olivLaw · US equity research
Bon Natural Life Limited BON
Medicinal Chemicals & Botanical Products · SIC 2833 · Vertical: Medicinal Chemicals & Botanical Products (SIC 2833)
Bon Natural Life makes natural ingredients for fragrances, dietary supplements and functional foods, operating mainly from Xi'an in China. In fiscal 2025 revenue fell 21.7%, as weaker prices and a lower gross margin raised the question of whether its volume-led strategy can sustain profitability.
The AI analysis may be outdated: new filings came after its sources (see the «AI analysis» section).
At the close of 04 Nov 2026, Bon Natural Life Limited (BON) stock was 1.12 USD (−0.88% on the day), with market capitalisation 4.4 m USD, beta 0.62, 52-week range 1.05–2.00 USD.
Data as of · AI analysis dated · Source: SEC filings and closing prices, computed by olivLaw.
Price history
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Technical reading
- RSI (14)
- 44.1
- weak (30–45)
- Bollinger (20, 2)
- 1.10 – 1.17
- in the lower half of the band · %B 0.25 · band width 5.9%
- SMA 50 / 200
- 1.15 / 1.31
- downtrend (price < SMA50 < SMA200)
- MACD (12, 26, 9)
- -0.01 / -0.01
- MACD below signal
Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).
Performance
| Company | S&P 500 | vs S&P 500 | Vertical median | |
|---|---|---|---|---|
| 1 month | −4.4% | −1.1% | −3.3 pp | — |
| 3 months | +6.7% | −0.5% | +7.1 pp | — |
| 6 months | −4.9% | +4.4% | −9.3 pp | — |
| Year to date | −29.6% | +12.3% | −41.9 pp | — |
| 1 year | −42.3% | +13.5% | −55.8 pp | −35.8% |
| 3 years | −99.1% | +76.4% | −175.5 pp | −14.7% |
| 5 years | −99.9% | +63.7% | −163.6 pp | — |
Price returns, dividends excluded.
Quarterly results
ESEF annual reports carry no quarters: the results are annual (below).
E/P over time
E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.
Fiscal years
| Fiscal year | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|
| Revenue | 16.4 m | 18.2 m | 25.5 m | 29.9 m | 29.5 m | 23.8 m | 18.7 m |
| Revenue YoY | unavailable | +11.1% | +39.9% | +17.3% | −1.3% | −19.2% | −21.7% |
| Net income | 2.6 m | 3.0 m | 4.6 m | 6.2 m | 4.6 m | 398.2 k | -2.0 m |
| Net income YoY | unavailable | +17.6% | +51.7% | +35.9% | −26.3% | −91.3% | −601.0% |
| Diluted EPS | 0.50 | 0.58 | 0.68 | 7.43 | 124.92 | 4.14 | -0.72 |
| Diluted EPS YoY | unavailable | +16.0% | +17.2% | +992.6% | +1,581.3% | −96.7% | −117.4% |
| net % | 15.7% | 16.6% | 18.0% | 20.9% | 15.6% | 1.7% | -10.7% |
| Free cash flow | 6.9 m | 2.6 m | 4.0 m | -214.8 k | -678.8 k | -7.7 m | 134.3 k |
Reported results vs expectations
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Balance sheet & financial health
Fiscal year 2025 · 30 Sept 2025
- Cash
- 6.3 m USD
- Financial debt
- 11.1 m USD
- Net debt
- 4.8 m USD
- Equity
- 58.0 m USD
- Total assets
- 85.2 m USD
- Debt / equity
- 0.19x
- Current ratio
- 1.74x
- ROE
- -3.9%
- ROA
- -2.7%
- FCF margin
- 0.7%
Financial statements (source on every figure)
Revenue and net income (USD)
Margins
Income statement · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Revenue | 18.2 m | 25.5 m | 29.9 m | 29.5 m | 23.8 m | 18.7 m | SEC (XBRL)· 23 Jan 2026verified |
| Cost of revenue | 13.0 m | 18.4 m | 20.5 m | 20.7 m | 16.7 m | 14.8 m | SEC (XBRL)· 23 Jan 2026verified |
| Gross profit | 5.2 m | 7.1 m | 9.4 m | 8.8 m | 7.1 m | 3.9 m | SEC (XBRL)· 23 Jan 2026verified |
