Deep Value: cash covers more than 100% of the stock price

This company holds roughly $13M in cash and investments — more than its entire stock-market value, based on its latest quarterly filing. You're paying very little for the actual business. Sometimes that's a genuine bargain or a takeover target, sometimes it's cheap for a reason. Not a buy signal on its own — always ask why it's this cheap.

Bon Natural Life Limited

BON

Chemicals - Specialty · Basic Materials

Price

$1.14

-0.01 (-0.87%)

Market Cap

$6.9M

Exchange

NASDAQ Capital Market

Winston Score

Winston is worried

Weak fundamentals across most pillars.

Data as of Aug 23, 2026 · filings through Sep 30, 2025

How the score breaks down

Quality

Weak

Growth

Weak

Cash Flow

Weak

Stability

Good

Valuation

Data not available

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Share count rising — dilution

+310.8% over 4y

The company has issued more shares over this period, which dilutes each existing shareholder’s stake.

Diluted shares outstanding: 671K (2021) → 2.8M (2025)

Winston Score History

The full picture

Bon Natural Life Limited is a small Chinese company that makes natural plant-based ingredients used in food, beverages, cosmetics, and health products. Its core products include plant extracts, essential oils, and natural sweeteners, which it sells to manufacturers who put these ingredients into consumer goods. The company operates in the specialty chemicals industry, focused on the growing market for natural and "clean label" ingredients.

Bon Natural Life earns money by selling these ingredients directly to business customers, primarily in China but also to some international buyers. It is a very small company, with a market cap near zero, and it faces intense competition from other ingredient suppliers in China and globally. The company is currently losing money at the operating level, which is a significant concern, and its main challenge is scaling up sales fast enough to cover its costs while competing against larger, better-resourced rivals in the natural ingredients space.

Growth Profile

For growth stock investors

When traditional metrics don't capture the full picture, these are the signals growth stock investors use instead.

Revenue Growth

-21.5% YoY

YoY Growth Rate

Revenue declining

EPS Growth

-443.5% YoY

YoY Growth Rate

Earnings declining

R&D Spend

$754,193/ year

↓ Declining (-53% vs prior year)

4.0% of revenue

In line with sector average (3%)

R&D spend declining — could signal cost-cutting or efficiency

Insider Activity

2.0%ownership

Relatively low insider ownership

Cash Position

Cash flow positive

$21M cash & investments

Quarterly Free Cash Flow

↓ Burn rate worsening

Company generates more cash than it spends — no dilution risk from fundraising

Revenue declining

Bon Natural Life Limited's revenue is actually shrinking. In a growth stock, that removes the core investment thesis. The low Winston Score here may be warranted — unless there's a turnaround story.

The Winston Score above measures business quality today. Growth stocks often score lower because they invest in the future rather than maximising current profits. These metrics show what matters most for evaluating that future.

Score breakdown

Every number that matters to educated investors.

Each metric is explained in plain language so you know exactly what you're looking at. Start your free trial now.

Quality

Profit per sale

Gross Margin

18.4%

Thin — 18.4% gross margin

Profit after running costs

Operating Margin

-17.8%

Losing money on operations — -17.8%

Return on the money invested

ROCE

-2.3%

Weak — -2.3% return on capital

Negative ROIC means the business is losing money on every dollar invested in it.

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Growth

Sales growth

Sales YoY

-21.7%

Shrinking sales (-21.7% YoY)

Profit growth

EPS YoY

-203.7%

Earnings shrinking (-203.7% YoY)

Earnings per share down more than 10%. Either a bad year, or a real decline.

How steady the profit is

EPS Consistency

2/8 quarters

Earnings rarely grow — volatile business

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Cash Flow

Profit that turns into cash

Cash Conversion

N/A

Data not available

Spare cash per sale

FCF Margin

-22.7%

Burning cash (-22.7%)

Free cash flow is negative. They are burning cash, not generating it.

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Stability

What it owes vs what it owns

Debt / Equity

0.21

Conservative — low debt load (0.21)

Covers its interest

Interest Cover

N/A

Data not available

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Valuation

Price vs profit

P/E Ratio (TTM)

N/M

Negative earnings — P/E not meaningful

Cheaper or dearer next year

P/E vs Forward

N/A

not available

Data not available

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Dividends

Not applicable for this business.

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