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ZYBERNO

Stock Report

Updated Sep 2, 2026

BLUM HOLDINGS, INC. (BLMH)

Consumer Discretionary • OTC

$0.19

Professional Investment Analysis

ZYBERNO SCORE →

Is it a great business? Is it getting better?

28.0/100

POOR BUSINESS

BLUM HOLDINGS, INC. (BLMH) scores 28/100 — 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 BLMH quality analysis & detailed breakdown

VALUATION SIGNAL

MARGIN OF SAFETY

Is this stock cheap or expensive relative to what the business has historically generated for owners?

Margin of Safety unavailable — insufficient data for the owner-earnings DCF.

BRINA GAP ↗

Is the market underestimating or overestimating what this business is capable of going forward?

-3.5%

Slight Overestimate

💰 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 BLMH valuation analysis · → View full BLMH 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):EXCELLENT (68.0%)

Return on Capital (Capital Efficiency):NEUTRAL (318.0%)

📊 Valuation Trilogy

Three interconnected metrics for complete valuation analysis

Click any metric for full methodology and detailed analysis

Zyberno's Verdict

BLUM HOLDINGS, INC. (BLMH) stock report — Zyberno Score 28/100 (POOR BUSINESS). Full financial analysis on Zyberno.

According to Zyberno's DCF model, BLUM HOLDINGS, INC. (BLMH) shows a Brina Gap of -3.5%, which weakens the case: based on the company's ROIC (318.0%) and reinvestment rate (-7.4%), the business can fundamentally grow at -23.5% — but the current enterprise value implies the market expects -20.0%.

Over the trailing twelve months, BLMH generated -$971.00K in Owner Earnings. Capital was deployed as follows: $1.00K invested in capital expenditures. Reinvestment rate: -7.4%.

DIVISION I: EXECUTIVE SUMMARY

A. Market Valuation

Market Price & Capitalization (2)

Current Price:0.19

Market Cap:$8.19M

Valuation Multiples (3)

P/E Ratio:

0.32x

📊 Click to view full BLMH P/E analysis →

P/S Ratio:0.43x

Peg Ratio:-999.00x

Enterprise Metrics (2)

Enterprise Value:$23.14M

Ev Ebitda Ratio:1.66x

Price Action & Momentum (3)

12-1 Momentum:

-76.3% (4th pctile)

📈 Click to view full BLMH Momentum analysis →

Momentum Percentile:4 / 100

% of 52-Week High:25.3%

B. Profitability Assessment

Return Metrics (6)

ROA:32.0%

Roic:

318.0%

📊 Click to view full BLMH ROIC analysis →

Reinvestment Rate:-7.4%

Fundamental Growth Rate (g):-23.5%

Market-Implied Growth Rate:-20.0%

Brina Gap:

-3.5%

☷ Click to view full BLMH Brina Gap analysis →

Margin Analysis (3)

Operating Margin Ttm:68.0%

Net Margin Ttm:55.4%

Ebitda Margin:72.6%

TTM Performance (3)

Gross Margin Ttm:46.7%

Operating Margin Ttm:68.0%

Net Margin Ttm:55.4%

Yield Metrics (2)

Earnings Yield:$372.67

Dividend Yield:0.0%

C. Log-Linear Regression Growth Trends

Revenue Growth (Linear) (1)

Revenue Growth Rate (Linear):-31.4%

D. Financial Stability

Liquidity Ratios (3)

Current Ratio:0.07x

Quick Ratio:0.04x

Cash Ratio:0.02x

Leverage Analysis (1)

Debt To Ebitda:1.10x

Coverage Ratios (1)

Times Interest Earned:-999.00

Capital Structure (4)

Working Capital:-23,704,000.00

Cash And Cash Equivalents:388,000.00

Long Term Debt:$3.98M

Net Debt:$14.96M

DIVISION II: FINANCIAL STATEMENTS ANALYSIS

A. Income Statement Analysis

Revenue Components (2)

Revenue TTM: $19.19M

Linear Growth: -31.4%

📊 Click to view full BLMH Revenue analysis & methodology →

Cost Of Revenue Ttm:$10.23M

Profitability Breakdown (2)

