CEA Industries (BNC)
Market Price (4/22/2026): $2.88 | Market Cap: $153.2 MilSector: Industrials | Industry: Agricultural & Farm Machinery
CEA Industries (BNC)
Market Price (4/22/2026): $2.88Market Cap: $153.2 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 114%, ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is 110% Strong revenue growthRev Chg LTMRevenue Change % Last Twelve Months (LTM) is 492% Valuation becoming less expensiveP/S 6M Chg %Price/Sales change over 6 months. Declining P/S indicates valuation has become less expensive. is -79% | Weak multi-year price returns2Y Excs Rtn is -91%, 3Y Excs Rtn is -142% | Not profitable at operating income levelOp Inc LTMOperating Income, Last Twelve Months is -31 Mil, Op Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is -198% Expensive valuation multiplesP/SPrice/Sales ratio is 9.8x High stock price volatilityVol 12M is 565% 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 114%, ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is 110% |
| Strong revenue growthRev Chg LTMRevenue Change % Last Twelve Months (LTM) is 492% |
| Valuation becoming less expensiveP/S 6M Chg %Price/Sales change over 6 months. Declining P/S indicates valuation has become less expensive. is -79% |
| Weak multi-year price returns2Y Excs Rtn is -91%, 3Y Excs Rtn is -142% |
| Not profitable at operating income levelOp Inc LTMOperating Income, Last Twelve Months is -31 Mil, Op Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is -198% |
| Expensive valuation multiplesP/SPrice/Sales ratio is 9.8x |
| High stock price volatilityVol 12M is 565% |
| 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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CEA Industries (BNC) stock has lost about 55% since 12/31/2025 because of the following key factors:
1. Significant Unrealized Loss from BNB Price Decline: CEA Industries reported a net loss of $(106.6) million and an EPS of $(2.00) for its fiscal third quarter ended January 31, 2026. This substantial loss was primarily driven by a approximately 28% decline in the price of BNB, from $1,089 to $781, during that quarter. As BNB constitutes the majority of the company's total assets, this price drop resulted in an unrealized loss of about $159.8 million.
2. Material Decline in BNB Ecosystem Airdrop Income: Historically, CEA Industries derived a portion of its treasury income from airdrops within the BNB ecosystem. However, during the period, airdrop activity significantly declined, leading to a reduction in this income stream.
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1. Significant Unrealized Loss from BNB Price Decline: CEA Industries reported a net loss of $(106.6) million and an EPS of $(2.00) for its fiscal third quarter ended January 31, 2026. This substantial loss was primarily driven by a approximately 28% decline in the price of BNB, from $1,089 to $781, during that quarter. As BNB constitutes the majority of the company's total assets, this price drop resulted in an unrealized loss of about $159.8 million.
2. Material Decline in BNB Ecosystem Airdrop Income: Historically, CEA Industries derived a portion of its treasury income from airdrops within the BNB ecosystem. However, during the period, airdrop activity significantly declined, leading to a reduction in this income stream.
