MeritValue

Bon Natural Life Ltd

BONdata completeness 100%7 fiscal years on file

Data notes: no data for concept 'investmentsAtFairValue'; no data for concept 'netInvestmentIncome'; no data for concept 'gainsOnRealEstateSales'; no data for concept 'dividendsPaid'

The thesis, from the filings

Bon Natural Life Ltd earns about 9% on invested capital, and has bought back 59% of its shares over 5 years. The applicable estimate puts fair value near $17.2 a share.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$25.5M1$29.9M2$29.5M3$23.8M3$18.7M3
Net income$4.59M4$6.24M5$4.6M6$398,1726−$1.99M6
Operating cash flow$4.05M7−$187,1218−$616,9049−$7.72M9$141,1159
Capital expenditure$51,87810$27,69511$61,90612$7,04712$6,82712
Free cash flow (derived)$4M7−$214,8168−$678,8109−$7.73M9$134,2889
Total debt$5.28M13$7.08M13$5.09M14$8.58M15$14.1M15
Cash & equivalents$1.9M16$840,86117$112,75117$80,46618$6.27M17
Diluted shares6.7M839,60636,79296,1142.8M

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
$208.88
your share of equity
Profit it earned you last year
−$7.24
Free cash flow it threw off
$0.49
Debt you’d be carrying
$51.16

10 shares is a claim on $208.88 of net worth that earned you −$7.24 and generated $0.49 of cash last year, against $51.16 of debt.

iii. Is this a good business?
Moat signal · return on invested capital
9% avg · 5y
FY21 17%FY22 19%FY23 12%FY24 1%FY25 -2%

It earned an average 9% 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
−59% shares · 5y

Share count is down 59% over 5 years — management has been buying back stock, quietly handing owners a bigger slice. Total debt has risen 167% over the same window.

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 v0.5.0
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
$17.2
assumptions (8)
  • riskFreeRate4.7%
  • equityRiskPremium5.0%
  • beta100.0%
  • equityWeight85.0%
  • costOfDebtSpread1.5%
  • taxRate21.0%
  • normalizedEarnings$4.59M
  • growthAssumed0.0%
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. 20-F/A · period ending 2021-09-30 · accession 0001493152-24-040806 (RevenueFromContractWithCustomerExcludingAssessedTax)
  2. 20-F/A · period ending 2022-09-30 · accession 0001641172-25-004960 (RevenueFromContractWithCustomerExcludingAssessedTax)
  3. 20-F · period ending 2023-09-30 · accession 0001493152-26-003270 (RevenueFromContractWithCustomerExcludingAssessedTax)
  4. 20-F/A · period ending 2021-09-30 · accession 0001493152-24-040806 (NetIncomeLoss)
  5. 20-F/A · period ending 2022-09-30 · accession 0001641172-25-004960 (NetIncomeLoss)
  6. 20-F · period ending 2023-09-30 · accession 0001493152-26-003270 (NetIncomeLoss)
  7. 20-F/A · period ending 2021-09-30 · accession 0001493152-24-040806 (NetCashProvidedByUsedInOperatingActivities)
  8. 20-F/A · period ending 2022-09-30 · accession 0001641172-25-004960 (NetCashProvidedByUsedInOperatingActivities)
  9. 20-F · period ending 2023-09-30 · accession 0001493152-26-003270 (NetCashProvidedByUsedInOperatingActivities)
  10. 20-F/A · period ending 2021-09-30 · accession 0001493152-24-040806 (PaymentsToAcquirePropertyPlantAndEquipment)
  11. 20-F/A · period ending 2022-09-30 · accession 0001641172-25-004960 (PaymentsToAcquirePropertyPlantAndEquipment)
  12. 20-F · period ending 2023-09-30 · accession 0001493152-26-003270 (PaymentsToAcquirePropertyPlantAndEquipment)
  13. 20-F/A · period ending 2021-09-30 · accession 0001493152-24-040806 (LongTermDebtNoncurrent)
  14. 20-F/A · period ending 2023-09-30 · accession 0001641172-25-004960 (LongTermDebtNoncurrent)
  15. 20-F · period ending 2024-09-30 · accession 0001493152-26-003270 (LongTermDebtNoncurrent)
  16. 20-F/A · period ending 2021-09-30 · accession 0001641172-25-004960 (CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents)
  17. 20-F · period ending 2022-09-30 · accession 0001493152-26-003270 (CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents)
  18. 20-F/A · period ending 2024-09-30 · accession 0001641172-25-004960 (CashAndCashEquivalentsAtCarryingValue)