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Farmmi, Inc. (FAMI) stock

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NASDAQ: FAMI Nasdaq Agricultural Products & Services

D Fundamentals grade

Farmmi, Inc. is a US-listed company in the agricultural products & services industry. Its financial year ends in September.

Stock price today

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Third-party market data · may be delayed

Fair value per share

Under review: free cash flow after stock pay is not positive.

Price vs value

Under review: free cash flow after stock pay is not positive. We'll show the comparison once resolved.

Farmmi, Inc. valuation: adjust assumptions and compare models →

Who’s trading

What company insiders, investment funds and members of Congress have been doing with the stock, from their own filings.

  • Funds1 adding, 3 cuttingOf 0 active managers that changed their stake, 0 added; quarter to June 30, 2026Fund buyers and sellers

Value diary

Our note on each quarter Farmmi files

Where Farmmi stands after its latest Filing

Revenue for the twelve months was $28m, down 56.4% on a year earlier, a steeper fall than the 41.9% decline a quarter earlier. That puts it 20 of 20 for growth among the agricultural products & services companies we cover. Free-cash-flow margin rose to 187.5% from -134.7% a year earlier. Operating margin narrowed to -200.6% from 7.3%. The diluted share count is up 210.8% on a year earlier, which dilutes existing holders. Against its peers on growth, profitability, cash generation and balance sheet, it grades D. It passes 4 of our 5 financial-health checks.

Our model value for Farmmi is under review, so past values are not shown until it is resolved.

Written from the company's filings and our models when each quarter's report arrives. Figures in older notes are as published at the time. Not investment advice.

The Fundamentalytics view

Farmmi, Inc.'s trailing-twelve-month revenue fell 56.4% year on year, with a free-cash-flow margin of 187.5%. Where it stands out: free-cash-flow margin of 187.5% ranks 1 of 20 agricultural products & services companies we cover. Where it lags: revenue growth of -56.4% ranks 20 of 20 agricultural products & services companies we cover.

Current signal Revenue growth decelerating: TTM revenue growth slowed to -56.4% (-14.5pp vs the prior quarter), the 3rd consecutive quarterly slowdown.

Assembled from SEC-filed figures — the full workings are on this page and in our methodology. Observations, not recommendations.

Highlights

How we pick these

Strengths

  • Strong cash generation. 187.5% of revenue turned into free cash flow, against a median of 2.5% for agricultural products & services companies we cover.

Things to watch

  • Revenue shrinking. Revenue fell 56.4% over the last 12 months.
  • Growth slowing. The growth rate is 14.5 points lower than a quarter earlier.
  • Loss-making. Operating margin is -200.6%: costs exceed revenue.
  • Margins narrowing. Operating margin is down 201.9 points on a year ago.
  • Share dilution. Diluted shares rose 210.8% in a year.
  • Volatile shares. Over the past year the shares showed annualised volatility of 124% and a beta of 0.5 against the S&P 500.

Price chart

  • 1 day0.0%
  • 1 week0.0%
  • 1 month-23.1%
  • This year-92.1%
  • 1 year-93.7%
  • 5 years-100.0%
  • S&P 500 this year+11.2%

Closing prices to 2026-11-02. Price change only, dividends excluded.

Loading chart…

Third-party market data · may be delayed

At a glance

Trailing twelve months, from SEC filings

Profitability

Revenue (TTM)
$28M
Operating margin
-200.6%
Net margin
-189.8%
EPS (TTM, diluted)
$-28.92

Growth

Revenue growth
−56.4%
Change in growth rate
−14.5 pts
Share count change
+210.8%

Cash

Free cash flow (TTM)
$52.4M
FCF margin
187.5%
Stock pay % of revenue
0.0%

News & updates

Updated October 31, 2026

Company announcements, filed results and changes that matter to shareholders.

No recent updates are available for FAMI from the sources we follow. See filings →

Refreshed hourly when new source data is available. Summaries are checked against company releases and SEC filings. Company announcement headlines are labelled when a checked summary is unavailable.

Valuation

Farmmi, Inc. valuation models and calculator

Fundamentalytics rating

model v1.6 · 2026-11-03

Not rated: free cash flow after stock pay is not positive.

