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IM Cannabis Corp. (IMCC) stock

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NASDAQ: IMCC Nasdaq Pharmaceuticals

C+ Fundamentals grade

IM Cannabis Corp. is a US-listed company in the pharmaceuticals industry. Its financial year ends in December.

Stock price today

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Third-party market data · may be delayed

Fair value per share

Under review: every model's value for IM Cannabis Corp. is far from the share price, which usually points to a data problem (a merger, a share-count change, a one-off) rather than a bargain or a bubble.

Price vs value

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

IM Cannabis Corp. 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.

  • Funds7 adding, 1 cuttingOf 1 active managers that changed their stake, 1 added; quarter to June 30, 2026Fund buyers and sellers

Value diary

Our note on each quarter IM Cannabis files

Where IM Cannabis stands after its latest Filing

Revenue for the twelve months was $39m, down 0.7% on a year earlier, against growth of 9.1% a quarter earlier. Free-cash-flow margin rose to 8.6% from -114.4% a year earlier. Operating margin widened to -21.2% from -67.6%. Against its peers on growth, profitability, cash generation and balance sheet, it grades C+. It passes 2 of our 5 financial-health checks.

Our model value for IM Cannabis 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

IM Cannabis Corp.'s trailing-twelve-month revenue fell 0.7% year on year, with a free-cash-flow margin of 8.6%. Where it stands out: stock pay as % of revenue of 0.0% ranks 1 of 69 pharmaceuticals companies we cover. Where it lags: gross margin of 17.7% ranks 54 of 59 pharmaceuticals companies we cover.

Current signal Results well ahead of expectations: Reported earnings per share beat the analysts' consensus estimate by 59% in the quarter to 2024-12-31, the 3rd beat in the last four quarters.

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

Nothing in IM Cannabis Corp.'s latest figures clears our strength thresholds.

Things to watch

  • Revenue shrinking. Revenue fell 0.7% over the last 12 months.
  • Growth slowing. The growth rate is 9.8 points lower than a quarter earlier.
  • Loss-making. Operating margin is -21.2%: costs exceed revenue.
  • Share dilution. Diluted shares rose 71.3% in a year.
  • Below peers: gross margin. Gross margin of 17.7% ranks 54 of 59 pharmaceuticals companies we cover (median 59.8%).

Latest results

Earnings per share
-$6.60 against an average estimate of -$16.20: beat by 59.3%

IM Cannabis' figures from its SEC filings and results release; estimates are the analysts' average. Not a recommendation.

Price chart

  • 1 day-5.3%
  • 1 week-13.9%

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

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Third-party market data · may be delayed

At a glance

Trailing twelve months, from SEC filings

Profitability

Revenue (TTM)
$39.2M
Operating margin
-21.2%
Net margin
-20.7%

Growth

Revenue growth
−0.7%
Change in growth rate
−9.8 pts

Cash

Free cash flow (TTM)
$3.4M
FCF margin
8.6%
Stock pay % of revenue
0.0%

News & updates

Updated November 2, 2026

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

No recent updates are available for IMCC 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

IM Cannabis Corp. 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 IM Cannabis Corp. as an operating company, with every model that fits that kind of business. Cost of equity 8.8%: the 10-year Treasury yield (4.9%) plus a beta of 0.86 times a 4.5% equity risk premium.

Value per share by model
Model Value per share In the combined value?
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.
Revenue-to-maturity model Revenue grown to maturity with the cash margin moving to the industry's; for companies not yet profitable. — 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. ~$0.0 ~$7.0–$29 Left out: out of range vs price (0.03x)
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 IM Cannabis Corp. with Pharmaceuticals 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.

Moat

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

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 IM Cannabis Corp.: too few analysts cover it.

Earnings against estimates

Quarter toEstimateActualSurprise
Dec 2024 −$16.20 −$6.60 +59.3%
Sept 2024 −$28.80 −$12.30 +57.3%
Jun 2024 −$35.10 −$6.90 +80.3%
Mar 2024 −$36.00 −$75.60 −110.0%

Adjusted EPS as companies report it, against the average analyst estimate.

