Breakeven | 6277.1% | 34.1% |
| Time to Breakeven | Not Fully Recovered days | 464 days |
| 2020 Covid Pandemic | ||
| % Loss | -74.2% | -33.9% |
| % Gain to Breakeven | 287.5% | 51.3% |
| Time to Breakeven | 101 days | 148 days |
| 2018 Correction | ||
| % Loss | -95.1% | -19.8% |
| % Gain to Breakeven | 1930.4% | 24.7% |
| Time to Breakeven | Not Fully Recovered days | 120 days |
Compare to MSTR, MARA, RIOT, COIN, HYFM
In The Past
CEA Industries's stock fell -98.4% during the 2022 Inflation Shock from a high on 1/14/2021. A -98.4% loss requires a 6277.1% gain to breakeven.
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About CEA Industries (BNC)
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- A micro-Berkshire Hathaway for tech, media, and telecom investments.
- Like IAC, but focused on acquiring and investing in technology, media, and telecom companies.
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- Commercial Banking: Provides loans, lines of credit, and treasury management services to businesses.
- Retail Banking: Offers checking accounts, savings accounts, credit cards, mortgages, and personal loans to individual customers.
- Wealth Management: Provides investment advisory, financial planning, trust, and brokerage services.
- Mortgage Lending: Specializes in providing residential mortgage loans for home purchases and refinancing.
AI Analysis | Feedback
CEA Industries (symbol: BNC) primarily sells its services and properties to other companies rather than individuals.
According to the company's Annual Report on Form 10-K for the fiscal year ended December 31, 2022, CEA Industries noted significant customer concentration but did not disclose the names of these specific customers:
- One customer accounted for approximately 42% of its construction segment revenue in 2022.
- Another customer accounted for approximately 18% of its real estate segment revenue in 2022.
Given that specific customer names are not publicly disclosed by the company, we can describe the categories of businesses that constitute CEA Industries' customer base, based on their business operations:
- Commercial and Industrial Property Developers: These are companies that specialize in the planning, financing, and construction of large-scale commercial (e.g., office buildings, retail centers) and industrial (e.g., warehouses, distribution centers, manufacturing facilities) properties. CEA Industries performs construction services as a contractor for these entities.
- Property Owners and Investors: Entities, which can include businesses or investment groups, that own existing commercial or industrial real estate. They engage CEA Industries for new construction on their land, as well as for renovation, expansion, or interior fit-out projects for their properties.
- Businesses as Owner-Occupants or Tenants:
- Owner-Occupants: Companies that directly contract CEA Industries to build or renovate facilities for their own operational use (e.g., a logistics company building a new distribution center for itself).
- Tenants: For CEA Industries' real estate segment, customers are businesses that lease commercial space within the properties that CEA Industries owns and operates.
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David Namdar Chief Executive Officer
David Namdar was appointed CEO of CEA Industries Inc. on August 5, 2025. He is also a Co-Founder of Galaxy Digital and a Senior Partner at 10X Capital. Mr. Namdar's focus at CEA Industries Inc. is on managing the world's largest corporate treasury of BNB token.
Tony McDonald President
Tony McDonald became President of CEA Industries Inc. on August 5, 2025, after serving as Chairman & Chief Executive Officer (previously for Surna Inc.). He joined the Board of Directors of Surna Inc. in 2018 and was appointed CEO later that year. Before Surna, he held sales and business development leadership roles as National Sales Director for Seeley International and Vice-President-Sales for Coolerado Corp., where he significantly grew revenue. Mr. McDonald has over ten years of experience in private equity and mergers & acquisitions, during which he identified, financed, or acquired numerous transactions totaling several hundred million dollars in enterprise value. He was also instrumental in securing growth equity funding for Coolerado Corp., which was subsequently acquired by a large strategic competitor.