The inputs used by the models below have passed source checks. Individual model values are available below and in the interactive valuator. Their differences are shown explicitly; the platform combined value and recommendation remain withheld.

Valuation models

We value Farmmi, Inc. as an operating company, with every model that fits that kind of business. Cost of equity 7.4%: the 10-year Treasury yield (4.9%) plus a beta of 0.54 times a 4.5% equity risk premium.

Value per share by model
Model Value per share In the combined value?
Revenue-to-maturity model Revenue grown to maturity with the cash margin moving to the industry's; for companies not yet profitable. ~$99 ~$99–$110 Left out: out of range vs price (993.60x)
Price-to-earnings vs peers Earnings per share times peers' typical (harmonic-mean) price-to-earnings. — Does not apply: This model is withheld pending its input or assumption review.
Residual income Book value plus the present value of returns above the cost of equity, fading over ten years. — Does not apply: This model is withheld pending its input or assumption review.
Justified price-to-book Book value times (return on equity - growth) / (cost of equity - growth): steady-state returns. — Does not apply: This model is withheld pending its input or assumption review.
Price-to-sales vs peers Sales per share times peers' typical price-to-sales; used only when earnings are negative. ~$1.4 ~$2.2–$7.4 Left out: out of range vs price (14.30x)
Combined value Individual source-checked model scenarios are available. The platform combined value and recommendation remain withheld. — Combined value withheld. Review the individual models and their assumptions.

Different models fail in different ways, so where several apply we average them rather than trust one. Peer-based models compare Farmmi, Inc. with Agricultural Products & Services in our coverage, using third-party market data. Model values are estimates under stated assumptions, updated as new filings arrive; not price targets or investment advice. How each model works.

Valuation multiples over time Market data may be delayed

At fiscal year end 20182019202020212022202320242025
Share price$12696.00$3744.00$2112.00$1104.00$53.76$19.20$3.24$1.94
Market value$4.6bn$1.8bn$1.0bn$432m$117m$41m$6m$4m
+ Net debt (− = net cash)−$3m−$118688$106094−$57m−$39m−$3m$2m$1m
Enterprise value$4.6bn$1.8bn$1.0bn$376m$78m$38m$8m$5m
Multiples
Price / sales 154.5x64.3x36.3x11.0x1.2x0.4x0.1x0.1x
Price / earnings n/mn/mn/m183.5x52.7x15.9x——
Price / free cash flow ————5.7x——0.1x
EV / EBITDA n/mn/mn/m128.5x68.7x16.8x7.7x—

Market value uses the period's diluted share count; figures for each fiscal year use that year's results and the price at year end. "Now" uses today's price and the last twelve months.

Moat

Not assessed: fewer than five years of comparable figures in the filings. AI disruption exposure for this industry: Low.

A rules-based reading of reported figures, not a forecast and not investment advice. How the score is built: methodology.

Forecasts and guidance

Analysts' consensus

No analyst estimates are published for Farmmi, Inc.: too few analysts cover it.

Positioning

Short interest
2.6%
of tradable shares
Days to cover
0.08
at average volume
Short interest, 1 month
−59%
to October 15, 2026
Held by institutions
10%
of shares
Held by insiders
12.3%
of shares
Employees
15
full time

Consensus figures average analysts' published estimates (third-party data); guidance is the company's own. Neither is our forecast. Short interest is reported twice a month and lags. Market data may be delayed.

This section is general information, not investment advice or a personal recommendation, and it does not take account of your objectives or circumstances. Forecasts and guidance are estimates, not promises: companies miss their own guidance and analysts' figures are often revised. Prices can fall as well as rise, and you can lose money. See our disclaimer.

Share-price performance

Market data may be delayed

Return and risk by year

Calendar year 202120222023202420252026 to date
Return
FAMI−82%−93%−61%−76%−65%−92%
Industry peers (median)+4%−25%−15%+1%+3%−4%
S&P 500+29%−18%+26%+25%+18%+11%
Months that ended higher
FAMI42%17%42%33%33%27%
S&P 50075%42%67%75%75%46%
Largest fall from a high during the year
FAMI−91%−94%−87%−86%−71%−94%
S&P 500−5%−25%−10%−8%−19%−9%

Worst fall since February 16, 2018: 100% from May 25, 2018 to August 18, 2026. Getting back needed a 24167900% gain, and the shares have not yet recovered.

