Marimed Financials
This page shows Marimed (MRMD) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 15 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).
Modest sales growth has been overwhelmed by a gross-margin and financing squeeze, pushing MariMed’s operating model into contraction.
FY2025’s positive free cash flow of$6.5M masks a weaker core business. Operating margin moved from1.7% to-1.8% , so cash turned positive mainly because capital spending fell sharply, not because the underlying earnings engine recovered.
The business has become more working-capital hungry: inventory ended FY2025 at
MariMed still produced operating cash flow of
Financial Health Signals
We are recalculating Marimed'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.
Marimed scores -0.02, below the 1.81 distress threshold. The score is driven primarily by a large market capitalization ($27.6M) relative to total liabilities ($137.8M). 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.
Marimed passes 4 of 9 financial strength tests. 2 of 4 profitability signals pass, 1 of 3 leverage/liquidity signals pass, 1 of 2 efficiency signals pass.
For every $1 of reported earnings, Marimed generates $-0.53 in operating cash flow ($7.7M OCF vs -$14.5M net income). This mixed ratio suggests some earnings may rely on non-cash accounting items.
Marimed earns $-0.4 in operating income for every $1 of interest expense (-$2.8M vs $7.5M). This narrow margin raises concern about the company's ability to service its debt if operating income declines.
Key Financial Metrics
Earnings & Revenue
Marimed generated $159.8M in revenue in fiscal year 2025. This represents an increase of 1.3% from the prior year.
Marimed's EBITDA was $5.3M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization. This represents a decrease of 49.7% from the prior year.
Marimed reported -$14.5M in net income in fiscal year 2025. This represents a decrease of 16.2% from the prior year.
Marimed earned $-0.04 per diluted share (EPS) in fiscal year 2025. This represents a decrease of 33.3% from the prior year.
Cash & Balance Sheet
Marimed generated $6.5M in free cash flow in fiscal year 2025, representing cash available after capex. This represents an increase of 226.1% from the prior year.
Marimed held $8.9M in cash against $76.0M in long-term debt as of fiscal year 2025.
Marimed had 397M shares outstanding in fiscal year 2025. This represents an increase of 4.0% from the prior year.
Margins & Returns
Marimed's gross margin was 36.2% in fiscal year 2025, indicating the percentage of revenue retained after direct costs. This is down 3.5 percentage points from the prior year.
Marimed's operating margin was -1.8% in fiscal year 2025, reflecting core business profitability. This is down 3.4 percentage points from the prior year.
Marimed's net profit margin was -9.1% in fiscal year 2025, showing the share of revenue converted to profit. This is down 1.1 percentage points from the prior year.
Marimed's ROE was -29.0% in fiscal year 2025, measuring profit generated per dollar of shareholder equity. This is down 7.7 percentage points from the prior year.
Capital Allocation
Marimed invested $1.2M in capex in fiscal year 2025, funding long-term assets and infrastructure. This represents a decrease of 90.2% from the prior year.
MRMD Income Statement
| Metric | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 |
|---|---|---|---|---|---|---|---|---|
| Revenue | $39.5M-5.0% | $41.5M+1.9% | $40.8M+2.9% | $39.6M+4.5% | $37.9M-2.2% | $38.7M-4.6% | $40.6M+0.4% | $40.4M |
| Cost of Revenue | $24.2M-22.3% | $31.1M+27.7% | $24.4M+3.5% | $23.6M+3.3% | $22.8M-13.2% | $26.3M+10.4% | $23.8M+1.2% | $23.5M |
