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General information

Country: UNITED STATES

Sector: REIT — Specialty

AFC Gamma, Inc. originates, structures, underwrites, and invests in senior secured loans, and other types of loans and debt securities for established companies operating in the cannabis industry in states that have legalized medicinal and/or adult use cannabis. It primarily originates loans structured as senior loans secured by real estate, equipment, and licenses and/or other assets of the loan parties to the extent permitted by applicable laws and the regulations governing such loan parties. AFC Gamma, Inc. has elected and qualified to be taxed as a real estate investment trust for the United States federal income tax purposes under the Internal Revenue Code of 1986. The company was incorporated in 2020 and is based in West Palm Beach, Florida.
Website: afcgamma.com


  • Bad financial results growth rate -20.8% (average between last period year over year growth for revenue and EBITDA), there is slowdown compared to average historical growth rates (6.9%)
  • Dividend yield for the last twelve months 17.4%
  • Free cash flow yield 23 339.6% (LTM)
  • Share price is 11.1% higher than minimum and 54.0% lower than maximum for the last 3 years
  • The company is overvalued by EV / LTM EBITDA multiple compared to target level (159.5x vs 30.0x)
  • Fundamental value created in LTM (estimate)

Key Financials (Download financials)

Ticker: AFCG
Share price, USD:  (+2.4%)11.5
year average price 12.10  


year start price 15.51 2023-03-03

max close price 15.51 2023-03-03

min close price 10.35 2023-05-11

current price 11.50 2024-03-01
Common stocks: 20 324 125

Dividend Yield:  17.4%
FCF Yield LTM: 23 339.6%
EV / LTM EBITDA: 159.5x
EV / EBITDA annualized: 6.5x
Last revenue growth (y/y):  -16.7%
Last growth of EBITDA (y/y):  -25.0%
Historical revenue growth:  7.5%
Historical growth of EBITDA:  6.3%
EV / Sales: 103.2x
Margin (EBITDA LTM / Revenue): 64.7%

Target EV / EBITDA (hist percentile): 30.0x
Fundamental value created in LTM:
EV / LTM EBITDA mutiple calculation
Market Cap ($m): 234
Net Debt ($m): 6 783
EV (Enterprise Value): 7 017
EBITDA LTM (млн $): 44
EV / LTM EBITDA: 159.5x
Price to Book: 0.7x

Revenue and EBITDA

Quarterly values ($m)

Change (y/y)

Cash Flow

FCF ($m)

Net Debt / Cash and Equivalents ($m)

Share price and dividends (Download history)

Share price

Payment USD per share

Multiple and potential

EV / EBITDA

Potential dynamics

News


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More information for subscribed users:
detailed calculation of
Fundamental value created in LTM

