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AFRI, Forafric Global PLC

Food Products consumer brand UnprofitableDistress / turnaround

A consumer-brand business, where the durable asset is the brand and the pricing power it commands.

Latest annual: FY2025 20-F

AFRI · Forafric Global PLC

The business

What it sells, where the money comes from, the kind of company it is.

Revenue · FY2025

$176M

−35.6% YoY · −2% 5-yr CAGR

Vital signs · TTM, with 5-yr average

Revenue $176M 5-yr avg $260M

Gross margin 10% 5-yr avg 11%

Operating margin −2.0% 5-yr avg −0.5%

Owner-earnings margin −0% 5-yr avg −4%

Free cash flow margin −0% 5-yr avg −4%

The business in brief

read the 10-K →

What this business is and what moves its needle, from its own SEC filings.

Situation: Unprofitable. No sustained operating profit across the record; an earnings multiple has nothing to rest on. What the record does show is revenue, the gross-margin trajectory, and the burn against the cash on hand. Distress / turnaround. Thin interest coverage, or operating cash burned against real debt, across the record. The balance sheet carries this situation; the debt schedule sets the clock.
What moves the needle: Gross margin has run about 10% and operating margin about 0.4% through the cycle, a thin spread that turns the result on volume and the cost of what it sells far more than on the price it sets. On its own account, the filing leans hardest on customer concentration, set against the numbers in what the filing emphasizes, below.

Every line is arithmetic on the company's filings, shown in full in the sections below.

The record

Ten years of arithmetic, read across the cycle.

The record, 2020–2025

realized figures from each filing · older years to the left

2020’20	2021’21	2022’22	2023’23	2024’24	2025’25	TTMTTMDec 2025
							Income statement
$197M	$262M	$284M	$302M	$274M	$176M	$176M	RevenueRevenue
21%	16%	10%	9%	10%	10%	10%	Gross marginGross mgn
$10M	$3M	$2M	$1M	($8M)	($4M)	($4M)	Operating incomeOp. inc.
5.0%	1.3%	0.8%	0.4%	−2.8%	−2.0%	−2.0%	Operating marginOp. mgn
($139K)	($8M)	($19M)	($13M)	($23M)	($14M)	($14M)	Net incomeNet inc.
							Cash flow & returns
($11M)	($26M)	($58M)	$33M	$23M	$356K	$356K	Operating cash flowOp. cash
$4M	$4M	$5M	$4M	$4M	$5M	$5M	DepreciationDeprec.
($15M)	($22M)	($43M)	$41M	$42M	$9M	$9M	Working capital & otherWC & other
$657K	$5M	$4M	$9M	$2M	$517K	$517K	CapexCapex
0.3%	1.8%	1.6%	3.1%	0.6%	0.3%	0.3%	Capex / revenueCapex/rev
($12M)	($31M)	($62M)	$24M	$22M	($161K)	($161K)	Owner earningsOwner earn.
−6.2%	−11.8%	−21.8%	7.9%	7.9%	−0.1%	−0.1%	Owner earnings marginOE mgn
($12M)	($31M)	($62M)	$24M	$22M	($161K)	($161K)	Free cash flowFCF
−6.2%	−11.8%	−21.8%	7.9%	7.9%	−0.1%	−0.1%	Free cash flow marginFCF mgn
							Balance sheet
—	$14M	$25M	$24M	$12M	$14M	$14M	Cash & investmentsCash+inv
—	$32M	$31M	$35M	$18M	$14M	$14M	ReceivablesReceiv.
—	$38M	$27M	$28M	$15M	$14M	$14M	InventoryInvent.
—	$26M	$27M	$46M	$35M	$41M	$41M	Accounts payablePayables
—	$44M	$31M	$17M	($2M)	($13M)	($13M)	Operating working capitalOper. WC
—	$118M	$144M	$121M	$77M	$68M	$68M	Current assetsCur. assets
—	$203M	$238M	$254M	$207M	$208M	$208M	Current liabilitiesCur. liab.
—	0.6×	0.6×	0.5×	0.4×	0.3×	0.3×	Current ratioCurr. ratio
$48M	$52M	$42M	$44M	$43M	$47M	$47M	GoodwillGoodwill
—	$300M	$307M	$309M	$246M	$247M	$247M	Total assetsAssets
—	$25M	$15M	$22M	$18M	$26M	$26M	Total debtDebt
—	$11M	($10M)	($2M)	$6M	$12M	$12M	Net debt / (cash)Net debt
1.4×	0.3×	0.2×	0.1×	-0.6×	-0.2×	-0.3×	Interest coverageInt. cov.
							Per share
—	20.6M	26.6M	26.9M	26.9M	26.9M	26.9M	Shares out (diluted)Shares
—	$12.73	$10.67	$11.23	$10.20	$6.56	$6.56	Revenue / shareRev/sh
—	$-0.38	$-0.72	$-0.47	$-0.87	$-0.51	$-0.51	EPS (diluted)EPS
—	$-1.50	$-2.33	$0.89	$0.81	$-0.01	$-0.01	Owner earnings / shareOE/sh
—	$-1.50	$-2.33	$0.89	$0.81	$-0.01	$-0.01	Free cash flow / shareFCF/sh
—	$0.24	$0.17	$0.35	$0.07	$0.02	$0.02	Cap. spending / shareCapex/sh

