MeritValue

BioNexus Gene Lab Corp

BGLCdata completeness 88%8 fiscal years on file

Data notes: no data for concept 'totalDebt'

The thesis, from the filings

BioNexus Gene Lab Corp earns about -17% on invested capital, and has bought back 99% of its shares over 5 years. The cash-flow models don't apply cleanly here — the ledger says why below.Whether it’s worth owning at today’s price is the last question — and yours to answer, below.

i. The business — what you’d actually own
FigureFY 2021FY 2022FY 2023FY 2024FY 2025
Revenue$13.4M1$10.9M2$9.77M3$9.51M4$7.42M4
Net income$751,5715−$355,9666−$2.63M7−$1.6M8−$2.98M8
Operating cash flow$9,1619$551,82210−$1.82M11−$2.09M12−$1.84M12
Capital expenditure$3,16213$014$149,39815$226,98916$36,97116
Free cash flow (derived)$5,9999$551,82210−$1.97M11−$2.32M12−$1.88M12
Total debt—————
Cash & equivalents$2.12M17$2.12M18$4.52M18$2.89M19$2.49M19
Diluted shares171.2M14.5M15.9M17.8M2.4M

Superscripts are receipts. Each links to the SEC filing the number came from (full list at the bottom).

ii. Your slice — ownership made literal
If you owned
shares
Net assets behind them
$35.64
your share of equity
Profit it earned you last year
−$12.35
Free cash flow it threw off
−$7.76
Debt you’d be carrying
—

10 shares is a claim on $35.64 of net worth that earned you −$12.35 and generated −$7.76 of cash last year.

iii. Is this a good business?
Moat signal · return on invested capital
-17% avg · 5y
FY21 21%FY22 -5%FY23 -40%FY24 -23%FY25 -38%

It earned an average -17% on invested capital over 5 years. Compare that to what it costs to fund the business.

seeing a moat in the numbers →
Management signal · capital allocation
−99% shares · 5y

Share count is down 99% over 5 years — management has been buying back stock, quietly handing owners a bigger slice.

reading capital allocation →

Signals, not verdicts — read from the filings above. Numbers don’t prove a moat; they show its footprint. You decide.

iv. What it’s worth — engine v0.1.0
DCF · Growth Exit 10Y
not applicable
3y-median FCF non-positive — growth-exit DCF not applicable (see EPV)
DCF · Growth Exit 5Y
not applicable
3y-median FCF non-positive — growth-exit DCF not applicable (see EPV)
Earnings Power Value
not applicable
normalized (5y-median) earnings non-positive — EPV undefined
Graham Number
not applicable
diluted EPS missing or non-positive — Graham Number undefined

Different models answer different questions — which to trust when →

Sources — the receipts
  1. 10-K · period ending 2021-12-31 · accession 0001477932-23-002002 (Revenues)
  2. 10-K · period ending 2022-12-31 · accession 0001477932-24-002151 (Revenues)
  3. 10-K · period ending 2023-12-31 · accession 0001477932-25-002725 (Revenues)
  4. 10-K · period ending 2024-12-31 · accession 0001477932-26-002218 (Revenues)
  5. 10-K · period ending 2021-12-31 · accession 0001477932-23-002002 (NetIncomeLoss)
  6. 10-K · period ending 2022-12-31 · accession 0001477932-24-002151 (NetIncomeLoss)
  7. 10-K · period ending 2023-12-31 · accession 0001477932-25-002725 (NetIncomeLoss)
  8. 10-K · period ending 2024-12-31 · accession 0001477932-26-002218 (NetIncomeLoss)
  9. 10-K · period ending 2021-12-31 · accession 0001477932-23-002002 (NetCashProvidedByUsedInOperatingActivities)
  10. 10-K · period ending 2022-12-31 · accession 0001477932-24-002151 (NetCashProvidedByUsedInOperatingActivities)
  11. 10-K · period ending 2023-12-31 · accession 0001477932-25-002725 (NetCashProvidedByUsedInOperatingActivities)
  12. 10-K · period ending 2024-12-31 · accession 0001477932-26-002218 (NetCashProvidedByUsedInOperatingActivities)
  13. 10-K · period ending 2021-12-31 · accession 0001477932-23-002002 (PaymentsToAcquirePropertyPlantAndEquipment)
  14. 10-K · period ending 2022-12-31 · accession 0001477932-24-002151 (PaymentsToAcquirePropertyPlantAndEquipment)
  15. 10-K · period ending 2023-12-31 · accession 0001477932-25-002725 (PaymentsToAcquirePropertyPlantAndEquipment)
  16. 10-K · period ending 2024-12-31 · accession 0001477932-26-002218 (PaymentsToAcquirePropertyPlantAndEquipment)
  17. 10-K · period ending 2021-12-31 · accession 0001477932-22-002089 (CashAndCashEquivalentsAtCarryingValue)
  18. 10-K · period ending 2022-12-31 · accession 0001477932-25-002725 (CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents)
  19. 10-K · period ending 2024-12-31 · accession 0001477932-26-002218 (CashAndCashEquivalentsAtCarryingValue)