iAnthus Capital Holdings, Inc. Financial Ratios — ITHUF

Profitability (USD)

	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
Return on Common Equity (%)	- -	-77.89	-110.02	-140.88	- -	- -	- -	- -	- -	- -	- -
Return on Assets (%)	- -	-48.57	-41.71	-57.91	-81.12	-66.84	-22.2	-138.6	-26.38	-2.78	-15.26
Return on Capital (%)	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Return on Invested Capital (%)	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Gross Margin (%)	100	100	- -	281.7	33.27	53.96	53.95	45.6	39.67	44.83	45.63
EBITDA Margin (%)	-2,887.57	-926.58	- -	-740.53	-86.55	-18.84	6.4	-21.07	-0.98	9.1	4.91
Operating Margin (%)	-2,887.57	-928.56	- -	-926.99	-115.24	-37.25	-8.89	-40.3	-18.04	-5.66	-8.49
Incremental Operating Margin (%)	- -	- -	1,613.71	- -	- -	- -	- -	- -	- -	- -	- -
Pretax Margin (%)	-2,887.57	-1,290.87	- -	-1,821.67	-400.12	-194.32	-27.46	-268.79	-31.06	-15.11	-16.09
Profit Margin (%)	-2,887.57	-1,290.87	- -	-1,821.67	-389.61	-206.61	-38.17	-275.34	-48.12	-4.56	-27.92
Net Income to Common Margin (%)	-2,887.57	-1,290.87	- -	-1,821.67	-389.61	-206.61	-38.17	-275.34	-48.12	-4.56	-27.92
Effective Tax Rate (%)	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Dvd Payout Ratio (%)	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Sustainable Growth Rate (%)	- -	-77.89	-110.02	-140.88	- -	- -	- -	- -	- -	- -	- -

Credit (USD)

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	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
Total Debt	- -	1	15	31	167	206	229	184	201	210	228
ST Debt	- -	- -	1	- -	16	164	173	8	8	7	7
LT Debt	- -	1	14	31	151	42	56	176	193	204	221
Total Debt/EBITDA	- -	-0.2	-1.49	-1.24	-2.47	-7.22	17.58	-5.35	-129.1	13.81	32.27
Net Debt/EBITDA	0.16	2.39	-0.86	-0.63	-1.58	-5.61	13.86	-3.87	-97.73	10.74	25.81
Total Debt/EBIT	- -	-0.2	-1.47	-0.99	-1.85	-3.65	-12.67	-2.8	-7	-22.17	-18.65
Net Debt/EBIT	0.16	2.39	-0.85	-0.5	-1.19	-2.84	-9.98	-2.02	-5.3	-17.25	-14.91
EBITDA to Interest Expense	- -	-12.48	-3.94	-1.2	-2.83	-0.76	0.4	-1.29	-0.08	0.7	0.33
EBITDA-CapEx/Interest Expense	- -	-12.49	-4.23	-1.87	-4.93	-1.14	-0.23	-1.56	-0.39	0.44	-0.78
EBIT to Interest Expense	- -	-12.51	-4	-1.51	-3.77	-1.5	-0.55	-2.47	-1.46	-0.44	-0.57
Interest Expense	- -	- -	2	21	24	38	33	27	20	22	21
Common Equity/Total Assets	29.14	63.8	26.63	45.05	-70.28	-205.06	-232.36	-412.24	-478.59	-492.65	-537.33
Long-Term Debt/Equity (%)	- -	4.2	62.16	28.07	42.88	88.32	- -	1,602.48	- -	- -	- -
Long-Term Debt/Capital (%)	- -	5.46	50.62	29.16	-62.08	-8.07	-9.74	-16.5	-17.15	-18.12	-19.24
Long-Term Debt/Total Assets (%)	- -	3.68	29.61	18.55	25.86	11.84	16.18	58.03	69.66	75.21	86.24
Total Debt/Equity (%)	- -	4.2	66.89	28.07	47.47	435.87	-966.78	1,673.83	-325.95	-321.11	-221.23
Total Debt/Capital (%)	- -	5.46	54.47	29.16	-68.72	-39.84	-39.88	-17.24	-17.84	-18.71	-19.87
Total Debt/Total Assets (%)	- -	3.68	31.86	18.55	28.62	58.42	66.24	60.61	72.46	77.65	89.05
Net Debt to Equity	-51.05	-49.57	38.59	14.32	30.42	338.4	-762.03	1,210.08	-246.77	-249.89	-176.96
Net Debt/Capital (%)	-547.21	-214.12	40.84	17.36	-38.53	-30.28	-30.72	-12.3	-13.35	-14.32	-15.73
EBITDA	-1	-4	-10	-25	-68	-29	13	-34	-2	15	7
EBITDA-CapEx	-1	-4	-11	-39	-118	-43	-7	-41	-8	10	-17
Operating Income (Loss)	-1	-4	-10	-32	-90	-56	-18	-66	-29	-9	-12