Per-share growththe realized rate an owner's share compounded

	5-yr	5-yr
Revenue / share	−15.3%/yr (4-yr)	−15.3%/yr (4-yr)
Capital spending / share	−46.5%/yr (4-yr)	−46.5%/yr (4-yr)

The record, charted

FY2020–2025

Each measure over its full record; the current point and the worst year marked.

Share count

27Mpeak FY2025

Gross margin

10%low FY2023

Owner earnings vs. net income

Owner earningsNet income

The accountant's number, and the cash an owner can take; the gap is the tell.

($161K)owner earningsvs.($14M)net incomelow FY2022

Where the cash went

ReinvestBuybacksDividendsAcquisitionsRetained

Each year's operating cash, by what management did with it: the mix, and how it drifts.

FY2023FY2025

Owner-earnings bridge

FY2021–FY2025cash-flow statement, SEC EDGAR →

Net income is the accountant's number; owner earnings is the cash an owner could take out. The walk between them, off the cash-flow statement, and whether the gap is widening or holding.

In fiscal 2025 the business turned a $14M loss into ($161K) of owner earnings: more cash than the profit line showed, after the non-cash charges and the capital it put back in.

	FY2025	FY2024	FY2023	FY2022	FY2021
Reported net income	($14M)	($23M)	($13M)	($19M)	($8M)
Depreciation & amortizationnon-cash charge added back	+$5M	+$4M	+$4M	+$5M	+$4M
Working capital & othertiming of cash in and out, other non-cash items	+$9M	+$42M	+$41M	−$43M	−$22M
Cash from operations	$356K	$23M	$33M	($58M)	($26M)
Capital expenditurecash put back in to keep running and to grow	−$517K	−$2M	−$9M	−$4M	−$5M
Owner earnings	($161K)	$22M	$24M	($62M)	($31M)
Owner-earnings marginowner earnings ÷ revenue	0%	8%	8%	-22%	-12%

Owner earnings is the cash an owner could pull out without starving the business: operating cash less the capital it must spend to hold its position .

Maintenance capex is estimated as depreciation where a growing business invests above it; free cash flow is the figure the scorecard's free-cash margin reads.

III

Quality & stewardship

Returns, the balance sheet, capital allocation, and pay.

Owner’s Scorecard

FY2025 20-F · source on SEC EDGAR →

Will it survive?

Can it pay its interest? -0.3×

Does not cover its interest

Operating income ($4M) ÷ interest expense $14M

What this means
A full year of operating profit didn't cover the interest bill. This is the zombie zone: the business depends on refinancing, asset sales, or forbearance to service its debt.
How heavy is the debt, net of cash? $12M

Net debt against an operating loss

Cash $14M − debt $26M

What this means
Netting $14M of cash and short-term investments against $26M of debt leaves $12M owed, with no operating profit this year to measure it against — understand that combination before anything else about the company. Net debt is the leverage figure that matters: the cash is already set against the debt. Strategic or illiquid investments aren't counted here.
How long is cash tied up? -34d

Negative, funded by others

DSO 29 + DIO 33 − DPO 95 days

What this means
Days cash is tied up between paying suppliers and collecting from customers. A negative cycle is a quiet moat: suppliers and customers fund the operation (Buffett's “float”), the company grows on other people's money.

Is it a good business?

