MeritValue

GrowGeneration Corp.

GRWGdata completeness 75%11 fiscal years on file
The thesis, from the filings

GrowGeneration Corp. earns about -33% on invested capital, with a roughly flat share count. The cash-flow models don't apply cleanly here — the ledger says why below.Whether it’s worth owning at today’s price is the last question — and yours to answer, below.

i. The business — what you’d actually own
FigureFY 2021FY 2022FY 2023FY 2024FY 2025
Revenue$422.5M1$278.2M2$225.9M3$188.9M3$161.7M3
Net income$12.8M4−$163.7M5−$46.5M6−$49.5M6−$24M6
Operating cash flow$5.16M7$11.9M8$1.42M9−$1.8M9−$9.45M9
Capital expenditure—————
Free cash flow (derived)—————
Total debt$316,00010$50,00010$011——
Cash & equivalents$41.4M12$40.1M13$29.8M14$27.5M15$30.4M15
Diluted shares60.5M60.8M61.2M60.2M59.7M

Superscripts are receipts. Each links to the SEC filing the number came from (full list at the bottom).

ii. Your slice — ownership made literal
If you owned
shares
Net assets behind them
$16.34
your share of equity
Profit it earned you last year
−$4.03
Free cash flow it threw off
—
Debt you’d be carrying
—

10 shares is a claim on $16.34 of net worth that earned you −$4.03 last year.

iii. Is this a good business?
Moat signal · return on invested capital
-33% avg · 5y
FY21 4%FY22 -75%FY23 -26%FY24 -42%FY25 -28%

It earned an average -33% on invested capital over 5 years. Compare that to what it costs to fund the business.

seeing a moat in the numbers →
Management signal · capital allocation
−1% shares · 5y

Share count is roughly flat over 5 years — little dilution, little buyback. Total debt has fallen 100% — deleveraging.

reading capital allocation →

Signals, not verdicts — read from the filings above. Numbers don’t prove a moat; they show its footprint. You decide.

iv. What it’s worth — engine v0.1.0
DCF · Growth Exit 10Y
not applicable
only 0 years of FCF (need ≥3) — model not applicable
DCF · Growth Exit 5Y
not applicable
only 0 years of FCF (need ≥3) — model not applicable
Earnings Power Value
not applicable
normalized (5y-median) earnings non-positive — EPV undefined
Graham Number
not applicable
diluted EPS missing or non-positive — Graham Number undefined

Different models answer different questions — which to trust when →

Sources — the receipts
  1. 10-K · period ending 2021-12-31 · accession 0001628280-24-010996 (RevenueFromContractWithCustomerExcludingAssessedTax)
  2. 10-K · period ending 2022-12-31 · accession 0001628280-25-012661 (RevenueFromContractWithCustomerExcludingAssessedTax)
  3. 10-K · period ending 2023-12-31 · accession 0001604868-26-000004 (RevenueFromContractWithCustomerExcludingAssessedTax)
  4. 10-K · period ending 2021-12-31 · accession 0001628280-24-010996 (NetIncomeLoss)
  5. 10-K · period ending 2022-12-31 · accession 0001628280-25-012661 (NetIncomeLoss)
  6. 10-K · period ending 2023-12-31 · accession 0001604868-26-000004 (NetIncomeLoss)
  7. 10-K · period ending 2021-12-31 · accession 0001628280-24-010996 (NetCashProvidedByUsedInOperatingActivities)
  8. 10-K · period ending 2022-12-31 · accession 0001628280-25-012661 (NetCashProvidedByUsedInOperatingActivities)
  9. 10-K · period ending 2023-12-31 · accession 0001604868-26-000004 (NetCashProvidedByUsedInOperatingActivities)
  10. 10-K · period ending 2021-12-31 · accession 0001628280-23-008178 (LongTermDebtNoncurrent)
  11. 10-K · period ending 2023-12-31 · accession 0001628280-24-010996 (LongTermDebtCurrent)
  12. 10-K · period ending 2021-12-31 · accession 0001628280-23-008178 (CashAndCashEquivalentsAtCarryingValue)
  13. 10-K · period ending 2022-12-31 · accession 0001628280-24-010996 (CashAndCashEquivalentsAtCarryingValue)
  14. 10-K · period ending 2023-12-31 · accession 0001628280-25-012661 (CashAndCashEquivalentsAtCarryingValue)
  15. 10-K · period ending 2024-12-31 · accession 0001604868-26-000004 (CashAndCashEquivalentsAtCarryingValue)