Jushi Holdings Inc. financial statements

Income statement, balance sheet and cash flow statement for the last 6 fiscal years, taken from the XBRL data Jushi 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

	FY2020	FY2022	FY2022	FY2023	FY2024	FY2025
Revenue	80.8	209	284	269	258	263
Cost of revenue	42.4	126	189	153	139	149
Gross profit	38.3	83.4	95.5	116	118	114
Selling, general and administrative	54.9	113	156	110	107	109
Operating expenses	54.9	119	316	119	107	109
Operating income	-16.6	-35.8	-220	-2.82	10.9	4.85
Interest expense	15.6	30.9	45.7	37.1	38	41.3
Interest income	0.23	0.24	0.14	0.09	0.56	0.46
Other non-operating income	-185	82.9	26.5	-30.5	-28	-38.5
Income tax	10.6	29.6	8.45	31.8	31.6	35
Net income to minority interests	-1.91	-2.77	0	0
Net income	-211	20.3	-202	-65.1	-48.8	-68.6
EBITDA	-12.1	-27.4	-194	23.8	40.8	35.8
EPS, basic	-1.94	0.12	-1.06	-0.33	-0.25	-0.35
EPS, diluted	-1.94	-0.42	-1.44	-0.33	-0.25	-0.35
Shares, basic (weighted)	108	170	190	195	195	195
Shares, diluted (weighted)	108	202	204	195	195	195

Balance sheet

	FY2020	FY2022	FY2022	FY2023	FY2024	FY2025
Cash and equivalents	85.9	95	26.2	26	19.5	24
Receivables		3.2	4.81	3.38	1.46	2.8
Inventory		43.3	35.1	33.6	36.1	34.6
Other current assets		1.68	0.55	1.01	1.79	2.11
Total current assets		154	70.1	81.6	72.2	68.3
Property, plant and equipment		137	178	159	144	143
Lease right-of-use assets		17.3	16.2	18.3	18.1	19.7
Goodwill	19.1	45.8	38.2	30.9	30.9	30.9
Intangible assets		192	100	96	100	92.2
Other non-current assets		27.6	28.2	30.4	30.3	27.8
Total assets		652	529	463	440	422
Accounts payable		10.5	21.3	15.4	21.5	22.3
Accrued liabilities		48	46.3	44.1	32.8	25.5
Deferred revenue		1.43	1.87	1.41	1.32	1.6
Short-term debt		6.18	8.7	86.5	2.76	6.64
Total current liabilities		83.9	108	162	68.9	66.2
Long-term debt		120	181	126	183	199
Lease liabilities		15.2	15.5	19.9	17.6	16.9
Other non-current liabilities		26.6	21.6	29.1	38.7	33.2
Total liabilities		471	483	471	491	538
Total debt		126	189	213	186	206
Paid-in capital		425	492	504	508	512
Retained earnings		-242	-445	-510	-559	-627
Shareholders' equity		182	47.3	-6.23	-50.2	-115
Minority interests		-1.39	-1.39	-1.39	0	0
Total equity	2.42	181	45.9	-7.62	-50.2	-115
Total liabilities and equity		652	529	463	440	422

Cash flow statement

	FY2020	FY2022	FY2022	FY2023	FY2024	FY2025
Net income	-213	17.5	-202	-65.1	-48.8	-68.6
Depreciation and amortization	4.43	8.41	26.5	26.6	29.9	31
Stock-based compensation	9.59	14.5	23.1	8.09	4.22	2.11
Deferred income tax	-6.92	-11.1	-32.1	-4.66	-7.75	-6.05
Change in receivables	-0.06	-1.87	-1.59	-2.37	1.86	-1.13
Change in inventory	-4.25	-12.9	5.4	-4.69	-4.01	1.76
Change in payables		21.6	24.1	-4.81	9.85	0.89
Cash from operations	-12.4	-14.3	-21.4	-3.32	21.6	17.7
Capital expenditures	-22.8	-75.3	-56.9	-10.7	-4.71	-16.1
Acquisitions	-28.6	-47.3	-21	0
Purchases of investments				0	-5.21	0
Sales and maturities of investments	18.6	9.15	0	0
Cash from investing	-45.8	-113	-80.9	-6.39	-7.07	-13.2
Debt repaid	0	-8.13	-33.7	0
Stock issued	29.2	85.7	13.7	0	0.04	0
Cash from financing	105	138	34	13.9	-24.5	0.77
Exchange rate effect	-0.05	-0.27	-0.05	0
Net change in cash	46.9	9.63	-68.3	4.16	-9.96	5.27
Free cash flow	-35.1	-89.6	-78.3	-14.1	16.9	1.64
Interest paid	7.36	13.8	27.7	29.4	30.1	30.2
Income taxes paid	1.34	7.07	11.7	2.78	-4.39	2.45

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 $0.43 on November 10, 2026.

