Jushi Hldgs Financials
This page shows Jushi Hldgs (JUSHF) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 5 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).
Financial Health Signals
Based on FY2024 annual data. Scores normalized against common benchmarks. How we calculate these scores
Jushi Hldgs has an operating margin of 4.2%, meaning the company retains $4 of operating profit per $100 of revenue. This below-average margin results in a low score of 21/100, suggesting thin profitability after operating expenses. This is up from -1.1% the prior year.
Jushi Hldgs's revenue declined 4.4% year-over-year, from $269.4M to $257.5M. This contraction results in a growth score of 16/100.
Jushi Hldgs's current ratio of 1.05 means current assets barely cover short-term liabilities. This tight liquidity results in a low score of 22/100, which could limit financial flexibility.
Jushi Hldgs has a free cash flow margin of 6.6%, earning a moderate score of 33/100. The company generates positive cash flow after capital investments, but with room for improvement.
Jushi Hldgs scores -0.94, below the 1.81 distress threshold. The score is driven primarily by a large market capitalization ($130.8M) relative to total liabilities ($490.6M). This indicates elevated financial distress risk and warrants close attention to liquidity and debt levels.
Jushi Hldgs passes 6 of 9 financial strength tests. 3 of 4 profitability signals pass, 1 of 2 leverage/liquidity signals pass, both operating efficiency signals pass.
For every $1 of reported earnings, Jushi Hldgs generates $-0.44 in operating cash flow ($21.6M OCF vs -$48.8M net income). This mixed ratio suggests some earnings may rely on non-cash accounting items.
Jushi Hldgs earns $0.3 in operating income for every $1 of interest expense ($10.9M vs $38.0M). This narrow margin raises concern about the company's ability to service its debt if operating income declines.
Key Financial Metrics
Jushi Hldgs generated $257.5M in revenue in fiscal year 2024. This represents a decrease of 4.4% from the prior year.
Jushi Hldgs's EBITDA was $40.8M in fiscal year 2024, measuring earnings before interest, taxes, depreciation, and amortization. This represents an increase of 71.4% from the prior year.
Jushi Hldgs generated $16.9M in free cash flow in fiscal year 2024, representing cash available after capex. This represents an increase of 219.9% from the prior year.
Jushi Hldgs reported -$48.8M in net income in fiscal year 2024. This represents an increase of 25.1% from the prior year.
Jushi Hldgs earned $-0.25 per diluted share (EPS) in fiscal year 2024. This represents an increase of 24.2% from the prior year.
Jushi Hldgs held $19.5M in cash against $183.4M in long-term debt as of fiscal year 2024.
Jushi Hldgs's gross margin was 45.9% in fiscal year 2024, indicating the percentage of revenue retained after direct costs. This is up 2.8 percentage points from the prior year.
Jushi Hldgs's operating margin was 4.2% in fiscal year 2024, reflecting core business profitability. This is up 5.3 percentage points from the prior year.
Jushi Hldgs's net profit margin was -18.9% in fiscal year 2024, showing the share of revenue converted to profit. This is up 5.2 percentage points from the prior year.
Jushi Hldgs invested $4.7M in capex in fiscal year 2024, funding long-term assets and infrastructure. This represents a decrease of 56.2% from the prior year.
