AAWHOTCMedicinal Chemicals & Botanical ProductsFiscal year ends December 31
Ascend Wellness Holdings, Inc.
Financials through Q2 FY2026, quarter ended Jun 30, 2026Last filing: 10-Q on Aug 12, 2026
$0.39−0.00 (-0.73%)
Close on Oct 19, 2026
- Market cap
- $79.60M
- P/E (TTM)
- –
- Dividend yield
- –
Margins
Share of revenue, fiscal years 2018 to 2025
Gross margin
33.9%−8.5 pts over 5 years
Operating margin
-3.4%−8.9 pts over 5 years
Net margin
–
Growth rates
Compound annual growth to fiscal 2025
| Per year | 1 year | 3 years | 5 years | 10 years | Five-year pace |
|---|---|---|---|---|---|
| Revenue | -10.9% | +7.2% | +28.3% | – | |
| Gross profit | -7.9% | +8.0% | +22.7% | – | |
| Free cash flow | -76.3% | – | – | – |
Returns and balance sheet
8 fiscal years. Hover a measure to see how it is calculated.
| Measure | FY2018 | FY2020 | FY2025 | Trend |
|---|---|---|---|---|
| Return on equity | – | – | – | |
| Return on assets | – | – | – | |
| Current ratio | – | 1.16 | 1.92 | |
| Debt to equity | – | 55.89 | -6.35 | |
| Net debt to EBITDA | – | 7.52× | 3.82× | |
| Interest coverage | – | 0.6× | -0.3× | |
| Inventory turnover | – | – | 3.8× | |
| Capex to revenue | – | 18.4% | 5.2% | |
| Diluted shares | – | 95M | 203M |
Where the cash went
Fiscal 2021 to 2025, five years combined
Ascend Wellness generated $266.77M from operations and spent $247.92M on capital expenditure, dividends and share buybacks. 98% of that went back into the business.
Generated
$266.77M
Used
$247.92M
Capital expenditure$242.86M98%Dividends$00%Share buybacks$5.06M2%
DuPont analysis
Return on equity split into margin, efficiency and leverage
Net margin-19.9%
×Asset turnover0.51×
×Equity multiplier4.69×
=Return on equity, FY2022-47.6%
| Fiscal year | Net margin | Asset turnover | Equity multiplier | Return on equity |
|---|---|---|---|---|
| FY2022 | -19.9% | 0.51× | 4.69× | -47.6% |
| FY2021 | -36.9% | 0.58× | 6.39× | -136.1% |
Piotroski F-Score
Nine tests of profitability, balance sheet and efficiency, fiscal 2025 against fiscal 2024
4of 6 tests passed in fiscal 2025. Some tests lack the figures they need.
- ProfitableNet income above zero–
- Cash generatingOperating cash flow above zero$38.05M
- Return on assets improvedROA up on the prior year– → –
- Earnings backed by cashOperating cash flow above net income$38.05M vs –
- Less leverageLong-term debt to assets fell23.8% → 32.1%
- Better liquidityCurrent ratio rose1.59 → 1.92
- No dilutionShare count did not rise212M → 203M
- Gross margin improvedGross margin up on the prior year32.80% → 33.90%
- More efficientAsset turnover rose0.61 → 0.56