| Research & development | 205.4 k | 249.1 k | 424.6 k | 298.5 k | 1.6 m | 754.2 k | SEC (XBRL)· 23 Jan 2026verified |
| Operating income | 3.5 m | 5.4 m | 6.6 m | 5.9 m | 1.9 m | -1.6 m | SEC (XBRL)· 23 Jan 2026verified |
| Depreciation & amortisation | 230.6 k | 228.5 k | 218.5 k | 954.5 k | 1.1 m | 1.1 m | SEC (XBRL)· 23 Jan 2026verified |
| EBITDA | 3.7 m ≈ | 5.6 m ≈ | 6.8 m ≈ | 6.9 m ≈ | 3.0 m ≈ | -535.6 k ≈ | SEC (XBRL)· 23 Jan 2026derived |
| Interest expense | 329.1 k | 417.3 k | 446.9 k | 238.2 k | 303.3 k | 366.2 k | SEC (XBRL)· 23 Jan 2026verified |
| Pre-tax income | 3.7 m | 5.4 m | 7.6 m | 5.6 m | 715.9 k | -1.7 m | SEC (XBRL)· 23 Jan 2026verified |
| Income tax | 556.3 k | 820.9 k | 1.3 m | 1.0 m | 351.2 k | 339.4 k | SEC (XBRL)· 23 Jan 2026verified |
| Net income | 3.0 m | 4.6 m | 6.2 m | 4.6 m | 398.2 k | -2.0 m | SEC (XBRL)· 23 Jan 2026verified |
| Diluted EPS | 0.58 | 0.68 | 7.43 | 124.92 | 4.14 | -0.72 | SEC (XBRL)· 23 Jan 2026verified |
| Weighted average diluted shares | 5.2 m | 6.7 m | 839.6 k | 36.8 k | 96.1 k | 2.8 m | SEC (XBRL)· 23 Jan 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating income + Depreciation & amortisation.
Balance sheet · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Cash | — | 1.9 m | 840.9 k | 112.8 k | 80.5 k | 6.3 m | SEC (XBRL)· 23 Jan 2026verified |
| Receivables | 5.8 m | 6.2 m | 6.8 m | 4.6 m | 11.8 m | 11.0 m | SEC (XBRL)· 23 Jan 2026verified |
| Inventories | 1.0 m | 1.6 m | 1.7 m | 987.3 k | 1.6 m | 3.3 m | SEC (XBRL)· 23 Jan 2026verified |
| Current assets | 10.8 m | 16.5 m | 14.7 m | 24.2 m | 39.8 m | 45.8 m | SEC (XBRL)· 23 Jan 2026verified |
| Property, plant & equipment, net | 14.2 m | 19.2 m | 21.6 m | 15.5 m | 15.0 m | 18.2 m | SEC (XBRL)· 23 Jan 2026verified |
| Intangibles (excl. goodwill) | 141.0 k | 411.1 k | 366.2 k | 766.4 k | 777.0 k | 6.4 m | SEC (XBRL)· 23 Jan 2026verified |
| Total assets | 25.2 m | 36.4 m | 37.3 m | 46.6 m | 61.8 m | 85.2 m | SEC (XBRL)· 23 Jan 2026verified |
| Accounts payable | 1.3 m | 380.4 k | 214.6 k | 1.4 m | 3.4 m | 7.6 m | SEC (XBRL)· 23 Jan 2026verified |
| Short-term debt | 1.3 m | 41.4 k | 2.4 m | 2.5 m | 5.7 m | 10.2 m | SEC (XBRL)· 23 Jan 2026verified |
| Long-term debt | 2.5 m | 2.2 m | 189.8 k | 871.4 k | 970.1 k | 842.8 k | SEC (XBRL)· 23 Jan 2026verified |
| Current liabilities | 11.7 m | 7.5 m | 6.6 m | 9.6 m | 16.4 m | 26.3 m | SEC (XBRL)· 23 Jan 2026verified |
| Total liabilities | 14.2 m | 9.9 m | 7.2 m | 10.6 m | 17.4 m | 27.2 m | SEC (XBRL)· 23 Jan 2026verified |
| Equity | 11.0 m | 26.5 m | 30.1 m | 36.0 m | 44.3 m | 58.0 m | SEC (XBRL)· 23 Jan 2026verified |
| Shares outstanding at year end | — | 8.3 m | 8.4 m | 11.7 m | 4.0 m | — | SEC (XBRL)· 28 Jan 2025verified |
Cash flow · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Operating cash flow | 2.6 m | 4.1 m | -187.1 k | -616.9 k | -7.7 m | 141.1 k | SEC (XBRL)· 23 Jan 2026verified |
| Capex | 31.9 k | 51.9 k | 27.7 k | 61.9 k | 7.0 k | 6.8 k | SEC (XBRL)· 23 Jan 2026verified |
| Free cash flow | 2.6 m ≈ | 4.0 m ≈ | -214.8 k ≈ | -678.8 k ≈ | -7.7 m ≈ | 134.3 k ≈ | SEC (XBRL)· 23 Jan 2026derived |
| Investing cash flow | -3.0 m | -7.4 m | -3.1 m | -1.2 m | -15.7 k | -10.0 m | SEC (XBRL)· 23 Jan 2026verified |
| Financing cash flow | 112.5 k | 5.4 m | 2.3 m | 1.2 m | 8.8 m | 15.5 m | SEC (XBRL)· 23 Jan 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating cash flow − Capex.