Positioning

Short interest
2.2%
of tradable shares
Days to cover
0
at average volume
Short interest, 1 month
−20%
to October 15, 2026
Held by institutions
1%
of shares
Held by insiders
34.4%
of shares
Employees
44
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

Recent prices are available. Older price history and the statistics that need it are being loaded in the background.

Price behaviour

52-week range
Not enough history
From 52-week high
—
vs 50-day average
—
vs 200-day average
—
Volatility (1 year)
—
Beta vs S&P 500
—

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.

IM Cannabis Corp. in five measures

Fundamentals grade C+
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) IM Cannabis Corp.
$0 $20M $40M $60M FY19 Q4 FY21 Q4 FY23 Q4 FY25 Q4 Revenue (TTM), FY19 Q4: $6.8M Revenue (TTM), FY20 Q4: $11.8M Revenue (TTM), FY21 Q4: $27.2M Revenue (TTM), FY22 Q4: $41.8M Revenue (TTM), FY23 Q4: $36.2M Revenue (TTM), FY24 Q4: $39.5M Revenue (TTM), FY25 Q4: $39.2M $39.2M

Source: SEC EDGAR filings. Retrieved November 1, 2026.

View chart data
Period Revenue (TTM)
FY19 Q4 $6.8M
FY20 Q4 $11.8M
FY21 Q4 $27.2M
FY22 Q4 $41.8M
FY23 Q4 $36.2M
FY24 Q4 $39.5M
FY25 Q4 $39.2M
Revenue growth, TTM YoY IM Cannabis Corp.
-50% 0% 50% 100% 150% FY20 Q4 FY21 Q4 FY22 Q4 FY23 Q4 FY24 Q4 FY25 Q4 Revenue growth, TTM YoY, FY20 Q4: 73.3% Revenue growth, TTM YoY, FY21 Q4: 129.4% Revenue growth, TTM YoY, FY22 Q4: 53.8% Revenue growth, TTM YoY, FY23 Q4: -13.4% Revenue growth, TTM YoY, FY24 Q4: 9.1% Revenue growth, TTM YoY, FY25 Q4: -0.7% -0.7%

Source: SEC EDGAR filings. Retrieved November 1, 2026.

View chart data
Period Revenue growth, TTM YoY
FY20 Q4 73.3%
FY21 Q4 129.4%
FY22 Q4 53.8%
FY23 Q4 -13.4%
FY24 Q4 9.1%
FY25 Q4 -0.7%
Operating margin (TTM) IM Cannabis Corp.
-150% -100% -50% 0% FY19 Q4 FY21 Q4 FY23 Q4 FY25 Q4 Operating margin (TTM), FY19 Q4: -113.2% Operating margin (TTM), FY20 Q4: -51.9% Operating margin (TTM), FY21 Q4: -67.6% Operating margin (TTM), FY22 Q4: -56.7% Operating margin (TTM), FY23 Q4: -26.2% Operating margin (TTM), FY24 Q4: -18.9% Operating margin (TTM), FY25 Q4: -21.2% -21.2%

Source: SEC EDGAR filings. Retrieved November 1, 2026.

View chart data
Period Operating margin (TTM)
FY19 Q4 -113.2%
FY20 Q4 -51.9%
FY21 Q4 -67.6%
FY22 Q4 -56.7%
FY23 Q4 -26.2%
FY24 Q4 -18.9%
FY25 Q4 -21.2%
FCF margin (TTM) IM Cannabis Corp.
-150% -100% -50% 0% 50% FY19 Q4 FY21 Q4 FY23 Q4 FY25 Q4 FCF margin (TTM), FY19 Q4: -82.7% FCF margin (TTM), FY20 Q4: -66.3% FCF margin (TTM), FY21 Q4: -114.4% FCF margin (TTM), FY22 Q4: -26.1% FCF margin (TTM), FY23 Q4: -17.7% FCF margin (TTM), FY24 Q4: -2.3% FCF margin (TTM), FY25 Q4: 8.6% 8.6%

Source: SEC EDGAR filings. Retrieved November 1, 2026.