Price behaviour

52-week range
$0.10 – $1.63
From 52-week high
−93.9%
vs 50-day average
−15.1%
vs 200-day average
−87.1%
Volatility (1 year)
124%
Beta vs S&P 500
0.48

Volatility is the annualised standard deviation of daily returns. Beta 1.5 means the shares typically moved 1.5% for each 1% move in the S&P 500 over the past year. Prices to November 2, 2026.

Farmmi, Inc. in five measures

Fundamentals grade D
Growth Profitability Cash Balance sheet

Growth, profitability, cash generation and balance sheet are percentiles against the companies we cover in the same industry, from SEC filings (100 = best). Value compares the share price with our modelled value range (50 = at our base value; higher = cheaper). A description of reported data and our model — not a quality score or advice.

Fundamentals

Revenue (TTM) Farmmi, Inc.
$0 $50M $100M $150M FY16 Q4 FY18 Q4 FY20 Q4 FY22 Q4 FY25 Q4 Revenue (TTM), FY16 Q4: $20.7M Revenue (TTM), FY17 Q4: $26.7M Revenue (TTM), FY18 Q4: $29.8M Revenue (TTM), FY19 Q4: $28.4M Revenue (TTM), FY20 Q4: $28.4M Revenue (TTM), FY21 Q4: $39.3M Revenue (TTM), FY22 Q4: $99.2M Revenue (TTM), FY23 Q4: $110.4M Revenue (TTM), FY24 Q4: $64.1M Revenue (TTM), FY25 Q4: $28M $28M

Source: SEC EDGAR filings. Retrieved Invalid Date.

View chart data
Period Revenue (TTM)
FY16 Q4 $20.7M
FY17 Q4 $26.7M
FY18 Q4 $29.8M
FY19 Q4 $28.4M
FY20 Q4 $28.4M
FY21 Q4 $39.3M
FY22 Q4 $99.2M
FY23 Q4 $110.4M
FY24 Q4 $64.1M
FY25 Q4 $28M
Revenue growth, TTM YoY Farmmi, Inc.
-100% 0% 100% 200% FY17 Q4 FY19 Q4 FY21 Q4 FY23 Q4 FY25 Q4 Revenue growth, TTM YoY, FY17 Q4: 28.7% Revenue growth, TTM YoY, FY18 Q4: 11.8% Revenue growth, TTM YoY, FY19 Q4: -4.9% Revenue growth, TTM YoY, FY20 Q4: 0.0% Revenue growth, TTM YoY, FY21 Q4: 38.5% Revenue growth, TTM YoY, FY22 Q4: 152.5% Revenue growth, TTM YoY, FY23 Q4: 11.2% Revenue growth, TTM YoY, FY24 Q4: -41.9% Revenue growth, TTM YoY, FY25 Q4: -56.4% -56.4%

Source: SEC EDGAR filings. Retrieved Invalid Date.

View chart data
Period Revenue growth, TTM YoY
FY17 Q4 28.7%
FY18 Q4 11.8%
FY19 Q4 -4.9%
FY20 Q4 0.0%
FY21 Q4 38.5%
FY22 Q4 152.5%
FY23 Q4 11.2%
FY24 Q4 -41.9%
FY25 Q4 -56.4%
Operating margin (TTM) Farmmi, Inc.
-300% -200% -100% 0% 100% FY16 Q4 FY18 Q4 FY20 Q4 FY22 Q4 FY25 Q4 Operating margin (TTM), FY16 Q4: 13.9% Operating margin (TTM), FY17 Q4: 13.0% Operating margin (TTM), FY18 Q4: 10.3% Operating margin (TTM), FY19 Q4: 8.0% Operating margin (TTM), FY20 Q4: 8.0% Operating margin (TTM), FY21 Q4: 7.3% Operating margin (TTM), FY22 Q4: 0.9% Operating margin (TTM), FY23 Q4: 1.8% Operating margin (TTM), FY24 Q4: 1.2% Operating margin (TTM), FY25 Q4: -200.6% -200.6%

Source: SEC EDGAR filings. Retrieved Invalid Date.

