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Ascend Wellness vs Jushi: revenue, profit, margins and growth compared

Ascend Wellness brought in $500.6M of revenue in fiscal 2025, Jushi $262.9M in fiscal 2025. Revenue changed by -10.9% at Ascend Wellness and +2.1% at Jushi on the year before, so Jushi grew faster. Ascend Wellness kept -23.6% of its revenue as net profit, Jushi -26.1%. Free cash flow was $12M at Ascend Wellness and $1.6M at Jushi.

Side by side, latest fiscal year

AAWHJUSH
Fiscal year endedFY2025 (December 31, 2025)FY2025 (December 31, 2025)
Revenue$500.6M$262.9M
Revenue growth-10.9%+2.1%
Net income-$118.2M-$68.6M
Net margin-23.6%-26.1%
Free cash flow$12M$1.6M
Free cash flow margin2.4%0.6%
Earnings per share (diluted)-$0.58-$0.35
Cash$85.7M$24M
Debt$319.5M$205.8M
Price to earningsn/an/a
Market value$74.3M$85.9M
Dividend yieldn/an/a
Rank by revenue in sector#206 of 751 · Health care#250 of 751 · Health care

Over the years

Revenue
AAWH FY2019: $12MAAWH FY2021: $143.7MAAWH FY2021: $332.4MAAWH FY2022: $405.9MAAWH FY2023: $518.6MAAWH FY2024: $561.6MAAWH FY2025: $500.6MJUSH FY2020: $80.8MJUSH FY2022: $209.3MJUSH FY2022: $284.3MJUSH FY2023: $269.4MJUSH FY2024: $257.5MJUSH FY2025: $262.9MFY19FY20FY21FY22FY23FY24FY25
AAWH $500.6MJUSH $262.9M
Net income
AAWH FY2019: -$31.9MAAWH FY2021: -$25.4MAAWH FY2021: -$122.7MAAWH FY2022: -$80.9MAAWH FY2023: -$48.2MAAWH FY2024: -$85MAAWH FY2025: -$118.2MJUSH FY2020: -$210.6MJUSH FY2022: $20.3MJUSH FY2022: -$202.3MJUSH FY2023: -$65.1MJUSH FY2024: -$48.8MJUSH FY2025: -$68.6MFY19FY20FY21FY22FY23FY24FY25
AAWH -$118.2MJUSH -$68.6M
Net margin
AAWH FY2019: -265.1%AAWH FY2021: -17.7%AAWH FY2021: -36.9%AAWH FY2022: -19.9%AAWH FY2023: -9.3%AAWH FY2024: -15.1%AAWH FY2025: -23.6%JUSH FY2020: -260.7%JUSH FY2022: 9.7%JUSH FY2022: -71.2%JUSH FY2023: -24.2%JUSH FY2024: -18.9%JUSH FY2025: -26.1%FY19FY20FY21FY22FY23FY24FY25
AAWH -23.6%JUSH -26.1%
Revenue growth
AAWH FY2021: +1,094.6%AAWH FY2021: +131.3%AAWH FY2022: +22.1%AAWH FY2023: +27.8%AAWH FY2024: +8.3%AAWH FY2025: -10.9%JUSH FY2022: +159.1%JUSH FY2022: +35.8%JUSH FY2023: -5.2%JUSH FY2024: -4.4%JUSH FY2025: +2.1%FY21FY22FY23FY24FY25
AAWH -10.9%JUSH +2.1%
Free cash flow
AAWH FY2019: -$82.6MAAWH FY2021: -$32.4MAAWH FY2021: -$130.2MAAWH FY2022: -$120MAAWH FY2023: $51.1MAAWH FY2024: $50.8MAAWH FY2025: $12MJUSH FY2020: -$35.1MJUSH FY2022: -$89.6MJUSH FY2022: -$78.3MJUSH FY2023: -$14.1MJUSH FY2024: $16.9MJUSH FY2025: $1.6MFY19FY20FY21FY22FY23FY24FY25
AAWH $12MJUSH $1.6M

Fiscal years as each company reports them; the two may end in different months.

Questions about Ascend Wellness and Jushi

Which is bigger by revenue, Ascend Wellness or Jushi?

Ascend Wellness is bigger by revenue: $500.6M in fiscal 2025, against $262.9M for Jushi in fiscal 2025.

Which keeps more of its revenue as profit, Ascend Wellness or Jushi?

Ascend Wellness had a net margin of -23.6% in fiscal 2025; Jushi had -26.1% in fiscal 2025.

Which grew revenue faster, Ascend Wellness or Jushi?

In their latest fiscal years revenue changed by -10.9% at Ascend Wellness and +2.1% at Jushi.

Where do these numbers come from?

From the annual reports each company files with the SEC (10-K, or 20-F and 40-F for foreign companies), read from their XBRL data. Margins and growth are simple arithmetic on those figures. Nothing here is a recommendation.

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