undamentalytics Newsletter
Sign in

CN Energy Group. Inc. (CNEY) stock

Add to watchlist

Add holding +

NASDAQ: CNEY Nasdaq Specialty Chemicals

D Fundamentals grade

CN Energy Group. Inc. is a US-listed company in the specialty chemicals industry. Its financial year ends in September.

Stock price today

Loading chart…

Third-party market data · may be delayed

Model estimate per share

~$8.8

Revenue-to-maturity cash-flow model

Base case. Range ~$8.8–$11 across our lower- and higher-growth cases (0%–5% a year).

Price vs value

No Buy/Hold/Sell rating is issued: only 1 valuation models apply; a rating needs 3.

CN Energy Group. Inc. valuation: adjust assumptions and compare models →

Who’s trading

What company insiders, investment funds and members of Congress have been doing with the stock, from their own filings.

  • Funds3 adding, 4 cuttingOf 2 active managers that changed their stake, 0 added; quarter to June 30, 2026Fund buyers and sellers

Value diary

Our note on each quarter CN Energy Group files

Where CN Energy stands after its latest Filing

Revenue for the twelve months was $36m, down 30.2% on a year earlier, a steeper fall than the 12.0% decline a quarter earlier. Free-cash-flow margin rose to -5.5% from -60.6% a year earlier. Operating margin narrowed to -30.9% from 2.9%. The diluted share count is up 610.5% on a year earlier, which dilutes existing holders. It passes 2 of our 3 financial-health checks. Our revenue-to-maturity cash-flow model value is $8.80 a share, against a share price of $0.45.

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.

The Fundamentalytics view

CN Energy Group. Inc.'s trailing-twelve-month revenue fell 30.2% year on year, with a free-cash-flow margin of -5.5%. Where it stands out: long-term debt as % of assets of 0.0% ranks 1 of 36 specialty chemicals companies we cover. Where it lags: change in share count of 610.5% ranks 36 of 37 specialty chemicals companies we cover.

Current signal Revenue growth decelerating: TTM revenue growth slowed to -30.2% (-18.2pp vs the prior quarter), the 3rd consecutive quarterly slowdown.

Assembled from SEC-filed figures — the full workings are on this page and in our methodology. Observations, not recommendations.

Highlights

How we pick these

Strengths

Nothing in CN Energy Group. Inc.'s latest figures clears our strength thresholds.

Things to watch

  • Revenue shrinking. Revenue fell 30.2% over the last 12 months.
  • Growth slowing. The growth rate is 18.2 points lower than a quarter earlier.
  • Loss-making. Operating margin is -30.9%: costs exceed revenue.
  • Margins narrowing. Operating margin is down 6.3 points on a year ago.
  • Burning cash. Free cash flow was -5.5% of revenue over the last 12 months.
  • Share dilution. Diluted shares rose 610.5% in a year.

Price chart

  • 1 day-0.2%
  • 1 week-11.9%
  • 1 month-17.7%
  • This year-27.3%
  • 1 year-77.1%
  • 5 years-100.0%
  • S&P 500 this year+11.2%

Closing prices to 2026-11-02. Price change only, dividends excluded.

Loading chart…

Third-party market data · may be delayed

At a glance

Trailing twelve months, from SEC filings

Profitability

Revenue (TTM)
$35.6M
Operating margin
-30.9%
Net margin
-31.3%
EPS (TTM, diluted)
$-5.71

Growth

Revenue growth
−30.2%
Change in growth rate
−18.2 pts
Share count change
+610.5%

Cash

Free cash flow (TTM)
-$2M
FCF margin
-5.5%

News & updates

Updated October 31, 2026

Company announcements, filed results and changes that matter to shareholders.

No recent updates are available for CNEY from the sources we follow. See filings →

Refreshed hourly when new source data is available. Summaries are checked against company releases and SEC filings. Company announcement headlines are labelled when a checked summary is unavailable.

Valuation

CN Energy Group. Inc. valuation models and calculator

Fundamentalytics rating

model v1.6 · 2026-11-03

Not rated: only 1 valuation models apply; a rating needs 3.

Valuation models

We value CN Energy Group. Inc. as an operating company, with every model that fits that kind of business. Cost of equity 10.7%: the 10-year Treasury yield (4.9%) plus a beta of 1.27 times a 4.5% equity risk premium.

