MRMD · Marimed 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 | $159.83M | $157.96M | $148.60M | $134.01M | $121.46M | $50.90M |
| Cost of Revenue | $101.94M | $95.10M | $82.68M | $70.05M | $55.20M | $19.57M |
| Gross Profit | $57.88M | $62.87M | $65.92M | $63.96M | $66.26M | $31.32M |
| R&D | - | - | - | - | - | - |
| SG&A | $26.14M | $25.62M | $22.13M | $20.73M | $27.56M | $9.90M |
| Total Operating Expenses | $60.70M | $59.96M | $51.53M | $43.59M | $39.40M | $16.79M |
| D&A | $8.11M | $7.91M | $5.55M | $3.43M | $2.10M | $1.80M |
| Operating Income | ($2.82M) | $2.91M | $14.38M | $20.37M | $26.86M | $14.53M |
| Interest Expense | $7.50M | $6.94M | $9.19M | $1.69M | $2.36M | $9.81M |
| Income Tax | $3.59M | $8.16M | $9.41M | $5.89M | $16.19M | $2.07M |
| Net Income | ($14.48M) | ($12.16M) | ($16.03M) | $13.47M | $7.22M | $2.14M |
| EPS - Basic | ($0.04) | ($0.03) | ($0.04) | $0.04 | $0.02 | $0.01 |
| EPS - Diluted | ($0.04) | ($0.03) | ($0.04) | $0.04 | $0.02 | $0.01 |
Balance Sheet
| Line item | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 |
|---|---|---|---|---|---|---|
| Cash & Equivalents | $7.28M | $7.28M | $14.64M | $9.74M | $29.68M | $3.00M |
| Accounts Receivable | $9.11M | $8.74M | $7.20M | $4.16M | $1.67M | $6.68M |
| Inventory | $36.60M | $33.49M | $25.31M | $19.48M | $9.77M | $6.83M |
| Accounts Payable | $14.59M | $13.19M | $9.00M | $6.63M | $5.10M | $5.04M |
| Current Assets | $59.29M | $53.51M | $51.43M | $44.15M | $44.61M | $21.04M |
| Total Assets | $202.56M | $206.99M | $196.12M | $152.20M | $123.20M | $76.45M |
| Current Liabilities | $59.07M | $48.68M | $30.86M | $26.49M | $27.22M | $23.23M |
| Long-term Debt | $76.04M | $78.19M | - | - | - | $36.71M |
| Total Liabilities | $137.83M | $128.11M | $107.21M | $57.17M | $49.18M | $53.62M |
| Stockholders' Equity | $50.01M | $59.88M | $69.91M | $57.31M | $36.30M | $8.10M |
| Retained Earnings | ($127.93M) | ($112.12M) | ($99.95M) | ($83.92M) | ($97.39M) | ($104.62M) |
Cash Flow
| Line item | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 |
|---|---|---|---|---|---|---|
| Operating Cash Flow | $7.70M | $6.79M | $7.91M | $7.31M | $35.85M | $3.38M |
| Investing Cash Flow | ($1.38M) | ($17.13M) | ($25.98M) | ($26.24M) | ($16.62M) | ($4.46M) |
| Financing Cash Flow | ($4.71M) | $2.98M | $22.98M | ($1.01M) | $7.45M | $3.34M |
| CapEx | $1.17M | $11.96M | $20.13M | $12.14M | $17.87M | $4.69M |
| Free Cash Flow | $6.53M | ($5.17M) | ($12.22M) | ($4.83M) | $17.98M | ($1.31M) |
Ratios
| Metric | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 |
|---|---|---|---|---|---|---|
| Profitability | ||||||
| Gross margin | 36.2% | 39.8% | 44.4% | 47.7% | 54.6% | 61.5% |
| Operating margin | -1.8% | 1.8% | 9.7% | 15.2% | 22.1% | 28.6% |
| EBITDA margin | 3.3% | 6.9% | 13.4% | 17.8% | 23.8% | 32.1% |
| Net margin | -9.1% | -7.7% | -10.8% | 10.0% | 5.9% | 4.2% |
