HYDROFARM HOLDINGS GROUP, INC. financial statements

Income statement, balance sheet and cash flow statement for the last 7 fiscal years, taken from the XBRL data HYDROFARM HOLDINGS GROUP, INC. 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

	FY2019	FY2021	FY2021	FY2022	FY2023	FY2024	FY2025
Revenue	235	342	479	345	227	190	134
Cost of revenue	208	279	378	315	189	158	119
Gross profit	27.1	63.6	101	29.3	37.6	32.1	15.2
Selling, general and administrative	43.8	58.5	104	119	87.3	72.8	59.9
Operating income	-26.7	4.28	-2.7	-282	-49.7	-52.2	-277
Interest expense	13.5	10.1	2.14	11	15.4	15.2	13.4
Other non-operating income	0.11	0.07	-0.2	0.7	0.12	1.57	-0.19
Pre-tax income	-40.8	-6.7	-5.72	-292	-65	-65.8	-291
Income tax	-0.69	0.58	-19.1	-6.44	-0.21	0.87	-0.74
Net income	-40.1	-7.27	13.4	-285	-64.8	-66.7	-290
EBITDA	-19.7	11.1	12.2	-240	-17.6	-21.5	-254
EPS, basic	-19.45	-4.61	3.41	-63.68	-14.24	-14.51	-62.35
EPS, diluted	-19.45	-4.61	3.11	-63.68	-14.24	-14.51	-62.35
Shares, basic (weighted)	2.06	2.12	3.99	4.48	4.55	4.6	4.65
Shares, diluted (weighted)	2.06	2.12	4.29	4.48	4.55	4.6	4.65

Balance sheet

	FY2019	FY2021	FY2021	FY2022	FY2023	FY2024	FY2025
Cash and equivalents	22.9	75.2	26.6	21.3	30.3	26.1	6.31
Receivables		21.6	41.5	17.2	16.9	14.8	8.19
Inventory		88.6	189	111	75.4	50.6	33.3
Other current assets		9.57	9.76	5.03	5.51	3.71	3.62
Total current assets		200	269	155	128	95.2	51.4
Property, plant and equipment		3.99	50.5	51.1	47.4	37.5	30.3
Lease right-of-use assets		18.3	45.2	65.3	54.5	42.9	37.8
Goodwill	0	0	205	0
Intangible assets		52.4	315	300	276	249	2.8
Other non-current assets		1.18	6.45	1.85	1.84	1.48	1.46
Total assets		276	891	574	508	426	124
Accounts payable		22.6	26.7	13.6	12.6	12.3	9.75
Deferred revenue			18.3	3.65	3.23	2.61	2.74
Short-term debt		0.75	2.26	1.31	2.99	1.26	112
Total current liabilities		48.7	88.4	41.6	37.7	35	140
Long-term debt		0.29	124	117	115	115	0.05
Lease liabilities		15.3	38.6	56.3	47.5	37.6	32.8
Other non-current liabilities		0.57	3.9	4.43	4.5	4.27	4.71
Total liabilities		64.9	256	224	217	202	187
Total debt		1.04	122	119	118	116	112
Paid-in capital		364	777	783	788	790	791
Retained earnings		-154	-141	-426	-491	-557	-847
Other comprehensive income		0.6	-1.38	-7.24	-6.5	-8.91	-7.27
Shareholders' equity	9.38	211	635	350	291	224	-63.3
Total equity	9.38	211	635	350	291	224	-63.3
Total liabilities and equity		276	891	574	508	426	124
Shares outstanding		3.34	4.45	4.51	4.58	4.61	4.67

Cash flow statement

	FY2019	FY2021	FY2021	FY2022	FY2023	FY2024	FY2025
Net income	-40.1	-7.27	13.4	-285	-64.8	-66.7	-290
Depreciation and amortization	7	6.78	14.9	41.5	32.1	30.7	23.1
Stock-based compensation	0.21	8.9	5.01	8.35	5.08	2.39	1.18
Deferred income tax	-0.72	0.05	-21	-9.31	0	0.07	-0.92
Change in receivables	-0.62	-6.33	-1.93	16.7	0.77	1.62	5.71
Change in inventory	2.73	-36.9	-46.8	57	26.1	14.4	12.1
Change in payables	-1.2	4.8	-12.3	-12	-1.11	0.06	-2.66
Cash from operations	-13.3	-44.8	-45.1	22	7.04	-0.32	-14.1
Capital expenditures	-0.77	-1.45	-5.4	-8.23	-4.22	-2.89	-1.02
Acquisitions	0	0	-462	0.19	0
Cash from investing	-3.82	0.55	-468	-8.49	-4.17	1.67	-0.84
Debt issued	0	0	120	0
Debt repaid	-257	-404	0	-1.25	-1.25	-3.2	-4.91
Stock issued	0	0	310	0
Cash from financing	19.9	88.1	465	-20.2	6.07	-4.78	-5.44
Exchange rate effect	2.15	0.23	-0.03	-0.4	0.08	-0.77	0.54
Net change in cash	4.93	44.1	-48.6	-7.09	9.02	-4.2	-19.8
Free cash flow	-14.1	-46.3	-50.5	13.8	2.83	-3.22	-15.1
Interest paid	5.49	23.1	1.62	9.64	13.1	13.3	12.7
Income taxes paid	0.06	0.09	1.96	3.91	-1	0.2	0.04

