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No institutional (13F) filings cover this company, so the Overview and 13F tabs are thin. Everything drawn from its SEC filings is here.
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What the company returns to shareholders — and whether it's covered by cash.
No dividend to cover. Last year: $0 dividends + $0 buybacks = $0 returned.
Yields use the latest fiscal-year dividends/buybacks over current market cap. Dividends and buybacks from the SEC cash-flow statement; payout coverage vs net income and free cash flow. Educational — not a recommendation.
How management deployed cash over 6 years — and what it earned on reinvestment.
A reinvestment story — most cash went back into growth rather than to shareholders.
Reinvestment has been productive — operating income grew well per dollar put in. Current ROIC on all capital: -44%. Rough measure (includes maintenance capex).
Cash uses aggregated from the SEC cash-flow statement over 6 fiscal years. "Return on reinvestment" is a rough proxy — operating-income change ÷ cumulative CapEx + M&A — and includes maintenance capex. Educational — not a recommendation.
EOD close · as of 2026-10-30
How a revenue dollar becomes profit — FY2025
Dividends and buybacks are cash paid out, shown here against the same year's profit for scale — not funded from it.
Each value shows its share of revenue below it (common-size).
| Line Item | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 |
|---|---|---|---|---|---|---|
| Revenue | $1.9M 100.0% | $324K 100.0% | $552K 100.0% | $622K 100.0% | $888K 100.0% | $959K 100.0% |
| Cost of Revenue | $469K 24.7% | $107K 33.0% | $274K 49.7% | $293K 47.2% | $590K 66.4% | $731K 76.3% |
| Gross Profit | $1.4M 75.3% | $217K 67.0% | $277K 50.3% | $328K 52.8% | $298K 33.6% | $227K 23.7% |
| Selling, General & Admin | $498K 26.2% | $677K 208.8% | $346K 62.7% | $763K 122.8% | $1.1M 121.3% | $908K 94.7% |
| Total Operating Expenses | $528K 27.8% | $677K 208.8% | $346K 62.7% | $839K 135.1% | $1.2M 130.2% | $1.1M 110.6% |
| Operating Income | $900K 47.4% | -$459K -141.8% | -$346K -62.7% | -$511K -82.2% | -$858K -96.6% | -$833K -86.8% |
| Interest Expense | $2K 0.1% | $2K 0.7% | $17K 3.1% | $14K 2.3% | $39K 4.3% | $42K 4.4% |
| Other Income (Expense), net | -$3K -0.2% | -$1.1M -341.3% | -$57K -10.4% | -$5K -0.9% | -$10K -1.1% | -$24K -2.5% |
| Pretax Income | $897K 47.3% | -$1.6M -483.1% | -$403K -73.1% | -$525K -84.5% | -$644K -72.6% | -$593K -61.8% |
| Income Tax Expense | $800 0.0% | $800 0.2% | $2K 0.3% | $3K 0.4% | $3K 0.4% | $3K 0.3% |
| Net Income | $896K 47.2% | -$1.3M -404.0% | -$972K -176.2% | -$810K -130.3% | -$648K -72.9% | -$596K -62.2% |
| Per Share | ||||||
| EPS (Basic) | — | -$0.03 | -$0.03 | -$0.02 | -$0.02 | — |
| EPS (Diluted) | — | -$0.03 | -$0.03 | -$0.02 | -$0.02 | — |
| Weighted Avg Shares (Basic) | 38.0M | 38.0M | 34.0M | 33.0M | 33.0M | — |
| Weighted Avg Shares (Diluted) | 38.0M | 38.0M | 36.0M | 33.0M | 33.0M | — |
Source: SEC EDGAR XBRL filings (annual, fiscal year). Quarterly flow items are derived from cumulative filings; balance-sheet figures are as-of each period end. Ratios and margins are computed, not reported.
Solve the discounted cash flow backwards, then stress-test the assumptions.
Average free cash flow across the last 1 positive fiscal year (FY2024). Smooths the cycle. Stock compensation is NOT charged — it is added back inside operating cash flow.
To be worth $0.47 today, the market must believe free cash flow compounds 17.4%/yr for a decade (off $624K on the 3-yr avg basis).
Default is the published 10.0% — this company's own cost of capital could not be computed.
2-stage DCF · 0.05B shares (market data) · net debt $57K
Reverse DCF: rather than guessing a fair value, we solve for the growth the current price implies, then you stress-test the assumptions. Enterprise value of the FCF stream, less net debt, ÷ shares. Educational — not a recommendation.
How much the company owes, how it's trended, and how comfortably it's serviced.
$1K of principal comes due within a year. Scheduled principal only (excludes interest & revolver draws). As of 2026-06-30 (10-Q). The cash figure is from 2025-12-31, so the two are not the same balance-sheet date — the schedule has not been refiled since.
Insufficient EBITDA/debt history.
Green ≤ 1.5× · amber ≤ 3× · red > 3× (leverage relative to cash earnings).
Interest is easily covered by operating profit. Effective rate ~3.8% on $57K of debt.
Cash vs short-term debt unavailable.
Mostly long-term debt (balance-sheet current vs non-current split). See the maturity ladder above for the year-by-year repayment schedule.
Debt, cash, interest and equity from the SEC balance sheet & income statement. Effective rate = interest ÷ average debt. Maturity ladder from the SEC long-term-debt repayment schedule. Educational — not a recommendation.
Total return (dividends reinvested) vs the market, from quarter-end prices.
Above 0 = ahead of the S&P 500 since the window start; below 0 = behind. Rising means it's pulling ahead.
How far the stock fell below its prior peak. Deeper, longer drawdowns = a rougher ride to the same return.
Quarter-end, dividend-adjusted (total return). Beta & volatility from quarterly returns (annualized). Benchmark is the S&P 500 (SPY total return). Annual returns compound the quarters ending in each calendar year; the first and last years in a window may be partial. Past performance doesn't predict future results.
EOD close · as of 2026-10-30
Is the profit real, and how strong is the balance sheet?
FY2025 · every deduction from revenue to net income
DuPont — the three levers
ROE -43% against ROIC -44% — 1% of the return on equity comes from leverage and buybacks rather than from the operating business.
What the company owes vs. what it holds
This shows debt/cash structure and net leverage. The year-by-year maturity schedule is on the Debt & Leverage tab.
Latest year: profit growth vs revenue growth
Profit and sales moved in opposite directions this year.
Each line as % of revenue — the trend in color
| % of revenue | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|---|
| Cost of Revenue | 76.3 | 66.4 | 47.2 | 49.7 | 33.0 | 24.7 |
| Gross Profit | 23.7 | 33.6 | 52.8 | 50.3 | 67.0 | 75.3 |
| SG&A | 94.7 | 121.3 | 122.8 | 62.7 | 208.8 | 26.2 |
| Operating Income | -86.8 | -96.6 | -82.2 | -62.7 | -141.8 | 47.4 |
| Income Tax | 0.3 | 0.4 | 0.4 | 0.3 | 0.2 | 0.0 |
| Net Income | -62.2 | -72.9 | -130.3 | -176.2 | -404.0 | 47.2 |
Green = margin-favorable vs the row's own range · red = unfavorable.
The metrics that matter, over time
A 30-second read on BIOE: price, valuation and headline fundamentals from SEC filings. The four questions at the top of the page are where the judgements live.
Cash conversion and accruals. The full answer — share-based compensation, the cash conversion waterfall, working-capital trend — is still being built, so this block states what it measures rather than issuing a verdict.
One year is not a trend. The spec asks for a 3- and 5-year average of FCF/net income precisely because a single year turns on working-capital timing, and that arrives with the full Q2 block.