What is Medicine Man's earnings per share (EPS)?

Medicine Man (SHWZ) reported diluted earnings per share of $-0.66 for fiscal year 2023. This represents a -34.7% 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.

Medicine Man Financials

SHWZ

Source SEC Filings (10-K/10-Q) Data as of Dec 31, 2023 Currency USD FYE December

This page shows Medicine Man (SHWZ) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 10 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 SHWZ FY2023 2026-04-22

Revenue growth is no longer translating into operating leverage, while cash conversion has improved enough to soften the strain.

From FY2022 to FY2023, free cash flow moved from -$7.3M to $4.3M even as net loss worsened, which means the cash engine improved while reported earnings moved the other way. With operating cash flow at $12.2M against an operating margin of 1.9%, depreciation and other non-cash charges are helping cash generation, but they are not solving the weaker profit structure.

FY2023's revenue increase to $172.4M did not bring operating leverage: gross margin fell to 44.1%, so each new sales dollar carried less gross profit into the cost base. That points to higher overhead absorption needs and weaker unit economics than FY2022, not a business getting easier to run as it grows.

Liquidity tightened as the current ratio slipped below 1.0x and cash fell to $19.2M, leaving less room for timing mismatches in working capital. With debt-to-equity at 1.3x and inventory of $25.8M above cash, near-term obligations depend more on converting assets into cash than on holding a large reserve.

Financial Health Signals

Financial health score pending refresh

We are recalculating Medicine Man'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

0.19

Medicine Man scores 0.19, below the 1.81 distress threshold. 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 Weak

2/9

Medicine Man passes 2 of 9 financial strength tests. 2 of 4 profitability signals pass, no leverage/liquidity signals pass (rising debt, declining liquidity, or share dilution), neither operating efficiency signal passes.

Earnings Quality Mixed

-0.35x

For every $1 of reported earnings, Medicine Man generates $-0.35 in operating cash flow ($12.2M OCF vs -$34.5M net income). This mixed ratio suggests some earnings may rely on non-cash accounting items.

Interest Coverage At Risk

0.1x

Medicine Man earns $0.1 in operating income for every $1 of interest expense ($3.3M vs $32.1M). This narrow margin raises concern about the company's ability to service its debt if operating income declines.

Key Financial Metrics

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Earnings & Revenue

Revenue

$172.4M

YoY+8.2%

5Y CAGR+78.8%

Medicine Man generated $172.4M in revenue in fiscal year 2023. This represents an increase of 8.2% from the prior year.

EBITDA

$24.2M

YoY+3.0%

5Y CAGR+60.8%

Medicine Man's EBITDA was $24.2M in fiscal year 2023, measuring earnings before interest, taxes, depreciation, and amortization. This represents an increase of 3.0% from the prior year.

Net Income

-$34.5M

YoY-87.1%

Medicine Man reported -$34.5M in net income in fiscal year 2023. This represents a decrease of 87.1% from the prior year.

EPS (Diluted)

$-0.66

YoY-34.7%

Medicine Man earned $-0.66 per diluted share (EPS) in fiscal year 2023. This represents a decrease of 34.7% from the prior year.

Cash & Balance Sheet

Free Cash Flow

$4.3M

YoY+159.3%

Medicine Man generated $4.3M in free cash flow in fiscal year 2023, representing cash available after capex. This represents an increase of 159.3% from the prior year.

Cash & Debt

$19.2M

YoY-50.6%

5Y CAGR+126.7%

Medicine Man held $19.2M in cash against $153.3M in long-term debt as of fiscal year 2023.

Dividends Per Share

N/A

Shares Outstanding

74M

YoY+34.0%

5Y CAGR+21.7%

Medicine Man had 74M shares outstanding in fiscal year 2023. This represents an increase of 34.0% from the prior year.

Margins & Returns

Gross Margin

44.1%

YoY-6.3pp

5Y CAGR-28.6pp

Medicine Man's gross margin was 44.1% in fiscal year 2023, indicating the percentage of revenue retained after direct costs. This is down 6.3 percentage points from the prior year.

Operating Margin

1.9%

YoY-6.2pp

5Y CAGR-21.1pp

Medicine Man's operating margin was 1.9% in fiscal year 2023, reflecting core business profitability. This is down 6.2 percentage points from the prior year.

Net Margin

-20.0%

YoY-8.4pp

5Y CAGR-30.1pp

Medicine Man's net profit margin was -20.0% in fiscal year 2023, showing the share of revenue converted to profit. This is down 8.4 percentage points from the prior year.

