CEA Industries (BNC)
Market Price (12/4/2025): $7.25 | Market Cap: $5.8 MilSector: Industrials | Industry: Agricultural & Farm Machinery
CEA Industries (BNC)
Market Price (12/4/2025): $7.25Market Cap: $5.8 MilSector: IndustrialsIndustry: Agricultural & Farm Machinery
Investment Highlights
Why It Matters
Which of these 2 stories sounds closer for this stock?
1. Generates cash flow
The stock generated 4% or more of the share price (called cash flow yield), and shows moderate 10-15% or more growth.
2. Riding a trend
Think Tesla during the pandemic of 2020 when EVs were riding a cultural high, or Nvidia in the current AI boom, or even Figma. These companies don’t have enough yield, or, enough growth, or both - however - they are riding a trend. They have momentum. These can be more volatile - they don’t have the floor of strong cash flow
| 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 -105% | Weak multi-year price returns2Y Excs Rtn is -24%, 3Y Excs Rtn is -109% | Not profitable at operating income levelOp Inc LTMOperating Income, Last Twelve Months is -3.3 Mil, Op Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is -101% |
| Strong revenue growthRev Chg LTMRevenue Change % Last Twelve Months (LTM) is 33% | Weak revenue growthRev Chg 3Y AvgRevenue Change % averaged over trailing 3 years is -13% | |
| Not cash flow generativeCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is -88%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is -88% | ||
| Yield minus risk free rate is negativeERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -45% | ||
| High stock price volatilityVol 12M is 565% | ||
| Significant short interestShort Interest % of Basic SharesShort Interest % of Basic Shares = (Short Interest Quantity) / (Basic Shares Outstanding). A high fraction of short interest can indicate potential risk of a short squeeze. is 88% |
| 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 -105% |
| Strong revenue growthRev Chg LTMRevenue Change % Last Twelve Months (LTM) is 33% |
| Weak multi-year price returns2Y Excs Rtn is -24%, 3Y Excs Rtn is -109% |
| Not profitable at operating income levelOp Inc LTMOperating Income, Last Twelve Months is -3.3 Mil, Op Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is -101% |
| Weak revenue growthRev Chg 3Y AvgRevenue Change % averaged over trailing 3 years is -13% |
| Not cash flow generativeCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is -88%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is -88% |
| Yield minus risk free rate is negativeERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -45% |
| High stock price volatilityVol 12M is 565% |
| Significant short interestShort Interest % of Basic SharesShort Interest % of Basic Shares = (Short Interest Quantity) / (Basic Shares Outstanding). A high fraction of short interest can indicate potential risk of a short squeeze. is 88% |
Valuation, Metrics & Events
BNC Stock
Why The Stock Moved
Qualitative Assessment
AI Generated Analysis | Feedback
Here are five key points explaining the approximate -64.2% stock movement for CEA Industries (BNC) from August 31, 2025, to December 4, 2025:
1. Deterioration of Core Business and Unprofitability Post-Merger. The original CEA Industries business, focused on indoor agriculture, had been experiencing a slowdown since 2020 due to a weaker cannabis sector and declining demand, leading to reduced revenue and backlog. The acquisition of Fat Panda Ltd., an e-commerce vape company, in June 2025 was intended for diversification, but the combined entity's core business proved unprofitable, with increased costs and reduced gross margins in Q2 2025, undermining the overall crypto treasury strategy.
2. Bearish Crypto Market Sentiment and Declining BNB Price. CEA Industries pivoted to a crypto treasury strategy in early 2025, holding significant BNB tokens and becoming primarily a means for investors to gain exposure to BNB. A general bearish outlook on the cryptocurrency market, particularly for Bitcoin and by extension BNB, directly impacted BNC's value, as its stock performance became closely tied to the underlying BNB asset.
Stock Movement Drivers
Return vs. Risk
Price Returns Compared
| 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Total [1] | |
|---|---|---|---|---|---|---|---|
| Returns | |||||||
| BNC Return | -50% | -7% | -83% | -35% | 24% | -13% | -94% |
| Peers Return | 24% | 11% | 11% | 12% | -7% | -10% | 43% |
| S&P 500 Return | 16% | 27% | -19% | 24% | 23% | 16% | 112% |
Monthly Win Rates [3] | |||||||
| BNC Win Rate | 25% | 33% | 42% | 50% | 50% | 40% | |
| Peers Win Rate | 53% | 43% | 43% | 35% | 33% | 49% | |
| S&P 500 Win Rate | 58% | 75% | 42% | 67% | 75% | 70% | |
Max Drawdowns [4] | |||||||
| BNC Max Drawdown | -71% | -7% | -83% | -44% | -13% | -40% | |
| Peers Max Drawdown | -32% | -7% | -19% | -9% | -16% | -24% | |
| S&P 500 Max Drawdown | -31% | -1% | -25% | -1% | -2% | -15% | |
[1] Cumulative total returns since the beginning of 2020
[2] Peers: DE, AGCO, GENC, WNC, AEBI.
[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] 2025 data is for the year up to 12/3/2025 (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 DE, AGCO, GENC, WNC, AEBI
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.
Preserve Wealth
Limiting losses and compounding gains is essential to preserving wealth over time.
Asset Allocation
Actively managed asset allocation strategies protect wealth. Learn more.