Liquidity (USD)

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	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
Cash Ratio	0.48	5.49	0.67	1.84	0.82	0.05	0.05	0.15	0.1	0.25	0.17
Current Ratio	1.16	5.8	1.99	5.05	1.56	0.2	0.19	0.55	0.36	0.99	0.71
Quick Ratio	1.16	5.65	1.92	2.3	0.94	0.06	0.06	0.2	0.14	0.32	0.26
CFO/Avg Current Liab	- -	-3.14	-1.19	-3.23	-2.24	-0.07	0.06	-0.1	0.03	0.12	0.04
Common Equity/Total Assets	29.14	63.8	26.63	45.05	-70.28	-205.06	-232.36	-412.24	-478.59	-492.65	-537.33
Long-Term Debt/Equity (%)	- -	4.2	62.16	28.07	42.88	88.32	- -	1,602.48	- -	- -	- -
Long-Term Debt/Capital (%)	- -	5.46	50.62	29.16	-62.08	-8.07	-9.74	-16.5	-17.15	-18.12	-19.24
Long-Term Debt/Total Assets (%)	- -	3.68	29.61	18.55	25.86	11.84	16.18	58.03	69.66	75.21	86.24
Total Debt/Equity (%)	- -	4.2	66.89	28.07	47.47	435.87	-966.78	1,673.83	-325.95	-321.11	-221.23
Total Debt/Capital (%)	- -	5.46	54.47	29.16	-68.72	-39.84	-39.88	-17.24	-17.84	-18.71	-19.87
Total Debt/Total Assets (%)	- -	3.68	31.86	18.55	28.62	58.42	66.24	60.61	72.46	77.65	89.05
CFO/Total Liabilities	-283.36	-138.55	-27.06	-49.52	-24.52	-3.21	4.38	-6.67	1.11	3.73	0.88
CFO/CapEx	- -	-1,550.78	-9.17	-2.04	-1.13	-0.69	0.79	-2.76	0.62	2.19	0.13
Altman's Z-Score	-7.68	-0.64	-1.48	0.37	-3.12	-6.48	-6.08	-9.79	-10.68	-8.97	-9.87

Working Capital (USD)

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	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
Accounts Receivable Turnover	- -	3.82	- -	1.61	17.2	35.19	58.46	42.98	37	33.03	24.06
Days Sales Outstanding	- -	95.57	- -	226.82	21.23	10.37	6.24	8.49	9.87	11.05	15.17
Inventory Turnover	- -	- -	- -	-0.75	2.86	3.06	3.45	3.04	3.48	3.86	3.5
Days Inventory Outstanding	- -	- -	- -	-488.47	127.43	119.35	105.69	120.24	104.83	94.45	104.24
Accounts Payable Turnover	- -	- -	0.18	2.22	4.94	5.29	7.52	7.39	7.31	6.58	5.37
Accounts Payable Turnover Days	- -	- -	1,992.94	164.07	73.94	68.94	48.53	49.39	49.96	55.5	68.02
Cash Conversion Cycle	- -	- -	- -	-425.72	74.71	60.78	63.4	79.34	64.74	50	51.39
Inventory to Cash Days	- -	- -	- -	715.29	-106.2	-108.98	-99.45	-111.75	-94.96	-83.4	-89.07
Inventories	- -	- -	- -	16	20	25	29	30	25	22	22
Raw Materials	- -	- -	- -	5	9	12	12	16	12	8	10
Work In Process	- -	- -	- -	3	4	6	9	6	6	5	6
Finished Goods	- -	- -	- -	3	13	8	7	9	7	10	7
Other Inventory	- -	- -	- -	5	-5	- -	- -	- -	- -	- -	- -

Enterprise Value (USD)