Value per share by model
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. ~$8.8 ~$8.8–$11 Left out: out of range vs price (19.78x)
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. ~$0.1 Included
Justified price-to-book Book value times (return on equity - growth) / (cost of equity - growth): steady-state returns. — Does not apply: return on equity is not positive
Price-to-sales vs peers Sales per share times peers' typical price-to-sales; used only when earnings are negative. ~$18 ~$14–$46 Left out: out of range vs price (40.90x)
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. ~$0.1 ~$0.1–$1.6 1 model

Different models fail in different ways, so where several apply we average them rather than trust one. Peer-based models compare CN Energy Group. Inc. 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.

Valuation multiples over time Market data may be delayed

At fiscal year end 20212022202320242025
Share price$4545.00$1582.50$90.00$21.00$2.39
Market value$276.3bn$137.1bn$24m$6m$5m
+ Net debt (− = net cash)$1m−$14m$7m−$317323−$390706
Enterprise value$276.3bn$137.1bn$32m$5m$4m
Multiples
Price / sales n/mn/m0.4x0.1x0.1x
Price / earnings n/mn/m———
Price / free cash flow —————
EV / EBITDA n/mn/m———

Market value uses the period's diluted share count; figures for each fiscal year use that year's results and the price at year end. "Now" uses today's price and the last twelve months.

Moat

Not assessed: fewer than five years of comparable figures in the filings. AI disruption exposure for this industry: Low.

A rules-based reading of reported figures, not a forecast and not investment advice. How the score is built: methodology.

Forecasts and guidance

Analysts' consensus

No analyst estimates are published for CN Energy Group. Inc.: too few analysts cover it.

Positioning

Short interest
1.5%
of tradable shares
Days to cover
0.19
at average volume
Short interest, 1 month
−52%
to October 15, 2026
Held by institutions
1%
of shares
Held by insiders
0.0%
of shares
Employees
25
full time

Consensus figures average analysts' published estimates (third-party data); guidance is the company's own. Neither is our forecast. Short interest is reported twice a month and lags. Market data may be delayed.

This section is general information, not investment advice or a personal recommendation, and it does not take account of your objectives or circumstances. Forecasts and guidance are estimates, not promises: companies miss their own guidance and analysts' figures are often revised. Prices can fall as well as rise, and you can lose money. See our disclaimer.

Share-price performance

Market data may be delayed

Return and risk by year

Calendar year 20222023202420252026 to date
Return
CNEY−73%−91%−84%−92%−27%
Industry peers (median)−25%−8%+7%−13%+6%
S&P 500−18%+26%+25%+18%+11%
Months that ended higher
CNEY33%17%8%25%55%
S&P 50042%67%75%75%46%
Largest fall from a high during the year
CNEY−79%−98%−86%−95%−80%
S&P 500−25%−10%−8%−19%−9%

Worst fall since February 5, 2021: 100% from November 3, 2021 to March 25, 2026. Getting back needed a 2634147% gain, and the shares have not yet recovered.

Price behaviour

52-week range
$0.36 – $2.02
From 52-week high
−78.0%
vs 50-day average
−15.0%
vs 200-day average
−37.0%
Volatility (1 year)
200%
Beta vs S&P 500
0.43

Volatility is the annualised standard deviation of daily returns. Beta 1.5 means the shares typically moved 1.5% for each 1% move in the S&P 500 over the past year. Prices to November 2, 2026.

CN Energy Group. Inc. in five measures

Fundamentals grade D
Growth Profitability Cash Balance sheet

Growth, profitability, cash generation and balance sheet are percentiles against the companies we cover in the same industry, from SEC filings (100 = best). Value compares the share price with our modelled value range (50 = at our base value; higher = cheaper). A description of reported data and our model — not a quality score or advice.

Fundamentals

Revenue (TTM) CN Energy Group. Inc.
$0 $20M $40M $60M FY19 Q4 FY21 Q4 FY23 Q4 FY25 Q4 Revenue (TTM), FY19 Q4: $10.9M Revenue (TTM), FY20 Q4: $12.5M Revenue (TTM), FY21 Q4: $19.8M Revenue (TTM), FY22 Q4: $40.2M Revenue (TTM), FY23 Q4: $57.9M Revenue (TTM), FY24 Q4: $51M Revenue (TTM), FY25 Q4: $35.6M $35.6M

Source: SEC EDGAR filings. Retrieved Invalid Date.

