Ascend Wellness Holdings, Inc. financial statements

Income statement, balance sheet and cash flow statement for the last 7 fiscal years, taken from the XBRL data Ascend Wellness Holdings, Inc. files with the SEC in its annual reports.

In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.

Income statement

	FY2019	FY2021	FY2021	FY2022	FY2023	FY2024	FY2025
Revenue	12	144	332	406	519	562	501
Cost of revenue	8.74	82.8	196	271	363	377	331
Gross profit	3.29	60.9	136	135	155	184	170
General and administrative	29.4	53.1	117	137	159	179	170
Operating expenses	29.4	53.1	153	142	159	179	187
Operating income	-26.1	7.85	-17.2	-7.53	-3.62	4.73	-17
Interest expense	6.48	13	64	32.4	37	45.3	51.3
Other non-operating income	-6.45	-13	-63.7	-31.7	-11.1	-44.6	-49.8
Pre-tax income	-32.6	-5.14	-80.9	-39.2	-14.8	-39.8	-66.8
Income tax	0.67	18.7	41.7	41.7	33.5	45.2	51.4
Net income to minority interests	-1.35	1.6	0	0
Net income	-31.9	-25.4	-123	-80.9	-48.2	-85	-118
EBITDA	-22	20.4	5.02	29.6	55.4	70.9	56.5
EPS, basic	-0.37	-0.27	-0.82	-0.44	-0.24	-0.40	-0.58
EPS, diluted	-0.37	-0.27	-0.82	-0.44	-0.24	-0.40	-0.58
Shares, basic (weighted)	87.3	95.2	149	183	199	212	203
Shares, diluted (weighted)	87.3	95.2	149	183	199	212	203

Balance sheet

	FY2019	FY2021	FY2021	FY2022	FY2023	FY2024	FY2025
Cash and equivalents	12.8	56.5	155	74.1	72.5	88.3	85.7
Receivables		6.23	7.61	14.1	28.3	36.5	27
Inventory		29	65.6	97.5	95.3	89.6	84.7
Other current assets		32.6	24.8	9.54	19.6	10.9	11.2
Total current assets		134	258	199	229	229	209
Property, plant and equipment		121	240	280	268	260	382
Lease right-of-use assets		84.6	104	109	131	139	47.1
Goodwill	0.81	22.8	43	44.4	47.5	49.6	58.5
Intangible assets		50.5	59.3	221	221	206	196
Other non-current assets		12.7	19.6	19.3	23.1	16.4	15
Total assets		428	723	872	920	900	908
Accounts payable		7.36	5.54	17.1	34.7	26.4	20.9
Accrued liabilities		2.76	11.8	7.55	21.3	8.2	11
Deferred revenue		0.22	0.52	0.67	1.32	1.39	1.13
Short-term debt		59.3	27.9	11.3	11.1	72.7	10.4
Total current liabilities		115	117	111	92.7	145	109
Long-term debt		152	231	319	298	214	291
Lease liabilities		156	197	230	261	267	60.5
Other non-current liabilities			0	15.1	89.6	159	210
Total liabilities		424	547	709	777	829	955
Total debt		212	267	341	315	308	320
Paid-in capital		67.4	363	430	458	471	471
Retained earnings		-63.6	-186	-267	-315	-400	-519
Shareholders' equity		3.79	176	163	143	71	-47.4
Minority interests		0	0		0	0.82	0.82
Total equity	34.8	3.79	176	163	143	71.8	-46.6
Total liabilities and equity		428	723	872	920	900	908
Shares outstanding			172	188	207	205	202

Cash flow statement

	FY2019	FY2021	FY2021	FY2022	FY2023	FY2024	FY2025
Net income	-33.2	-23.8	-123	-80.9	-48.2	-85	-118
Depreciation and amortization	4.1	12.6	22.2	37.1	59	66.2	73.5
Stock-based compensation	0.31	0.68	23.1	19	19.8	18.6	2.45
Deferred income tax	-1.11	-1.29	-3.64	-5.76	-12.3	-12.3	-7.99
Change in receivables	-0.22	-6.01	-1.35	-6.48	-14.2	-8.24	7.92
Change in inventory	-15.8	-11.9	-41.4	-43.8	-14.9	1.81	-10.7
Change in payables	5.86	1.94	6.73	12.7	26.8	-2.85	17.1
Cash from operations	-40.9	-6	-41.7	-38.4	75.3	73.3	38.1
Capital expenditures	-41.7	-26.4	-88.4	-81.6	-24.2	-22.5	-26
Acquisitions	-8.73	-26	-23.1	-25.1	-19.9	-9.8	-11.9
Cash from investing	-65.6	-30.9	-113	-114	-59.9	-37.2	-45.7
Debt issued	64.7	102	260	84.4	0	217	72.4
Debt repaid	-6.02	-19.6	-79.3	-3.14	-23.2	-216	-62
Stock issued			0	0	0.19	0.18	0.14
Share buybacks				0	0	-2.75	-2.31
Cash from financing	111	82.2	252	71.3	-17.1	-20.4	5.11
Net change in cash	4.58	45.3	97.4	-81.3	-1.64	15.7	-2.58
Free cash flow	-82.6	-32.4	-130	-120	51.1	50.8	12
Interest paid	3.23	6.2	20.5	23.6	27.1	16.9	36.6
Income taxes paid	0	2.42	28.1	48.9	7.43	-19.6	4.5

Key metrics

Worked out from the statements above. Latest values use the trailing twelve months to June 30, 2026; growth uses fiscal years. Valuation uses the share price of $0.57 on September 28, 2026.