Trade Ideas
Select past ideas related to BNC. For more, see Trefis Trade Ideas.
| Date | Ticker | Company | Category | Trade Strategy | 6M Fwd Rtn | 12M Fwd Rtn | 12M Max DD |
|---|---|---|---|---|---|---|---|
| 11212025 | CNM | Core & Main | 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 | 7.3% | 7.3% | -1.6% |
| 11212025 | VRRM | Verra Mobility | 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 | 2.3% | 2.3% | -1.2% |
| 11212025 | LII | Lennox International | Dip Buy | DB | P/E OPMDip Buy with Low PE and High MarginBuying dips for companies with tame PE and meaningfully high operating margin | 4.8% | 4.8% | 0.0% |
| 11212025 | ADP | Automatic Data Processing | Monopoly | MY | Getting CheaperMonopoly-Like with P/S DeclineLarge cap with monopoly-like margins or cash flow generation and getting cheaper based on P/S multiple | 1.6% | 1.6% | -1.2% |
| 11212025 | CW | Curtiss-Wright | Quality | Q | Momentum | UpsideQuality Stocks with Momentum and UpsideBuying quality stocks with strong momentum but still having room to run | 2.2% | 2.2% | 0.0% |
| Date | Ticker | Company | Category | Trade Strategy | 6M Fwd Rtn | 12M Fwd Rtn | 12M Max DD |
|---|---|---|---|---|---|---|---|
| 11212025 | CNM | Core & Main | 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 | 7.3% | 7.3% | -1.6% |
| 11212025 | VRRM | Verra Mobility | 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 | 2.3% | 2.3% | -1.2% |
| 11212025 | LII | Lennox International | Dip Buy | DB | P/E OPMDip Buy with Low PE and High MarginBuying dips for companies with tame PE and meaningfully high operating margin | 4.8% | 4.8% | 0.0% |
| 11212025 | ADP | Automatic Data Processing | Monopoly | MY | Getting CheaperMonopoly-Like with P/S DeclineLarge cap with monopoly-like margins or cash flow generation and getting cheaper based on P/S multiple | 1.6% | 1.6% | -1.2% |
| 11212025 | CW | Curtiss-Wright | Quality | Q | Momentum | UpsideQuality Stocks with Momentum and UpsideBuying quality stocks with strong momentum but still having room to run | 2.2% | 2.2% | 0.0% |
Research & Analysis
Invest in Strategies
Wealth Management
Peer Comparisons for CEA Industries
| Peers to compare with: |
Financials
| Median | |
|---|---|
| Name | |
| Mkt Price | 12.61 |
| Mkt Cap | 0.2 |
| Rev LTM | 1,345 |
| Op Inc LTM | 219 |
| FCF LTM | 54 |
| FCF 3Y Avg | 118 |
| CFO LTM | 75 |
| CFO 3Y Avg | 186 |
Growth & Margins
| Median | |
|---|---|
| Name | |
| Rev Chg LTM | -20.1% |
| Rev Chg 3Y Avg | -3.9% |
| Rev Chg Q | -4.7% |
| QoQ Delta Rev Chg LTM | -1.2% |
| Op Mgn LTM | 9.9% |
| Op Mgn 3Y Avg | 9.2% |
| QoQ Delta Op Mgn LTM | 0.8% |
| CFO/Rev LTM | 4.6% |
| CFO/Rev 3Y Avg | 8.6% |
| FCF/Rev LTM | 2.9% |
| FCF/Rev 3Y Avg | 5.4% |
Valuation
| Median | |
|---|---|
| Name | |
| Mkt Cap | 0.2 |
| P/S | 1.7 |
| P/EBIT | 13.3 |
| P/E | 13.5 |
| P/CFO | 7.8 |
| Total Yield | 5.8% |
| Dividend Yield | 1.1% |
| FCF Yield 3Y Avg | 3.4% |
| D/E | 0.4 |
| Net D/E | 0.3 |
Returns
| Median | |
|---|---|
| Name | |
| 1M Rtn | 6.2% |
| 3M Rtn | -9.7% |
| 6M Rtn | -4.5% |
| 12M Rtn | 2.3% |
| 3Y Rtn | -14.6% |
| 1M Excs Rtn | 6.3% |
| 3M Excs Rtn | -16.5% |
| 6M Excs Rtn | -19.2% |
| 12M Excs Rtn | -8.7% |
| 3Y Excs Rtn | -83.8% |
Returns Analyses
SEC Filings
Expand for More| Report Date | Filing Date | Filing |
|---|---|---|
| 4302025 | 7252025 | 10-KT 4/30/2025 |
| 3312025 | 5152025 | 10-Q 3/31/2025 |
| 12312024 | 3272025 | 10-K 12/31/2024 |
| 9302024 | 11142024 | 10-Q 9/30/2024 |
| 6302024 | 8142024 | 10-Q 6/30/2024 |
| 3312024 | 5142024 | 10-Q 3/31/2024 |
| 12312023 | 3292024 | 10-K 12/31/2023 |
| 9302023 | 11142023 | 10-Q 9/30/2023 |
| 6302023 | 8142023 | 10-Q 6/30/2023 |
| 3312023 | 5152023 | 10-Q 3/31/2023 |
| 12312022 | 3282023 | 10-K 12/31/2022 |
| 9302022 | 11142022 | 10-Q 9/30/2022 |
| 6302022 | 8112022 | 10-Q 6/30/2022 |
| 3312022 | 5122022 | 10-Q 3/31/2022 |
| 12312021 | 3292022 | 10-K 12/31/2021 |
| 9302021 | 11102021 | 10-Q 9/30/2021 |
External Quote Links
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| MarketWatch | Unusual Whales |
| YCharts | Perplexity Finance |
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