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ZYBERNO

Stock Report

Updated Sep 1, 2026

MARIMED INC. (MRMD)

Healthcare • OTC

$0.08

Professional Investment Analysis

ZYBERNO SCORE →

Is it a great business? Is it getting better?

9.0/100

POOR BUSINESS

MARIMED INC. (MRMD) scores 9/100 — 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 MRMD 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?

+78.6%

Undervalued

Growth gap unavailable — insufficient data for reverse DCF calculation.

🎯 Expected Annual Return →

64.3%

Margin of Safety convergence — your return if the market re-prices to intrinsic value (5-yr annualised)

17.5%

Yield + growth — what the business alone earns you, even if the market never re-rates

💰 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 MRMD valuation analysis · → View full MRMD 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 (-31.2%)

Debt-to-Equity (Solvency Risk):CRITICAL (2.10x)

Operating Margin (Operational Efficiency):CRITICAL (-1.6%)

Return on Capital (Capital Efficiency):CRITICAL (-1.6%)

📊 Valuation Trilogy

Three interconnected metrics for complete valuation analysis

Click any metric for full methodology and detailed analysis

Zyberno's Verdict

MARIMED INC. (MRMD) stock report — Zyberno Score 9/100 (POOR BUSINESS), Margin of Safety +78.6%, 64% expected annual return. Full financial analysis on Zyberno.

According to Zyberno's DCF model, MARIMED INC. (MRMD) trades at $0.08 against an estimated intrinsic value per share of $0.38 — a +78.6% Margin of Safety based on Owner Earnings of $6.08M TTM, projected at 15.3% growth for 10 years with a 2.5% terminal growth rate. Zyberno's model translates this into a 5-year expected return of 64.3% annually.

Over the trailing twelve months, MRMD generated $6.08M in Owner Earnings. Capital was deployed as follows: $1.27M invested in capital expenditures. Reinvestment rate: 372.6%. Owner Earnings have grown at 15.3% annually over the trailing five years using log-linear regression.

DIVISION I: EXECUTIVE SUMMARY

A. Market Valuation

Market Price & Capitalization (2)

Current Price:0.08

Market Cap:$32.57M

Valuation Multiples (3)

P/B Ratio:0.75x

P/S Ratio:0.20x

Peg Ratio:-999.00x

Enterprise Metrics (3)

Enterprise Value:$110.67M

Ev Ebitda Ratio:7.77x

Pfcf Ratio:4.27x

Price Action & Momentum (3)

12-1 Momentum:

-44.3% (39th pctile)

📈 Click to view full MRMD Momentum analysis →

Momentum Percentile:39 / 100

% of 52-Week High:35.4%

B. Profitability Assessment

Return Metrics (5)

ROE:

-31.2%

📊 Click to view full MRMD ROE analysis →

ROA:-7.5%

Roic:

-1.6%

📊 Click to view full MRMD ROIC analysis →

Reinvestment Rate:372.6%

Fundamental Growth Rate (g):-5.9%

Margin Analysis (3)

Operating Margin Ttm:-1.6%

Net Margin Ttm:-9.2%

Ebitda Margin:8.7%

TTM Performance (3)

Gross Margin Ttm:35.6%

Operating Margin Ttm:-1.6%

Net Margin Ttm:-9.2%

Yield Metrics (3)

Earnings Yield:-$76.92

Owner Earnings Yield:$23.40

Dividend Yield:0.0%

C. Log-Linear Regression Growth Trends

Earnings Surprise (SUE) (3)

Earnings Surprise (SUE):

-0.30

📊 Click to view full MRMD Earnings Surprise analysis →

EPS Surprise vs Expected:-77.8%

Latest Earnings Filed:2026-08-13

Revenue Growth (Linear) (1)

Revenue Growth Rate (Linear):4.6%

Cash Flow Growth (Linear) (2)

Free Cash Flow Growth Rate (Linear):-4.7%

Operating Cash Flow Growth Rate (Linear):-24.1%

Operating Growth (Linear) (1)

Operating Income Growth Rate (Linear):-50.0%

D. Financial Stability

Liquidity Ratios (3)

Current Ratio:0.92x

Quick Ratio:0.34x

Cash Ratio:0.10x

Leverage Analysis (3)

Debt To Equity Ttm:2.10x

Debt-to-Equity Ratio:2.10x

Debt To Ebitda:5.95x

Coverage Ratios (2)

Interest Coverage Ratio:-0.35x

Times Interest Earned:-0.35

Capital Structure (4)

Working Capital:-5,320,000.00

Cash And Cash Equivalents:6,596,000.00

Long Term Debt:$82.67M

Net Debt:$78.10M

DIVISION II: FINANCIAL STATEMENTS ANALYSIS

A. Income Statement Analysis

Revenue Components (2)

Revenue TTM: $163.67M

Linear Growth: 4.6%

📊 Click to view full MRMD Revenue analysis & methodology →

Cost Of Revenue Ttm:$105.45M

Profitability Breakdown (2)

Gross profit TTM: $58.21M

Linear Growth: -3.8%

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

Operating income TTM: -$2.57M

Linear Growth: -50.0%

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

Bottom Line Performance (3)

