Advanced Flower Capital Inc. (AFCG) Valuation

Valuation

Model-based estimates, not advice. The DCF is the discounted-cash-flow value per share; compare it with the price, not as a target.

DCF fair value

-10.7%

$2.67

vs $2.99 price

Levered DCF

$7.96

After debt service

Piotroski score

5 / 9

Average

Altman Z-score

0.44

Distress zone

Rating

B+

Overall 3 / 5

Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020
P/E	-3×	10.68×	8.07×	5.98×	9.92×	49.19×
P/B	0.36×	0.86×	0.52×	0.63×	0.94×	2.3×
P/S	2.02×	3.34×	3.23×	2.61×	7.45×	18.32×
EV / EBITDA	-8.41×	11.93×	0×	5.16×	14.28×	0×
Gross margin	90.7%	80.0%	100.0%	73.7%	88.1%	100.0%
Operating margin	-43.6%	39.8%	59.7%	53.4%	64.5%	50.3%
Net margin	-66.0%	32.3%	40.4%	43.8%	61.1%	90.2%
Current ratio	1.73×	3.59×	7.97×	1.79×	4.72×	40.61×
Debt / equity	0.55×	0.94×	0.41×	0.46×	0.63×	0×
Interest coverage	-2.02×	3.26×	4.87×	6.42×	19.67×	0×
Dividend yield	30.5%	23.1%	25.4%	19.5%	5.6%	1.8%
Payout ratio	-93.6%	238.3%	203.0%	115.8%	68.5%	36.7%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020
Return on equity	-11.8%	8.3%	6.5%	10.6%	7.7%	11.3%
Return on invested capital	-4.8%	5.1%	6.4%	8.5%	5.0%	6.3%
Return on assets	-7.5%	4.2%	4.5%	6.9%	4.5%	11.0%
Free cash flow yield	17.7%	12.4%	12.7%	14.7%	3.7%	0.7%
Earnings yield	-32.6%	9.7%	12.5%	16.8%	8.2%	4.9%
Enterprise value	$122.1M	$258.4M	$206.9M	$230.5M	$318.4M	$200.8M
Net debt / EBITDA	-4.04×	3.92×	0×	0.37×	2.79×	0×
Cash conversion cycle (days)	-85	2,059	2,387	-115	-206	2,649