Return on invested capital —

Not enough data

Industry peers: median 6%

What this means
The filing data didn't include the inputs for this check.
Owner-earnings margin -6%

Consumes cash through the cycle

6-yr median margin, range -22%–8%; latest ($161K) = operating cash $356K − maintenance capex $517K

Industry peers: median 3%

What this means
What an owner could take out without starving the business: operating cash less the maintenance capital it must spend to hold its position — Buffett's owner earnings. That's -0% of revenue this year, a -6% median across 6 years.
Are earnings backed by cash? $356K

Loss, but cash-generative

Net income ($14M) · cash from operations $356K

What this means
The company reported a net loss, so a conversion ratio isn't meaningful. What matters then is whether operations still threw off cash, here, they did.

How is the cash used?

Where do the earnings go? —

Not enough data

What this means
The filing data didn't include the inputs for this check.
Investing or harvesting? 0.11×

Harvesting

Capex $517K ÷ depreciation $5M

What this means
Descriptive, not a grade. Above ~1× means investing faster than assets wear out (growth, or, sustained for years, today's earnings carrying less depreciation than tomorrow's will). Below means spending less than it's wearing out (efficiency, or a melting asset base). The ratio won't tell you which; the filings will.

Graham’s defensive tests · 0 of 5 met

Graham’s numerical criteria for the defensive investor (The Intelligent Investor, ch. 14), run on the filings. A floor of safety, not a buy signal; many fine modern businesses fail his strictest liquidity rules by design.

Adequate size Miss

Revenue ≥ $2B · $176M

What this means
Big enough to weather a storm. Graham's 1972 floor was ~$100M of sales (≈ $700M today); we use a $2B revenue line as a conservative modern stand-in.
Strong liquidity Miss

Current ratio ≥ 2× · 0.33×

What this means
Current assets at least twice current liabilities, near-term bills covered without touching the business. Strict by design: many cash-rich modern firms run leaner and miss it, holding their cushion in longer-dated securities.
Conservative debt Miss

Debt ≤ working capital · $26M vs ($139M) WC

What this means
Graham's rule that borrowings not exceed net current assets. Capital-heavy and buyback-heavy firms routinely fail it, read it next to interest coverage, not alone.
Earnings stability Miss

A profit every year (6-yr record) · 6 loss years

What this means
Graham wanted earnings in each of the past ten years, the stability a defensive owner leans on.
Dividend record Miss

Uninterrupted dividends · none paid

What this means
An unbroken dividend was Graham's mark of durability. He wanted twenty years; the filings show about ten, and a single suspension breaks the streak. Non-payers, many fine modern compounders, fall outside his defensive net by design.
Earnings growth —

Earnings +33% over the record · —

What this means
Earnings were negative early in the record, a growth rate isn't meaningful.
Moderate price —

P/E ≤ 15 and P/E × P/B ≤ 22.5 · decided by the price

What this means
Graham's valuation gate, the wall he kept between a sound business and a sound investment. Three-year average earnings are $-0.61/share (latest year $-0.51), the averaged base the calculator's gate runs on. Enter a price in “What the price implies” just below for the P/E, P/B, and whether it clears. But this is the rule Buffett outgrew: there's no hard P/E law, and a wonderful business can deserve a far richer multiple if the thesis holds, treat it as the bargain-hunter's floor, not a verdict on the price.

Durability & moat, 2020–2025

Whether the record’s returns held, and what the capital reinvested earned.

Profitable years 0 of 6

What this means
Lost money in 6 year(s), look at what happened there before trusting the average.
Operating margin 2% → −1% (3-yr avg ends)

What this means
Through the cycle the operating margin slipped — about 2% early to −1% lately, median 0% — competition or costs are biting in.
Worst year 2024 · −2.8% op. margin

What this means
Operations went underwater in 2024, understand why before trusting the good years.
Share count +5.5%/yr

What this means
The share count is rising, dilution works against you on a per-share basis.

Does AI threaten the moat?

Low contestability

The moat is physical, regulated or balance-sheet-funded, the kind AI cuts costs within but does not contest.

AI is unlikely to contest a moat that is physical, regulated or balance-sheet-funded; here it reads more as a cost tool than a threat.

Read from the filing's own risk factors, paired with the industry's structure under its SIC code; the durability is read above, the price below.

All figures as filed; the source filing is linked above.

Current Position

as of fiscal year-end, Dec 31, 2025

Can the business pay what it owes this year, off the freshest balance sheet: the quality of the assets, the debt actually coming due, and what a low ratio means here.

