MARIMED INC. financial statements

Income statement, balance sheet and cash flow statement for the last 10 fiscal years, taken from the XBRL data MARIMED 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

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Revenue	3.56	6.07	11.9	45.6	50.9	121	134	149	158	160
Cost of revenue	1.35	2.19	4.04	26.9	19.6	55.2	70.1	82.7	95.1	102
Gross profit	1.95	3.88	7.81	18.7	31.3	66.3	64	65.9	62.6	57.9
Selling, general and administrative	0.77
Selling and marketing	0.29	0.13	0.29	0.37	0.41	1.63	3.74	5.98	6.71	3.98
General and administrative	0.65	2.88	10.1	8.82	9.9	27.6	20.7	22.1	25.6	26.1
Operating expenses	1.17	3.75	13.2	60.2	16.8	39.4	43.6	51.5	60	60.7
Operating income	0.78	0.13	-5.36	-41.5	14.5	26.9	20.4	14.4	2.61	-2.82
Interest expense	-0.29	0.59	4.37	12.7	9.81	2.36	1.69	9.19	6.94	7.5
Interest income		0.08	0.59	0.47	0.16	0.11	0.96	0.27	0.11	0.18
Other non-operating income	0.45	1.16	-7.95	-40.3	-10	-3.05	-0.86	-21	-6.88	-8.04
Pre-tax income				-81.8	4.5	23.8	19.5	-6.6	-4.27	-10.9
Income tax				0.07	2.07	16.2	5.89	9.41	8.16	3.59
Net income to minority interests	0.52	0.17	0.3	-0.7	0.29	0.4	0.15	0.02	0.04	0.03
Net income	-0.2	-1.19	-13.6	-81.2	2.14	7.23	13.5	-16	-12.5	-14.5
EBITDA	1.04	0.49	-4.7	-40.5	16.3	29	23.8	19.9	10.5	5.29
EPS, basic	-0.00	-0.01	-0.07	-0.39	0.01	0.02	0.04	-0.04	-0.03	-0.04
EPS, diluted	-0.00	-0.01	-0.07	-0.39	0.01	0.02	0.04	-0.04	-0.03	-0.04
Shares, basic (weighted)	52	116	192	209	267	326	338	363	379	390
Shares, diluted (weighted)	52	116	192	209	324	372	380	363	379	390

Balance sheet

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Cash and equivalents	0.57	1.29	4.1	0.74	3	29.7	9.74	14.6	7.28	8.88
Short-term investments				1.45	1.36	0.25	0.12	0.09	0
Receivables	0.53	1.45	5.38	1.67	6.68	1.67	4.16	7.2	8.74	9.11
Inventory			0.09	1.22	6.83	9.77	19.5	25.3	33.5	36.6
Other current assets	0.02	0.36	0.13	0.19	0.58	1.44	7.28	3.51	3.39	3.83
Total current assets	2.44	4.97	15.7	7.38	21	44.6	44.1	51.4	53.5	59.3
Property, plant and equipment	5.31	26	34.1	42.8	45.6	62.2	71.6	89.1	94.2	89.4
Lease right-of-use assets				5.79	5.25	5.08	4.93	9.72	8.73	7.72
Goodwill					2.07	2.07	8.08	12	15.8	24
Intangible assets		0.33	0.19	2.36	2.23	0.16	14.2	17	18.6	17.2
Long-term investments			1.67	1.32	1.17	0	0	0.22	0
Other non-current assets	0.2	0.25	0.08	0.18	0.08	0.1	1.02	12.5	11.2	0.93
Total assets	8.56	32.2	83	61.6	76.4	123	152	196	207	203
Accounts payable	0.47	2.83	3.92	4.72	5.04	5.1	6.63	9	13.2	14.6
Accrued liabilities	1.69	1.41	1.59	5.4	2.73	3.15	3.09	3.55	4.44	9.51
Deferred revenue	0.23			4.2					1.33	1.39
Short-term debt				23.1
Total current liabilities	6.12	15.4	9.95	36.7	23.2	27.2	26.5	30.9	50	59.1
Long-term debt					10.7	17.3	25.9
Lease liabilities				5.4	4.82	4.57	4.17	8.46	7.55	6.62
Other non-current liabilities	0.24	0.24	0.34	0.1	0.1	0.1	0.1	0.1	0.1	0
Total liabilities	9.11	21.2	21.2	55.2	53.6	49.2	57.2	107	129	138
Total debt			21.7	36.3	36.7				78.2	76
Paid-in capital	8.46	22.3	87.2	112	113	135	142	171	173	179
Retained earnings	-10.8	-12	-25.6	-107	-105	-97.4	-83.9	-100	-113	-128
Treasury stock		-0.03
Shareholders' equity	-0.55	11	61.8
Minority interests	0.56	0.18	-0.22	-0.55	-0.58	-1.56	-1.51	-1.65	-1.75	-1.86
Total equity	-0.55	11	61.8	6.33	8.1	36.3	57.3	68.9	58.5	50
Total liabilities and equity	8.56	32.2	83	61.6	76.4	123	152	196	207	203
Shares outstanding	64.1	177	211	228	314	334	341	375	381	397

