olivlawolivlaw

olivLaw · US equity research

Cosmos Health Inc. COSM

Wholesale-Drugs, Proprietaries & Druggists' Sundries · SIC 5122 · Vertical: Wholesale-Drugs, Proprietaries & Druggists' Sundries (SIC 5122)

0.33USD+7.76% · 1 dayClose 04 Nov 2026

Cosmos Health Inc. is a vertically integrated global healthcare group combining drug wholesale, pharmaceutical manufacturing, its own nutraceutical brands and AI-driven drug repurposing research. The company grew revenue in 2025, and in late 2026 it began expanding direct-to-consumer subscription sales in the United States, a segment that could change its profile if the momentum holds.

At the close of 04 Nov 2026, Cosmos Health Inc. (COSM) stock was 0.33 USD (+7.76% on the day), with market capitalisation 33.0 m USD, beta 1.33, 52-week range 0.17–0.73 USD. Latest reported quarter (Q2 2026): revenue of 19.0 m USD (+28.8% YoY), net income of -6.1 m USD, diluted EPS -0.10 USD.

Data as of · AI analysis dated · Source: SEC filings and closing prices, computed by olivLaw.

Market cap
33.0 m USD
shares as of 18 Aug 2026
P/E (TTM)
unavailable
Diluted EPS TTM -0.61 · TTM to 30 Jun 2026
E/P (TTM)
-187.68%
TTM to 30 Jun 2026
Dividend yield
unavailable
Beta (2y)
1.33
Volatility (1y) 97%
52-week range
0.170.73

Price history

Loading chart…

Technical reading

RSI (14)
55.0
neutral
Bollinger (20, 2)
0.22 – 0.39
in the upper half of the band · %B 0.62 · band width 56.6%
SMA 50 / 200
0.31 / 0.31
mixed trend
MACD (12, 26, 9)
-0.01 / -0.01
MACD above signal

Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).

Performance

CompanyS&P 500vs S&P 500Vertical median
1 month−5.3%−1.1%−4.2 pp—
3 months+52.4%−0.5%+52.8 pp—
6 months−6.9%+4.4%−11.3 pp—
Year to date−34.2%+12.3%−46.5 pp—
1 year−51.5%+13.5%−65.0 pp+8.1%
3 years−71.5%+76.4%−147.9 pp+46.5%
5 years−91.4%+63.7%−155.0 pp—
Max drawdown (1y)
−76.4%
12 Nov 2025 → 26 Jun 2026
Max drawdown (5y)
−99.3%
16 Dec 2022 → 26 Jun 2026
Compound annual growth (5y)
−38.7%
S&P 500 +10.4%

Price returns, dividends excluded.

Quarterly results

Latest quarter: Q2 2026 · 30 Jun 2026

Revenue
19.0 m USD
+28.8% YoY
Net income
-6.1 m USD
unavailable YoY
Diluted EPS
-0.10
unavailable YoY
net / operating
-32.1% / -15.4%

Quarterly margins

Quarterly statements · USD

Fiscal yearQ3 '24Q4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26Q2 '26
Revenue12.4 m14.2 m13.7 m14.7 m17.1 m19.7 m17.9 m19.0 m
Cost of revenue11.2 m13.2 m11.7 m13.6 m14.5 m17.6 m16.5 m17.5 m
Gross profit1.2 m1.0 m2.0 m1.2 m2.6 m2.1 m1.4 m1.5 m
Research & development0533.3 k15.6 k74.6 k18.3 k410.8 k068.6 k
Operating income-2.2 m-9.0 m-833.1 k-2.6 m-1.8 m-11.4 m-2.2 m-2.9 m
Depreciation & amortisation304.1 k304.9 k315.8 k353.9 k377.9 k315.1 k346.5 k349.2 k
Interest expense181.4 k319.8 k187.1 k388.8 k669.2 k654.8 k423.2 k602.4 k
Pre-tax income-2.2 m-9.5 m-818.1 k-2.8 m-5.4 m-10.1 m-2.8 m-6.1 m
Income tax00000000
Net income-8.4 m-3.3 m-818.1 k-2.8 m-5.4 m-10.1 m-2.8 m-6.1 m
Diluted EPS-0.45-0.14 ≈-0.03-0.10-0.17-0.28 ≈-0.06-0.10
Operating cash flow739.8 k ≈-3.8 m-186.3 k-1.2 m ≈-2.5 m ≈-4.6 m-1.1 m-1.7 m ≈
Capex228.8 k ≈72.5 k12.5 k22.5 k ≈12.7 k ≈7.9 k11.4 k63.6 k ≈
Share repurchases—0——————

