Ascend Wellness Financials
Ascend Wellness (AAWH) reported $488.3M in revenue over the twelve months to Jun 30, 2026, down 8.4% from the prior twelve months. This page shows its income statement, balance sheet, cash flow statement, and key financial ratios. View 7 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).
Gross-margin recovery is being overwhelmed by overhead and financing costs, leaving positive operating cash flow but negative equity.
From FY2023 to FY2025, gross margin recovered despite revenue contracting, so the improvement was not a straightforward scale effect. But operating margin fell to-3.4% as SG&A reached$169.7M ; this below-gross-profit cost burden kept better gross economics from reaching earnings.
The latest year paired a net loss of
Long-term debt reached
Financial Health Signals
Ascend Wellness does not currently provide enough eligible data for a peer-relative financial health score, so none is published. The signals and metrics below are current.
Ascend Wellness scores -0.13, below the 1.81 distress threshold. The score is driven primarily by a large market capitalization ($80.3M) relative to total liabilities ($954.5M). This indicates elevated financial distress risk and warrants close attention to liquidity and debt levels.
Distress-screening estimate for non-financial companies. Not computed for banks or insurers, where the Altman model does not apply.
Ascend Wellness passes 5 of 9 financial strength tests. 2 of 4 profitability signals pass, 2 of 3 leverage/liquidity signals pass, 1 of 2 efficiency signals pass.
Ascend Wellness reported a net loss of $118.2M while generating $38.1M in operating cash flow. Operations generated cash despite the loss, but with no positive earnings behind it, the ratio between the two carries no quality signal.
Ascend Wellness reported an operating loss of $17.0M against $51.3M in interest expense. There is no operating profit to cover interest, so interest must be met from cash reserves or from financing rather than from operations.
Key Financial Metrics
Earnings & Revenue
Ascend Wellness generated $500.6M in revenue in fiscal year 2025. This represents a decrease of 10.9% from the prior year.
Ascend Wellness's EBITDA was $56.5M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization. This represents a decrease of 20.3% from the prior year.
Ascend Wellness reported -$118.2M in net income in fiscal year 2025. This represents a decrease of 39.1% from the prior year.
Ascend Wellness earned -$0.58 per diluted share (EPS) in fiscal year 2025. This represents a decrease of 45.0% from the prior year.
Cash & Balance Sheet
Ascend Wellness generated $12.0M in free cash flow in fiscal year 2025, representing cash available after capex. This represents a decrease of 76.3% from the prior year.
Ascend Wellness held $85.7M in cash against $291.1M in long-term debt as of fiscal year 2025.
Not reported for fiscal year 2025.
Margins & Returns
Ascend Wellness's gross margin was 33.9% in fiscal year 2025, indicating the percentage of revenue retained after direct costs. This is up 1.1 percentage points from the prior year.
Ascend Wellness's operating margin was -3.4% in fiscal year 2025, reflecting core business profitability. This is down 4.2 percentage points from the prior year.
Ascend Wellness's net profit margin was -23.6% in fiscal year 2025, showing the share of revenue converted to profit. This is down 8.5 percentage points from the prior year.
Not reported for fiscal year 2025.
Capital Allocation
Ascend Wellness spent $2.3M on share buybacks in fiscal year 2025, returning capital to shareholders by reducing shares outstanding. This represents a decrease of 16.0% from the prior year.
Ascend Wellness invested $26.0M in capex in fiscal year 2025, funding long-term assets and infrastructure. This represents an increase of 15.4% from the prior year.
Not reported for fiscal year 2025.
AAWH Income Statement
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type.