Computed indicators
Growth
Profitability
Returns
Balance sheet
Liquidity
Cash
Efficiency
Market and valuation
1 indicators that do not apply to the sector.
Valuation
olivLaw classification
- score weight coverage: 43.8% of at least 60%
A scoring methodology on indicators and valuation, not investment advice.
Closing price
04 Nov 2026Source: olivLaw, closing series
Market cap: 4.4 m USD
Key indicators
Coverage and freshness
The data is older than the freshness threshold.
Score by group
44% · Insufficient data
Estimated value range
The combined range = the median of the valid methods' low, central and high values; it is not a probability interval and does not cover every result. Envelope of all methods: 0.63 – 2.91 USD.
Valuation assumptions are editorial choices, not measured; beta is not measured.
Method ranges (USD per share)
— — Mid · ▏ Price
Valuation methods
- DCF (discounted cash flow)0.63 – 2.91 (Mid 1.32)WACC 6.3% · starting FCFF 441.9 k USD · terminal value share of EV 83%The WACC × g sensitivity gives the method's bounds; these are not probabilities.Reverse DCF: starting growth implied by the price (fading linearly to terminal growth, everything else fixed): -8.2%
- Peers: EV/EBITDAunavailable · the base of the ratio is not positive
- Peers: P/Eunavailable · the base of the ratio is not positive
- Dividend discount (DDM)unavailable · the company pays no dividend: a dividend model needs an explicit initiation assumption
Classification (SIC) comparables group by industry code, not by economic activity; the direct group is an editorial selection by activity. Members' multiples are on their own trailing twelve months, at their own latest close.
Assumptions (illustrative, editorial)
- Risk-free rate
- 4.3%
- Equity risk premium
- 5.0%
- Beta (default)
- 1.00
- Cost of equity
- 9.3%
- Terminal growth
- 2.5%
Factor scorecard
Insufficient data
Minimum-evidence gate: score weight coverage: 43.8% of at least 60%
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | -2.4% | 80 (vs peers) | 24% |
| Net margin · Quality | -10.7% | 47 (vs peers) | 14% |
| FCF conversion · Quality | unavailable | unavailable | — |
| Revenue CAGR 3Y · Growth | -14.5% | 0 (on a fixed band) | 19% |
| EPS CAGR 3Y · Growth | unavailable | unavailable | — |
| Net debt / EBITDA · Balance sheet | unavailable | unavailable | — |
| Interest coverage · Balance sheet | -4.4x | 0 (on a fixed band) | 14% |
| Current ratio · Balance sheet | 1.7x | 78 (on a fixed band) | 10% |
| P/E (TTM) · Valuation | unavailable | unavailable | — |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | 3.0% | 38 (on a fixed band) | 19% |
| Shareholder yield (distributions) · Returns | unavailable | unavailable | — |
| Payout ratio (FCF) · Returns | unavailable | unavailable | — |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet31/100 · 2/3 factors with a value
- Growth· partial0/100 · 1/2 factors with a value
- Quality68/100 · 2/3 factors with a value
- Returns· partialunavailable · 0/2 factors with a value
- Valuation· partial38/100 · 1/3 factors with a value
A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.
Memo
BON NATURAL LIFE LIMITED (BON). Latest full fiscal year: 2025; data up to 2025-09-30.
Figures computed from the financial statements: revenue 18.7 m USD in 2025; YoY growth -21.7%; net margin -10.7%; ROE -3.9%.
The estimated value range is 0.63–2.91 USD per share (median of 1 methods, agreement: single method); assumptions are illustrative. Against the central value of 1.32 USD, the price of 1.12 USD leaves a potential of 17.5% (value / price − 1) and a margin of safety of 14.9% (1 − price / value). The range is the median of the methods' low, central and high values, not a probability interval.
