The balance sheet reflects significant rationalization, evidenced by a reduction in total assets to $139.6 million in 2026Q1 and an accumulated deficit of $284.6 million.
GrowGeneration Corp. (GRWG) balance sheet — 12-year assets, liabilities & shareholders' equity history
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 |
|---|
| Total Current Assets | 99.61M | 103.75M | 113.21M | 147.45M | 170.68M | 216.89M | 250.23M | 41.1M | 24.98M | 7.17M | 3.61M | 2.07M | 471.41K |
| Cash & Short-Term Investments | 41.01M | 46.06M | 56.45M | 64.97M | 71.91M | 81.17M | 177.91M | 12.98M | 14.64M | 1.22M | 606.64K | 699.42K | 110.56K |
| Cash Only | 23.46M | 30.41M | 27.47M | 29.76M | 40.05M | 41.37M | 177.91M | 12.98M | 14.64M | 1.22M | 606.64K | 699.42K | 110.56K |
| Short-Term Investments | 17.55M | 15.66M | 28.98M | 35.21M | 31.85M | 39.79M | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Accounts Receivable | 15.55M | 11.18M | 8.42M | 9.09M | 9.55M | 8.18M | 3.9M | 3.99M | 862.4K | 653.57K | 391.24K | 37.55K | 8.7K |
| Days Sales Outstanding | 30.13 | 25.22 | 16.27 | 14.69 | 12.53 | 7.07 | 7.36 | 18.27 | 10.85 | 16.61 | 17.89 | 3.97 | 2.2 |
| Inventory | 35.3M | 38.78M | 40.3M | 64.91M | 77.09M | 105.57M | 54.02M | 21.58M | 8.87M | 4.59M | 2.57M | 1.31M | 346.28K |
| Days Inventory Outstanding | 106.73 | 109.07 | 101.33 | 143.91 | 135.34 | 126.65 | 138.56 | 136.42 | 143.52 | 150.86 | 162.68 | 203.56 | 129.68 |
| Other Current Assets | 0 | 7.67M | 7.9M | 7.97M | 6.46M | 16.12M | 3.27M | 0 | 0 | 711.85K | 0 | 2.95K | 5.87K |
| Total Non-Current Assets | 37.04M | 43.29M | 61.14M | 91.64M | 122.76M | 242.45M | 104.5M | 29.84M | 10.92M | 2.09M | 835.38K | 541.47K | 285.05K |
| Property, Plant & Equipment | 31.88M | 36.84M | 49.95M | 66.98M | 75.1M | 67.85M | 19.5M | 10.97M | 1.82M | 1.26M | 549.85K | 271.24K | 33.95K |
| Fixed Asset Turnover | 4.65x | 4.39x | 3.78x | 3.37x | 3.70x | 6.23x | 9.91x | 7.27x | 15.93x | 11.40x | 14.51x | 12.74x | 42.49x |
| Goodwill | 2.08M | 2.08M | 1.6M | 7.53M | 15.98M | 125.4M | 62.95M | 17.8M | 8.75M | 592.5K | 243K | 243K | 243K |
| Intangible Assets | 2.01M | 3.33M | 8.78M | 16.18M | 30.88M | 48.4M | 20.55M | 233.28K | 114.16K | 53.29K | 0 | 0 | 0 |
| Long-Term Investments | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Current Assets | 1.07M | 1.04M | 814K | 949K | 803K | 800K | 1.5M | 841.11K | 227.21K | 183.11K | 42.53K | 27.23K | 8.09K |
| Total Assets | 136.64M | 147.04M | 174.35M | 239.09M | 293.44M | 459.34M | 354.73M | 70.94M | 35.89M | 9.25M | 4.44M | 2.61M | 756.46K |
| Asset Turnover | 1.14x | 1.10x | 1.08x | 0.94x | 0.95x | 0.92x | 0.55x | 1.12x | 0.81x | 1.55x | 1.80x | 1.32x | 1.91x |
| Asset Growth % | -65.65% | -15.66% | -27.08% | -18.52% | -36.12% | 29.49% | 400.05% | 97.64% | 287.85% | 108.29% | 70.22% | 245.04% | - |
| Total Current Liabilities | 25.61M | 25.98M | 24.27M | 30.93M | 35.79M | 47.08M | 27.35M | 12.08M | 3.41M | 1.59M | 842.92K | 438.56K | 209.78K |
| Accounts Payable | 10.76M | 8.78M | 8.15M | 11.67M | 15.73M | 17.03M | 14.62M | 6.02M | 1.82M | 1.07M | 643.79K | 292.08K | 167.76K |
| Days Payables Outstanding | 28.73 | 24.68 | 20.49 | 25.87 | 27.61 | 20.43 | 37.5 | 38.09 | 29.44 | 35.13 | 40.68 | 45.33 | 62.83 |