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Stock Movement Drivers
Fundamental Drivers
The -55.1% change in BNC stock from 12/31/2025 to 4/21/2026 was primarily driven by a -65.4% change in the company's Net Income Margin (%).| (LTM values as of) | 12312025 | 4212026 | Change |
|---|---|---|---|
| Stock Price ($) | 6.42 | 2.88 | -55.1% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 9 | 16 | 80.1% |
| Net Income Margin (%) | 3240.7% | 1121.0% | -65.4% |
| P/E Multiple | 1.2 | 0.9 | -27.2% |
| Shares Outstanding (Mil) | 53 | 53 | -1.1% |
| Cumulative Contribution | -55.1% |
Market Drivers
12/31/2025 to 4/21/2026| Return | Correlation | |
|---|---|---|
| BNC | -55.1% | |
| Market (SPY) | -5.4% | 42.3% |
| Sector (XLI) | 10.5% | 43.7% |
Fundamental Drivers
The -63.1% change in BNC stock from 9/30/2025 to 4/21/2026 was primarily driven by a -98.5% change in the company's Shares Outstanding (Mil).| (LTM values as of) | 9302025 | 4212026 | Change |
|---|---|---|---|
| Stock Price ($) | 7.80 | 2.88 | -63.1% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 3 | 16 | 375.5% |
| P/S Multiple | 1.9 | 9.8 | 414.7% |
| Shares Outstanding (Mil) | 1 | 53 | -98.5% |
| Cumulative Contribution | -63.1% |
Market Drivers
9/30/2025 to 4/21/2026| Return | Correlation | |
|---|---|---|
| BNC | -63.1% | |
| Market (SPY) | -2.9% | 39.8% |
| Sector (XLI) | 11.5% | 41.0% |
Fundamental Drivers
The -67.7% change in BNC stock from 3/31/2025 to 4/21/2026 was primarily driven by a -98.5% change in the company's Shares Outstanding (Mil).| (LTM values as of) | 3312025 | 4212026 | Change |
|---|---|---|---|
| Stock Price ($) | 8.92 | 2.88 | -67.7% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 3 | 16 | 456.8% |
| P/S Multiple | 2.5 | 9.8 | 289.3% |
| Shares Outstanding (Mil) | 1 | 53 | -98.5% |
| Cumulative Contribution | -67.7% |
Market Drivers
3/31/2025 to 4/21/2026| Return | Correlation | |
|---|---|---|
| BNC | -67.7% | |
| Market (SPY) | 16.3% | 2.4% |
| Sector (XLI) | 32.2% | 1.9% |
Fundamental Drivers
The -72.4% change in BNC stock from 3/31/2023 to 4/21/2026 was primarily driven by a -98.8% change in the company's Shares Outstanding (Mil).| (LTM values as of) | 3312023 | 4212026 | Change |
|---|---|---|---|
| Stock Price ($) | 10.44 | 2.88 | -72.4% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 11 | 16 | 38.3% |
| P/S Multiple | 0.6 | 9.8 | 1498.0% |
| Shares Outstanding (Mil) | 1 | 53 | -98.8% |
| Cumulative Contribution | -72.4% |
Market Drivers
3/31/2023 to 4/21/2026| Return | Correlation | |
|---|---|---|
| BNC | -72.4% | |
| Market (SPY) | 63.3% | 3.2% |
| Sector (XLI) | 76.7% | 2.1% |
Price Returns Compared
| 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Total [1] | |
|---|---|---|---|---|---|---|---|
| Returns | |||||||
| BNC Return | -7% | -83% | -35% | 24% | -21% | -53% | -95% |
| Peers Return | 43% | -86% | 328% | 60% | -31% | 9% | 6% |
| S&P 500 Return | 27% | -19% | 24% | 23% | 16% | 4% | 89% |
Monthly Win Rates [3] | |||||||
| BNC Win Rate | 33% | 42% | 50% | 50% | 33% | 25% | |
| Peers Win Rate | 45% | 30% | 65% | 43% | 53% | 35% | |
| S&P 500 Win Rate | 75% | 42% | 67% | 75% | 67% | 50% | |
Max Drawdowns [4] | |||||||
| BNC Max Drawdown | -7% | -83% | -44% | -13% | -40% | -60% | |
| Peers Max Drawdown | -18% | -87% | -12% | -43% | -52% | -29% | |
| S&P 500 Max Drawdown | -1% | -25% | -1% | -2% | -15% | -7% | |
[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 4/21/2026 (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)
CEA Industries Inc. provides technology, engineering, and other services to the controlled environment agriculture (CEA) industry worldwide. It offers floor plans and architectural design for cultivation facilities; licensed mechanical, electrical, and plumbing engineering services for commercial scale environmental control systems that are specific to cultivation facilities; and process cooling systems and other climate control systems. The company also provides air handling equipment and systems; LED lighting; benching and racking solutions for indoor cultivation; automation and control devices, systems, and technologies for environmental, lighting, and climate control applications; and preventive maintenance services for CEA facilities. It serves commercial, as well as state- and provincial-regulated CEA growers. The company was formerly known as Surna Inc. and changed its name to CEA Industries Inc. in November 2021. CEA Industries Inc. was founded in 2006 and is headquartered in Louisville, Colorado.
