MeritValue

MARIMED INC.

MRMDdata completeness 100%15 fiscal years on file
The thesis, from the filings

MARIMED INC. earns about 45% on invested capital, but has diluted owners by 5% 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$121.5M1$134M2$148.6M3$157.7M4$159.8M4
Net income$7.23M5$13.5M6−$16M7−$12.5M8−$14.5M8
Operating cash flow$35.9M9$7.31M10$7.91M11$6.79M12$7.7M12
Capital expenditure$17.9M13$12.1M14$20.1M15$12M16$1.17M16
Free cash flow (derived)$18M9−$4.83M10−$12.2M11−$5.18M12$6.53M12
Total debt———$78.2M17$76M18
Cash & equivalents$29.7M19$9.74M20$14.6M21$7.28M21$8.88M22
Diluted shares372.4M380.3M363.4M379.2M390.1M

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
$1.28
your share of equity
Profit it earned you last year
−$0.37
Free cash flow it threw off
$0.17
Debt you’d be carrying
$1.95

10 shares is a claim on $1.28 of net worth that earned you −$0.37 and generated $0.17 of cash last year, against $1.95 of debt.

iii. Is this a good business?
Moat signal · return on invested capital
45% avg · 5y
FY21 198%FY22 31%FY23 4%FY24 -3%FY25 -7%

It earned an average 45% 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
+5% shares · 5y

Share count is up 5% 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
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. 10-K · period ending 2021-12-31 · accession 0001522767-23-000015 (RevenueFromContractWithCustomerExcludingAssessedTax)
  2. 10-K · period ending 2022-12-31 · accession 0001522767-24-000007 (RevenueFromContractWithCustomerExcludingAssessedTax)
  3. 10-K · period ending 2023-12-31 · accession 0001522767-25-000014 (RevenueFromContractWithCustomerExcludingAssessedTax)
  4. 10-K · period ending 2024-12-31 · accession 0001522767-26-000030 (RevenueFromContractWithCustomerExcludingAssessedTax)
  5. 10-K · period ending 2021-12-31 · accession 0001522767-23-000015 (NetIncomeLoss)
  6. 10-K · period ending 2022-12-31 · accession 0001522767-24-000007 (NetIncomeLoss)
  7. 10-K · period ending 2023-12-31 · accession 0001522767-25-000014 (NetIncomeLoss)
  8. 10-K · period ending 2024-12-31 · accession 0001522767-26-000030 (NetIncomeLoss)
  9. 10-K · period ending 2021-12-31 · accession 0001522767-23-000015 (NetCashProvidedByUsedInOperatingActivities)
  10. 10-K · period ending 2022-12-31 · accession 0001522767-24-000007 (NetCashProvidedByUsedInOperatingActivities)
  11. 10-K · period ending 2023-12-31 · accession 0001522767-25-000014 (NetCashProvidedByUsedInOperatingActivities)
  12. 10-K · period ending 2024-12-31 · accession 0001522767-26-000030 (NetCashProvidedByUsedInOperatingActivities)
  13. 10-K · period ending 2021-12-31 · accession 0001522767-23-000015 (PaymentsToAcquirePropertyPlantAndEquipment)
  14. 10-K · period ending 2022-12-31 · accession 0001522767-24-000007 (PaymentsToAcquirePropertyPlantAndEquipment)
  15. 10-K · period ending 2023-12-31 · accession 0001522767-25-000014 (PaymentsToAcquirePropertyPlantAndEquipment)
  16. 10-K · period ending 2024-12-31 · accession 0001522767-26-000030 (PaymentsToAcquirePropertyPlantAndEquipment)
  17. 10-K · period ending 2024-12-31 · accession 0001522767-25-000014 (LongTermDebt)
  18. 10-K · period ending 2025-12-31 · accession 0001522767-26-000030 (LongTermDebt)
  19. 10-K · period ending 2021-12-31 · accession 0001522767-23-000015 (CashAndCashEquivalentsAtCarryingValue)
  20. 10-K · period ending 2022-12-31 · accession 0001522767-24-000007 (CashAndCashEquivalentsAtCarryingValue)
  21. 10-K · period ending 2023-12-31 · accession 0001522767-25-000014 (CashAndCashEquivalentsAtCarryingValue)
  22. 10-K · period ending 2025-12-31 · accession 0001522767-26-000030 (CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents)