Despite a conservative debt-to-equity ratio of 0.21, the company's asset base includes $6.4 million in goodwill, which warrants scrutiny given the ongoing decline in core business performance.
| Total Current Assets | 45.76M | 39.79M | 24.18M | 14.72M | 16.55M | 10.84M | 8.58M | 13.45M |
| Cash & Short-Term Investments | 6.27M | 80.47K | 111.3K | 840.86K | 3.61M | 53.11K | 293.77K | 820.86K |
| Cash Only | 6.27M | 80.47K | 111.3K | 840.86K | 1.9M | 53.11K | 293.77K | 820.86K |
| Short-Term Investments | 0 | 0 | 0 | 0 | 1.7M | 0 | 0 | 0 |
| Accounts Receivable | 11.54M | 11.81M | 4.61M | 6.78M | 6.15M | 5.77M | 5.24M | 2.55M |
| Days Sales Outstanding | 225.6 | 180.85 | 57.01 | 82.79 | 88.09 | 115.61 | 116.57 | 86.47 |
| Inventory | 19.24M | 1.57M | 9.39M | 1.72M | 5.69M | 1.02M | 2.6M | 9.4M |
| Days Inventory Outstanding | 474.85 | 34.29 | 165.69 | 30.68 | 112.99 | 28.5 | 85.52 | 407.87 |
| Other Current Assets | 8.71M | 11.86M | 10.07M | 277.51K | 1M | 501.08K | 367.66K | 0 |
| Total Non-Current Assets | 39.43M | 21.97M | 22.37M | 22.54M | 19.86M | 14.36M | 10.98M | 3.19M |
| Property, Plant & Equipment | 18.27M | 15.15M | 21.38M | 22.17M | 19.43M | 14.17M | 9.5M | 3.01M |
| Fixed Asset Turnover | 1.02x | 1.57x | 1.38x | 1.35x | 1.31x | 1.29x | 1.73x | 3.58x |
| Goodwill | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Intangible Assets | 6.42M | 777K | 995.23K | 366.17K | 411.06K | 140.99K | 138.37K | 147.97K |
| Long-Term Investments | 14.73M | 0 | 22.37M | 22.54M | 0 | -510.08K | 0 | -35.53K |
| Other Non-Current Assets | 0 | 6.05M | -22.37M | -22.54M | 0 | 510.08K | 1.31M | 35.53K |
| Total Assets | 85.19M | 61.77M | 46.56M | 37.26M | 36.41M | 25.2M | 19.56M | 16.64M |
| Asset Turnover | 0.22x | 0.39x | 0.63x | 0.80x | 0.70x | 0.72x | 0.84x | 0.65x |
| Asset Growth % | 37.92% | 32.67% | 24.96% | 2.32% | 44.48% | 28.84% | 17.52% | - |
| Total Current Liabilities | 26.31M | 16.45M | 9.61M | 6.65M | 7.53M | 11.7M | 10.86M | 8.75M |
| Accounts Payable | 7.64M | 3.43M | 1.4M | 214.59K | 380.38K | 1.29M | 3.22M | 2.72M |
| Days Payables Outstanding | 188.55 | 74.77 | 24.79 | 3.82 | 7.55 | 36.13 | 105.78 | 118.21 |
| Short-Term Debt | 11.41M | 6.18M | 3.16M | 4.63M | 713.54K | 3.21M | 4.3M | 3.18M |
| Deferred Revenue (Current) | 219.68K | 506.77K | 106.51K | 188.75K | 1.1M | 385.98K | 0 | 0 |
| Other Current Liabilities | 2.16M | 11.54K | 2.8M | 576.1K | 3.65M | 6.73M | 2.74M | 702.62K |
| Current Ratio | 1.74x | 2.42x | 2.52x | 2.21x | 2.20x | 0.93x | 0.79x | 1.54x |
| Quick Ratio | 1.01x | 2.32x | 1.54x | 1.95x | 1.44x | 0.84x | 0.55x | 0.46x |
| Cash Conversion Cycle | 511.9 | 140.37 | 197.9 | 109.66 | 193.53 | 107.98 | 96.3 | 376.13 |
| Total Non-Current Liabilities | 879.41K | 970.06K | 963.09K | 517.01K | 2.35M | 2.48M | 1.43M | 3.35M |
| Long-Term Debt | 879.42K | 970.06K | 963.09K | 189.81K | 2.32M | 2.48M | 1.4M | 3.35M |
| Capital Lease Obligations | 36.6K | 0 | 91.72K | 327.2K | 175.66K | 0 | 31.82K | 0 |
| Deferred Tax Liabilities | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Current Liabilities | -36.6K | 0 | -91.72K | 0 | -146.7K | 0 | 0 | 0 |
| Total Liabilities | 27.19M | 17.42M | 10.57M | 7.16M | 9.88M | 14.18M | 12.3M | 12.1M |
| Total Debt | 12.32M | 7.3M | 4.21M | 5.41M | 3.21M | 5.72M | 6.09M | 6.53M |
| Net Debt | 6.06M | 7.22M | 4.09M | 4.57M | 1.31M | 5.67M | 5.8M | 5.71M |
| Debt / Equity | 0.21x | 0.16x | 0.12x | 0.18x | 0.12x | 0.52x | 0.84x | 1.44x |
| Debt / EBITDA | - | 2.32x | 0.59x | 0.78x | 0.56x | 1.55x | 1.79x | 7.91x |
| Net Debt / EBITDA | - | 2.29x | 0.58x | 0.66x | 0.23x | 1.53x | 1.71x | 6.91x |
| Interest Coverage | -3.67x | 3.36x | 24.32x | 17.80x | 14.01x | 10.54x | 9.97x | 2.42x |
| Total Equity | 58M | 44.35M | 35.98M | 30.09M | 26.53M | 11.02M | 7.26M | 4.55M |
| Equity Growth % | 30.77% | 23.26% | 19.57% | 13.41% | 140.72% | 51.76% | 59.76% | - |
| Book Value per Share | 21.05 | 18.46 | 39.12 | 35.84 | 39.57 | 21.15 | 14.06 | 8.80 |