| Short-Term Debt | 0 | 6.46M | 0 | 0 | 50K | 92K | 83K | 110.23K | 436.81K | 41.71K | 23.44K | 62.05K | 7.47K |
| Deferred Revenue (Current) | 13.12M | 4.01M | 2.4M | 5.36M | 4.34M | 11.69M | 0 | 2.5M | 516.04K | 92.35K | 51.67K | 18.41K | 0 |
| Other Current Liabilities | 0 | 4.14M | 0 | 0 | 0 | 0 | 5.16M | 0 | 708K | 235.6K | 98.61K | 0 | 34.54K |
| Current Ratio | 3.89x | 3.99x | 4.66x | 4.77x | 4.77x | 4.61x | 9.15x | 3.40x | 7.31x | 4.50x | 4.28x | 4.72x | 2.25x |
| Quick Ratio | 2.51x | 2.50x | 3.00x | 2.67x | 2.61x | 2.36x | 7.17x | 1.62x | 4.72x | 1.62x | 1.23x | 1.73x | 0.60x |
| Cash Conversion Cycle | 108.12 | 109.61 | 97.11 | 132.73 | 120.26 | 113.28 | 108.42 | 116.6 | 124.94 | 132.33 | 139.89 | 162.2 | 69.05 |
| Total Non-Current Liabilities | 21M | 23.57M | 29.98M | 34.77M | 41.25M | 40.97M | 10.39M | 6.05M | 2.42M | 82.54K | 41.73K | 18.13K | 0 |
| Long-Term Debt | 0 | 0 | 0 | 0 | 0 | 66K | 158K | 242.08K | 2.42M | 82.54K | 41.73K | 18.13K | 0 |
| Capital Lease Obligations | 68.66M | 23.02M | 29.63M | 34.45M | 40.66M | 38.55M | 9.48M | 5.81M | 0 | 0 | 41.73K | 0 | 0 |
| Deferred Tax Liabilities | 0 | 0 | 0 | 0 | 0 | 2.36M | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Current Liabilities | 503K | 544K | 352K | 317K | 593K | 0 | 750K | 0 | 0 | 0 | -41.73K | 0 | 0 |
| Total Liabilities | 46.61M | 49.54M | 54.26M | 65.69M | 77.05M | 88.05M | 37.74M | 18.13M | 5.83M | 1.68M | 884.64K | 456.69K | 209.78K |
| Total Debt | 26.07M | 29.48M | 37.03M | 42.47M | 48.84M | 45.56M | 12.72M | 8M | 2.86M | 124.24K | 173.05K | 80.18K | 7.47K |
| Net Debt | 2.61M | -929K | 9.56M | 12.71M | 8.79M | 4.19M | -165.19M | -4.98M | -11.78M | -1.09M | -433.6K | -619.23K | -103.09K |
| Debt / Equity | 0.29x | 0.30x | 0.31x | 0.24x | 0.23x | 0.12x | 0.04x | 0.15x | 0.10x | 0.02x | 0.05x | 0.04x | 0.01x |
| Debt / EBITDA | -2.67x | - | - | - | - | 1.65x | 1.17x | 3.04x | - | - | - | - | - |
| Net Debt / EBITDA | -0.27x | - | - | - | - | 0.15x | -15.19x | -1.90x | - | - | - | - | - |
| Interest Coverage | - | - | -704.03x | -478.01x | -7933.86x | 355.16x | 611.47x | 4.29x | -4.01x | -164.76x | -81.13x | - | - |
| Total Equity | 90.03M | 97.5M | 120.09M | 173.4M | 216.4M | 371.29M | 317M | 52.81M | 30.06M | 7.58M | 3.56M | 2.15M | 546.68K |
| Equity Growth % | -77.81% | -18.81% | -30.74% | -19.87% | -41.72% | 17.13% | 500.27% | 75.69% | 296.61% | 112.99% | 65.24% | 293.9% | - |
| Book Value per Share | 1.51 | 1.63 | 2.00 | 2.83 | 3.56 | 6.14 | 6.82 | 1.56 | 1.28 | 0.52 | 0.39 | 0.18 | 0.09 |
| Total Shareholders' Equity | 90.03M | 97.5M | 120.09M | 173.4M | 216.4M | 371.29M | 317M | 52.81M | 30.06M | 7.58M | 3.56M | 2.15M | 546.68K |
| Common Stock | 60K | 60K | 59K | 61K | 61K | 60K | 57K | 36.88K | 27.95K | 16.85K | 11.74K | 8.97K | 6K |
| Retained Earnings | -286.62M | -279.69M | -255.64M | -200.1M | -153.6M | 10.14M | -2.64M | -7.97M | -8.77M | -3.69M | -1.15M | -718.41K | -189.66K |
| Treasury Stock | -1.01M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Accumulated OCI | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Quick answers to the most common questions about buying GRWG stock.
As of 2025, GrowGeneration Corp. (GRWG) had total assets of $147.0M including $103.7M in current assets.
