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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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How management deployed cash over 10 years — and what it earned on reinvestment.
A reinvestment story — most cash went back into growth rather than to shareholders.
Operating income fell despite reinvestment — a warning on capital productivity. Current ROIC on all capital: -34%. Rough measure (includes maintenance capex).
Cash uses aggregated from the SEC cash-flow statement over 10 fiscal years. "Return on reinvestment" is a rough proxy — operating-income change ÷ cumulative CapEx + M&A — and includes maintenance capex. Educational — not a recommendation.
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.
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 2026-10-14
How a revenue dollar becomes profit — FY2024
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 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | FY2015 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $2.8M 100.0% | $6.9M 100.0% | $11.3M 100.0% | $13.6M 100.0% | $8.5M 100.0% | $15.2M 100.0% | $9.6M 100.0% | $7.2M 100.0% | $7.6M 100.0% | $7.9M 100.0% |
| Cost of Revenue | $3.0M 107.8% | $6.4M 92.2% | $10.1M 89.9% | $10.7M 78.5% | $7.0M 81.8% | $10.7M 70.1% | $7.1M 74.4% | $5.3M 73.5% | $5.3M 69.6% | $6.9M 88.0% |
| Gross Profit | -$220K -7.8% | $542K 7.8% | $1.1M 10.1% | $2.9M 21.5% | $1.6M 18.2% | $4.5M 29.9% | $2.4M 25.6% | $1.9M 26.5% | $2.3M 30.4% | $941K 12.0% |
| Research & Development | — | $76K 1.1% | $320K 2.8% | $470K 3.4% | $390K 4.6% | $521K 3.4% | $32K 0.3% | $320K 4.4% | $349K 4.6% | $708K 9.0% |
| Selling, General & Admin | $2.9M 104.7% | $3.1M 45.5% | $4.8M 42.2% | $3.7M 26.9% | $3.1M 36.4% | $4.7M 30.6% | $6.0M 62.3% | $5.2M 72.2% | $2.2M 29.0% | $3.0M 38.6% |
| Total Operating Expenses | $3.0M 105.3% | $3.5M 50.6% | $6.9M 60.9% | $4.9M 36.0% | $3.9M 46.0% | $5.9M 38.5% | $7.3M 75.9% | $6.2M 85.3% | $2.8M 37.4% | $4.1M 51.6% |
| Operating Income | -$3.2M -113.1% | -$3.0M -42.7% | -$5.7M -50.7% | -$2.0M -14.5% | -$2.4M -27.7% | -$1.3M -8.6% | -$4.8M -50.3% | -$4.2M -58.8% | -$533K -7.0% | -$3.1M -39.6% |
| Interest Expense | — | — | — | $3K 0.0% | $17K 0.2% | — | $3K 0.0% | $41K 0.6% | $374K 4.9% | $873K 11.1% |
| Other Income (Expense), net | $26K 0.9% | $42K 0.6% | $227K 2.0% | $641K 4.7% | $604K 7.1% | -$28K -0.2% | $77K 0.8% | -$677K -9.4% | -$2.7M -36.1% | -$2.2M -27.7% |
| Pretax Income | -$3.1M -112.2% | -$2.9M -42.1% | -$5.5M -48.7% | -$1.3M -9.8% | -$1.8M -20.7% | -$1.3M -8.8% | -$4.7M -49.5% | -$4.9M -68.2% | -$3.3M -43.2% | -$5.3M -67.3% |
| Net Income | -$3.1M -110.6% | -$2.9M -42.1% | -$5.5M -48.7% | -$1.3M -9.8% | -$1.8M -20.7% | -$1.3M -8.8% | -$4.7M -49.5% | -$4.9M -68.2% | -$3.3M -43.2% | -$5.3M -67.3% |
| Per Share | ||||||||||
| EPS (Basic) | -$4.22 | -$4.33 | -$0.84 | -$2.33 | — | — | — | — | — | -$0.04 |
| EPS (Diluted) | -$4.22 | -$4.33 | -$0.84 | — | — | — | — | — | — | — |
| Weighted Avg Shares (Basic) | 745K | 673K | 7.1M | 1.6M | — | — | — | — | — | 120.0M |
| Weighted Avg Shares (Diluted) | 745K | 673K | 7.1M | — | — | — | — | — | — | — |
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.
This company doesn't have positive free cash flow on any basis, so a reverse DCF can't be run.
How much the company owes, how it's trended, and how comfortably it's serviced.
Insufficient EBITDA/debt history.
Green ≤ 1.5× · amber ≤ 3× · red > 3× (leverage relative to cash earnings).
Thin coverage — earnings barely cover interest. Interest last disclosed in FY2021 (no longer broken out).
Cash vs short-term debt unavailable.
Short-term / long-term split not separately reported.
Debt, cash, interest and equity from the SEC balance sheet & income statement. Effective rate = interest ÷ average debt. Educational — not a recommendation.
EOD close · as of 2026-10-14
Where each multiple sits in its own 12-yr range · 14th pct blended
Dot = today · shaded = middle 50% · line = median. Lower percentile = cheaper vs its own 12-yr history.
Is the profit real, and how strong is the balance sheet?
FY2024 · every deduction from revenue to net income
DuPont — the three levers
ROE -34% against ROIC -34% — 0% of the return on equity comes from leverage and buybacks rather than from the operating business.
Equity is the year-end figure. On average equity over the two year-ends, ROE is -29.3% — the two diverge when buybacks or issuance move equity during the year.
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 | FY2017 | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 |
|---|---|---|---|---|---|---|---|---|
| Cost of Revenue | 73.5 | 74.4 | 70.1 | 81.8 | 78.5 | 89.9 | 92.2 | 107.8 |
| Gross Profit | 26.5 | 25.6 | 29.9 | 18.2 | 21.5 | 10.1 | 7.8 | -7.8 |
| R&D | 4.4 | 0.3 | 3.4 | 4.6 | 3.4 | 2.8 | 1.1 | — |
| SG&A | 72.2 | 62.3 | 30.6 | 36.4 | 26.9 | 42.2 | 45.5 | 104.7 |
| Operating Income | -58.8 | -50.3 | -8.6 | -27.7 | -14.5 | -50.7 | -42.7 | -113.1 |
| Net Income | -68.2 | -49.5 | -8.8 | -20.7 | -9.8 | -48.7 | -42.1 | -110.6 |
Green = margin-favorable vs the row's own range · red = unfavorable.
The metrics that matter, over time
A 30-second read on BNC: 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.