Company Valuation: iAnthus Capital Holdings, Inc.

Data adjusted to current consolidation scope
Fiscal Period: December 2020 2021 2022 2023 2024 2025
Capitalization 1 33.69 16.28 165.6 172.5 46.42 25.01
Change - -51.67% 916.98% 4.2% -73.1% -46.11%
Enterprise Value (EV) 1 229 231.6 335.2 360.4 238.3 241.3
Change - 1.14% 44.75% 7.53% -33.88% 1.25%
P/E ratio -0.11x -0.21x -0.19x -2.23x -5.96x -0.61x
PBR 0.66x -0.73x 15.1x -2.8x -0.71x -0.24x
PEG - 0x 0x 0x 0.1x -0x
Capitalization / Revenue 0.22x 0.08x 1.02x 1.09x 0.28x 0.17x
EV / Revenue 1.51x 1.14x 2.06x 2.27x 1.43x 1.68x
EV / EBITDA -18.8x 10.6x -8.45x -25.1x 19.7x 51.5x
EV / EBIT -5.96x -32.5x -4.87x -9.13x -22.5x -19.3x
EV / FCF 7.92x 5.86x -15.1x 12.3x -3.57x -32.1x
FCF Yield 12.6% 17.1% -6.64% 8.16% -28% -3.12%
Dividend per Share 2 - - - - - -
Rate of return - - - - - -
EPS 2 -1.805 -0.444 -0.1333 -0.0119 -0.001167 -0.005998
Distribution rate - - - - - -
Net sales 1 151.7 203 162.6 158.4 166.8 143.6
EBITDA 1 -12.2 21.8 -39.67 -14.35 12.11 4.683
EBIT 1 -38.39 -7.124 -68.76 -39.49 -10.57 -12.53
Net income 1 -309.8 -76.25 -449.4 -76.62 -7.636 -40.2
Net Debt 1 195.3 215.3 169.6 187.9 191.9 216.3
Reference price 2 0.196202 0.094825 0.025860 0.026503 0.006950 0.003647
Nbr of stocks (in thousands) 171,718 171,718 6,403,482 6,510,527 6,678,395 6,859,128
Announcement Date 31/03/21 17/03/22 29/03/23 28/03/24 24/03/25 27/03/26
1USD in Million2USD
Estimates

P/E (Y) EV / Sales (Y) EV / EBITDA (Y) Dividend Yield (Y) Capi.($)
- - - - 25.21M
14.33x - - - 191M
13.47x1.4x5.26x - 138M
-2.53x1.09x5.7x - 102M
-1.03x0.62x2.77x - 89.23M
Average 6.06x 1.04x 4.58x 109.09M
Weighted average by Cap. 8.15x 1.09x 4.72x

Y-o-Y evolution of P/E

Historical PBR trend

Evolution Enterprise Value / Sales

Change in Enterprise Value/EBITDA

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  4. Valuation iAnthus Capital Holdings, Inc.