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ZYBERNO

Stock Report

Updated Jun 6, 2026

THE CANNABIST COMPANY HOLDINGS INC. (CBSTF)

Over The Counter

$0.03

Professional Investment Analysis

ZYBERNO SCORE →

Is it a great business? Is it getting better?

3.0/100

POOR BUSINESS

THE CANNABIST COMPANY HOLDINGS INC. (CBSTF) scores 3/100 — 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 CBSTF 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 CBSTF valuation analysis · → View full CBSTF 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 (-14.3%)

Return on Capital (Capital Efficiency):CRITICAL (-27.8%)

📊 Valuation Trilogy

Three interconnected metrics for complete valuation analysis

Click any metric for full methodology and detailed analysis

Zyberno's Verdict

THE CANNABIST COMPANY HOLDINGS INC. (CBSTF) stock report — Zyberno Score 3/100 (POOR BUSINESS). Full financial analysis on Zyberno.

Over the trailing twelve months, CBSTF generated -$39.26M in Owner Earnings. Capital was deployed as follows: $333.00K paid as dividends, $6.91M invested in capital expenditures. Reinvestment rate: 213.6%.

DIVISION I: EXECUTIVE SUMMARY

A. Market Valuation

Market Price & Capitalization (2)

Current Price:0.03

Market Cap:$14.53M

Valuation Multiples (2)

P/S Ratio:0.04x

Peg Ratio:-999.00x

Enterprise Metrics (1)

Enterprise Value:$302.37M

B. Profitability Assessment

Return Metrics (4)

ROA:-29.4%

Roic:

-27.8%

📊 Click to view full CBSTF ROIC analysis →

Reinvestment Rate:213.6%

Fundamental Growth Rate (g):-59.3%

Margin Analysis (3)

Operating Margin Ttm:-14.3%

Net Margin Ttm:-51.3%

Ebitda Margin:-6.5%

TTM Performance (3)

Gross Margin Ttm:29.5%

Operating Margin Ttm:-14.3%

Net Margin Ttm:-51.3%

Yield Metrics (2)

Earnings Yield:-$1.29K

Dividend Yield:2.3%

C. Log-Linear Regression Growth Trends

Earnings Surprise (SUE) (3)

Earnings Surprise (SUE):

-0.67

📊 Click to view full CBSTF Earnings Surprise analysis →

EPS Surprise vs Expected:-359.6%

Latest Earnings Filed:2025-11-10

Revenue Growth (Linear) (1)

Revenue Growth Rate (Linear):-12.1%

Cash Flow Growth (Linear) (1)

Operating Cash Flow Growth Rate (Linear):2.1%

D. Financial Stability

Liquidity Ratios (3)

Current Ratio:0.89x

Quick Ratio:0.48x

Cash Ratio:0.11x

Leverage Analysis (1)

Debt To Ebitda:-999.00x

Coverage Ratios (2)

Interest Coverage Ratio:-0.54x

Times Interest Earned:-0.54

Capital Structure (4)

Working Capital:-17,396,000.00

Cash And Cash Equivalents:17,761,000.00

Long Term Debt:$298.66M

Net Debt:$287.84M

DIVISION II: FINANCIAL STATEMENTS ANALYSIS

A. Income Statement Analysis

Revenue Components (2)

Revenue TTM: $349.84M

Linear Growth: -12.1%

📊 Click to view full CBSTF Revenue analysis & methodology →

Cost Of Revenue Ttm:$255.33M

Profitability Breakdown (2)

Gross profit TTM: $103.25M

Linear Growth: -21.3%

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

-$49.94M

Bottom Line Performance (3)

-$179.50M

Income Before Tax:-$126.09M

Ebitda Ttm:-22,741,000.00

Operating Expenses (5)

Operating Expenses:55,350,000.00

R And D Expense:0.00

Sga Expense:150,896,000.00

Income Tax Expense:$53.31M

Interest Expense:41,608,000.00

Expense Ratios (3)