Current assets$68M

Cash & short-term investments$14M
Receivables$14M
Inventory$14M
Other current assets$26M

Current liabilities$208M

Debt due within a year$9M
Accounts payable$41M
Other current liabilities$158M

Current ratio0.33×all current assets ÷ what's due · Graham looked for 2×

Quick ratio0.26×stricter: inventory excluded

Cash ratio0.07×strictest: cash alone against what's due

Working capital($139M)the cushion left after near-term bills

Debt due this year vs. cash$9M due · $14M cash covered by cash on hand, no refinancing forced · both figures from the Dec 31, 2025 balance sheet

Deeper floors

Net current asset value($172M)Graham's net-net: current assets less all liabilities

Debt incl. operating leases$27M$713K of it operating leases

From the company's latest filing.

Acquisitions & goodwill

from the balance sheet & the 6-year cash-flow record

Goodwill grows only when a company acquires and falls only when it concedes it overpaid. The size of that bet, the cash put into buying rather than building, and how much has already been written off.

Goodwill & intangibles$52M21% of all assets; the premium carried on the balance sheet for businesses acquired

Against book equity—goodwill is this share of book equity; the rest is the company’s own retained and paid-in capital

Cash spent acquiring$0over 6 years buying other businesses, against $22M of capital spent building

None written down over the record; the goodwill is still carried at full cost. That is the deals holding their value on the books so far; whether they keep doing so is the test an owner watches, since the write-down, when it comes, is the admission the price was too high.

Goodwill, acquired intangibles and equity from the latest balance sheet; acquisition spend and write-downs summed across the 6-year record, from the company's own filings.

Peers, Food Products

The same industry, side by side on owner economics. Each figure is a through-cycle median, so a peak or trough year can’t distort it; the group median at the foot is the line to read each against.

Company	Revenue	Gross margin	Op. margin	ROIC	Owner earn. margin
FRPTFreshpet	$1.1B	41%	-1.8%	-2%	1%
TRTootsie Roll Industries	$733M	36%	13.6%	9%	14%
COCOThe Vita Coco Company Inc.	$610M	34%	11.4%	47%	8%
BRCCBRC Inc.	$398M	38%	-5.0%	-40%	-3%
BYNDBeyond Meat Inc.	$275M	13%	-47.8%	-30%	-48%
LWAYLifeway Foods Inc.	$212M	27%	4.0%	6%	3%
AFRIForafric Global PLC	$176M	10%	0.6%	—	-3%
MAMAMama's Creations Inc.	$172M	29%	4.1%	27%	5%
Group median	—	32%	2.3%	—	2%

The price

What a price has to assume.

What the price implies

reverse-DCF

Enter the home-market price, not the US ADR quote. Forafric Global PLC reports in USD, and every figure here (owner earnings, book value, the share count) is on that ordinary-share basis. Enter the price on the same basis: the local-exchange quote per ordinary share. A US ADR price in dollars bundles the ADR-to-ordinary ratio, so it will not reconcile with these figures and would throw the multiple off.

Type today's close and see the owner-earnings growth you'd have to believe to justify it, beside what Forafric Global PLC has delivered.

Forafric Global PLC’s latest year shows negative owner earnings, below the record’s own through-cycle owner earnings. So the tool opens on the through-cycle base, the cash it would earn at rest; clear the toggle below to read the latest year exactly as reported.

Today’s price $

Base Normalize · through-cycle ($15M) Net of stock comp

—

The assumptions Required return 9% Years of high growth 10 Terminal growth 2.5%

9.0% = the 4.55% 10-year Treasury (Jul 15, 2026) + 4.45 points of equity premium. The rate you require is yours to set.

Enter a price above to run it.

Implied by the price—

Owner-earnings growth, delivered—

Owner-earnings yield—

Against a high-grade bond: Graham’s yardstick bond yield%

Prefilled with the 10-year Treasury (4.55%, as of Jul 15, 2026). Edit it for today’s exact figure, or a AAA corporate yield.

Graham measured a stock against the bond you could own instead, the heart of his margin of safety. Enter a price above to weigh the owner-earnings yield against this bond.

Owner earnings ($161K) on 27M shares outstanding, per the 20-F cover, as of 2025-12-31; net debt $12M. The base opens on the through-cycle figure (the latest year sits off the record’s own median, and Graham’s averaging cuts both ways); clear Normalize to use the year as filed. Net of stock comp treats option pay as the expense it is. The dials set the multiple a growth belief justifies; the price, and every dollar on this page, is yours.

Weigh AFRI against another business →

Cite: Owner Scorecard, "Forafric Global PLC (AFRI), the owner's record," https://ownerscorecard.com/c/AFRI, data as of 2026-07-09.

Manual order: ← AER its page in the Manual AFYA →

Industry order: ← 2871 the Food Products chapter BGS →