| Gross Profit | $15.3M+46.9% | $10.4M-36.5% | $16.4M+2.1% | $16.0M+6.2% | $15.1M+21.2% | $12.4M-25.8% | $16.8M-0.8% | $16.9M |
| R&D Expenses | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| SG&A Expenses | $6.9M-1.0% | $7.0M+5.5% | $6.6M+3.9% | $6.3M+1.5% | $6.3M-4.9% | $6.6M+7.8% | $6.1M-10.3% | $6.8M |
| Operating Income | $125K+102.7% | -$4.7M-390.8% | $1.6M+40.1% | $1.1M+225.4% | -$910K+46.9% | -$1.7M-227.4% | $1.3M+40.7% | $956K |
| Interest Expense | $2.0M-8.2% | $2.2M+18.0% | $1.8M+3.6% | $1.8M0.0% | $1.8M-6.6% | $1.9M+10.6% | $1.7M-1.1% | $1.7M |
| Income Tax | $2.7M+198.7% | -$2.7M-197.4% | $2.8M+299.3% | $691K-75.6% | $2.8M-42.8% | $4.9M+655.4% | $655K-24.4% | $866K |
| Net Income | -$3.8M+20.4% | -$4.8M-61.3% | -$2.9M-132.3% | -$1.3M+77.0% | -$5.5M+35.3% | -$8.5M-746.1% | -$1.0M+39.1% | -$1.7M |
| EPS (Diluted) | $-0.01 | N/A | $-0.01 | $0.00+100.0% | $-0.01 | N/A | $0.00 | $0.00 |
MRMD Balance Sheet
| Metric | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 |
|---|---|---|---|---|---|---|---|---|
| Total Assets | $201.2M-0.7% | $202.6M-1.5% | $205.6M+0.6% | $204.4M-1.7% | $208.0M+0.5% | $207.0M-2.7% | $212.7M+2.0% | $208.5M |
| Current Assets | $60.8M+2.5% | $59.3M-1.3% | $60.1M+5.2% | $57.1M-1.5% | $58.0M+8.4% | $53.5M-5.6% | $56.7M+6.8% | $53.1M |
| Cash & Equivalents | $7.9M-10.7% | $8.9M+34.7% | $6.6M+7.5% | $6.1M-14.8% | $7.2M-1.1% | $7.3M-25.6% | $9.8M-4.0% | $10.2M |
| Inventory | $39.3M+7.4% | $36.6M-8.6% | $40.0M+3.1% | $38.8M+3.4% | $37.6M+12.2% | $33.5M-4.3% | $35.0M+12.3% | $31.1M |
| Accounts Receivable | $9.4M+3.6% | $9.1M+14.6% | $8.0M+3.5% | $7.7M-16.3% | $9.2M+5.0% | $8.7M+19.4% | $7.3M-5.5% | $7.7M |
| Goodwill | $24.0M0.0% | $24.0M+5.9% | $22.7M+13.0% | $20.1M+2.9% | $19.5M+23.2% | $15.8M0.0% | $15.8M0.0% | $15.8M |
| Total Liabilities | $147.7M+7.2% | $137.8M+0.9% | $136.6M+4.1% | $131.2M-2.1% | $134.1M+3.6% | $129.4M+2.9% | $125.8M+4.1% | $120.9M |
| Current Liabilities | $63.8M+7.9% | $59.1M+4.4% | $56.6M+11.1% | $50.9M-7.9% | $55.3M+10.6% | $50.0M+12.1% | $44.6M+9.7% | $40.7M |
| Long-Term Debt | $82.5M+8.5% | $76.0M-0.3% | $76.2M-1.6% | $77.5M+0.1% | $77.4M-1.1% | $78.2M-1.5% | $79.4M-0.1% | $79.5M |
| Total Equity | $46.5M-7.0% | $50.0M-7.9% | $54.3M-4.6% | $56.9M-1.5% | $57.8M-1.2% | $58.5M-12.1% | $66.6M-1.1% | $67.3M |
| Retained Earnings | -$131.7M-3.0% | -$127.9M-3.8% | -$123.3M-3.8% | -$118.8M-1.1% | -$117.6M-3.6% | -$113.4M-9.2% | -$103.9M-1.0% | -$102.9M |
MRMD Cash Flow Statement
| Metric | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 |
|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | $949K-72.3% | $3.4M+28.1% | $2.7M+801.0% | $297K-77.0% | $1.3M+413.1% | -$413K-151.4% | $803K-74.8% | $3.2M |
| Capital Expenditures | $373K+1030.3% | $33K-94.1% | $559K+80.9% | $309K+16.2% | $266K-74.9% | $1.1M-58.8% | $2.6M-48.3% | $5.0M |
| Free Cash Flow | $576K-83.0% | $3.4M+60.4% | $2.1M+17741.7% | -$12K-101.2% | $1.0M+169.8% | -$1.5M+16.6% | -$1.8M+1.1% | -$1.8M |
| Investing Cash Flow | -$753K-282.2% | -$197K+61.7% | -$514K+7.2% | -$554K-381.7% | -$115K+90.4% | -$1.2M+43.5% | -$2.1M+77.7% | -$9.5M |
| Financing Cash Flow | -$1.1M-21.1% | -$944K+44.6% | -$1.7M-111.4% | -$806K+36.0% | -$1.3M-41.0% | -$893K-197.4% | $917K-30.3% | $1.3M |
| 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 |
MRMD Financial Ratios
| Metric | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 |
|---|---|---|---|---|---|---|---|---|
| Gross Margin | 38.7%+13.7pp | 25.0%-15.1pp | 40.1%-0.3pp | 40.5%+0.7pp | 39.8%+7.7pp | 32.1%-9.2pp | 41.3%-0.5pp | 41.8% |
| Operating Margin | 0.3%+11.5pp | -11.2%-15.1pp | 3.9%+1.0pp | 2.9%+5.3pp | -2.4%+2.0pp | -4.4%-7.7pp | 3.3%+0.9pp | 2.4% |
| Net Margin | -9.6%+1.9pp | -11.5%-4.2pp | -7.2%-4.0pp | -3.2%+11.3pp | -14.5%+7.4pp | -22.0%-19.5pp | -2.5%+1.6pp | -4.1% |