R And D To Revenue Percentage:0.0%

Sga To Revenue Percentage:188.8%

Ebitda Margin:-6.5%

B. Balance Sheet Analysis

Asset Composition (5)

Total Assets:$536.51M

Current Assets:$144.73M

Ppe Net:209,043,000.00

Goodwill:0.00

Intangible Assets:$39.31M

Liability Structure (4)

Total Liabilities:689,458,000.00

Current Liabilities:162,129,000.00

Long Term Debt:$298.66M

Short Term Debt:$6.95M

Equity & Capital (3)

Equity:-$152.95M

Retained Earnings:$0.00

Common Stock:0.00

Working Capital Items (3)

Accounts Receivable:15,431,000.00

Inventory:66,832,000.00

Accounts Payable:24,264,000.00

Special Items (2)

Contract Liabilities:919,000.00

Stock Based Compensation:292,000.00

C. Cash Flow Analysis

Operating Activities (2)

Operating cash flow TTM: -$32.34M

Linear Growth: 2.1%

-$39.26M

Investment Activities (2)

Investing Cash Flow:$2.75M

Capital Expenditures Ttm:6,911,000.00

Financing Activities (3)

Financing Cash Flow:-$3.43M

Dividends Paid Ttm:333,000.00

Stock Repurchase:0.00

Capital Transactions (3)

Common Stock Issuance:0.00

Long Term Debt Issuance:$0.00

Long Term Debt Repayments:$13.23M

Non-Cash Items (1)

Depreciation Amortization Ttm:27,201,000.00

DIVISION III: OPERATIONAL METRICS

A. Per Share Analysis

Earnings Per Share (3)

EPS (Basic TTM):-0.38

-$0.38

Earnings Per Share Ttm:-$0.36

Revenue & Cash Per Share (2)

Sales Per Share Ttm:0.70

Operating Cash Flow Per Share:-$0.05

Book Value & Capital (2)

Book Value Per Share:-$0.31

Cash Per Share:0.04

Dividend Policy (1)

Dividend Payout Ratio:-999.00x

B. Operational Efficiency

Asset Utilization (2)

Asset Turnover Ttm:0.57x

Working Capital Turnover Ttm:-999.00x

Receivables Management (2)

Receivables Turnover Ttm:22.67x

Days Sales Outstanding Ttm:16.10

Inventory Management (2)

Inventory Turnover Ttm:3.82x

Days Inventory Outstanding Ttm:95.54

Payables & Cash Cycle (2)

Days Payable Outstanding:34.69

Cash Conversion Cycle:76.95

C. Quality & Risk Metrics

Financial Quality Scores (2)

Financial Strength Score:0.00

Quality Score:15.00

Market Metrics (2)

Beta:0.00x

Volatility Category:unknown

DIVISION IV: INVESTMENT ANALYSIS

A. Value Investment Framework

Owner Earnings Analysis (1)

-$39.26M

Damodaran Growth Analysis (2)

Reinvestment Rate:213.6%

Fundamental Growth Rate (g):-59.3%

B. Log-Linear Regression Growth Analysis

Growth Rates (Log-Linear Regression) (1)

Revenue Growth Rate (Linear):-12.1%

Cash Flow Growth Rates (1)

Operating Cash Flow Growth Rate (Linear):2.1%

Other Growth Rates (2)

Gross Profit Growth Rate (Linear):-21.3%

Book Value Growth Rate (Linear):-50.0%

C. Company Profile & Context

Corporate Information (6)

Symbol:CBSTF

Company Name:THE CANNABIST COMPANY HOLDINGS INC.

Sector:Unknown

Industry:Agricultural Production-Crops

Exchange:Over The Counter

Country:Unknown

Market Classification (3)

Market Cap Category:N/A

Price Category:penny

Volume Category:N/A

Share Structure (3)

Shares Outstanding:499.22M

Shares Outstanding Basic:499.22M

Shares Outstanding Diluted:499.22M

Data Processing Info (3)

Processing Version:v3.0

Last Updated:2026-06-06 23:05:53 UTC

Data Timestamp:2026-06-06T23:05:53.330052