The company has experienced a sustained downward revenue trajectory alongside structural margin collapse, with gross margins falling from 50.2% in 2023Q4 to a precarious 1.8% by 2025Q4.
| 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 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 | Dec'08 | Dec'07 | Dec'06 | Dec'05 |
|---|
| Sales/Revenue | 8.56M | 3.04M | 6.73M | 17.66M | 44.76M | 37.77M | 3.64M | 1.11M | 6.83M | 5.11M | 79.67M | 215.32M | 217.55M | 215.28M | 239.67M | 213.22M | 184.18M | 146.77M | 132.36M | 82.09M | 0 | 0 |
| Revenue Growth % | 41.7% | -54.82% | -61.89% | -60.54% | 18.5% | 937.92% | 228.86% | -83.8% | 33.64% | -93.59% | -63% | -1.03% | 1.06% | -10.18% | 12.41% | 15.77% | 25.48% | 10.89% | 61.23% | - | - | - |
| Cost of Goods Sold | 7.24M | 2.94M | 5.97M | 16.08M | 40.4M | 33.92M | 2.37M | 464.4K | 6.52M | 5.46M | 69.16M | 179.2M | 179.59M | 172.11M | 188.57M | 168.21M | 142.29M | 114.06M | 101.21M | 61.93M | 0 | 0 |
| COGS % of Revenue | - | 96.68% | 88.68% | 91.03% | 90.28% | 89.82% | 65.12% | 41.97% | 95.54% | 106.95% | 86.82% | 83.23% | 82.55% | 79.95% | 78.68% | 78.89% | 77.26% | 77.71% | 76.47% | 75.44% | - | - |
| Gross Profit | 1.32M | 100.94K | 761.59K | 1.58M | 4.35M | 3.85M | 1.27M | 642.08K | 304.66K | -354.98K | 10.5M | 36.12M | 37.96M | 43.17M | 51.11M | 45.01M | 41.88M | 32.71M | 31.15M | 20.16M | 0 | 0 |
| Gross Margin % | 15.41% | 3.32% | 11.32% | 8.97% | 9.72% | 10.18% | 34.88% | 58.03% | 4.46% | -6.95% | 13.18% | 16.77% | 17.45% | 20.05% | 21.32% | 21.11% | 22.74% | 22.29% | 23.53% | 24.56% | - | - |
| Gross Profit Growth % | - | -86.75% | -51.9% | -63.62% | 13.14% | 203.08% | 97.65% | 110.75% | 185.82% | -103.38% | -70.92% | -4.86% | -12.07% | -15.53% | 13.54% | 7.47% | 28.05% | 5.01% | 54.48% | - | - | - |
| Operating Expenses | 17.88M | 17.74M | 7.43M | 8.15M | 9.63M | 10.08M | 4.06M | 944.98K | 889.08K | 41M | 45.69M | 19.6M | 19.92M | 16.13M | 18.02M | 17.1M | 14.37M | 10.1M | 10.21M | 5.49M | 30.28K | 11.17K |
| OpEx % of Revenue | - | 583.58% | 110.34% | 46.13% | 21.51% | 26.7% | 111.48% | 85.4% | 13.02% | 802.32% | 57.35% | 9.1% | 9.16% | 7.49% | 7.52% | 8.02% | 7.8% | 6.88% | 7.72% | 6.68% | - | - |
| Selling, General & Admin | 18.07M | 17.67M | 7.37M | 8.09M | 9.22M | 9.27M | 4.06M | 944.98K | 889.08K | 41M | 46.92M | 22.07M | 22.3M | 17.74M | 19.25M | 17.1M | 14.37M | 10.1M | 10.21M | 5.49M | 30.28K | 11.17K |
| SG&A % of Revenue | - | 581.27% | 109.49% | 45.82% | 20.61% | 24.56% | 111.48% | 85.4% | 13.02% | 802.32% | 58.9% | 10.25% | 10.25% | 8.24% | 8.03% | 8.02% | 7.8% | 6.88% | 7.72% | 6.68% | - | - |
| Research & Development | 66.27K | 70.22K | 57.08K | 54.93K | 402.73K | 808.38K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| R&D % of Revenue | - | 2.31% | 0.85% | 0.31% | 0.9% | 2.14% | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Operating Expenses | -257.45K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -1.5M | 251.26K | 332.12K | 1.3M | 90.9K | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Operating Income | -16.56M | -17.64M | -6.66M | -6.56M | -5.27M | -6.24M | -2.79M | -302.9K | -584.42K | -41.35M | -36.42M | 14.05M | 15.67M | 25.43M | 31.86M | 27.92M | 27.52M | 22.61M | 20.93M | 14.67M | -30.28K | -11.17K |