View chart data
Period Revenue (TTM)
FY19 Q4 $10.9M
FY20 Q4 $12.5M
FY21 Q4 $19.8M
FY22 Q4 $40.2M
FY23 Q4 $57.9M
FY24 Q4 $51M
FY25 Q4 $35.6M
Revenue growth, TTM YoY CN Energy Group. Inc.
-50% 0% 50% 100% 150% FY20 Q4 FY21 Q4 FY22 Q4 FY23 Q4 FY24 Q4 FY25 Q4 Revenue growth, TTM YoY, FY20 Q4: 14.5% Revenue growth, TTM YoY, FY21 Q4: 59.1% Revenue growth, TTM YoY, FY22 Q4: 102.6% Revenue growth, TTM YoY, FY23 Q4: 44.0% Revenue growth, TTM YoY, FY24 Q4: -12.0% Revenue growth, TTM YoY, FY25 Q4: -30.2% -30.2%

Source: SEC EDGAR filings. Retrieved Invalid Date.

View chart data
Period Revenue growth, TTM YoY
FY20 Q4 14.5%
FY21 Q4 59.1%
FY22 Q4 102.6%
FY23 Q4 44.0%
FY24 Q4 -12.0%
FY25 Q4 -30.2%
Operating margin (TTM) CN Energy Group. Inc.
-40% -20% 0% 20% FY19 Q4 FY21 Q4 FY23 Q4 FY25 Q4 Operating margin (TTM), FY19 Q4: 10.9% Operating margin (TTM), FY20 Q4: 16.1% Operating margin (TTM), FY21 Q4: 2.9% Operating margin (TTM), FY22 Q4: 1.1% Operating margin (TTM), FY23 Q4: -10.7% Operating margin (TTM), FY24 Q4: -24.5% Operating margin (TTM), FY25 Q4: -30.9% -30.9%

Source: SEC EDGAR filings. Retrieved Invalid Date.

View chart data
Period Operating margin (TTM)
FY19 Q4 10.9%
FY20 Q4 16.1%
FY21 Q4 2.9%
FY22 Q4 1.1%
FY23 Q4 -10.7%
FY24 Q4 -24.5%
FY25 Q4 -30.9%
FCF margin (TTM) CN Energy Group. Inc.
-80% -60% -40% -20% 0% FY19 Q4 FY21 Q4 FY23 Q4 FY25 Q4 FCF margin (TTM), FY19 Q4: -7.0% FCF margin (TTM), FY20 Q4: -14.7% FCF margin (TTM), FY21 Q4: -60.6% FCF margin (TTM), FY22 Q4: -24.9% FCF margin (TTM), FY23 Q4: -53.3% FCF margin (TTM), FY24 Q4: -4.7% FCF margin (TTM), FY25 Q4: -5.5% -5.5%

Source: SEC EDGAR filings. Retrieved Invalid Date.

View chart data
Period FCF margin (TTM)
FY19 Q4 -7.0%
FY20 Q4 -14.7%
FY21 Q4 -60.6%
FY22 Q4 -24.9%
FY23 Q4 -53.3%
FY24 Q4 -4.7%
FY25 Q4 -5.5%

Data: SEC EDGAR XBRL company facts (as filed in 10-K/10-Q); forms 20-F, 20-F/A. Generated November 3, 2026. Definitions in our methodology.

Financial statements

US$ millions unless shown otherwise. Fiscal years, plus the last twelve months (LTM) when newer.

