CN Energy Group. Inc.(CNEY)Earnings, Financials & Key Ratios

CNEY•NASDAQ

Price updated Jun 19, 2026

SectorBasic Materials IndustrySpecialty Chemicals Sub-IndustryCarbon and activated carbon materials

AboutCN Energy Group. Inc. manufactures and supplies wood-based activated carbon in China. The company's activated carbon is used in pharmaceutical manufacturing, industrial manufacturing, water purification, environmental protection, and food and beverage production. It also produces biomass electricity for State Grid Heilongjiang, a subsidiary of State Grid Corporation of China in Heilongjiang Province. The company was incorporated in 2018 and is based in Lishui, China.Show more

Revenue$36M-30.2%
EBITDA-$10M+2.0%
Net Income-$11M+20.6%
EPS (Diluted)-21.46+79.2%
Gross Margin-20.17%-5574.5%
EBITDA Margin-27.21%-40.4%
Operating Margin-30.85%-25.9%
Net Margin-31.32%-13.7%
ROE-11.2%+20.0%

CNEY Key Insights

CN Energy Group. Inc. (CNEY) fundamental analysis — strengths, weaknesses & financial health based on data analysis

✓Strengths

✓Company is almost debt free
✓Strong 5Y sales CAGR of 23.3%
✓Trading at only 0.0x book value

✗Weaknesses

✗Weak Piotroski F-Score: 3/9
✗Negative free cash flow
✗Low quality earnings: Net income not backed by cash flow
✗Shares diluted 100.0% in last year
✗Trading more than 30% below 52-week high

* These insights are generated automatically based on available financial data. Please conduct your own research before making investment decisions.

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CNEY Price & Volume

CN Energy Group. Inc. (CNEY) stock price & volume — 10-year historical chart

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CNEY Growth Metrics

CN Energy Group. Inc. (CNEY) revenue, earnings & EPS growth — 3, 5 & 10-year CAGR

Revenue CAGR

10 Years-

5 Years23.31%

3 Years-4%

TTM-11.8%

Profit CAGR

10 Years-

5 Years-

3 Years-

TTM-641.54%

EPS CAGR

10 Years-

5 Years-

3 Years-

TTM-475.42%

Return on Capital

10 Years-0.99%

5 Years-5.75%

3 Years-10.27%

Last Year-11%

Company	Market Cap	Stock Price	P/E Ratio (TTM)	Revenue Growth 1Y	Net Margin	Return on Equity (ROE)	Debt / Equity
GPREGreen Plains Inc.Direct Competitor	1.04B	14.82	-8.23	-14.93%	-0.79%	-2.01%	0.66
REXREX American Resources CorporationDirect Competitor	1.44B	43.84	17.54	1.24%	14.13%	13.67%	0.03
ALTOAlto Ingredients, Inc.Direct Competitor	388.01M	5.02	31.38	-4.9%	3.16%	12.53%	0.40
AMTXAemetis, Inc.Direct Competitor	133.57M	1.96	-1.53	-22.29%	-35.43%
CLNEClean Energy Fuels Corp.Product Competitor	409.62M	1.86	-1.84	2.56%	-22.65%	-17.17%	0.18
GEVOGevo, Inc.Product Competitor	374.85M	1.54	-11	8.49%	-19.38%	-7.19%	0.36
OPALOPAL Fuels Inc.Product Competitor	53.94M	1.86	12.40	16.37%	5.75%	3.92%	0.71
BIOXBioceres Crop Solutions Corp.Product Competitor	23.58M	0.37	-0.45	-28.3%	-82.77%	-92.01%	0.94

Compare CNEY vs Peers

CN Energy Group. Inc. (CNEY) vs competitors — business, growth, and fundamentals comparison against the closest industry rivals.

Closest Rival

vs GPRE

Most directly comparable listed peer for CNEY.

Scale Benchmark

vs ADM

Larger-name benchmark to compare CNEY against a more recognizable public peer.