Profitability

Metric	Value	How it is calculated
Gross margin	44.4%	Gross profit / revenue.
Operating margin	2.0%	Operating income / revenue.
EBITDA margin	11.0%	EBITDA (operating income + depreciation and amortization) / revenue.
Net margin	-24.4%	Net income / revenue.
FCF margin	2.4%	Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin	7.9%	Cash from operations / revenue.
Return on assets (ROA)	-15.5%	Net income / average total assets.
Return on invested capital (ROIC)	7.8%	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	1.0%	Stock-based compensation (from the cash flow statement) / revenue.
Capex / revenue	5.5%	Capital expenditures / revenue.
D&A / revenue	9.0%	Depreciation and amortization / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	2.1%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	-2.6%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y	26.6%	Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Gross profit growth, 1y	-3.7%	Gross profit vs the same period a year earlier. Only from a positive base.
Gross profit CAGR, 3y	6.1%	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	24.3%	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	-55.3%	Operating income vs the same period a year earlier. Only from a positive base.
EBITDA growth, 1y	-12.1%	EBITDA vs the same period a year earlier. Only from a positive base.
Operating cash flow growth, 1y	-17.8%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Free cash flow growth, 1y	-90.3%	Free cash flow vs the same period a year earlier. Only from a positive base.
Total assets growth, 1y	-4.1%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	-7.3%	Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Share count change, 1y	0.0%	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	-1.5%	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	12.5%	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	0.83x	Current assets / current liabilities.
Quick ratio	0.40x	(Cash + short-term investments + receivables) / current liabilities.
Cash ratio	0.36x	(Cash + short-term investments) / current liabilities.
Debt / assets	53.5%	Total debt / total assets.
Liabilities / assets	133.0%	Total liabilities / total assets.
Net debt	$196.7M	Total debt - cash - short-term investments. Negative means more cash than debt.
Net debt / EBITDA	6.59x	Net debt / EBITDA (twelve months), when EBITDA is positive.
Interest coverage	0.13x	Operating income / interest expense.
Working capital	-$16.0M	Current assets - current liabilities.
Goodwill and intangibles / assets	28.3%	(Goodwill + intangible assets) / total assets.
Tangible book value	-$263.3M	Shareholders' equity - goodwill - intangible assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	0.63x	Revenue / average total assets.
Fixed asset turnover	1.98x	Revenue / average property, plant and equipment.
Inventory turnover	4.40x	Cost of revenue / average inventory.
Days inventory	83 days	365 x average inventory / cost of revenue.
Receivables turnover	64.8x	Revenue / average receivables.
Days sales outstanding	6 days	365 x average receivables / revenue.
Days payables	55 days	365 x average accounts payable / cost of revenue.
Cash conversion cycle	34 days	Days inventory + days sales outstanding - days payables.
Capex / operating cash flow	69.1%	Capital expenditures / cash from operations, when that is positive.

Per share

Metric	Value	How it is calculated
EPS, diluted	-$0.34	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	$1.37	Revenue / diluted weighted shares.
FCF per share	$0.03	Free cash flow / diluted weighted shares.
Operating cash flow per share	$0.11	Cash from operations / diluted weighted shares.
Book value per share	-$0.72	Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Tangible book per share	-$1.33	Tangible book value / shares outstanding.
Cash per share	$0.17	(Cash + short-term investments) / shares outstanding.

Valuation

Metric	Value	How it is calculated
Market cap	$85.9M	Share price x shares outstanding.
Enterprise value	$282.5M	Market cap + total debt - cash - short-term investments.
P/S	0.32x	Market cap / revenue.
P/FCF	12.9x	Market cap / free cash flow. Only when free cash flow is positive.
P/OCF	3.99x	Market cap / cash from operations, when positive.
EV/Sales	1.04x	Enterprise value / revenue.
EV/EBIT	52.2x	Enterprise value / operating income, when both are positive.
EV/EBITDA	9.46x	Enterprise value / EBITDA, when both are positive.
EV/FCF	42.5x	Enterprise value / free cash flow, when both are positive.
FCF yield	7.8%	Free cash flow / market cap.
Earnings yield	-77.4%	Net income / market cap (the inverse of P/E).

What was Jushi Holdings Inc.'s revenue in fiscal 2025?

Jushi Holdings Inc. reported revenue of $262.9M for fiscal 2025, 2.1% higher than the year before.

Was Jushi Holdings Inc. profitable in fiscal 2025?

No. It reported a net loss of $68.6M.

How much free cash flow did Jushi Holdings Inc. generate in fiscal 2025?

Cash from operations of $17.7M minus capital expenditures of $16.1M left free cash flow of $1.6M.

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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