EMMA · Emmaus Life Sciences, Inc. - Financials
Annual line items from SEC XBRL filings, sourced from EDGAR's Company Facts API with fallback to the quarterly Financial Statement Data Sets. See issuer overview for Form 4 activity and 10-K signals.
Income Statement
| Line item | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 |
|---|---|---|---|---|---|---|
| Revenue | $12.45M | $16.65M | $29.60M | $18.39M | $20.61M | $23.17M |
| Cost of Revenue | $857.0K | $1.20M | $1.34M | $2.59M | $3.31M | $2.25M |
| Gross Profit | $11.60M | $15.45M | $28.25M | $15.80M | $17.30M | $20.92M |
| R&D | $313.0K | $657.0K | $1.19M | $1.73M | $4.11M | $2.41M |
| SG&A | $8.18M | $10.69M | $14.89M | $13.17M | $13.44M | $13.68M |
| Total Operating Expenses | $11.37M | $17.35M | $24.71M | $22.39M | $23.43M | $20.95M |
| D&A | $39.0K | $22.0K | $32.0K | $53.0K | $59.0K | $60.0K |
| Operating Income | $231.0K | ($1.89M) | $3.54M | ($6.59M) | ($6.13M) | ($32.0K) |
| Interest Expense | $7.13M | $5.49M | $7.38M | $5.01M | $3.10M | $5.99M |
| Income Tax | $9.0K | $29.0K | ($59.0K) | $60.0K | $25.0K | ($381.0K) |
| Net Income | ($7.49M) | ($6.45M) | ($3.73M) | ($10.63M) | ($15.95M) | $1.10M |
| EPS - Basic | ($0.12) | ($0.10) | ($0.07) | ($0.32) | - | - |
| EPS - Diluted | ($0.12) | ($0.10) | ($0.07) | ($0.32) | - | - |
Balance Sheet
| Line item | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 |
|---|---|---|---|---|---|---|
| Cash & Equivalents | $2.13M | $1.39M | $2.55M | $2.02M | $2.28M | $2.49M |
| Accounts Receivable | $2.80M | $2.62M | $5.52M | $375.0K | $1.04M | $198.0K |
| Inventory | $1.55M | $1.64M | $1.71M | $2.38M | $4.39M | $7.09M |
| Accounts Payable | $5.98M | $5.17M | $5.89M | $3.79M | $2.58M | $2.02M |
| Current Assets | $7.75M | $6.77M | $11.51M | $6.29M | $9.09M | $11.26M |
| Total Assets | $21.44M | $23.60M | $35.18M | $48.23M | $56.73M | $59.27M |
| Current Liabilities | $69.07M | $63.55M | $61.51M | $54.32M | $37.10M | $23.38M |
| Long-term Debt | $27.13M | $28.96M | $30.56M | $30.42M | $22.34M | $15.29M |
| Total Liabilities | $85.04M | $80.08M | $82.94M | $82.32M | $78.18M | $64.69M |
| Stockholders' Equity | ($63.61M) | ($56.48M) | ($47.76M) | ($34.09M) | ($21.45M) | ($5.42M) |
| Retained Earnings | ($270.07M) | ($262.57M) | ($256.12M) | ($252.34M) | ($241.27M) | ($225.33M) |
Cash Flow
| Line item | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 |
|---|---|---|---|---|---|---|
| Operating Cash Flow | ($11.0K) | ($2.29M) | ($1.50M) | ($5.07M) | ($1.25M) | ($2.45M) |
| Investing Cash Flow | $2.17M | $2.50M | ($432.0K) | ($2.39M) | ($6.38M) | $5.47M |
| Financing Cash Flow | ($1.43M) | ($1.35M) | $2.48M | $7.23M | $7.41M | ($2.31M) |
| CapEx | $1.0K | $12.0K | $17.0K | $26.0K | $73.0K | $15.0K |
| Free Cash Flow | ($12.0K) | ($2.30M) | ($1.52M) | ($5.10M) | ($1.33M) | ($2.47M) |
Ratios
| Metric | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 |
|---|---|---|---|---|---|---|
| Profitability | ||||||
| Gross margin | 93.1% | 92.8% | 95.5% | 85.9% | 83.9% | 90.3% |
| Operating margin | 1.9% | -11.4% | 12.0% | -35.8% | -29.7% | -0.1% |
| EBITDA margin | 2.2% | -11.2% | 12.1% | -35.5% | -29.4% | 0.1% |
| Net margin | -60.2% | -38.7% | -12.6% | -57.8% | -77.4% | 4.7% |
| Free cash flow margin | -0.1% | -13.8% | -5.1% | -27.7% | -6.4% | -10.6% |
