Blum Holdings, Inc. (BLMH)

Blum Holdings, Inc. (BLMH) — VMCI valuation read

Headline read on BLMH: VMCI of 47/100 versus a Healthcare sector median of 50. The 4-point below-median position is what makes Blum Holdings, Inc. a relative-value laggard in the mid-cap cohort, before any pillar-level review.

Form 4 filings on BLMH: zero in the trailing 30 days. The absence of insider transactions is itself a data point, just a low-information one. The thesis runs on financials and price action until that changes.

**Investor frame.** Three reads on BLMH: value (BLMH trades at 27.0x earnings, 50% above the Healthcare median of 18.0x), quality (ROIC of 11.0% sits 1.0pp above the Healthcare median (10.0%)), and risk (net debt to EBITDA of 0.4x leaves covenant headroom). The value read also implies an EV/EBITDA gap of +4.0x against the Healthcare 12.0x baseline.

BLMH fell 2.7% over the trailing 7 days, with a +0.2% read on a 30-day basis.