Valuation for BSFC - findataslice

	Blue Star Foods Corp. (BSFC)
	Q2-CY2026	Q1-CY2026	Q4-CY2025	Q3-CY2025	Q2-CY2025	Q1-CY2025	Q4-CY2024	Q3-CY2024	Q2-CY2024	Q1-CY2024	Q4-CY2023	Q3-CY2023	Q2-CY2023	Q1-CY2023	Q4-CY2022	Q3-CY2022	Q2-CY2022	Q1-CY2022	Q4-CY2021	Q3-CY2021	Q2-CY2021	Q1-CY2021	Q4-CY2020	Q3-CY2020	Q2-CY2020	Q1-CY2020	Q4-CY2019	Q3-CY2019	Q2-CY2019	Q1-CY2019	Q4-CY2018	Q3-CY2018	Q2-CY2018	Q1-CY2018	Q4-CY2017	Q3-CY2017	Q2-CY2017	Q1-CY2017	Q4-CY2016	Q3-CY2016	Q2-CY2016	Q1-CY2016	Q4-CY2015	Q3-CY2015	Q2-CY2015	Q1-CY2015	Q4-CY2014	Q3-CY2014	Q2-CY2014
Balance Sheet Date			2025-Dec-31	2025-Sep-30	2025-Jun-30	2025-Mar-31	2024-Dec-31	2024-Sep-30	2024-Jun-30	2024-Mar-31	2023-Dec-31											2021-Mar-31	2020-Dec-31	2020-Sep-30	2020-Jun-30	2020-Mar-31	2019-Dec-31	2019-Sep-30	2019-Jun-30	2019-Mar-31	2018-Dec-31		2018-Jul-31	2018-Apr-30	2018-Jan-31
Fiscal Period			Q4-FY2025	Q3-FY2025	Q2-FY2025	Q1-FY2025	Q4-FY2024	Q3-FY2024	Q2-FY2024	Q1-FY2024	Q4-FY2023											Q1-FY2021	Q4-FY2020	Q3-FY2020	Q2-FY2020	Q1-FY2020	Q4-FY2019	Q3-FY2019	Q2-FY2019	Q1-FY2019	Q4-FY2018		Q3-FY2018	Q2-FY2018	Q1-FY2018
Close Price of Common Stock							0.16$	0.59$	2.02$	0.09$	0.14$	0.27$	1.19$	0.13$	0.48$	0.62$	1.25$	1.99$	1.71$
Market Cap of Common Stock							1,293,286$	1,471,714$	106,372,786$									39,348,027$	33,811,621$
QoQ%							(12.12%)	(98.62%)										16.37%
YoY%
Common Shares Outstanding	163,880,101		91,631,956	20,517,325	16,829,468	16,254,721	9,837,374	3,446,744	2,271,858	35,785,371	461,722	119,399	54,325	43,777	1,338,321				1,233,566		19,772,878	19,633,161	19,580,721	18,695,531	18,642,388	17,603,835	17,589,705	16,104,554	16,095,424	16,042,294	16,023,164		10,000,000	10,000,000	15,000,000	10,000,000			15,000,000
QoQ%			346.61%	21.91%	3.54%	65.23%	185.41%	51.72%	(93.65%)	7,650.42%	286.71%	119.79%	24.10%	(96.73%)							.71%	.27%	4.74%	.29%	5.90%	.08%	9.22%	.06%	.33%	.12%	60.23%		.00%	(33.33%)	50.00%
YoY%	873.77%		831.47%	495.27%	640.78%	(54.58%)	2,030.58%	2,786.74%	4,081.98%	81,644.69%	(65.50%)				8.49%				(93.70%)		6.06%	11.53%	11.32%	16.09%	15.82%	9.73%	9.78%	61.05%	60.95%	6.95%	60.23%				.00%
Price to Sales							.36x	.50x	24.94x										2.81x
Price to Earnings							-	-	-										-
Price to Book							-	.56x	25.11x									4.42x	3.80x
Total Revenue			296,070$	462,260$	1,172,340$	960,758$	1,639,729$	259,779$	635,018$	1,059,355$	1,008,849$	1,561,679$	1,655,562$	1,898,439$								2,485,891$	2,694,500$	3,980,151$	2,865,103$	4,571,614$	4,705,051$	5,081,164$	7,532,474$	6,510,774$			8,805,238$	8,190,417$
QoQ%			(35.95%)	(60.57%)	22.02%	(41.41%)	531.20%	(59.09%)	(40.06%)	5.01%	(35.40%)	(5.67%)	(12.79%)									(7.74%)	(32.30%)	38.92%	(37.33%)	(2.84%)	(7.40%)	(32.54%)	15.69%				7.51%