-$15.14M

Income Before Tax:-$10.36M

Ebitda Ttm:14,241,000.00

Operating Expenses (5)

Operating Expenses:60,779,000.00

R And D Expense:0.00

Sga Expense:27,300,000.00

Income Tax Expense:$8.26M

Interest Expense:7,961,000.00

Expense Ratios (3)

R And D To Revenue Percentage:0.0%

Sga To Revenue Percentage:65.1%

Ebitda Margin:8.7%

B. Balance Sheet Analysis

Asset Composition (5)

Total Assets:$197.23M

Current Assets:$58.43M

Ppe Net:86,411,000.00

Goodwill:24,002,000.00

Intangible Assets:$15.68M

Liability Structure (4)

Total Liabilities:147,056,000.00

Current Liabilities:63,753,000.00

Long Term Debt:$82.67M

Short Term Debt:$2.03M

Equity & Capital (3)

Equity:$43.24M

Retained Earnings:-$135.31M

Common Stock:700,000,000.00

Working Capital Items (3)

Accounts Receivable:9,358,000.00

Inventory:36,675,000.00

Accounts Payable:13,147,000.00

Special Items (2)

Contract Liabilities:1,711,000.00

Stock Based Compensation:325,000.00

C. Cash Flow Analysis

Operating Activities (2)

Operating cash flow TTM: $7.35M

Linear Growth: -24.1%

Free cash flow TTM: $6.08M

Linear Growth: -4.7%

📊 Click to view full MRMD Free Cash Flow analysis & methodology →

Investment Activities (2)

Investing Cash Flow:-$753.00K

Capital Expenditures Ttm:1,274,000.00

Financing Activities (3)

Financing Cash Flow:-$1.14M

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:$0.00

Non-Cash Items (1)

Depreciation Amortization Ttm:16,808,000.00

DIVISION III: OPERATIONAL METRICS

A. Per Share Analysis

Earnings Per Share (3)

EPS (Basic TTM):-0.05

-$0.05

Earnings Per Share Ttm:-$0.04

Revenue & Cash Per Share (3)

Sales Per Share Ttm:0.41

Operating Cash Flow Per Share:$0.02

Fcf Per Share Ttm:0.02

Book Value & Capital (2)

Book Value Per Share:$0.11

Cash Per Share:0.02

Dividend Policy (1)

Dividend Payout Ratio:-999.00x

B. Operational Efficiency

Asset Utilization (2)

Asset Turnover Ttm:0.81x

Working Capital Turnover Ttm:-999.00x

Receivables Management (2)

Receivables Turnover Ttm:17.49x

Days Sales Outstanding Ttm:20.87

Inventory Management (2)

Inventory Turnover Ttm:2.88x

Days Inventory Outstanding Ttm:126.94

Payables & Cash Cycle (2)

Days Payable Outstanding:45.50

Cash Conversion Cycle:102.31

C. Quality & Risk Metrics

Financial Quality Scores (2)

Financial Strength Score:0.00

Quality Score:25.00

Market Metrics (2)

Beta:0.00x

Volatility Category:unknown

DIVISION IV: INVESTMENT ANALYSIS

A. Value Investment Framework

Owner Earnings Analysis (3)

Owner earnings TTM: $6.08M

Linear Growth: 15.3%

📊 Click to view full MRMD Owner Earnings analysis & methodology →

Owner Earnings Per Share:$0.02

Owner Earnings Yield:$23.40

Growth Assessment (1)

Owner Earnings Growth Rate:$15.31

Damodaran Growth Analysis (2)

Reinvestment Rate:372.6%

Fundamental Growth Rate (g):-5.9%

Intrinsic Value Models (1)

Intrinsic Value:

$152.45M

📊 Click to view full MRMD DCF valuation →

Margin of Safety (1)

Margin Of Safety:

78.6%

📊 Click to view full MRMD valuation analysis →

Return Scenarios (2)

Theoretical 5-Year Return:

64.3%

📊 Click to view full MRMD expected return analysis →

Forward Expected Return (Yield + Growth):

17.5%

📊 Click to view full MRMD expected return analysis →

Investment Assessment (1)

Buffett Assessment:Excellent margin of safety

B. Log-Linear Regression Growth Analysis

Growth Rates (Log-Linear Regression) (2)

Revenue Growth Rate (Linear):4.6%

Operating Income Growth Rate (Linear):-50.0%

Cash Flow Growth Rates (2)

Free Cash Flow Growth Rate (Linear):-4.7%

Operating Cash Flow Growth Rate (Linear):-24.1%

Other Growth Rates (3)

Gross Profit Growth Rate (Linear):-3.8%

Book Value Growth Rate (Linear):-2.5%

Owner Earnings Growth Rate:$15.31

C. Company Profile & Context

Corporate Information (6)

Symbol:MRMD

Company Name:MARIMED 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:399.60M

Shares Outstanding Basic:399.60M

Shares Outstanding Diluted:399.60M

Data Processing Info (3)

Processing Version:v3.0

Last Updated:2026-09-01 08:27:05 UTC

Data Timestamp:2026-08-20T21:29:48.099524