Latest Ratios: P/E Ratio -0.5x · EV/EBITDA N/A · ROE 91.0%. (2010–2025 historical series)
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $144M | $265M | — | — | — | — | — | — | — | — | — |
| Enterprise Value | $137M | $258M | — | — | — | — | — | — | — | — | — |
| P/E Ratio → | -0.52 | — | — | — | — | — | — | — | — | — | — |
| P/S Ratio | 1.09 | 2.01 | — | — | — | — | — | — | — | — | — |
| P/B Ratio | 0.40 | 0.73 | — | — | — | — | — | — | — | — | — |
| P/FCF | 0.56 | 1.03 | — | — | — | — | — | — | — | — | — |
| P/OCF | 0.54 | 0.99 | — | — | — | — | — | — | — | — | — |
P/E links to full P/E history page with 30-year chart
Enterprise-value multiples — capital-structure-neutral measures of total business value
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 1.95 | — | — | — | — | — | — | — | — | — |
| EV / EBITDA | — | — | — | — | — | — | — | — | — | — | — |
| EV / EBIT | — | 3.10 | — | — | — | — | — | — | — | — | — |
| EV / FCF | — | 1.00 | — | — | — | — | — | — | — | — | — |
Margins and return-on-capital ratios measuring operating efficiency
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 87.5% | 87.5% | -7.8% | 7.8% | 10.1% | 21.5% | 18.2% | 29.9% | 25.6% | 26.5% | 30.4% |
| Operating Margin | -61.5% | -61.5% | -113.1% | -42.7% | -50.7% | -14.5% | -27.7% | -8.6% | -50.3% | -58.8% | -7.0% |
| Net Profit Margin | 128.8% | 128.8% | -112.2% | -42.1% | -48.7% | -9.8% | -20.7% | -8.8% | -49.5% | -68.2% | -43.2% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 91.0% | 91.0% | -29.3% | -21.4% | -71.9% | -343.5% | — | — | -590.5% | -348.2% | — |
| ROA | 76.1% | 76.1% | -26.1% | -16.7% | -41.8% | -26.5% | -39.7% | -39.4% | -125.1% | -141.6% | -125.4% |
| ROIC | -34.1% | -34.1% | -3089.6% | — | — | — | — | — | — | — | — |
| ROCE | -37.1% | -37.1% | -29.0% | -21.3% | -70.9% | -225.9% | — | -747.0% | -556.6% | -296.6% | — |
Solvency and debt-coverage ratios — lower is generally safer
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 0.01 | 0.01 | 0.03 | 0.03 | 0.03 | 1.51 | — | — | — | 0.00 | — |
| Debt / EBITDA | — | — | — | — | — | — | — | — | — | — | — |
| Net Debt / Equity | — | -0.02 | -1.00 | -0.99 | -1.22 | -4.04 | — | — | -1.30 | -1.74 | — |
| Net Debt / EBITDA | — | — | — | — | — | — | — | — | — | — | — |
| Debt / FCF | — | -0.03 | — | — | — | — | -2.29 | -0.45 | — | — | 7.56 |
| Interest Coverage | 165.80 | 165.80 | — | — | — | -698.63 | -99.89 | — | -1630.27 | -46.01 | -0.72 |
Net cash position: cash ($11M) exceeds total debt ($4M)
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 2.62 | 2.62 | 9.80 | 10.68 | 3.56 | 0.91 | 0.62 | 0.64 | 0.62 | 1.09 | 0.32 |
| Quick Ratio | 2.17 | 2.17 | 9.78 | 10.44 | 3.50 | 0.82 | 0.57 | 0.33 | 0.24 | 0.94 | 0.14 |
| Cash Ratio | 1.32 | 1.32 | 9.18 | 10.00 | 3.24 | 0.49 | 0.39 | 0.23 | 0.10 | 0.73 | 0.08 |
| Asset Turnover | — | 0.30 | 0.27 | 0.50 | 0.54 | 2.58 | 1.77 | 3.76 | 3.48 | 1.49 | 3.58 |
| Inventory Turnover | 4.27 | 4.27 | 116.36 | 21.10 | 29.10 | 28.32 | 21.28 | 8.67 | 7.62 | 10.14 | 7.05 |
| Days Sales Outstanding | — | 0.18 | 32.21 | 12.84 | 0.09 | 4.80 | 1.44 | 3.32 | 8.01 | 21.42 | 9.84 |
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | — | — | — | — | — | — | — | — | — | — | — |
| Payout Ratio | — | — | — | — | — | — | — | — | — | — | — |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | — | — | — | — | — | — | — | — | — | — | — |
| FCF Yield | 100.0% | 96.9% | — | — | — | — | — | — | — | — | — |
| Buyback Yield | 0.0% | 0.0% | — | — | — | — | — | — | — | — | — |
| Total Shareholder Yield | 0.0% | 0.0% | — | — | — | — | — | — | — | — | — |
| Shares Outstanding | — | $53M | $745038 | $672935 | $591201 | $131906 | $131204 | $126479 | $121529 | $101588 | $78114 |
Crypto-Treasury Asset Volatility
According to recent market data, BNC trades at a P/S of 1.22 and a forward P/E of 3.42, metrics that appear to reflect speculative anticipation of treasury asset appreciation rather than the underlying fundamental performance of its engineering and construction services business model.