≈ derived quarter (cumulative difference / share-days average)

E/P over time

E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.

Fiscal years

Fiscal year20182019202020212022202320242025
Revenue37.1 m39.7 m55.4 m56.2 m50.3 m53.4 m54.4 m65.3 m
Revenue YoY+23.6%+7.0%+39.6%+1.5%−10.5%+6.0%+2.0%+19.9%
Net income-9.1 m-3.3 m820.8 k-8.0 m-13.8 m-18.5 m-16.2 m-19.1 m
Net income YoYunavailableunavailableunavailable−1,070.0%unavailableunavailableunavailableunavailable
Diluted EPS-0.68-0.250.06-23.74-33.16-2.15-1.17-0.63
Diluted EPS YoYunavailableunavailableunavailable−39,666.7%unavailableunavailableunavailableunavailable
net %-24.4%-8.3%1.5%-14.2%-27.5%-34.7%-29.7%-29.3%
Free cash flow-2.1 munavailable-11.6 m-7.7 m-14.9 m-16.9 m-8.1 m-8.5 m

Reported results vs expectations

Loading…

Balance sheet & financial health

Fiscal year 2025 · 31 Dec 2025

Cash
715.7 k USD
Financial debt
3.8 m USD
Net debt
3.1 m USD
Equity
18.4 m USD
Total assets
65.5 m USD
Debt / equity
0.20x
Current ratio
1.00x
ROE
-89.1%
ROA
-32.0%
FCF margin
-13.0%

Financial statements (source on every figure)

Revenue and net income (USD)

