Jushi Holdings Inc

Jushi Holdings Inc has a negative equity position of -$22.2 million and a debt-to-equity ratio of -12.09, indicating a highly leveraged capital structure with negative net worth. The company maintains $25.3 million in cash and equivalents, but this is significantly less than its $268.5 million in long-term debt, resulting in a liquidity risk rating of medium. The current ratio of 0.51 further underscores the company's limited ability to meet short-term obligations with current assets.

Profitability metrics show mixed results. The company reported a gross profit of $32.3 million on $65.5 million in revenue, yielding a gross margin of 49.3%. However, net income was -$18.4 million, driven by a negative return on assets of -4.01% and a return on equity of 82.7% due to the negative equity base. These figures fall below the industry median for profitability, indicating operational inefficiencies or cost overruns relative to peers.

The company's revenue is concentrated in the United States, with no disclosed international operations. Jushi operates through cultivation, processing, and retail segments, but the input data does not provide segment-specific revenue breakdowns. This lack of transparency limits the ability to assess geographic or product diversification.

Looking ahead, the company is expected to face continued financial pressure. The current fiscal year outlook indicates a negative net income trajectory, with no clear path to profitability in the next fiscal year. The capital expenditure of -$1.1 million suggests minimal investment in growth, which may hinder long-term revenue expansion.

Risk factors include a high debt load, negative equity, and limited liquidity. The risk assessment flags a negative net cash position after subtracting total debt, which could lead to refinancing challenges. The dilution risk is currently rated as low, but the company's negative equity and potential need for capital raises could increase dilution pressure in the future.

Recent events include the release of Q4 financial results, which showed a net loss of $18.4 million. Analysts have issued a mean price target of $1.48, with a median of $1.70, but no strong buy recommendations. The company has not disclosed any major strategic initiatives or product launches in the latest filings.

Analysts project 147% upside to a mean price target of $1.48, signaling strong institutional confidence in future valuation recovery.

Operating income turned positive in FY2025, reaching $8.8 million, demonstrating improved operational efficiency compared to previous years' losses.

Gross profit expanded to $118.3 million in FY2025, indicating resilient top-line performance despite broader net income volatility.

Revenue grew at a 5.9% CAGR over four years, showing consistent top-line expansion despite recent quarterly fluctuations.

The company carries a high credit risk flag, compounded by a negative book value of $22.2 million.

Revenue $68.3M, +3,8% YoY; Operating income +142,5% YoY.

• ▍Revenue $68.3M, +3,8% YoY
• ▍Operating income +142,5% YoY
• ▍Net income −24,8% YoY
• ▍Free cash flow −71,6% YoY
• ▍Net margin -22.8%

Revenue $65.7M, +6,6% YoY; Operating income +1 198,9% YoY.

• ▍Revenue $65.7M, +6,6% YoY
• ▍Operating income +1 198,9% YoY
• ▍Net income −47,9% YoY
• ▍Free cash flow −135,2% YoY
• ▍Net margin -36.1%

Revenue $65.0M, +0,7% YoY; Operating income −57,1% YoY.

• ▍Revenue $65.0M, +0,7% YoY
• ▍Operating income −57,1% YoY
• ▍Net income −536,3% YoY
• ▍Free cash flow −284,6% YoY
• ▍Net margin -19.0%

Revenue $63.8M, −2,5% YoY; Operating income −141,4% YoY.

• ▍Revenue $63.8M, −2,5% YoY
• ▍Operating income −141,4% YoY
• ▍Net income +7,3% YoY
• ▍Free cash flow −6,0% YoY
• ▍Net margin -26.7%

Revenue $65.9M; Operating income -$1.8M.

• ▍Revenue $65.9M
• ▍Operating income -$1.8M
• ▍Net margin -18.9%

Revenue $61.6M; Operating income $180.0k.

• ▍Revenue $61.6M
• ▍Operating income $180.0k
• ▍Net margin -26.0%

Revenue $64.6M; Operating income $8.4M.

• ▍Revenue $64.6M
• ▍Operating income $8.4M
• ▍Net margin -3.0%

Revenue $65.5M; Operating income $4.5M.

• ▍Revenue $65.5M
• ▍Operating income $4.5M
• ▍Net margin -28.0%

Revenue $262.9M, +2,1% YoY; Operating income −85,7% YoY.

• ▍Revenue $262.9M, +2,1% YoY
• ▍Operating income −85,7% YoY
• ▍Net income −40,6% YoY
• ▍Free cash flow −132,7% YoY
• ▍Net margin -26.1%

Revenue $257.5M, −4,4% YoY; Operating income +373,6% YoY.

• ▍Revenue $257.5M, −4,4% YoY
• ▍Operating income +373,6% YoY
• ▍Net income +25,1% YoY
• ▍Free cash flow +52,1% YoY
• ▍Net margin -18.9%

Revenue $269.4M, −5,2% YoY; Operating income +98,7% YoY.

• ▍Revenue $269.4M, −5,2% YoY
• ▍Operating income +98,7% YoY
• ▍Net income +67,8% YoY
• ▍Free cash flow +78,8% YoY
• ▍Net margin -24.2%

Revenue $284.3M, +35,8% YoY; Operating income −718,2% YoY.

• ▍Revenue $284.3M, +35,8% YoY
• ▍Operating income −718,2% YoY
• ▍Net income −1 099,1% YoY
• ▍Free cash flow −371,0% YoY
• ▍Net margin -71.2%