Forensic Analysis · General / Diversified · as of Sep 4, 2026
Cea Industries Inc. (BNC)
A forensic read on Cea Industries Inc. built from its complete SEC filings — financial-health screens, earnings quality, red flags and a price-aware rating. Reproducible math, not opinion.
F · Poor — capital at risk
Forensic grade
Distress
Financial health
-0.7
Distress distance
Clean
Earnings quality
6
Forensic signals
-1.0%
ROE
-59.4%
Revenue growth
The financial-health reading above compares this company's equity at BOOK value, not at what the market currently pays for it — this free snapshot doesn't pull live market data. Treat it as a rough read, not the final word.
This free snapshot doesn't read filing or proxy text, so the auditor-quality and governance checks that can lower a grade were not evaluated (red flags, auditor quality, say on pay, board independence). Those checks only ever lower a grade, so the full analysis can land below the grade above but never above it — treat it as the most favourable reading, not the settled one.
Cea Industries Inc. earns an F (Poor — capital at risk) forensic quality grade, and its balance-sheet distress test reads -0.7, placing it in the Distress zone (based on book value, not market value, since this free snapshot doesn't pull live market data — treat this zone as a rough read, not the final word). 6 forensic signals were flagged in its latest SEC filings, led by return on invested capital.
What the filings flag
-18539.3%
FY2023
Return on invested capital.Return on invested capital is -18539.3% in the latest fiscal year— below its ~9% cost of capital. If that gap persists through the cycle, incremental reinvestment reduces rather than creates value per share.
FCF ($3M)
FY2018
Shareholder returns.Returned $400,000 to shareholders (buybacks + dividends) in FY2018, but free cash flow was ($3M) after capex — there was no free cash flow to fund the payout from at all, and operating cash flow itself was negative or zero that year too. The entire return is coming from debt or cash reserves, not cash the business itself generated — a harder case than returns merely running ahead of free cash flow, since here there was none to run ahead of.
-$12.4M
FY2022–FY2024
Cash burn vs. reported loss.Measured to FY2024 — 2 years behind FY2026, the most recent year this filer has reported, because its filings carry no net income and operating cash flow figures after FY2024. What follows is the last reading these filings support on this line, not a read on the business as it files today. Over FY2022–FY2024, the company reported a cumulative net loss of $11.6M against operating cash flow of -$12.4M. Cash burn ran heavier than the reported loss — something outside net income (working capital, a cash item not in the P&L) is consuming cash faster than the loss alone implies.
n/m (sign flip)
FY2025→FY2026
Accruals ratio (% of NOA).Net operating assets flipped from negative to positive FY2025→FY2026 (FY2025 $-402.1M to FY2026 $+303.6M) — the standard accruals ratio divides by the average of the two, which collapses toward zero right as the sign changes, so the resulting percentage is a denominator artifact, not a real accrual measurement. Treat this as a structural balance-sheet shift to understand on its own terms rather than a clean or dirty accruals read.
Key fundamentals
Latest Revenue$2.8M
Revenue Growth YoY-59.4%
Net Margin-112.2%
Return on Equity-1.0%
The forensic grade and screens above are free — no account needed. Want the AI investment read on top — the 0–100 rating, thesis, bull-vs-bear, red flags and the 12-month scenario, written from Cea Industries Inc.'s actual 10-K/10-Q/8-K filings?
Data from SEC EDGAR public filings · metrics as of Sep 4, 2026. Forensic signals flag probability, not certainty.
n/m (stock split)
FY2022–FY2024
Share count (stock split).Diluted share count changed -89% over the last 2 years to FY2024, but that includes a large one-time change around FY2023 consistent with a stock split or reverse split, not gradual buybacks or issuance — a split changes the count with NO effect on any holder's proportional ownership, so the raw -67.6%/yr figure isn't a real buyback/dilution read here.
3% of rev
FY2024
Stock-based comp load.Stock-based compensation ran 3% of revenue in FY2024 — about $0.11 per diluted share. No cash left the business to pay it, which is why operating cash flow adds it back. Net of repurchases the diluted count still rose about 10.7% a year, above the level at which the count is a material claim on a stake, and only one year's change is on file — enough to state what a holder gave up, not enough to say whether the rate is climbing or coming down. Stock compensation is one source of that issuance; acquisition consideration, equity raises, convertibles and other employee plans also net into the count, and these figures do not separate them.
Cea Industries Inc. (BNC) Stock — Forensic Analysis, Red Flags & Rating | Stockonomy · Stockonomy