What is C21 Investments's earnings per share (EPS)?

C21 Investments (CXXIF) reported diluted earnings per share of $-0.03 for fiscal year 2026. This represents a 0.0% change compared to the previous fiscal year. EPS represents the portion of a company's net income allocated to each outstanding share of common stock and is widely used to evaluate profitability on a per-share basis.

C21 Investments Financials

CXXIF

Source SEC Filings (10-K/10-Q) Data as of Mar 31, 2026 Currency USD FYE March

This page shows C21 Investments (CXXIF) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 6 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).

Rhea AI CXXIF FY2025 2026-04-22

Modest revenue recovery is being offset by weaker cash conversion and a balance sheet increasingly shaped by inventory and intangibles.

The sales rebound did not restore cash conversion: revenue rose 6.5% from the prior year, yet free cash flow fell to $959K. With inventory higher and receivables still minimal, the missing cash appears tied to stock on hand rather than collection risk, meaning a modest top-line improvement required materially more working capital.

The company still generates a meaningful gross spread at 41.7%, but overhead absorption is worsening: selling and administrative expense climbed to $11.3M, leaving little operating profit despite better product-level economics. That pattern looks more like cost pressure than a pure demand problem, because gross margin improved while operating margin stayed thin.

The balance sheet looks less immediately tight because the current ratio improved to 0.9x, but that is not the same as being cash-rich with only $2.6M on hand. A second layer is intangible-heavy equity: goodwill of $28.5M is almost the entire book equity base, so the tangible cushion beneath liabilities is much thinner than the headline equity figure suggests.

Financial Health Signals

Financial health score pending refresh

We are recalculating C21 Investments's peer-relative financial health score against the latest fiscal year. It will appear here once the refresh completes. The signals and metrics below are current.

Altman Z-Score Distress

-0.72

C21 Investments scores -0.72, below the 1.81 distress threshold. The score is driven primarily by a large market capitalization ($27.0M) relative to total liabilities ($29.0M). 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.

Piotroski F-Score Partial

7/8

C21 Investments passes 7 of 8 computable financial strength tests (1 of the nine could not be computed from available data). 3 of 4 profitability signals pass, all 2 leverage/liquidity signals pass, both operating efficiency signals pass.

Earnings Quality Mixed

-0.42x

For every $1 of reported earnings, C21 Investments generates $-0.42 in operating cash flow ($1.4M OCF vs -$3.2M net income). This mixed ratio suggests some earnings may rely on non-cash accounting items.

Interest Coverage Safe

12.2x

C21 Investments earns $12.2 in operating income for every $1 of interest expense ($2.3M vs $187K). This wide margin provides strong safety for debt servicing, even if earnings decline temporarily.

Key Financial Metrics

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Earnings & Revenue

Revenue

$32.6M

YoY+8.3%

5Y CAGR-0.5%

C21 Investments generated $32.6M in revenue in fiscal year 2026. This represents an increase of 8.3% from the prior year.

EBITDA

$4.1M

YoY+35.8%

5Y CAGR-18.8%

C21 Investments's EBITDA was $4.1M in fiscal year 2026, measuring earnings before interest, taxes, depreciation, and amortization. This represents an increase of 35.8% from the prior year.

Net Income

-$3.2M

YoY+18.3%

C21 Investments reported -$3.2M in net income in fiscal year 2026. This represents an increase of 18.3% from the prior year.

EPS (Diluted)

$-0.03

YoY+0.0%

C21 Investments earned $-0.03 per diluted share (EPS) in fiscal year 2026. This represents an increase of 0.0% from the prior year.

Cash & Balance Sheet

Free Cash Flow

$1.1M

YoY+16.6%

5Y CAGR-33.0%

C21 Investments generated $1.1M in free cash flow in fiscal year 2026, representing cash available after capex. This represents an increase of 16.6% from the prior year.