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Johnson Controls for indoor farmsRockwell Automation for indoor agriculture
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- Architectural Design Services: Provides floor plans and architectural design specifically for cultivation facilities.
- MEP Engineering Services: Offers licensed mechanical, electrical, and plumbing engineering for commercial environmental control systems in cultivation facilities.
- Climate Control Systems: Supplies process cooling systems and other climate control solutions.
- Air Handling Equipment: Provides equipment and systems for air handling within cultivation facilities.
- LED Lighting: Offers LED lighting solutions for indoor cultivation.
- Benching & Racking Solutions: Provides solutions for benching and racking within indoor cultivation environments.
- Automation & Control Systems: Delivers devices, systems, and technologies for environmental, lighting, and climate control automation.
- Preventive Maintenance Services: Offers preventive maintenance services for controlled environment agriculture facilities.
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CEA Industries (BNC) sells primarily to other companies within the controlled environment agriculture (CEA) industry.
Based on the provided information, its major customers are:
- Commercial Controlled Environment Agriculture (CEA) growers
- State-regulated Controlled Environment Agriculture (CEA) growers
- Provincial-regulated Controlled Environment Agriculture (CEA) growers
Specific names of customer companies are not provided in the background information.
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Here is the management team for CEA Industries Inc. (symbol: BNC):David Namdar, Chief Executive Officer
David Namdar was appointed CEO of CEA Industries Inc. in July 2025. He is focused on managing the world's largest corporate treasury of BNB and strategic digital asset management, steering the company as it evolved into a digital asset treasury company. His leadership team has been active in both crypto and global finance for over a decade. He directly owns 1.96% of the company's shares.
Brent Miller, Chief Financial Officer
Brent Miller, also referred to as William B. Miller, was appointed Chief Financial Officer of CEA Industries Inc. on March 9, 2026. He brings over 20 years of experience in financial reporting, accounting policy, internal controls, and capital markets. Miller previously served as Chief Accounting Officer of Figure Technology Solutions, a blockchain-native financial technology and digital asset company, where he guided the company through its reorganization and initial public offering. His past roles also include Chief Financial Officer of reAlpha Tech Corp., Chief Accounting Officer of Sunlight Financial Holdings Inc., and Chief Financial Officer and Treasurer of KKR Real Estate Finance Trust Inc. His extensive public company leadership across fintech, real estate, and investment management firms, along with experience in private credit and minority equity investments, is expected to support CEA Industries' digital asset treasury strategy.
Tony McDonald, Chairman of the Board & President
Tony McDonald serves as the Chairman of the Board and President of CEA Industries Inc. He was previously the Chairman and CEO of Surna Inc., the company's former name. He possesses 15 years of experience in the cannabis space and the controlled environment agriculture (CEA) industry.
Renee Larson, VP Finance / Controller
Renee Larson holds the position of VP Finance / Controller at CEA Industries Inc. She was part of the leadership team when the company was known as Surna.
Jordan Vedoya, President Fat Panda Ltd.
Jordan Vedoya is listed as the President of Fat Panda Ltd., which is part of the CEA Industries leadership team.
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Here are the key risks to CEA Industries (BNC):
- Corporate Dysfunction and Governance Issues: CEA Industries is facing severe allegations of corporate dysfunction, including an "operational vacuum" characterized by the absence of key executive roles such as a CFO, COO, operations, and marketing teams, along with a lack of a functional website. A major stockholder, YZi Labs, has filed a lawsuit and is actively demanding transparency, an independent investigation into management practices, and the termination of an asset management agreement with 10X Capital. There are also allegations of disclosure violations concerning an undeclared ownership stake held by a board member's affiliated firm, which could lead to an SEC investigation, fines, legal action, and a significant erosion of investor confidence.