| Operating Margin % | -193.53% | -580.26% | -99.02% | -37.17% | -11.78% | -16.51% | -76.61% | -27.38% | -8.56% | -809.26% | -45.72% | 6.53% | 7.2% | 11.81% | 13.29% | 13.09% | 14.94% | 15.4% | 15.82% | 17.88% | - | - |
| Operating Income Growth % | - | -164.75% | -1.54% | -24.46% | 15.44% | -123.72% | -820.28% | 48.17% | 98.59% | -13.54% | -359.17% | -10.29% | -38.41% | -20.17% | 14.13% | 1.45% | 21.72% | 8% | 42.65% | 48561.21% | -171% | - |
| EBITDA | -15.69M | -16.72M | -5.64M | -5.46M | -3.79M | -3.78M | -2.34M | -88.86K | -524.6K | -39.24M | -34.19M | 18.65M | 21.18M | 29.96M | 34.81M | 30.27M | 29.02M | 24.08M | 22.37M | 15.5M | -30.28K | -11.17K |
| EBITDA Margin % | -183.3% | -549.87% | -83.73% | -30.89% | -8.47% | -10.02% | -64.27% | -8.03% | -7.68% | -767.96% | -42.91% | 8.66% | 9.73% | 13.92% | 14.53% | 14.2% | 15.76% | 16.41% | 16.9% | 18.87% | - | - |
| EBITDA Growth % | -218.81% | -196.69% | -3.3% | -43.93% | -0.18% | -61.78% | -2531.76% | 83.06% | 98.66% | -14.79% | -283.35% | -11.95% | -29.32% | -13.94% | 15.02% | 4.29% | 20.53% | 7.67% | 44.34% | 51271.57% | -171% | - |
| D&A (Non-Cash Add-back) | 875.44K | 924.26K | 1.03M | 1.11M | 1.48M | 2.45M | 449.05K | 214.05K | 59.82K | 2.11M | 2.23M | 4.59M | 5.51M | 4.53M | 2.95M | 2.35M | 1.5M | 1.47M | 1.43M | 820.73K | 0 | 0 |
| EBIT | -16.54M | -17.62M | -7.39M | -18.17M | -14.63M | -9.29M | -11.18M | -302.9K | -149.07K | -43.11M | -80.71M | 13.46M | 15.84M | 28.42M | 33.51M | 30.46M | 29.43M | 22.88M | 21.45M | 14.67M | 8.65M | 5.66M |
| Net Interest Income | -182.03K | -155.4K | -70.15K | -10.37K | -624.4K | -645.12K | -23.41K | -9.72K | 356 | -4.08M | -4.52M | -5.13M | -8.12M | -5.07M | -3.69M | -2.48M | -4.34M | -3.28M | -2.67M | -2.17M | -1.31K | 14 |
| Interest Income | 138 | 139 | 396 | 371 | 9.39K | 1.46K | 63 | - | 369 | 0 | 47.19K | 117.1K | 229.58K | 79.61K | 338.03K | 86.56K | 10.38K | 73.19K | 99.41K | 209.01K | 34 | 14 |
| Interest Expense | 182.17K | 155.54K | 70.54K | 10.74K | 633.79K | 646.57K | 23.47K | 9.72K | 13 | 4.08M | 4.57M | 5.24M | 8.35M | 5.15M | 4.03M | 2.56M | 4.35M | 3.35M | 2.77M | 2.38M | 1.35K | 0 |
| Other Income/Expense | -166.13K | -136.62K | -793.01K | -11.62M | -9.99M | -3.7M | -8.41M | 8.84M | 435.34K | -5.84M | -48.85M | -3.17M | -8.17M | -2.17M | -2.38M | -12.66K | -2.44M | -3.07M | -2.25M | -2.08M | -1.32M | -1.1M |
| Pretax Income | -16.73M | -17.78M | -7.46M | -18.18M | -15.27M | -9.93M | -11.2M | 8.54M | -149.08K | -47.19M | -85.27M | 3.32M | 7.5M | 23.26M | 29.48M | 27.9M | 25.08M | 19.53M | 18.68M | 12.6M | -31.59K | 0 |
| Pretax Margin % | -195.47% | -584.76% | -110.81% | -102.97% | -34.11% | -26.3% | -307.85% | 771.78% | -2.18% | -923.5% | -107.04% | 1.54% | 3.45% | 10.81% | 12.3% | 13.09% | 13.62% | 13.31% | 14.11% | 15.34% | - | - |
| Income Tax | 11.3K | 11.3K | 0 | 35.3K | 1.48M | 56.45K | 0 | 0 | 164.38K | 161.19K | 1.9M | 4.52M | 3.09M | 5.57M | 7.74M | 6.82M | 5.83M | 4.22M | 3M | 2.13M | -7.49K | 11.16K |