Margins

Income statement · USD

Revenue
2023
53.4 m
2024
54.4 m
2025
65.3 m

SEC (XBRL)· 15 Apr 2026verified

Cost of revenue
2023
49.0 m
2024
50.1 m
2025
57.4 m

SEC (XBRL)· 15 Apr 2026verified

Gross profit
2023
4.3 m
2024
4.3 m
2025
7.9 m

SEC (XBRL)· 15 Apr 2026verified

Research & development
2023
164.9 k
2024
533.3 k
2025
519.4 k

SEC (XBRL)· 15 Apr 2026verified

Operating income
2023
-21.8 m
2024
-15.5 m
2025
-16.7 m

SEC (XBRL)· 15 Apr 2026verified

Depreciation & amortisation
2023
614.4 k
2024
1.2 m
2025
1.4 m

SEC (XBRL)· 15 Apr 2026verified

EBITDA
2023
-21.2 m ≈
2024
-14.3 m ≈
2025
-15.3 m ≈

SEC (XBRL)· 15 Apr 2026derived

Interest expense
2023
866.5 k
2024
1.0 m
2025
1.9 m

SEC (XBRL)· 15 Apr 2026verified

Pre-tax income
2023
-18.5 m
2024
-16.2 m
2025
-19.1 m

SEC (XBRL)· 15 Apr 2026verified

Income tax
2023
0
2024
0
2025
0

SEC (XBRL)· 15 Apr 2026verified

Net income
2023
-18.5 m
2024
-16.2 m
2025
-19.1 m

SEC (XBRL)· 15 Apr 2026verified

Diluted EPS
2023
-2.15
2024
-1.17
2025
-0.63

SEC (XBRL)· 15 Apr 2026verified

Weighted average diluted shares
2023
—
2024
19.1 m
2025
30.3 m

SEC (XBRL)· 15 Apr 2026verified

Balance sheet · USD

Cash
2023
3.8 m
2024
315.1 k
2025
715.7 k

SEC (XBRL)· 15 Apr 2026verified

Receivables
2023
19.8 m
2024
13.5 m
2025
19.6 m

SEC (XBRL)· 15 Apr 2026verified

Inventories
2023
4.8 m
2024
4.4 m
2025
5.8 m

SEC (XBRL)· 15 Apr 2026verified

Current assets
2023
36.6 m
2024
25.5 m
2025
38.4 m

SEC (XBRL)· 15 Apr 2026verified

Property, plant & equipment, net
2023
10.3 m
2024
9.7 m
2025
10.6 m

SEC (XBRL)· 15 Apr 2026verified

Goodwill
2023
49.7 k
2024
49.7 k
2025
49.7 k

SEC (XBRL)· 15 Apr 2026verified

Intangibles (excl. goodwill)
2023
7.8 m
2024
7.7 m
2025
7.5 m

SEC (XBRL)· 15 Apr 2026verified

Total assets
2023
66.0 m
2024
54.3 m
2025
65.5 m

SEC (XBRL)· 15 Apr 2026verified

Accounts payable
2023
—
2024
11.2 m
2025
14.6 m

SEC (XBRL)· 15 Apr 2026verified

Short-term debt
2023
1.9 m
2024
—
2025
—

SEC (XBRL)· 19 Aug 2024verified

Long-term debt
2023
1.3 m
2024
4.1 m
2025
3.8 m

SEC (XBRL)· 15 Apr 2026verified

Current liabilities
2023
24.3 m
2024
25.8 m
2025
38.3 m

SEC (XBRL)· 15 Apr 2026verified

Total liabilities
2023
30.0 m
2024
29.8 m
2025
47.1 m

SEC (XBRL)· 15 Apr 2026verified

Equity
2023
36.0 m
2024
24.5 m
2025
18.4 m †

SEC (XBRL)· 15 Apr 2026verified

Cash flow · USD

Operating cash flow
2023
-15.6 m
2024
-7.7 m
2025
-8.4 m

SEC (XBRL)· 15 Apr 2026verified

Capex
2023
1.3 m
2024
418.1 k
2025
55.7 k

SEC (XBRL)· 15 Apr 2026verified

Free cash flow
2023
-16.9 m ≈
2024
-8.1 m ≈
2025
-8.5 m ≈

SEC (XBRL)· 15 Apr 2026derived

Investing cash flow
2023
-13.8 m
2024
-798.3 k
2025
-2.0 m

SEC (XBRL)· 15 Apr 2026verified

Financing cash flow
2023
12.7 m
2024
5.0 m
2025
14.1 m

SEC (XBRL)· 15 Apr 2026verified

Share repurchases
2023
100.5 k
2024
0
2025
—

SEC (XBRL)· 15 Apr 2025verified

Computed indicators

Growth

Revenue growth (YoY)
19.9%
computed by olivLawFY 2025
Revenue CAGR 3Y
9.0%
computed by olivLawFY 2022 → FY 2025
Revenue CAGR 5Y
3.3%
computed by olivLawFY 2020 → FY 2025
EBIT growth (YoY)
unavailable
the base of the ratio is not positive
Net income growth (YoY)
unavailable
the base of the ratio is not positive
Net income CAGR 3Y
unavailable
the base of the ratio is not positive
Net income CAGR 5Y
unavailable
the base of the ratio is not positive
EPS growth (YoY)
unavailable
the base of the ratio is not positive
EPS CAGR 3Y
unavailable
the base of the ratio is not positive
EPS CAGR 5Y
unavailable
the base of the ratio is not positive
FCF growth (YoY)
unavailable
the base of the ratio is not positive