| Metric | Q2'26 | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 |
|---|---|---|---|---|---|---|---|---|
| Revenue | $126.1M+7.9% | $116.9M-3.0% | $120.5M-3.4% | $124.7M-2.0% | $127.3M-0.5% | $128.0M-5.9% | $136.0M-4.0% | $141.6M |
| Cost of Revenue | $80.6M+11.9% | $72.1M-4.5% | $75.4M-7.0% | $81.1M-5.6% | $85.9M-2.9% | $88.4M-0.8% | $89.1M-9.0% | $97.9M |
| Gross Profit | $45.5M+1.4% | $44.9M-0.5% | $45.1M+3.5% | $43.6M+5.3% | $41.4M+4.6% | $39.6M-15.6% | $46.9M+7.2% | $43.7M |
| SG&A Expenses | $40.2M-5.0% | $42.3M-6.5% | $45.3M+0.8% | $44.9M+6.0% | $42.4M+14.3% | $37.1M-9.1% | $40.8M-11.6% | $46.1M |
| Operating Income | $5.3M+107.4% | $2.5M+114.8% | -$17.2M-1195.9% | -$1.3M-32.2% | -$1.0M-140.3% | $2.5M-59.2% | $6.1M+352.3% | -$2.4M |
| Interest Expense | $20.8M+2.7% | $20.3M+30.8% | $15.5M+23.3% | $12.6M+4.2% | $12.1M+7.8% | $11.2M-4.4% | $11.7M-29.0% | $16.5M |
| Income Tax | -$5.7M-148.0% | $11.9M-26.7% | $16.2M+32.2% | $12.3M+3.8% | $11.8M+7.3% | $11.0M+2.2% | $10.8M+10.5% | $9.8M |
| Net Income | -$9.8M+66.8% | -$29.5M+39.4% | -$48.7M-88.6% | -$25.8M-5.8% | -$24.4M-26.7% | -$19.3M-14.7% | -$16.8M+40.6% | -$28.3M |
| EPS (Diluted) | -$0.05+66.7% | -$0.15+37.5% | -$0.24-84.6% | -$0.13-8.3% | -$0.12-33.3% | -$0.09-12.5% | -$0.08+38.5% | -$0.13 |
Not reported in any period shown, so not listed: R&D Expenses.
AAWH Balance Sheet
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type.
| Metric | Q2'26 | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 |
|---|---|---|---|---|---|---|---|---|
| Total Assets | $888.3M+1.9% | $872.1M-3.9% | $907.9M+0.8% | $900.4M-0.4% | $903.9M-1.4% | $916.7M+1.8% | $900.4M+0.5% | $895.9M |
| Current Assets | $186.9M-1.1% | $189.0M-9.6% | $208.9M-0.1% | $209.2M-7.3% | $225.7M-4.9% | $237.4M+3.5% | $229.4M+7.4% | $213.6M |
| Cash & Equivalents | $67.0M+10.0% | $60.9M-28.9% | $85.7M-1.8% | $87.3M-8.4% | $95.3M-4.8% | $100.0M+13.3% | $88.3M+35.2% | $65.3M |
| Inventory | $82.3M-5.6% | $87.1M+2.9% | $84.7M+2.5% | $82.7M+0.4% | $82.3M-3.8% | $85.6M-4.4% | $89.6M-8.0% | $97.4M |
| Accounts Receivable | $26.3M-0.6% | $26.4M-2.2% | $27.0M-6.3% | $28.8M-5.8% | $30.6M-16.6% | $36.7M+0.5% | $36.5M-5.8% | $38.8M |
| Goodwill | $65.4M+12.0% | $58.4M-0.2% | $58.5M+1.2% | $57.8M+7.0% | $54.0M+5.4% | $51.2M+3.3% | $49.6M0.0% | $49.6M |
| Total Liabilities | $973.4M+2.7% | $947.9M-0.7% | $954.5M+6.3% | $897.8M+2.5% | $875.7M+1.4% | $864.0M+4.3% | $828.6M+2.7% | $807.0M |
| Current Liabilities | $112.6M+27.3% | $88.5M-18.9% | $109.0M+13.5% | $96.0M-4.7% | $100.8M-31.9% | $147.9M+2.3% | $144.5M-0.4% | $145.1M |
| Long-Term Debt | $293.5M+0.4% | $292.3M+0.4% | $291.1M-15.3% | $343.7M+6.3% | $323.4M+28.5% | $251.6M+17.3% | $214.4M-7.6% | $232.2M |
| Total Equity | -$85.9M-12.2% | -$76.6M-61.4% | -$47.4M-2803.1% | $1.8M-93.6% | $27.3M-47.3% | $51.9M-26.9% | $71.0M-19.4% | $88.1M |
| Retained Earnings | -$557.8M-1.8% | -$548.0M-5.7% | -$518.5M-10.4% | -$469.8M-5.8% | -$444.0M-5.8% | -$419.6M-4.8% | -$400.4M-4.4% | -$383.6M |
AAWH Cash Flow Statement
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type.