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 $0.97 on September 25, 2026.

Profitability

Metric	Value	How it is calculated
Gross margin	9.4%	Gross profit / revenue.
Operating margin	-253.0%	Operating income / revenue.
EBITDA margin	-248.8%	EBITDA (operating income + depreciation and amortization) / revenue.
Pre-tax margin	-268.2%	Pre-tax income / revenue.
Net margin	-267.2%	Net income / revenue.
FCF margin	-5.0%	Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin	-4.4%	Cash from operations / revenue.
Return on assets (ROA)	-279.4%	Net income / average total assets.
Return on invested capital (ROIC)	-1,101.0%	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	43.9%	Selling, general and administrative expense / revenue.
Stock-based pay / revenue	0.7%	Stock-based compensation (from the cash flow statement) / revenue.
Capex / revenue	0.5%	Capital expenditures / revenue.
D&A / revenue	4.2%	Depreciation and amortization / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	-29.4%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	-27.0%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y	-17.1%	Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Gross profit growth, 1y	-52.7%	Gross profit vs the same period a year earlier. Only from a positive base.
Gross profit CAGR, 3y	-19.7%	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	-24.9%	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	-128.3%	Book value vs the same period a year earlier. Only from a positive base.
Total assets growth, 1y	-70.9%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	-40.0%	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	-14.8%	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	1.1%	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	1.2%	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	17.0%	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	0.27x	Current assets / current liabilities.
Quick ratio	0.04x	(Cash + short-term investments + receivables) / current liabilities.
Cash ratio	0.04x	(Cash + short-term investments) / current liabilities.
Debt / assets	112.7%	Total debt / total assets.
Liabilities / assets	187.6%	Total liabilities / total assets.
Net debt	$108.3M	Total debt - cash - short-term investments. Negative means more cash than debt.
Interest coverage	-16.8x	Operating income / interest expense.
Working capital	-$108.1M	Current assets - current liabilities.
Goodwill and intangibles / assets	2.8%	(Goodwill + intangible assets) / total assets.
Tangible book value	-$91.8M	Shareholders' equity - goodwill - intangible assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	1.05x	Revenue / average total assets.
Fixed asset turnover	4.03x	Revenue / average property, plant and equipment.
Inventory turnover	4.23x	Cost of revenue / average inventory.
Days inventory	86 days	365 x average inventory / cost of revenue.
Days payables	40 days	365 x average accounts payable / cost of revenue.

Per share

Metric	Value	How it is calculated
EPS, diluted	-$59.41	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	$22.23	Revenue / diluted weighted shares.
FCF per share	-$1.11	Free cash flow / diluted weighted shares.
Operating cash flow per share	-$0.99	Cash from operations / diluted weighted shares.
Book value per share	-$18.49	Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Tangible book per share	-$19.07	Tangible book value / shares outstanding.
Cash per share	$1.28	(Cash + short-term investments) / shares outstanding.

Valuation

Metric	Value	How it is calculated
Market cap	$4.7M	Share price x shares outstanding.
Enterprise value	$113.0M	Market cap + total debt - cash - short-term investments.
P/S	0.04x	Market cap / revenue.
EV/Sales	1.06x	Enterprise value / revenue.
FCF yield	-113.0%	Free cash flow / market cap.
Earnings yield	-6,052.0%	Net income / market cap (the inverse of P/E).

What was HYDROFARM HOLDINGS GROUP, INC.'s revenue in fiscal 2025?

HYDROFARM HOLDINGS GROUP, INC. reported revenue of $134.3M for fiscal 2025, 29.4% lower than the year before.

Was HYDROFARM HOLDINGS GROUP, INC. profitable in fiscal 2025?

No. It reported a net loss of $289.8M.

How much free cash flow did HYDROFARM HOLDINGS GROUP, INC. generate in fiscal 2025?

Cash from operations of $14.1M minus capital expenditures of $1.0M left free cash flow of -$15.1M.

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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