Ascend Wellness Holdings, Inc.
Rank #367DeclineAAWH · OTC · Healthcare
Ascend Wellness Holdings, Inc. (AAWH) — Rank #367 by gross profitability (GP/assets 0.19) · ROE 137.6% · Piotroski F-Score 5 / 9.
As-of 2026-09-15 · CIK 0001756390 · all metrics point-in-time as of the filing date.
About
Ascend Wellness Holdings, Inc. engages in the cultivation, manufacture, and distribution of cannabis consumer packaged goods in the United States.
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The company offers flower, pre-rolls, concentrates, vapes, edibles, tablets, and other cannabis-related products under the Common Goods, SimplyHerb, Ozone, Royale, High Wired, Effin', Miss Grass, Lowell Smokes, Flower by Edie Parker, 1906, AiroPro, and Miss Grass brands. It also owns, operates, and manages cannabis cultivation facilities and dispensaries. The company sells its products through company-owned retail stores, and third-party licensed retail cannabis stores. The company was formerly known as Ascend Wellness Holdings, LLC and changed its name to Ascend Wellness Holdings, Inc. in April 2021. Ascend Wellness Holdings, Inc.
was incorporated in 2018 and is headquartered in Rochelle Park, New Jersey.
- Industry
- Drug Manufacturers - Specialty & Generic
- Sector
- Healthcare
- State
- DE
- Filer Category
- Emerging growth company
- Fiscal Year End
- December 31
- Website
- awholdings.com
Price History
Company Snapshot
P/E, P/B, and dividend yield matter most — book value provides a floor.
Market Cap
$109.13M
P/E (annual)
—
P/S (annual)
0.2
P/B
—
P/OCF (annual)
2.9
Shareholder Yield
4.2%
Employees
2,200
Industry
Drug Manufacturers - Specialty & Generic
Exchange
OTC
Signal Flags
Quality Profile
Profitability
1/1 passSafety
1/1 passCash Flow
3/3 passGrowth
1/2 passTerry Smith quality gate
Passes 0/5 Terry Smith thresholds2 of 5 thresholds not computable from filed data.
What Growth Is Priced In
Implied revenue growth (10Y)
-3.2%
The annual FCF growth rate today's price requires over a 10-year horizon (discount rate 10%, terminal growth 2.5%).
Buyback tailwind: -4.2% — per-share value needs a total required return of -7.5% once share-count change is priced in.
vs. own 6-year median revenue growth: 24.9%
within its own historyCost-of-equity sensitivity (implied growth at different discount rates)
r = 8%
-6.9%
r = 10% (base)
-3.2%
r = 12%
-0.1%
Net debt / market cap: 230.5%— material leverage inflates the implied growth read.
Valuation History
Current multiple vs historical range at each filing date. Band spans 25th-75th percentile.
P / S
Price / revenue per share
P / B
Price / book value per share
P / GP
Price / gross profit per share
P / FCF
Price / free cash flow per share
Asset value and restructuring potential (balance-sheet strength) are the primary reads at this stage.
Profitability
Gross profitability (GP / assets)
0.19
Primary signal (Novy-Marx).
30th pctl of 34 SIC 28 peers
Return on equity
137.6%
Gross margin
33.9%
30th pctl of 34 SIC 28 peers
Revenue growth (YoY)
-10.9%
Gross margin improving
Margin trend vs prior year.
Operating Leverage
| 2022 | 2023 | 2024 | 2025 | |
|---|---|---|---|---|
| Revenue vs COGS | ||||
| Revenue vs OpEx | ||||
| Op. Income vs Revenue |
Growth
Revenue CAGR (3Y)
7.2%
Revenue CAGR (5Y)
28.3%
Earnings CAGR (3Y)
—
FCF CAGR (3Y)
—
Anti-fragile safety
Balance-sheet safety
Composite anti-fragile check.
Debt / equity
—
Current ratio
1.66×
18th pctl of 34 SIC 28 peers
Quick ratio
0.83×
Net cash
-$251.82M
Cash & equivalents minus total debt.
Cash-flow health
Free cash flow
$12.04M
Operating cash flow minus capex.
Positive free cash flow
FCF / net income
1.10
Cash-backing of earnings.
FCF/NI divergence
Unfavorable divergence (yellow flag).
Accruals healthy
Cash-backed earnings.
SBC / revenue
0.5%
Stock-based comp intensity.
Piotroski F-Score
F-Score
5 / 9
Fundamental-strength score (0-9).
Lifecycle Phase History
Lynch sell alert: Turnaround stalled
Classified decline for 2 consecutive fiscal years (2024-12-31, 2025-12-31) with no recovery to a healthier phase -- Lynch's turnaround rule: if it hasn't turned around by now, assume it isn't going to.