Peer Set

Compare Top 5

vs GPRE, REX, ALTO, AMTX

CNEY Income Statement

CN Energy Group. Inc. (CNEY) annual income statement — 10-year revenue, gross profit & net income history

10Y historyFree accessUpdated daily

Metric	Sep'17	Sep'18	Sep'19	Sep'20	Sep'21	Sep'22	Sep'23	Sep'24	Sep'25
Sales/Revenue	1.37M	8.09M	10.89M	12.48M	19.85M	40.21M	57.9M	50.96M	35.57M
Revenue Growth %	-	490.41%	34.62%	14.53%	59.08%	102.58%	44.01%	-11.99%	-30.19%
Cost of Goods Sold	1.65M	6.27M	7.92M	9.12M	17.23M	36.56M	57.11M	51.14M	42.75M
COGS % of Revenue	120.27%	77.54%	72.71%	73.08%	86.82%	90.94%	98.64%	100.36%	120.17%
Gross Profit	-277.81K▲ 0%	1.82M▲ 754.2%	2.97M▲ 63.5%	3.36M▲ 13.0%	2.62M▼ 22.1%	3.64M▲ 39.2%	788.65K▼ 78.3%	-181.11K▼ 123.0%	-7.17M▼ 3861.2%
Gross Margin %	-20.27%	22.46%	27.29%	26.92%	13.18%	9.06%	1.36%	-0.36%	-20.17%
Gross Profit Growth %	-	754.21%	63.54%	13.02%	-22.11%	39.17%	-78.34%	-122.96%	-3861.17%
Operating Expenses	741.83K	107.15K	1.2M	884.63K	953.89K	3.18M	6.97M	12.31M	3.8M
OpEx % of Revenue	54.13%	1.32%	10.98%	7.09%	4.81%	7.91%	12.03%	24.15%	10.69%
Selling, General & Admin	699.89K	718.45K	1.19M	1.07M	1.65M	-2.15M	5.78M	3.2M	4.1M
SG&A % of Revenue	51.07%	8.88%	10.93%	8.56%	8.3%	-5.35%	9.99%	6.27%	11.52%
Research & Development	41.94K	43.72K	593.99K	287.3K	385.52K	-1.03M	988.56K	135.15K	1.28K
R&D % of Revenue	3.06%	0.54%	5.45%	2.3%	1.94%	-2.57%	1.71%	0.27%	0%
Other Operating Expenses	0	-35.06K	-587.96K	-470.87K	-1.08M	6.36M	195.36K	8.98M	-297.93K
Operating Income	-1.02M▲ 0%	1.06M▲ 203.5%	1.78M▲ 69.0%	2M▲ 12.4%	583.38K▼ 70.9%	459.83K▼ 21.2%	-6.18M▼ 1443.6%	-12.49M▼ 102.1%	-10.98M▲ 12.1%
Operating Margin %	-74.4%	13.04%	16.37%	16.06%	2.94%	1.14%	-10.67%	-24.51%	-30.85%
Operating Income Growth %	-	203.5%	68.98%	12.37%	-70.88%	-21.18%	-1443.63%	-102.13%	12.12%
EBITDA	95.27K	2.2M	2.83M	3.03M	1.8M	2M	-3.42M	-9.88M	-9.68M