Insufficient data for a verdict (score weight coverage: 43.8% of at least 60%).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- ROIC: -2.4%
- Current ratio: 1.7x
What contradicts it
- Revenue CAGR 3Y: -14.5%
- Interest coverage: -4.4x
Not assessed (insufficient data or a ratio without meaning): FCF conversion, EPS CAGR 3Y, Net debt / EBITDA, P/E (TTM), EV/EBITDA, Shareholder yield (distributions), Payout ratio (FCF).
Versus the vertical median
Medicinal Chemicals & Botanical Products (SIC 2833) · same industry (4-digit SIC) · compared with 15 companies
Multiples and returns vs the median
Price rebased to 100 (monthly, 5 years)
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| TRLVTrulieve Cannabis Corp. | 2.2 bn | — | -48.2% | -41.8% | −0.4% | +115% / +109% |
| TLRYTilray Brands, Inc. | 437.5 m | — | -10.4% | -17.1% | +11.5% | −63% / −84% |
| USNAUsana Health Sciences, Inc. | 264.8 m | — | -4.2% | -2.4% | unavailable | −28% / −70% |
| NAGENiagen Bioscience, Inc. | 199.6 m | 21.3 | 13.3% | 8.4% | +29.9% | −63% / +81% |
| MDWDMediwound Ltd. | 182.3 m | — | -63.9% | -140.8% | −16.1% | −21% / +59% |
| FTLFFitlife Brands, Inc. | 76.8 m | 13.1 | 14.1% | 6.2% | +26.4% | −56% / −15% |
| BTMDbiote Corp. | 71.6 m | 11.8 | — | 3.2% | −2.5% | −55% / −75% |
| NAIINatural Alternatives International, Inc. | 24.3 m | — | -35.0% | -14.5% | +9.7% | −70% / −81% |
| MTEXMannatech Inc | 16.7 m | — | -1,490.1% | -6.9% | −8.3% | −8% / −3% |
| BONBon Natural Life Limited | 4.4 m | — | -3.9% | -10.7% | −21.7% | −42% / −99% |
| GLASGlass House Brands Inc. | — | — | -31.2% | -16.3% | −9.4% | −57% / −45% |
| ACBAurora Cannabis Inc | — | — | 0.3% | 0.5% | +27.3% | +14% / +14% |
| SNDLSNDL Inc. | — | — | -1.4% | -1.7% | +2.8% | −20% / −1% |
| IMCCIM Cannabis Corp. | — | — | -1,496.2% | -20.7% | +1.3% | −99% / −99% |
| CGCCanopy Growth Corp | — | — | -39.9% | -79.2% | +5.8% | −36% / −87% |
| CRONCronos Group Inc. | — | — | 6.5% | 39.1% | +24.6% | +42% / +74% |
1- and 3-year price returns: for BON from daily closes (the same as the performance table), for the other companies from month-end closes.
olivLaw engine forecast
The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.
The engine has no published run for this company yet.
Valuation scenarios (editable assumptions)
Illustrative scenarios
Illustrative: not forecasts and without probabilities. Each case is one coherent set of assumptions, computed on today's figures.
Estimated price (USD)
| Estimated price | Bear | Base | Bull |
|---|---|---|---|
| 1 years | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable |
| 3 years | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable |
| 5 years | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable |
AI analysis
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
Possibly outdated: the newest document it read is from 23 Jan 2026; since then the company filed 6-K (23 Sept 2026), 6-K (19 Mar 2026), 6-K (17 Feb 2026).
In brief
Bon Natural Life makes natural ingredients for fragrances, dietary supplements and functional foods, operating mainly from Xi'an in China. In fiscal 2025 revenue fell 21.7% 1, as weaker prices and a lower gross margin raised the question of whether its volume-led strategy can sustain profitability.
SWOT
Strengths
Weaknesses
Opportunities
Risks
- Chinese regulatory riskhigh
All operations are in China, and the government can influence the business with little notice, which could limit access to capital 1.
- Margin pressurehigh
Price cuts lifted volumes but compressed margins, and if prices do not stabilise, profitability could remain under pressure 1.
- Funding requirementmedium
Expansion plans require additional financing, and terms could be less favourable than those obtained so far 1.
- Dependence on key personnelmedium
Success depends on the experience of the chief executive and founder, whose loss could have serious effects 1.
- Product quality risklow
Products have not been clinically proven, and quality problems or adverse reactions could affect reputation and sales 1.
Investment thesis
What would need to be true (bull case)
- Volumes of bioactive ingredients grew, and if margins stabilise the company could recover profitability 1.
- Diversification across three product categories reduces reliance on any single segment, which could cushion demand shocks 1.
- Distribution expansion plans could open new markets if executed effectively 1.
