Bon Natural Life Ltd is a US-listed company in the specialty chemicals industry. Its financial year ends in September.
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~$0.6
Revenue-to-maturity cash-flow model
Base case. Range ~$0.6–$1.6 across our lower- and higher-growth cases (0%–5% a year).
No Buy/Hold/Sell rating is issued: only 2 valuation models apply; a rating needs 3.
Bon Natural Life Ltd valuation: adjust assumptions and compare models →
What company insiders, investment funds and members of Congress have been doing with the stock, from their own filings.
Revenue for the twelve months was $19m, down 21.7% on a year earlier, a steeper fall than the 19.2% decline a quarter earlier. Free-cash-flow margin fell to 0.7% from 15.7% a year earlier. Operating margin narrowed to -8.7% from 21.2%. The diluted share count is up 2766.6% on a year earlier, which dilutes existing holders. It passes 5 of our 7 financial-health checks. Our revenue-to-maturity cash-flow model value is $0.62 a share.
Written from the company's filings and our models when each quarter's report arrives. Figures in older notes are as published at the time. Not investment advice.
Bon Natural Life Ltd's trailing-twelve-month revenue fell 21.7% year on year, with a free-cash-flow margin of 0.7%. Where it stands out: long-term debt as % of assets of 1.0% ranks 5 of 36 specialty chemicals companies we cover. Where it lags: change in share count of 2766.6% ranks 37 of 37 specialty chemicals companies we cover.
Current signal Share count rising (dilution): Diluted shares outstanding rose 2766.6% year over year.
Assembled from SEC-filed figures — the full workings are on this page and in our methodology. Observations, not recommendations.
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Company announcements, filed results and changes that matter to shareholders.
No recent updates are available for BON from the sources we follow. See filings →
We value Bon Natural Life Ltd as an operating company, with every model that fits that kind of business. Cost of equity 9.4%: the 10-year Treasury yield (4.9%) plus a beta of 1 times a 4.5% equity risk premium.
| Model | Value per share | In the combined value? |
|---|---|---|
| Revenue-to-maturity model Revenue grown to maturity with the cash margin moving to the industry's; for companies not yet profitable. | ~$0.6 ~$0.6–$1.6 | Primary model, counts double |
| Price-to-earnings vs peers Earnings per share times peers' typical (harmonic-mean) price-to-earnings. | — | Does not apply: no positive earnings in the latest twelve months |
| Residual income Book value plus the present value of returns above the cost of equity, fading over ten years. | ~$28 ~$19–$43 | Left out: out of range vs price (25.53x) |
| Justified price-to-book Book value times (return on equity - growth) / (cost of equity - growth): steady-state returns. | ~$28 ~$25–$34 | Left out: out of range vs price (25.55x) |
| Price-to-sales vs peers Sales per share times peers' typical price-to-sales; used only when earnings are negative. | ~$3.6 ~$5.3–$17 | Included, half weight |
| Combined value Weighted average of the models that apply: the primary model (revenue-to-maturity model) counts double. Models more than 5x or less than 0.2x the share price, or more than 3x away from the other models' median, are left out. | ~$1.2 ~$0.6–$3.6 | 2 models |
Different models fail in different ways, so where several apply we average them rather than trust one. Peer-based models compare Bon Natural Life Ltd with Specialty Chemicals in our coverage, using third-party market data. Model values are estimates under stated assumptions, updated as new filings arrive; not price targets or investment advice. How each model works.
| At fiscal year end | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Share price | $2117.50 | $540.75 | $100.75 | $48.75 | $1.95 |
| Market value | $71m | $18m | $4m | $5m | $5m |
| + Net debt (− = net cash) | $7m | $4m | $4m | $7m | $6m |
| Enterprise value | $78m | $22m | $7m | $12m | $11m |
| Multiples | |||||
| Price / sales | 2.8x | 0.6x | 0.1x | 0.2x | 0.3x |
| Price / earnings | 15.5x | 2.9x | 0.8x | 11.8x | — |
| Price / free cash flow | 17.7x | — | — | — | 40.0x |
| EV / EBITDA | 13.8x | 3.2x | 1.1x | 3.9x | — |
Not assessed: fewer than five years of comparable figures in the filings. AI disruption exposure for this industry: Low.