EBITDA Margin %	6.95%	27.15%	25.98%	24.3%	9.06%	4.97%	-5.9%	-19.38%	-27.21%
EBITDA Growth %	-	2205.72%	28.86%	7.11%	-40.71%	11.14%	-271.14%	-188.89%	2%
D&A (Non-Cash Add-back)	1.11M	1.14M	1.05M	1.03M	1.21M	1.54M	2.76M	2.61M	1.3M
EBIT	-925.11K	1.06M	1.78M	2M	1.73M	2.7M	-5.14M	-13.71M	-10.43M
Net Interest Income	0	0	-6.55K	-27.69K	191.23K	545.65K	-712K	-335.57K	-706.14K
Interest Income	437	0	0	0	191.23K	702.87K	489	388	2.57K
Interest Expense	0	0	6.55K	27.69K	0	157.22K	712.49K	335.96K	708.71K
Other Income/Expense	94.53K	619.97K	588.72K	511.2K	1.15M	2.08M	330.56K	-1.56M	-166.2K
Pretax Income	-925.11K▲ 0%	1.68M▲ 281.1%	1.78M▲ 6.1%	2.51M▲ 41.6%	1.73M▼ 31.1%	2.54M▲ 46.7%	-5.85M▼ 329.9%	-14.05M▼ 140.3%	-11.14M▲ 20.7%
Pretax Margin %	-67.5%	20.7%	16.31%	20.16%	8.74%	6.33%	-10.1%	-27.57%	-31.32%
Income Tax	-113.11K	112.63K	108.81K	170.12K	437.35K	314.27K	-222.12K	-8.93K	378
Effective Tax Rate %	12.23%	6.72%	6.12%	6.76%	25.23%	12.35%	3.8%	0.06%	-0%
Net Income	-811.99K▲ 0%	1.56M▲ 292.4%	1.67M▲ 6.7%	2.34M▲ 40.6%	1.3M▼ 44.7%	2.23M▲ 72.0%	-5.63M▼ 352.3%	-14.04M▼ 149.6%	-11.14M▲ 20.6%
Net Margin %	-59.25%	19.31%	15.31%	18.79%	6.53%	5.55%	-9.72%	-27.55%	-31.32%
Net Income Growth %	-	292.44%	6.73%	40.59%	-44.71%	72%	-352.31%	-149.58%	20.65%
Net Income (Continuing)	-811.99K	1.56M	1.67M	2.34M	1.3M	2.23M	-5.63M	-14.04M	-11.14M
Discontinued Operations	0	0	0	0	0	0	0	0	0
Minority Interest	0	0	0	0	0	0	0	0	0
EPS (Diluted)	-52.76▲ 0%	117.20▲ 322.1%	125.09▲ 6.7%	175.86▲ 40.6%	15.86▼ 91.0%	77.21▲ 386.8%	-78.01▼ 201.0%	-103.27▼ 32.4%	-21.46▲ 79.2%
EPS Growth %	-	322.14%	6.73%	40.59%	-90.98%	386.82%	-201.04%	-32.38%	79.22%
EPS (Basic)	-52.76	117.20	125.09	175.86	15.86	77.21	-78.01	-70.27	-21.46
Diluted Shares Outstanding	15.39K	13.33K	13.33K	13.33K	20.26K	28.88K	72.12K	199.8K	519.26K
Basic Shares Outstanding	15.39K	13.33K	13.33K	13.33K	20.26K	28.88K	72.12K	199.8K	519.26K
Dividend Payout Ratio	-	-	-	-	-	-	-	-	-

