MeritValue

BNB PLUS CORP.

BNBXdata completeness 88%16 fiscal years on file
The thesis, from the filings

BNB PLUS CORP. earns about -774% on invested capital, and has bought back 93% 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$9.03M1$18.2M2$13.4M3$2.11M4$2.14M4
Net income−$14.3M5−$8.27M6−$9.95M7−$6.99M8−$15.2M8
Operating cash flow−$13.4M9−$8.98M10−$6.22M11−$13.7M11−$12.2M12
Capital expenditure$2.55M13$489,55314$78,44815$407,90416$313,12116
Free cash flow (derived)−$15.9M9−$9.47M10−$6.3M11−$14.1M11−$12.6M12
Total debt—————
Cash & equivalents$6.55M17$15.2M18$7.15M19$5.85M20$1.67M20
Diluted shares6.9M9.0M653,7715,288517,671

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
$44.52
your share of equity
Profit it earned you last year
−$292.86
Free cash flow it threw off
−$242.54
Debt you’d be carrying
—

10 shares is a claim on $44.52 of net worth that earned you −$292.86 and generated −$242.54 of cash last year.

iii. Is this a good business?
Moat signal · return on invested capital
-774% avg · 5y
FY21 -247%FY22 —FY23 —FY24 -159%FY25 -1916%

It earned an average -774% 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
−93% shares · 5y

Share count is down 93% 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 2021-09-30 · accession 0001410578-22-003564 (RevenueFromContractWithCustomerIncludingAssessedTax)
  2. 10-K · period ending 2022-09-30 · accession 0001410578-23-002615 (RevenueFromContractWithCustomerIncludingAssessedTax)
  3. 10-K · period ending 2023-09-30 · accession 0001410578-24-002100 (RevenueFromContractWithCustomerIncludingAssessedTax)
  4. 10-K · period ending 2024-09-30 · accession 0001104659-25-123342 (RevenueFromContractWithCustomerIncludingAssessedTax)
  5. 10-K · period ending 2021-09-30 · accession 0001410578-22-003564 (NetIncomeLoss)
  6. 10-K · period ending 2022-09-30 · accession 0001410578-23-002615 (NetIncomeLoss)
  7. 10-K · period ending 2023-09-30 · accession 0001410578-24-002100 (NetIncomeLoss)
  8. 10-K · period ending 2024-09-30 · accession 0001104659-25-123342 (NetIncomeLoss)
  9. 10-K · period ending 2021-09-30 · accession 0001410578-22-003564 (NetCashProvidedByUsedInOperatingActivities)
  10. 10-K · period ending 2022-09-30 · accession 0001410578-23-002615 (NetCashProvidedByUsedInOperatingActivities)
  11. 10-K · period ending 2023-09-30 · accession 0001410578-24-002100 (NetCashProvidedByUsedInOperatingActivities)
  12. 10-K · period ending 2025-09-30 · accession 0001104659-25-123342 (NetCashProvidedByUsedInOperatingActivitiesContinuingOperations)
  13. 10-K · period ending 2021-09-30 · accession 0001410578-22-003564 (PaymentsToAcquirePropertyPlantAndEquipment)
  14. 10-K · period ending 2022-09-30 · accession 0001410578-23-002615 (PaymentsToAcquirePropertyPlantAndEquipment)
  15. 10-K · period ending 2023-09-30 · accession 0001410578-24-002100 (PaymentsToAcquirePropertyPlantAndEquipment)
  16. 10-K · period ending 2024-09-30 · accession 0001104659-25-123342 (PaymentsToAcquirePropertyPlantAndEquipment)
  17. 10-K · period ending 2021-09-30 · accession 0001410578-22-003564 (CashAndCashEquivalentsAtCarryingValue)
  18. 10-K · period ending 2022-09-30 · accession 0001410578-23-002615 (CashAndCashEquivalentsAtCarryingValue)
  19. 10-K · period ending 2023-09-30 · accession 0001410578-24-002100 (CashAndCashEquivalentsAtCarryingValue)
  20. 10-K · period ending 2024-09-30 · accession 0001104659-25-123342 (CashAndCashEquivalentsAtCarryingValue)