- Exposure to Cryptocurrency Market Volatility: The company has made a significant strategic pivot, establishing a publicly traded BNB treasury and becoming a substantial holder of Binance Coin (BNB). This shift means the company's value is now heavily tied to the volatile cryptocurrency market, making it primarily a means for investors to gain exposure to BNB. Forward-looking statements from CEA Industries acknowledge risks related to its ability to finance the continued acquisition of BNB and the future value and adoption of BNB.
- Declining Core Controlled Environment Agriculture (CEA) Business and Regulatory Challenges: While the company originally focused on providing services and technology to the CEA industry, this segment has experienced a slowdown since 2020, with declining revenue and backlog. The CEA business, particularly its historical focus on the cannabis industry, is subject to evolving regulatory and environmental challenges. Although certain states have legalized cannabis, U.S. federal laws still prohibit it, and any changes in federal enforcement could adversely impact the company's customers and business.
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The increasing commoditization and price compression within the controlled environment agriculture (CEA) market, particularly in the cannabis sector, poses an emerging threat. As the market matures and competition intensifies, there is a growing economic incentive for growers to shift away from high-capital expenditure (CAPEX), custom-engineered, ultra-controlled indoor cultivation facilities (which are CEA Industries' specialty). Instead, growers are increasingly seeking more cost-effective and standardized cultivation solutions, such as advanced greenhouses or modular 'grow-in-a-box' systems, which can offer lower CAPEX and operational expenses while still providing a level of environmental control. This shift could diminish the demand for CEA Industries' specialized architectural design, licensed MEP engineering, and custom environmental control system integration services, favoring solutions that require less bespoke engineering and design.
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CEA Industries Inc. provides a range of technology, engineering, and services crucial to the controlled environment agriculture (CEA) industry. The addressable markets for their main products and services are substantial and show significant growth globally and in key regions like North America.Controlled Environment Agriculture (CEA) Market (Overall)
The overarching market that CEA Industries serves, encompassing various indoor cultivation methods, is experiencing rapid growth. The global controlled environment agriculture market was estimated at USD 92.60 billion in 2025 and is projected to reach USD 198.10 billion by 2030, growing at a Compound Annual Growth Rate (CAGR) of 16.42% during the forecast period. Other estimates place the global CEA market at approximately USD 109.45 billion in 2025, with projections to reach USD 223.76 billion by 2034 at a CAGR of 8.27%. Another source indicates the global CEA market size reached USD 87.19 billion in 2024 and is expected to reach USD 271.01 billion by 2032, growing with a CAGR of 15.23%. North America is a significant region within this market, with some reports indicating it dominated the global controlled environment agriculture market with around 35% share in 2023 and a forecasted market value of USD 31,599.6 million in 2025 at a CAGR of 19.2%.Vertical Farming Market
As a critical component of the CEA industry, vertical farming represents a direct addressable market for CEA Industries' solutions. The global vertical farming market size was valued at USD 6.7 billion in 2024 and is expected to reach USD 19.7 billion by 2034, growing at a CAGR of 11.4% from 2025 to 2034. Another estimate puts the global vertical farming market at USD 8.52 billion in 2025, projected to grow to USD 70.89 billion by 2034, exhibiting a CAGR of 26.80%. North America is a leading region in vertical farming, holding around 69% of the U.S. vertical farming market share in 2024 and accounting for 41.40% of the global market in 2025.Horticulture Lighting (LED Lighting) Market
CEA Industries' provision of LED lighting falls under the horticulture lighting market. The U.S. horticulture lighting market was valued at USD 3,322 million in 2023 and is estimated to reach USD 14,775 million by 2030, with a CAGR of 24.2%. Globally, the horticulture lighting market size is estimated at USD 7.51 billion in 2025 and is predicted to increase to approximately USD 35.75 billion by 2034, representing a CAGR of 18.94% from 2025 to 2034. LED systems are particularly important in this segment, with the LED segment accounting for over 35.0% of the grow lights industry in 2024. Lighting systems are also expected to dominate the overall CEA market, holding the highest market share in 2024.Climate Control Systems and Environmental Control Systems