YoY%			(81.94%)	77.94%	84.62%	(9.31%)	62.54%	(83.37%)	(61.64%)	(44.20%)												(45.62%)	(42.73%)	(21.67%)	(61.96%)	(29.78%)		(42.29%)	(8.03%)
TTM			2,891,428$	4,235,087$	4,032,606$	3,495,284$	3,593,881$	2,963,001$	4,264,901$	5,285,445$	6,124,529$											12,025,645$	14,111,368$	16,121,919$	17,222,932$	21,890,303$	23,829,463$
TTM_QoQ%			(31.73%)	5.02%	15.37%	(2.74%)	21.29%	(30.53%)	(19.31%)	(13.70%)												(14.78%)	(12.47%)	(6.39%)	(21.32%)	(8.14%)
TTM_YoY%			(19.55%)	42.93%	(5.45%)	(33.87%)	(41.32%)															(45.06%)	(40.78%)
Gross Margin			134.61%	92.55%	21.55%	9.54%	(61.32%)	(112.15%)	7.48%	(3.74%)	(18.09%)	(1.59%)	4.89%	14.98%								12.18%	19.88%	13.73%	(.61%)	9.26%	11.20%	13.22%	14.75%	13.98%			18.43%	8.35%
QoQ			42.06%	71.00%	12.02%	70.86%	50.83%	(119.63%)	11.22%	14.35%	(16.50%)	(6.48%)	(10.09%)									(7.70%)	6.15%	14.34%	(9.87%)	(1.94%)	(2.02%)	(1.54%)	.78%				10.09%
YoY			195.94%	204.70%	14.07%	13.28%	(43.23%)	(110.56%)	2.59%	(18.72%)												2.92%	8.68%	.51%	(15.36%)	(4.72%)		(5.22%)	6.41%
Operating Income			(460,366$)	(412,788$)	(493,875$)	(971,521$)	(5,561,124$)	(2,642,207$)	(883,513$)	(1,028,555$)	(1,465,536$)	(740,282$)	(1,076,252$)	(950,208$)								(444,088$)	(307,795$)	(166,818$)	(595,988$)	(576,992$)	(1,220,696$)	(1,035,588$)	(695,519$)	(1,001,104$)			570,319$	(501,822$)
QoQ%			(11.53%)	16.42%	49.17%	82.53%	(110.47%)	(199.06%)	14.10%	29.82%	(97.97%)	31.22%	(13.27%)									(44.28%)	(84.51%)	72.01%	(3.29%)	52.73%	(17.88%)	(48.89%)	30.53%				213.65%
YoY%			91.72%	84.38%	44.10%	5.55%	(279.46%)	(256.92%)	17.91%	(8.25%)												23.03%	74.79%	83.89%	14.31%	42.36%		(281.58%)	(38.60%)
TTM			(2,338,550$)	(7,439,308$)	(9,668,727$)	(10,058,365$)	(10,115,399$)	(6,019,811$)	(4,117,886$)	(4,310,625$)	(4,232,278$)											(1,514,689$)	(1,647,593$)	(2,560,494$)	(3,429,264$)	(3,528,795$)	(3,952,907$)
TTM_QoQ%			68.57%	23.06%	3.87%	.56%	(68.04%)	(46.19%)	4.47%	(1.85%)												8.07%	35.65%	25.33%	2.82%	10.73%
TTM_YoY%			76.88%	(23.58%)	(134.80%)	(133.34%)	(139.01%)															57.08%	58.32%
Operating Margin			(155.49%)	(89.30%)	(42.13%)	(101.12%)	(339.15%)	(1,017.10%)	(139.13%)	(97.09%)	(145.27%)	(47.40%)	(65.01%)	(50.05%)								(17.86%)	(11.42%)	(4.19%)	(20.80%)	(12.62%)	(25.94%)	(20.38%)	(9.23%)	(15.38%)			6.48%	(6.13%)
QoQ			(66.19%)	(47.17%)	58.99%	238.03%	677.95%	(877.97%)	(42.04%)	48.18%	(97.87%)	17.61%	(14.96%)									(6.44%)	(7.23%)	16.61%	(8.18%)	13.32%	(5.56%)	(11.15%)	6.14%				12.60%
YoY			183.66%	927.80%	97.01%	(4.03%)	(193.88%)	(969.70%)	(74.12%)	(47.04%)												(5.24%)	14.52%	16.19%	(11.57%)	2.76%		(26.86%)	(3.11%)
