MeritValue

BION ENVIRONMENTAL TECHNOLOGIES INC

BNETdata completeness 63%15 fiscal years on file

Data notes: no data for concept 'pretaxIncome'

The thesis, from the filings

BION ENVIRONMENTAL TECHNOLOGIES INC earns about -76% on equity, but has diluted owners by 71% over 5 years — worth asking whether the growth reaches owners. 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——$01$01—
Net income−$3.45M2$8.29M3−$3.19M4−$11.7M5−$2.38M5
Operating cash flow−$1.39M6−$670,7857−$2.93M8−$849,1699−$868,2349
Capital expenditure—$2.06M10$3.56M11$869,39812—
Free cash flow (derived)—−$2.73M7−$6.49M8−$1.72M9—
Total debt—————
Cash & equivalents$4.22M13$3.16M14$625,96415$52,21215$4,44115
Diluted shares33.1M42.0M45.0M52.0M56.7M

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
−$1.26
your share of equity
Profit it earned you last year
−$0.42
Free cash flow it threw off
—
Debt you’d be carrying
—

10 shares is a claim on −$1.26 of net worth that earned you −$0.42 last year.

iii. Is this a good business?
Moat signal · return on equity
-76% avg · 5y
FY21 —FY22 —FY23 -76%FY24 —FY25 —

It earned an average -76% 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
+71% shares · 5y

Share count is up 71% over 5 years — owners have been diluted. Worth asking what they got for it.

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 2023-06-30 · accession 0001553350-24-000141 (RevenueFromContractWithCustomerIncludingAssessedTax)
  2. 10-K · period ending 2021-06-30 · accession 0001079973-22-001171 (NetIncomeLoss)
  3. 10-K · period ending 2022-06-30 · accession 0001079973-23-001327 (NetIncomeLoss)
  4. 10-K · period ending 2023-06-30 · accession 0001553350-24-000141 (NetIncomeLoss)
  5. 10-K · period ending 2024-06-30 · accession 0001079973-25-001516 (NetIncomeLoss)
  6. 10-K · period ending 2021-06-30 · accession 0001079973-22-001171 (NetCashProvidedByUsedInOperatingActivities)
  7. 10-K · period ending 2022-06-30 · accession 0001079973-23-001327 (NetCashProvidedByUsedInOperatingActivities)
  8. 10-K · period ending 2023-06-30 · accession 0001553350-24-000141 (NetCashProvidedByUsedInOperatingActivities)
  9. 10-K · period ending 2024-06-30 · accession 0001079973-25-001516 (NetCashProvidedByUsedInOperatingActivities)
  10. 10-K · period ending 2022-06-30 · accession 0001079973-23-001327 (PaymentsToAcquirePropertyPlantAndEquipment)
  11. 10-K · period ending 2023-06-30 · accession 0001553350-24-000141 (PaymentsToAcquirePropertyPlantAndEquipment)
  12. 10-K · period ending 2024-06-30 · accession 0001079973-25-001516 (PaymentsToAcquirePropertyPlantAndEquipment)
  13. 10-K · period ending 2021-06-30 · accession 0001079973-23-001327 (CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents)
  14. 10-K · period ending 2022-06-30 · accession 0001553350-24-000141 (CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents)
  15. 10-K · period ending 2023-06-30 · accession 0001079973-25-001516 (CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents)