AAWH · OTC · Healthcare
Ascend Wellness Holdings, Inc. (AAWH) — Rank #350 by gross profitability (GP/assets 0.19) · ROE 137.6% · Piotroski F-Score 5 / 9.
As-of 2026-10-30 · 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
Company Snapshot
P/E, P/B, and dividend yield matter most — book value provides a floor.
Market Cap
—
P/E (annual)
—
P/S (annual)
—
P/B
—
P/OCF (annual)
—
Shareholder Yield
—
Employees
2,200
Industry
Drug Manufacturers - Specialty & Generic
Exchange
OTC
10/12
Flags passed
AAWH fails 2 critical flags
Passes 10 of 12 quality flags
- FAILRevenue declining YoY
Revenue contracted year over year
- FAILOperating margin declining
Operating margin lower than prior year
- PASSGross margin holding
- PASSDilution within 2%
- PASSFCF not negative from investment
- PASSDisclosure consistent
- PASSFree cash flow intact
- PASSPasses safety gate
- PASSBalance sheet stable
- PASSNo competitive retreat
- PASSSBC not compressing margin
- PASSNo valuation convergence
A count of the 12 warning flags that could be evaluated. Unweighted: colour follows the worst flag.
Quality Profile
Profitability
1/1 passSafety
1/1 passCash Flow
3/3 passGrowth
1/2 passAsset value and restructuring potential (balance-sheet strength) are the primary reads at this stage.
Profitability
Does it make money well?
Warning: Operating margin declining, Revenue declining YoY · GP/assets 34th percentile of 39 SIC 28 peers
Gross profitability (GP / assets)
0.19
Primary signal (Novy-Marx).
34th pctl of 39 SIC 28 peers
Return on equity
137.6%
Gross margin
33.9%
32nd pctl of 39 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)
—
Cash Flow Health
Is the cash real?
No warning flags · FCF 110% above net income
Free cash flow
$12.04M
Operating cash flow minus capex.
Positive free cash flow
FCF vs net income
110.2%
(FCF − net income) ÷ |net income|. Positive: cash above earnings. Negative: below.
FCF not below net income
Fails when free cash flow is below net income (yellow flag).
Accruals healthy
Cash-backed earnings.
SBC / revenue
0.5%
Stock-based comp intensity.
Balance Sheet Strength
Can it survive a storm?
No warning flags · net debt $251.82M, F-Score 5/9
Balance-sheet safety
Composite anti-fragile check.
Debt / equity
—
Current ratio
1.66×
21st pctl of 39 SIC 28 peers
Quick ratio
0.83×
Net cash
-$251.82M
Cash & equivalents minus total debt.
Piotroski F-Score
5 / 9
Fundamental-strength score (0-9).
Valuation
Is the price reasonable?
No warning flags
Capital allocation quality
Composite score
2.3 / 5
Lifecycle Phase History
Price History
Source filings on SEC EDGAR: 10-K annual reports · 10-Q quarterly reports