Russell Read Chief Investment Officer
Russell Read was appointed Chief Investment Officer of CEA Industries Inc. on August 5, 2025, and also serves as a Non-Executive Director. Dr. Read is a Co-Founder, Chief Investment Officer, and Director at Measa Partners. His extensive background includes senior leadership positions as Chief Investment Officer of the California Public Employees Retirement System (CalPERS), the Alaska Permanent Fund Corporation (APFC), and the Gulf Investment Corporation (GIC-Kuwait). He also served as Deputy CIO of Deutsche Bank Asset Management, Managing Partner of C Change Group, and Senior Advisor to MSCI.
Jon "Dr. J" Najarian Chief Evangelist
Jon "Dr. J" Najarian was appointed Chief Evangelist of CEA Industries Inc. on October 9, 2025. He is a recognized options trader, stock and crypto markets analyst, and financial media personality, with a distinguished career spanning more than 44 years in financial markets. Mr. Najarian contributed to various CNBC programs for 16 years and is widely known as a pioneer in options trading and algorithmic trading.
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Key Risks to CEA Industries (BNC)
CEA Industries (NASDAQ: BNC) faces significant risks primarily stemming from its strategic shift to a digital asset treasury model, centered on holdings of Binance Coin (BNB). The company, which previously focused on regulated consumer markets, including the Canadian nicotine vape industry, has largely transitioned to becoming a holder of BNB. The most significant risks to the business include:- Extreme Concentration and Volatility Risk from BNB Holdings: CEA Industries' business model is now heavily reliant on its substantial holdings of Binance Coin (BNB), making it "highly concentrated" and "almost exclusively" exposed to the volatile digital asset market. The company's valuation is highly susceptible to "huge instantaneous swings" in BNB's price. A significant decline in BNB prices or the failure of its digital asset strategies could severely impact CEA Industries' valuation. The company is described as a "highly concentrated, highly speculative trade tied directly to the future price action of a single volatile digital asset."
- High Execution Risk of the Digital Asset Treasury Strategy: The aggressive strategy to accumulate BNB and aim for 1% of its total supply is "entirely unproven" and carries no guarantee of success. There is a risk that this digital asset strategy may not generate sufficient returns to offset the company's operating losses from its traditional business. The long-term success of this strategy is contingent upon the continued growth and adoption of the broader BNB ecosystem.
- Negative Operating Cash Flow and Shareholder Dilution Risk: CEA Industries has demonstrated "weak core fundamentals," including being unprofitable and "burning cash," with negative operating cash flow in both 2024 and the first quarter of 2025. This consistent cash burn necessitates heavy reliance on raising equity capital for short-term liquidity, which "constantly threatens shareholder dilution through more share offerings." The company has already experienced "significant share dilution."
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CEA Industries (symbol: BNC) operates in two primary markets: the Controlled Environment Agriculture (CEA) industry, with a particular focus on cannabis crops, and the Canadian nicotine vape industry.
Controlled Environment Agriculture (CEA) Market (Global and North America)
The global Controlled Environment Agriculture (CEA) market was valued at approximately USD 108.48 billion in 2025 and is projected to exceed USD 420.15 billion by 2035, demonstrating a compound annual growth rate (CAGR) of over 14.5% during the forecast period of 2026-2035.
North America is a significant region within the CEA market. In 2024, North America was anticipated to hold 34.1% of the global market share, and this is expected to increase, with the region poised to hold the largest revenue share of 36.5% by 2035.
Cannabis Cultivation Market (Global and North America)
The global cannabis cultivation market, which includes the cannabis crops that CEA Industries targets with its services, was valued at USD 554.42 billion in 2024. It is projected to grow to USD 690.33 billion in 2025 and reach USD 3,257.54 billion by 2035, growing at a CAGR of 16.8% during this period.
North America dominates the cannabis cultivation market, holding approximately 41% of the global market share. Specifically, the U.S. cannabis cultivation market was valued at USD 287.91 billion in 2024 and is projected to reach USD 1,273.30 billion by 2032, with a CAGR of 20.43% from 2025 to 2032.
The North America cannabis technology market, which includes cultivation technology relevant to CEA Industries' offerings, was estimated at USD 12.70 billion in 2023 and is expected to grow at a CAGR of 28.3% from 2024 to 2030, reaching USD 71.07 billion by 2030.