Profitability

Gross margin
10.3%
computed by olivLawTTM to 30 Jun 2026
EBITDA margin
-23.0%
computed by olivLawTTM to 30 Jun 2026
EBIT margin
-24.9%
computed by olivLawTTM to 30 Jun 2026
Net margin
-33.1%
computed by olivLawTTM to 30 Jun 2026
FCF margin
-13.5%
computed by olivLawTTM to 30 Jun 2026

Returns

ROE
-104.0%
computed by olivLawTTM to 30 Jun 2026 · balance sheet at 30 Jun 2026
ROA
-39.6%
computed by olivLawTTM to 30 Jun 2026 · balance sheet at 30 Jun 2026
ROIC
-58.3%
computed by olivLawTTM to 30 Jun 2026 · balance sheet at 30 Jun 2026
ROCE
-68.9%
computed by olivLawTTM to 30 Jun 2026 · balance sheet at 30 Jun 2026
Payout ratio (EPS)
unavailable
input data missing
Payout ratio (FCF)
unavailable
input data missing

Balance sheet

Net debt
1.4 m USD
computed by olivLawbalance sheet at 30 Jun 2026
Net debt / EBITDA
unavailable
insufficient data
Debt / equity
0.2x
computed by olivLawbalance sheet at 30 Jun 2026
Interest coverage
-7.8x
computed by olivLawTTM to 30 Jun 2026

Liquidity

Current ratio
1.1x
computed by olivLawbalance sheet at 30 Jun 2026
Quick ratio
0.9x
computed by olivLawbalance sheet at 30 Jun 2026
Cash ratio
0.1x
computed by olivLawbalance sheet at 30 Jun 2026

Cash

Operating cash flow
-9.8 m USD
computed by olivLawTTM to 30 Jun 2026
Capital expenditure
95.6 k USD
computed by olivLawTTM to 30 Jun 2026
Free cash flow
-9.9 m USD
computed by olivLawTTM to 30 Jun 2026
FCF conversion
unavailable
insufficient data
Cash conversion
unavailable
insufficient data

Efficiency

Days sales outstanding
85 days
computed by olivLawTTM to 30 Jun 2026 · balance sheet at 30 Jun 2026
Days inventory outstanding
27 days
computed by olivLawTTM to 30 Jun 2026 · balance sheet at 30 Jun 2026
Days payables outstanding
74 days
computed by olivLawTTM to 30 Jun 2026 · balance sheet at 30 Jun 2026
Cash conversion cycle
38 days
computed by olivLawTTM to 30 Jun 2026 · balance sheet at 30 Jun 2026

Market and valuation

Market capitalisation
33.0 m USD
computed by olivLawbalance sheet at 30 Jun 2026
Enterprise value
34.4 m USD
computed by olivLawbalance sheet at 30 Jun 2026
Market cap / net income TTM
unavailable
insufficient data
P/E (TTM)
unavailable
insufficient data
Earnings yield
-187.7%
computed by olivLawTTM to 30 Jun 2026
P/B
1.6x
computed by olivLawbalance sheet at 30 Jun 2026
P/S
0.4x
computed by olivLawTTM to 30 Jun 2026 · balance sheet at 30 Jun 2026
EV/EBITDA
unavailable
insufficient data
EV/EBIT
unavailable
insufficient data
EV/Sales
0.5x
computed by olivLawTTM to 30 Jun 2026 · balance sheet at 30 Jun 2026
P/FCF
unavailable
the base of the ratio is not positive
FCF yield
-30.1%
computed by olivLawTTM to 30 Jun 2026 · balance sheet at 30 Jun 2026
Dividend yield
unavailable
no dividend in the structured statements; a missing line is not a confirmed zero
Shareholder yield (distributions)
unavailable
input data missing

1 indicators that do not apply to the sector.