Cash & Debt

$2.2M

YoY-14.9%

5Y CAGR-6.1%

C21 Investments held $2.2M in cash against $0 in long-term debt as of fiscal year 2026.

Dividends Per Share

N/A

Shares Outstanding

118M

YoY-0.1%

5Y CAGR-0.4%

C21 Investments had 118M shares outstanding in fiscal year 2026. This represents a decrease of 0.1% from the prior year.

Margins & Returns

Gross Margin

41.7%

YoY+0.0pp

5Y CAGR-12.2pp

C21 Investments's gross margin was 41.7% in fiscal year 2026, indicating the percentage of revenue retained after direct costs. This is up 0.0 percentage points from the prior year.

Operating Margin

7.0%

YoY+2.7pp

5Y CAGR-20.6pp

C21 Investments's operating margin was 7.0% in fiscal year 2026, reflecting core business profitability. This is up 2.7 percentage points from the prior year.

Net Margin

-10.0%

YoY+3.2pp

5Y CAGR+13.5pp

C21 Investments's net profit margin was -10.0% in fiscal year 2026, showing the share of revenue converted to profit. This is up 3.2 percentage points from the prior year.

Return on Equity

-12.8%

YoY+1.1pp

5Y CAGR+10.5pp

C21 Investments's ROE was -12.8% in fiscal year 2026, measuring profit generated per dollar of shareholder equity. This is up 1.1 percentage points from the prior year.

Capital Allocation

R&D Spending

N/A

Share Buybacks

$103K

YoY-62.8%

C21 Investments spent $103K on share buybacks in fiscal year 2026, returning capital to shareholders by reducing shares outstanding. This represents a decrease of 62.8% from the prior year.

Capital Expenditures

$245K

YoY-39.8%

5Y CAGR+1.5%

C21 Investments invested $245K in capex in fiscal year 2026, funding long-term assets and infrastructure. This represents a decrease of 39.8% from the prior year.

CXXIF Income Statement

Metric	FY26	FY25	FY24	FY23	FY22	FY21
Revenue	$32.6M+8.3%	$30.1M+6.5%	$28.3M-2.1%	$28.9M-12.4%	$33.0M-1.4%	$33.5M
Cost of Revenue	$19.0M+8.3%	$17.6M+2.5%	$17.1M+10.6%	$15.5M+9.3%	$14.2M-8.1%	$15.4M
Gross Profit	$13.6M+8.3%	$12.6M+12.6%	$11.1M-16.8%	$13.4M-28.8%	$18.8M+4.2%	$18.0M
R&D Expenses	N/A	N/A	N/A	N/A	N/A	N/A
SG&A Expenses	$11.3M+0.4%	$11.3M+16.5%	$9.7M+2.5%	$9.4M+4.3%	$9.1M+2.8%	$8.8M
Operating Income	$2.3M+77.8%	$1.3M-12.9%	$1.5M-62.8%	$4.0M-59.5%	$9.8M+5.6%	$9.2M
Interest Expense	$187K-36.2%	$294K+734.1%	$35K-92.3%	$457K-57.6%	$1.1M-72.6%	$3.9M
Income Tax	$4.6M+11.1%	$4.2M+19.2%	$3.5M+23.9%	$2.8M-43.1%	$4.9M+66.2%	$3.0M
Net Income	-$3.2M+18.3%	-$4.0M-20.1%	-$3.3M-1227.3%	$293K-97.1%	$10.0M+227.1%	-$7.8M
EPS (Diluted)	$-0.030.0%	$-0.030.0%	$-0.03	$0.00-100.0%	$0.08+214.3%	$-0.07