These systems are integral to CEA operations, directly aligning with CEA Industries' engineering services and product offerings. While a specific global market size for only "climate control systems" within CEA is not distinctly isolated, they are a significant component of the broader CEA and indoor farming hardware markets. The hardware segment in indoor farming, which includes climate control systems, held 89.2% of the market share in 2024. The climate control system segment in indoor farming is also expected to be the fastest-growing during the forecast period.Automation and Control Devices, Systems, and Technologies
Automation is a key growth area within CEA, directly addressed by CEA Industries. Automation is projected to become the largest sector for CEA, capturing 43% of the total market value of CEA-enabling technologies by 2030, out of a projected $100 billion market for these technologies. The rising adoption of smart automation systems is a significant driver for the overall controlled environment agriculture market.Hydroponics and Aeroponics Technologies
CEA Industries' services support cultivation facilities that utilize these growing methods. The global hydroponics market size is estimated to be USD 6.80 billion in 2026 and is projected to reach USD 11.10 billion by 2031, supported by a 10.30% CAGR. Another report values the global hydroponics market at USD 5.00 billion in 2023, projected to reach USD 10.98 billion by 2030, growing at a CAGR of 12.4%. The aeroponics market size is expected to reach approximately USD 14.6 billion by 2034, growing from USD 2.1 billion in 2024 at a CAGR of 21.4%. North America dominated the Aeroponics Market with a 36.6% share (USD 0.7 billion) in 2024.AI Analysis | Feedback
For CEA Industries (symbol: BNC), the expected drivers of future revenue growth over the next 2-3 years primarily stem from its significant strategic pivot away from its historical controlled environment agriculture (CEA) business.
- Growth of the Digital Asset Treasury (BNB Holdings): CEA Industries has transformed its strategy to focus on building and managing what it aims to be the world's largest corporate treasury of BNB, with a publicly stated goal of owning 1% of the total BNB supply. Future revenue growth is expected from the appreciation in value of these BNB token holdings.
- Revenue Generation from BNB Ecosystem Activities: Beyond the direct appreciation of its BNB holdings, the company plans to generate additional revenue through engaging in staking and decentralized finance (DeFi) activities within the BNB ecosystem. This leverages their substantial digital asset treasury to create ongoing income streams.
- Expansion in the Canadian Nicotine Vape Market: Through the strategic acquisition of Fat Panda Ltd. in June 2025, CEA Industries has entered the Canadian nicotine vape market. This move is expected to drive future revenue growth by leveraging Fat Panda's established market position and by expanding retail operations and strengthening e-commerce capabilities within this high-growth sector.
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Here is a summary of CEA Industries' capital allocation decisions over the last 3-5 years:Share Repurchases
- CEA Industries authorized a stock repurchase program of up to $250 million of its common stock in September 2025.
- Under this program, the company acquired 1.8 million shares of common stock for $11.3 million, including $4.4 million of shares purchased during the fiscal second quarter ended October 31, 2025.
Share Issuance
- In August 2025, CEA Industries entered into a Sales Agreement with Cantor Fitzgerald & Co. to offer and sell up to $50 million of its common stock.
- The company closed a $500 million private placement offering on August 5, 2025.
- This private placement offering includes the potential for up to an additional $750 million in gross proceeds if all associated warrants are exercised, totaling up to $1.25 billion.
Inbound Investments
- CEA Industries closed a $500 million private placement offering on August 5, 2025, which was led by YZi Labs, to support its BNB-focused treasury strategy.
Outbound Investments
- The company has strategically accumulated BNB tokens, exceeding 500,000 BNB tokens by October 31, 2025.
- CEA Industries expanded its BNB holdings by purchasing an additional 30,000 BNB tokens, valued at approximately $26 million, increasing its total holdings to 418,888 BNB as of September 22, 2025.
- The company aims to acquire 1% of the total BNB supply by the end of 2025.
