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olivLaw · US equity research

Farmmi, Inc. FAMI

Canned, Fruits, Veg, Preserves, Jams & Jellies · SIC 2033 · Vertical: Food products (SIC 203x)

0.10USD−1.70% · 1 dayClose 04 Nov 2026

Farmmi, Inc. is a Cayman Islands holding company that, through its Chinese subsidiaries, produces and sells mainly dried edible fungi such as shiitake and Mu Er. Total revenue fell 56.4% in fiscal 2025 from the prior year as market demand weakened, which makes its dependence on a few customers and suppliers relevant for assessing the business.

The AI analysis may be outdated: new filings came after its sources (see the «AI analysis» section).

At the close of 04 Nov 2026, Farmmi, Inc. (FAMI) stock was 0.10 USD (−1.70% on the day), with market capitalisation 538.9 k USD, beta 0.64, 52-week range 0.10–1.63 USD.

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

Market cap
538.9 k USD
shares as of 30 Sept 2025
P/E (TTM)
unavailable
Diluted EPS TTM -28.92 · TTM to 30 Sept 2025
E/P (TTM)
-29,420.14%
TTM to 30 Sept 2025
Dividend yield
unavailable
Beta (2y)
0.64
Volatility (1y) 178%
52-week range
0.101.63

Price history

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Technical reading

RSI (14)
29.9
oversold (≤ 30)
Bollinger (20, 2)
0.09 – 0.12
in the lower half of the band · %B 0.17 · band width 24.3%
SMA 50 / 200
0.12 / 0.91
downtrend (price < SMA50 < SMA200)
MACD (12, 26, 9)
-0.01 / -0.02
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−18.1%−1.1%−17.0 pp—
3 months−38.6%−0.5%−38.1 pp—
6 months−91.7%+4.4%−96.1 pp—
Year to date−92.3%+12.3%−104.6 pp—
1 year−93.2%+13.5%−106.8 pp−4.2%
3 years−99.4%+76.4%−175.8 pp−32.4%
5 years−100.0%+63.7%−163.7 pp—
Max drawdown (1y)
−94.0%
27 Jan 2026 → 04 Nov 2026
Max drawdown (5y)
−100.0%
08 Nov 2021 → 04 Nov 2026
Compound annual growth (5y)
−83.6%
S&P 500 +10.4%

Price returns, dividends excluded.

Quarterly results

ESEF annual reports carry no quarters: the results are annual (below).

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
Revenue29.8 m28.4 m28.4 m39.3 m99.2 m110.4 m64.1 m28.0 m
Revenue YoY+11.8%−4.9%0.0%+38.5%+152.5%+11.2%−41.9%−56.4%
Net income3.2 m813.5 k813.5 k2.4 m2.2 m2.5 m-4.7 m-53.1 m
Net income YoY−1.5%−74.8%0.0%+189.7%−5.6%+14.4%−283.0%unavailable
Diluted EPS0.27-0.031.254.510.773.61-7.88-28.92
Diluted EPS YoYunavailable−111.1%unavailable+260.8%−82.9%+368.8%−318.3%unavailable
net %10.8%2.9%2.9%6.0%2.2%2.3%-7.3%-189.8%
Free cash flow-2.8 m-10.8 m-1.8 m-52.9 m20.6 m-75.8 m-16.8 m52.4 m

Reported results vs expectations

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Balance sheet & financial health

Fiscal year 2025 · 30 Sept 2025

Cash
804.1 k USD
Financial debt
1.8 m USD
Net debt
1.0 m USD
Equity
123.9 m USD
Total assets
147.0 m USD
Debt / equity
0.01x
Current ratio
9.35x
ROE
-36.1%
ROA
-31.8%
FCF margin
187.5%

Financial statements (source on every figure)

Revenue and net income (USD)