Metric	Q4'26	Q4'25	Q4'24	Q4'23	Q4'22	Q4'21
Revenue	N/A	N/A	N/A	N/A	N/A	N/A
Cost of Revenue	N/A	N/A	N/A	N/A	N/A	N/A
Gross Profit	N/A	N/A	N/A	N/A	N/A	N/A
R&D Expenses	N/A	N/A	N/A	N/A	N/A	N/A
SG&A Expenses	N/A	N/A	N/A	N/A	N/A	N/A
Operating Income	N/A	N/A	N/A	N/A	N/A	N/A
Interest Expense	N/A	N/A	N/A	N/A	N/A	N/A
Income Tax	N/A	N/A	N/A	N/A	N/A	N/A
Net Income	N/A	N/A	N/A	N/A	N/A	N/A
EPS (Diluted)	N/A	N/A	N/A	N/A	N/A	N/A

CXXIF Balance Sheet

Metric	FY26	FY25	FY24	FY23	FY22	FY21
Total Assets	$54.4M-4.5%	$57.0M+3.2%	$55.2M+1.3%	$54.5M-6.5%	$58.3M-5.7%	$61.8M
Current Assets	$8.3M+10.7%	$7.5M-7.8%	$8.1M+12.4%	$7.2M-15.8%	$8.6M-16.4%	$10.3M
Cash & Equivalents	$2.2M-14.9%	$2.6M-19.5%	$3.3M+35.4%	$2.4M+27.3%	$1.9M-38.3%	$3.1M
Inventory	$4.6M+13.3%	$4.1M+41.4%	$2.9M+5.8%	$2.7M-35.1%	$4.2M+2.9%	$4.1M
Accounts Receivable	$57K-54.3%	$125K-47.6%	$238K+25.8%	$189K-52.9%	$401K+102.3%	$198K
Goodwill	$28.5M0.0%	$28.5M0.0%	$28.5M0.0%	$28.5M0.0%	$28.5M0.0%	$28.5M
Total Liabilities	$29.0M+2.3%	$28.3M+16.8%	$24.3M+3.3%	$23.5M-2.1%	$24.0M-14.7%	$28.1M
Current Liabilities	$6.4M-19.7%	$8.0M-47.1%	$15.0M+6.2%	$14.2M-5.4%	$15.0M-6.3%	$16.0M
Long-Term Debt	N/A	N/A	N/A	N/A	N/A	N/A
Total Equity	$25.4M-11.3%	$28.7M-7.4%	$31.0M-0.2%	$31.0M-9.5%	$34.3M+1.7%	$33.7M
Retained Earnings	-$80.1M-4.2%	-$76.8M-5.4%	-$72.9M-0.1%	-$72.8M-4.8%	-$69.5M+0.4%	-$69.8M

Metric	Q4'26	Q4'25	Q4'24	Q4'23	Q4'22	Q4'21
Total Assets	$54.4M-4.5%	$57.0M+4.5%	$54.5M-6.5%	$58.3M-5.7%	$61.8M-7.4%	$66.8M
Current Assets	$8.3M+10.7%	$7.5M+3.6%	$7.2M-15.8%	$8.6M-16.4%	$10.3M-9.1%	$11.3M
Cash & Equivalents	$2.2M-14.9%	$2.6M+9.0%	$2.4M+27.3%	$1.9M-38.3%	$3.1M-50.8%	$6.2M
Inventory	$4.6M+13.3%	$4.1M+49.6%	$2.7M-35.1%	$4.2M+2.9%	$4.1M+50.6%	$2.7M
Accounts Receivable	$57K-54.3%	$125K-34.0%	$189K-52.9%	$401K+102.3%	$198K+96.1%	$101K
Goodwill	$28.5M0.0%	$28.5M0.0%	$28.5M0.0%	$28.5M0.0%	$28.5M0.0%	$28.5M
Total Liabilities	$29.0M+2.3%	$28.3M+20.6%	$23.5M-2.1%	$24.0M-14.7%	$28.1M-35.5%	$43.6M
Current Liabilities	$6.4M-19.7%	$8.0M-43.8%	$14.2M-5.4%	$15.0M-6.3%	$16.0M+4.9%	$15.2M
Long-Term Debt	N/A	N/A	N/A	N/A	N/A	N/A
Total Equity	$25.4M-11.3%	$28.7M-7.6%	$31.0M-9.5%	$34.3M+1.7%	$33.7M+45.0%	$23.3M
Retained Earnings	-$80.1M-4.2%	-$76.8M-5.6%	-$72.8M-4.8%	-$69.5M+0.4%	-$69.8M+12.2%	-$79.4M