CNEY Balance Sheet

CN Energy Group. Inc. (CNEY) balance sheet — assets, liabilities & shareholders' equity

Metric	Sep'17	Sep'18	Sep'19	Sep'20	Sep'21	Sep'22	Sep'23	Sep'24	Sep'25
Total Current Assets	12.61M	12.41M	10.01M	14.7M	48.89M	74.22M	72.45M	61.5M	65.77M
Cash & Short-Term Investments	78.01K	1.9M	1.56M	1.57M	3.29M	18.05M	195.5K	317.32K	390.71K
Cash Only	78.01K	1.9M	1.56M	1.57M	190.76K	18.05M	195.5K	317.32K	390.71K
Short-Term Investments	0	0	0	0	3.1M	0	0	0	0
Accounts Receivable	8.21M	3.05M	4.18M	8.73M	33.53M	18.88M	29.01M	30.5M	39.55M
Days Sales Outstanding	2.19K	137.59	140.02	255.32	616.62	171.41	182.9	218.46	405.82
Inventory	4.24M	2.65M	2.45M	2.81M	1.12M	784.25K	41.7M	29.82M	25.09M
Days Inventory Outstanding	938.19	154.19	112.93	112.48	23.65	7.83	266.51	212.82	214.21
Other Current Assets	0	2.68M	0	1.56M	155.02K	495.34K	-768	0	739.32K
Total Non-Current Assets	13.97M	11.94M	14.21M	16.74M	20.08M	20.73M	53.75M	36.86M	41.55M
Property, Plant & Equipment	13.03M	11.25M	12.81M	15.32M	19.09M	19.92M	42.39M	2.14M	941.13K
Fixed Asset Turnover	0.11x	0.72x	0.85x	0.81x	1.04x	2.02x	1.37x	23.86x	37.80x
Goodwill	0	0	0	0	0	0	0	0	0
Intangible Assets	0	374.55K	801.68K	1.02M	952.61K	804.25K	6.66M	6.21M	0
Long-Term Investments	0	0	0	-1.18M	0	0	0	0	40.6M
Other Non-Current Assets	819.77K	314.78K	593.22K	1.56M	0	0	4.7M	28.52M	0
Total Assets	26.57M▲ 0%	24.35M▼ 8.4%	24.22M▼ 0.5%	31.44M▲ 29.8%	68.96M▲ 119.3%	94.94M▲ 37.7%	126.2M▲ 32.9%	98.36M▼ 22.1%	107.31M▲ 9.1%
Asset Turnover	0.05x	0.33x	0.45x	0.40x	0.29x	0.42x	0.46x	0.52x	0.33x
Asset Growth %	-	-8.38%	-0.52%	29.81%	119.33%	37.67%	32.92%	-22.06%	9.1%
Total Current Liabilities	10.52M	7.31M	6.23M	7.7M	5.64M	30.46M	22.52M	1.45M	4.73M
Accounts Payable	7.72M	6.1M	3.95M	4.83M	1.78M	7.49M	12.57M	535.22K	145.44K
Days Payables Outstanding	1.71K	354.58	181.89	193.37	37.64	74.74	80.31	3.82	1.24
Short-Term Debt	163.38K	0	277.37K	1.61M	1.5M	3.73M	7.22M	0	3.43M
Deferred Revenue (Current)	2.16M	733.28K	605K	120.38K	111.3K	96.54K	83.19K	0	0
Other Current Liabilities	468.99K	1.21M	1.35M	890.71K	1.87M	18.88M	2.09M	637.38K	834.2K
Current Ratio	1.20x	1.70x	1.61x	1.91x	8.66x	2.44x	3.22x	42.41x	13.90x
Quick Ratio	0.80x	1.33x	1.21x	1.54x	8.47x	2.41x	1.37x	21.85x	8.60x
Cash Conversion Cycle	1.41K	-62.8	71.07	174.43	602.64	104.49	369.1	427.46	618.78
Total Non-Current Liabilities	0	0	0	621.31K	641.07K	698.01K	108.28K	0	611.33K
Long-Term Debt	0	0	0	0	22.03K	421.73K	34.27K	0	0
Capital Lease Obligations	0	0	0	65.59K	32.35K	15.48K	0	0	0
Deferred Tax Liabilities	0	0	0	-555.73K	97.25K	53.44K	34.15K	0	0
Other Non-Current Liabilities	0	0	0	555.73K	0	0	0	0	611.33K
Total Liabilities	10.52M	7.31M	6.23M	8.32M	6.28M	31.16M	22.63M	1.45M	5.34M
Total Debt	0	0	277.37K	1.75M	1.59M	4.2M	7.29M	0	3.43M
Net Debt	-78.01K	-1.9M	-1.28M	178.31K	1.4M	-13.85M	7.09M	-317.32K	3.04M
Debt / Equity	-	-	0.02x	0.08x	0.03x	0.07x	0.07x	-	0.03x
Debt / EBITDA	-	-	0.10x	0.58x	0.89x	2.10x	-	-	-
Net Debt / EBITDA	-0.82x	-0.86x	-0.45x	0.06x	0.78x	-6.93x	-	-	-
Interest Coverage	-	-	272.12x	72.36x	-	17.18x	-7.21x	-40.82x	-14.72x
Total Equity	16.06M▲ 0%	17.04M▲ 6.1%	18M▲ 5.6%	23.12M▲ 28.5%	62.68M▲ 171.1%	63.78M▲ 1.8%	103.56M▲ 62.4%	96.91M▼ 6.4%	101.97M▲ 5.2%
Equity Growth %	-	6.13%	5.61%	28.46%	171.13%	1.76%	62.37%	-6.42%	5.22%
Book Value per Share	1043.32	1278.05	1349.70	1733.90	3093.27	2208.53	1436.01	485.05	196.38
Total Shareholders' Equity	16.06M	17.04M	18M	23.12M	62.68M	63.78M	103.56M	96.91M	101.97M
Common Stock	14.01M	14.01M	14.01M	14.01M	52.98M	58.51M	106.15M	108.72M	128.65M
Retained Earnings	-5.19M	-3.62M	-1.96M	259.51K	394.56K	2.42M	-3.21M	-16.74M	-27.88M
Treasury Stock	0	0	0	0	0	0	0	0	0
Accumulated OCI	-653.95K	-1.23M	-1.94M	-837.28K	438.37K	-6.01M	-8.24M	-3.93M	-7.66M
Minority Interest	0	0	0	0	0	0	0	0	0

