MeritValue

iANTHUS CAPITAL HOLDINGS, INC.

ITHUFdata completeness 100%6 fiscal years on file
The thesis, from the filings

iANTHUS CAPITAL HOLDINGS, INC. earns about -28% on invested capital, but has diluted owners by 3903003% 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 2021FY 2022FY 2023FY 2024FY 2025
Revenue$203M1$163.2M2$159.2M3$167.6M4$144M4
Net income−$77.5M5−$449.4M6−$76.6M7−$7.64M8−$40.2M8
Operating cash flow$16.1M9−$19.5M10$3.78M11$12.5M12$3.15M12
Capital expenditure$19.4M13$6.94M14$3.57M15$5.52M16$23.8M16
Free cash flow (derived)−$3.29M9−$26.4M10$205,00011$7.03M12−$20.6M12
Total debt$386.8M17$294.6M18$330.6M19$364.7M20$388M20
Cash & equivalents$16.6M21$14.4M22$13.2M23$19.1M23$11.9M23
Diluted shares171,7183.4M6.44B6.54B6.70B

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
−$0.15
your share of equity
Profit it earned you last year
−$0.06
Free cash flow it threw off
−$0.03
Debt you’d be carrying
$0.58

10 shares is a claim on −$0.15 of net worth that earned you −$0.06 and generated −$0.03 of cash last year, against $0.58 of debt.

iii. Is this a good business?
Moat signal · return on invested capital
-28% avg · 5y
FY21 -12%FY22 -114%FY23 -10%FY24 -2%FY25 -2%

It earned an average -28% 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
+3903003% shares · 5y

Share count is up 3903003% over 5 years — owners have been diluted. Worth asking what they got for it. 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
negative equity value — refusing to publish per-share figure
assumptions (10)
  • riskFreeRate4.7%
  • equityRiskPremium5.0%
  • beta100.0%
  • equityWeight85.0%
  • costOfDebtSpread1.5%
  • taxRate21.0%
  • terminalGrowth2.5%
  • projectionYears10
  • fcfGrowth5.0%
  • fcfBase$205,000
DCF · Growth Exit 5Y
not applicable
negative equity value — refusing to publish per-share figure
assumptions (10)
  • riskFreeRate4.7%
  • equityRiskPremium5.0%
  • beta100.0%
  • equityWeight85.0%
  • costOfDebtSpread1.5%
  • taxRate21.0%
  • terminalGrowth2.5%
  • projectionYears5
  • fcfGrowth5.0%
  • fcfBase$205,000
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. 10-K · period ending 2021-12-31 · accession 0001193125-23-084037 (Revenues)
  2. 10-K · period ending 2022-12-31 · accession 0000950170-24-038196 (Revenues)
  3. 10-K · period ending 2023-12-31 · accession 0000950170-25-043874 (Revenues)
  4. 10-K · period ending 2024-12-31 · accession 0001193125-26-128941 (Revenues)
  5. 10-K · period ending 2021-12-31 · accession 0001193125-23-084037 (NetIncomeLoss)
  6. 10-K · period ending 2022-12-31 · accession 0000950170-24-038196 (NetIncomeLoss)
  7. 10-K · period ending 2023-12-31 · accession 0000950170-25-043874 (NetIncomeLoss)
  8. 10-K · period ending 2024-12-31 · accession 0001193125-26-128941 (NetIncomeLoss)
  9. 10-K · period ending 2021-12-31 · accession 0001193125-23-084037 (NetCashProvidedByUsedInOperatingActivities)
  10. 10-K · period ending 2022-12-31 · accession 0000950170-24-038196 (NetCashProvidedByUsedInOperatingActivities)
  11. 10-K · period ending 2023-12-31 · accession 0000950170-25-043874 (NetCashProvidedByUsedInOperatingActivities)
  12. 10-K · period ending 2024-12-31 · accession 0001193125-26-128941 (NetCashProvidedByUsedInOperatingActivities)
  13. 10-K · period ending 2021-12-31 · accession 0001193125-23-084037 (PaymentsToAcquirePropertyPlantAndEquipment)
  14. 10-K · period ending 2022-12-31 · accession 0000950170-24-038196 (PaymentsToAcquirePropertyPlantAndEquipment)
  15. 10-K · period ending 2023-12-31 · accession 0000950170-25-043874 (PaymentsToAcquirePropertyPlantAndEquipment)
  16. 10-K · period ending 2024-12-31 · accession 0001193125-26-128941 (PaymentsToAcquirePropertyPlantAndEquipment)
  17. 10-K · period ending 2021-12-31 · accession 0001193125-23-084037 (LongTermDebtNoncurrent)
  18. 10-K · period ending 2022-12-31 · accession 0000950170-24-038196 (LongTermDebtNoncurrent)
  19. 10-K · period ending 2023-12-31 · accession 0000950170-25-043874 (LongTermDebtNoncurrent)
  20. 10-K · period ending 2024-12-31 · accession 0001193125-26-128941 (LongTermDebtNoncurrent)
  21. 10-K · period ending 2021-12-31 · accession 0000950170-24-038196 (CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents)
  22. 10-K · period ending 2022-12-31 · accession 0000950170-25-043874 (CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents)
  23. 10-K · period ending 2023-12-31 · accession 0001193125-26-128941 (CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents)