AFCG
Advanced Flower Capital Inc.
Next earnings Aug 12, 2026 · consensus $0.13 EPS, $7.00M rev
Last earnings +11.6% on 2026-05-07
$3.13
▼ -3.40%$3.13▼ -28.17%
over 1Y
L $2.05H $4.75
Earnings Dividend Split Congress buy Congress sellGrouped by date · hover a pin to expand
Today-3.4%
1W-1.3%
1M-16.1%
3M+11.4%
YTD+11.9%
1Y-28.2%
Hold
Conviction
Horizon
Medium (3–12mo)
Street · 9 analysts
Buy
Cannabis lender trading at ~0.4x book, but a collapsing loan book and first annual loss make it a deep-value trap, not a bargain.
Revenue $24.6M · FY2025
AFC is a specialty cannabis lender that just elected BDC status effective Jan 1, 2026 — a fresh regulatory regime the 10-K itself flags via 'limited operating history as a BDC.' The numbers describe a business in retreat: revenue has fallen four straight years (74.7M → 63.9M → 45.7M → 24.6M), with FY2025 down 46.2% YoY, and the July-2024 SUNS spin-off stripped out the CRE portfolio, shrinking the remaining engine. FY2025 flipped to a -20.7M net loss (net margin -84.2%, ROE -11.8%) after two years of solid profit, and cash was cut 62.7% to 38.6M while accumulated deficit deepened to -83.4M. This is not a soft patch — it is credit deterioration showing up in the P&L.
The MD&A makes the cause concrete: Private Company K was placed in consensual receivership in Jan 2025, AFC initiated mortgage foreclosure against Subsidiary of Private Company G over a cultivation facility (citing a lost cannabis license and payment defaults), and by April 2025 was suing guarantors. The Risk Factors underscore that the portfolio is 'concentrated in a limited number of loans,' so a single distressed borrower moves the whole book — exactly what the loss reflects. Cannabis-specific risk (federal enforcement, borrower license loss, illiquid collateral) compounds the concentration.
Is AFCG a buy? The one-page verdict, explained →
The options angle
model · matches our verdictCovered call~60d expiry
- Long 100 shares @ ~3.13
- Short call 3.5 @ ~0.12 est
debit $301max +$49max −$300BE 3.01
HOLD means own it, don't chase it — harvesting premium against the position matches the verdict.
Educational template, not a trade recommendation. Strikes and premiums are Black-Scholes model estimates from the last close and 30-day realized volatility — real chains, spreads and IV will differ. Options involve substantial risk.
Financials · annual, by fiscal year
| Line item | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|
| Revenue | — | $74.7M | $63.9M | $45.7M | $24.6M |
| Gross profit | — | — | — | — | — |
| Operating income | — | — | — | — | — |
| Net income | — | — | $21.0M | $16.8M | -$20.7M |
| Diluted EPS | $1.52 | $1.79 | $1.02 | $0.78 | -$0.95 |
| Net margin | — | — | 32.8% | 36.8% | -84.2% |
10-year statements — income, cash flow, balance sheet & CSV export →
Annual figures from SEC 10-K XBRL filings. Open the filing links below for full statement detail.
Key statistics
Valuation
Enterprise value—
EV / EBITDA—
EV / Sales—
EV / FCF—
P / FCF—
PEG (trailing)—
Earnings yield-29.0%
FCF yield—
Quality & risk
ROIC (est.)—
Free cash flow—
Total debt—
Net cash$38.6M
Piotroski F-Score2/6
Capital returns
Buyback yield—
Dividend yield (est.)58.3%
Shareholder yield58.3%
Shares Δ YoY+4.1%
Computed from SEC XBRL annual figures + the current quote. EV and ROIC use long-term + current debt where filed; estimates, not investment advice.
Disclosure timeline
SEC · 8-Ks + reportsRecent disclosure tone has skewed negative — read the flagged items.
- 8-K Material agreement2026-06-30
Entered new material loan/credit agreement, adding a direct debt obligation
- 8-K Reg FD disclosure2026-06-18
Reg FD disclosure (Item 7.01) — investor update/presentation
- 8-K Shareholder vote2026-05-28
Disclosed shareholder meeting voting results
- 8-K Earnings results2026-05-07
Q1'26: revenue decline continues as BDC conversion takes hold
- 10-Q Quarterly report2026-05-07
Q1'26: revenue decline continues as BDC conversion takes hold
- DEF 14A Proxy statement2026-04-17
Annual meeting proxy — routine board/governance items
- 8-K Material agreement2026-03-30
Entered material agreement creating a new financing obligation
- 8-K Earnings results2026-03-04
FY25: revenue -46%, -$20.7M loss, elected BDC status Jan 2026
- 10-K Annual report2026-03-04
FY25: revenue -46%, -$20.7M loss, elected BDC status Jan 2026
Recent filings
all on EDGAR ↗8-KPeriod ending 2026-06-262026-06-30open ↗8-KPeriod ending 2026-06-172026-06-18open ↗SCHEDULE 13D/AFiling2026-06-18open ↗8-KPeriod ending 2026-05-282026-05-28open ↗4Period ending 2026-05-142026-05-19open ↗SCHEDULE 13G/AFiling2026-05-15open ↗8-KPeriod ending 2026-05-072026-05-07open ↗10-QPeriod ending 2026-03-312026-05-07open ↗SCHEDULE 13G/AFiling2026-04-27open ↗ARSPeriod ending 2025-12-312026-04-17open ↗DEFA14AFiling2026-04-17open ↗DEF 14APeriod ending 2026-05-282026-04-17open ↗
Frequently asked
- Is Advanced Flower Capital Inc. (AFCG) a buy?
- AFCG currently carries a Hold rating with 2/5 conviction, derived from its latest SEC filings. Cannabis lender trading at ~0.4x book, but a collapsing loan book and first annual loss make it a deep-value trap, not a bargain.
- What is Advanced Flower Capital Inc.'s quality score?
- AFCG scores 40.847972145699416/100 (grade D) on a SEC-grounded quality model spanning value, growth, profitability, financial health and momentum.
Sources: SEC EDGAR (CIK 0001822523, latest 10-Q filed 2026-05-07) · EODHD · Proprietary analysis · as of 7/3/2026, 4:40:49 PM.
About this recommendation — produced by TENK/calls (tenkcalls.com), Luxembourg · not investment advice
AI-generated analysis, produced by our proprietary engine from SEC filing data.
Investment recommendation produced by TENK/calls (tenkcalls.com), Luxembourg. Completed Jul 3, 2026, 12:40 PM ET. Ratings & methodology: definitions · All recommendations to date: track record · Conflicts: disclosures. Not investment advice.
Research and education only — not financial advice. TENKis not a registered investment adviser or broker-dealer and gives no personalized advice. Every call is impersonal — identical for all users, generated on a schedule from SEC filings plus a delayed/third-party price feed — may be wrong or out of date, and is not a recommendation to buy or sell any security. The operator and an affiliated trading operation may hold or trade the securities TENK rates; see Disclosures. Past performance does not guarantee future results. Do your own research.