Profitability

Metric	Value	How it is calculated
Gross margin	36.7%	Gross profit / revenue.
Operating margin	-2.2%	Operating income / revenue.
EBITDA margin	9.9%	EBITDA (operating income + depreciation and amortization) / revenue.
Pre-tax margin	-16.2%	Pre-tax income / revenue.
Net margin	-23.3%	Net income / revenue.
FCF margin	-1.4%	Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin	3.6%	Cash from operations / revenue.
Return on assets (ROA)	-12.8%	Net income / average total assets.
Return on invested capital (ROIC)	-4.6%	Approximation: operating income x (1 - tax rate) / average (total debt + equity - cash). Tax rate is the effective rate when between 0% and 50%, else 21%.
Stock-based pay / revenue	0.5%	Stock-based compensation (from the cash flow statement) / revenue.
Capex / revenue	5.0%	Capital expenditures / revenue.
D&A / revenue	12.1%	Depreciation and amortization / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	-10.9%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	7.2%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y	28.3%	Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Gross profit growth, 1y	-7.9%	Gross profit vs the same period a year earlier. Only from a positive base.
Gross profit CAGR, 3y	8.0%	Compound annual growth of gross profit over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Gross profit CAGR, 5y	22.7%	Compound annual growth of gross profit over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating income growth, 1y	-459.4%	Operating income vs the same period a year earlier. Only from a positive base.
EBITDA growth, 1y	-20.3%	EBITDA vs the same period a year earlier. Only from a positive base.
EBITDA CAGR, 3y	24.1%	Compound annual growth of ebitda over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EBITDA CAGR, 5y	22.6%	Compound annual growth of ebitda over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating cash flow growth, 1y	-48.1%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Free cash flow growth, 1y	-76.3%	Free cash flow vs the same period a year earlier. Only from a positive base.
Book value growth, 1y	-166.8%	Book value vs the same period a year earlier. Only from a positive base.
Total assets growth, 1y	0.8%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	1.3%	Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets CAGR, 5y	16.2%	Compound annual growth of total assets over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Share count change, 1y	-4.2%	Change in diluted weighted shares vs a year earlier. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 3y	3.5%	Change in diluted weighted shares, per year over 3 years. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 5y	16.4%	Change in diluted weighted shares, per year over 5 years. Negative means buybacks shrank the share count; positive means dilution.

Balance sheet health

Metric	Value	How it is calculated
Current ratio	1.66x	Current assets / current liabilities.
Quick ratio	0.83x	(Cash + short-term investments + receivables) / current liabilities.
Cash ratio	0.59x	(Cash + short-term investments) / current liabilities.
Debt / assets	37.6%	Total debt / total assets.
Liabilities / assets	109.6%	Total liabilities / total assets.
Net debt	$267.4M	Total debt - cash - short-term investments. Negative means more cash than debt.
Net debt / EBITDA	5.51x	Net debt / EBITDA (twelve months), when EBITDA is positive.
Interest coverage	-0.15x	Operating income / interest expense.
Working capital	$74.2M	Current assets - current liabilities.
Goodwill and intangibles / assets	29.4%	(Goodwill + intangible assets) / total assets.
Tangible book value	-$347.2M	Shareholders' equity - goodwill - intangible assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	0.55x	Revenue / average total assets.
Fixed asset turnover	1.28x	Revenue / average property, plant and equipment.
Inventory turnover	3.76x	Cost of revenue / average inventory.
Days inventory	97 days	365 x average inventory / cost of revenue.
Receivables turnover	18.6x	Revenue / average receivables.
Days sales outstanding	20 days	365 x average receivables / revenue.
Days payables	33 days	365 x average accounts payable / cost of revenue.
Cash conversion cycle	84 days	Days inventory + days sales outstanding - days payables.
Capex / operating cash flow	140.0%	Capital expenditures / cash from operations, when that is positive.

Per share

Metric	Value	How it is calculated
EPS, diluted	-$0.56	Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS.
Revenue per share	$2.41	Revenue / diluted weighted shares.
FCF per share	-$0.03	Free cash flow / diluted weighted shares.
Operating cash flow per share	$0.09	Cash from operations / diluted weighted shares.
Book value per share	-$0.42	Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Tangible book per share	-$1.71	Tangible book value / shares outstanding.
Cash per share	$0.33	(Cash + short-term investments) / shares outstanding.

Valuation

Metric	Value	How it is calculated
Market cap	$116.0M	Share price x shares outstanding.
Enterprise value	$383.4M	Market cap + total debt - cash - short-term investments.
P/S	0.24x	Market cap / revenue.
P/OCF	6.69x	Market cap / cash from operations, when positive.
EV/Sales	0.79x	Enterprise value / revenue.
EV/EBITDA	7.90x	Enterprise value / EBITDA, when both are positive.
FCF yield	-6.0%	Free cash flow / market cap.
Earnings yield	-98.1%	Net income / market cap (the inverse of P/E).

What was Ascend Wellness Holdings, Inc.'s revenue in fiscal 2025?

Ascend Wellness Holdings, Inc. reported revenue of $500.6M for fiscal 2025, 10.9% lower than the year before.

Was Ascend Wellness Holdings, Inc. profitable in fiscal 2025?

No. It reported a net loss of $118.2M.

How much free cash flow did Ascend Wellness Holdings, Inc. generate in fiscal 2025?

Cash from operations of $38.1M minus capital expenditures of $26.0M left free cash flow of $12.0M.

Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.

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