MeritValue

Grown Rogue International Inc.

GRUSFdata completeness 100%10 fiscal years on file
The thesis, from the filings

Grown Rogue International Inc. earns about -26% on invested capital, but has diluted owners by 47% 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
FigureFY 2022FY 2023FY 2023FY 2024FY 2025
Revenue$17.8M1$23.4M1$3.64M1$26.6M2$32.4M2
Net income$419,9513−$662,3203—−$16M4$3.23M4
Operating cash flow$2M5$5.73M5—$2.61M6$3.57M6
Capital expenditure$1.11M7$1.46M7—$4.08M8$4.66M8
Free cash flow (derived)$892,8925$4.27M5—−$1.47M6−$1.09M6
Total debt——$862,7049$4.38M10$25.2M10
Cash & equivalents$1.58M11$8.86M11$6.8M12$4.92M12$10.1M13
Diluted shares170.6M182.0M182.0M209.4M250.9M

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
$0.83
your share of equity
Profit it earned you last year
$0.13
Free cash flow it threw off
−$0.04
Debt you’d be carrying
$1

10 shares is a claim on $0.83 of net worth that earned you $0.13 and generated −$0.04 of cash last year, against $1 of debt.

iii. Is this a good business?
Moat signal · return on invested capital
-26% avg · 5y
FY22 8%FY23 -9%FY23 —FY24 -113%FY25 9%

It earned an average -26% 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
+47% shares · 5y

Share count is up 47% over 5 years — owners have been diluted. Worth asking what they got for it. Total debt has risen 2820% 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 — 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
$0.14
assumptions (1)
  • grahamMultiplier2250.0%

Different models answer different questions — which to trust when →

Sources — the receipts
  1. 20-F · period ending 2022-10-31 · accession 0001829126-25-003077 (Revenue)
  2. 10-K/A · period ending 2024-12-31 · accession 0001829126-26-004380 (RevenueFromContractWithCustomerIncludingAssessedTax)
  3. 20-F · period ending 2022-10-31 · accession 0001829126-25-003077 (NetIncomeLoss)
  4. 10-K/A · period ending 2024-12-31 · accession 0001829126-26-004380 (NetIncomeLoss)
  5. 20-F · period ending 2022-10-31 · accession 0001829126-25-003077 (CashFlowsFromUsedInOperatingActivities)
  6. 10-K/A · period ending 2024-12-31 · accession 0001829126-26-004380 (NetCashProvidedByUsedInOperatingActivities)
  7. 20-F · period ending 2022-10-31 · accession 0001829126-25-003077 (PurchaseOfPropertyPlantAndEquipmentClassifiedAsInvestingActivities)
  8. 10-K/A · period ending 2024-12-31 · accession 0001829126-26-004380 (PaymentsToAcquirePropertyPlantAndEquipment)
  9. 10-K/A · period ending 2023-12-31 · accession 0001829126-26-004380 (LongTermDebt)
  10. 10-K/A · period ending 2024-12-31 · accession 0001829126-26-004380 (LongTermDebtNoncurrent)
  11. 20-F · period ending 2022-10-31 · accession 0001829126-25-003077 (CashAndCashEquivalents)
  12. 10-K/A · period ending 2023-12-31 · accession 0001829126-26-004380 (CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents)
  13. 10-K/A · period ending 2025-12-31 · accession 0001829126-26-004380 (CashAndCashEquivalentsAtCarryingValue)