View chart data
Period FCF margin (TTM)
FY19 Q4 -82.7%
FY20 Q4 -66.3%
FY21 Q4 -114.4%
FY22 Q4 -26.1%
FY23 Q4 -17.7%
FY24 Q4 -2.3%
FY25 Q4 8.6%

Data: SEC EDGAR XBRL company facts (as filed in 10-K/10-Q); forms 20-F, 20-F/A, 40-F, 40-F/A. 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 2019 Dec 2019 2020 Dec 2020 2021 Dec 2021 2022 Dec 2022 2023 Dec 2023 2024 Dec 2024 2025 Dec 2025
Income
Revenue 7 12 27 42 36 39 39
Gross profit 3 8 5 7 7 6 7
EBITDA −7 −5 −17 −22 — — —
Operating income −8 −6 −18 −24 −9 −7 −8
Net income −5 −21 −14 −145 −7 −8 −8
Diluted EPS — −$14.17 −$5.35 −$124.50 −$3.30 −$3.29 —
Growth (year on year)
Revenue — +73.3% +129.4% +53.8% −13.4% +9.1% −0.7%
Margins
Gross margin 43.3% 65.9% 18.6% 16.9% 20.2% 15.6% 17.7%
EBITDA margin −106.6% −46.0% −61.4% −51.5% — — —
Operating margin −113.2% −51.9% −67.6% −56.7% −26.2% −18.9% −21.2%
Net margin −80.4% −180.6% −52.2% −347.6% −19.5% −19.6% −20.7%
Free-cash-flow margin −82.7% −66.3% −114.4% −26.1% −17.7% −2.3% 8.6%
Cash flow
Cash from operations −4 −6 −27 −10 −6 −1 3
Capital spending 1 2 4 1 0 0 0
Free cash flow −6 −8 −31 −11 −6 −1 3
Stock-based pay 2 3 6 3 0 0 0
Free cash flow after stock pay −8 −10 −37 −14 −7 −1 3
Balance sheet
Cash 11 7 11 2 1 1 2
Total debt 0 0 10 7 10 11 12
Net debt (negative = net cash) −11 −7 −1 5 8 11 10
Diluted shares 3m 4m 6m 7m 13m — —

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

2 of 5 checks passed · December 31, 2025
What it owns · $23m
Short-term assets $17mLonger-term assets $7m
What it owes, and who funded it · $26m
Short-term liabilities $25mLonger-term liabilities $1mShareholders' equity $-3m
  • Short-term assets cover short-term liabilities $17m of assets due within a year against $25m of liabilities due within a year.
  • Short-term assets cover long-term liabilities $17m short-term assets against $980,893 of longer-dated liabilities.
  • More cash than debt $2m of cash against $12m of debt.
  • Debt below 40% of shareholders' equity Equity or debt not reported. Not assessable.
  • 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 $3m of operating cash flow against $12m of debt.
  • Operating profit covers interest at least five times over Operating income of −$8m against $29,353 of interest.

From IM Cannabis Corp.'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

Days sales outstanding
29 days
receivables vs revenue

Competitors: side by side with peers

Closest by revenue in pharmaceuticals
Last 12 months unless stated IMCC CPIX BGM SBFM BFRI SCLX Median
Revenue, last 12 months $39m $40m $38m $35m $46m $32m $276m
Revenue growth, last 12 months −0.7% −5.2% 51.1% −2.7% 17.8% −28.5% 9.9%
Revenue growth, 3-year average — −0.6% — 34.5% 16.7% −12.0% 5.5%
Revenue growth, latest quarter — −18.8% — −1.6% 32.9% −22.8% 6.5%
Gross margin 17.7% 82.9% 16.6% 30.3% — 55.5% 62.0%
Operating margin −21.2% −24.1% −33.2% −16.6% −14.2% <−999% −5.9%
Operating margin, 3-year average — −19.0% — −16.5% −36.6% −512.2% −7.4%
Net margin −20.7% −27.4% −52.6% −16.5% −13.8% <−999% −7.3%
Cash from operations / revenue 8.6% 1.9% −6.3% −15.1% −17.2% −54.1% 10.2%
Free-cash-flow margin 8.6% 1.7% −10.4% −15.2% −17.2% −70.7% 8.6%
Free-cash-flow margin, 3-year average — 5.4% — −25.5% −31.6% −2.8% 7.4%
Stock pay / revenue 0.0% 1.1% 27.0% — 2.4% 51.0% 3.6%
Change in share count 71.3% 1.5% >999% 55.7% — — 1.9%

