Base Carbon, Inc. (TSE:BCBN)
NEO-L:BCBN
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Base Carbon, Inc.
(NEO-L:BCBN)
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Rating:47Neutral
Price Target:―
Action:Reiterated
Date:05/16/26
The score is weighed down primarily by weak and volatile financial performance (sharp TTM revenue decline, negative TTM earnings, and negative operating/free cash flow), despite a strong low-leverage balance sheet. Valuation signals are limited by a negative P/E and missing dividend yield, and technical indicators were not available to assess momentum.
Positive Factors
Low leverage / strong balance sheet
A near-zero debt-to-equity profile provides durable financial flexibility: the company can withstand ongoing operating weakness without imminent refinancing pressure, fund strategic initiatives or absorb losses, and preserve optionality while pursuing recovery or partnerships.
Negative Factors
Sharp revenue decline
A 43.6% TTM revenue decline is structurally significant for an asset manager: it reduces fee income, weakens scale economics, and can trigger client outflows. Persistent top-line contraction constrains margin recovery and makes rebuilding AUM and revenues a multi-quarter challenge.
Read all positive and negative factors
Positive Factors
Negative Factors
Low leverage / strong balance sheet
A near-zero debt-to-equity profile provides durable financial flexibility: the company can withstand ongoing operating weakness without imminent refinancing pressure, fund strategic initiatives or absorb losses, and preserve optionality while pursuing recovery or partnerships.
Read all positive factors
Base Carbon, Inc. (BCBN) vs. iShares MSCI Canada ETF (EWC)
Market Cap
N/A
Dividend YieldN/A
Average Volume (3M)N/A
Price to Earnings (P/E)―
Beta (1Y)N/A
Revenue Growth-100.00%
EPS Growth83.87%
CountryCA
Employees13
SectorBasic Materials
Sector Strength58
IndustryAsset Management
Share Statistics
EPS (TTM)-0.01
Shares OutstandingN/A
10 Day Avg. VolumeN/A
30 Day Avg. VolumeN/A
Financial Highlights & Ratios
PEG Ratio-3.02
Price to Book (P/B)0.74
Price to Sales (P/S)41.25
P/FCF Ratio-14.04
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price TargetN/A
Price Target UpsideN/A
Rating ConsensusN/A
Number of Analyst Covering0
EPS Forecast (FY)0.01
Revenue Forecast (FY)C$30.00M
Base Carbon, Inc. Business Overview & Revenue Model
Company Description
Base Carbon, Inc. (BCBN) is a leading firm in the carbon management sector, focused on providing innovative solutions for reducing carbon footprints and enhancing sustainability efforts. The company operates within the environmental services indus...
Base Carbon, Inc. Financial Statement Overview
Summary
Income Statement
34
Negative
Balance Sheet
82
Very Positive
Cash Flow
29
Negative
| Breakdown | Mar 2026 | Mar 2025 | Mar 2024 | Mar 2023 | Dec 2021 |
|---|---|---|---|---|---|
Income Statement | |||||
| Total Revenue | 1.81M | 28.22M | 6.42M | 0.00 | 0.00 |
| Gross Profit | -1.26M | 24.38M | 4.20M | -1.63M | -46.55K |
| EBITDA | 589.00K | -26.62M | 104.29M | -7.62M | -1.30M |
| Net Income | 245.00K | -28.91M | 98.27M | -15.47M | -1.53M |
Balance Sheet | |||||
| Total Assets | 108.94M | 112.07M | 141.24M | 44.09M | 52.72M |
| Cash, Cash Equivalents and Short-Term Investments | 16.77M | 23.66M | 1.40M | 12.94M | 47.05M |
| Total Debt | 20.00K | 63.22K | 110.17K | 0.00 | 0.00 |
| Total Liabilities | 8.45M | 9.06M | 6.55M | 233.53K | 342.38K |
| Stockholders Equity | 100.49M | 103.01M | 134.69M | 37.66M | 50.88M |
Cash Flow | |||||
| Free Cash Flow | -5.32M | 16.43M | -8.02M | -29.57M | -922.85K |
| Operating Cash Flow | -5.31M | 16.43M | -7.86M | -29.56M | -922.85K |
| Investing Cash Flow | -929.00K | -88.12K | -1.78M | -6.00M | -5.13M |
| Financing Cash Flow | -2.89M | -2.94M | -1.89M | 3.57M | 53.23M |
Base Carbon, Inc. Peers Comparison
UnderperformOutperform
Sector (61)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
77 Outperform | C$4.46B | 44.53 | 24.26% | 1.32% | 115.09% | 68.03% | |
73 Outperform | C$105.79B | 29.74 | 30.06% | 3.37% | 247.78% | 9.76% | |
71 Outperform | C$1.03B | 2.39 | 5.72% | 0.14% | -57.36% | -41.04% | |
63 Neutral | C$45.29M | ― | 26.15% | 10.21% | 184.08% | -45.01% | |
61 Neutral | $10.43B | 7.12 | -0.05% | 2.87% | 2.86% | -36.73% | |
47 Neutral | ― | -13.84 | -13.84% | ― | -100.00% | 83.87% |
* Basic Materials Sector Average
TSE:BCBN
Base Carbon, Inc.
―
―
―
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Base Carbon, Inc. Corporate Events
Business Operations and StrategyRegulatory Filings and Compliance
Base Carbon Targets Compliance Upside as Vietnam Sets Rules for International Carbon Credit Transfers
Positive
Apr 8, 2026
Base Carbon is positioning its Vietnam household devices project, its largest anticipated source of future credits, to benefit from a new Vietnamese decree that establishes a regulatory framework for international carbon credit transfers under Art...
Business Operations and StrategyStock BuybackFinancial Disclosures
Base Carbon Highlights Valuation Gap and Milestones in Rwanda and Vietnam Carbon Projects
Positive
Apr 2, 2026
Base Carbon Inc. used its annual shareholder letter to emphasize that it operates unlike a typical junior company, highlighting free cash flow generation, lack of debt, significant share buybacks, and a balance sheet in which its asset value subst...
Business Operations and StrategyStock BuybackFinancial DisclosuresRegulatory Filings and Compliance
Base Carbon Posts Break-Even 2025 as Carbon Projects Gain Compliance Momentum
Positive
Apr 1, 2026
Base Carbon reported flat earnings per share for 2025, with net income of $0.2 million and total assets of $108.9 million, including $79.2 million invested in carbon credit projects and $21.2 million of carbon credit inventory. The company’s...
Business Operations and Strategy
Base Carbon Secures Fourth Rwanda Cookstoves Credit Issuance Under New Verra Methodology
Positive
Mar 25, 2026
Base Carbon Inc. has reported a fourth issuance of 639,609 carbon credits from its Rwanda Cookstoves Project, and the first generated under Verra’s updated VM0050 methodology, a shift that reinforces the integrity and operational maturity of...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.