The capital structure appears increasingly fragile, characterized by a debt-to-equity ratio of 2.68 and a massive $661.2M retained earnings deficit.
| Total Current Assets | 33.54M | 34.7M | 44.94M | 124.2M | 142.01M | 140.93M | 227.93M | 69.74M |
| Cash & Short-Term Investments | 9.43M | 8.49M | 19.63M | 86.41M | 81.08M | 78.38M | 176.52M | 36.83M |
| Cash Only | 9.43M | 8.49M | 19.63M | 86.41M | 81.08M | 78.38M | 176.52M | 36.83M |
| Short-Term Investments | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Accounts Receivable | 514K | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Days Sales Outstanding | 0.28 | - | - | - | - | - | - | - |
| Inventory | 21.48M | 18.42M | 19.35M | 28.78M | 44.13M | 54.45M | 46.58M | 29.72M |
| Days Inventory Outstanding | 96.38 | 83.58 | 75.08 | 86.15 | 96.53 | 101.83 | 90.31 | 72.48 |
| Other Current Assets | 604K | 7.79M | 5.96M | 9.01M | 16.79M | 0 | 0 | 0 |
| Total Non-Current Assets | 17.52M | 18.39M | 20.07M | 26.55M | 32.03M | 41.54M | 41.79M | 17.96M |
| Property, Plant & Equipment | 12.61M | 13.19M | 16.21M | 21.24M | 26.89M | 37.15M | 39.33M | 14.71M |
| Fixed Asset Turnover | 11.89x | 13.17x | 12.55x | 12.21x | 11.96x | 10.33x | 9.26x | 15.85x |
| Goodwill | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Intangible Assets | 2.2M | 2.3M | 0 | 0 | 0 | 0 | 0 | 0 |
| Long-Term Investments | 2M | 1M | 0 | 0 | 2.95M | 0 | 0 | 0 |
| Other Non-Current Assets | 1.71M | 1.9M | 3.86M | 5.31M | 2.19M | 4.39M | 2.45M | 3.25M |
| Total Assets | 51.06M | 53.09M | 65.01M | 150.74M | 174.04M | 182.47M | 269.72M | 87.7M |
| Asset Turnover | 3.07x | 3.27x | 3.13x | 1.72x | 1.85x | 2.10x | 1.35x | 2.66x |
| Asset Growth % | -137.16% | -18.33% | -56.87% | -13.39% | -4.62% | -32.35% | 207.54% | - |
| Total Current Liabilities | 26.19M | 27.7M | 27.06M | 35.04M | 57.47M | 69.21M | 63.14M | 84.09M |
| Accounts Payable | 8.69M | 8.83M | 6.8M | 8.07M | 10.71M | 21.35M | 23.81M | 40.27M |
| Days Payables Outstanding | 38.94 | 40.06 | 26.38 | 24.17 | 23.43 | 39.92 | 46.17 | 98.2 |
| Short-Term Debt | 3.05M | 3.69M | 0 | 0 | 575K | 10.75M | 1.92M | 18.8M |
| Deferred Revenue (Current) | 16.88M | 5.03M | 6.34M | 7.15M | 10.88M | 11.27M | 11.12M | 0 |
| Other Current Liabilities | 6.88M | 10.14M | 4.89M | 5.38M | 1.96M | 3.72M | 3.52M | 10.96M |
| Current Ratio | 1.28x | 1.25x | 1.66x | 3.54x | 2.47x | 2.04x | 3.61x | 0.83x |
| Quick Ratio | 0.46x | 0.59x | 0.95x | 2.72x | 1.70x | 1.25x | 2.87x | 0.48x |
| Cash Conversion Cycle | 57.72 | - | - | - | - | - | - | - |
| Total Non-Current Liabilities | 17.5M | 17.62M | 21.72M | 97.58M | 90.04M | 81.62M | 58.3M | 4.49M |
| Long-Term Debt | 7.5M | 6.7M | 7.5M | 71.66M | 60.62M | 56.18M | 29.78M | 2.46M |
| Capital Lease Obligations | 41.69M | 10.05M | 12.95M | 14.4M | 16.19M | 20.03M | 23.58M | 0 |
| Deferred Tax Liabilities | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Current Liabilities | 772K | 871K | 1.27M | 11.51M | 13.23M | 5.41M | 4.94M | 2.02M |
| Total Liabilities | 43.69M | 45.32M | 48.79M | 132.62M | 147.51M | 150.83M | 121.44M | 88.58M |
| Total Debt | 19.77M | 20.45M | 22.09M | 89.56M | 81.09M | 90.51M | 58.23M | 21.26M |
| Net Debt | 10.35M | 11.96M | 2.46M | 3.14M | 8K | 12.14M | -118.29M | -15.57M |
| Debt / Equity | 2.68x | 2.63x | 1.36x | 4.94x | 3.06x | 2.86x | 0.39x | - |
| Debt / EBITDA | -2.79x | - | - | - | - | - | - | - |
| Net Debt / EBITDA | -1.46x | - | - | - | - | - | - | - |
| Interest Coverage | -8.02x | -6.63x | -1.14x | -1.69x | -8.05x | -25.11x | -11.88x | -77.68x |
| Total Equity | 7.37M | 7.77M | 16.22M | 18.12M | 26.53M | 31.64M | 148.28M | -874K |
| Equity Growth % | -162.46% | -52.09% | -10.48% | -31.7% | -16.14% | -78.66% | 17065.33% | - |
| Book Value per Share | 0.18 | 0.20 | 0.44 | 0.52 | 0.80 | 1.85 | 13.80 | -0.07 |
| Total Shareholders' Equity | 7.37M | 7.77M | 16.22M | 18.12M | 26.53M | 31.64M | 148.28M | -874K |
| Common Stock | 4K | 4K | 4K | 4K | 18K | 1K | 1K | 0 |
| Retained Earnings | -661.24M | -660.23M | -648.51M | -621.09M | -577.86M | -490.14M | -354.25M | -281.99M |
| Treasury Stock | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Accumulated OCI | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Imminent liquidity and insolvency
As reported in recent financial filings, Grove's total assets have plummeted from $150.7M in 2023Q4 to $51.1M by 2026Q1, signaling a severe contraction in the company's resource base as it struggles to fund its ongoing operational pivot while managing a persistent decline in core business volume.
The consistent downward trend in total assets suggests that the company is consuming its capital base to offset operating losses rather than investing in growth. This trajectory implies that the business model is currently unable to sustain its historical scale, necessitating a fundamental reassessment of its long-term viability.
Based on the latest balance sheet data, Grove's cash reserves have dwindled to $9.4M as of 2026Q1, representing a significant decline from the $86.4M reported in 2023Q4, which leaves the company with a dangerously thin buffer against its ongoing negative operating cash flow requirements.
The current ratio of 1.28 provides a superficial appearance of stability, but the absolute cash level is insufficient to support the company's high fixed-cost structure for an extended period. Investors should monitor this closely, as the lack of liquidity may force management to seek dilutive financing or emergency capital.
According to the company's balance sheet, the debt-to-equity ratio has surged to 2.68 in 2026Q1, reflecting a precarious capital structure where the accumulation of massive retained earnings deficits has severely eroded the shareholder equity base relative to the company's outstanding debt obligations.
The reliance on debt in the face of consistent losses suggests that the company is leveraging its remaining assets to bridge operational gaps. This high leverage, combined with a shrinking equity base, indicates that the company's financial flexibility is extremely limited and refinancing risks are likely elevated.
As evidenced by the reported financial statements, Grove's retained earnings have reached a staggering deficit of $661.2M, which effectively hollows out the company's equity value and highlights the long-term failure of the business model to generate positive cumulative returns for its shareholders since inception.
The persistent growth of this deficit suggests that the company has been consistently value-destructive, relying on external capital to sustain operations. This trend warrants further investigation into whether the current omnichannel pivot can realistically reverse this deep-seated trend of capital erosion.
Based on the provided data, the emergence of $2.2M in goodwill as of 2026Q1, following periods of zero reported intangibles, suggests potential accounting distortions or recent acquisitions that may not be contributing to the company's core operational cash flow or long-term competitive advantage.
The sudden appearance of goodwill on a balance sheet characterized by severe cash burn and revenue contraction is concerning, as it may indicate an attempt to mask asset quality issues. Analysts should be wary of potential future impairment charges that could further weaken an already fragile equity position.
Quick answers to the most common questions about buying GROV stock.
As of 2025, Grove Collaborative Holdings, Inc. (GROV) had total assets of $53.1M including $34.7M in current assets.
Grove Collaborative Holdings, Inc. (GROV) carries total debt of $20.4M, offset by $8.5M in cash and short-term investments. Comparing total debt to cash helps evaluate the company's debt burden and net leverage.
Grove Collaborative Holdings, Inc. (GROV) has total shareholders' equity (book value) of $7.8M ($0.20 book value per share). Book value represents the net worth of the company belonging to common stock holders.
Grove Collaborative Holdings, Inc. (GROV) reported a current ratio of 1.25x. A current ratio above 1.0x indicates that the company has more current assets than current liabilities, suggesting sufficient short-term liquidity.