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 11 12 20 40 58 51 36
Gross profit 3 3 3 4 1 −0 1
EBITDA 2 3 2 2 −5 −11 −10
Operating income 1 2 1 0 −6 −12 −11
Net income 2 2 1 2 −6 −14 −11
Diluted EPS $42.50 $57.50 $21.33 $25.75 −$26.00 −$103.27 −$21.46
Growth (year on year)
Revenue — +14.5% +59.1% +102.6% +44.0% −12.0% −30.2%
EBITDA — +37.1% −42.4% +10.5% −346.2% — —
Operating income — +68.7% −70.9% −21.2% — — —
Net income — +40.6% −44.7% +72.0% −352.3% — —
Diluted EPS — +35.3% −62.9% +20.7% −201.0% — —
Margins
Gross margin 27.3% 26.9% 13.2% 9.1% 1.4% −0.4% 1.8%
EBITDA margin 19.6% 23.4% 8.5% 4.6% −7.9% −21.8% −29.5%
Operating margin 10.9% 16.1% 2.9% 1.1% −10.7% −24.5% −30.9%
Net margin 15.3% 18.8% 6.5% 5.5% −9.7% −27.6% −31.3%
Free-cash-flow margin −7.0% −14.7% −60.6% −24.9% −53.3% −4.7% −5.5%
Cash flow
Cash from operations 0 −2 −12 −8 −30 −2 −2
Capital spending 1 0 0 2 1 0 0
Free cash flow −1 −2 −12 −10 −31 −2 −2
Balance sheet
Cash 2 2 0 18 0 0 0
Total debt 0 2 2 4 7 0 0
Net debt (negative = net cash) −2 0 1 −14 7 −0 −0
Diluted shares — 40m 61m 87m — — 2m

Source: SEC EDGAR XBRL company facts (US and foreign periodic filings); column headings link to the filing. EBITDA is operating income plus depreciation and amortisation. Free cash flow is cash from operations minus capital spending. Growth is left blank when last year's figure was a loss or under 2% of revenue. Share counts and EPS are restated for stock splits. A dash means the company didn't report the figure.

Financial health

2 of 3 checks passed · September 30, 2025
What it owns · $107m
Short-term assets $66mLonger-term assets $42m
What it owes, and who funded it · $107m
Short-term liabilities $5mLonger-term liabilities $1mShareholders' equity $102m
  • Short-term assets cover short-term liabilities $66m of assets due within a year against $5m of liabilities due within a year.
  • Short-term assets cover long-term liabilities $66m short-term assets against $611,327 of longer-dated liabilities.
  • More cash than debt Cash or debt not separately reported. Not assessable.
  • Debt below 40% of shareholders' equity Equity or debt not reported. Not assessable.
  • Debt burden no higher than five years ago Five-year comparison not available. Not assessable.
  • A year's operating cash flow covers at least 20% of debt Cash flow or debt not reported. Not assessable.
  • Operating profit covers interest at least five times over Operating income of −$11m against $168,183 of interest.

From CN Energy Group. Inc.'s latest balance sheet as filed. Checks are fixed, documented rules (methodology), counted only where the company reports the figures — a dot means the filing doesn't break the item out. Descriptions of reported data, not advice.

Dividends, buybacks and capital spending

Diluted share count
+610.5%
year over year
R&D spending
0.0%
of revenue
Days sales outstanding
17 days
receivables vs revenue

Competitors: side by side with peers

Closest by revenue in specialty chemicals
Last 12 months unless stated CNEY TANH ASPI BON PMA NTIC Median
Revenue, last 12 months $36m $38m $31m $19m $15m $92m $906m
Revenue growth, last 12 months −30.2% −10.7% 573.4% −21.7% −56.8% 7.7% 5.4%
Revenue growth, 3-year average — −14.4% — — — 5.0% 0.9%
Revenue growth, latest quarter — — 327.6% — — 12.6% 8.3%
Gross margin 1.8% 18.6% 18.3% 20.8% −18.4% 35.8% 28.8%
Operating margin −30.9% −31.8% −321.1% −8.7% −37.4% 3.0% 4.3%
Operating margin, 3-year average — −12.1% −655.6% — — 5.8% 5.5%
Net margin −31.3% −80.9% −380.3% −10.7% −39.4% −1.3% 0.8%
Cash from operations / revenue −5.5% −15.2% −219.8% 0.8% 5.4% −2.3% 6.9%
Free-cash-flow margin −5.5% −15.2% −270.9% 0.7% 4.8% −3.5% 4.3%
Free-cash-flow margin, 3-year average — −9.4% −545.1% — — 1.9% 5.1%
Stock pay / revenue — 0.0% 60.5% 7.5% — 1.4% 1.0%
Change in share count 610.5% 444.4% 59.6% >999% 9.5% −2.4% 0.1%

Median of all 42 companies we cover in specialty chemicals. Shaded: best of the six on that line (lowest for stock pay and share-count growth). 3-year figures average the last three 12-month periods; 3-year growth is compound annual. Source: SEC filings.

