MeritValue

AKANDA CORP.

AKANdata completeness 88%6 fiscal years on file

Data notes: no data for concept 'incomeTaxExpense'; no data for concept 'pretaxIncome'

The thesis, from the filings

AKANDA CORP. earns about -70% on equity, and has bought back 84% of its shares over 5 years. The cash-flow models don't apply cleanly here — the ledger says why below.Whether it’s worth owning at today’s price is the last question — and yours to answer, below.

i. The business — what you’d actually own
FigureFY 2020FY 2021FY 2022FY 2023FY 2024
Revenue$2,0621$41,4311$2.62M2$423,6833$836,6643
Net income−$2.3M4−$8.13M4−$11.7M5−$32.3M6−$4.1M6
Operating cash flow—−$6.56M7−$11.5M8−$1.5M9−$3.98M9
Capital expenditure$439,13710$576,47210$310,94611$1,50212$2.1M12
Free cash flow (derived)—−$7.13M7−$11.8M8−$1.5M9−$6.08M9
Total debt—$6.72M13———
Cash & equivalents$13,50414$3.5M15$255,80316$93,87516$3.84M16
Diluted shares13.1M16.2M34.6M5.6M2.0M

Superscripts are receipts. Each links to the SEC filing the number came from (full list at the bottom).

ii. Your slice — ownership made literal
If you owned
shares
Net assets behind them
$20.89
your share of equity
Profit it earned you last year
−$20.01
Free cash flow it threw off
−$29.69
Debt you’d be carrying
—

10 shares is a claim on $20.89 of net worth that earned you −$20.01 and generated −$29.69 of cash last year.

iii. Is this a good business?
Moat signal · return on equity
-70% avg · 5y
FY20 —FY21 —FY22 -43%FY23 —FY24 -96%

It earned an average -70% on equity over 5 years. Compare that to what it costs to fund the business.

seeing a moat in the numbers →
Management signal · capital allocation
−84% shares · 5y

Share count is down 84% over 5 years — management has been buying back stock, quietly handing owners a bigger slice. Total debt has held roughly steady.

reading capital allocation →

Signals, not verdicts — read from the filings above. Numbers don’t prove a moat; they show its footprint. You decide.

iv. What it’s worth — engine v0.1.0
DCF · Growth Exit 10Y
not applicable
3y-median FCF non-positive — growth-exit DCF not applicable (see EPV)
DCF · Growth Exit 5Y
not applicable
3y-median FCF non-positive — growth-exit DCF not applicable (see EPV)
Earnings Power Value
not applicable
normalized (5y-median) earnings non-positive — EPV undefined
Graham Number
not applicable
diluted EPS missing or non-positive — Graham Number undefined

Different models answer different questions — which to trust when →

Sources — the receipts
  1. 20-F · period ending 2020-12-31 · accession 0001104659-23-054686 (Revenue)
  2. 20-F · period ending 2022-12-31 · accession 0001213900-24-038353 (Revenue)
  3. 20-F · period ending 2023-12-31 · accession 0001213900-25-037490 (Revenue)
  4. 20-F · period ending 2020-12-31 · accession 0001104659-23-054686 (ProfitLoss)
  5. 20-F · period ending 2022-12-31 · accession 0001213900-24-038353 (ProfitLoss)
  6. 20-F · period ending 2023-12-31 · accession 0001213900-25-037490 (ProfitLoss)
  7. 20-F · period ending 2021-12-31 · accession 0001104659-23-054686 (CashFlowsFromUsedInOperatingActivities)
  8. 20-F · period ending 2022-12-31 · accession 0001213900-24-038353 (CashFlowsFromUsedInOperatingActivities)
  9. 20-F · period ending 2023-12-31 · accession 0001213900-25-037490 (CashFlowsFromUsedInOperatingActivities)
  10. 20-F · period ending 2020-12-31 · accession 0001104659-23-054686 (PurchaseOfPropertyPlantAndEquipmentClassifiedAsInvestingActivities)
  11. 20-F · period ending 2022-12-31 · accession 0001213900-24-038353 (PurchaseOfPropertyPlantAndEquipmentClassifiedAsInvestingActivities)
  12. 20-F · period ending 2023-12-31 · accession 0001213900-25-037490 (PurchaseOfPropertyPlantAndEquipmentClassifiedAsInvestingActivities)
  13. 20-F · period ending 2021-12-31 · accession 0001104659-23-054686 (Borrowings)
  14. 20-F · period ending 2020-12-31 · accession 0001104659-23-054686 (CashAndCashEquivalents)
  15. 20-F · period ending 2021-12-31 · accession 0001213900-24-038353 (CashAndCashEquivalents)
  16. 20-F · period ending 2022-12-31 · accession 0001213900-25-037490 (CashAndCashEquivalents)