JUSHF Income Statement
| Metric | Q3'25 | Q2'25 | Q1'25 | Q3'24 | Q2'24 | Q1'24 | Q4'23 | Q3'23 |
|---|---|---|---|---|---|---|---|---|
| Revenue | $65.7M+1.0% | $65.0M+1.9% | $63.8M-3.1% | $65.9M+2.0% | $64.6M-1.3% | $65.5M-3.4% | $67.8M+3.7% | $65.4M |
| Cost of Revenue | $35.0M-3.1% | $36.1M-5.1% | $38.1M-5.9% | $40.5M+26.3% | $32.0M-3.3% | $33.1M-18.3% | $40.6M+10.0% | $36.9M |
| Gross Profit | $30.7M+6.0% | $28.9M+12.2% | $25.8M+1.4% | $25.4M-22.0% | $32.6M+0.7% | $32.3M+18.8% | $27.2M-4.5% | $28.5M |
| R&D Expenses | N/A | N/A | 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 | N/A | $25.7M |
| Operating Income | $2.3M-35.1% | $3.6M+292.5% | -$1.9M-1.7% | -$1.8M-121.9% | $8.4M+104.0% | $4.1M+163.0% | -$6.5M-331.2% | $2.8M |
| Interest Expense | $10.4M+0.6% | $10.3M+2.0% | $10.1M+6.5% | $9.5M+2.0% | $9.3M-3.4% | $9.6M+3.1% | $9.4M-0.2% | $9.4M |
| Income Tax | $8.8M-11.1% | $9.9M+10.6% | $9.0M+150.2% | $3.6M-61.5% | $9.3M-4.3% | $9.7M+91.1% | $5.1M-36.3% | $8.0M |
| Net Income | -$23.7M-92.1% | -$12.3M+27.5% | -$17.0M-36.5% | -$12.5M-543.3% | -$1.9M+89.4% | -$18.4M-1.9% | -$18.0M+12.7% | -$20.6M |
| EPS (Diluted) | $-0.12-100.0% | $-0.06+33.3% | $-0.09-28.6% | $-0.07-600.0% | $-0.01+88.9% | $-0.090.0% | $-0.09+18.2% | $-0.11 |
JUSHF Balance Sheet
| Metric | Q3'25 | Q2'25 | Q1'25 | Q3'24 | Q2'24 | Q1'24 | Q4'23 | Q3'23 |
|---|---|---|---|---|---|---|---|---|
| Total Assets | $431.7M-0.2% | $432.4M-0.3% | $433.6M-1.5% | $440.3M-3.3% | $455.2M-0.6% | $457.8M-1.2% | $463.4M-5.2% | $488.7M |
| Current Assets | $68.6M+6.8% | $64.2M-6.4% | $68.7M-4.8% | $72.2M-18.7% | $88.8M+7.0% | $83.0M+1.7% | $81.6M-7.5% | $88.3M |
| Cash & Equivalents | $23.2M-0.1% | $23.2M-10.6% | $26.0M+33.0% | $19.5M-40.6% | $32.9M+30.0% | $25.3M-2.8% | $26.0M+4.1% | $25.0M |
| Inventory | $36.8M+7.5% | $34.2M-0.3% | $34.3M-5.0% | $36.1M-8.4% | $39.4M+7.6% | $36.7M+9.2% | $33.6M-10.9% | $37.7M |
| Accounts Receivable | $872K+10.2% | $791K-43.7% | $1.4M-3.9% | $1.5M-34.4% | $2.2M-30.1% | $3.2M-5.7% | $3.4M-44.3% | $6.1M |
| Goodwill | $30.9M0.0% | $30.9M0.0% | $30.9M0.0% | $30.9M0.0% | $30.9M0.0% | $30.9M0.0% | $30.9M-19.2% | $38.2M |
| Total Liabilities | $533.2M+4.5% | $510.2M+2.1% | $499.5M+1.8% | $490.6M+2.4% | $479.0M-0.5% | $481.4M+2.2% | $471.0M-2.0% | $480.8M |
| Current Liabilities | $109.2M+73.0% | $63.1M+4.2% | $60.6M-12.1% | $68.9M-6.6% | $73.7M-55.1% | $164.3M+1.1% | $162.5M+39.7% | $116.3M |
| Long-Term Debt | $155.7M-19.3% | $192.8M-0.1% | $193.1M+5.2% | $183.4M-4.7% | $192.5M+51.3% | $127.2M+0.9% | $126.0M-28.6% | $176.5M |
| Total Equity | -$101.5M-29.9% | -$78.1M-18.1% | -$66.2M-31.7% | -$50.2M-111.2% | -$23.8M-7.1% | -$22.2M-256.2% | -$6.2M-167.6% | $9.2M |
