Latest Ratios: P/E Ratio -3.2x · EV/EBITDA N/A · ROE -11.0%. (2020–2025 historical series)
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 |
|---|---|---|---|---|---|---|---|
| Market Cap | $71M | $64M | $174M | $167M | $215M | $256M | — |
| Enterprise Value | $109M | $101M | $259M | $207M | $232M | $318M | — |
| P/E Ratio → | -3.18 | — | 10.41 | 8.07 | 5.98 | 12.17 | — |
| P/S Ratio | 2.27 | 2.03 | 3.35 | 3.23 | 3.00 | 6.73 | — |
| P/B Ratio | 0.38 | 0.36 | 0.86 | 0.52 | 0.63 | 0.94 | — |
| P/FCF | 6.32 | 5.65 | 8.07 | 7.89 | 6.86 | 26.86 | — |
| P/OCF | 6.32 | 5.65 | 8.07 | 7.89 | 6.86 | 26.86 | — |
P/E links to full P/E history page with 30-year chart
Enterprise-value multiples — capital-structure-neutral measures of total business value
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 |
|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 3.23 | 4.99 | 4.00 | 3.24 | 8.36 | — |
| EV / EBITDA | — | — | 12.55 | 6.69 | 2.83 | 8.50 | — |
| EV / EBIT | — | — | 12.55 | — | 5.29 | 14.36 | — |
| EV / FCF | — | 9.01 | 12.01 | 9.75 | 7.40 | 33.38 | — |
Margins and return-on-capital ratios measuring operating efficiency
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 |
|---|---|---|---|---|---|---|---|
| Gross Margin | 90.7% | 90.7% | 80.0% | 100.0% | 84.4% | 93.0% | 100.0% |
| Operating Margin | -43.6% | -43.6% | 26.7% | 59.7% | 61.2% | 55.2% | 50.3% |
| Net Profit Margin | -66.0% | -66.0% | 32.3% | 40.4% | 50.2% | 55.1% | 90.2% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 |
|---|---|---|---|---|---|---|---|
| ROE | -11.0% | -11.0% | 6.4% | 6.4% | 11.7% | 11.5% | 11.3% |
| ROA | -6.1% | -6.1% | 3.9% | 4.3% | 7.3% | 7.5% | 11.0% |
| ROIC | -4.1% | -4.1% | 3.2% | 6.5% | 9.5% | 7.6% | — |
| ROCE | -5.6% | -5.6% | 4.0% | 7.1% | 8.9% | 7.5% | 6.3% |
Solvency and debt-coverage ratios — lower is generally safer
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 |
|---|---|---|---|---|---|---|---|
| Debt / Equity | 0.43 | 0.43 | 0.94 | 0.41 | 0.46 | 0.63 | — |
| Debt / EBITDA | — | — | 9.14 | 4.20 | 1.92 | 4.58 | — |
| Net Debt / Equity | — | 0.21 | 0.42 | 0.12 | 0.05 | 0.23 | -0.11 |
| Net Debt / EBITDA | — | — | 4.12 | 1.28 | 0.20 | 1.66 | -1.67 |
| Debt / FCF | — | 3.36 | 3.94 | 1.87 | 0.54 | 6.52 | -6.34 |
| Interest Coverage | -2.15 | -2.15 | 3.26 | 4.87 | 6.42 | 19.67 | — |
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 |
|---|---|---|---|---|---|---|---|
| Current Ratio | 0.52 | 0.52 | 3.59 | 7.97 | — | — | 40.61 |
| Quick Ratio | 0.52 | 0.52 | 3.59 | 7.97 | — | — | 40.61 |
| Cash Ratio | 0.51 | 0.51 | 0.92 | 1.54 | — | — | 4.16 |
| Asset Turnover | — | 0.11 | 0.13 | 0.11 | 0.14 | 0.08 | 0.12 |
| Inventory Turnover | — | — | — | — | — | — | — |
| Days Sales Outstanding | — | — | — | — | — | — | — |
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 |
|---|---|---|---|---|---|---|---|
| Dividend Yield | 28.7% | 30.5% | 23.0% | 25.4% | 19.4% | 5.6% | — |
| Payout Ratio | — | — | 238.3% | 203.0% | 115.8% | 68.5% | — |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 |
|---|---|---|---|---|---|---|---|
| Earnings Yield | — | — | 9.6% | 12.4% | 16.7% | 8.2% | — |
| FCF Yield | 15.8% | 17.7% | 12.4% | 12.7% | 14.6% | 3.7% | — |
| Buyback Yield | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | — |
| Total Shareholder Yield | 28.7% | 30.5% | 23.0% | 25.4% | 19.4% | 5.6% | — |
| Shares Outstanding | — | $22M | $21M | $20M | $20M | $16M | $13M |
Portfolio credit impairment risk
As reported in recent financial filings, AFCG's NOI margin has exhibited extreme volatility, swinging from 100% in 2024Q4 to -180% in 2025Q2, which suggests that the core profitability of the lending portfolio is being severely compromised by credit-related impairments and the costs of managing distressed loan workouts.
The wide variance in NOI margins indicates that the company's interest income is not providing a stable foundation for profitability. Investors should monitor whether these negative margins represent permanent impairments to the loan book or temporary accounting adjustments, as the current trend suggests a fundamental struggle to maintain positive property-level returns.
Based on quarterly data, the company's debt-to-equity ratio has escalated from 0.41 in 2023Q4 to 1.09 in 2026Q1, indicating that AFCG is increasingly utilizing debt to support its operations even as the underlying asset base faces significant credit stress and potential valuation write-downs.
The rising leverage profile appears to be a defensive response to shrinking liquidity rather than a strategic expansion. This trend warrants further investigation into the company's interest coverage capacity, as the volatility in coverage ratios suggests that the firm may face difficulty servicing its debt if the performing loan book continues to contract.
According to historical data, the FFO payout ratio reached an unsustainable 9.8% in 2024Q3, and the lack of consistent FFO generation in subsequent periods suggests that current distributions are likely being funded by capital recycling rather than recurring cash flow from the core senior secured loan portfolio.
The absence of reliable FFO per share data in recent quarters makes it difficult to quantify the exact dividend safety margin, but the negative net margins imply that the dividend is not supported by operational earnings. Investors should be cautious, as the current yield appears to be a function of price depreciation rather than a sustainable income stream.
Financial statements indicate that the market frequently misapplies standard REIT valuation metrics like P/FFO to AFCG, which obscures the reality that the company functions more like a distressed debt fund with high sensitivity to non-cash valuation adjustments and credit-related impairments on specialized cannabis collateral.
Using P/FFO for a company with such volatile, often negative, earnings ignores the reality that the underlying assets are not traditional real estate but rather high-risk loans. Analysts should instead focus on the net asset value and the non-accrual percentage of the loan book to better understand the true risk-adjusted valuation of the firm.
Includes 30+ ratios · 6 years · Updated daily
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Quick answers to the most common questions about buying AFCG stock.
Advanced Flower Capital Inc.'s current P/E ratio is -3.2x. The historical average is 9.2x.
Advanced Flower Capital Inc.'s return on equity (ROE) is -11.0%. The historical average is 6.1%.
Based on historical data, Advanced Flower Capital Inc. is trading at a P/E of -3.2x. Compare with industry peers and growth rates for a complete picture.
Advanced Flower Capital Inc.'s current dividend yield is 28.75%.
Advanced Flower Capital Inc. has 90.7% gross margin and -43.6% operating margin.