Margins

Income statement · USD

Revenue
2023
110.4 m
2024
64.1 m
2025
28.0 m

SEC (XBRL)· 10 Feb 2026verified

Cost of revenue
2023
106.1 m
2024
60.3 m
2025
27.2 m

SEC (XBRL)· 10 Feb 2026verified

Gross profit
2023
4.3 m
2024
3.9 m
2025
801.5 k

SEC (XBRL)· 10 Feb 2026verified

Operating income
2023
2.0 m
2024
795.7 k
2025
-56.1 m

SEC (XBRL)· 10 Feb 2026verified

Depreciation & amortisation
2023
200.0 k
2024
200.0 k
2025
200.0 k

SEC (XBRL)· 10 Feb 2026verified

EBITDA
2023
2.2 m ≈
2024
995.7 k ≈
2025
-55.9 m ≈

SEC (XBRL)· 10 Feb 2026derived

Interest expense
2023
650.8 k
2024
700.0 k
2025
—

SEC (XBRL)· 24 Jan 2025verified

Pre-tax income
2023
2.9 m
2024
-4.6 m
2025
-53.4 m

SEC (XBRL)· 10 Feb 2026verified

Income tax
2023
313.5 k
2024
264
2025
42

SEC (XBRL)· 10 Feb 2026verified

Net income
2023
2.5 m
2024
-4.7 m
2025
-53.1 m

SEC (XBRL)· 10 Feb 2026verified

Diluted EPS
2023
3.61
2024
-7.88
2025
-28.92

SEC (XBRL)· 10 Feb 2026verified

Weighted average diluted shares
2023
704.4 k
2024
590.7 k
2025
1.8 m

SEC (XBRL)· 10 Feb 2026verified

Balance sheet · USD

Cash
2023
12.8 m
2024
486.5 k
2025
804.1 k

SEC (XBRL)· 10 Feb 2026verified

Receivables
2023
24.7 m
2024
32.5 m
2025
13.1 m

SEC (XBRL)· 10 Feb 2026verified

Inventories
2023
3.9 m
2024
5.5 m
2025
1.5 m

SEC (XBRL)· 10 Feb 2026verified

Current assets
2023
158.2 m
2024
161.9 m
2025
93.1 m

SEC (XBRL)· 10 Feb 2026verified

Property, plant & equipment, net
2023
24.5 k
2024
42.3 k
2025
36.8 k

SEC (XBRL)· 10 Feb 2026verified

Intangibles (excl. goodwill)
2023
0
2024
9.3 m
2025
9.0 m

SEC (XBRL)· 10 Feb 2026verified

Total assets
2023
174.8 m
2024
186.7 m
2025
147.0 m

SEC (XBRL)· 10 Feb 2026verified

Accounts payable
2023
1.1 m
2024
70.0 k
2025
15.7 k

SEC (XBRL)· 10 Feb 2026verified

Short-term debt
2023
2.4 m
2024
0
2025
0

SEC (XBRL)· 10 Feb 2026verified

Long-term debt
2023
1.7 m
2024
2.2 m
2025
1.8 m

SEC (XBRL)· 10 Feb 2026verified

Current liabilities
2023
10.7 m
2024
10.1 m
2025
10.0 m

SEC (XBRL)· 10 Feb 2026verified

Total liabilities
2023
12.8 m
2024
16.7 m
2025
23.2 m

SEC (XBRL)· 10 Feb 2026verified

Equity
2023
162.0 m
2024
170.0 m
2025
123.9 m

SEC (XBRL)· 10 Feb 2026verified

Shares outstanding at year end
2023
6.1 m
2024
10.7 m
2025
5.5 m

SEC (XBRL)· 10 Feb 2026verified

Cash flow · USD

Operating cash flow
2023
-75.8 m
2024
-16.8 m
2025
52.5 m

SEC (XBRL)· 10 Feb 2026verified

Capex
2023
314
2024
29.5 k
2025
16.7 k

SEC (XBRL)· 10 Feb 2026verified

Free cash flow
2023
-75.8 m ≈
2024
-16.8 m ≈
2025
52.4 m ≈

SEC (XBRL)· 10 Feb 2026derived

Investing cash flow
2023
35.9 m
2024
2.1 m
2025
-59.7 m

SEC (XBRL)· 10 Feb 2026verified

Financing cash flow
2023
11.0 m
2024
1.8 m
2025
7.6 m

SEC (XBRL)· 10 Feb 2026verified

Computed indicators

Growth

Revenue growth (YoY)
-56.4%
computed by olivLawFY 2025
Revenue CAGR 3Y
-34.4%
computed by olivLawFY 2022 → FY 2025
Revenue CAGR 5Y
-0.3%
computed by olivLawFY 2020 → FY 2025
EBIT growth (YoY)
-7,152.6%
computed by olivLawFY 2025
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
2.9%
computed by olivLawFY 2025
EBITDA margin
-199.9%
computed by olivLawFY 2025
EBIT margin
-200.6%
computed by olivLawFY 2025
Net margin
-189.8%
computed by olivLawFY 2025
FCF margin
187.5%
computed by olivLawFY 2025

Returns

ROE
-36.1%