Return on Equity

-29.0%

YoY-15.0pp

5Y CAGR-34.5pp

Medicine Man's ROE was -29.0% in fiscal year 2023, measuring profit generated per dollar of shareholder equity. This is down 15.0 percentage points from the prior year.

Capital Allocation

R&D Spending

N/A

Share Buybacks

N/A

Capital Expenditures

$7.9M

YoY-43.8%

5Y CAGR+230.2%

Medicine Man invested $7.9M in capex in fiscal year 2023, funding long-term assets and infrastructure. This represents a decrease of 43.8% from the prior year.

SHWZ Income Statement

Metric	FY23	FY22	FY21	FY20	FY19	FY18
Revenue	$172.4M+8.2%	$159.4M+47.0%	$108.4M+351.7%	$24.0M+93.5%	$12.4M+31.3%	$9.4M
Cost of Revenue	$96.4M+21.9%	$79.1M+33.9%	$59.1M+242.9%	$17.2M+126.2%	$7.6M+195.5%	$2.6M
Gross Profit	$76.0M-5.3%	$80.3M+62.7%	$49.4M+628.5%	$6.8M+41.6%	$4.8M-30.3%	$6.9M
R&D Expenses	N/A	N/A	N/A	N/A	N/A	N/A
SG&A Expenses	$39.9M+37.5%	$29.0M+74.7%	$16.6M+267.3%	$4.5M+100.0%	$2.3M+105.2%	$1.1M
Operating Income	$3.3M-74.4%	$12.9M+23.5%	$10.4M+145.4%	-$22.9M-34.1%	-$17.1M-887.1%	$2.2M
Interest Expense	-$32.1M-6.4%	-$30.1M-529.7%	$7.0M+16818.2%	$41K+125.9%	-$160K	$0
Income Tax	$19.7M+32.5%	$14.9M+238.9%	$4.4M+588.9%	-$899K-54.2%	-$583K-200.0%	$583K
Net Income	-$34.5M-87.1%	-$18.5M-227.2%	$14.5M+174.8%	-$19.4M-14.4%	-$17.0M-1889.0%	$949K
EPS (Diluted)	$-0.66-34.7%	$-0.49-716.7%	$-0.06+87.2%	$-0.47+6.0%	$-0.50-1766.7%	$0.03

Metric	Q4'23	Q3'23	Q2'23	Q1'23	Q4'22	Q3'22	Q2'22	Q1'22
Revenue	$43.3M-7.3%	$46.7M+10.3%	$42.4M+5.9%	$40.0M-0.4%	$40.1M-7.0%	$43.2M-2.4%	$44.3M+39.3%	$31.8M
Cost of Revenue	$36.3M+43.4%	$25.3M+41.7%	$17.9M+5.2%	$17.0M-22.6%	$21.9M+27.2%	$17.2M-9.8%	$19.1M-8.3%	$20.8M
Gross Profit	$7.0M-67.2%	$21.4M-12.6%	$24.5M+6.5%	$23.0M+6.0%	$21.7M-3.4%	$22.5M-10.7%	$25.2M+130.0%	$10.9M
R&D Expenses	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
SG&A Expenses	$11.2M+16.4%	$9.6M+9.1%	$8.8M-13.5%	$10.2M+14.5%	$8.9M+35.3%	$6.6M-1.1%	$6.7M-2.8%	$6.9M
Operating Income	-$16.2M-282.0%	$8.9M+80.0%	$5.0M-12.3%	$5.6M+325.5%	-$2.5M-122.5%	$11.1M+23.0%	$9.0M+288.6%	-$4.8M
Interest Expense	-$8.1M+2.5%	-$8.3M-5.4%	-$7.9M-1.9%	-$7.7M-13.1%	-$6.8M+19.4%	-$8.5M-13.5%	-$7.5M-2.6%	-$7.3M
Income Tax	$4.5M-17.4%	$5.4M+5.8%	$5.1M+10.3%	$4.7M+28.1%	$3.6M-34.9%	$5.6M+27.0%	$4.4M+249.7%	$1.3M
Net Income	-$29.4M-9006.4%	-$322K+95.1%	-$6.6M-478.6%	$1.7M+106.4%	-$27.3M-1611.1%	$1.8M-94.7%	$33.8M+226.4%	-$26.8M
EPS (Diluted)	N/A	$-0.03+80.0%	$-0.15-150.0%	$-0.06	N/A	$0.00-100.0%	$0.24+139.3%	$-0.61