| Free cash flow margin | 4.1% | -3.3% | -8.2% | -3.6% | 14.8% | -2.6% |
| FCF / Net income | -0.45 | 0.43 | 0.76 | -0.36 | 2.49 | -0.61 |
| R&D / Revenue | - | - | - | - | - | - |
| SG&A / Revenue | 16.4% | 16.2% | 14.9% | 15.5% | 22.7% | 19.5% |
| Effective tax rate | - | - | - | 30.4% | 69.1% | 49.1% |
| Return on assets | -7.2% | -5.9% | -8.2% | 8.8% | 5.9% | 2.8% |
| Return on equity | -29.0% | -20.3% | -22.9% | 23.5% | 19.9% | 26.5% |
| Return on invested capital | -1.8% | 1.7% | - | - | - | 16.5% |
| Liquidity | ||||||
| Current ratio | 1.00 | 1.10 | 1.67 | 1.67 | 1.64 | 0.91 |
| Quick ratio | 0.38 | 0.41 | 0.85 | 0.93 | 1.28 | 0.61 |
| Cash ratio | 0.12 | 0.15 | 0.47 | 0.37 | 1.09 | 0.13 |
| Leverage | ||||||
| Debt / Equity | 1.52 | 1.31 | - | - | - | 4.53 |
| Debt / Assets | 0.38 | 0.38 | - | - | - | 0.48 |
| Debt / EBITDA | 14.38 | 7.22 | - | - | - | 2.25 |
| Interest coverage | -0.4x | 0.4x | 1.6x | 12.0x | 11.4x | 1.5x |
| Equity multiplier | 4.05 | 3.46 | 2.81 | 2.66 | 3.39 | 9.44 |
| Liabilities / Assets | 0.68 | 0.62 | 0.55 | 0.38 | 0.40 | 0.70 |
| Efficiency | ||||||
| Asset turnover | 0.79 | 0.76 | 0.76 | 0.88 | 0.99 | 0.67 |
| Inventory turnover | 2.79 | 2.84 | 3.27 | 3.60 | 5.65 | 2.87 |
| Days sales outstanding | 21d | 20d | 18d | 11d | 5d | 48d |
| Days inventory outstanding | 131d | 129d | 112d | 101d | 65d | 127d |
| Days payable outstanding | 52d | 51d | 40d | 35d | 34d | 94d |
| Cash conversion cycle | 100d | 98d | 90d | 78d | 36d | 81d |
| Valuation | ||||||
| P / E | - | - | - | 8.9x | 43.3x | 47.0x |
| P / B | 0.7x | 0.7x | 1.4x | 2.4x | 8.9x | 18.8x |
| P / S | 0.2x | 0.3x | 0.7x | 1.0x | 2.7x | 3.0x |
| EV / EBITDA | 19.9x | 10.6x | 4.3x | 5.3x | 10.1x | 11.4x |
| Growth | ||||||
| Revenue growth (YoY) | 1.2% | 6.3% | 10.9% | 10.3% | 138.7% | 11.6% |
| Revenue CAGR (3y) | 6.0% | 9.2% | 42.9% | 43.2% | 117.2% | 103.2% |
| Revenue CAGR (5y) | 25.7% | 28.2% | 65.8% | 85.7% | 102.5% | 109.2% |
| Gross profit growth (YoY) | -7.9% | -4.6% | 3.1% | -3.5% | 111.5% | 67.5% |
| Operating income growth (YoY) | - | -79.8% | -29.4% | -24.2% | 84.9% | - |
| Net income growth (YoY) | -19.1% | 24.1% | - | 86.4% | 237.0% | - |
| EPS growth (YoY) | -33.3% | 25.0% | - | 100.0% | 100.0% | - |
| EPS CAGR (3y) | - | - | - | - | - | - |
| EPS CAGR (5y) | - | - | - | - | - | - |
| FCF growth (YoY) | - | 57.7% | -153.1% | - | - | 96.1% |
| FCF CAGR (5y) | - | - | - | - | - | - |
| Book value growth (YoY) | -16.5% | -14.4% | 22.0% | 57.9% | 348.1% | 28.0% |
Sales by segment
From XBRL dimensional facts in the 10-K period ending 2025-12-31.
Product / service
$159.83M totalProduct Sales$89.02M · 55.7%
Product Sales Wholesale$69.58M · 43.5%
Other$1.22M · 0.8%
Stability scores
Altman Z′
FY 2025 · bankruptcy risk
0.36
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: Medicinal Chemicals & Botanical Products
Comparing MARIMED INC. against the 5 most active filers in the same SIC group.