Capital Expenditures
- CEA Industries' capital expenditures are primarily focused on its core business of providing technology, engineering, and services to the controlled environment agriculture industry, including process cooling systems, air handling equipment, LED lighting, and benching and racking solutions for cultivation facilities.
- The company changed its fiscal year-end from December 31 to April 30 to align with recent acquisitions, which suggests capital was allocated towards integrating new entities like Fat Panda Ltd.
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 |
Trade Ideas
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| 03312026 | NSP | Insperity | Insider | Insider Buys 45DStrong Insider BuyingCompanies with multiple insider buys in the last 45 days | 0.0% | 0.0% | 0.0% |
| 03312026 | TNC | Tennant | Insider | Insider Buys 45DStrong Insider BuyingCompanies with multiple insider buys in the last 45 days | 0.0% | 0.0% | 0.0% |
| 03272026 | ADP | Automatic Data Processing | Dip Buy | DB | FCFY OPMDip Buy with High FCF Yield and High MarginBuying dips for companies with high FCF yield and meaningfully high operating margin | 1.0% | 1.0% | 0.0% |
| 03272026 | HURN | Huron Consulting | Dip Buy | DB | FCFY OPMDip Buy with High FCF Yield and High MarginBuying dips for companies with high FCF yield and meaningfully high operating margin | 4.0% | 4.0% | 0.0% |
| 03272026 | TRU | TransUnion | Dip Buy | DB | FCFY OPMDip Buy with High FCF Yield and High MarginBuying dips for companies with high FCF yield and meaningfully high operating margin | 5.2% | 5.2% | 0.0% |
Research & Analysis
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Peer Comparisons
| Peers to compare with: |
Financials
| Median | |
|---|---|
| Name | |
| Mkt Price | 14.32 |
| Mkt Cap | 5.1 |
| Rev LTM | 562 |
| Op Inc LTM | -43 |
| FCF LTM | -1,140 |
| FCF 3Y Avg | -828 |
| CFO LTM | -67 |
| CFO 3Y Avg | -36 |
Growth & Margins
| Median | |
|---|---|
| Name | |
| Rev Chg LTM | 23.8% |
| Rev Chg 3Y Avg | 38.7% |
| Rev Chg Q | -1.9% |
| QoQ Delta Rev Chg LTM | -0.4% |
| Op Inc Chg LTM | -22.4% |
| Op Inc Chg 3Y Avg | -106.0% |
| Op Mgn LTM | -43.2% |
| Op Mgn 3Y Avg | -44.5% |
| QoQ Delta Op Mgn LTM | -1.0% |
| CFO/Rev LTM | -14.1% |
| CFO/Rev 3Y Avg | -7.7% |
| FCF/Rev LTM | -133.4% |
| FCF/Rev 3Y Avg | -121.2% |
Valuation
| Median | |
|---|---|
| Name | |
| Mkt Cap | 5.1 |
| P/S | 8.4 |
| P/Op Inc | -5.0 |
| P/EBIT | -1.6 |
| P/E | -1.6 |
| P/CFO | -5.1 |
| Total Yield | -9.4% |
| Dividend Yield | 0.0% |
| FCF Yield 3Y Avg | -28.6% |
| D/E | 0.2 |
| Net D/E | 0.1 |
Returns
| Median | |
|---|---|
| Name | |
| 1M Rtn | 10.0% |
| 3M Rtn | -8.9% |
| 6M Rtn | -44.9% |
| 12M Rtn | -28.5% |
| 3Y Rtn | 45.6% |
| 1M Excs Rtn | 1.5% |
| 3M Excs Rtn | -12.8% |
| 6M Excs Rtn | -49.0% |
| 12M Excs Rtn | -63.5% |
| 3Y Excs Rtn | -59.2% |
Price Behavior
Price Behavior
| Market Price | $2.88 | |
| Market Cap ($ Bil) | 0.2 | |
| First Trading Date | 04/05/2011 | |