SHWZ Balance Sheet

Metric	FY23	FY22	FY21	FY20	FY19	FY18
Total Assets	$358.1M+10.9%	$322.9M+13.3%	$285.0M+303.3%	$70.7M+119.3%	$32.2M+76.9%	$18.2M
Current Assets	$53.7M-25.2%	$71.7M-42.3%	$124.4M+1974.3%	$6.0M-61.5%	$15.6M+618.2%	$2.2M
Cash & Equivalents	$19.2M-50.6%	$38.9M-63.4%	$106.4M+8541.7%	$1.2M-89.6%	$11.9M+3583.7%	$322K
Inventory	$25.8M+14.3%	$22.6M+102.8%	$11.1M+324.6%	$2.6M+282.4%	$685K+40.0%	$489K
Accounts Receivable	$4.3M-4.7%	$4.5M+15.6%	$3.9M+204.4%	$1.3M+305.5%	$313K-73.5%	$1.2M
Goodwill	$67.5M-28.7%	$94.6M+118.4%	$43.3M-18.3%	$53.0M+331.1%	$12.3M0.0%	$12.3M
Total Liabilities	$238.9M+25.2%	$190.7M+25.9%	$151.5M+423.9%	$28.9M+411.8%	$5.6M+392.1%	$1.1M
Current Liabilities	$55.5M+17.0%	$47.4M+4.7%	$45.3M+266.2%	$12.4M+121.4%	$5.6M+386.3%	$1.1M
Long-Term Debt	$153.3M+22.1%	$125.5M+28.8%	$97.5M+601.2%	$13.9M	N/A	N/A
Total Equity	$119.3M-9.7%	$132.2M-1.1%	$133.6M+219.7%	$41.8M+57.2%	$26.6M+55.7%	$17.1M
Retained Earnings	-$80.8M-74.7%	-$46.2M-66.5%	-$27.8M+34.3%	-$42.3M-85.4%	-$22.8M-290.6%	-$5.8M

Metric	Q4'23	Q3'23	Q2'23	Q1'23	Q4'22	Q3'22	Q2'22	Q1'22
Total Assets	$358.1M-3.4%	$370.6M+0.4%	$369.0M+14.1%	$323.4M+0.2%	$322.9M-2.0%	$329.6M+3.6%	$318.1M0.0%	$318.0M
Current Assets	$53.7M-16.6%	$64.4M-3.2%	$66.5M-10.2%	$74.1M+3.3%	$71.7M+0.2%	$71.6M+7.2%	$66.8M-6.4%	$71.4M
Cash & Equivalents	$19.2M-1.9%	$19.6M-1.2%	$19.9M-43.5%	$35.2M-9.7%	$38.9M+0.6%	$38.7M+14.4%	$33.9M-29.0%	$47.7M
Inventory	$25.8M-21.3%	$32.8M-3.1%	$33.8M+32.2%	$25.6M+13.4%	$22.6M+5.9%	$21.3M+9.9%	$19.4M+18.3%	$16.4M
Accounts Receivable	$4.3M-15.6%	$5.0M-18.3%	$6.2M+34.6%	$4.6M+2.6%	$4.5M-13.6%	$5.2M-10.0%	$5.8M+37.1%	$4.2M
Goodwill	$67.5M-11.9%	$76.6M+0.8%	$76.0M+17.8%	$64.5M-31.8%	$94.6M-5.0%	$99.6M-7.8%	$108.0M-9.0%	$118.7M
Total Liabilities	$238.9M+6.3%	$224.8M+1.8%	$220.9M+16.7%	$189.3M-0.8%	$190.7M+11.7%	$170.7M+5.9%	$161.2M-20.3%	$202.2M
Current Liabilities	$55.5M+10.0%	$50.4M+1.3%	$49.8M+18.6%	$42.0M-11.4%	$47.4M+57.7%	$30.0M+5.2%	$28.6M-59.4%	$70.3M
Long-Term Debt	$153.3M+1.6%	$150.9M+1.4%	$148.9M+16.1%	$128.2M+2.1%	$125.5M+2.1%	$122.9M+1.5%	$121.1M+2.7%	$117.9M
Total Equity	$119.3M-18.2%	$145.8M-1.5%	$148.1M+10.4%	$134.1M+1.5%	$132.2M-17.1%	$159.5M+1.4%	$157.3M+30.0%	$121.0M
Retained Earnings	-$80.8M-57.1%	-$51.4M-0.6%	-$51.1M-14.8%	-$44.5M+3.8%	-$46.2M-144.6%	-$18.9M+8.7%	-$20.7M+62.0%	-$54.6M

