MeritValue

CEA Industries Inc.

BNCdata completeness 75%15 fiscal years on file

Data notes: no data for concept 'incomeTaxExpense'

The thesis, from the filings

CEA Industries Inc. earns about -32% on equity, and has bought back 53% 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 2020FY 2021FY 2022FY 2023FY 2024
Revenue$8.51M1$13.6M2$11.3M3$6.91M4$2.8M4
Net income−$1.76M5−$1.34M6−$5.5M7−$2.91M8−$3.15M8
Operating cash flow$818,0369−$3.21M10−$3.19M11−$6.13M12−$3.06M12
Capital expenditure$9,33213$68,65714$30,34815——
Free cash flow (derived)$808,7049−$3.28M10−$3.22M11——
Total debt—————
Cash & equivalents$2.28M16$2.16M17$18.6M18$12.5M19$9.45M19
Diluted shares1.6M1.6M7.1M672,936745,038

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
$123.45
your share of equity
Profit it earned you last year
−$42.23
Free cash flow it threw off
—
Debt you’d be carrying
—

10 shares is a claim on $123.45 of net worth that earned you −$42.23 last year.

iii. Is this a good business?
Moat signal · return on equity
-32% avg · 5y
FY20 —FY21 —FY22 -37%FY23 -24%FY24 -34%

It earned an average -32% on equity over 5 years. Compare that to what it costs to fund the business.

seeing a moat in the numbers →
Management signal · capital allocation
−53% shares · 5y

Share count is down 53% 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 2020-12-31 · accession 0001493152-22-008011 (RevenueFromContractWithCustomerExcludingAssessedTax)
  2. 10-K · period ending 2021-12-31 · accession 0001493152-23-009274 (RevenueFromContractWithCustomerExcludingAssessedTax)
  3. 10-K · period ending 2022-12-31 · accession 0001493152-24-011974 (RevenueFromContractWithCustomerExcludingAssessedTax)
  4. 10-K · period ending 2023-12-31 · accession 0001641172-25-000913 (RevenueFromContractWithCustomerExcludingAssessedTax)
  5. 10-K · period ending 2020-12-31 · accession 0001493152-22-008011 (NetIncomeLoss)
  6. 10-K · period ending 2021-12-31 · accession 0001493152-23-009274 (NetIncomeLoss)
  7. 10-K · period ending 2022-12-31 · accession 0001493152-24-011974 (NetIncomeLoss)
  8. 10-K · period ending 2023-12-31 · accession 0001641172-25-000913 (NetIncomeLoss)
  9. 10-K · period ending 2020-12-31 · accession 0001493152-22-008011 (NetCashProvidedByUsedInOperatingActivities)
  10. 10-K · period ending 2021-12-31 · accession 0001493152-23-009274 (NetCashProvidedByUsedInOperatingActivities)
  11. 10-K · period ending 2022-12-31 · accession 0001493152-24-011974 (NetCashProvidedByUsedInOperatingActivities)
  12. 10-K · period ending 2023-12-31 · accession 0001641172-25-000913 (NetCashProvidedByUsedInOperatingActivities)
  13. 10-K · period ending 2020-12-31 · accession 0001493152-22-008011 (PaymentsToAcquirePropertyPlantAndEquipment)
  14. 10-K · period ending 2021-12-31 · accession 0001493152-23-009274 (PaymentsToAcquirePropertyPlantAndEquipment)
  15. 10-K · period ending 2022-12-31 · accession 0001493152-24-011974 (PaymentsToAcquirePropertyPlantAndEquipment)
  16. 10-K · period ending 2020-12-31 · accession 0001493152-22-008011 (CashAndCashEquivalentsAtCarryingValue)
  17. 10-K · period ending 2021-12-31 · accession 0001493152-23-009274 (CashAndCashEquivalentsAtCarryingValue)
  18. 10-K · period ending 2022-12-31 · accession 0001493152-24-011974 (CashAndCashEquivalentsAtCarryingValue)
  19. 10-K · period ending 2023-12-31 · accession 0001641172-25-000913 (CashAndCashEquivalentsAtCarryingValue)