Cash flow statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Net income	0.32	-1.03	-13.3	-81.9	2.43	7.62	13.6	-16	-12.4	-14.5
Depreciation and amortization	0.27	0.36	0.66	1	1.8	2.1	3.43	5.55	7.91	8.11
Stock-based compensation	0.16	1.08	5.76				6.34	1.02	1.05	1.86
Deferred income tax									0	0
Change in receivables	-0.6	-0.92	-4.07	-37.7	-5.99	-4.7	-6.9	-3.16	-1.21	-0.43
Change in inventory				-0.5	-5.61	-2.94	-5.38	-5.83	-8.18	-0.01
Change in payables	-0.11	2.36	3.61	0.63	1.07	0.11	1.03	2.38	4.19	0.84
Cash from operations	-0.2	1.76	-2.91	-24.1	3.38	35.9	7.31	7.91	6.79	7.7
Capital expenditures	-3.36	-21	-8.92	-9.67	-4.69	-17.9	-12.1	-20.1	-12	-1.17
Acquisitions			0.01	-0.21		0	-12.8	-2.99	-4.25	0.23
Purchases of investments			-30
Cash from investing	-3.34	-20.9	-40.1	-12.5	-4.46	-16.6	-26.2	-26	-17.1	-1.38
Debt issued			10	9.6	0.94
Stock issued	0.41	6.59	31.8	2.75	0.08	0.04	0.01	0.11	0
Cash from financing	3.95	19.9	45.8	33.3	3.34	7.45	-1.01	23	2.99	-4.71
Net change in cash	0.41	0.72	2.81	-3.37	2.26	26.7	-19.9	4.91	-7.36	1.6
Free cash flow	-3.56	-19.2	-11.8	-33.8	-1.31	18	-4.83	-12.2	-5.18	6.53
Interest paid	0.23	0.59	1.29	1.29	3.27	1.98	1.74	5.65	6.69	6.91
Income taxes paid	0	0	0.01	0.05	1.17	0.62	14.6	6.42	0.71	-0.71

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 $0.07 on September 28, 2026.