GrowGeneration Corp. (GRWG) carries total debt of $29.5M, offset by $46.1M in cash and short-term investments. Comparing total debt to cash helps evaluate the company's debt burden and net leverage.
GrowGeneration Corp. (GRWG) has total shareholders' equity (book value) of $97.5M ($1.63 book value per share). Book value represents the net worth of the company belonging to common stock holders.
GrowGeneration Corp. (GRWG) reported a current ratio of 3.99x. A current ratio above 1.0x indicates that the company has more current assets than current liabilities, suggesting sufficient short-term liquidity.
Key Metrics
Top Statement Risk
Asset Impairment and Liquidity
Metrics are mathematically derived from official filings.
Asset Base Shrinkage Reflects Rationalization
As reported in recent financial statements, GrowGeneration's total assets have declined from $239.1 million in 2023Q4 to $139.6 million in 2026Q1, signaling a deliberate and necessary contraction of the company's physical footprint in response to the ongoing downturn in the commercial cultivation sector.
The consistent reduction in total assets suggests that management is actively liquidating underperforming locations and optimizing inventory levels to preserve capital. This trend indicates a transition from an aggressive acquisition-led growth strategy to a defensive posture focused on survival within a shrinking addressable market.
PPE Rationalization and Goodwill Write-downs
Based on the company's reported figures, net property, plant, and equipment have fallen from $67.0 million in 2023Q4 to $34.2 million in 2026Q1, while goodwill has been significantly reduced, reflecting the impairment of assets acquired during the industry's previous peak valuation cycle.
The sharp decline in PPE suggests that the company is aggressively rationalizing its retail store fleet to align with lower demand. Investors should monitor whether further goodwill impairments are required, as the current carrying values may still be optimistic given the persistent revenue contraction.
Cash Runway Amidst Operating Losses
According to quarterly balance sheet data, GrowGeneration's cash position has fluctuated, ending 2026Q1 at $21.7 million, which provides a limited buffer against the company's ongoing operating losses and the inherent volatility of its working capital requirements in a challenging retail environment.
While the current ratio of 4.05 suggests a healthy short-term liquidity position, this metric is heavily influenced by inventory levels that may be difficult to liquidate at full value. The company's ability to maintain this liquidity buffer without resorting to dilutive financing remains a primary concern for stakeholders.
Accumulated Deficits Eroding Shareholder Value
As indicated by the company's financial filings, retained earnings have deteriorated to a deficit of $284.6 million as of 2026Q1, highlighting the cumulative impact of persistent net losses and the failure of past capital allocation strategies to generate sustainable returns for shareholders.
The erosion of equity through consistent losses suggests that the company's business model has yet to reach a sustainable scale. The lack of positive retained earnings underscores the structural challenges the firm faces in transitioning to a profitable, self-funding entity in the current market climate.