Canadian Nicotine Vape Industry (Canada)
The Canadian electronic cigarette industry is anticipated to grow at a compound annual growth rate (CAGR) of 9.4% between 2019 and 2025. Within this sector, the Canada disposable vapes market was valued at USD 620.51 million in 2024 and is expected to expand at a CAGR of 11.29% from 2025 to 2033. Additionally, the Canada nicotine pouches market was estimated at USD 112.2 million in 2024 and is projected to grow at a CAGR of 4.7% from 2025 to 2030.
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Here are 3-5 expected drivers of future revenue growth for CEA Industries (symbol: BNC) over the next 2-3 years:- Expansion and Synergies in the Canadian Nicotine Vape Market: CEA Industries recently acquired Fat Panda Ltd., a prominent Canadian vape retailer and manufacturer. This acquisition provides a significant foothold in a high-growth, regulated market, with Fat Panda reporting approximately CAD $38.5 million (USD $28.5 million) in annual revenue in fiscal year 2024. CEA Industries plans to expand Fat Panda's retail and wholesale operations by acquiring new store locations and launching de novo stores, thereby reaching new markets and increasing accessibility for customers. The company also intends to scale Fat Panda's manufacturing capabilities for both house-brand and white-label vape products, aiming to accelerate growth and enhance profitability through this vertically integrated model.
- Growth of the Digital Asset Treasury (DAT) Strategy Focused on BNB: CEA Industries has strategically pivoted to a Digital Asset Treasury strategy, primarily focused on Binance Coin (BNB). The company's goal is to acquire 1% of BNB's total supply by the end of 2025. This strategy is anticipated to drive long-term value by leveraging the appreciation of BNB and capitalizing on the BNB Chain ecosystem. The company has already seen significant balance sheet growth due to BNB's performance.
- Participation in On-chain Yield Opportunities within the BNB Ecosystem: Beyond direct asset appreciation, CEA Industries' concentrated focus on BNB aims to maximize exposure to network effects and actively participate in on-chain yield opportunities. This suggests potential revenue generation from staking, lending, or other decentralized finance (DeFi) activities within the BNB Chain ecosystem, leveraging BNB's role as the "engine powering the most active blockchain ecosystem by user engagement and trading activity worldwide."
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Share Repurchases
- CEA Industries authorized a stock repurchase program of up to $250 million in September 2025.
- The program aims to enhance shareholder value and optimize capital allocation, reflecting confidence in the company’s long-term value and its BNB asset holdings.
- Repurchases can be executed opportunistically through open market purchases or privately negotiated transactions, with timing dependent on market conditions.
Share Issuance
- In August 2025, CEA Industries entered into a $50 million at-the-market equity offering agreement with Cantor Fitzgerald & Co. to sell shares of its common stock.
- The company completed a $500 million private placement offering on August 5, 2025, which included a common equity PIPE.
- This private placement also involved the issuance of warrants, with a potential for up to an additional $750 million in proceeds if all warrants are exercised.
Inbound Investments
- CEA Industries closed a $500 million private placement offering on August 5, 2025, led by YZi Labs.
- This offering was structured as a common equity PIPE, delivering $500 million in gross proceeds.
- The private placement has the potential to generate up to an additional $750 million in cash from the exercise of associated warrants.
Outbound Investments
- CEA Industries has significantly expanded its treasury holdings of BNB tokens, becoming the largest corporate holder globally.
- Initial acquisitions included 200,000 BNB tokens for $160 million, with total holdings reaching 500,000 BNB by October 2025 at an average cost of $870 per BNB, representing $435 million invested.
- The company aims to acquire 1% of BNB’s total supply by the end of 2025 as part of its Digital Asset Treasury strategy.