computed by olivLawFY 2025 · balance sheet at 30 Sept 2025
ROA
-31.8%
computed by olivLawFY 2025 · balance sheet at 30 Sept 2025
ROIC
-31.8%
computed by olivLawFY 2025 · balance sheet at 30 Sept 2025
ROCE
-40.9%
computed by olivLawFY 2025 · balance sheet at 30 Sept 2025
Payout ratio (EPS)
unavailable
input data missing
Payout ratio (FCF)
unavailable
input data missing

Balance sheet

Net debt
1.0 m USD
computed by olivLawbalance sheet at 30 Sept 2025
Net debt / EBITDA
unavailable
insufficient data
Debt / equity
0.0x
computed by olivLawbalance sheet at 30 Sept 2025
Interest coverage
-80.2x
computed by olivLawFY 2025

Liquidity

Current ratio
9.4x
computed by olivLawbalance sheet at 30 Sept 2025
Quick ratio
9.2x
computed by olivLawbalance sheet at 30 Sept 2025
Cash ratio
0.1x
computed by olivLawbalance sheet at 30 Sept 2025

Cash

Operating cash flow
52.5 m USD
computed by olivLawFY 2025
Capital expenditure
16.7 k USD
computed by olivLawFY 2025
Free cash flow
52.4 m USD
computed by olivLawFY 2025
FCF conversion
unavailable
insufficient data
Cash conversion
unavailable
insufficient data

Efficiency

Days sales outstanding
297 days
computed by olivLawFY 2025 · balance sheet at 30 Sept 2025
Days inventory outstanding
47 days
computed by olivLawFY 2025 · balance sheet at 30 Sept 2025
Days payables outstanding
1 days
computed by olivLawFY 2025 · balance sheet at 30 Sept 2025
Cash conversion cycle
344 days
computed by olivLawFY 2025 · balance sheet at 30 Sept 2025

Market and valuation

Market capitalisation
538.9 k USD
computed by olivLawbalance sheet at 30 Sept 2025
Enterprise value
1.5 m USD
computed by olivLawbalance sheet at 30 Sept 2025
Market cap / net income TTM
unavailable
insufficient data
P/E (TTM)
unavailable
insufficient data
Earnings yield
-29,420.1%
computed by olivLawFY 2025
P/B
0.0x
computed by olivLawbalance sheet at 30 Sept 2025
P/S
0.0x
computed by olivLawFY 2025 · balance sheet at 30 Sept 2025
EV/EBITDA
unavailable
insufficient data
EV/EBIT
unavailable
insufficient data
EV/Sales
0.1x
computed by olivLawFY 2025 · balance sheet at 30 Sept 2025
P/FCF
0.0x
computed by olivLawFY 2025 · balance sheet at 30 Sept 2025
FCF yield
9,732.5%
computed by olivLawFY 2025 · balance sheet at 30 Sept 2025
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%

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

Closing price

0.10 USD

04 Nov 2026Source: olivLaw, closing series

Market cap: 538.9 k USD

Key indicators

Market capitalisation
538.9 k USD
computed by olivLawbalance sheet at 30 Sept 2025
P/E (TTM)
unavailable
insufficient data
P/B
0.0x
computed by olivLawbalance sheet at 30 Sept 2025
EV/EBITDA
unavailable
insufficient data
ROE
-36.1%
computed by olivLawFY 2025 · balance sheet at 30 Sept 2025
Net margin
-189.8%
computed by olivLawFY 2025
Revenue growth (YoY)
-56.4%
computed by olivLawFY 2025
Dividend yield
unavailable
no dividend in the structured statements; a missing line is not a confirmed zero

Coverage and freshness

31/37 reporting lines present
Latest full fiscal year: 2025
Latest reported period: 30 Sept 2025
Latest balance sheet date: 30 Sept 2025
Share count (cover of the latest filing), as of: 30 Sept 2025
Source: SEC (XBRL)published 10 Feb 2026
verified 302

The data is older than the freshness threshold.