| Distance from 52W High | -95.0% | |
| 50 Days | 200 Days | |
| DMA Price | $3.50 | $9.21 |
| DMA Trend | down | down |
| Distance from DMA | -17.7% | -68.7% |
| 3M | 1YR | |
| Volatility | 75.9% | 575.3% |
| Downside Capture | 2.14 | 0.87 |
| Upside Capture | 155.36 | 1.29 |
| Correlation (SPY) | 48.8% | 4.0% |
BNC Betas & Captures as of 3/31/2026
[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
| 1M | 2M | 3M | 6M | 1Y | 3Y | |
|---|---|---|---|---|---|---|
| Beta | 3.82 | 3.22 | 2.76 | 2.95 | 0.72 | 0.70 |
| Up Beta | 1.28 | 1.43 | 1.64 | 1.94 | 0.18 | -0.07 |
| Down Beta | 3.44 | 3.26 | 3.58 | 3.55 | 4.60 | 3.13 |
| Up Capture | 608% | 281% | 93% | 189% | 5% | 21% |
| Bmk +ve Days | 7 | 16 | 27 | 65 | 139 | 424 |
| Stock +ve Days | 9 | 15 | 24 | 51 | 99 | 333 |
| Down Capture | 303% | 331% | 303% | 245% | 119% | 104% |
| Bmk -ve Days | 12 | 23 | 33 | 58 | 110 | 323 |
| Stock -ve Days | 13 | 25 | 37 | 71 | 137 | 389 |
[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 | -57.2% | 583.7% | 0.65 | - |
| Sector ETF (XLI) | 38.5% | 15.4% | 1.91 | 2.6% |
| Equity (SPY) | 23.7% | 12.7% | 1.52 | 4.1% |
| Gold (GLD) | 41.4% | 27.5% | 1.25 | -2.4% |
| Commodities (DBC) | 22.4% | 16.2% | 1.25 | 7.6% |
| Real Estate (VNQ) | 14.2% | 13.8% | 0.72 | -9.0% |
| Bitcoin (BTCUSD) | -10.4% | 42.7% | -0.14 | 7.2% |
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Based On 5-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with BNC | |
|---|---|---|---|---|
| BNC | -49.4% | 268.3% | 0.19 | - |
| Sector ETF (XLI) | 12.9% | 17.3% | 0.59 | 3.8% |
| Equity (SPY) | 10.8% | 17.1% | 0.49 | 5.3% |
| Gold (GLD) | 21.6% | 17.8% | 0.99 | -0.3% |
| Commodities (DBC) | 10.9% | 18.8% | 0.47 | 3.2% |
| Real Estate (VNQ) | 4.1% | 18.8% | 0.12 | 0.2% |
| Bitcoin (BTCUSD) | 3.8% | 56.4% | 0.29 | 5.7% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 10-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with BNC | |
|---|---|---|---|---|
| BNC | -33.4% | 219.8% | 0.29 | - |
| Sector ETF (XLI) | 14.0% | 19.9% | 0.62 | 3.0% |
| Equity (SPY) | 13.9% | 17.9% | 0.67 | 3.9% |
| Gold (GLD) | 13.7% | 15.9% | 0.71 | 1.4% |
| Commodities (DBC) | 8.2% | 17.6% | 0.39 | 3.9% |
| Real Estate (VNQ) | 5.4% | 20.7% | 0.23 | 1.4% |
| Bitcoin (BTCUSD) | 68.0% | 66.9% | 1.07 | 4.9% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Returns Analyses
Earnings Returns History
Expand for More| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 3/16/2026 | -0.9% | -3.3% | -14.9% |
| 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 | 1 | 2 | 3 |
| Median Positive | 1.1% | 1.7% | |
| Median Negative | -0.9% | -3.6% | -4.0% |
| Max Positive | 2.1% | 1.7% | |
| Max Negative | -0.9% | -3.9% | -14.9% |
SEC Filings
Expand for More| Report Date | Filing Date | Filing |
|---|---|---|
| 01/31/2026 | 03/16/2026 | 10-Q |
| 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 |
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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