Latest Trefis Analyses
| Title | Date | |
|---|---|---|
| DASHBOARDS | ||
| CEA Industries Earnings Notes | 12/16/2025 | |
| CEA Industries Stock Drop Looks Sharp, But How Deep Can It Go? | 10/17/2025 | |
| Day 8 of Loss Streak for CEA Industries Stock with -38% Return (vs. 110% YTD) [9/4/2025] | 09/05/2025 |
| Title | |
|---|---|
| ARTICLES |
Research & Analysis
Invest in Strategies
Wealth Management
Peer Comparisons
| Peers to compare with: |
Financials
| Median | |
|---|---|
| Name | |
| Mkt Price | 11.61 |
| Mkt Cap | 4.1 |
| Rev LTM | 556 |
| Op Inc LTM | -47 |
| FCF LTM | -1,323 |
| FCF 3Y Avg | -736 |
| CFO LTM | -63 |
| CFO 3Y Avg | -35 |
Growth & Margins
| Median | |
|---|---|
| Name | |
| Rev Chg LTM | 31.5% |
| Rev Chg 3Y Avg | 36.6% |
| Rev Chg Q | 51.3% |
| QoQ Delta Rev Chg LTM | 8.9% |
| Op Mgn LTM | -43.3% |
| Op Mgn 3Y Avg | -42.4% |
| QoQ Delta Op Mgn LTM | -0.5% |
| CFO/Rev LTM | -13.3% |
| CFO/Rev 3Y Avg | -7.3% |
| FCF/Rev LTM | -144.0% |
| FCF/Rev 3Y Avg | -123.8% |
Valuation
| Median | |
|---|---|
| Name | |
| Mkt Cap | 4.1 |
| P/S | 7.3 |
| P/EBIT | 3.0 |
| P/E | 4.0 |
| P/CFO | -3.3 |
| Total Yield | 12.0% |
| Dividend Yield | 0.0% |
| FCF Yield 3Y Avg | -24.9% |
| D/E | 0.2 |
| Net D/E | 0.2 |
Returns
| Median | |
|---|---|
| Name | |
| 1M Rtn | -26.5% |
| 3M Rtn | -25.9% |
| 6M Rtn | -56.4% |
| 12M Rtn | -56.7% |
| 3Y Rtn | 75.1% |
| 1M Excs Rtn | -25.6% |
| 3M Excs Rtn | -31.8% |
| 6M Excs Rtn | -62.5% |
| 12M Excs Rtn | -58.0% |
| 3Y Excs Rtn | 9.2% |
Price Behavior
| Market Price | $4.30 | |
| Market Cap ($ Bil) | 0.2 | |
| First Trading Date | 04/05/2011 | |
| Distance from 52W High | -92.5% | |
| 50 Days | 200 Days | |
| DMA Price | $6.13 | $10.17 |
| DMA Trend | down | down |
| Distance from DMA | -29.9% | -57.7% |
| 3M | 1YR | |
| Volatility | 96.4% | 578.2% |
| Downside Capture | 297.19 | 87.36 |
| Upside Capture | 187.60 | -20.76 |
| Correlation (SPY) | 28.4% | 2.3% |
| 1M | 2M | 3M | 6M | 1Y | 3Y | |
|---|---|---|---|---|---|---|
| Beta | 1.44 | 1.52 | 2.87 | 1.43 | 0.63 | 0.61 |
| Up Beta | -0.80 | -0.90 | 2.64 | 0.88 | 0.07 | -0.04 |
| Down Beta | 3.74 | 3.56 | 3.72 | 4.52 | 4.97 | 2.97 |
| Up Capture | -221% | -66% | 117% | -109% | 2% | 18% |
| Bmk +ve Days | 11 | 22 | 34 | 71 | 142 | 430 |
| Stock +ve Days | 9 | 16 | 26 | 49 | 102 | 335 |
| Down Capture | 333% | 229% | 310% | 218% | 67% | 99% |
| Bmk -ve Days | 9 | 19 | 27 | 54 | 109 | 321 |
| Stock -ve Days | 11 | 24 | 34 | 74 | 133 | 388 |
[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
Based On 1-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with BNC | |
|---|---|---|---|---|
| BNC | -37.1% | 584.4% | 0.73 | - |
