회사 개요
Farmmi, Inc. is a specialized entity dedicated to the processing and sale of agricultural products, with a primary focus on edible fungi such as Shiitake mushrooms, Mu Er mushrooms, bamboo fungi, agrocybe aegerila, and pleurotus across international markets including China, the United States, Japan, Canada, Europe, Korea, and the Middle East. The company operates within the Consumer Defensive sector, specifically the Packaged Foods industry, which typically suggests demand for goods that remains relatively stable regardless of economic cycles, although the firm's current financial performance diverges from typical defensive sector characteristics. The firm maintains a market capitalization of $16.85M, generates $27.97M in annual revenue, and employs 15 individuals to execute its global supply chain and sales operations. These valuation and revenue figures indicate that Farmmi, Inc. is a micro-cap enterprise with a very small market presence, operating with a lean workforce to manage its international distribution of specific niche agricultural commodities.
재무 건전성
The company reported a total revenue of $27.97M for the trailing twelve months, yet it simultaneously recorded a net income of $-53,098,648 and an EBITDA of $-47,020,984, revealing a severe cost structure where operating expenses and losses far exceed the revenue generated. Despite the significant net loss, the company reports a free cash flow of $43.90M, which provides a unique degree of financial flexibility by allowing the firm to fund operations or reduce debt without immediate external financing, even while posting an accounting loss. The gross margin stands at a minimal 2.9%, while the operating margin is deeply negative at -393.8% and the profit margin is -189.8%, indicating that the company is currently burning cash at a rate that is disproportionate to its sales volume. On the balance sheet, the company holds $803,477 in cash against $20.77M in debt, resulting in a debt-to-equity ratio of 16.77, which classifies the firm as highly leveraged and reliant on its substantial cash flow generation to meet obligations. The current ratio is listed at 9.35, suggesting that the company possesses a large buffer of current assets relative to its current liabilities, indicating strong short-term liquidity despite the negative earnings. Furthermore, the return on equity is -36.3% and the return on assets is -17.7%, metrics that reveal that management is currently generating negative returns on the capital invested by shareholders and creditors.
밸류에이션 평가
The trailing twelve-month P/E ratio and forward P/E ratio are both listed as N/A due to the company's lack of positive earnings, implying that traditional earnings-based valuation models cannot be applied to assess the expected earnings trajectory or value of the stock. The price-to-book ratio is recorded at 0.05, which indicates that the market values the company at a fraction of its book value, suggesting a significant discount relative to the net assets recorded on the balance sheet. Alternative valuation metrics include a price-to-sales ratio of 0.60 and an EV/EBITDA of -0.78, which suggest that the market is pricing the company based on sales multiples rather than profitability, a common approach for distressed or loss-making firms in the agricultural sector. The stock has traded between a 52-week high of $2.22 and a 52-week low of $1.11, and without a specific current price provided in the facts, the range indicates a high degree of price volatility within the year. The beta value is 1.65, meaning the stock is expected to be 65% more volatile than the broader market, reflecting heightened sensitivity to market movements for this specific small-cap agricultural stock.
Growth & Income
The company experienced a revenue growth rate of -57.3% year-over-year, while the earnings growth rate is N/A due to the absence of positive earnings, implying that the firm is currently shrinking in revenue without the ability to demonstrate earnings growth. Since the company does not pay a dividend, as evidenced by a dividend yield of N/A and a payout ratio of 0.0%, it does not distribute cash to shareholders, effectively reinvesting its free cash flow or retaining capital to support operations or pay down its substantial debt burden. The overall growth and income profile is characterized by significant revenue contraction, high leverage, and a lack of dividend income, presenting a scenario where shareholder returns are derived solely from potential capital appreciation rather than cash distributions. The combination of negative revenue growth and a highly leveraged balance sheet creates a challenging environment for future expansion or stabilization.