Gross profit TTM: $8.96M

Linear Growth: -30.5%

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

$13.05M

Bottom Line Performance (3)

$10.64M

Income Before Tax:$13.15M

Ebitda Ttm:13,928,000.00

Operating Expenses (5)

Operating Expenses:4,987,000.00

R And D Expense:0.00

Sga Expense:10,646,000.00

Income Tax Expense:$1.71M

Interest Expense:0.00

Expense Ratios (3)

R And D To Revenue Percentage:0.0%

Sga To Revenue Percentage:219.6%

Ebitda Margin:72.6%

B. Balance Sheet Analysis

Asset Composition (5)

Total Assets:$45.08M

Current Assets:$1.74M

Ppe Net:3,064,000.00

Goodwill:30,369,000.00

Intangible Assets:$8.25M

Liability Structure (4)

Total Liabilities:52,349,000.00

Current Liabilities:25,445,000.00

Long Term Debt:$3.98M

Short Term Debt:$11.36M

Equity & Capital (3)

Equity:-$11.88M

Retained Earnings:-$426.09M

Common Stock:990,000,000.00

Working Capital Items (3)

Accounts Receivable:226,000.00

Inventory:706,000.00

Accounts Payable:11,361,000.00

Special Items (2)

Contract Liabilities:0.00

Stock Based Compensation:0.00

C. Cash Flow Analysis

Operating Activities (2)

-$964.00K-$965.00K

Investment Activities (2)

Investing Cash Flow:-$406.00K

Capital Expenditures Ttm:1,000.00

Financing Activities (3)

Financing Cash Flow:$160.00K

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:$140.00K

Non-Cash Items (1)

Depreciation Amortization Ttm:880,000.00

DIVISION III: OPERATIONAL METRICS

A. Per Share Analysis

Earnings Per Share (3)

EPS (Basic TTM):1.20

$0.60

Earnings Per Share Ttm:$0.25

Revenue & Cash Per Share (2)

Sales Per Share Ttm:0.45

Operating Cash Flow Per Share:-$0.04

Book Value & Capital (2)

Book Value Per Share:-$0.28

Cash Per Share:0.01

Dividend Policy (1)

Dividend Payout Ratio:0.00x

B. Operational Efficiency

Asset Utilization (2)

Asset Turnover Ttm:0.58x

Working Capital Turnover Ttm:-999.00x

Receivables Management (2)

Receivables Turnover Ttm:84.92x

Days Sales Outstanding Ttm:4.30

Inventory Management (2)

Inventory Turnover Ttm:14.49x

Days Inventory Outstanding Ttm:25.19

Payables & Cash Cycle (2)

Days Payable Outstanding:405.39

Cash Conversion Cycle:-375.90

C. Quality & Risk Metrics

Financial Quality Scores (2)

Financial Strength Score:20.00

Quality Score:50.00

Market Metrics (2)

Beta:0.00x

Volatility Category:unknown

DIVISION IV: INVESTMENT ANALYSIS

A. Value Investment Framework

Owner Earnings Analysis (1)

-$971.00K

Damodaran Growth Analysis (4)

Reinvestment Rate:-7.4%

Fundamental Growth Rate (g):-23.5%

Market-Implied Growth Rate:-20.0%

Brina Gap:

-3.5%

☷ Click to view full BLMH Brina Gap analysis →

B. Log-Linear Regression Growth Analysis

Growth Rates (Log-Linear Regression) (1)

Revenue Growth Rate (Linear):-31.4%

Other Growth Rates (1)

Gross Profit Growth Rate (Linear):-30.5%

C. Company Profile & Context

Corporate Information (6)

Symbol:BLMH

Company Name:BLUM HOLDINGS, INC.

Sector:Consumer Discretionary

Industry:Retail-Miscellaneous Retail

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:43.08M

Shares Outstanding Basic:12.31M

Shares Outstanding Diluted:12.31M

Data Processing Info (3)

Processing Version:v3.0

Last Updated:2026-09-02 05:09:09 UTC

Data Timestamp:2026-08-24T14:31:28.008940