Net Income			(1,249,799$)	(480,965$)	(651,818$)	(1,199,930$)	(6,117,720$)	(3,047,559$)	(2,033,757$)	(1,279,451$)	(622,662$)	(445,813$)	(1,451,735$)	(1,951,402$)								(478,104$)	(93,392$)	538$	(3,490,933$)	(853,647$)	(1,541,372$)	(1,288,238$)	(952,796$)	(1,239,297$)	(2,271,953$)		254,712$	(768,118$)	2,887$
QoQ%			(159.85%)	26.21%	45.68%	80.39%	(100.74%)	(49.85%)	(58.96%)	(105.48%)	(39.67%)	69.29%	25.61%									(411.93%)	(17,459.11%)	100.02%	(308.94%)	44.62%	(19.65%)	(35.21%)	23.12%	45.45%	(991.97%)		133.16%	(26,706.10%)
YoY%			79.57%	84.22%	67.95%	6.22%	(882.51%)	(583.60%)	(40.09%)	34.43%												43.99%	93.94%	100.04%	(266.39%)	31.12%	32.16%	(605.76%)	(24.04%)	(43,026.81%)
TTM			(3,582,512$)	(8,450,433$)	(11,017,027$)	(12,398,966$)	(12,478,487$)	(6,983,429$)	(4,381,683$)	(3,799,661$)	(4,471,612$)											(4,061,891$)	(4,437,434$)	(5,885,414$)	(7,174,190$)	(4,636,053$)	(5,021,703$)	(5,752,284$)	(4,209,334$)	(4,024,656$)	(2,782,472$)
TTM_QoQ%			57.61%	23.30%	11.15%	.64%	(78.69%)	(59.38%)	(15.32%)	15.03%												8.46%	24.60%	17.96%	(54.75%)	7.68%	12.70%	(36.66%)	(4.59%)	(44.64%)
TTM_YoY%			71.29%	(21.01%)	(151.43%)	(226.32%)	(179.06%)															12.39%	11.64%	(2.31%)	(70.44%)	(15.19%)	(80.48%)
Profit Margin			(422.13%)	(104.05%)	(55.60%)	(124.89%)	(373.09%)	(1,173.14%)	(320.27%)	(120.78%)	(61.72%)	(28.55%)	(87.69%)	(102.79%)								(19.23%)	(3.47%)	.01%	(121.84%)	(18.67%)	(32.76%)	(25.35%)	(12.65%)	(19.04%)			2.89%	(9.38%)
QoQ			(318.08%)	(48.45%)	69.29%	248.20%	800.04%	(852.87%)	(199.49%)	(59.06%)	(33.17%)	59.14%	15.10%									(15.77%)	(3.48%)	121.86%	(103.17%)	14.09%	(7.41%)	(12.70%)	6.39%				12.27%
YoY			(49.04%)	1,069.09%	264.67%	(4.12%)	(311.37%)	(1,144.59%)	(232.58%)	(17.99%)												(.56%)	29.29%	25.37%	(109.19%)	.36%		(28.25%)	(3.27%)
Equity to Common Shareholders			(2,356,502$)	(1,699,773$)	(1,365,402$)	(637,643$)	(191,697$)	2,624,761$	4,236,698$	2,389,984$	2,594,922$	482,293$	(15,713$)	479,238$	(1,245,723$)				8,906,968$			(371,261$)	(19,723$)	(1,708,977$)	(1,778,857$)	(1,323,907$)	(519,712$)	(1,805,041$)	(1,238,092$)	(991,763$)	(446,762$)		(7,976$)	(1,930$)	(935,170$)	3,613$			(1,651,714$)
QoQ			(656,729$)	(334,371$)	(727,759$)	(445,946$)	(2,816,458$)	(1,611,937$)	1,846,714$	(204,938$)	2,112,629$	498,006$	(494,951$)	1,724,961$								(351,538$)	1,689,254$	69,880$	(454,950$)	(804,195$)	1,285,329$	(566,949$)	(246,329$)	(545,001$)	(438,786$)		(6,046$)	933,240$	(938,783$)
QoQ%			(38.64%)	(24.49%)	(114.13%)	(232.63%)	(107.30%)	(38.05%)	77.27%	(7.90%)	438.04%	3,169.39%	(103.28%)	138.47%								(1,782.38%)	98.85%	3.93%	(34.36%)	(154.74%)	71.21%	(45.79%)	(24.84%)	(121.99%)	(5,501.33%)		(313.26%)	99.79%	(25,983.48%)
