A small, long-established IT and internet-services company that carries almost no debt and pays a dividend every year — but its yearly profit has been slipping since 2022 even as sales keep rising.
BDCOM Online is a small, well-settled technology company that earns money steadily, keeps almost no bank loan and pays a regular dividend — but its profit has drifted lower over the last three years while its sales have gone up. It fits a careful, patient investor who values stability, a clean balance sheet and a modest but dependable payout more than fast growth. To judge whether its price is reasonable, you compare today's price with how this share, similar IT companies, the value of what it owns, and its dividend have usually been priced — those live numbers sit in the value box beside this report.
Value today
Looks priceyToday
৳33.7
Rough estimate
৳22.8
Based on its own past price levels, what similar companies trade at, the value of what it owns and the dividend it pays. · low confidence
- Its own usual price vs profit৳22.7
- Priced like similar companies (profit)৳27.1
- Its own usual price vs asset value৳28.8
- Based on the dividend it pays৳8.33
A rough, educational estimate from the figures we have — not a price target or advice.
Data as of 2026-07-16
What does this company do?
A small technology company in the IT sector, on the market since 2002, mostly owned by the general public.
BDCOM Online Ltd. is a technology company in Bangladesh's IT sector, offering internet and IT/data services. It has been listed on the stock exchange since 2002, so it has more than two decades of history as a public company — a long track record by local standards.
By size it is small. The company has 6.29 crore shares with a face value of 10 taka each, paid-up capital of about 62.9 crore taka, and built-up reserves of roughly 24.1 crore taka. It sits in the exchange's top 'A' category, which is reserved for companies that hold their annual meetings on time and pay regular dividends.
Ownership tells you who is behind it. The founders and directors hold about 30% of the shares, institutions about 10.65%, and the general public the largest slice at roughly 59.35% — there is no government or foreign holding. So most of the shares are in ordinary investors' hands, and the sponsors' own stake is on the modest side.
How does it make money?
It earns recurring fees by selling internet and IT/data services, and its yearly sales have grown steadily.
BDCOM makes its money by selling internet and technology/data services and collecting fees from the customers who use them. This kind of service business tends to bring in money regularly rather than in one-off lumps, as long as customers keep using the service.
The top line — total yearly sales — has grown fairly steadily. Revenue rose from about 65.8 crore taka in 2021 to 81.5 crore taka in 2025. Across that 2021–2025 span, sales are up roughly 24%. So more money is coming in the door each year.
The catch is what happens after costs. From those sales the company kept an operating profit (what the core business earns before financing and one-off items) of about 7.06 crore taka in 2025, down from a stronger 8.45 crore taka back in 2022. So even though it is selling more, the profit it squeezes out of each taka of sales has thinned — costs have been rising faster than revenue.
Is it actually making money?
Yes, it profits every year, but earnings have fallen since 2022 even while sales rose.
The company is genuinely profitable, and has been every single year. Net profit was about 6.0 crore taka in 2021, rose to a high of 8.02 crore taka in 2022, then slid to 7.46, 5.09 and 5.17 crore taka in the years to 2025. So the peak was 2022, and it has run lower since.
Profit per share tells the same story more sharply. Earnings were 1.1 taka per share in 2021, peaked at 1.4 taka in 2022, then eased to 1.31, 0.89 and finally 0.86 taka in 2025. Over the full 2021–2025 span, profit per share is down about 22% and total net profit is down about 14%.
The uncomfortable part is the split between the two trends: sales grew about 24% over the same years while profit fell. A company that sells more but earns less is being squeezed on costs, and that squeeze is the single most important thing to keep watching here.
Is it financially safe?
Very safe on debt — it borrows almost nothing and its own money keeps growing — though cash on hand and cash flow have both shrunk.
On borrowing, BDCOM is about as safe as it gets. Its total debt was only around 1.4 crore taka in 2025 against its own money (equity) of about 93.4 crore taka, so its debt-to-equity is barely above zero. For years the company has carried almost no bank loan, and that equity base has grown steadily from about 84.6 crore taka in 2021. A company with this little debt is very hard to push into trouble in a bad year, and its outside credit rating of 'AA' backs that up.
It also turns profit into real cash. Operating cash flow — the actual money the business generated — was positive in every year, at about 5.97 crore taka in 2025. That said, this is the weaker side of the picture: operating cash flow has fallen from about 9.29 crore taka in 2022, tracking the profit slide.
Two things are worth keeping an eye on. Cash in hand has shrunk from about 9.27 crore taka in 2021 to 3.99 crore taka in 2025, and total assets jumped to about 150.5 crore taka in 2025 (from 120.7 crore in 2021) — the business is getting bigger on paper, but the cash cushion is thinner than it used to be. None of this is alarming, but it is the direction, not the level, that bears watching.
How do we judge if it's fairly priced?
By comparing today's price against four yardsticks — its own past pricing, similar IT firms, its asset value, and its dividend — not by any single number.
Working out whether a share is fairly priced is not about one magic figure; it is about comparing today's price against a few sensible yardsticks. For BDCOM there are four. First, its own history: over the past several years the market has, on average, paid roughly 26 taka for every 1 taka of the company's yearly per-share profit, and about 1.8 times the book value of what it owns — so you can ask whether today's price sits above or below its own usual levels.
Second, its peers: you compare its price against how other IT-sector companies are being priced for their profits. Third, its assets: the company's net asset value — the book worth of everything it owns after debts — was about 15.58 taka per share in 2025, so the price can be weighed against that. Fourth, its dividend: you can compare the price against the cash the share hands back each year.