Median of all 75 companies we cover in pharmaceuticals. 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

75 pharmaceuticals companies
Measure Company Peer median Rank
Revenue growth Growth -0.7% 10.0% 54 of 74
Change in growth rate Growth -9.8pp -0.3pp 60 of 74
Gross margin Profitability 17.7% 59.8% 54 of 59
Operating margin Profitability -21.2% -5.9% 45 of 67
Net margin Profitability -20.7% -7.3% 51 of 75
Free-cash-flow margin Cash generation 8.6% 10.1% 38 of 74
Stock pay as % of revenue Cash generation 0.0% 3.6% 1 of 69
Long-term debt as % of assets Balance sheet 2.9% 23.8% 10 of 53
Days sales outstanding Balance sheet 29 days 72 days 5 of 59

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

Who owns it

Funds buying and selling
Reported value
$62,006
Institutions reporting
12
Shares held vs prior quarter
▲ 1176.0%
Positions opened / closed
4 / 1

Top buyers and sellers, Q2 2026: 7 institutions bought and 1 sold ; the biggest buyer was HRT Financial LP (+220K shares) and the biggest seller Group One Trading LLC (−2). See which funds bought and sold →

Largest reported holders, June 30, 2026
Manager Value Shares Share of 13F value Shares QoQ
HRT Financial LP $37,000 220K 59.7% New
Citadel Advisors LLC $8,530 51K 13.8% New
Jane Street Group, LLC $6,382 38K 10.3% New
Stonex Group Inc. $5,301 23K 8.5% New
Hidden Cove Wealth Management, LLC $2,406 14K 3.9% 0.0%
Bank Of Montreal $2,039 12K 3.3% ▲ 1.7%
Federation Des Caisses Desjardins Du Quebec $319 2K 0.5% ▲ 0.1%
National Bank Of Canada $18 0K 0.0% 0.0%
Osaic Holdings, Inc. $6 0K 0.0% 0.0%
Wilmington Savings Fund Society, Fsb $2 0K 0.0% 0.0%
TD Waterhouse Canada Inc. $2 0K 0.0% ▲ 8.3%
UBS Group AG $1 0K 0.0% 0.0%

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 IM Cannabis Corp.'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

  • 6-K 6-K
  • 6-K 6-K
  • 6-K 6-K
  • 6-K 6-K
  • 6-K 6-K
  • 6-K 6-K
  • 6-K 6-K
  • 6-K 6-K

Data status

When each part of this page on IM Cannabis Corp. 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.

IM Cannabis Corp. in brief

What does IM Cannabis Corp. do?
IM Cannabis Corp. is a US-listed company in the pharmaceuticals industry. Its financial year ends in December.
What is IM Cannabis Corp.'s stock ticker?
IM Cannabis Corp. trades under the ticker IMCC on Nasdaq. This page brings together its financial statements, valuation models, ownership and recent company updates.
What is IM Cannabis Corp.'s revenue, and how fast is it growing?
Over its most recent trailing twelve months, IM Cannabis Corp. reported revenue of $39.2M, 0.7% lower than a year earlier, according to its SEC filings.
What is IM Cannabis Corp.'s free cash flow?
IM Cannabis Corp.'s free-cash-flow margin is 8.6% of revenue over the trailing twelve months, ranking 38 of the 74 pharmaceuticals companies we cover.
Who are IM Cannabis Corp.'s largest institutional shareholders?
By value reported in 13F filings for June 30, 2026, the largest reported holders are HRT Financial LP, Citadel Advisors LLC and Jane Street Group, LLC. 13F reports cover long US-listed positions of managers above $100M, filed up to 45 days after quarter end.
Who are IM Cannabis Corp.'s competitors?
In our Pharmaceuticals peer group, the companies closest to IM Cannabis Corp. are Cumberland Pharmaceuticals Inc, BGM Group Ltd., Sunshine Biopharma Inc., Biofrontera Inc. and Scilex Holding Co. The side-by-side comparison below sets their revenue, margins and growth against IM Cannabis Corp.'s.