Score by group

44% · Insufficient data

Estimated value range

Low
167.89
USD per share
Mid
234.86
USD per share
High
401.06
USD per share
Price: 0.10 USD
The price is below the range
Potential to the central value: 238,824.9% (value / price − 1)
Margin of safety: 100.0% (1 − price / value)
Agreement between methods: single method · 1 methods used · 1 independent bases

The combined range = the median of the valid methods' low, central and high values; it is not a probability interval and does not cover every result. Envelope of all methods: 167.89 – 401.06 USD.

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

Method ranges (USD per share)

— — Mid · ▏ Price

Valuation methods

  • DCF (discounted cash flow)167.89 – 401.06 (Mid 234.86)
    WACC 6.0% · starting FCFF 53.0 m USD · terminal value share of EV 84%
    The WACC × g sensitivity gives the method's bounds; these are not probabilities.
    Reverse DCF: no growth between −30% and +40% justifies the price
  • 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
Multiple comparisons use the SIC vertical: Food products (SIC 203x)

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%

FactorValueScoreWeight used
ROIC · Quality-31.8%0 (vs peers)24%
Net margin · Quality-189.8%14 (vs peers)14%
FCF conversion · Qualityunavailableunavailable—
Revenue CAGR 3Y · Growth-34.4%0 (on a fixed band)19%
EPS CAGR 3Y · Growthunavailableunavailable—
Net debt / EBITDA · Balance sheetunavailableunavailable—
Interest coverage · Balance sheet-80.2x0 (on a fixed band)14%
Current ratio · Balance sheet9.4x100 (on a fixed band)10%
P/E (TTM) · Valuationunavailableunavailable—
EV/EBITDA · Valuationunavailableunavailable—
FCF yield · Valuation9,732.5%100 (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 sheet40/100 · 2/3 factors with a value
  • Growth· partial0/100 · 1/2 factors with a value
  • Quality5/100 · 2/3 factors with a value
  • Returns· partialunavailable · 0/2 factors with a value
  • Valuation· partial100/100 · 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

FARMMI, INC. (FAMI). Latest full fiscal year: 2025; data up to 2025-09-30.

Figures computed from the financial statements: revenue 28.0 m USD in 2025; YoY growth -56.4%; net margin -189.8%; ROE -36.1%.

The estimated value range is 167.89–401.06 USD per share (median of 1 methods, agreement: single method); assumptions are illustrative. Against the central value of 234.86 USD, the price of 0.10 USD leaves a potential of 238,824.9% (value / price − 1) and a margin of safety of 100.0% (1 − price / value). The range is the median of the methods' low, central and high values, not a probability interval.

Insufficient data for a verdict (score weight coverage: 43.8% of at least 60%).

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

What supports the thesis

  • Current ratio: 9.4x
  • FCF yield: 9,732.5%
  • The price is below the estimated value range

What contradicts it

  • ROIC: -31.8%
  • Net margin: -189.8%
  • Revenue CAGR 3Y: -34.4%
  • Interest coverage: -80.2x

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

Food products (SIC 203x) · same industry group (3-digit SIC) · compared with 7 companies

Multiples and returns vs the median

P/E
—
vertical median 30.8x
EV/EBITDA
—
vertical median —
P/S
0.0x
vertical median 1.2x
below median (−98.4%)
P/B
0.0x
vertical median 2.7x
below median (−99.8%)
ROE
-36.1%
vertical median 3.9%
below median (−1,018.6%)
Net margin
-189.8%
vertical median 2.5%
below median (−7,674.2%)
EBIT margin
-200.6%
vertical median 7.8%
below median (−2,671.2%)
Revenue YoY
-56.4%
vertical median 2.5%
below median (−2,359.3%)
Net debt/EBITDA
—
vertical median 0.6x
Dividend yield
—
vertical median 3.5%