Valuation

olivLaw classification

Insufficient data
What is missing
  • score weight coverage: 43.8% of at least 60%
  • valuation methods computed: 0 of at least 1

A scoring methodology on indicators and valuation, not investment advice.

Closing price

0.33 USD

04 Nov 2026Source: olivLaw, closing series

Market cap: 33.0 m USD

Key indicators

Market capitalisation
33.0 m USD
computed by olivLawbalance sheet at 30 Jun 2026
P/E (TTM)
unavailable
insufficient data
P/B
1.6x
computed by olivLawbalance sheet at 30 Jun 2026
EV/EBITDA
unavailable
insufficient data
ROE
-104.0%
computed by olivLawTTM to 30 Jun 2026 · balance sheet at 30 Jun 2026
Net margin
-33.1%
computed by olivLawTTM to 30 Jun 2026
Revenue growth (YoY)
19.9%
computed by olivLawFY 2025
Dividend yield
unavailable
no dividend in the structured statements; a missing line is not a confirmed zero

Coverage and freshness

33/37 reporting lines present
Latest full fiscal year: 2025
Latest reported period: 30 Jun 2026
Latest balance sheet date: 30 Jun 2026
Share count (cover of the latest filing), as of: 18 Aug 2026
Source: SEC (XBRL)published 18 Aug 2026
verified 1964derived 168

Score by group

44% · Insufficient data

Estimated value range

unavailable — no valuation method could be computed

Valuation assumptions are editorial choices, not measured; beta is not measured.

Valuation methods

  • DCF (discounted cash flow)unavailable · the base of the ratio is not positive
  • Peers: EV/EBITDAunavailable · the base of the ratio is not positive
  • Peers: P/Eunavailable · the base of the ratio is not positive
  • Dividend discount (DDM)unavailable · the company pays no dividend: a dividend model needs an explicit initiation assumption

no valuation method could be computed

Multiple comparisons use the SIC vertical: Wholesale-Drugs, Proprietaries & Druggists' Sundries (SIC 5122)

Classification (SIC) comparables group by industry code, not by economic activity; the direct group is an editorial selection by activity. Members' multiples are on their own trailing twelve months, at their own latest close.

Assumptions (illustrative, editorial)

Risk-free rate
4.3%
Equity risk premium
5.0%
Beta (default)
1.00
Cost of equity
9.3%
Terminal growth
2.5%

Factor scorecard

Insufficient data

Minimum-evidence gate: score weight coverage: 43.8% of at least 60%; valuation methods computed: 0 of at least 1

FactorValueScoreWeight used
ROIC · Quality-58.3%0 (on a fixed band)24%
Net margin · Quality-33.1%25 (vs peers)14%
FCF conversion · Qualityunavailableunavailable—
Revenue CAGR 3Y · Growth9.0%75 (on a fixed band)19%
EPS CAGR 3Y · Growthunavailableunavailable—
Net debt / EBITDA · Balance sheetunavailableunavailable—
Interest coverage · Balance sheet-7.8x0 (on a fixed band)14%
Current ratio · Balance sheet1.1x21 (on a fixed band)10%
P/E (TTM) · Valuationunavailableunavailable—
EV/EBITDA · Valuationunavailableunavailable—
FCF yield · Valuation-30.1%0 (on a fixed band)19%
Shareholder yield (distributions) · Returnsunavailableunavailable—
Payout ratio (FCF) · Returnsunavailableunavailable—

Factors without a value were dropped; the remaining weights were renormalised.

Score groups

  • Balance sheet8/100 · 2/3 factors with a value
  • Growth· partial75/100 · 1/2 factors with a value
  • Quality9/100 · 2/3 factors with a value
  • Returns· partialunavailable · 0/2 factors with a value
  • Valuation· partial0/100 · 1/3 factors with a value

A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.