| Effective Tax Rate % | -0.07% | -0.06% | 0% | -0.19% | -9.66% | -0.57% | 0% | 0% | -110.26% | -0.34% | -2.23% | 135.83% | 41.22% | 23.96% | 26.25% | 24.44% | 23.25% | 21.62% | 16.08% | 16.95% | 23.7% | - |
| Net Income | -25.87M | -26.98M | -7.33M | -20.84M | -25.81M | -9.74M | -11.05M | 2.95M | 3.44M | -32.28M | -86.79M | 12.23M | 3.75M | 16.63M | 20.42M | 19.89M | 17.84M | 15.31M | 14.7M | 9.74M | -31.59K | -11.16K |
| Net Margin % | -302.26% | -887.18% | -108.9% | -118.03% | -57.66% | -25.79% | -303.7% | 266.36% | 50.45% | -631.68% | -108.94% | 5.68% | 1.72% | 7.73% | 8.52% | 9.33% | 9.69% | 10.43% | 11.11% | 11.87% | - | - |
| Net Income Growth % | -7241.35% | -268.07% | 64.84% | 19.24% | -164.96% | 11.86% | -474.97% | -14.45% | 110.67% | 62.81% | -809.68% | 225.88% | -77.44% | -18.55% | 2.69% | 11.48% | 16.53% | 4.12% | 50.88% | 30945.19% | -183.09% | - |
| Net Income (Continuing) | -16.74M | -17.79M | -7.46M | -18.22M | -16.74M | -9.99M | -11.2M | 8.54M | -313.46K | -47.35M | -87.17M | 6.92M | 4.41M | 17.69M | 21.74M | 21.08M | 19.25M | 15.31M | 15.68M | 10.46M | 5.93M | 4.21M |
| Discontinued Operations | -1.21M | -9.18M | 128.14K | -2.62M | -9.19M | 0 | 150.91K | -5.59M | 17.14M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 185.44K | -3.38K | 0 | 0 | 0 | 4.35M | 0 | 0 | -1.02M | -7.75M | 7.33M | 7.84M | 13.02M | 11M | 9.95M | 8.63M | 7.43M | 6.02M | 5.12M | 3.89M | 0 | 0 |
| EPS (Diluted) | -1.82 | -3.35 | -1.01 | -2.89 | -2.79 | -3.93 | -11.08 | 12.38 | 11.57 | -210.84 | -567.50 | 82.24 | 27.02 | 120.00 | 14.75 | 14.25 | 13.75 | 13.75 | 14.50 | 9.78 | -0.04 | -0.02 |
| EPS Growth % | -6536.2% | -231.68% | 65.05% | -3.58% | 29.01% | 64.53% | -189.5% | 7% | 105.49% | 62.85% | -790.05% | 204.37% | -77.48% | 713.56% | 3.51% | 3.64% | 0% | -5.17% | 48.26% | 22327.27% | -182.05% | - |
| EPS (Basic) | - | -3.35 | -1.01 | -2.89 | -2.79 | -3.93 | -11.08 | 12.38 | 11.57 | -210.84 | -567.00 | 82.38 | 27.02 | 120.13 | 14.78 | 14.50 | 14.25 | 13.75 | 14.50 | 9.78 | -0.04 | -0.02 |
| Diluted Shares Outstanding | 14.23M | 8.06M | 7.28M | 7.28M | 5.95M | 2.48M | 1.01M | 689.77K | 297.82K | 153.1K | 153.06K | 148.44K | 138.9K | 138.47K | 1.38M | 1.39M | 1.29M | 1.05M | 1.01M | 996.93K | 717.31K | 717.31K |
| Basic Shares Outstanding | 14.23M | 8.06M | 7.28M | 7.28M | 5.95M | 2.48M | 1.01M | 689.77K | 297.82K | 153.1K | 152.93K | 148.7K | 138.9K | 138.62K | 1.38M | 1.38M | 1.26M | 1.04M | 1.01M | 996.93K | 717.31K | 717.31K |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
Imminent Liquidity Crisis
As reported in recent financial filings, Planet Green Holdings Corp. has experienced a severe revenue decline, with quarterly figures dropping from $2.2 million in 2023Q4 to just $521.7K by 2025Q4, representing a sustained downward trajectory that suggests a fundamental loss of market relevance across its diverse business segments.
The consistent quarter-over-quarter revenue erosion indicates that the company's pivot strategy has failed to gain traction in its core agricultural and industrial markets. Investors should monitor whether this contraction reflects a deliberate exit from unprofitable lines or an involuntary loss of market share in a highly competitive and fragmented Chinese landscape.