Price rebased to 100 (monthly, 5 years)

Companies in the vertical

Market capP/EROENet marginRevenue YoY1A / 3A
KHCKraft Heinz Co30.1 bn—-9.0%-14.0%−3.5%−0% / −28%
SJMJ M SMUCKER Co14.1 bn61.63.9%2.5%+3.7%+27% / +21%
LWLamb Weston Holdings, Inc.7.8 bn30.814.2%3.8%+2.5%−4% / −43%
MZTIThe Marzetti Company3.1 bn17.716.8%9.1%+1.1%−33% / −32%
BRFHBarfresh Food Group Inc.8.8 m—-364.2%-17.9%+32.6%−83% / −61%
PLAGPlanet Green Holdings Corp.5.2 m—-706.0%-308.0%−35.2%−86% / −89%
FAMIFarmmi, Inc.538.9 k—-36.1%-189.8%−56.4%−93% / −99%
SENEASeneca Foods Corporation——12.2%5.6%+8.2%+21% / +200%

1- and 3-year price returns: for FAMI 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.

    Possibly outdated: the newest document it read is from 10 Feb 2026; since then the company filed 6-K (27 Aug 2026), 6-K (12 Aug 2026), 6-K (06 Jul 2026), 6-K (22 Jun 2026), 6-K (29 May 2026), 6-K (06 May 2026).

    In brief

    Farmmi, Inc. is a Cayman Islands holding company that, through its Chinese subsidiaries, produces and sells mainly dried edible fungi such as shiitake and Mu Er. Total revenue fell 56.4% in fiscal 2025 from the prior year as market demand weakened, which makes its dependence on a few customers and suppliers relevant for assessing the business.1

    SWOT

    Strengths

    • Premium product quality recognised by customers, and experience in processing and packaging dried mushrooms.
    • Long-standing relationships with family-farm suppliers and cooperatives in the Lishui area.
    • Own processing facilities and the ability to store mushrooms to manage raw material costs.

    Weaknesses

    • Heavy dependence on edible fungi, with limited product and business diversification.
    • High concentration of sales on few customers and purchases on few suppliers.
    • Sharp decline in revenue and volumes in fiscal 2025 as demand weakened.

    Opportunities

    • Growth potential if mushroom consumption in China moves closer to levels in developed countries.
    • Expansion into international markets, including through the California subsidiary, could diversify revenue sources.
    • Government support for agriculture and edible fungi could support expansion of the product range.

    Threats

    • Changes in government policy or loss of tax exemptions could raise costs and reduce margins.
    • Intense competition in a fragmented market with low entry barriers could pressure prices.
    • Disease, pests and extreme weather affecting mushrooms grown by suppliers could disrupt supply.

    Risks

    • Customer dependencehigh

      Losing its main customer, Shanghai Yunmihui Supply Chain Group, which accounted for most of revenue, could significantly reduce sales and profitability.1

    • Supplier concentrationhigh

      Raw material purchases come from a limited number of suppliers, and losing any of them could raise costs and affect operating results.1

    • Chinese regulationmedium

      The food industry is extensively regulated, and failure to comply with food safety laws could lead to fines, suspension of operations or loss of licences.1

    • Lack of diversificationmedium

      Operations focus on edible fungi, so any risk affecting that industry could have a disproportionate effect on the company.1

    • China corporate structuremedium

      The company previously operated through a VIE structure, and if Chinese authorities find the structure does not comply with regulations, the value of the shares could decline.1

    Investment thesis

    What would need to be true (bull case)

    • If demand for edible fungi in China keeps growing and consumption moves toward developed-country levels, the company could regain lost volume.
    • Its experience in selecting, dehydrating and packaging mushrooms, together with supplier relationships, could support a recovery in margins.
    • Expansion into overseas markets and government support for agriculture could open new revenue sources.