Memo

COSMOS HEALTH INC. (COSM). Latest full fiscal year: 2025; data up to 2026-06-30.

Figures computed from the financial statements: revenue 65.3 m USD in 2025; YoY growth 19.9%; net margin -33.1%; ROE -104.0%.

Valuation cannot be computed from the available data.

Insufficient data for a verdict (score weight coverage: 43.8% of at least 60%; valuation methods computed: 0 of at least 1).

Text generated deterministically from the figures shown; no language model. Not investment advice.

What supports the thesis

  • Revenue CAGR 3Y: 9.0%

What contradicts it

  • ROIC: -58.3%
  • Net margin: -33.1%
  • Interest coverage: -7.8x
  • Current ratio: 1.1x
  • FCF yield: -30.1%

Not assessed (insufficient data or a ratio without meaning): FCF conversion, EPS CAGR 3Y, Net debt / EBITDA, P/E (TTM), EV/EBITDA, Shareholder yield (distributions), Payout ratio (FCF).

Versus the vertical median

Wholesale-Drugs, Proprietaries & Druggists' Sundries (SIC 5122) · same industry (4-digit SIC) · compared with 8 companies

Multiples and returns vs the median

P/E
—
vertical median 26.9x
EV/EBITDA
—
vertical median 16.2x
P/S
0.4x
vertical median 0.3x
above median (+49.3%)
P/B
1.6x
vertical median 5.2x
below median (−69.0%)
ROE
-104.0%
vertical median -16.6%
below median
Net margin
-33.1%
vertical median 0.3%
below median (−12,331.0%)
EBIT margin
-24.9%
vertical median 0.9%
below median (−2,820.6%)
Revenue YoY
19.9%
vertical median 10.8%
above median (+83.9%)
Net debt/EBITDA
—
vertical median 0.6x
Dividend yield
—
vertical median 0.7%

Price rebased to 100 (monthly, 5 years)

Companies in the vertical

Market capP/EROENet marginRevenue YoY1A / 3A
MCKMcKESSON CORPORATION123.5 bn27.5—1.1%+12.4%+21% / +127%
CORCencora, Inc.67.6 bn26.3104.3%0.8%+9.3%−4% / +74%
CAHCardinal Health, Inc.60.9 bn36.2—0.7%+14.2%+23% / +145%
HLFHerbalife Ltd.1.6 bn9.1—3.4%+0.9%+20% / +19%
NUSNu Skin Enterprises, Inc.242.9 m—-32.5%-15.7%−14.3%−50% / −71%
COSMCosmos Health Inc.33.0 m—-104.0%-33.1%+19.9%−51% / −72%
HKPDCellyan Biotechnology Co., Ltd30.2 m—-0.6%-0.1%+21.7%+87% / unavailable
ESYNHwh International Inc.11.6 m—-88.9%-680.0%−30.8%−4% / −97%
MEDSDataMeds AI, Inc.4.6 m——-1,100.3%+28.7%−95% / unavailable

1- and 3-year price returns: for COSM from daily closes (the same as the performance table), for the other companies from month-end closes.

olivLaw engine forecast

The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.

The engine has no published run for this company yet.

Valuation scenarios (editable assumptions)

Illustrative scenarios

Illustrative: not forecasts and without probabilities. Each case is one coherent set of assumptions, computed on today's figures.

Bear
Allowed range: -50 … 50%
Allowed range: -100 … 100%
Allowed range: 0 … 100
Allowed range: -10 … 20%
Allowed range: 0 … 100%
Base
Allowed range: -50 … 50%
Allowed range: -100 … 100%
Allowed range: 0 … 100
Allowed range: -10 … 20%
Allowed range: 0 … 100%
Bull
Allowed range: -50 … 50%
Allowed range: -100 … 100%
Allowed range: 0 … 100
Allowed range: -10 … 20%
Allowed range: 0 … 100%
Nothing is saved.