Profitability

Metric	Value	How it is calculated
Gross margin	35.6%	Gross profit / revenue.
Operating margin	-1.5%	Operating income / revenue.
EBITDA margin	3.8%	EBITDA (operating income + depreciation and amortization) / revenue.
Pre-tax margin	-6.2%	Pre-tax income / revenue.
Net margin	-9.1%	Net income / revenue.
FCF margin	4.9%	Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin	5.7%	Cash from operations / revenue.
Return on assets (ROA)	-7.6%	Net income / average total assets.
Stock-based pay / revenue	0.9%	Stock-based compensation (from the cash flow statement) / revenue.
Capex / revenue	0.8%	Capital expenditures / revenue.
D&A / revenue	5.3%	Depreciation and amortization / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	1.3%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	6.0%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y	25.7%	Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Gross profit growth, 1y	-7.6%	Gross profit vs the same period a year earlier. Only from a positive base.
Gross profit CAGR, 3y	-3.3%	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	13.1%	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	-208.1%	Operating income vs the same period a year earlier. Only from a positive base.
EBITDA growth, 1y	-49.7%	EBITDA vs the same period a year earlier. Only from a positive base.
EBITDA CAGR, 3y	-39.4%	Compound annual growth of ebitda over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EBITDA CAGR, 5y	-20.2%	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	13.4%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Operating cash flow CAGR, 3y	1.7%	Compound annual growth of operating cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating cash flow CAGR, 5y	17.9%	Compound annual growth of operating cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Total assets growth, 1y	-2.1%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	10.0%	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	21.5%	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	2.9%	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	0.9%	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	3.8%	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	0.92x	Current assets / current liabilities.
Quick ratio	0.28x	(Cash + short-term investments + receivables) / current liabilities.
Cash ratio	0.13x	(Cash + short-term investments) / current liabilities.
Debt / assets	41.9%	Total debt / total assets.
Liabilities / assets	74.6%	Total liabilities / total assets.
Net debt	$74.2M	Total debt - cash - short-term investments. Negative means more cash than debt.
Net debt / EBITDA	11.9x	Net debt / EBITDA (twelve months), when EBITDA is positive.
Interest coverage	-0.30x	Operating income / interest expense.
Working capital	-$5.3M	Current assets - current liabilities.
Goodwill and intangibles / assets	20.1%	(Goodwill + intangible assets) / total assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	0.83x	Revenue / average total assets.
Fixed asset turnover	1.90x	Revenue / average property, plant and equipment.
Inventory turnover	2.88x	Cost of revenue / average inventory.
Days inventory	127 days	365 x average inventory / cost of revenue.
Receivables turnover	17.5x	Revenue / average receivables.
Days sales outstanding	21 days	365 x average receivables / revenue.
Days payables	46 days	365 x average accounts payable / cost of revenue.
Cash conversion cycle	102 days	Days inventory + days sales outstanding - days payables.
Capex / operating cash flow	13.6%	Capital expenditures / cash from operations, when that is positive.

Per share

Metric	Value	How it is calculated
EPS, diluted	-$0.04	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	$0.41	Revenue / diluted weighted shares.
FCF per share	$0.02	Free cash flow / diluted weighted shares.
Operating cash flow per share	$0.02	Cash from operations / diluted weighted shares.
Cash per share	$0.02	(Cash + short-term investments) / shares outstanding.

Valuation

Metric	Value	How it is calculated
Market cap	$29.4M	Share price x shares outstanding.
Enterprise value	$103.7M	Market cap + total debt - cash - short-term investments.
P/S	0.18x	Market cap / revenue.
P/FCF	3.67x	Market cap / free cash flow. Only when free cash flow is positive.
P/OCF	3.17x	Market cap / cash from operations, when positive.
EV/Sales	0.63x	Enterprise value / revenue.
EV/EBITDA	16.6x	Enterprise value / EBITDA, when both are positive.
EV/FCF	12.9x	Enterprise value / free cash flow, when both are positive.
FCF yield	27.2%	Free cash flow / market cap.
Earnings yield	-50.8%	Net income / market cap (the inverse of P/E).

What was MARIMED INC.'s revenue in fiscal 2025?

MARIMED INC. reported revenue of $159.8M for fiscal 2025, 1.3% higher than the year before.

Was MARIMED INC. profitable in fiscal 2025?

No. It reported a net loss of $14.5M.

How much free cash flow did MARIMED INC. generate in fiscal 2025?

Cash from operations of $7.7M minus capital expenditures of $1.2M left free cash flow of $6.5M.

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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