| Retained Earnings | -$611.7M-4.0% | -$588.0M-2.1% | -$575.6M-3.0% | -$558.6M-5.4% | -$530.1M-0.4% | -$528.2M-3.6% | -$509.8M-3.7% | -$491.8M |
JUSHF Cash Flow Statement
| Metric | Q3'25 | Q2'25 | Q1'25 | Q3'24 | Q2'24 | Q1'24 | Q4'23 | Q3'23 |
|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | $6.1M+414.2% | -$1.9M-125.7% | $7.5M+5.2% | $7.2M+28.9% | $5.5M-14.6% | $6.5M+44.0% | $4.5M+83.4% | $2.5M |
| Capital Expenditures | $4.9M+18.2% | $4.1M+2.4% | $4.0M+85.0% | $2.2M+216.4% | $687K-36.2% | $1.1M-54.3% | $2.4M+5.2% | $2.2M |
| Free Cash Flow | $1.2M+120.1% | -$6.1M-272.5% | $3.5M-29.6% | $5.0M+2.4% | $4.9M-10.2% | $5.4M+151.8% | $2.2M+891.2% | $217K |
| Investing Cash Flow | -$5.3M-1058.6% | -$459K+89.5% | -$4.4M+39.7% | -$7.3M-526.3% | $1.7M+329.1% | -$743K-126.5% | -$328K+60.8% | -$836K |
| Financing Cash Flow | $166K+163.4% | -$262K-107.7% | $3.4M+334.7% | -$1.4M+48.2% | -$2.8M+57.1% | -$6.5M-94.1% | -$3.3M-4.0% | -$3.2M |
| Dividends Paid | N/A | N/A | 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 | N/A | N/A |
JUSHF Financial Ratios
| Metric | Q3'25 | Q2'25 | Q1'25 | Q3'24 | Q2'24 | Q1'24 | Q4'23 | Q3'23 |
|---|---|---|---|---|---|---|---|---|
| Gross Margin | 46.7%+2.2pp | 44.5%+4.1pp | 40.4%+1.8pp | 38.6%-11.8pp | 50.4%+1.0pp | 49.4%+9.2pp | 40.2%-3.4pp | 43.6% |
| Operating Margin | 3.6%-2.0pp | 5.5%+8.5pp | -2.9%-0.1pp | -2.8%-15.8pp | 13.0%+6.7pp | 6.3%+15.9pp | -9.6%-14.0pp | 4.3% |
| Net Margin | -36.1%-17.1pp | -19.0%+7.7pp | -26.7%-7.7pp | -18.9%-15.9pp | -3.0%+25.0pp | -28.0%-1.5pp | -26.6%+5.0pp | -31.5% |
| Return on Equity | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Return on Assets | -5.5%-2.6pp | -2.9%+1.1pp | -3.9%-1.1pp | -2.8%-2.4pp | -0.4%+3.6pp | -4.0%-0.1pp | -3.9%+0.3pp | -4.2% |
| Current Ratio | 0.63-0.4 | 1.02-0.1 | 1.13+0.1 | 1.05-0.2 | 1.20+0.7 | 0.510.0 | 0.50-0.3 | 0.76 |
| Debt-to-Equity | -1.53+0.9 | -2.47+0.4 | -2.92+0.7 | -3.65+4.4 | -8.09-2.4 | -5.73+14.5 | -20.22-39.4 | 19.14 |
| FCF Margin | 1.8%+11.2pp | -9.3%-14.8pp | 5.5%-2.1pp | 7.6%+0.0pp | 7.5%-0.7pp | 8.3%+5.1pp | 3.2%+2.8pp | 0.3% |
Note: Shareholder equity is negative (-$50.2M), 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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Frequently Asked Questions
What is Jushi Hldgs's annual revenue?
Jushi Hldgs (JUSHF) reported $257.5M in total revenue for fiscal year 2024. This represents a -4.4% 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 Jushi Hldgs's revenue growing?
Jushi Hldgs (JUSHF) revenue declined by 4.4% year-over-year, from $269.4M to $257.5M in fiscal year 2024.