View chart data
Period Operating margin (TTM)
FY16 Q4 13.9%
FY17 Q4 13.0%
FY18 Q4 10.3%
FY19 Q4 8.0%
FY20 Q4 8.0%
FY21 Q4 7.3%
FY22 Q4 0.9%
FY23 Q4 1.8%
FY24 Q4 1.2%
FY25 Q4 -200.6%
FCF margin (TTM) Farmmi, Inc.
-200% -100% 0% 100% 200% FY16 Q4 FY18 Q4 FY20 Q4 FY22 Q4 FY25 Q4 FCF margin (TTM), FY16 Q4: -3.1% FCF margin (TTM), FY17 Q4: 7.3% FCF margin (TTM), FY18 Q4: -9.4% FCF margin (TTM), FY19 Q4: -38.0% FCF margin (TTM), FY20 Q4: -6.3% FCF margin (TTM), FY21 Q4: -134.7% FCF margin (TTM), FY22 Q4: 20.8% FCF margin (TTM), FY23 Q4: -68.6% FCF margin (TTM), FY24 Q4: -26.2% FCF margin (TTM), FY25 Q4: 187.5% 187.5%

Source: SEC EDGAR filings. Retrieved Invalid Date.

View chart data
Period FCF margin (TTM)
FY16 Q4 -3.1%
FY17 Q4 7.3%
FY18 Q4 -9.4%
FY19 Q4 -38.0%
FY20 Q4 -6.3%
FY21 Q4 -134.7%
FY22 Q4 20.8%
FY23 Q4 -68.6%
FY24 Q4 -26.2%
FY25 Q4 187.5%

Data: SEC EDGAR XBRL company facts (as filed in 10-K/10-Q); forms 20-F. Generated November 3, 2026. Definitions in our methodology.

Financial statements

US$ millions unless shown otherwise. Fiscal years, plus the last twelve months (LTM) when newer.

Fiscal year 2016 Sept 2016 2017 Sept 2017 2018 Sept 2018 2019 Sept 2019 2020 Sept 2020 2021 Sept 2021 2022 Sept 2022 2023 Sept 2023 2024 Sept 2024 2025 Sept 2025
Income
Revenue 21 27 30 28 28 39 99 110 64 28
Gross profit 3 5 5 5 5 5 5 4 4 1
EBITDA 3 3 3 2 2 3 1 2 1 −56
Operating income 3 3 3 2 2 3 1 2 1 −56
Net income 2 3 3 1 1 2 2 3 −5 −53
Diluted EPS $7.67 $11.00 $9.00 −$0.04 $1.67 $6.01 $1.03 $1.20 −$2.63 −$28.92
Growth (year on year)
Revenue — +28.7% +11.8% −4.9% 0.0% +38.5% +152.5% +11.2% −41.9% −56.4%
EBITDA — +20.9% −11.1% −25.8% +1.2% +25.3% −60.9% — −55.6% —
Operating income — +20.9% −11.3% −26.3% 0.0% +25.8% −67.0% — — —
Net income — +41.4% −1.5% −74.8% 0.0% +189.7% −5.6% +14.4% −283.0% —
Diluted EPS — +43.5% −18.2% −100.4% — +260.8% −82.9% +17.2% −318.3% —
Margins
Gross margin 16.1% 17.0% 17.0% 16.4% 16.4% 13.0% 5.5% 3.9% 6.0% 2.9%
EBITDA margin 13.9% 13.1% 10.4% 8.1% 8.2% 7.4% 1.2% 2.0% 1.6% −199.9%
Operating margin 13.9% 13.0% 10.3% 8.0% 8.0% 7.3% 0.9% 1.8% 1.2% −200.6%
Net margin 11.2% 12.3% 10.8% 2.9% 2.9% 6.0% 2.2% 2.3% −7.3% −189.8%
Free-cash-flow margin −3.1% 7.3% −9.4% −38.0% −6.3% −134.7% 20.8% −68.6% −26.2% 187.5%
Cash flow
Cash from operations −1 2 −3 −11 −2 −53 21 −76 −17 52
Capital spending 0 0 0 0 0 0 0 0 0 0
Free cash flow −1 2 −3 −11 −2 −53 21 −76 −17 52
Stock-based pay — — — — 0 1 2 0 0 —
Free cash flow after stock pay — — — — −2 −54 19 −76 −17 —
Balance sheet
Cash 0 3 5 0 0 59 41 13 0 1
Total debt 0 2 2 — 1 2 2 10 2 2
Net debt (negative = net cash) −0 −0 −3 −0 0 −57 −39 −3 2 1
Diluted shares — — — — — — 2m 2m 2m 2m