SHWZ Cash Flow Statement

Metric	FY23	FY22	FY21	FY20	FY19	FY18
Operating Cash Flow	$12.2M+82.3%	$6.7M-20.3%	$8.4M+185.7%	-$9.8M-29.7%	-$7.6M-545.5%	-$1.2M
Capital Expenditures	$7.9M-43.8%	$14.0M+148.5%	$5.6M+634.0%	$768K	N/A	$20K
Free Cash Flow	$4.3M+159.3%	-$7.3M-365.0%	$2.8M+126.1%	-$10.6M	N/A	-$1.2M
Investing Cash Flow	-$26.4M+64.7%	-$75.0M+7.6%	-$81.2M-144.3%	-$33.2M-2874.6%	-$1.1M-334.9%	-$257K
Financing Cash Flow	-$5.5M-747.4%	$844K-99.5%	$177.9M+457.8%	$31.9M+57.9%	$20.2M+1920.3%	$1.0M
Dividends Paid	N/A	N/A	N/A	$60K	N/A	N/A
Share Buybacks	N/A	N/A	N/A	N/A	N/A	N/A

Metric	Q4'23	Q3'23	Q2'23	Q1'23	Q4'22	Q3'22	Q2'22	Q1'22
Operating Cash Flow	$3.5M-50.3%	$6.9M+158.8%	$2.7M+405.0%	-$880K-114.1%	$6.3M-39.2%	$10.3M+176.4%	-$13.5M-472.3%	$3.6M
Capital Expenditures	$1.1M-46.7%	$2.1M+15.2%	$1.8M-38.5%	$2.9M+94.7%	$1.5M-72.5%	$5.4M+22.6%	$4.4M+67.7%	$2.6M
Free Cash Flow	$2.4M-51.8%	$4.9M+447.0%	$893K+123.5%	-$3.8M-179.6%	$4.8M-2.0%	$4.9M+127.1%	-$17.9M-1930.5%	$979K
Investing Cash Flow	-$1.2M+75.3%	-$4.7M+73.1%	-$17.6M-507.2%	-$2.9M+48.2%	-$5.6M-3.0%	-$5.4M-235.4%	-$1.6M+97.4%	-$62.3M
Financing Cash Flow	-$2.7M-8.4%	-$2.5M	N/A	N/A	-$437K	$0+100.0%	-$27.1M-195.5%	$28.4M
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

SHWZ Financial Ratios

Metric	FY23	FY22	FY21	FY20	FY19	FY18
Gross Margin	44.1%-6.3pp	50.4%+4.9pp	45.5%+17.3pp	28.2%-10.3pp	38.6%-34.1pp	72.7%
Operating Margin	1.9%-6.2pp	8.1%-1.5pp	9.6%+105.0pp	-95.4%+42.3pp	-137.8%-160.7pp	23.0%
Net Margin	-20.0%-8.4pp	-11.6%-25.0pp	13.4%+94.3pp	-80.9%+56.0pp	-136.9%-146.9pp	10.1%
Return on Equity	-29.0%-15.0pp	-14.0%-24.8pp	10.9%+57.4pp	-46.5%+17.4pp	-63.9%-69.4pp	5.6%
Return on Assets	-9.7%-3.9pp	-5.7%-10.8pp	5.1%+32.6pp	-27.5%+25.2pp	-52.7%-57.9pp	5.2%
Current Ratio	0.97-0.5	1.51-1.2	2.75+2.3	0.49-2.3	2.79+0.9	1.89
Debt-to-Equity	1.28+0.3	0.95+0.2	0.73+0.4	0.33+0.1	0.21+0.1	0.07
FCF Margin	2.5%+7.1pp	-4.6%-7.1pp	2.5%+46.6pp	-44.0%	N/A	-12.6%

Metric	Q4'23	Q3'23	Q2'23	Q1'23	Q4'22	Q3'22	Q2'22	Q1'22
Gross Margin	16.2%-29.6pp	45.9%-12.0pp	57.9%+0.3pp	57.6%+3.5pp	54.1%+2.1pp	52.0%-4.8pp	56.8%+22.4pp	34.4%
Operating Margin	-37.5%-56.6pp	19.1%+7.4pp	11.7%-2.4pp	14.1%+20.4pp	-6.2%-32.0pp	25.7%+5.3pp	20.4%+35.5pp	-15.1%
Net Margin	-67.8%-67.1pp	-0.7%+14.9pp	-15.6%-20.0pp	4.4%+72.5pp	-68.1%-72.3pp	4.2%-72.3pp	76.4%+160.7pp	-84.3%
Return on Equity	-24.6%-24.4pp	-0.2%+4.2pp	-4.5%-5.8pp	1.3%+22.0pp	-20.7%-21.8pp	1.1%-20.4pp	21.5%+43.6pp	-22.1%
Return on Assets	-8.2%-8.1pp	-0.1%+1.7pp	-1.8%-2.3pp	0.5%+9.0pp	-8.5%-9.0pp	0.5%-10.1pp	10.6%+19.1pp	-8.4%
Current Ratio	0.97-0.3	1.28-0.1	1.34-0.4	1.77+0.3	1.51-0.9	2.38+0.0	2.34+1.3	1.02
Debt-to-Equity	1.28+0.2	1.03+0.0	1.01+0.0	0.960.0	0.95+0.2	0.770.0	0.77-0.2	0.97
FCF Margin	5.4%-5.0pp	10.4%+8.3pp	2.1%+11.6pp	-9.5%-21.3pp	11.9%+0.6pp	11.3%+51.7pp	-40.5%-43.6pp	3.1%