Peer comparison

42 specialty chemicals companies
Measure Company Peer median Rank
Revenue growth Growth -30.2% 6.0% 39 of 42
Change in growth rate Growth -18.2pp +1.3pp 39 of 42
Gross margin Profitability 1.8% 31.5% 37 of 40
Operating margin Profitability -30.9% 3.8% 27 of 39
Net margin Profitability -31.3% 1.7% 29 of 42
Free-cash-flow margin Cash generation -5.5% 4.8% 32 of 42
Long-term debt as % of assets Balance sheet 0.0% 26.8% 1 of 36
Change in share count Balance sheet 610.5% 0.0% 36 of 37
Days sales outstanding Balance sheet 17 days 59 days 1 of 30

Rank 1 = best in the group (for spending, debt and dilution, lower ranks first).

Who owns it

Funds buying and selling
Reported value
$33,027
Institutions reporting
3
Shares held vs prior quarter
▼ 57.6%
Positions opened / closed
2 / 4

Top buyers and sellers, Q2 2026: 3 institutions bought and 4 sold ; the biggest buyer was HRT Financial LP (+18K shares) and the biggest seller Renaissance Technologies LLC (−74K). See which funds bought and sold →

Largest reported holders, June 30, 2026
Manager Value Shares Share of 13F value Shares QoQ
Xtx Topco Ltd $19,145 40K 58.0% ▲ 44.1%
HRT Financial LP $8,000 18K 24.2% New
UBS Group AG $5,882 12K 17.8% New

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 CN Energy Group. Inc.'s complete shareholder register. Values are as reported by the filers .

Insider trading activity

Full insider history and chart
Insider purchases History → $0 0 trades by 0 insiders, last 12 months Insider sales History → $0 0 trades by 0 insiders
Net ▲ $0 net buying

No open-market insider trades reported in the last 12 months.

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.

Earnings dates and SEC filings

Results announcements

Recent SEC filings

Data status

When each part of this page on CN Energy Group. Inc. was last updated.

DataLast updatedSource
Share priceExchange closing prices
News and updatesCompany releases and SEC 8-K filings
Analyst estimatesAggregated analyst estimates
Valuation and scoresOur models, from the filed figures

How we build and check these figures: methodology and data sources.

CN Energy Group. Inc. in brief

What does CN Energy Group. Inc. do?
CN Energy Group. Inc. is a US-listed company in the specialty chemicals industry. Its financial year ends in September.
What is CN Energy Group. Inc.'s stock ticker?
CN Energy Group. Inc. trades under the ticker CNEY on Nasdaq. This page brings together its financial statements, valuation models, ownership and recent company updates.
What is CN Energy Group. Inc.'s revenue, and how fast is it growing?
Over its most recent trailing twelve months, CN Energy Group. Inc. reported revenue of $35.6M, 30.2% lower than a year earlier, according to its SEC filings.
What is CN Energy Group. Inc.'s free cash flow?
CN Energy Group. Inc.'s free-cash-flow margin is -5.5% of revenue over the trailing twelve months, ranking 32 of the 42 specialty chemicals companies we cover.
Who are CN Energy Group. Inc.'s largest institutional shareholders?
By value reported in 13F filings for June 30, 2026, the largest reported holders are Xtx Topco Ltd, HRT Financial LP and UBS Group AG. 13F reports cover long US-listed positions of managers above $100M, filed up to 45 days after quarter end.
What is CN Energy Group. Inc.'s market cap?
On September 30, 2025, CN Energy Group. Inc.'s market capitalisation was about $4.7M and net debt of -$390,706. Market figures come from third-party market data and may be delayed.
Who are CN Energy Group. Inc.'s competitors?
In our Specialty Chemicals peer group, the companies closest to CN Energy Group. Inc. are Tantech Holdings LTD, ASP Isotopes Inc., Bon Natural Life Ltd, PMA Graphene Technology Group Inc. and Northern Technologies International Corp. The side-by-side comparison below sets their revenue, margins and growth against CN Energy Group. Inc.'s.