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	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
Market Capitalization	- -	- -	- -	260	233	34	17	78	173	31	- -
- Cash & Cash Equivalents	- -	9	6	15	35	11	13	14	13	19	12
+ Preferred Equity and Hybrid Capital	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Minority/Non Controlling Interest	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Total Debt	- -	1	15	31	167	206	229	184	201	210	228
Enterprise Value	- -	-9	8	276	365	229	232	247	360	223	216
Total Capital	- -	13	27	107	-243	-518	-573	-1,067	-1,127	-1,125	-1,148
Total Debt/Capital (%)	- -	5.46	54.47	29.16	-68.72	-39.84	-39.88	-17.24	-17.84	-18.71	-19.87
Total Debt / EV	- -	-0.08	1.73	0.11	0.46	0.9	0.98	0.74	0.56	0.94	1.05
EV/Sales	- -	- -	- -	81.16	4.66	1.51	1.14	1.51	2.26	1.33	1.5
EV/EBITDA	- -	- -	- -	- -	- -	- -	17.86	- -	- -	14.65	30.62
EV/EBIT	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
EV/Cash Flow to Firm	- -	- -	- -	- -	- -	7.59	3.77	31.8	10.51	11.68	5.35
EV/Free Cash Flow to Firm	- -	- -	- -	42.24	21.79	5.16	2.83	16.67	8.93	8.99	3.36
Diluted Market Cap	- -	- -	- -	260	233	34	17	78	173	31	- -
Diluted Enterprise Value	- -	-9	8	276	365	229	232	247	360	223	216
EV per Share	- -	- -	0.29	4.33	2.31	1.34	1.35	0.07	0.06	0.03	- -
TTM Sales	- -	- -	- -	3	78	152	203	163	159	168	144
TTM EBITDA	-1	-4	-10	-25	-68	-29	13	-34	-2	15	7
TTM Operating Income	-1	-4	-10	-32	-90	-56	-18	-66	-29	-9	-12
TTM Cash Flow to Firm	-1	-3	-4	-7	-34	30	62	8	34	19	40
TTM Free Cash Flow to Firm	-1	-3	-3	7	17	44	82	15	40	25	64

Multiples (USD)

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	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
Price/Free Cash Flow	- -	- -	- -	-18.1	-35.17	7.68	0.46	-6.23	17.51	1.72	- -
EV/EBIT	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Enterprise Value	- -	-9	8	276	365	229	232	247	360	223	216
Low Price	- -	- -	- -	2.2	1.06	0.05	0.09	0.02	0.01	- -	- -
EV/Sales	- -	- -	- -	81.16	4.66	1.51	1.14	1.51	2.26	1.33	1.5
EV/EBITDA	- -	- -	- -	- -	- -	- -	17.86	- -	- -	14.65	30.62
Price/Earnings	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Price/Earnings Average	- -	- -	- -	-4.63	-1.74	-0.21	-0.54	-0.63	-1.77	-13.72	- -
Price/Earnings High	- -	- -	- -	-7.48	-3.16	-0.98	-1.15	-1.5	-3.19	-30.4	- -
Price/Earnings Low	- -	- -	- -	-2.26	-0.55	-0.03	-0.2	-0.16	-0.71	-2.65	- -
Price/Book Value	- -	- -	- -	3.43	-0.57	-0.05	-0.02	-0.06	-0.13	-0.02	- -
Price/Book Value Average	- -	- -	- -	3.79	-1.29	-0.09	-0.05	-0.23	-0.1	-0.08	- -
Price/Book Value High	- -	- -	- -	6.12	-2.35	-0.42	-0.11	-0.54	-0.18	-0.17	- -
Price/Book Value Low	- -	- -	- -	1.85	-0.41	-0.01	-0.02	-0.06	-0.04	-0.02	- -
Price/Tangible Book Value	- -	- -	- -	15.05	-8.9	-0.3	-0.1	-0.73	-1.03	-0.22	- -
Price/Tangible Book Value Average	- -	- -	- -	16.61	-20.32	-0.59	-0.26	-2.67	-0.81	-0.72	- -
Price/Tangible Book Value High	- -	- -	- -	26.82	-36.99	-2.74	-0.55	-6.36	-1.46	-1.61	- -
Price/Tangible Book Value Low	- -	- -	- -	8.12	-6.42	-0.07	-0.09	-0.66	-0.33	-0.14	- -
Price/Sales	- -	- -	- -	76.48	2.97	0.22	0.08	0.48	1.08	0.19	- -
Price/Sales Average	- -	- -	- -	84.42	6.77	0.43	0.21	1.74	0.85	0.63	- -
Price/Sales High	- -	- -	- -	136.34	12.33	2.01	0.44	4.13	1.54	1.39	- -
Price/Sales Low	- -	- -	- -	41.26	2.14	0.05	0.08	0.43	0.34	0.12	- -
Price/Cash Flow	- -	- -	- -	-9.2	-4.09	-3.46	1.04	-3.98	45.68	2.5	- -
Price/Cash Flow Average	- -	- -	- -	-10.16	-9.33	-6.71	2.59	-14.55	35.96	8.35	- -
Price/Cash Flow High	- -	- -	- -	-16.41	-16.99	-31.09	5.5	-34.59	64.77	18.51	- -
Price/Cash Flow Low	- -	- -	- -	-4.97	-2.95	-0.8	0.96	-3.61	14.49	1.62	- -
Price/Free Cash Flow Average	- -	- -	- -	-19.97	-80.31	14.9	1.14	-22.79	13.78	5.74	- -
Price/Free Cash Flow High	- -	- -	- -	-32.26	-146.18	69	2.43	-54.19	24.83	12.71	- -
Price/Free Cash Flow Low	- -	- -	- -	-9.76	-25.36	1.78	0.42	-5.66	5.55	1.11	- -
EV/Sales Average	- -	- -	- -	89.1	8.46	1.72	1.27	2.78	2.03	1.77	1.5
EV/Sales High	- -	- -	- -	141.03	14.02	3.3	1.5	5.17	2.72	2.53	1.5
EV/Sales Low	- -	- -	- -	45.94	3.83	1.34	1.14	1.47	1.52	1.27	1.5
EV/EBITDA Average	0.16	2.39	-0.86	-12.03	-9.78	-9.14	19.78	-13.18	-207.9	19.46	30.62
EV/EBITDA High	0.16	2.39	-0.86	-19.04	-16.2	-17.53	23.4	-24.54	-277.79	27.82	30.62
EV/EBITDA Low	0.16	2.39	-0.86	-6.2	-4.43	-7.11	17.75	-6.98	-155.82	13.92	30.62
EV/EBIT Average	0.16	2.39	-0.85	-9.61	-7.35	-4.62	-14.25	-6.89	-11.27	-31.26	-17.69
EV/EBIT High	0.16	2.39	-0.85	-15.21	-12.17	-8.87	-16.85	-12.83	-15.06	-44.68	-17.69
EV/EBIT Low	0.16	2.39	-0.85	-4.96	-3.32	-3.6	-12.79	-3.65	-8.45	-22.35	-17.69
Last Price	- -	- -	- -	4.08	1.47	0.2	0.1	0.02	0.03	- -	0.01
High Price	- -	- -	- -	7.27	6.11	1.78	0.52	0.2	0.04	0.04	0.01
Enterprise Value Average	- -	-9	8	303	664	261	257	453	324	297	216
Enterprise Value High	- -	-9	8	480	1,099	501	304	844	433	424	216
Enterprise Value Low	- -	-9	8	156	300	203	231	240	243	212	216