What would break the thesis
- Revenue fell 21.7% and gross margin dropped sharply, which could point to a structural competitiveness problem 1.
- The powder drink segment is contracting, and if demand does not recover the company could lose significant revenue 1.
- Regulatory and governance risks, combined with the need for capital, could weigh on investor confidence 1.
What to watch
- Trend in gross margin and quarterly revenueQ1 2026
- Pace of volume growth in bioactive ingredients2026
- Implementation of the dual-class restructuring and the Nasdaq decision2026
Products, market & competition
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
Possibly outdated: the newest document it read is from 23 Jan 2026; since then the company filed 6-K (23 Sept 2026), 6-K (19 Mar 2026), 6-K (17 Feb 2026).
The business
The company, listed on Nasdaq under the symbol BON, conducts all its operations in China through Xi'an App-Chem Bio(Tech) and its subsidiaries, while the Cayman entity and the Hong Kong and Hangzhou companies function as holding companies 1. Products fall into three categories: plant-derived fragrance compounds, prebiotic powder drinks and bioactive food ingredients such as fruit concentrates and milk thistle extracts. Sales are made with no right of return and no sales incentives to customers 1. The company closed fiscal 2025 with a net loss after a profit in the prior year 1.
Governance is concentrated: the founder and chief executive controls most voting power through Class B shares under a dual-class restructuring approved in 2025, whose effectiveness was pending Nasdaq approval 1. A new chief financial officer was appointed in November 2025 1.
Funding has relied on equity: a public offering in March 2025 and a purchase agreement with an institutional investor, both used for sales expansion, research, production capacity and working capital 1. Management estimates expansion needs at about 30 million USD, which could require additional financing if investment accelerates 1.
Market context
The market for natural ingredients for fragrances, supplements and functional foods is described in the filing as having rapid shifts in demand and frequent product launches 1. Price pressure is evident: the company cut prices in two of its three categories to hold volumes, pointing to a market in which those accepting thinner margins gain share 1.
Demand for bioactive products and natural compounds appears to have moved toward high-volume segments, while consumption of powder drinks declined, according to the volume data in the filing 1. If this trend persists, it could shape the product mix in the coming years.
Trends
- Shift in demand toward bioactive ingredientstailwind
Rising volumes of bioactive ingredients suggest solid demand for functional ingredients, which could support the company if margins stabilise 1.
- Declining demand for powder drinksheadwind
Volumes of supplement powders fell sharply, reflecting changing consumer preferences and market conditions 1.
- Pricing pressureheadwind
Price cuts on ingredients and compounds lifted volumes but compressed gross margin, which fell from 29.8% to 20.8% 1.
- Expansion of distribution channelsmixed
The company plans to add direct sales teams, widen its geographic reach within China and grow online sales, which could support growth if executed 1.
Competitive position
The filing names Chinese competitors such as Chenguang Biotech in natural colours and Layn in natural sweeteners, and large European ingredient firms such as DSM, Symrise and Givaudan 1. These firms have greater financial and development capacity, and large food companies could also enter the space 1.
The company's stated advantages are control over its supply chain and breadth across several product categories, but the same profile could become a weakness if margins keep falling under pressure from better-resourced rivals 1.
- Chenguang Biotech
Chinese company active in natural colours, named as a potential direct competitor 1.
- Layn
Producer of natural sweeteners, identified in the filing as a competitor in an adjacent segment 1.
- Koninklijke DSM
European ingredients company with considerably greater resources, named as a competitor 1.
- Symrise
European flavour and ingredients company, identified as a possible competitor 1.
Links, dependencies and risks
Who the company is tied to, from its own SEC filings (customers, suppliers, production, partners, competitors, countries, regulation), from the 5 %+ holders' statements (13D/13G) and from what other companies say about it. Click a node for its evidence; on a listed company the graph moves to it.
Loading the links…
News & filings
In the press
No news in our archive over the last 180 days.
SEC filings
- Current report (foreign issuer)23 Sept 2026
- Current report (foreign issuer)19 Mar 2026
- Current report (foreign issuer)17 Feb 2026
- Annual report (foreign issuer)23 Jan 2026
- Current report (foreign issuer)10 Dec 2025
- Current report (foreign issuer)25 Nov 2025
- Current report (foreign issuer)14 Nov 2025
- Current report (foreign issuer)29 Sept 2025
- Current report (foreign issuer)09 Sept 2025
- Current report (foreign issuer)05 Aug 2025
Sources
- [1] Form 20-F, fiscal year ended 2025-09-30 · SEC / Bon Natural Life Limited · 23 Jan 2026
Figures computed by olivLaw from SEC filings and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.