iAnthus Capital Holdings Inc (TSE:IAN)
:IAN
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iAnthus Capital Holdings
(IAN)
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Rating:40Underperform
Price Target:
C$0.01
▲(0.00% Upside)
Action:Downgraded
Date:05/15/26
The score is weighed down primarily by very weak financial performance (large losses, negative equity, high debt, and renewed free-cash-flow burn). Technical indicators add only limited support (negative MACD and below the 50-day average, despite a strong stochastic reading), while valuation is constrained by a negative P/E tied to unprofitability and no dividend yield data.
Positive Factors
Vertically integrated U.S. state-legal business model
Owning cultivation, manufacturing and retail capabilities in state-legal markets is a durable business model that captures margin across the value chain. Structural vertical integration supports resilience to supply shocks, improves margin capture opportunities and diversifies revenue sources over months.
Negative Factors
Highly stressed balance sheet; negative equity
Negative shareholders' equity and roughly $232M of debt create a structurally over-levered capital structure. This enduring weakness limits financial flexibility, raises refinancing and solvency risk, and constrains the company's ability to invest or withstand further operational setbacks.
Read all positive and negative factors
Positive Factors
Negative Factors
Vertically integrated U.S. state-legal business model
Owning cultivation, manufacturing and retail capabilities in state-legal markets is a durable business model that captures margin across the value chain. Structural vertical integration supports resilience to supply shocks, improves margin capture opportunities and diversifies revenue sources over months.
Read all positive factors
iAnthus Capital Holdings (IAN) vs. iShares MSCI Canada ETF (EWC)
Market Cap
C$39.73M
Dividend YieldN/A
Average Volume (3M)56.04K
Price to Earnings (P/E)―
Beta (1Y)-1.60
Revenue Growth-15.59%
EPS Growth-604.17%
CountryCA
Employees716
SectorHealthcare
Sector Strength45
IndustryDrug Manufacturers - Specialty & Generic
Share Statistics
EPS (TTM)>-0.01
Shares Outstanding3,972,551,800
10 Day Avg. Volume132,352
30 Day Avg. Volume56,044
Financial Highlights & Ratios
PEG Ratio>-0.01
Price to Book (P/B)-0.24
Price to Sales (P/S)0.17
P/FCF Ratio-1.16
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price TargetN/A
Price Target UpsideN/A
Rating ConsensusN/A
Number of Analyst Covering0
EPS Forecast (FY)N/A
Revenue Forecast (FY)N/A
iAnthus Capital Holdings Business Overview & Revenue Model
Company Description
iAnthus Capital Holdings, Inc. owns and operates licensed cannabis cultivation, processing, and dispensary facilities in the United States. It offers biomass products, such as pre-rolls; cannabis infused products, including topical creams and edib...
How the Company Makes Money
iAnthus primarily makes money by selling cannabis and cannabis-derived products in state-regulated markets through its operating subsidiaries. Key revenue streams generally include: (1) retail sales at company-operated dispensaries (direct-to-cons...
iAnthus Capital Holdings Financial Statement Overview
Summary
Income Statement
24
Negative
Balance Sheet
14
Very Negative
Cash Flow
22
Negative
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 141.35M | 146.51M | 167.57M | 159.24M | 163.21M | 203.02M |
| Gross Profit | 39.40M | 47.22M | 75.11M | 63.17M | 74.43M | 111.28M |
| EBITDA | -11.89M | 5.04M | 21.22M | -2.59M | -369.80M | 7.89M |
| Net Income | -60.13M | -40.91M | -7.64M | -76.62M | -449.39M | -76.25M |
Balance Sheet | ||||||
| Total Assets | 256.02M | 275.19M | 271.04M | 277.41M | 303.47M | 346.74M |
| Cash, Cash Equivalents and Short-Term Investments | 11.22M | 11.85M | 18.54M | 13.10M | 14.34M | 13.24M |
| Total Debt | 232.35M | 227.54M | 210.46M | 201.00M | 183.94M | 228.54M |
| Total Liabilities | 372.95M | 378.05M | 336.58M | 339.07M | 292.48M | 369.14M |
| Stockholders Equity | -116.93M | -102.85M | -65.54M | -61.67M | 10.99M | -22.40M |
Cash Flow | ||||||
| Free Cash Flow | -20.23M | -20.99M | 7.03M | -3.06M | -26.55M | -4.25M |
| Operating Cash Flow | 1.08M | 3.20M | 12.54M | 3.02M | -19.50M | 16.15M |
| Investing Cash Flow | -10.36M | 2.34M | -6.28M | -3.63M | -4.74M | -21.32M |
| Financing Cash Flow | -4.63M | -12.89M | -339.00K | -618.00K | 22.06M | 10.24M |
iAnthus Capital Holdings Risk Analysis
iAnthus Capital Holdings disclosed 67 risk factors in its most recent earnings report. iAnthus Capital Holdings reported the most risks in the "Legal & Regulatory" category.
Finance & Corporate - Financial and accounting risks. Risks related to the execution of corporate activity and strategy
Latest Risks Added 0 New Risks
iAnthus Capital Holdings Peers Comparison
UnderperformOutperform
Sector (51)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
75 Outperform | C$2.41B | 15.04 | 6.59% | ― | 4.14% | 146.77% | |
65 Neutral | C$3.79B | -26.39 | -12.61% | ― | -2.25% | 55.22% | |
63 Neutral | C$2.57B | -21.79 | -6.88% | ― | -2.05% | 52.34% | |
51 Neutral | $7.86B | -0.30 | -43.30% | 2.27% | 22.53% | -2.21% | |
47 Neutral | C$2.17B | -1.62 | -33.23% | ― | -6.05% | 25.65% | |
46 Neutral | C$595.20M | -2.44 | -35.26% | ― | -9.65% | -55.41% | |
40 Underperform | C$39.73M | -0.57 | -2.21% | ― | -15.59% | -604.17% |
* Healthcare Sector Average
TSE:IAN
iAnthus Capital Holdings
0.01
0.00
0.00%
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iAnthus Capital Holdings Corporate Events
Business Operations and StrategyFinancial Disclosures
iAnthus Revenue and Profit Slide in 2025 as Net Loss Widens
Negative
Mar 27, 2026
iAnthus Capital Holdings, a multi-state cannabis operator with vertically integrated cultivation, processing and retail assets, reported declines in revenue and profitability for fiscal 2025 amid a challenging U.S. cannabis market. The companyR...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.