Is Jushi Hldgs profitable?
No, Jushi Hldgs (JUSHF) reported a net income of -$48.8M in fiscal year 2024, with a net profit margin of -18.9%.
What is Jushi Hldgs's earnings per share (EPS)?
Jushi Hldgs (JUSHF) reported diluted earnings per share of $-0.25 for fiscal year 2024. This represents a 24.2% 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.
What is Jushi Hldgs's EBITDA?
Jushi Hldgs (JUSHF) had EBITDA of $40.8M in fiscal year 2024, measuring earnings before interest, taxes, depreciation, and amortization.
How much debt does Jushi Hldgs have?
As of fiscal year 2024, Jushi Hldgs (JUSHF) had $19.5M in cash and equivalents against $183.4M in long-term debt.
What is Jushi Hldgs's gross margin?
Jushi Hldgs (JUSHF) had a gross margin of 45.9% in fiscal year 2024, indicating the percentage of revenue retained after direct costs of goods sold.
What is Jushi Hldgs's operating margin?
Jushi Hldgs (JUSHF) had an operating margin of 4.2% in fiscal year 2024, reflecting the profitability of core business operations before interest and taxes.
What is Jushi Hldgs's net profit margin?
Jushi Hldgs (JUSHF) had a net profit margin of -18.9% in fiscal year 2024, representing the share of revenue converted into profit after all expenses.
What is Jushi Hldgs's free cash flow?
Jushi Hldgs (JUSHF) generated $16.9M in free cash flow during fiscal year 2024. This represents a 219.9% 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 Jushi Hldgs's operating cash flow?
Jushi Hldgs (JUSHF) generated $21.6M in operating cash flow during fiscal year 2024, representing cash generated from core business activities.
What are Jushi Hldgs's total assets?
Jushi Hldgs (JUSHF) had $440.3M in total assets as of fiscal year 2024, including both current and long-term assets.
What are Jushi Hldgs's capital expenditures?
Jushi Hldgs (JUSHF) invested $4.7M in capital expenditures during fiscal year 2024, funding long-term assets and infrastructure.
What is Jushi Hldgs's current ratio?
Jushi Hldgs (JUSHF) had a current ratio of 1.05 as of fiscal year 2024, which is considered adequate.
What is Jushi Hldgs's debt-to-equity ratio?
Jushi Hldgs (JUSHF) had a debt-to-equity ratio of -3.65 as of fiscal year 2024, measuring the company's financial leverage by comparing total debt to shareholder equity.
What is Jushi Hldgs's return on assets (ROA)?
Jushi Hldgs (JUSHF) had a return on assets of -11.1% for fiscal year 2024, measuring how efficiently the company uses its assets to generate profit.
Why is Jushi Hldgs's debt-to-equity ratio negative or unusual?
Jushi Hldgs (JUSHF) has negative shareholder equity of -$50.2M as of fiscal year 2024, which causes the debt-to-equity ratio to appear negative or not meaningful. 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 Jushi Hldgs's Altman Z-Score?
Jushi Hldgs (JUSHF) has an Altman Z-Score of -0.94, 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 Jushi Hldgs's Piotroski F-Score?
Jushi Hldgs (JUSHF) has a Piotroski F-Score of 6 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 7–9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.
Are Jushi Hldgs's earnings high quality?
Jushi Hldgs (JUSHF) has an earnings quality ratio of -0.44x, 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 Jushi Hldgs cover its interest payments?
Jushi Hldgs (JUSHF) has an interest coverage ratio of 0.3x, meaning it can struggle to 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.
How financially healthy is Jushi Hldgs?
Jushi Hldgs (JUSHF) scores 23 out of 100 on our Financial Profile, indicating weak overall financial health. This composite score evaluates six dimensions: profitability (operating margin), revenue growth, leverage (debt-to-equity), liquidity (current ratio), cash flow quality (free cash flow margin), and shareholder returns (return on equity). Each dimension is normalized against standard financial benchmarks. Learn more in our complete guide to financial health indicators.