IMCCNasdaqMedicinal Chemicals & Botanical ProductsFiscal year ends December 31
IM Cannabis Corp.
Financials through fiscal 2025, year ended Dec 31, 2025Last filing: 20-F on Mar 30, 2026
$1.50+0.11 (+7.91%)
Close on Oct 19, 2026
Margins
Share of revenue, fiscal years 2018 to 2025
Gross margin
17.7%−48.2 pts over 5 years
Operating margin
-21.2%+30.7 pts over 5 years
Net margin
-20.7%+159.9 pts over 5 years
Growth rates
Compound annual growth to fiscal 2025
| Per year | 1 year | 3 years | 5 years | 10 years | Five-year pace |
|---|---|---|---|---|---|
| Revenue | +1.3% | +0.2% | +28.1% | – | |
| Gross profit | +14.6% | +1.9% | -1.5% | – |
Returns and balance sheet
8 fiscal years. Hover a measure to see how it is calculated.
| Measure | FY2018 | FY2020 | FY2025 | Trend |
|---|---|---|---|---|
| Return on equity | – | -160.5% | -1496.2% | |
| Return on assets | – | -83.2% | -31.9% | |
| Current ratio | – | 4.33 | 0.67 | |
| Debt to equity | – | 0.00 | -4.34 | |
| Net debt to EBITDA | – | 1.21× | – | |
| Interest coverage | – | -0.4× | -3.3× | |
| Inventory turnover | – | 0.8× | 12.0× | |
| Capex to revenue | – | 16.5% | 0.0% | |
| Diluted shares | – | 1M | – |
Where the cash went
Fiscal 2021 to 2025, five years combined
IM Cannabis generated C$60.88M from operations and spent C$6.89M on capital expenditure, dividends and share buybacks. 100% of that went back into the business.
Generated
C$60.88M
Used
C$6.89M
Capital expenditureC$6.89M100%DividendsC$00%Share buybacksC$00%
DuPont analysis
Return on equity split into margin, efficiency and leverage
Net margin-20.7%
×Asset turnover1.54×
×Equity multiplier46.88×
=Return on equity, FY2025-1496.2%
| Fiscal year | Net margin | Asset turnover | Equity multiplier | Return on equity |
|---|---|---|---|---|
| FY2025 | -20.7% | 1.54× | 46.88× | -1496.2% |
| FY2024 | -19.6% | 1.23× | 4.46× | -107.4% |
| FY2023 | -19.5% | 0.89× | 2.95× | -51.2% |
| FY2022 | -347.6% | 0.31× | 1.55× | -168.7% |
| FY2021 | -52.2% | 0.21× | 1.53× | -16.7% |
| FY2020 | -180.6% | 0.46× | 1.93× | -160.5% |
Piotroski F-Score
Nine tests of profitability, balance sheet and efficiency, fiscal 2025 against fiscal 2024
4of 8 tests passed in fiscal 2025. Some tests lack the figures they need.
- ProfitableNet income above zero-C$11.32M
- Cash generatingOperating cash flow above zeroC$4.72M
- Return on assets improvedROA up on the prior year-21.7% → -28.9%
- Earnings backed by cashOperating cash flow above net incomeC$4.72M vs -C$11.32M
- Less leverageLong-term debt to assets fell1.2% → 2.9%
- Better liquidityCurrent ratio rose0.67 → 0.67
- No dilutionShare count did not rise– → –
- Gross margin improvedGross margin up on the prior year15.64% → 17.70%
- More efficientAsset turnover rose1.11 → 1.40