Estimated price (USD)

Estimated priceBearBaseBull
1 years
insufficient data
Total return unavailable · Per year unavailable
insufficient data
Total return unavailable · Per year unavailable
insufficient data
Total return unavailable · Per year unavailable
3 years
insufficient data
Total return unavailable · Per year unavailable
insufficient data
Total return unavailable · Per year unavailable
insufficient data
Total return unavailable · Per year unavailable
5 years
insufficient data
Total return unavailable · Per year unavailable
insufficient data
Total return unavailable · Per year unavailable
insufficient data
Total return unavailable · Per year unavailable
What moves the 3-year price the most

    AI analysis

    AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.

    In brief

    Cosmos Health Inc. is a vertically integrated global healthcare group combining drug wholesale, pharmaceutical manufacturing, its own nutraceutical brands and AI-driven drug repurposing research. The company grew revenue in 2025, and in late 2026 it began expanding direct-to-consumer subscription sales in the United States, a segment that could change its profile if the momentum holds.

    SWOT

    Strengths

    • The company has a vertically integrated model from manufacturing to distribution, with GMP and EMA certifications and wholesale licenses in several countries 12.
    • Its own nutraceutical brands and the margin expansion in fiscal 2025 point to a favourable shift in revenue mix 1.
    • The U.S. direct platform has a recurring subscription base that has grown month to month in recent reports 3.

    Weaknesses

    • The company reported net losses in fiscal 2024 and 2025 and discloses substantial doubt about its ability to continue as a going concern 12.
    • Reliance on Cosmofarm for most revenue and a concentration on European markets limit diversification 1.
    • Large provisions were booked against uncollected receivables, including amounts owed by a related party 1.

    Opportunities

    • Expanding direct U.S. sales and growing the subscription base could build higher recurring revenue 3.
    • Developing contract manufacturing and innovative medicines could open new revenue sources 1.
    • Expansion into new regions such as the Gulf and Eastern Europe could support distribution of the company's own brands 1.

    Threats

    • Floating-rate financing costs and inflationary pressure could weigh on operating results 1.
    • Regulatory changes on drug pricing in the U.S. and the EU could affect the business model 1.
    • Cyber risks and geopolitical conflicts in the region could disrupt operations and supply chains 1.

    Risks

    • Going concernhigh

      The latest quarterly report warns that without additional capital the company may need to cut costs, which could delay product development 2.

    • Currency riskmedium

      Revenue is mainly in local currencies, so a stronger dollar could reduce the reported value of results 1.

    • Pricing and reimbursement rulesmedium

      U.S. legislation and European rules on drug prices could limit revenue from certain products 1.

    • Uncollected receivableshigh

      Provisions recorded for a related party and for advances show that recovery of some amounts could remain uncertain 1.

    • Data securitymedium

      The company holds personal and payment data of customers, and a cyber attack could lead to financial and reputational losses 1.

    Investment thesis

    What would need to be true (bull case)

    • If revenue from direct U.S. sales keeps growing, the company could diversify its income sources and improve margins.
    • The gross margin increase in fiscal 2025 suggests the shift in product mix could become a lasting factor.
    • Integrating manufacturing, distribution and own brands gives cost control advantages, if sustained.

    What would break the thesis

    • Repeated net losses and the going concern warning could force shareholder dilution through new financing.
    • Dependence on one subsidiary for most revenue leaves the company exposed to local market changes.
    • Rapid subscription growth in the U.S. rests on internal estimates, and actual results could differ materially.

    What to watch

    • Actual results of direct U.S. sales and the number of active subscriptionsQ4 2026
    • Gross margin trends by segment, especially nutraceuticalsQ1 2027
    • How receivable and advance provisions affect future results2027

    Products, market & competition

    AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.

