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ZYBERNO

Stock Report

Updated Aug 31, 2026

ASCEND WELLNESS HOLDINGS, INC. (AAWH)

Healthcare • OTC

$0.40

Professional Investment Analysis

ZYBERNO SCORE →

Is it a great business? Is it getting better?

10.0/100

POOR BUSINESS

ASCEND WELLNESS HOLDINGS, INC. (AAWH) scores 10/100 — concerning metrics indicating significant structural or financial risks.

📊 How is the Zyberno Score calculated? +

The Zyberno Score answers one question: "Is this a quality business worth owning?" It's a 0-100 investment grade that evaluates business fundamentals across four critical dimensions, based on principles from Warren Buffett, Benjamin Graham, Peter Lynch, and Charlie Munger.

The 4 Core Categories (25 points each):

1. PROFITABILITY (25 pts)

Metrics: ROE, ROIC, Net Margin, Operating Margin
Thresholds: ROE >20% excellent • ROIC >20% excellent • Net Margin >20% excellent • Operating Margin >25% excellent

2. FINANCIAL STRENGTH (25 pts)

Metrics: Debt-to-Equity, Current Ratio, Interest Coverage, Altman Z-Score
Thresholds: D/E <0.3 excellent • Current Ratio >2.5 excellent • Interest Coverage >10x excellent • Altman Z >3.0 safe

3. CASH FLOW QUALITY (25 pts)

Metrics: Free Cash Flow, OCF vs Net Income, FCF Margin
Thresholds: Positive & growing FCF excellent • OCF/NI >1.2x excellent (cash earnings exceed accounting)

4. GROWTH & CONSISTENCY (25 pts)

Metrics: Revenue Growth, Net Income Growth, FCF Growth, Piotroski F-Score
Thresholds: Growth via log-linear regression • Piotroski 8-9 excellent, 6-7 good

Score Interpretation:

75-100

GREAT BUSINESS

65-74

GOOD BUSINESS

50-64

AVERAGE BUSINESS

30-49

WEAK BUSINESS

0-29

POOR BUSINESS

→ View full AAWH quality analysis & detailed breakdown

VALUATION SIGNAL

N/A (Requires more data)

Requires fair value calculation and current price data

💰 How is Margin of Safety calculated? +

Margin of Safety measures how much discount or premium you're paying relative to a stock's intrinsic value. It's Benjamin Graham's core principle: the larger the margin, the lower your downside risk.

Formula: (Intrinsic Value − Current Price) ÷ Intrinsic Value × 100%

How We Calculate Intrinsic Value (DCF Method):

Step 1: Calculate current Owner Earnings (OCF − Maintenance CapEx)

Step 2: Calculate company-specific growth rate using log-linear regression on 16 quarters of Owner Earnings

Step 3: Project 10 years forward using the calculated growth rate

Step 4: Discount each year's cash flow to present value using 10% discount rate

Step 5: Calculate terminal value using 3% perpetual growth rate

Step 6: Sum all discounted cash flows = Intrinsic Value

What The Percentages Mean:

+50% or more

EXCELLENT — Very undervalued

+25% to +50%

GOOD — Attractive discount

0% to +25%

FAIR — Reasonable value

0% to -25%

CAUTION — Slight premium

-25% or worse

POOR — Overvalued

"Price is what you pay, value is what you get." — Warren Buffett

→ View full AAWH valuation analysis · → View full AAWH Brina Gap analysis

📈 How is Brina Gap calculated? +

Brina Gap measures the difference between the growth a business can fundamentally sustain and the growth the market is already pricing in.

Formula: Fundamental Growth Rate − Market-Implied Growth Rate

The Two Components:

Fundamental Growth Rate = ROIC × Reinvestment Rate

What the business can sustainably grow at based on how much it reinvests and what return it earns on that capital. Grounded in historical financials.

Market-Implied Growth Rate = Reverse DCF

The growth rate the current Enterprise Value implicitly assumes. Calculated by back-solving a 10-year DCF model (10% WACC, 3% terminal growth) until the present value of projected cash flows equals EV.