Financial reporting

Income Statement

Property 2023 q3 2023 q2 2023 q1 2022 q4 2022 q3
date 2023-09-30 2023-06-30 2023-03-31 2022-12-31 2022-09-30
symbol AFCG AFCG AFCG AFCG AFCG
reportedCurrency USD USD USD USD USD
cik 2M 2M 2M 2M 2M
fillingDate 2023-11-08 2023-08-08 2023-05-10 2023-03-07 2022-11-08
acceptedDate 2023-11-08 08:28:52 2023-08-08 08:30:55 2023-05-10 08:29:56 2023-03-07 08:29:11 2022-11-08 08:31:08
calendarYear 2023.000 2023.000 2023.000 2022.000 2022.000
period Q3 Q2 Q1 Q4 Q3
revenue 15M 16M 15M 18M 18M
costOfRevenue 1M 2M -702 426 11M 541 958
grossProfit 14M 14M 16M 6M 17M
grossProfitRatio 0.929 0.897 1.046 0.368 0.969
researchAndDevelopmentExpenses 0 0 0 0 0
generalAndAdministrativeExpenses 1M 1M 2M 1M 1M
sellingAndMarketingExpenses 0 0 0 0 0
sellingGeneralAndAdministrativeExpenses 1M 1M 2M 1M 1M
otherExpenses -788 488 -2M 0 0 0
operatingExpenses 1M 1M 2M 2M 1M
costAndExpenses 2M 3M 2M 13M 1M
interestIncome 17M 18M 19M 21M 20M
interestExpense 2M 2M 2M 2M 2M
depreciationAndAmortization -9M -13M -14M 0 0
ebitda -2M -3M -2M 5M 13M
ebitdaratio -0.157 -0.198 -0.113 0.302 0.759
operatingIncome -2M -3M 12M 5M 13M
operatingIncomeRatio -0.157 -0.198 0.774 0.302 0.759
totalOtherIncomeExpensesNet 11M 15M -2M -2M -2M
incomeBeforeTax 9M 12M 10M 4M 12M
incomeBeforeTaxRatio 0.582 0.787 0.665 0.205 0.665
incomeTaxExpense 663 220 167 637 175 102 676 561 167 164
netIncome 8M 12M 10M 3M 11M
netIncomeRatio 0.537 0.776 0.654 0.166 0.656
eps 0.390 0.590 0.490 0.140 0.570
epsdiluted 0.390 0.590 0.490 0.140 0.570
weightedAverageShsOut 20M 20M 20M 20M 20M
weightedAverageShsOutDil 20M 20M 20M 20M 20M
link Link Link Link Link Link
finalLink Link Link Link Link Link

Balance Sheet Statement

Property 2023 q3 2023 q2 2023 q1 2022 q4 2022 q3
date 2023-09-30 2023-06-30 2023-03-31 2022-12-31 2022-09-30
symbol AFCG AFCG AFCG AFCG AFCG
reportedCurrency USD USD USD USD USD
cik 2M 2M 2M 2M 2M
fillingDate 2023-11-08 2023-08-08 2023-05-10 2023-03-07 2022-11-08
acceptedDate 2023-11-08 08:28:52 2023-08-08 08:30:55 2023-05-10 08:29:56 2023-03-07 08:29:11 2022-11-08 08:31:08
calendarYear 2023.000 2023.000 2023.000 2022.000 2022.000
period Q3 Q2 Q1 Q4 Q3
cashAndCashEquivalents 73M 82M 81M 140M 36M
shortTermInvestments 0 0 0 0 0
cashAndShortTermInvestments 73M 82M 81M 140M 36M
netReceivables 6M 3M 4M 5M 4M
inventory 1.000 1.000 0 0 0
otherCurrentAssets -78M -85M 0 0 0
totalCurrentAssets 376M 359M 350M 146M 4M
propertyPlantEquipmentNet 0 0 0 0 0
goodwill 0 0 0 0 0
intangibleAssets 0 0 0 0 0
goodwillAndIntangibleAssets 0 0 0 0 0
longTermInvestments 0 0 0 0 0
taxAssets 0 0 0 0 0
otherNonCurrentAssets 72M 97M 0 377M 471M
totalNonCurrentAssets 72M 97M 0 377M 471M
otherAssets -2M -2M 98M -3M -4M
totalAssets 445M 454M 448M 519M 471M
accountPayables 4M 3M 6M 5M 10M
shortTermDebt 88M 88M 88M 60M 97M
taxPayables 0 0 0 0 0
deferredRevenue 550 950 1M 0 0 0
otherCurrentLiabilities -4M -4M -6M -65M -97M
totalCurrentLiabilities 88M 88M 88M 65M 10M
longTermDebt 88M 88M 88M 97M 97M
deferredRevenueNonCurrent 550 950 1M 0 0 0
deferredTaxLiabilitiesNonCurrent -550 950 -1M 0 0 0
otherNonCurrentLiabilities -69M -62M -65M -32M 17M
totalNonCurrentLiabilities 18M 26M 22M 65M 124M
otherLiabilities 0 0 0 50M -10M
capitalLeaseObligations 0 0 0 0 0
totalLiabilities 106M 114M 110M 180M 124M
preferredStock 1.000 1.000 1.000 1.000 1.000
commonStock 204 577 204 577 204 892 203 640 203 640
retainedEarnings -11M -9M -11M -10M -1M
accumulatedOtherComprehensiveIncomeLoss -1.000 -1.000 0 0 0
othertotalStockholdersEquity 350M 349M 349M 349M 349M
totalStockholdersEquity 339M 340M 338M 339M 347M
totalEquity 339M 340M 338M 339M 347M
totalLiabilitiesAndStockholdersEquity 445M 454M 448M 519M 471M
minorityInterest 0 0 0 0 0
totalLiabilitiesAndTotalEquity 445M 454M 448M 519M 471M
totalInvestments 0 0 0 0 0
totalDebt 88M 88M 88M 157M 97M
netDebt 15M 6M 7M 17M 61M
link Link Link Link Link Link
finalLink Link Link Link Link Link