    The business

    Cosmos Health Inc., incorporated in 2009 in Nevada, is a diversified, vertically integrated healthcare group that owns proprietary pharmaceutical and nutraceutical brands, produces and distributes generic medicines, operates a telehealth platform and conducts research into innovative medicines and drug repurposing 1. Its activities span research, manufacturing, marketing and distribution, and its stated strategy is to expand its own portfolio and international distribution networks 1. More than 98% of net sales in 2025 were made outside the United States, although direct U.S. sales began through the Sky Premium Life brand 1.

    Segments

    Wholesale and pharmaceutical distribution

    The subsidiary Cosmofarm S.A. distributes a broad range of prescription and OTC medicines, medical devices and parapharmaceutical products to pharmacies, hospitals and distributors, and represented approximately 90% of total revenues and COGS in fiscal 2025 1. Its gross margin is lower than the company's other business lines, but its volume supports consolidated revenue scale 1.

    Market context

    The company operates in large, growing markets: the global generic drugs market was valued at $424.98 billion in 2025 with a projected CAGR of 8.35% 1, and the nutraceuticals market was valued at $636.31 billion in 2025, expanding at a CAGR of 7.64% through 2034 1. Oncology and drug repurposing markets are also cited as areas of interest 1.

    Trends

    • Growing demand for generic medicinestailwind

      Patent expirations and demand for cost-effective medicines support growth in the generics segment, which could benefit the company's volumes 1.

    • Rising interest in preventive healthtailwind

      A shift toward prevention and dietary supplements may support demand for the company's own nutraceutical brands 1.

    • Price pressure and regulationheadwind

      Price controls and cost containment in European and U.S. healthcare systems could reduce distributor margins and affect future revenue from certain products 1.

    • Financing costs and currency movementsmixed

      Floating-rate loans and fluctuations in the dollar may affect costs and reported results, since most sales are in euros and other local currencies 12.

    Competitive position

    The company competes with other wholesale distributors and generic producers, as well as with other nutraceutical brands and OTC products already on the market 1. Competitive pressure is strongest in wholesale distribution, where margins are thin, and in online supplement sales, where entry barriers are low 13.

    • Other wholesale drug distributors

      Compete for the same pharmacies and hospitals; the sources do not name a directly competing U.S.-listed company.

    • Generic drug manufacturers

      Compete in the generic medicines portfolio; the company operates in European and Gulf markets.

    • Nutraceutical and supplement brands

      Compete in online sales and on platforms such as Amazon and Tmall.

    • Telemedicine platforms

      Compete with the ZipDoctor service in the U.S. subscription telehealth market.

    News & filings

    In the press

    No news in our archive over the last 180 days.

    SEC filings

    • Current report22 Oct 2026
      Results of operations · Regulation FD disclosure · Financial statements and exhibits
    • Current report09 Oct 2026
      Results of operations · Financial statements and exhibits
    • Current report20 Aug 2026
      Results of operations · Financial statements and exhibits
    • Quarterly report18 Aug 2026
    • Current report16 Jul 2026
      Item 3.03 · Departure or appointment of officers · Amendments to articles or bylaws · Shareholder vote · Financial statements and exhibits
    • Current report06 Jul 2026
      Regulation FD disclosure · Other events · Financial statements and exhibits
    • Proxy statement02 Jun 2026
    • Current report22 May 2026
      Results of operations · Financial statements and exhibits
    • Quarterly report20 May 2026
    • Current report16 Apr 2026
      Results of operations · Financial statements and exhibits

    Sources

    1. [1] Form 10-K, fiscal year ended 2025-12-31 · SEC / Cosmos Health Inc. · 15 Apr 2026
    2. [2] Form 10-Q, quarter ended 2026-06-30 · SEC / Cosmos Health Inc. · 18 Aug 2026
    3. [3] Form 8-K, results release (exhibit 99.1) · SEC / Cosmos Health Inc. · 22 Oct 2026

    Figures computed by olivLaw from SEC filings and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.