No analyst estimates are published for Bon Natural Life Ltd: too few analysts cover it.
| Calendar year | 2022 | 2023 | 2024 | 2025 | 2026 to date |
|---|---|---|---|---|---|
| Return | |||||
| BON | −76% | −49% | −67% | −96% | −30% |
| Industry peers (median) | −25% | −8% | +7% | −13% | +6% |
| S&P 500 | −18% | +26% | +25% | +18% | +11% |
| Months that ended higher | |||||
| BON | 42% | 50% | 42% | 25% | 36% |
| S&P 500 | 42% | 67% | 75% | 75% | 46% |
| Largest fall from a high during the year | |||||
| BON | −83% | −85% | −77% | −97% | −40% |
| S&P 500 | −25% | −10% | −8% | −19% | −9% |
Worst fall since June 24, 2021: 100% from July 16, 2021 to August 5, 2026. Getting back needed a 364424% gain, and the shares have not yet recovered.
Source: SEC EDGAR filings. Retrieved Invalid Date.
| Period | Revenue (TTM) |
|---|---|
| FY19 Q4 | $16.4M |
| FY20 Q4 | $18.2M |
| FY21 Q4 | $25.5M |
| FY22 Q4 | $29.9M |
| FY23 Q4 | $29.5M |
| FY24 Q4 | $23.8M |
| FY25 Q4 | $18.7M |
Source: SEC EDGAR filings. Retrieved Invalid Date.
| Period | Revenue growth, TTM YoY |
|---|---|
| FY20 Q4 | 11.1% |
| FY21 Q4 | 39.9% |
| FY22 Q4 | 17.3% |
| FY23 Q4 | -1.3% |
| FY24 Q4 | -19.2% |
| FY25 Q4 | -21.7% |
Source: SEC EDGAR filings. Retrieved Invalid Date.
| Period | Operating margin (TTM) |
|---|---|
| FY19 Q4 | 19.4% |
| FY20 Q4 | 19.0% |
| FY21 Q4 | 21.2% |
| FY22 Q4 | 22.1% |
| FY23 Q4 | 20.1% |
| FY24 Q4 | 7.9% |
| FY25 Q4 | -8.7% |
Source: SEC EDGAR filings. Retrieved Invalid Date.
| Period | FCF margin (TTM) |
|---|---|
| FY19 Q4 | 42.0% |
| FY20 Q4 | 14.3% |
| FY21 Q4 | 15.7% |
| FY22 Q4 | -0.7% |
| FY23 Q4 | -2.3% |
| FY24 Q4 | -32.4% |
| FY25 Q4 | 0.7% |
| Fiscal year | 2019 Sept 2019 | 2020 Sept 2020 | 2021 Sept 2021 | 2022 Sept 2022 | 2023 Sept 2023 | 2024 Sept 2024 | 2025 Sept 2025 |
|---|---|---|---|---|---|---|---|
| Income | |||||||
| Revenue | 16 | 18 | 25 | 30 | 30 | 24 | 19 |
| Gross profit | 5 | 5 | 7 | 9 | 9 | 7 | 4 |
| EBITDA | 3 | 4 | 6 | 7 | 7 | 3 | −1 |
| Operating income | 3 | 3 | 5 | 7 | 6 | 2 | −2 |
| Net income | 3 | 3 | 5 | 6 | 5 | 0 | −2 |
| Diluted EPS | $100.00 | $116.00 | $136.00 | $185.75 | $124.92 | $4.14 | −$0.72 |
| Growth (year on year) | |||||||
| Revenue | — | +11.1% | +39.9% | +17.3% | −1.3% | −19.2% | −21.7% |
| EBITDA | — | +8.7% | +52.2% | +21.1% | +1.1% | −56.7% | −118.0% |
| Operating income | — | +9.2% | +55.7% | +22.2% | −10.0% | −68.4% | −186.6% |
| Net income | — | +17.6% | +51.7% | +35.9% | −26.3% | −91.3% | — |
| Diluted EPS | — | +16.0% | +17.2% | +36.6% | −32.7% | −96.7% | — |
| Margins | |||||||
| Gross margin | 32.2% | 28.6% | 27.9% | 31.5% | 29.9% | 29.8% | 20.8% |
| EBITDA margin | 20.7% | 20.3% | 22.1% | 22.8% | 23.3% | 12.5% | −2.9% |
| Operating margin | 19.4% | 19.0% | 21.2% | 22.1% | 20.1% | 7.9% | −8.7% |
| Net margin | 15.7% | 16.6% | 18.0% | 20.9% | 15.6% | 1.7% | −10.7% |
| Free-cash-flow margin | 42.0% | 14.3% | 15.7% | −0.7% | −2.3% | −32.4% | 0.7% |
| Cash flow | |||||||
| Cash from operations | 7 | 3 | 4 | −0 | −1 | −8 | 0 |
| Capital spending | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Free cash flow | 7 | 3 | 4 | −0 | −1 | −8 | 0 |
| Stock-based pay | — | 0 | 0 | 0 | 0 | 1 | 1 |
| Free cash flow after stock pay | — | 2 | 4 | −0 | −1 | −9 | −1 |
| Balance sheet | |||||||