| Metric | Q2'26 | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 |
|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | $22.5M+215.7% | -$19.4M-219.0% | $16.3M+914.6% | -$2.0M-111.3% | $17.8M+199.7% | $5.9M-83.1% | $35.2M+1683.3% | $2.0M |
| Capital Expenditures | $5.8M+11.5% | $5.2M-24.9% | $6.9M+6.9% | $6.4M+3.3% | $6.2M-2.8% | $6.4M+27.8% | $5.0M+1.0% | $5.0M |
| Free Cash Flow | $16.7M+167.8% | -$24.6M-361.0% | $9.4M+211.5% | -$8.5M-173.1% | $11.6M+2488.0% | -$484K-101.6% | $30.1M+1104.7% | -$3.0M |
| Investing Cash Flow | -$13.1M-175.4% | -$4.8M+71.6% | -$16.8M-33.7% | -$12.5M-46.0% | -$8.6M-9.5% | -$7.8M-9.1% | -$7.2M+35.4% | -$11.1M |
| Financing Cash Flow | -$3.3M-454.6% | -$592K+48.5% | -$1.1M-117.6% | $6.5M+146.8% | -$14.0M-202.1% | $13.7M+373.8% | -$5.0M+46.0% | -$9.3M |
| Share Buybacks | $0 | $0-100.0% | $731K+24.7% | $586K-9.7% | $649K+88.1% | $345K-87.5% | $2.8M | $0 |
Not reported in any period shown, so not listed: Dividends Paid.
AAWH Financial Ratios
Margins and returns are percentages; the remaining ratios are unitless multiples.
| Metric | Q2'26 | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 |
|---|---|---|---|---|---|---|---|---|
| Gross Margin | 36.1%-2.3pp | 38.4%+0.9pp | 37.4%+2.5pp | 35.0%+2.5pp | 32.5%+1.6pp | 30.9%-3.6pp | 34.5%+3.6pp | 30.9% |
| Operating Margin | 4.2%+2.0pp | 2.2%+16.4pp | -14.2%-13.2pp | -1.1%-0.3pp | -0.8%-2.7pp | 1.9%-2.5pp | 4.5%+6.2pp | -1.7% |
| Net Margin | -7.8%+17.4pp | -25.2%+15.2pp | -40.4%-19.7pp | -20.7%-1.5pp | -19.2%-4.1pp | -15.0%-2.7pp | -12.3%+7.6pp | -20.0% |
| Return on Equity | N/A | N/A | N/A | -1471.5%-1382.2pp | -89.3%-52.2pp | -37.1%-13.5pp | -23.7%+8.4pp | -32.1% |
| Return on Assets | -1.1%+2.3pp | -3.4%+2.0pp | -5.4%-2.5pp | -2.9%-0.2pp | -2.7%-0.6pp | -2.1%-0.2pp | -1.9%+1.3pp | -3.1% |
| Current Ratio | 1.66-0.5x | 2.14+0.2x | 1.92-0.3x | 2.18-0.1x | 2.24+0.6x | 1.600.0x | 1.59+0.1x | 1.47 |
| Debt-to-Equity | N/A | N/A | N/A | 195.87+184.0x | 11.83+7.0x | 4.85+1.8x | 3.02+0.4x | 2.64 |
| FCF Margin | 13.2%+34.3pp | -21.0%-28.8pp | 7.8%+14.6pp | -6.8%-15.9pp | 9.1%+9.5pp | -0.4%-22.5pp | 22.2%+24.3pp | -2.1% |
Note: Shareholder equity is negative (-$47.4M), which causes debt-to-equity and return on equity ratios to appear negative or not meaningful. This can occur from accumulated losses or large share buyback programs.
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Where Ascend Wellness Ranks
Frequently Asked Questions
What is Ascend Wellness's annual revenue?
Ascend Wellness (AAWH) reported $500.6M in total revenue for fiscal year 2025. This represents a -10.9% change compared to the previous fiscal year. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.