Based on the provided income statement data, gross margins have collapsed from a peak of 50.2% in 2023Q4 to a razor-thin 1.8% in 2025Q4, highlighting an inability to maintain pricing power or manage input costs effectively within the company's volatile commodity-heavy business model.
The extreme volatility in gross margins suggests that the company lacks a defensible moat, leaving it exposed to raw material price fluctuations. This margin compression appears to be a structural issue rather than a cyclical one, as the firm struggles to pass costs to customers in its tea and chemical segments.
According to the latest quarterly data, the company's operating margin reached a staggering -580.26% on a trailing twelve-month basis, demonstrating that fixed overhead costs are entirely disconnected from the current, diminished revenue base, which warrants significant concern regarding the firm's long-term operational viability.
The massive disparity between gross profit and operating expenses suggests that the company is carrying a bloated corporate structure that cannot be supported by its current transactional revenue. Without a drastic reduction in SG&A, the company appears to be burning through its remaining capital at an unsustainable rate.
Financial statements indicate that net income is frequently distorted by non-operating items and massive swings in quarterly performance, such as the $11.6 billion stock-based compensation charge recorded in 2025Q4, which complicates any attempt to derive a normalized view of the company's underlying profitability.
The presence of extreme, non-recurring charges suggests that reported net income is not a reliable indicator of operational health. Investors should be wary of these accounting anomalies, as they may mask the true extent of the company's cash-burning activities and the lack of a sustainable business model.
With cash and equivalents reported at a nominal $118,956, the company faces an immediate liquidity risk that, based on current burn rates, suggests the firm may be unable to sustain operations without significant external financing or further asset divestitures in the near term.
While some might argue that the company's diverse licenses provide residual value, the current financial data suggests a distressed entity rather than a growing business. The lack of cash reserves makes the company highly vulnerable to even minor operational disruptions or regulatory shifts in its primary markets.
Quick answers to the most common questions about buying PLAG stock.
For fiscal year 2025, Planet Green Holdings Corp. (PLAG) reported total revenue of $3.0M.
Planet Green Holdings Corp. (PLAG) reported a net loss of $27.0M for the fiscal year ending 2025.
Planet Green Holdings Corp. (PLAG) reported an operating income of $-17.6M, resulting in an operating profit margin of -580.3%. This margin reflects the operational efficiency of the business before interest and taxes.
Planet Green Holdings Corp. (PLAG) generated $0.1M in gross profit for the year, representing a gross profit margin of 3.3%. This demonstrates the company's core pricing power and production efficiency.