MeritValue

Jushi Holdings Inc.

JUSHFdata completeness 100%6 fiscal years on file

Data notes: no data for concept 'pretaxIncome'

The thesis, from the filings

Jushi Holdings Inc. earns about -208% on equity, and has bought back 3% 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 2021FY 2022FY 2023FY 2024FY 2025
Revenue$209.3M1$284.3M1$269.4M2$257.5M2$262.9M2
Net income$20.3M3−$202.3M3−$65.1M4−$48.8M4−$68.6M4
Operating cash flow−$14.3M5−$21.4M5−$3.32M6$21.6M6$17.7M6
Capital expenditure$75.3M7$56.9M7$10.7M8$4.71M8$16.1M8
Free cash flow (derived)−$89.6M5−$78.3M5−$14.1M6$16.9M6$1.64M6
Total debt$126M9$378.5M10$425.1M11$372.4M12$411.7M12
Cash & equivalents$95M13$26.2M13$26M14$19.5M15$24M15
Diluted shares201.6M204.2M194.8M195.2M195.2M

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
−$5.91
your share of equity
Profit it earned you last year
−$3.51
Free cash flow it threw off
$0.08
Debt you’d be carrying
$21.09

10 shares is a claim on −$5.91 of net worth that earned you −$3.51 and generated $0.08 of cash last year, against $21.09 of debt.

iii. Is this a good business?
Moat signal · return on equity
-208% avg · 5y
FY21 11%FY22 -428%FY23 —FY24 —FY25 —

It earned an average -208% 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
−3% shares · 5y

Share count is down 3% over 5 years — management has been buying back stock, quietly handing owners a bigger slice. Total debt has risen 227% 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
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$1.64M
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$1.64M
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 0001628280-24-014147 (RevenueFromContractWithCustomerExcludingAssessedTax)
  2. 10-K · period ending 2023-12-31 · accession 0001628280-26-022436 (RevenueFromContractWithCustomerExcludingAssessedTax)
  3. 10-K · period ending 2021-12-31 · accession 0001628280-24-014147 (NetIncomeLoss)
  4. 10-K · period ending 2023-12-31 · accession 0001628280-26-022436 (NetIncomeLoss)
  5. 10-K · period ending 2021-12-31 · accession 0001628280-24-014147 (NetCashProvidedByUsedInOperatingActivities)
  6. 10-K · period ending 2023-12-31 · accession 0001628280-26-022436 (NetCashProvidedByUsedInOperatingActivities)
  7. 10-K · period ending 2021-12-31 · accession 0001628280-24-014147 (PaymentsToAcquirePropertyPlantAndEquipment)
  8. 10-K · period ending 2023-12-31 · accession 0001628280-26-022436 (PaymentsToAcquirePropertyPlantAndEquipment)
  9. 10-K · period ending 2021-12-31 · accession 0001628280-23-011841 (LongTermDebtNoncurrent)
  10. 10-K · period ending 2022-12-31 · accession 0001628280-24-014147 (LongTermDebtNoncurrent)
  11. 10-K · period ending 2023-12-31 · accession 0001628280-25-010947 (LongTermDebtNoncurrent)
  12. 10-K · period ending 2024-12-31 · accession 0001628280-26-022436 (LongTermDebtNoncurrent)
  13. 10-K · period ending 2021-12-31 · accession 0001628280-24-014147 (CashAndCashEquivalentsAtCarryingValue)
  14. 10-K · period ending 2023-12-31 · accession 0001628280-25-010947 (CashAndCashEquivalentsAtCarryingValue)
  15. 10-K · period ending 2024-12-31 · accession 0001628280-26-022436 (CashAndCashEquivalentsAtCarryingValue)