CNEY Cash Flow Statement

CN Energy Group. Inc. (CNEY) cash flow — operating, investing & free cash flow history

Metric	Sep'17	Sep'18	Sep'19	Sep'20	Sep'21	Sep'22	Sep'23	Sep'24	Sep'25
Cash from Operations	3.72M	-2.92M	148.54K	-1.82M	-11.59M	-7.51M	-30.16M	-2.37M	-1.97M
Operating CF Margin %	271.65%	-36.04%	1.36%	-14.58%	-58.41%	-18.69%	-52.1%	-4.65%	-5.54%
Operating CF Growth %	-	-178.33%	105.09%	-1324.53%	-537.36%	35.18%	-301.42%	92.14%	16.85%
Net Income	-811.99K	1.56M	1.67M	2.34M	1.3M	2.23M	-5.63M	-14.04M	-11.14M
Depreciation & Amortization	1.11M	1.14M	1.06M	1.04M	1.23M	1.54M	2.76M	2.61M	1.3M
Stock-Based Compensation	0	0	0	0	0	0	0	0	0
Deferred Taxes	-113.11K	112.63K	-1.92K	-8.41K	83.89K	-9.03K	-961.51K	-8.98K	0
Other Non-Cash Items	-86.84K	-114.95K	-104.59K	96.2K	-2.33K	235.91K	1.65M	8.61M	9.01M
Working Capital Changes	3.64M	-5.66M	-2.47M	-5.29M	-14.2M	-11.51M	-27.99M	454.59K	-1.13M
Change in Receivables	1.77M	-1.9M	-1.29M	-4.22M	-3.16M	-8.5M	-11.27M	10.86M	-7.49M
Change in Inventory	-1.58M	1.5M	104.03K	-231.16K	1.83M	248.68K	-23.91M	183.9K	6.41M
Change in Payables	2.02M	-1.46M	-4.11M	-1.06M	-3.28M	6.36M	5.45M	-4.02M	-32.39K
Cash from Investing	-1.44M	4.83M	-1.21M	-875.83K	-27.92M	2.17M	-1.45M	1.57M	-10.4M
Capital Expenditures	-94.72K	-1.93K	-1.46M	-19.36K	-4.19M	-3.92M	-683.39K	0	0
CapEx % of Revenue	6.91%	0.02%	13.4%	0.16%	21.1%	9.74%	1.18%	-	-
Acquisitions	71.95K	418.39K	0	0	77.53K	-17.75M	613	1.57M	-4.47K
Investments	-	-	-	-	-	-	-	-	-
Other Investing	0	4.83M	-573.4K	-856.48K	-20.66M	20.79M	-769.88K	0	-4.75M
Cash from Financing	-2.23M	0	790.27K	2.62M	38.02M	24.94M	13.43M	925.83K	12.45M
Debt Issued (Net)	0	0	790.27K	850.73K	360.7K	1.41M	4.49M	780.54K	5.92M
Equity Issued (Net)	0	0	0	1.8M	41M	23.53M	8.95M	145.29K	6.52M
Dividends Paid	0	0	0	0	0	0	0	0	0
Share Repurchases	0	0	0	0	0	0	0	-430	0
Other Financing	-2.23M	0	0	-26.93K	-3.34M	0	0	0	0
Net Change in Cash	54.77K▲ 0%	1.82M▲ 3220.8%	-336.47K▼ 118.5%	9.7K▲ 102.9%	-1.38M▼ 14319.4%	17.86M▲ 1394.6%	-17.85M▼ 200.0%	121.82K▲ 100.7%	73.38K▼ 39.8%
Free Cash Flow	3.63M▲ 0%	-2.92M▼ 180.4%	-1.31M▲ 55.1%	-1.84M▼ 40.2%	-15.78M▼ 758.4%	-11.43M▲ 27.6%	-30.85M▼ 169.9%	-2.37M▲ 92.3%	-1.97M▲ 16.9%
FCF Margin %	264.74%	-36.07%	-12.04%	-14.73%	-79.51%	-28.43%	-53.28%	-4.65%	-5.54%
FCF Growth %	-	-180.43%	55.06%	-40.16%	-758.44%	27.57%	-169.9%	92.31%	16.85%
FCF per Share	235.78	-218.89	-98.37	-137.87	-778.78	-395.77	-427.75	-11.87	-3.80
FCF Conversion (FCF/Net Income)	-4.59x	-1.87x	0.09x	-0.78x	-8.94x	-3.37x	5.36x	0.17x	0.18x
Interest Paid	0	0	6.73K	27.87K	58.7K	45.22K	241.48K	36.73K	0
Taxes Paid	0	13.49K	15.18K	93.09K	387.6K	71.85K	28.76K	59	0