What The Gap Means:

Gap > +5% Market Underestimates — potential upside

+2% to +5% Slight Underestimate

-2% to +2% Fairly Priced — market consensus matches fundamentals

-5% to -2% Slight Overestimate

Gap < -5% Market Overestimates — price embeds optimism fundamentals don't support

A positive gap (market underestimates) combined with a positive Margin of Safety is the strongest combined signal — the business is both cheap historically and forward economics are stronger than the price suggests.

Critical Financial Health Indicators

Return on Equity (Profitability):CRITICAL (0.0%)

Debt-to-Equity (Solvency Risk):EXCELLENT (0.00x)

Operating Margin (Operational Efficiency):CRITICAL (-2.2%)

Return on Capital (Capital Efficiency):CRITICAL (-3.8%)

📊 Valuation Trilogy

Three interconnected metrics for complete valuation analysis

Click any metric for full methodology and detailed analysis

Zyberno's Verdict

ASCEND WELLNESS HOLDINGS, INC. (AAWH) stock report — Zyberno Score 10/100 (POOR BUSINESS). Full financial analysis on Zyberno.

Over the trailing twelve months, AAWH generated -$12.06M in Owner Earnings. Capital was deployed as follows: $24.77M invested in capital expenditures. Reinvestment rate: 445.4%.

DIVISION I: EXECUTIVE SUMMARY

A. Market Valuation

Market Price & Capitalization (2)

Current Price:0.40

Market Cap:$80.19M

Valuation Multiples (2)

P/S Ratio:0.16x

Peg Ratio:-999.00x

Enterprise Metrics (2)

Enterprise Value:$376.63M

Ev Ebitda Ratio:4.31x

Price Action & Momentum (3)

12-1 Momentum:

+6.1% (84th pctile)

📈 Click to view full AAWH Momentum analysis →

Momentum Percentile:84 / 100

% of 52-Week High:32.9%

B. Profitability Assessment

Return Metrics (4)

ROA:-12.8%

Roic:

-3.8%

📊 Click to view full AAWH ROIC analysis →

Reinvestment Rate:445.4%

Fundamental Growth Rate (g):-16.9%

Margin Analysis (3)

Operating Margin Ttm:-2.2%

Net Margin Ttm:-23.3%

Ebitda Margin:17.9%

TTM Performance (3)

Gross Margin Ttm:36.7%

Operating Margin Ttm:-2.2%

Net Margin Ttm:-23.3%

Yield Metrics (2)

Earnings Yield:-$137.35

Dividend Yield:0.0%

C. Log-Linear Regression Growth Trends

Earnings Surprise (SUE) (3)

Earnings Surprise (SUE):

+0.17

📊 Click to view full AAWH Earnings Surprise analysis →

EPS Surprise vs Expected:37.5%

Latest Earnings Filed:2026-08-12

Revenue Growth (Linear) (1)

Revenue Growth Rate (Linear):1.1%

Cash Flow Growth (Linear) (1)

Operating Cash Flow Growth Rate (Linear):0.9%

Operating Growth (Linear) (1)

Operating Income Growth Rate (Linear):42.5%

D. Financial Stability

Liquidity Ratios (3)

Current Ratio:1.66x

Quick Ratio:0.93x

Cash Ratio:0.59x

Leverage Analysis (1)

Debt To Ebitda:4.16x

Coverage Ratios (2)

Interest Coverage Ratio:-0.25x

Times Interest Earned:-0.25

Capital Structure (4)

Working Capital:74,224,000.00

Cash And Cash Equivalents:67,000,000.00

Long Term Debt:$293.52M

Net Debt:$296.44M

DIVISION II: FINANCIAL STATEMENTS ANALYSIS

A. Income Statement Analysis

Revenue Components (2)

Revenue TTM: $488.33M

Linear Growth: 1.1%

📊 Click to view full AAWH Revenue analysis & methodology →

Cost Of Revenue Ttm:$309.23M

Profitability Breakdown (2)

Gross profit TTM: $179.10M

Linear Growth: 5.6%

📊 Click to view full AAWH Gross Profit analysis & methodology →

Operating income TTM: -$10.67M

Linear Growth: 42.5%

📊 Click to view full AAWH Operating Income analysis & methodology →

Bottom Line Performance (3)

-$113.83M

Income Before Tax:-$79.13M

Ebitda Ttm:87,303,000.00

Operating Expenses (5)