Cash Flow Statement

Property 2023 q3 2023 q2 2023 q1 2022 q4 2022 q3
date 2023-09-30 2023-06-30 2023-03-31 2022-12-31 2022-09-30
symbol AFCG AFCG AFCG AFCG AFCG
reportedCurrency USD USD USD USD USD
cik 2M 2M 2M 2M 2M
fillingDate 2023-11-08 2023-08-08 2023-05-10 2023-03-07 2022-11-08
acceptedDate 2023-11-08 08:28:52 2023-08-08 08:30:55 2023-05-10 08:29:56 2023-03-07 08:29:11 2022-11-08 08:31:08
calendarYear 2023.000 2023.000 2023.000 2022.000 2022.000
period Q3 Q2 Q1 Q4 Q3
netIncome 8M 12M 10M 3M 11M
depreciationAndAmortization 0 0 39 258 262 386 0
deferredIncomeTax 0 0 0 0 0
stockBasedCompensation 294 014 130 769 268 658 116 987 114 062
changeInWorkingCapital -1M -1M -587 643 -4M 2M
accountsReceivables -2M 914 695 2M -434 861 510 813
inventory 98 954 561 811 0 0 0
accountsPayables -98 954 -561 811 1M -2M 1M
otherWorkingCapital 1M -2M -4M -2M 249 715
otherNonCashItems -1M -6M -5M 5M -2M
netCashProvidedByOperatingActivities 5M 5M 4M 4M 12M
investmentsInPropertyPlantAndEquipment 0 0 0 0 0
acquisitionsNet 0 0 0 0 0
purchasesOfInvestments 0 0 0 0 0
salesMaturitiesOfInvestments 0 0 26 384 -450 000 0
otherInvestingActivites -5M 8M 15M 53M -19M
netCashUsedForInvestingActivites -5M 8M 15M 52M -19M
debtRepayment -21M 0 -68M -75M 0
commonStockIssued 9M 0 0 0 9M
commonStockRepurchased 10M -225 000 0 0 0
dividendsPaid -10M -11M -11M -11M -11M
otherFinancingActivites 2M 0 0 134M -61 674
netCashUsedProvidedByFinancingActivities -10M -12M -79M 48M -2M
effectOfForexChangesOnCash 18M 11M 0 0 0
netChangeInCash -9M 1M -60M 104M -9M
cashAtEndOfPeriod 73M 82M 81M 140M 36M
cashAtBeginningOfPeriod 82M 81M 140M 36M 46M
operatingCashFlow 5M 5M 4M 4M 12M
capitalExpenditure 0 0 0 0 0
freeCashFlow 5M 5M 4M 4M 12M
link Link Link Link Link Link
finalLink Link Link Link Link Link

Earning call transcript

2023 q3
2023-11-08 ET (fiscal 2023 q3)
2023 q2
2023-08-08 ET (fiscal 2023 q2)
2023 q1
2023-05-10 ET (fiscal 2023 q1)
2022 q4
2023-03-07 ET (fiscal 2022 q4)
2022 q3
2022-11-08 ET (fiscal 2022 q3)
2022 q2
2022-08-09 ET (fiscal 2022 q2)
2022 q1
2022-05-10 ET (fiscal 2022 q1)