| Total Shareholders' Equity | 57.55M | 43.91M | 35.48M | 29.56M | 26.01M | 10.52M | 6.84M | 4.55M |
| Common Stock | 154.22K | 3.97K | 1.17K | 840 | 833 | 580 | 517 | 517 |
| Retained Earnings | 16.63M | 18.74M | 18.7M | 14.68M | 9.19M | 5.07M | 2.37M | 52.12K |
| Treasury Stock | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Accumulated OCI | -26.13K | 155.94K | -1.31M | -827.05K | 1.27M | 191.82K | -570.83K | -546.35K |
| Minority Interest | 447.06K | 442.85K | 497.18K | 530.49K | 527.87K | 506.73K | 425K | 0 |
Liquidity and solvency pressure
According to reported financial statements, BON's total assets grew to $85.2 million by 2025Q4, yet this expansion appears decoupled from operational performance, as the company simultaneously reported a significant contraction in revenue and a shift toward persistent negative net margins over the same ten-quarter period.
The increase in total assets appears to be driven by non-operational factors rather than organic business growth, as the company's core profitability metrics have deteriorated. Investors should monitor whether this asset growth represents a buildup of potentially impaired inventory or receivables that may not be readily convertible to cash.
Based on the 2025Q4 balance sheet, BON maintains a cash position of $6.3 million, which, when evaluated against the company's recent history of negative operating cash flows, suggests a tightening liquidity buffer that may necessitate external financing to sustain ongoing operations in the near term.
While the current ratio of 1.74 provides a superficial appearance of stability, the underlying quality of current assets remains questionable given the company's inability to generate consistent operating cash. The reliance on working capital fluctuations to manage liquidity warrants further investigation into the collectability of accounts receivable.
As indicated in the latest quarterly filings, BON's debt-to-equity ratio stands at 0.21%, reflecting a historically conservative approach to leverage that has shielded the firm from interest rate volatility despite the company's inability to maintain positive net income or consistent operational cash flow generation.
The low debt burden suggests that the company's primary risk is not insolvency from interest obligations, but rather an inability to fund operations through internal cash generation. This capital structure may provide limited flexibility for future financing, provided the company can demonstrate a credible path to operational profitability.
Financial disclosures reveal that goodwill has increased to $6.4 million as of 2025Q4, a development that warrants scrutiny as it may mask potential impairments or overvalued acquisitions made during a period of significant top-line contraction and deteriorating margins across the company's core business segments.
The accumulation of intangible assets during a period of operational distress suggests that the balance sheet may be overstating the value of the firm's underlying assets. Investors should consider the risk of future write-downs, which would further erode the equity base and exacerbate the company's already strained financial position.
Quick answers to the most common questions about buying BON stock.
As of 2025, Bon Natural Life Limited (BON) had total assets of $85.2M including $45.8M in current assets.
Bon Natural Life Limited (BON) carries total debt of $12.3M, offset by $6.3M in cash and short-term investments. Comparing total debt to cash helps evaluate the company's debt burden and net leverage.
Bon Natural Life Limited (BON) has total shareholders' equity (book value) of $57.6M ($21.05 book value per share). Book value represents the net worth of the company belonging to common stock holders.
Bon Natural Life Limited (BON) reported a current ratio of 1.74x. A current ratio above 1.0x indicates that the company has more current assets than current liabilities, suggesting sufficient short-term liquidity.