Note: The current ratio is below 1.0 (0.97), indicating current liabilities exceed current assets, which may suggest potential short-term liquidity concerns.

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Frequently Asked Questions

What is Medicine Man's annual revenue?

Medicine Man (SHWZ) reported $172.4M in total revenue for fiscal year 2023. This represents a 8.2% 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 Medicine Man's revenue growing?

Medicine Man (SHWZ) revenue grew by 8.2% year-over-year, from $159.4M to $172.4M in fiscal year 2023.

Is Medicine Man profitable?

No, Medicine Man (SHWZ) reported a net income of -$34.5M in fiscal year 2023, with a net profit margin of -20.0%.

What is Medicine Man's EBITDA?

Medicine Man (SHWZ) had EBITDA of $24.2M in fiscal year 2023, measuring earnings before interest, taxes, depreciation, and amortization.

How much debt does Medicine Man have?

As of fiscal year 2023, Medicine Man (SHWZ) had $19.2M in cash and equivalents against $153.3M in long-term debt.

What is Medicine Man's gross margin?

Medicine Man (SHWZ) had a gross margin of 44.1% in fiscal year 2023, indicating the percentage of revenue retained after direct costs of goods sold.

What is Medicine Man's operating margin?

Medicine Man (SHWZ) had an operating margin of 1.9% in fiscal year 2023, reflecting the profitability of core business operations before interest and taxes.

What is Medicine Man's net profit margin?

Medicine Man (SHWZ) had a net profit margin of -20.0% in fiscal year 2023, representing the share of revenue converted into profit after all expenses.

What is Medicine Man's return on equity (ROE)?

Medicine Man (SHWZ) has a return on equity of -29.0% for fiscal year 2023, measuring how efficiently the company generates profit from shareholder equity.

What is Medicine Man's free cash flow?

Medicine Man (SHWZ) generated $4.3M in free cash flow during fiscal year 2023. This represents a 159.3% 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 Medicine Man's operating cash flow?

Medicine Man (SHWZ) generated $12.2M in operating cash flow during fiscal year 2023, representing cash generated from core business activities.

What are Medicine Man's total assets?

Medicine Man (SHWZ) had $358.1M in total assets as of fiscal year 2023, including both current and long-term assets.

What are Medicine Man's capital expenditures?

Medicine Man (SHWZ) invested $7.9M in capital expenditures during fiscal year 2023, funding long-term assets and infrastructure.

How many shares does Medicine Man have outstanding?

Medicine Man (SHWZ) had 74M shares outstanding as of fiscal year 2023.

What is Medicine Man's current ratio?

Medicine Man (SHWZ) had a current ratio of 0.97 as of fiscal year 2023, which is below 1.0, which may suggest potential liquidity concerns.

What is Medicine Man's debt-to-equity ratio?

Medicine Man (SHWZ) had a debt-to-equity ratio of 1.28 as of fiscal year 2023, measuring the company's financial leverage by comparing total debt to shareholder equity.

What is Medicine Man's return on assets (ROA)?

Medicine Man (SHWZ) had a return on assets of -9.7% for fiscal year 2023, measuring how efficiently the company uses its assets to generate profit.

What is Medicine Man's Altman Z-Score?

Medicine Man (SHWZ) has an Altman Z-Score of 0.19, 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 Medicine Man's Piotroski F-Score?

Medicine Man (SHWZ) has a Piotroski F-Score of 2 out of 9, indicating weak 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 Medicine Man's earnings high quality?

Medicine Man (SHWZ) has an earnings quality ratio of -0.35x, 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 Medicine Man cover its interest payments?

Medicine Man (SHWZ) has an interest coverage ratio of 0.1x, 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.