Cannabist Co Holdings Inc.

CBSTQdata completeness 88%5 fiscal years on file

Data notes: no data for concept 'cash'

The thesis, from the filings

Cannabist Co Holdings Inc. earns about -20% on invested capital, but has diluted owners by 99% over 5 years — worth asking whether the growth reaches owners. 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

Figure	FY 2020	FY 2021	FY 2022	FY 2023	FY 2024
Revenue	$179.5M¹	$460.1M²	$511.6M³	$511.3M³	$458.7M³
Net income	−$119.6M⁴	−$146.9M⁵	−$416M⁶	−$175.7M⁶	−$105.9M⁶
Operating cash flow	−$49.7M⁷	−$523,000⁸	−$111.4M⁹	$7.47M⁹	−$23.4M⁹
Capital expenditure	$42.9M¹⁰	$117.5M¹¹	$72.7M¹²	$9.97M¹²	$5.83M¹²
Free cash flow (derived)	−$92.5M⁷	−$118M⁸	−$184.1M⁹	−$2.5M⁹	−$29.2M⁹
Total debt	—	$321.8M¹³	$658M¹⁴	$606.8M¹⁵	$603.9M¹⁵
Cash & equivalents	—	—	—	—	—
Diluted shares	232.6M	338.8M	392.6M	402.8M	462.5M

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

Net assets behind them

−$0.62

your share of equity

Profit it earned you last year

−$2.29

Free cash flow it threw off

−$0.63

Debt you’d be carrying

$13.06

10 shares is a claim on −$0.62 of net worth that earned you −$2.29 and generated −$0.63 of cash last year, against $13.06 of debt.

iii. Is this a good business?

Moat signal · return on invested capital

-20% avg · 5y

FY20 -36%FY21 -11%FY22 -35%FY23 -14%FY24 -3%

It earned an average -20% on invested capital over 5 years. Compare that to what it costs to fund the business.

seeing a moat in the numbers →

Management signal · capital allocation

+99% shares · 5y

Share count is up 99% over 5 years — owners have been diluted. Worth asking what they got for it. Total debt has risen 88% over the same window.

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 —

Different models answer different questions — which to trust when →

Sources — the receipts

10-K · period ending 2020-12-31 · accession 0000950170-23-010606 (RevenueFromContractWithCustomerExcludingAssessedTax)
10-K · period ending 2021-12-31 · accession 0000950170-24-030914 (RevenueFromContractWithCustomerExcludingAssessedTax)
10-K/A · period ending 2022-12-31 · accession 0001193125-25-106697 (RevenueFromContractWithCustomerExcludingAssessedTax)
10-K · period ending 2020-12-31 · accession 0000950170-23-010606 (ProfitLoss)
10-K · period ending 2021-12-31 · accession 0000950170-24-030914 (ProfitLoss)
10-K/A · period ending 2022-12-31 · accession 0001193125-25-106697 (NetIncomeLoss)
10-K · period ending 2020-12-31 · accession 0000950170-23-010606 (NetCashProvidedByUsedInOperatingActivities)
10-K · period ending 2021-12-31 · accession 0000950170-24-030914 (NetCashProvidedByUsedInOperatingActivities)
10-K/A · period ending 2022-12-31 · accession 0001193125-25-106697 (NetCashProvidedByUsedInOperatingActivities)
10-K · period ending 2020-12-31 · accession 0000950170-23-010606 (PaymentsToAcquirePropertyPlantAndEquipment)
10-K · period ending 2021-12-31 · accession 0000950170-24-030914 (PaymentsToAcquirePropertyPlantAndEquipment)
10-K/A · period ending 2022-12-31 · accession 0001193125-25-106697 (PaymentsToAcquirePropertyPlantAndEquipment)
10-K · period ending 2021-12-31 · accession 0000950170-23-010606 (LongTermDebtNoncurrent)
10-K · period ending 2022-12-31 · accession 0000950170-24-030914 (LongTermDebtNoncurrent)
10-K/A · period ending 2023-12-31 · accession 0001193125-25-106697 (LongTermDebtNoncurrent)