The disconnect between the negative TTM P/E and the optimistic forward P/E suggests that market participants are pricing in a rapid turnaround or significant non-operating gains. Investors should monitor whether this valuation remains tethered to the volatility of the Binance ecosystem, as traditional industrial multiples appear largely irrelevant to the current price action.
As reported in financial statements, BNC's operating margin of -22.4% in 2025Q4 highlights a persistent inability to achieve core profitability, with gross margins fluctuating wildly between 24.0% and 95.7% over recent quarters, suggesting that headline net income is heavily distorted by non-operating digital asset gains.
The extreme variance in gross margins indicates that the company's cost structure is not yet optimized for a stable service-based model. Analysts should focus on the operating margin as the primary indicator of earning power, as the current reliance on treasury-driven net income obscures the structural unprofitability of the engineering segment.
Based on reported figures, BNC's ROIC has remained deeply negative, reaching -30.2% in 2025Q4, which suggests that the company is currently destroying shareholder value rather than compounding it through its core engineering operations or its recent pivot toward digital asset treasury management.
The erratic swings in ROE and ROIC, including a brief positive spike in 2025Q3, appear to be artifacts of mark-to-market accounting for treasury holdings rather than operational efficiency. This trend warrants further investigation into whether the company can ever achieve a sustainable return on invested capital without relying on external market factors.
As indicated by the 2025Q4 data, BNC's cash conversion cycle of 143 days represents a significant deterioration from the 21-day cycle observed in 2025Q2, suggesting that the company is struggling to manage its working capital effectively amidst its strategic transition away from traditional hardware fulfillment.
The sharp increase in the cash conversion cycle implies that the company is facing mounting difficulties in collecting receivables or managing inventory turnover. This inefficiency may indicate that the core engineering business is losing leverage with its customer base, potentially leading to further liquidity constraints in the near term.
The P/E ratio is the most commonly misapplied metric for BNC, as it fails to account for the company's transition into a digital asset holding entity, where non-operating gains from BNB holdings render traditional earnings-based valuation models fundamentally misleading for assessing operational health.
Investors should instead utilize a sum-of-the-parts approach that separates the engineering business from the treasury holdings. Relying on the P/E ratio obscures the reality that the company's earnings are currently driven by market volatility rather than the successful execution of its engineering and construction service contracts.
Includes 30+ ratios · 16 years · Updated daily
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Quick answers to the most common questions about buying BNC stock.
CEA Industries Inc. Common Stock's current P/E ratio is -0.5x. This places it at the 50th percentile of its historical range.
CEA Industries Inc. Common Stock's return on equity (ROE) is 91.0%. This is above the typical threshold of 15-20% considered good for most companies. The historical average is -109.4%.
Based on historical data, CEA Industries Inc. Common Stock is trading at a P/E of -0.5x. This is at the 50th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
CEA Industries Inc. Common Stock has 87.5% gross margin and -61.5% operating margin.