How fast is Ascend Wellness's revenue growing?
Ascend Wellness (AAWH) revenue declined by 10.9% year-over-year, from $561.6M to $500.6M in fiscal year 2025.
Is Ascend Wellness profitable?
No, Ascend Wellness (AAWH) reported a net income of -$118.2M in fiscal year 2025, with a net profit margin of -23.6%.
What is Ascend Wellness's EBITDA?
Ascend Wellness (AAWH) had EBITDA of $56.5M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization.
How much debt does Ascend Wellness have?
As of fiscal year 2025, Ascend Wellness (AAWH) had $85.7M in cash and equivalents against $291.1M in long-term debt.
What is Ascend Wellness's gross margin?
Ascend Wellness (AAWH) had a gross margin of 33.9% in fiscal year 2025, indicating the percentage of revenue retained after direct costs of goods sold.
What is Ascend Wellness's operating margin?
Ascend Wellness (AAWH) had an operating margin of -3.4% in fiscal year 2025, reflecting the profitability of core business operations before interest and taxes.
What is Ascend Wellness's net profit margin?
Ascend Wellness (AAWH) had a net profit margin of -23.6% in fiscal year 2025, representing the share of revenue converted into profit after all expenses.
What is Ascend Wellness's free cash flow?
Ascend Wellness (AAWH) generated $12.0M in free cash flow during fiscal year 2025. This represents a -76.3% change compared to the previous fiscal year. Free cash flow represents the cash a company generates after accounting for capital expenditures, and is widely used to assess financial flexibility and shareholder value.
What is Ascend Wellness's operating cash flow?
Ascend Wellness (AAWH) generated $38.1M in operating cash flow during fiscal year 2025, representing cash generated from core business activities.
What are Ascend Wellness's total assets?
Ascend Wellness (AAWH) had $907.9M in total assets as of fiscal year 2025, including both current and long-term assets.
What are Ascend Wellness's capital expenditures?
Ascend Wellness (AAWH) invested $26.0M in capital expenditures during fiscal year 2025, funding long-term assets and infrastructure.
What is Ascend Wellness's current ratio?
Ascend Wellness (AAWH) had a current ratio of 1.92 as of fiscal year 2025, which is generally considered healthy.
What is Ascend Wellness's return on assets (ROA)?
Ascend Wellness (AAWH) had a return on assets of -13.0% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.
Why is Ascend Wellness's debt-to-equity ratio negative or not reported?
Ascend Wellness (AAWH) has negative shareholder equity of -$47.4M as of fiscal year 2025, so no debt-to-equity ratio is reported: dividing debt by equity that is not positive produces a number that cannot be read as leverage. This can occur when accumulated losses exceed invested capital, or after large share buyback programs. Other solvency metrics like the current ratio or interest coverage may be more informative.
What is Ascend Wellness's Altman Z-Score?
Ascend Wellness (AAWH) has an Altman Z-Score of -0.13, placing it in the Distress Zone (elevated bankruptcy risk). The Z-Score combines five financial ratios (working capital, retained earnings, EBIT, market capitalization, and revenue relative to total assets) to predict the likelihood of bankruptcy. Scores above 2.99 indicate financial safety while scores below 1.81 suggest financial distress. Learn more in our complete guide to financial health indicators.
What is Ascend Wellness's Piotroski F-Score?
Ascend Wellness (AAWH) has a Piotroski F-Score of 5 out of 9, indicating neutral financial health. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7 to 9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.
Are Ascend Wellness's earnings high quality?
Ascend Wellness (AAWH) reported a net loss of $118.2M while generating $38.1M in operating cash flow. Operations generated cash despite the loss, but with no positive earnings behind it, the ratio between the two carries no quality signal. This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.
Can Ascend Wellness cover its interest payments?
Ascend Wellness (AAWH) reported an operating loss of $17.0M against $51.3M in interest expense. There is no operating profit to cover interest, so interest must be met from cash reserves or from financing rather than from operations. This ratio divides operating income by interest expense. Ratios above 5x indicate strong debt-servicing ability, while ratios below 2x suggest the company may face difficulty meeting interest payments if earnings decline. Learn more in our complete guide to financial health indicators.