	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
Shares Outstanding	17	16	26	59	172	172	172	6,403	6,511	6,678	6,859
Diluted Weighted Avg Shares	17	16	29	64	158	172	172	3,372	6,437	6,540	- -
Basic Weighted Avg Shares	17	16	29	64	158	172	172	3,372	6,437	6,540	- -
Revenue per Share	- -	0.02	- -	0.05	0.5	0.88	1.18	0.05	0.02	0.03	- -
EBITDA per Share	-0.08	-0.23	-0.34	-0.39	-0.43	-0.17	0.08	-0.01	- -	- -	- -
Operating Income per Share	-0.08	-0.23	-0.35	-0.49	-0.57	-0.33	-0.11	-0.02	- -	- -	- -
Basic EPS, GAAP	-0.08	-0.32	-0.48	-0.97	-1.93	-1.83	-0.45	-0.13	-0.01	- -	- -
Basic EPS from Cont Ops	-0.08	-0.32	-0.48	-0.97	-1.93	-1.83	-0.45	-0.13	-0.01	- -	- -
Diluted EPS, GAAP	-0.08	-0.32	-0.48	-0.97	-1.93	-1.83	-0.45	-0.13	-0.01	- -	- -
Diluted EPS from Cont Ops	-0.08	-0.32	-0.48	-0.97	-1.93	-1.83	-0.45	-0.13	-0.01	- -	- -
Dividend per Share	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Cash Flow per Share	-0.07	-0.21	-0.23	-0.44	-0.36	-0.06	0.09	-0.01	- -	- -	- -
Free Cash Flow per Basic Share	-0.07	-0.21	-0.25	-0.66	-0.68	-0.14	-0.02	-0.01	- -	- -	- -
Cash & Equivalents per Share	0.01	0.59	0.22	0.24	0.22	0.06	0.08	- -	- -	- -	- -
Book Value per Share	0.01	0.8	0.43	1.19	-2.6	-4.22	-4.67	-0.37	-0.21	-0.2	- -
Tangible Book Value per Share	0.02	0.94	0.36	0.27	-0.17	-0.65	-0.95	-0.03	-0.03	-0.02	- -

iAnthus Capital Holdings, Inc.

Profitability (USD)

Credit (USD)

Liquidity (USD)

Working Capital (USD)

Enterprise Value (USD)

Multiples (USD)

Per Share Data Items (USD)