Press-releases

Show financial reports only

2024-02-07 21:05 ET
AFC Gamma Closes Two Syndicated Commercial Real Estate Loans
2024-01-31 22:00 ET
AFC Gamma, Inc. Schedules Fourth Quarter and Annual 2023 Earnings Conference Call for March 7, 2024
2023-12-15 13:30 ET
AFC Gamma Announces Fourth Quarter 2023 Dividend
2023-11-08 13:30 ET
AFC Gamma, Inc. Announces Financial Results for Third Quarter 2023
2023-10-30 12:30 ET
AFC Gamma, Inc. Announces Appointment of Daniel Neville as New Chief Executive Officer
2023-10-18 20:05 ET
AFC Gamma, Inc. Schedules Third Quarter 2023 Earnings Conference Call for November 8, 2023
2023-09-15 12:30 ET
AFC Gamma Announces Third Quarter Dividend
2023-08-08 12:33 ET
AFC Gamma, Inc. Announces Financial Results for Second Quarter 2023
2023-07-24 13:05 ET
AFC Gamma, Inc. Schedules Second Quarter 2023 Earnings Conference Call for August 8, 2023
2023-06-15 12:30 ET
AFC Gamma Provides Business Update
2023-06-14 20:05 ET
AFC Gamma Appoints Jim Fagan as New Independent Director to Board of Directors
2023-05-10 12:32 ET
AFC Gamma, Inc. Announces Financial Results for First Quarter 2023
2023-04-25 20:01 ET
AFC Gamma, Inc. Schedules First Quarter 2023 Earnings Conference Call for May 10, 2023
2023-03-20 20:31 ET
AFC Gamma, Inc. Announces CFO Transition
2023-03-07 13:35 ET
AFC Gamma, Inc. Announces Financial Results for Fourth Quarter and Full Year 2022
2023-02-23 21:30 ET
AFC Gamma, Inc. Schedules Fourth Quarter and Annual 2022 Earnings Conference Call for March 7, 2023
2022-12-15 13:00 ET
AFC Gamma Announces Fourth Quarter Dividend
2022-12-05 12:00 ET
AFC Foundation Announces Charitable Donation to Corners Outreach
2022-11-08 13:32 ET
AFC Gamma, Inc. Announces Financial Results for Third Quarter 2022
2022-10-25 11:07 ET
AFC Gamma and Viridescent Realty Trust Amend $150 Million Credit Facility to Acreage Holdings
2022-10-20 20:30 ET
AFC Gamma, Inc. Schedules Third Quarter 2022 Earnings Conference Call for November 8, 2022
2022-09-15 12:00 ET
AFC Gamma Announces Third Quarter Dividend
2022-08-09 12:32 ET
AFC Gamma, Inc. Announces Financial Results for Second Quarter 2022
2022-07-19 13:00 ET
AFC Gamma, Inc. Schedules Second Quarter 2022 Earnings Conference Call for August 9, 2022
2022-06-15 20:01 ET
AFC Gamma Increases Dividend For Fourth Consecutive Quarter
2022-05-17 11:00 ET
AFC Foundation Announces Charitable Donations to Three Non-Profit Organizations
2022-05-10 12:32 ET
AFC Gamma, Inc. Announces Financial Results for First Quarter 2022
2022-05-02 12:30 ET
AFC Gamma Enters into $60 Million Senior Secured Revolving Credit Facility with Commitments from Two FDIC-Insured Banks
2022-04-26 20:05 ET
AFC Gamma, Inc. Schedules First Quarter 2022 Earnings Conference Call for May 10, 2022
2022-04-21 12:30 ET
AFC Gamma Provides Bloom Medicinals with $82.5 Million Senior Secured Credit Facility
2022-03-10 13:20 ET
AFC Gamma, Inc. Announces Financial Results for Fourth Quarter and Full Year 2021
2022-03-07 13:00 ET
AFC Gamma Expands Existing Senior Secured Credit Facilities With Three Existing Borrowers
2022-03-01 23:30 ET
Verano Draws US$100 Million to Fund Strategic Growth Initiatives, and Adds an Option for Up to an Additional US$175 Million
2022-02-15 21:03 ET
AFC Gamma, Inc. Schedules Fourth Quarter and Annual 2021 Earnings Conference Call for March 10, 2022
2022-02-03 13:00 ET
AFC Gamma Announces Appointment of Marnie Sudnow to its Board of Directors
2022-02-01 23:00 ET
Verano Exercises Option on Existing Credit Facility to Draw Remaining US$100 Million at 8.50% to Fund Strategic Growth Initiatives