YoY			(2,164,805$)	(4,324,534$)	(5,602,100$)	(3,027,627$)	(2,786,619$)	2,142,468$	4,252,411$	1,910,746$	3,840,645$				(10,152,691$)				8,926,691$			952,646$	499,989$	96,064$	(540,765$)	(332,144$)	(72,950$)	(1,797,065$)	(1,236,162$)	(56,593$)	(450,375$)				716,544$
YoY%			(1,129.29%)	(164.76%)	(132.23%)	(126.68%)	(107.39%)	444.23%	27,063.01%	398.71%	308.31%				(113.99%)				45,260.31%			71.96%	96.21%	5.32%	(43.68%)	(33.49%)	(16.33%)	(22,530.91%)	(64,049.85%)	(6.05%)	(12,465.40%)				43.38%
Dividends Paid
Additional Paid-In Capital QoQ			592,273$	119,008$	36,090$	734,502$	3,194,294$	1,453,501$	3,865,043$	992,933$												154,820$	1,810,821$	97,595$	2,728,295$	63,104$	3,176,776$	726,966$	777,220$	703,285$	3,401,774$		0$	(555,257$)	555,257$
Treasury Stock			76,323$	76,323$	76,323$	76,323$	76,323$	76,323$	76,323$	76,323$	76,323$
QoQ			0$	0$	0$	0$	0$	0$	0$	0$
Goodwill																						445,395$	445,395$	445,395$	445,395$	445,395$	445,395$
QoQ%																						.00%	.00%	.00%	.00%	.00%
YoY%																						.00%	.00%
Other Intangible Assets																						1,922,912$	1,963,616$	2,004,320$	2,490,419$	2,531,123$	2,126,112$
QoQ																						(40,704$)	(40,704$)	(486,099$)	(40,704$)	405,011$
Amortization of Intangible Assets												1,623$	26,622$	1,623$								42,327$	40,704$	40,704$	40,704$	40,384$
Total Assets			1,386,234$	1,274,283$	1,471,841$	2,050,518$	2,554,599$	5,525,867$	7,434,242$	6,184,882$	6,362,498$				8,678,477$							6,048,234$	7,821,905$	9,379,235$	10,236,107$	12,232,820$	15,746,064$	11,534,643$	11,001,546$	14,862,893$	13,481,318$		1,024$	570$	18,297,466$	4,000$
QoQ			111,951$	(197,558$)	(578,677$)	(504,081$)	(2,971,268$)	(1,908,375$)	1,249,360$	(177,616$)												(1,773,671$)	(1,557,330$)	(856,872$)	(1,996,713$)	(3,513,244$)	4,211,421$	533,097$	(3,861,347$)	1,381,575$	13,480,294$		454$	(18,296,896$)	18,293,466$
YoY			(1,168,365$)	(4,251,584$)	(5,962,401$)	(4,134,364$)	(3,807,899$)				(2,315,979$)											(6,184,586$)	(7,924,159$)	(2,155,408$)	(765,439$)	(2,630,073$)	2,264,746$	11,533,619$	11,000,976$	(3,434,573$)	13,477,318$
Total Liabilities			3,742,736$	2,974,056$	2,837,243$	2,688,161$	2,746,296$	2,901,106$	3,197,544$	3,794,898$	3,767,576$				9,924,200$							6,419,495$	7,841,628$	11,088,212$	12,341,715$	13,556,727$	16,265,776$	13,758,151$	12,636,044$	16,300,526$	14,300,832$		9,000$	2,500$	19,497,407$	387$
QoQ			768,680$	136,813$	149,082$	(58,135$)	(154,810$)	(296,438$)	(597,354$)	27,322$												(1,422,133$)	(3,246,584$)	(1,253,503$)	(1,215,012$)	(2,709,049$)	2,507,625$	1,122,107$	(3,664,482$)	1,999,694$	14,291,832$		6,500$	(19,494,907$)	19,497,020$
YoY			996,440$	72,950$	(360,301$)	(1,106,737$)	(1,021,280$)				(6,156,624$)											(7,137,232$)	(8,424,148$)	(2,669,939$)	(294,329$)	(2,743,799$)	1,964,944$	13,749,151$	12,633,544$	(3,196,881$)	14,300,445$