Operating Expenses:158,739,000.00

R And D Expense:0.00

Sga Expense:172,770,000.00

Income Tax Expense:$34.70M

Interest Expense:69,100,000.00

Expense Ratios (3)

R And D To Revenue Percentage:0.0%

Sga To Revenue Percentage:137.0%

Ebitda Margin:17.9%

B. Balance Sheet Analysis

Asset Composition (5)

Total Assets:$888.32M

Current Assets:$186.87M

Ppe Net:0.00

Goodwill:65,368,000.00

Intangible Assets:$195.96M

Liability Structure (4)

Total Liabilities:973,410,000.00

Current Liabilities:112,643,000.00

Long Term Debt:$293.52M

Short Term Debt:$69.92M

Equity & Capital (3)

Equity:-$85.09M

Retained Earnings:-$557.85M

Common Stock:35,000.00

Working Capital Items (3)

Accounts Receivable:26,261,000.00

Inventory:82,265,000.00

Accounts Payable:27,867,000.00

Special Items (2)

Contract Liabilities:1,088,000.00

Stock Based Compensation:499,000.00

C. Cash Flow Analysis

Operating Activities (2)

Operating cash flow TTM: $12.70M

Linear Growth: 87.0%

-$12.06M

Investment Activities (2)

Investing Cash Flow:-$4.75M

Capital Expenditures Ttm:24,766,000.00

Financing Activities (3)

Financing Cash Flow:-$592.00K

Dividends Paid Ttm:0.00

Stock Repurchase:0.00

Capital Transactions (3)

Common Stock Issuance:0.00

Long Term Debt Issuance:$0.00

Long Term Debt Repayments:$47.00K

Non-Cash Items (1)

Depreciation Amortization Ttm:97,973,000.00

DIVISION III: OPERATIONAL METRICS

A. Per Share Analysis

Earnings Per Share (3)

EPS (Basic TTM):-0.57

-$0.57

Earnings Per Share Ttm:-$0.56

Revenue & Cash Per Share (2)

Sales Per Share Ttm:2.41

Operating Cash Flow Per Share:$0.19

Book Value & Capital (2)

Book Value Per Share:-$0.42

Cash Per Share:0.33

Dividend Policy (1)

Dividend Payout Ratio:-999.00x

B. Operational Efficiency

Asset Utilization (2)

Asset Turnover Ttm:0.55x

Working Capital Turnover Ttm:6.58x

Receivables Management (2)

Receivables Turnover Ttm:18.60x

Days Sales Outstanding Ttm:19.63

Inventory Management (2)

Inventory Turnover Ttm:3.76x

Days Inventory Outstanding Ttm:97.10

Payables & Cash Cycle (2)

Days Payable Outstanding:32.89

Cash Conversion Cycle:83.84

C. Quality & Risk Metrics

Financial Quality Scores (2)

Financial Strength Score:40.00

Quality Score:35.00

Market Metrics (2)

Beta:0.00x

Volatility Category:unknown

DIVISION IV: INVESTMENT ANALYSIS

A. Value Investment Framework

Owner Earnings Analysis (1)

-$12.06M

Damodaran Growth Analysis (2)

Reinvestment Rate:445.4%

Fundamental Growth Rate (g):-16.9%

B. Log-Linear Regression Growth Analysis

Growth Rates (Log-Linear Regression) (2)

Revenue Growth Rate (Linear):1.1%

Operating Income Growth Rate (Linear):42.5%

Cash Flow Growth Rates (1)

Operating Cash Flow Growth Rate (Linear):0.9%

Other Growth Rates (2)

Gross Profit Growth Rate (Linear):5.6%

Book Value Growth Rate (Linear):-50.0%

C. Company Profile & Context

Corporate Information (6)

Symbol:AAWH

Company Name:ASCEND WELLNESS HOLDINGS, INC.

Sector:Healthcare

Industry:Pharmaceuticals

Exchange:OTC

Country:United States

Market Classification (3)

Market Cap Category:N/A

Price Category:penny

Volume Category:N/A

Share Structure (3)

Shares Outstanding:203.01M

Shares Outstanding Basic:203.01M

Shares Outstanding Diluted:203.01M

Data Processing Info (3)

Processing Version:v3.0

Last Updated:2026-08-31 15:59:42 UTC

Data Timestamp:2026-08-19T12:59:59.720732