The company has issued more shares over this period, which dilutes each existing shareholder’s stake.
Diluted shares outstanding: 568K (2021) → 616K (2025)
AMCON Distributing Company, through its group of subsidiaries, primarily functions as a wholesale distributor of various consumer goods across the Central, Rocky Mountain, and Mid-South regions of the United States. The company's business operations are structured into two distinct divisions: Wholesale Distribution and Retail Health Food. The Wholesale Distribution segment offers a comprehensive selection of products. These include tobacco and confectionery items, beverages, grocery staples, paper goods, health and beauty products, temperature-controlled provisions (both frozen and refrigerated), and institutional foodservice supplies. Its extensive clientele spans various retail outlets such as convenience stores, general merchandise stores, supermarkets, pharmacies, liquor stores, tobacco shops, and gas stations. Additionally, it caters to institutional customers like restaurants, bars, educational facilities, sports venues, and other wholesale businesses. This division also markets its own private-label brands, which feature items such as bottled water, candy, and batteries. The Retail Health Food segment focuses on the sale of natural, organic, and specialty food items. Its offerings encompass fresh produce, baked goods, frozen foods, dietary supplements, personal care products, and a variety of general merchandise. AMCON operates twenty retail health food stores, trading under the brand names Chamberlin's Natural Foods, Akin's Natural Foods, and Earth Origins Market. Established in 1986, AMCON Distributing Company is headquartered in Omaha, Nebraska.
When traditional metrics don't capture the full picture, these are the signals growth stock investors use instead.
+12.9% YoY
YoY Growth Rate
Steady revenue growth
+35.0% YoY
YoY Growth Rate
EPS growth accelerating
$0/ year
0.0% of revenue
Below sector average (2%)
Research and development spending
~0 months
$636,644 cash & investments
Quarterly Free Cash Flow
↓ Burn rate worsening
Short runway — potential dilution ahead through share issuance
AMCON Distributing Company has less than a year of cash at its current burn rate. Growth investors should watch for potential share dilution from future fundraising — that directly reduces your ownership.
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ROIC between 0% and 5%. They earn a few cents back per dollar invested in the business.
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FCF margin between 0% and 10%. Some cash from sales, but not a lot.
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Interest coverage between 1 and 3. Profits cover interest, but with little room to spare.
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P/E over 35. The market is pricing in heavy, sustained growth.
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Modest yield. The bulk of any return needs to come from price appreciation.
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