Source: SEC EDGAR XBRL company facts (US and foreign periodic filings); column headings link to the filing. EBITDA is operating income plus depreciation and amortisation. Free cash flow is cash from operations minus capital spending. Growth is left blank when last year's figure was a loss or under 2% of revenue. Share counts and EPS are restated for stock splits. A dash means the company didn't report the figure.

Financial health

4 of 5 checks passed · September 30, 2025
What it owns · $147m
Short-term assets $93mLonger-term assets $54m
What it owes, and who funded it · $147m
Short-term liabilities $10mLonger-term liabilities $13mShareholders' equity $124m
  • Short-term assets cover short-term liabilities $93m of assets due within a year against $10m of liabilities due within a year.
  • Short-term assets cover long-term liabilities $93m short-term assets against $13m of longer-dated liabilities.
  • More cash than debt $804,098 of cash against $2m of debt.
  • Debt below 40% of shareholders' equity Debt is 1% of equity.
  • Debt burden no higher than five years ago Five-year comparison not available. Not assessable.
  • A year's operating cash flow covers at least 20% of debt $52m of operating cash flow against $2m of debt.
  • Operating profit covers interest at least five times over Interest not separately reported. Not assessable.

From Farmmi, Inc.'s latest balance sheet as filed. Checks are fixed, documented rules (methodology), counted only where the company reports the figures — a dot means the filing doesn't break the item out. Descriptions of reported data, not advice.

Dividends, buybacks and capital spending

Diluted share count
+210.8%
year over year
Days sales outstanding
171 days
receivables vs revenue

Competitors: side by side with peers

Closest by revenue in agricultural products & services
Last 12 months unless stated FAMI ICCC WFCF RYM LOCL HYFM Median
Revenue, last 12 months $28m $31m $25m $51m $52m $106m $149m
Revenue growth, last 12 months −56.4% 8.5% −2.2% >999% 17.8% −34.1% −1.1%
Revenue growth, 3-year average — 25.1% 0.4% 29.0% 24.6% −25.9% −0.1%
Revenue growth, latest quarter — 11.5% 0.7% >999% 14.4% −40.9% 6.8%
Gross margin 2.9% 40.3% 38.3% 75.2% 10.6% 9.4% 17.6%
Operating margin −200.6% 12.6% 5.9% −46.9% −114.4% −253.0% −5.9%
Operating margin, 3-year average −60.1% 2.1% 8.2% 151.3% −196.5% −103.2% 2.8%
Net margin −189.8% 2.6% 5.8% −6.2% −130.5% −267.2% −0.2%
Cash from operations / revenue 187.6% 19.2% 5.0% 2.5% −49.2% −4.4% 3.2%
Free-cash-flow margin 187.5% 13.7% 4.0% 2.5% −54.7% −5.0% 2.3%
Free-cash-flow margin, 3-year average 20.0% 5.3% 8.8% 163.1% −253.7% −3.7% 3.0%
Stock pay / revenue 0.0% 1.8% 0.2% 4.3% 8.4% 0.7% 0.7%
Change in share count 210.8% 3.4% −3.4% 97.8% 59.2% 2.1% 2.3%

Median of all 20 companies we cover in agricultural products & services. Shaded: best of the six on that line (lowest for stock pay and share-count growth). 3-year figures average the last three 12-month periods; 3-year growth is compound annual. Source: SEC filings.