| FCF / Net income | 0.00 | 0.36 | 0.41 | 0.48 | 0.08 | -2.24 |
| R&D / Revenue | 2.5% | 3.9% | 4.0% | 9.4% | 19.9% | 10.4% |
| SG&A / Revenue | 65.7% | 64.2% | 50.3% | 71.6% | 65.2% | 59.0% |
| Effective tax rate | - | - | - | - | - | -53.0% |
| Return on assets | -35.0% | -27.3% | -10.6% | -22.0% | -28.1% | 1.9% |
| Return on equity | 11.8% | 11.4% | 7.8% | 31.2% | 74.3% | -20.3% |
| Return on invested capital | - | - | - | - | -544.6% | -0.3% |
| Liquidity | ||||||
| Current ratio | 0.11 | 0.11 | 0.19 | 0.12 | 0.25 | 0.48 |
| Quick ratio | 0.09 | 0.08 | 0.16 | 0.07 | 0.13 | 0.18 |
| Cash ratio | 0.03 | 0.02 | 0.04 | 0.04 | 0.06 | 0.11 |
| Leverage | ||||||
| Debt / Equity | -0.43 | -0.51 | -0.64 | -0.89 | -1.04 | -2.82 |
| Debt / Assets | 1.27 | 1.23 | 0.87 | 0.63 | 0.39 | 0.26 |
| Debt / EBITDA | 100.47 | - | 8.56 | - | - | 546.21 |
| Interest coverage | 0.0x | -0.3x | 0.5x | -1.3x | -2.0x | -0.0x |
| Equity multiplier | -0.34 | -0.42 | -0.74 | -1.41 | -2.64 | -10.94 |
| Liabilities / Assets | 3.97 | 3.39 | 2.36 | 1.71 | 1.38 | 1.09 |
| Efficiency | ||||||
| Asset turnover | 0.58 | 0.71 | 0.84 | 0.38 | 0.36 | 0.39 |
| Inventory turnover | 0.55 | 0.73 | 0.78 | 1.09 | 0.75 | 0.32 |
| Days sales outstanding | 82d | 57d | 68d | 7d | 18d | 3d |
| Days inventory outstanding | 662d | 497d | 465d | 336d | 484d | 1151d |
| Days payable outstanding | 2546d | 1573d | 1601d | 534d | 285d | 328d |
| Cash conversion cycle | -1802d | -1018d | -1068d | -191d | 218d | 825d |
| Valuation | ||||||
| P / E | - | - | - | - | - | - |
| P / B | - | - | - | - | - | - |
| P / S | 0.1x | 0.0x | 0.2x | 0.7x | - | - |
| EV / EBITDA | 95.7x | - | 9.3x | - | - | - |
| Growth | ||||||
| Revenue growth (YoY) | -25.2% | -43.7% | 60.9% | -10.8% | -11.0% | 40.8% |
| Revenue CAGR (3y) | -12.2% | -6.9% | 8.5% | 3.8% | - | - |
| Revenue CAGR (5y) | -11.7% | 0.2% | - | - | - | - |
| Gross profit growth (YoY) | -25.0% | -45.3% | 78.8% | -8.6% | -17.3% | 35.3% |
| Operating income growth (YoY) | - | - | - | -7.5% | -19050.0% | 99.6% |
| Net income growth (YoY) | -16.1% | -72.9% | 64.9% | 33.4% | - | - |
| EPS growth (YoY) | -20.0% | -42.9% | 78.1% | - | - | - |
| EPS CAGR (3y) | - | - | - | - | - | - |
| EPS CAGR (5y) | - | - | - | - | - | - |
| FCF growth (YoY) | 99.5% | -51.2% | 70.2% | -284.3% | 46.2% | 56.9% |
| FCF CAGR (5y) | - | - | - | - | - | - |
| Book value growth (YoY) | -12.6% | -18.3% | -40.1% | -58.9% | -295.8% | 51.0% |
Sales by segment
From XBRL dimensional facts in the 10-K period ending 2025-12-31.
Product / service
$12.45M totalEndari US$9.05M · 72.7%
Endari International$3.18M · 25.5%
Product And Service Other$225.0K · 1.8%
Stability scores
Altman Z′
FY 2025 · bankruptcy risk
-12.42
Distress
Private-firm variant - uses book equity instead of market cap. > 2.90 safe · 1.23-2.90 grey · < 1.23 distress.
Piotroski F-score
FY 2025 · 9-point quality
4/9
Neutral
- ✗Net income positive
- ✗Operating cash flow positive
- ✗ROA improved YoY
- ✓Cash flow > net income
- ✓Long-term debt decreased
- ✓Current ratio improved
- ✗No share dilution
- ✓Gross margin improved
- ✗Asset turnover improved
Peer comparison
Same SIC group: Pharmaceutical Preparations
Comparing Emmaus Life Sciences against the 5 most active filers in the same SIC group.