Current Ratio			.31x	.38x	.44x	.72x	.84x	1.16x	1.73x	1.21x	1.28x				.68x							.54x	.65x	.54x	.61x	.70x	.81x	.80x	.83x	.88x	.92x			.23x	.91x	10.34x
Total Current Assets			1,160,651$	1,030,723$	1,204,552$	1,754,202$	2,233,749$	3,140,828$	5,096,211$	3,866,124$	4,095,876$				6,521,288$							2,992,878$	4,729,725$	5,170,578$	6,372,841$	8,283,930$	11,780,300$	10,197,984$	9,578,856$	13,354,520$	13,153,895$		1,024$	570$	17,787,310$	4,000$
QoQ			129,928$	(173,829$)	(549,650$)	(479,547$)	(907,079$)	(1,955,383$)	1,230,087$	(229,752$)												(1,736,847$)	(440,853$)	(1,202,263$)	(1,911,089$)	(3,496,370$)	1,582,316$	619,128$	(3,775,664$)	200,625$	13,152,871$		454$	(17,786,740$)	17,783,310$
Total Current Liabilities			3,688,718$	2,695,422$	2,758,173$	2,441,523$	2,644,974$	2,713,536$	2,940,099$	3,182,683$	3,196,661$				9,534,569$							5,574,531$	7,256,784$	9,512,380$	10,489,307$	11,894,056$	14,566,386$	12,722,490$	11,569,734$	15,204,300$	14,300,832$			2,500$	19,463,529$	387$
QoQ			993,296$	(62,751$)	316,650$	(203,451$)	(68,562$)	(226,563$)	(242,584$)	(13,978$)												(1,682,253$)	(2,255,596$)	(976,927$)	(1,404,749$)	(2,672,330$)	1,843,896$	1,152,756$	(3,634,566$)	903,468$				(19,461,029$)	19,463,142$
Debt to Asset Ratio			2.70x	2.33x	1.93x	1.31x	1.08x	.53x	.43x	.61x	.59x				1.14x							1.06x	1.00x	1.18x	1.21x	1.11x	1.03x	1.19x	1.15x	1.10x	1.06x		8.79x	4.39x	1.07x	.10x
Long Term Debt				258,297$	48,509$	208,074$	52,865$	127,199$	188,509$	533,058$	481,329$														232,557$						31,200$				33,878$
QoQ				209,788$	(159,565$)	155,209$	(74,334$)	(61,310$)	(344,549$)	51,729$
YoY				131,098$	(140,000$)	(324,984$)	(428,464$)
Capital Lease Obligations			50,097$				84,145$	97,286$	104,788$	114,807$	125,014$											92,058$	99,181$	1,136,860$	1,175,822$	1,214,783$	1,226,342$	1,156,791$	1,192,520$	1,217,356$
Cash and Cash Equivalents			14,436$	82,770$	45,976$	23,049$	326,854$	72,697$	73,110$	22,298$	24,163$				9,262$							104,633$	55,644$	7,827$	14,398$	22,959$	153,904$	35,008$	63,071$	45,150$	13,143$		1,024$	570$	29,377$	4,000$
QoQ			(68,334$)	36,794$	22,927$	(303,805$)	254,157$	(413$)	50,812$	(1,865$)												48,989$	47,817$	(6,571$)	(8,561$)	(130,945$)	118,896$	(28,063$)	17,921$	32,007$	12,119$		454$	(28,807$)	25,377$
YoY			(312,418$)	10,073$	(27,134$)	751$	302,691$				14,901$											81,674$	(98,260$)	(27,181$)	(48,673$)	(22,191$)	140,761$	33,984$	62,501$	15,773$	9,143$
Interest Expenses			(36,813$)	104,131$	171,923$	208,048$	415,226$	439,176$	871,249$	335,067$	301,799$	799,690$	315,787$	354,666$								110,534$	165,494$	188,501$	239,653$	276,655$	320,676$	252,650$	257,277$	238,193$			289,927$	266,297$
Interest Income