| Return on Equity | -8.1%+1.4pp | -9.5%-4.1pp | -5.4%-3.2pp | -2.2%+7.3pp | -9.5%+5.0pp | -14.5%-13.0pp | -1.5%+0.9pp | -2.5% |
| Return on Assets | -1.9%+0.5pp | -2.4%-0.9pp | -1.4%-0.8pp | -0.6%+2.0pp | -2.6%+1.5pp | -4.1%-3.6pp | -0.5%+0.3pp | -0.8% |
| Current Ratio | 0.95-0.1 | 1.00-0.1 | 1.06-0.1 | 1.12+0.1 | 1.05-0.0 | 1.07-0.2 | 1.27-0.0 | 1.30 |
| Debt-to-Equity | 1.77+0.3 | 1.52+0.1 | 1.40+0.0 | 1.36+0.0 | 1.340.0 | 1.34+0.1 | 1.19+0.0 | 1.18 |
| FCF Margin | 1.5%-6.7pp | 8.2%+3.0pp | 5.2%+5.2pp | -0.0%-2.7pp | 2.7%+6.5pp | -3.8%+0.5pp | -4.3%+0.1pp | -4.4% |
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Frequently Asked Questions
What is Marimed's annual revenue?
Marimed (MRMD) reported $159.8M in total revenue for fiscal year 2025. This represents a 1.3% 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 Marimed's revenue growing?
Marimed (MRMD) revenue grew by 1.3% year-over-year, from $157.7M to $159.8M in fiscal year 2025.
Is Marimed profitable?
No, Marimed (MRMD) reported a net income of -$14.5M in fiscal year 2025, with a net profit margin of -9.1%.
What is Marimed's EBITDA?
Marimed (MRMD) had EBITDA of $5.3M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization.
How much debt does Marimed have?
As of fiscal year 2025, Marimed (MRMD) had $8.9M in cash and equivalents against $76.0M in long-term debt.
What is Marimed's gross margin?
Marimed (MRMD) had a gross margin of 36.2% in fiscal year 2025, indicating the percentage of revenue retained after direct costs of goods sold.
What is Marimed's operating margin?
Marimed (MRMD) had an operating margin of -1.8% in fiscal year 2025, reflecting the profitability of core business operations before interest and taxes.
What is Marimed's net profit margin?
Marimed (MRMD) had a net profit margin of -9.1% in fiscal year 2025, representing the share of revenue converted into profit after all expenses.
What is Marimed's return on equity (ROE)?
Marimed (MRMD) has a return on equity of -29.0% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.
What is Marimed's free cash flow?
Marimed (MRMD) generated $6.5M in free cash flow during fiscal year 2025. This represents a 226.1% 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 Marimed's operating cash flow?
Marimed (MRMD) generated $7.7M in operating cash flow during fiscal year 2025, representing cash generated from core business activities.
What are Marimed's total assets?
Marimed (MRMD) had $202.6M in total assets as of fiscal year 2025, including both current and long-term assets.
What are Marimed's capital expenditures?
Marimed (MRMD) invested $1.2M in capital expenditures during fiscal year 2025, funding long-term assets and infrastructure.
What is Marimed's current ratio?
Marimed (MRMD) had a current ratio of 1.00 as of fiscal year 2025, which is considered adequate.
What is Marimed's debt-to-equity ratio?
Marimed (MRMD) had a debt-to-equity ratio of 1.52 as of fiscal year 2025, measuring the company's financial leverage by comparing total debt to shareholder equity.
What is Marimed's return on assets (ROA)?
Marimed (MRMD) had a return on assets of -7.1% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.
What is Marimed's Altman Z-Score?
Marimed (MRMD) has an Altman Z-Score of -0.02, 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 Marimed's Piotroski F-Score?
Marimed (MRMD) has a Piotroski F-Score of 4 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 Marimed's earnings high quality?
Marimed (MRMD) has an earnings quality ratio of -0.53x, 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 Marimed cover its interest payments?
Marimed (MRMD) has an interest coverage ratio of -0.4x, 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.