CNEY Key Ratios

CN Energy Group. Inc. (CNEY) financial ratios — P/E, ROE, debt and 30+ core market and balance-sheet ratios

Metric	2017	2018	2019	2020	2021	2022	2023	2024	2025
Return on Equity (ROE)	-5.06%	9.44%	9.52%	11.41%	3.02%	3.53%	-6.72%	-14.01%	-11.2%
Return on Invested Capital (ROIC)	-4.79%	5.09%	8.4%	7.51%	1%	0.6%	-5.77%	-9.04%	-8.17%
Gross Margin	-20.27%	22.46%	27.29%	26.92%	13.18%	9.06%	1.36%	-0.36%	-20.17%
Net Margin	-59.25%	19.31%	15.31%	18.79%	6.53%	5.55%	-9.72%	-27.55%	-31.32%
Debt / Equity	-	-	0.02x	0.08x	0.03x	0.07x	0.07x	-	0.03x
Interest Coverage	-	-	272.12x	72.36x	-	17.18x	-7.21x	-40.82x	-14.72x
FCF Conversion	-4.59x	-1.87x	0.09x	-0.78x	-8.94x	-3.37x	5.36x	0.17x	0.18x
Revenue Growth	-	490.41%	34.62%	14.53%	59.08%	102.58%	44.01%	-11.99%	-30.19%

CNEY Frequently Asked Questions

CN Energy Group. Inc. (CNEY) stock FAQ — growth, dividends, profitability & financials explained

Growth & Financials

CN Energy Group. Inc. (CNEY) reported $86.5M in revenue for fiscal year 2025. This represents a 6214% increase from $1.4M in 2017.

CN Energy Group. Inc. (CNEY) saw revenue decline by 30.2% over the past year.

CN Energy Group. Inc. (CNEY) reported a net loss of $25.2M for fiscal year 2025.

Dividend & Returns

CN Energy Group. Inc. (CNEY) has a return on equity (ROE) of -11.2%. Negative ROE indicates the company is unprofitable.

CN Energy Group. Inc. (CNEY) had negative free cash flow of $4.1M in fiscal year 2025, likely due to heavy capital investments.

What if you invested $1,000 in CNEY back in 2017?

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CN Energy Group. Inc.(CNEY)Earnings, Financials & Key Ratios

CNEY•NASDAQ

Price updated Jun 19, 2026

SectorBasic Materials IndustrySpecialty Chemicals Sub-IndustryCarbon and activated carbon materials

Revenue$36M-30.2%
EBITDA-$10M+2.0%
Net Income-$11M+20.6%
EPS (Diluted)-21.46+79.2%
Gross Margin-20.17%-5574.5%
EBITDA Margin-27.21%-40.4%
Operating Margin-30.85%-25.9%
Net Margin-31.32%-13.7%
ROE-11.2%+20.0%