| Sector ETF (XLI) | 27.9% | 19.2% | 1.15 | 1.3% |
| Equity (SPY) | 14.0% | 19.4% | 0.55 | 2.5% |
| Gold (GLD) | 74.3% | 25.3% | 2.17 | -2.5% |
| Commodities (DBC) | 7.0% | 16.7% | 0.24 | 7.5% |
| Real Estate (VNQ) | 7.9% | 16.6% | 0.28 | -8.0% |
| Bitcoin (BTCUSD) | -29.8% | 44.9% | -0.65 | 6.8% |
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Based On 5-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with BNC | |
|---|---|---|---|---|
| BNC | -52.9% | 269.2% | 0.17 | - |
| Sector ETF (XLI) | 15.9% | 17.2% | 0.74 | 3.8% |
| Equity (SPY) | 13.3% | 17.0% | 0.62 | 5.3% |
| Gold (GLD) | 22.1% | 17.0% | 1.06 | 0.0% |
| Commodities (DBC) | 10.5% | 18.9% | 0.44 | 3.2% |
| Real Estate (VNQ) | 5.2% | 18.8% | 0.18 | 0.3% |
| Bitcoin (BTCUSD) | 8.3% | 57.2% | 0.37 | 5.4% |
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Based On 10-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with BNC | |
|---|---|---|---|---|
| BNC | -28.8% | 220.0% | 0.32 | - |
| Sector ETF (XLI) | 15.3% | 19.8% | 0.68 | 2.7% |
| Equity (SPY) | 15.6% | 17.9% | 0.75 | 3.6% |
| Gold (GLD) | 15.3% | 15.6% | 0.82 | 1.2% |
| Commodities (DBC) | 8.1% | 17.6% | 0.38 | 3.9% |
| Real Estate (VNQ) | 6.4% | 20.7% | 0.27 | 1.3% |
| Bitcoin (BTCUSD) | 67.9% | 66.7% | 1.07 | 4.8% |
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Returns Analyses
Earnings Returns History
Expand for More| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 12/16/2025 | 0.2% | -3.9% | -0.9% |
| 9/23/2025 | 2.1% | 1.7% | -4.0% |
| SUMMARY STATS | |||
| # Positive | 2 | 1 | 0 |
| # Negative | 0 | 1 | 2 |
| Median Positive | 1.1% | 1.7% | |
| Median Negative | -3.9% | -2.5% | |
| Max Positive | 2.1% | 1.7% | |
| Max Negative | -3.9% | -4.0% | |
SEC Filings
Expand for More| Report Date | Filing Date | Filing |
|---|---|---|
| 10/31/2025 | 12/15/2025 | 10-Q |
| 04/30/2025 | 07/25/2025 | 10-KT |
| 03/31/2025 | 05/15/2025 | 10-Q |
| 12/31/2024 | 03/27/2025 | 10-K |
| 09/30/2024 | 11/14/2024 | 10-Q |
| 06/30/2024 | 08/14/2024 | 10-Q |
| 03/31/2024 | 05/14/2024 | 10-Q |
| 12/31/2023 | 03/29/2024 | 10-K |
| 09/30/2023 | 11/14/2023 | 10-Q |
| 06/30/2023 | 08/14/2023 | 10-Q |
| 03/31/2023 | 05/15/2023 | 10-Q |
| 12/31/2022 | 03/28/2023 | 10-K |
| 09/30/2022 | 11/14/2022 | 10-Q |
| 06/30/2022 | 08/11/2022 | 10-Q |
| 03/31/2022 | 05/12/2022 | 10-Q |
| 12/31/2021 | 03/29/2022 | 10-K |
External Quote Links
| Y Finance | Barrons |
| TradingView | Morningstar |
| SeekingAlpha | ValueLine |
| Motley Fool | Robinhood |
| CNBC | Etrade |
| MarketWatch | Unusual Whales |
| YCharts | Perplexity Finance |
| FinViz |
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