Peer comparison

20 agricultural products & services companies
Measure Company Peer median Rank
Revenue growth Growth -56.4% -0.8% 20 of 20
Change in growth rate Growth -14.5pp -0.5pp 17 of 20
Gross margin Profitability 2.9% 11.4% 18 of 19
Operating margin Profitability -200.6% -5.9% 15 of 17
Net margin Profitability -189.8% 0.1% 17 of 20
Free-cash-flow margin Cash generation 187.5% 2.5% 1 of 20
Stock pay as % of revenue Cash generation 0.0% 0.8% 1 of 17
Long-term debt as % of assets Balance sheet 1.2% 16.2% 3 of 18
Change in share count Balance sheet 210.8% 2.4% 17 of 17
Days sales outstanding Balance sheet 171 days 56 days 14 of 15

Rank 1 = best in the group (for spending, debt and dilution, lower ranks first).

Who owns it

Funds buying and selling
Reported value
$840,413
Institutions reporting
2
Shares held vs prior quarter
▲ 28877.1%
Positions opened / closed
1 / 2

Top buyers and sellers, Q2 2026: 1 institutions bought and 3 sold ; the biggest buyer was Sabby Management, LLC (+3.5M shares) and the biggest seller Two Sigma Securities, LLC (−10K). See which funds bought and sold →

Largest reported holders, June 30, 2026
Manager Value Shares Share of 13F value Shares QoQ
Sabby Management, LLC $840,307 3.5M 100.0% New
Sbi Securities Co., Ltd. $106 0K 0.0% ▼ 6.1%

From Form 13F filings with the SEC ( quarterly data sets), as reported by each manager for June 30, 2026 and filed up to 45 days later. 13F reports cover long US-listed positions of managers above $100M only, so this is not Farmmi, Inc.'s complete shareholder register. Values are as reported by the filers .

Insider trading activity

Full insider history and chart
Insider purchases History → $0 0 trades by 0 insiders, last 12 months Insider sales History → $0 0 trades by 0 insiders
Net ▲ $0 net buying

No open-market insider trades reported in the last 12 months.

From insiders' Form 4 filings with the SEC. Excludes awards, option exercises and shares withheld for tax. "Pre-set plan" means the filing marks the trade as made under a Rule 10b5-1 plan. See every insider trade since five years ago, on a price chart.

Earnings dates and SEC filings

Results announcements

Recent SEC filings

Data status

When each part of this page on Farmmi, Inc. was last updated.

DataLast updatedSource
Share priceExchange closing prices
News and updatesCompany releases and SEC 8-K filings
Analyst estimatesAggregated analyst estimates
Valuation and scoresOur models, from the filed figures

How we build and check these figures: methodology and data sources.

Farmmi, Inc. in brief

What does Farmmi, Inc. do?
Farmmi, Inc. is a US-listed company in the agricultural products & services industry. Its financial year ends in September.
What is Farmmi, Inc.'s stock ticker?
Farmmi, Inc. trades under the ticker FAMI on Nasdaq. This page brings together its financial statements, valuation models, ownership and recent company updates.
What is Farmmi, Inc.'s revenue, and how fast is it growing?
Over its most recent trailing twelve months, Farmmi, Inc. reported revenue of $28M, 56.4% lower than a year earlier, according to its SEC filings.
What is Farmmi, Inc.'s free cash flow?
Farmmi, Inc.'s free-cash-flow margin is 187.5% of revenue over the trailing twelve months, ranking 1 of the 20 agricultural products & services companies we cover.
What is Farmmi, Inc.'s market cap?
On September 30, 2025, Farmmi, Inc.'s market capitalisation was about $3.6M and net debt of $1M. Market figures come from third-party market data and may be delayed.
How much debt does Farmmi, Inc. have?
Farmmi, Inc.'s debt-to-equity ratio is 1.5%, from its latest balance sheet. The financial health section below sets out its other solvency checks.
Who are Farmmi, Inc.'s competitors?
In our Agricultural Products & Services peer group, the companies closest to Farmmi, Inc. are Immucell Corp, Where Food Comes From, Inc., Rythm, Inc., Local Bounti Corporation and Hydrofarm Holdings Group, Inc. The side-by-side comparison below sets their revenue, margins and growth against Farmmi, Inc.'s.