GrowGeneration Corp. financial statements

Income statement, balance sheet and cash flow statement for the last 10 fiscal years, taken from the XBRL data GrowGeneration Corp. files with the SEC in its annual reports.

In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.

Income statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Revenue	7.98	14.4	29	79.7	193	422	278	226	189	162
Cost of revenue	5.78	11.1	22.6	57.7	142	304	208	165	145	118
Gross profit	2.2	3.27	6.44	22	51	118	70.3	61.3	43.7	43.3
Selling, general and administrative				9.28	20.9	39.5	36.8	29.8	29.2	26.3
Selling and marketing	0.11	0.26	0.27	0.74	1	4	4	1.8	2	1.6
General and administrative	0.39	1.02	1.6	3.17	5.01
Operating expenses	2.63	6.12	10.7	20.4	42.6	103	238	111	95.7	68.9
Operating income	-0.43	-2.85	-4.26	1.58	8.44	15	-168	-49.8	-52	-25.6
Interest expense	0.01	0.02	0.02	0.05			0.02	0.1	0.07	0
Interest income			0.08	0.15	0.04	0.49	0.58	2.7	2.7	1.73
Other non-operating income	-0.01	0.31	-0.82	-0.26	0.14	0.23	1.24	3.38	2.62	1.73
Pre-tax income	-0.43			1.32	8.58	15.2	-167	-46.5	-49.4	-23.9
Income tax	0	0	0	0	3.25	2.44	-2.89	0.03	0.16	0.19
Net income	-0.43	-2.54	-5.07	1.32	5.33	12.8	-164	-46.5	-49.5	-24
EBITDA	-0.37	-2.7	-3.9	2.63	10.9	27.6	-151	-33.2	-32.5	-14.3
EPS, basic	-0.04	-0.14	-0.18	0.04	0.12	0.22	-2.69	-0.76	-0.82	-0.40
EPS, diluted	-0.04	-0.14	-0.18	0.04	0.11	0.21	-2.69	-0.76	-0.82	-0.40
Shares, basic (weighted)	11.4	18.1	29.4	32.8	43.9	59.2	60.8	61.2	60.2	59.7
Shares, diluted (weighted)	11.4	18.1	29.4	33.9	46.5	60.5	60.8	61.2	60.2	59.7

Balance sheet

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Cash and equivalents	0.61	1.22	14.6	13	178	41.4	40.1	29.8	27.5	30.4
Short-term investments					0	39.8	31.9	35.2	29	15.7
Receivables	0.39	0.65	0.86	2.95	3.9	5.74	8.34	8.9	7.36	10.7
Inventory	2.57	4.59	8.87	21.6	54	106	77.1	64.9	40.3	38.8
Other current assets	0.04	0.71	0.61	2.55	11.1	16.1	6.46	7.97	7.9	7.73
Total current assets	3.61	7.17	25	41.1	250	217	171	147	113	104
Property, plant and equipment	0.55	1.26	1.82	3.34	7.42	24.1	28.7	27.1	15.5	9.8
Lease right-of-use assets				7.63	12.1	43.7	46.4	39.9	34.5	27.1
Goodwill	0.24	0.59	8.75	17.8	63	125	16	7.53	1.61	2.08
Intangible assets		0.05	0.11	0.23	20.5	48.4	30.9	16.2	8.78	3.33
Other non-current assets					0.3	0.8	0.8
Total assets	4.44	9.25	35.9	70.9	355	459	293	239	174	147
Accounts payable	0.64	1.07	1.82	6.02	14.6	17	15.7	11.7	8.15	8.78
Accrued liabilities					0.67	2.04	1.54	2.53	2.36	3.27
Deferred revenue				2.5	5.16	11.7	4.34	5.36	2.4	4.02
Short-term debt	0.02	0.04	0.44	0.11	0.08	0.09	0.05	0
Total current liabilities	0.84	1.59	3.41	12.1	27.4	47.1	35.8	30.9	24.3	26
Long-term debt	0.04	0.08	0.38	0.24	0.16	0.07	0
Lease liabilities				5.81	9.48	38.5	40.7	34.4	29.6	23
Other non-current liabilities						0	0.59	0.32	0.35	0.54
Total liabilities	0.88	1.68	5.83	18.1	37.7	88	77	65.7	54.3	49.5
Total debt	0.07	0.12	0.81	0.35	0.24	0.16	0.05	0
Paid-in capital	4.7	11.3	38.8	60.7	320	361	370	373	376	377
Retained earnings	-1.15	-3.69	-8.77	-7.97	-2.64	10.1	-154	-200	-256	-280
Treasury stock								0		0
Shareholders' equity	3.56	7.58	29.5	52.8	317	371	216	173	120	97.5
Total equity	3.56	7.58	29.5	52.8	317	371	216	173	120	97.5
Total liabilities and equity	4.44	9.25	35.9	70.9	355	459	293	239	174	147
Shares outstanding	14.7	21.1	34.9	36.9	57.2	59.9	61	61.5	59.4	60.1