CXXIF Cash Flow Statement

Metric	FY26	FY25	FY24	FY23	FY22	FY21
Operating Cash Flow	$1.4M-0.2%	$1.4M-58.1%	$3.3M-45.4%	$6.0M-29.2%	$8.4M-0.5%	$8.5M
Capital Expenditures	$245K-39.8%	$407K-22.0%	$522K+17.9%	$442K-82.7%	$2.6M+1024.9%	$228K
Free Cash Flow	$1.1M+16.6%	$959K-65.0%	$2.7M-50.4%	$5.5M-5.9%	$5.9M-28.8%	$8.3M
Investing Cash Flow	N/A	N/A	N/A	N/A	N/A	N/A
Financing Cash Flow	N/A	N/A	N/A	N/A	N/A	N/A
Dividends Paid	N/A	N/A	N/A	N/A	N/A	N/A
Share Buybacks	$103K-62.8%	$277K	$0	N/A	N/A	N/A

Metric	Q4'26	Q4'25	Q4'24	Q4'23	Q4'22	Q4'21
Operating Cash Flow	N/A	N/A	N/A	N/A	N/A	N/A
Capital Expenditures	N/A	N/A	N/A	N/A	N/A	N/A
Free Cash Flow	N/A	N/A	N/A	N/A	N/A	N/A
Investing Cash Flow	N/A	N/A	N/A	N/A	N/A	N/A
Financing Cash Flow	N/A	N/A	N/A	N/A	N/A	N/A
Dividends Paid	N/A	N/A	N/A	N/A	N/A	N/A
Share Buybacks	N/A	N/A	N/A	N/A	N/A	N/A

CXXIF Financial Ratios

Metric	FY26	FY25	FY24	FY23	FY22	FY21
Gross Margin	41.7%+0.0pp	41.7%+2.3pp	39.4%-7.0pp	46.4%-10.6pp	57.0%+3.1pp	53.9%
Operating Margin	7.0%+2.7pp	4.3%-0.9pp	5.2%-8.5pp	13.7%-15.9pp	29.6%+2.0pp	27.6%
Net Margin	-10.0%+3.2pp	-13.2%-1.5pp	-11.7%-12.7pp	1.0%-29.2pp	30.2%+53.6pp	-23.4%
Return on Equity	-12.8%+1.1pp	-13.8%-3.2pp	-10.7%-11.6pp	0.9%-28.1pp	29.0%+52.2pp	-23.2%
Return on Assets	-6.0%+1.0pp	-7.0%-1.0pp	-6.0%-6.5pp	0.5%-16.5pp	17.1%+29.7pp	-12.7%
Current Ratio	1.30+0.4	0.94+0.4	0.54+0.0	0.51-0.1	0.57-0.1	0.64
Debt-to-Equity	1.14+0.2	0.99+0.2	0.78+0.0	0.76+0.1	0.70-0.1	0.83
FCF Margin	3.4%+0.2pp	3.2%-6.5pp	9.7%-9.4pp	19.1%+1.3pp	17.8%-6.9pp	24.7%

Metric	Q4'26	Q4'25	Q4'24	Q4'23	Q4'22	Q4'21
Gross Margin	N/A	N/A	N/A	N/A	N/A	N/A
Operating Margin	N/A	N/A	N/A	N/A	N/A	N/A
Net Margin	N/A	N/A	N/A	N/A	N/A	N/A
Return on Equity	N/A	N/A	N/A	N/A	N/A	N/A
Return on Assets	N/A	N/A	N/A	N/A	N/A	N/A
Current Ratio	1.30+0.4	0.94+0.4	0.51-0.1	0.57-0.1	0.64-0.1	0.74
Debt-to-Equity	1.14+0.2	0.99+0.2	0.76+0.1	0.70-0.1	0.83-1.0	1.87
FCF Margin	N/A	N/A	N/A	N/A	N/A	N/A

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Frequently Asked Questions

What is C21 Investments's annual revenue?