| Cash | — | — | 2 | 1 | 0 | 0 | 6 |
| Total debt | — | 5 | 9 | 5 | 4 | 7 | 12 |
| Net debt (negative = net cash) | — | — | 7 | 4 | 4 | 7 | 6 |
| Diluted shares | — | — | — | — | — | — | 3m |
| Last 12 months unless stated | BON | PMA | ASPI | YMAT | CNEY | TANH | Median |
|---|---|---|---|---|---|---|---|
| Revenue, last 12 months | $19m | $15m | $31m | $10m | $36m | $38m | $906m |
| Revenue growth, last 12 months | −21.7% | −56.8% | 573.4% | −43.5% | −30.2% | −10.7% | 5.4% |
| Gross margin | 20.8% | −18.4% | 18.3% | 54.1% | 1.8% | 18.6% | 28.8% |
| Operating margin | −8.7% | −37.4% | −321.1% | −207.7% | −30.9% | −31.8% | 4.3% |
| Operating margin, 3-year average | — | — | −655.6% | — | — | −12.1% | 5.5% |
| Net margin | −10.7% | −39.4% | −380.3% | −203.2% | −31.3% | −80.9% | 0.8% |
| Cash from operations / revenue | 0.8% | 5.4% | −219.8% | −31.8% | −5.5% | −15.2% | 6.9% |
| Free-cash-flow margin | 0.7% | 4.8% | −270.9% | −33.9% | −5.5% | −15.2% | 4.3% |
| Free-cash-flow margin, 3-year average | — | — | −545.1% | — | — | −9.4% | 5.1% |
| Stock pay / revenue | 7.5% | — | 60.5% | 0.9% | — | 0.0% | 1.0% |
| Change in share count | >999% | 9.5% | 59.6% | 3.8% | 610.5% | 444.4% | 0.1% |
| Measure | Company | Peer median | Rank |
|---|---|---|---|
| Revenue growth Growth | -21.7% | 6.0% | 37 of 42 |
| Change in growth rate Growth | -2.5pp | +1.3pp | 34 of 42 |
| Gross margin Profitability | 20.8% | 31.5% | 30 of 40 |
| Operating margin Profitability | -8.7% | 3.8% | 25 of 39 |
| Net margin Profitability | -10.7% | 1.7% | 26 of 42 |
| Free-cash-flow margin Cash generation | 0.7% | 4.8% | 26 of 42 |
| Stock pay as % of revenue Cash generation | 7.5% | 1.0% | 31 of 36 |
| Long-term debt as % of assets Balance sheet | 1.0% | 26.8% | 5 of 36 |
| Change in share count Balance sheet | 2766.6% | 0.0% | 37 of 37 |
| Days sales outstanding Balance sheet | 215 days | 59 days | 29 of 30 |
Rank 1 = best in the group (for spending, debt and dilution, lower ranks first).
| Manager | Value | Shares | Share of 13F value | Shares QoQ |
|---|---|---|---|---|
| Xtx Topco Ltd | $18,632 | 16K | 39.5% | ▼ 1.5% |
| Citadel Advisors LLC | $15,018 | 13K | 31.8% | New |
| Two Sigma Securities, LLC | $13,026 | 11K | 27.6% | New |
| UBS Group AG | $499 | 0K | 1.1% | ▲ 802.2% |
| Caitong International Asset Management Co., Ltd | $8 | 0K | 0.0% | 0.0% |
| Osaic Holdings, Inc. | $1 | 0K | 0.0% | 0.0% |
From Form 13F filings with the SEC ( quarterly data sets), as reported by each manager for June 30, 2026 and filed up to 45 days later. 13F reports cover long US-listed positions of managers above $100M only, so this is not Bon Natural Life Ltd's complete shareholder register. Values are as reported by the filers .
From insiders' Form 4 filings with the SEC. Excludes awards, option exercises and shares withheld for tax. "Pre-set plan" means the filing marks the trade as made under a Rule 10b5-1 plan. See every insider trade since five years ago, on a price chart.
| Data | Last updated | Source |
|---|---|---|
| Share price | Exchange closing prices | |
| News and updates | Company releases and SEC 8-K filings | |
| Analyst estimates | Aggregated analyst estimates | |
| Valuation and scores | Our models, from the filed figures |
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