The two durable inputs to remember are that the company earned about 0.86 taka of profit per share in its latest year, and that its net asset value is about 15.58 taka per share. Today's price, the current profit-multiple, the dividend return and the resulting judgement of whether it looks well priced all move with the market every day, so they are shown live in the value box beside this report rather than written into this durable text.
Value today
Looks priceyToday
৳33.7
Rough estimate
৳22.8
Based on its own past price levels, what similar companies trade at, the value of what it owns and the dividend it pays. · low confidence
- Its own usual price vs profit৳22.7
- Priced like similar companies (profit)৳27.1
- Its own usual price vs asset value৳28.8
- Based on the dividend it pays৳8.33
A rough, educational estimate from the figures we have — not a price target or advice.
Does it reward shareholders?
It has paid a dividend every year for five years, but the amount was roughly halved from its 2022–2023 peak as profit fell.
BDCOM is a reliable dividend payer — it has handed cash back to shareholders in each of the last five years, which is exactly what you want from a steady company. In 2021 it paid 5% cash plus 5% bonus shares, then stepped up to 10% cash in both 2022 and 2023 (that is 1.0 taka per share), before settling back to 5% cash plus 5% bonus shares in 2024 and again in 2025 (0.5 taka per share cash). Those percentages are on the 10-taka face value.
So the pattern is real but the trend is downward: the cash dividend was cut roughly in half from its 1.0-taka peak to 0.5 taka, mirroring the drop in profit. The occasional 5% bonus shares are extra stock rather than cash, and they gently increase the share count.
On safety, the 0.5-taka cash dividend in 2025 sits against per-share profit of 0.86 taka — so a little over half of each year's earnings is being paid out as cash and the rest is kept in the business. That is a comfortable, sustainable level as long as profit holds; the risk is not that the current payout is stretched, but that a further slide in earnings could pull the dividend down again.
What makes it special?
Its edge is reliability and a clean balance sheet, not scale or fast growth — it is a small player among a dozen IT names.
BDCOM's real edge is dependability rather than dominance. Its strengths are a long track record on the market (listed since 2002), profit in every one of the last five years, positive operating cash flow throughout, and almost no debt. In a market where many small companies stumble, simply being steady and clean is worth something.
What it does not have is scale or a widening lead. It is a small company — net profit of about 5.17 crore taka on revenue of about 81.5 crore taka in 2025 — sitting among roughly a dozen listed IT-sector companies, alongside names such as IT Consultants, Genex Infosys, ADN Telecom, Agni Systems and Daffodil Computers. It is not the biggest of that group, and its own profit has been shrinking while its revenue grows, which is the opposite of a company pulling away from its rivals.
So the honest read is a modest edge: a reliable, low-debt operator with a steady service business, but no obvious protective wall that shields its profits from competition. The thinning of profit per taka of sales suggests it competes on a fairly level field rather than from a position of pricing power.
Why it could do well
Steady profits, near-zero debt, real cash generation, rising sales and a dependable dividend.
- Profitable every year. It made money in each of the last five years (2021–2025), with per-share profit staying positive throughout — no loss-making years to recover from.
- Almost no debt. Total debt was only about 1.4 crore taka in 2025 against equity of about 93.4 crore taka, so it is very unlikely to be crushed by borrowing costs in a lean year. An outside 'AA' credit rating supports the safety view.
- Real cash, not just paper profit. Operating cash flow was positive in every year (about 5.97 crore taka in 2025), showing the profit turns into actual money.
- Sales keep rising. Revenue climbed from about 65.8 crore taka in 2021 to 81.5 crore taka in 2025 — roughly 24% growth — so the underlying business is still expanding.
- Reliable dividend. It has paid cash to shareholders every year for five years, a pattern income-minded investors value.
What could go wrong
Profit and cash flow have been falling, margins are thinning, the cash cushion is smaller, and the dividend was already cut once.
- Earnings are shrinking. Per-share profit fell from 1.4 taka in 2022 to 0.86 taka in 2025 (down about 22% over the span), and total net profit is down about 14% — the trend is the wrong way.
- Costs are squeezing profit. Revenue grew about 24% over 2021–2025 while profit fell, so the business is keeping less of each taka it sells — a margin squeeze that could continue.
- Cash flow is weakening. Operating cash flow slid from about 9.29 crore taka in 2022 to 5.97 crore taka in 2025.
- Thinner cash cushion. Cash in hand dropped from about 9.27 crore taka in 2021 to 3.99 crore taka in 2025, even as total assets grew.
- The dividend already came down. Cash dividend was cut from 1.0 taka to 0.5 taka per share; if profit keeps sliding, it could be trimmed again.
- Small and un-dominant. It is a small player among roughly a dozen IT companies, without the scale or clear edge to easily shrug off competition.
So, is it for you?
Best for a cautious, income-minded investor who prizes a clean balance sheet — provided they accept that profit has been sliding.
BDCOM is a small, steady, almost debt-free IT company with more than two decades on the market and a habit of paying a dividend every year. For a cautious, patient investor who cares more about a clean balance sheet and a dependable payout than about rapid growth, that profile has genuine appeal.
The honest caveat is that this is a company whose profit has been drifting down for three years even while its sales rise — the cost squeeze, the thinner cash flow and the already-reduced dividend are all part of the same story. It is not a fast grower, and the key question is whether it can turn earnings back up.
It is probably not the right fit for someone chasing quick gains or a big, rising dividend. Whether the current price is reasonable is a separate question — check the live value estimate and the current Buy/Sell signal shown beside this report, which move with the market and are not part of this durable write-up.
This is educational information, not investment advice. Figures are drawn from the company's own reported financials and may contain errors or gaps; always do your own checking before making any decision.