Cash flow statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Net income	-0.43	-2.54	-5.07	1.32	5.33	12.8	-164	-46.5	-49.5	-24
Depreciation and amortization	0.05	0.15	0.35	1.05	2.44	12.6	17.1	16.6	19.4	11.3
Stock-based compensation	0.22	1.08	1.9	2.49	7.86	6.59	4.97	3.17	2.42	1.51
Deferred income tax				0	0.75	1.61	-2.36	0	0
Change in receivables	-0.4	-0.31	-0.24	-3.77	-3.84	-1.9	-3.11	-0.3	0.84	-3.2
Change in inventory	-1.26	-2.08	-0.79	-9.5	-19.2	-34.7	32.9	13.8	24.6	1.79
Change in payables	0.24	0.49	0.51	4.17	9.99	3.29	-3.36	-3.04	-3.71	1.51
Cash from operations	-1.42	-3.41	-1.54	-3.34	-0.21	5.16	11.9	1.42	-1.8	-9.45
Capital expenditures		-0.4	-0.06
Acquisitions						-80.8	-7.23	-3.05	0	-1.01
Purchases of investments				0	0	-75	-38.7	-98.7	-52.6	-35.7
Sales and maturities of investments				0	0	35.2	46.6	96.8	60.2	49.8
Cash from investing	-0.26	-1.18	-6.37	-11.8	-45.8	-139	-11.6	-11.4	5.73	12.6
Debt repaid	-0.03	-0.06	-0.45	-0.46	-0.11	-0.08	-0.11	-0.05	0	0
Stock issued	1.62
Share buybacks							0	0	-6.04	0
Cash from financing	1.59	5.19	21.3	13.5	211	-2.38	-1.69	-0.31	-6.21	-0.22
Net change in cash	-0.09	0.61	13.4	-1.66	165	-137	-1.32	-10.3	-2.29	2.94
Free cash flow		-3.81	-1.6
Interest paid	0.01	0.02	0.02	0.05		0.04	0.02	0.1	0.07	0
Income taxes paid	0			0	3.16	6.07	0	0.1	0.1	0.14

Key metrics

Worked out from the statements above. Latest values use the trailing twelve months to June 30, 2026; growth uses fiscal years. Valuation uses the share price of $1.56 on September 25, 2026.

Profitability

Metric	Value	How it is calculated
Gross margin	26.4%	Gross profit / revenue.
Operating margin	-10.8%	Operating income / revenue.
EBITDA margin	-5.9%	EBITDA (operating income + depreciation and amortization) / revenue.
Pre-tax margin	-10.0%	Pre-tax income / revenue.
Net margin	-10.1%	Net income / revenue.
Operating cash flow margin	-4.1%	Cash from operations / revenue.
Return on equity (ROE)	-18.7%	Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)	-12.3%	Net income / average total assets.
Return on invested capital (ROIC)	-21.4%	Approximation: operating income x (1 - tax rate) / average (total debt + equity - cash). Tax rate is the effective rate when between 0% and 50%, else 21%.
SG&A / revenue	15.8%	Selling, general and administrative expense / revenue.
Stock-based pay / revenue	0.7%	Stock-based compensation (from the cash flow statement) / revenue.
D&A / revenue	4.9%	Depreciation and amortization / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	-14.4%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	-16.5%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y	-3.5%	Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Gross profit growth, 1y	-1.0%	Gross profit vs the same period a year earlier. Only from a positive base.
Gross profit CAGR, 3y	-14.9%	Compound annual growth of gross profit over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Gross profit CAGR, 5y	-3.2%	Compound annual growth of gross profit over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Book value growth, 1y	-18.8%	Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y	-23.3%	Compound annual growth of book value over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Book value CAGR, 5y	-21.0%	Compound annual growth of book value over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Total assets growth, 1y	-15.7%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	-20.6%	Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets CAGR, 5y	-16.1%	Compound annual growth of total assets over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Share count change, 1y	-0.8%	Change in diluted weighted shares vs a year earlier. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 3y	-0.6%	Change in diluted weighted shares, per year over 3 years. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 5y	5.1%	Change in diluted weighted shares, per year over 5 years. Negative means buybacks shrank the share count; positive means dilution.

Balance sheet health

Metric	Value	How it is calculated
Current ratio	3.89x	Current assets / current liabilities.
Quick ratio	2.20x	(Cash + short-term investments + receivables) / current liabilities.
Cash ratio	1.60x	(Cash + short-term investments) / current liabilities.
Liabilities / assets	34.1%	Total liabilities / total assets.
Working capital	$74.0M	Current assets - current liabilities.
Goodwill and intangibles / assets	3.0%	(Goodwill + intangible assets) / total assets.
Tangible book value	$85.9M	Shareholders' equity - goodwill - intangible assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	1.22x	Revenue / average total assets.
Fixed asset turnover	26.0x	Revenue / average property, plant and equipment.
Inventory turnover	3.47x	Cost of revenue / average inventory.
Days inventory	105 days	365 x average inventory / cost of revenue.
Receivables turnover	10.9x	Revenue / average receivables.
Days sales outstanding	33 days	365 x average receivables / revenue.
Days payables	32 days	365 x average accounts payable / cost of revenue.
Cash conversion cycle	106 days	Days inventory + days sales outstanding - days payables.

Per share

Metric	Value	How it is calculated
EPS, diluted	-$0.28	Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS.
Revenue per share	$2.79	Revenue / diluted weighted shares.
Operating cash flow per share	-$0.11	Cash from operations / diluted weighted shares.
Book value per share	$1.51	Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Tangible book per share	$1.44	Tangible book value / shares outstanding.
Cash per share	$0.69	(Cash + short-term investments) / shares outstanding.

Valuation

Metric	Value	How it is calculated
Market cap	$91.9M	Share price x shares outstanding.
Enterprise value	$50.9M	Market cap + total debt - cash - short-term investments.
P/S	0.55x	Market cap / revenue.
P/B	1.02x	Market cap / shareholders' equity. Only when equity is positive.
Price / tangible book	1.07x	Market cap / tangible book value, when positive.
EV/Sales	0.31x	Enterprise value / revenue.
Earnings yield	-18.3%	Net income / market cap (the inverse of P/E).

What was GrowGeneration Corp.'s revenue in fiscal 2025?

GrowGeneration Corp. reported revenue of $161.7M for fiscal 2025, 14.4% lower than the year before.

Was GrowGeneration Corp. profitable in fiscal 2025?

No. It reported a net loss of $24.0M.

Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.

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