C21 Investments (CXXIF) reported $32.6M in total revenue for fiscal year 2026. This represents a 8.3% 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 C21 Investments's revenue growing?

C21 Investments (CXXIF) revenue grew by 8.3% year-over-year, from $30.1M to $32.6M in fiscal year 2026.

Is C21 Investments profitable?

No, C21 Investments (CXXIF) reported a net income of -$3.2M in fiscal year 2026, with a net profit margin of -10.0%.

What is C21 Investments's EBITDA?

C21 Investments (CXXIF) had EBITDA of $4.1M in fiscal year 2026, measuring earnings before interest, taxes, depreciation, and amortization.

What is C21 Investments's gross margin?

C21 Investments (CXXIF) had a gross margin of 41.7% in fiscal year 2026, indicating the percentage of revenue retained after direct costs of goods sold.

What is C21 Investments's operating margin?

C21 Investments (CXXIF) had an operating margin of 7.0% in fiscal year 2026, reflecting the profitability of core business operations before interest and taxes.

What is C21 Investments's net profit margin?

C21 Investments (CXXIF) had a net profit margin of -10.0% in fiscal year 2026, representing the share of revenue converted into profit after all expenses.

What is C21 Investments's return on equity (ROE)?

C21 Investments (CXXIF) has a return on equity of -12.8% for fiscal year 2026, measuring how efficiently the company generates profit from shareholder equity.

What is C21 Investments's free cash flow?

C21 Investments (CXXIF) generated $1.1M in free cash flow during fiscal year 2026. This represents a 16.6% 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 C21 Investments's operating cash flow?

C21 Investments (CXXIF) generated $1.4M in operating cash flow during fiscal year 2026, representing cash generated from core business activities.

What are C21 Investments's total assets?

C21 Investments (CXXIF) had $54.4M in total assets as of fiscal year 2026, including both current and long-term assets.

What are C21 Investments's capital expenditures?

C21 Investments (CXXIF) invested $245K in capital expenditures during fiscal year 2026, funding long-term assets and infrastructure.

Does C21 Investments buy back shares?

Yes, C21 Investments (CXXIF) spent $103K on share buybacks during fiscal year 2026, returning capital to shareholders by reducing shares outstanding.

How many shares does C21 Investments have outstanding?

C21 Investments (CXXIF) had 118M shares outstanding as of fiscal year 2026.

What is C21 Investments's current ratio?

C21 Investments (CXXIF) had a current ratio of 1.30 as of fiscal year 2026, which is considered adequate.

What is C21 Investments's debt-to-equity ratio?

C21 Investments (CXXIF) had a debt-to-equity ratio of 1.14 as of fiscal year 2026, measuring the company's financial leverage by comparing total debt to shareholder equity.

What is C21 Investments's return on assets (ROA)?

C21 Investments (CXXIF) had a return on assets of -6.0% for fiscal year 2026, measuring how efficiently the company uses its assets to generate profit.

What is C21 Investments's Altman Z-Score?

C21 Investments (CXXIF) has an Altman Z-Score of -0.72, 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 C21 Investments's Piotroski F-Score?

C21 Investments (CXXIF) has a Piotroski F-Score of 7 out of 8 computable signals; 1 of the nine could not be computed from available data, so the full-scale strength rating is not shown. 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 C21 Investments's earnings high quality?

C21 Investments (CXXIF) has an earnings quality ratio of -0.42x, considered mixed quality. 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 C21 Investments cover its interest payments?

C21 Investments (CXXIF) has an interest coverage ratio of 12.2x, meaning it can comfortably cover its interest obligations. 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.