    What would break the thesis

    • A revenue drop of more than half in fiscal 2025 points to weak demand that could persist if the industry moves into maturity.
    • Dependence on one major customer and a few suppliers could turn the loss of any relationship into a significant shock to operations.
    • Competition in a fragmented market could force price cuts and compress margins, especially if larger rivals keep selling more cheaply.

    What to watch

    • Trend in shiitake and Mu Er volumes versus fiscal 2025next 10-K
    • Share of the main customer in total revenuenext 10-K
    • Changes to Chinese regulations or agricultural tax exemptions2027
    • Any new overseas sales channels, including via the California subsidiary2027

    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.

    Possibly outdated: the newest document it read is from 10 Feb 2026; since then the company filed 6-K (27 Aug 2026), 6-K (12 Aug 2026), 6-K (06 Jul 2026), 6-K (22 Jun 2026), 6-K (29 May 2026), 6-K (06 May 2026).

    The business

    Farmmi produces and sells agricultural products, mainly edible fungi such as shiitake and Mu Er, along with cotton, corn and forestry products. The company does not grow fungi itself; it buys dried product from third-party suppliers, mainly family farms and the cooperatives Jingning Liannong and Qingyuan Nongbang, then selects, re-dehydrates where needed and packages it in its own processing facilities. Products are sold through distributors to supermarkets, produce distributors and foodservice operators.1

    Sales are almost entirely in mainland China, at 98.66% in fiscal 2024, with the remainder exported to the U.S., Japan, Canada and other countries through distributors.1 The company also set up a subsidiary in Newark, California, which it uses as a platform to sell agricultural products into North America and North American food products into Asia.1

    The company closed several e-commerce channels, including Farmmi Liangpin Market in 2020 and Farmmi Jicai in 2023, indicating a focus on distributor sales and the supply chain.1

    Segments

    Shiitake mushrooms

    Shiitake is the main product by volume; in fiscal 2025 the company sold about 908 tons, a decrease of 588 tons from fiscal 2024 as customers reduced orders.1

    Mu Er mushrooms

    Mu Er sales in fiscal 2025 were about 746 tons, down 420 tons from the prior year, which the company also attributes to weaker market demand.1

    Other agricultural products

    The company also trades other agricultural products such as rice and edible oil bought from third-party suppliers, but the source gives no separate figures for these categories.1

    Market context

    According to the source, China's edible fungi output is growing in both absolute terms and market share, and China has become the largest producer worldwide, although the industry appears to be moving from rapid expansion to a more mature stage. Per-capita consumption in China remains far below the U.S. and Japan, which the company sees as room for growth.1

    The company describes the market as fragmented with relatively low barriers to entry, and two major competitors influence prices and volumes, which could limit revenue growth and margins.1

    Trends

    • Maturing Chinese mushroom industryheadwind

      Growth in China's mushroom industry appears to be slowing as the market moves from rapid expansion to maturity, which could reduce the boost to the company's volumes.1

    • Lower demand and customer ordersheadwind

      Weaker market demand reduced customer orders for both shiitake and Mu Er in fiscal 2025, driving a sharp fall in revenue.1

    • Potential demand growth for mushroomstailwind

      Per-capita consumption of edible fungi in China is still well below the U.S. and Japan, which the company believes could support longer-term sales.1

    • Government support for agriculturemixed

      The Chinese government supports agriculture with tax exemptions and local subsidies, and edible fungi are described as a dominant and characteristic industry, though these policies may change.1

    Competitive position

    The company describes its products as premium quality and competes mainly in the high-end segment. The source nonetheless identifies two major competitors in the area: one with high sales volume that allows lower prices, and another with much larger plants and warehouses focused on Mu Er.1

    The market is fragmented and many competitors can offer cheaper products, which could pressure Farmmi's margins if it competes on price.1

    • A high-volume edible fungi seller

      The source does not name it; it sells fungi at relatively lower prices because of its high sales volume.

    • A competitor with larger plants and warehouses

      The source does not name it; its main product is Mu Er, in different grades and qualities.

    • Regional fungi suppliers and traders

      The source mentions many nearby competitors that can offer lower prices to expand their supply.

    • Other edible fungi companies

      The source gives no further names; it only describes a fragmented market with intense competition.

    News & filings

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