2022-01-06 04:48 ET
AFC Gamma, Inc. Prices Common Stock Offering
2022-01-03 21:05 ET
AFC Gamma, Inc. Announces Launch of Common Stock Offering
2022-01-03 13:30 ET
AFC Gamma Posts Record $127.3 Million in Gross Originations for Quarter Ended December 31, 2021
2021-12-16 22:00 ET
Acreage Holdings Secures $150 Million Credit Facility to Accelerate Strategic Growth Initiatives
2021-12-16 22:00 ET
AFC Gamma and Viridescent Realty Trust Provide Acreage Holdings with $100 Million Senior Secured Credit Facility
2021-12-15 21:01 ET
AFC Gamma Declares $0.50 Dividend Per Share For The Quarter Ending December 31, 2021
2021-11-04 12:00 ET
AFC Gamma, Inc. Announces Financial Results for Quarter Ended September 30, 2021
2021-10-28 20:03 ET
AFC Gamma Prices Offering of 5.750% Senior Notes Due 2027
2021-10-20 12:43 ET
AFC Gamma Funds $50 Million as Part of a New $120 Million Tranche of Verano Holdings Corp. Credit Facility
2021-10-20 12:20 ET
Verano Upsizes Credit Agreement to US$250 Million at 8.50% With an Additional US$100 Million Option
2021-10-13 12:00 ET
AFC Gamma, Inc. Schedules Earnings Release for the Quarter Ended September 30, 2021
2021-10-06 12:05 ET
AFC Gamma Announces Launch of $100 Million Offering of Senior Notes Due 2027
2021-10-04 12:03 ET
AFC Gamma Posts Record $119.2 Million in Gross Originations for Quarter Ended September 30
2021-10-04 12:00 ET
AFC Gamma Expands Senior Secured Credit Facility with Justice Cannabis Co. by $53.4 Million
2021-09-15 12:30 ET
AFC Gamma Raises Quarterly Dividend
2021-09-13 12:31 ET
AFC Gamma Expands Existing Senior Secured Credit Facility With Devi Holdings, Inc. by $30 Million
2021-08-31 12:30 ET
AFC Gamma Provides BeLeaf Medical, LLC With $23 Million Senior Secured Credit Facility to Fund Its Missouri Expansion
2021-08-24 12:30 ET
AFC Gamma Provides DMA Holdings With $19.75 Million Senior Secured Credit Facility to Fund Its Massachusetts Expansion
2021-08-05 12:30 ET
AFC Gamma, Inc. Announces Financial Results for Quarter Ended June 30, 2021
2021-08-05 12:25 ET
AFC Gamma, Inc. Announces Appointment of Brett Kaufman as New Chief Financial Officer
2021-07-15 12:30 ET
AFC Gamma Provides Evermore with $15.5 Million Senior Secured Credit Facility to Support its Maryland Expansion and Streamline Ownership Structure
2021-07-14 12:30 ET
AFC Gamma, Inc. Schedules Earnings Release for the Quarter Ended June 30, 2021
2021-07-13 12:30 ET
AFC Gamma Provides Business Update
2021-06-24 02:08 ET
AFC Gamma, Inc. Prices Common Stock Offering
2021-06-21 21:07 ET
AFC Gamma, Inc. Announces Launch of Common Stock Offering
2021-05-11 12:15 ET
AFC Gamma, Inc. Announces Quarter Ended March 31, 2021 Financial Results
2021-05-06 12:40 ET
AFC Gamma Provides Justice Cannabis Co. With $22 Million Senior Secured Credit Facility to Fund its New Jersey Expansion
2021-05-05 12:30 ET
AFC Gamma Serves as Lead Investor in Cansortium’s $71 Million Senior Secured Credit Facility to Fund Operations in Three States
2021-04-29 20:05 ET
AFC Gamma Provides $13 Million Secured Credit Facility to Missouri Medical Cannabis Operator
2021-04-26 12:00 ET
AFC Gamma Inc. Schedules Earnings Release for the Quarter Ended March 31, 2021
2021-04-06 12:00 ET
FARMACEUTICALRX Closes Up To $21.0 Million In Debt Financing From AFC Gamma to Expand Medical Marijuana Operations in Ohio
2021-04-06 12:00 ET
AFC Gamma Provides FarmaceuticalRX with Senior Secured Credit Facility of up to $21 Million to Fund Its Ohio Expansion
2021-03-18 21:52 ET
AFC Gamma Prices Initial Public Offering

SEC forms

Show financial reports only

SEC form 8
2023-11-08 08:30 ET
AFC Gamma, Inc. published news for 2023 q3
SEC form 10
2023-11-08 08:28 ET
AFC Gamma, Inc. reported for 2023 q3
SEC form 10
2023-11-08 00:00 ET
AFC Gamma, Inc. published news for 2023 q3
SEC form 6
2023-08-08 08:31 ET
AFC Gamma, Inc. published news for 2023 q2
SEC form 10
2023-08-08 08:30 ET
AFC Gamma, Inc. reported for 2023 q2
SEC form 10
2023-08-08 00:00 ET
AFC Gamma, Inc. published news for 2023 q2
SEC form 8
2023-08-08 00:00 ET
AFC Gamma, Inc. published news for 2023 q2
SEC form 6
2023-06-16 16:31 ET
AFC Gamma, Inc. published news for 2023 q1
SEC form 6
2023-06-15 08:30 ET
AFC Gamma, Inc. published news for 2023 q1
SEC form 6
2023-06-14 16:02 ET
AFC Gamma, Inc. published news for 2023 q1
SEC form 10
2023-05-10 00:00 ET
AFC Gamma, Inc. reported for 2023 q1
SEC form 8
2023-05-10 00:00 ET
AFC Gamma, Inc. published news for 2023 q1
SEC form 8
2023-03-07 00:00 ET
AFC Gamma, Inc. reported for 2022 q4
SEC form 10
2023-03-07 00:00 ET
AFC Gamma, Inc. reported for 2022 q4
SEC form 10
2022-11-08 00:00 ET
AFC Gamma, Inc. reported for 2022 q3
SEC form 8
2022-11-08 00:00 ET
AFC Gamma, Inc. reported for 2022 q3
SEC form 10
2022-08-09 00:00 ET
AFC Gamma, Inc. reported for 2022 q2
SEC form 8
2022-08-09 00:00 ET
AFC Gamma, Inc. published news for 2022 q2
SEC form 10
2022-05-10 00:00 ET
AFC Gamma, Inc. reported for 2022 q1
SEC form 8
2022-05-10 00:00 ET
AFC Gamma, Inc. published news for 2022 q1
SEC form 8
2022-03-10 00:00 ET
AFC Gamma, Inc. published news for 2021 q4
SEC form 10
2022-03-10 00:00 ET
AFC Gamma, Inc. published news for 2021 q4
SEC form 8
2021-11-04 00:00 ET
AFC Gamma, Inc. published news for 2021 q3
SEC form 10
2021-11-04 00:00 ET
AFC Gamma, Inc. published news for 2021 q3
SEC form 8
2021-10-06 00:00 ET
AFC Gamma, Inc. published news for 2021 q3
SEC form 10
2021-08-05 00:00 ET
AFC Gamma, Inc. published news for 2021 q2
SEC form 10
2021-05-11 00:00 ET
AFC Gamma, Inc. published news for 2021 q1