GrowGeneration (GRWG)
Market Price (10/15/2026): $1.44 | Market Cap: $86.1 MilSector: Consumer Discretionary | Industry: Other Specialty Retail
GrowGeneration (GRWG)
Market Price (10/15/2026): $1.44Market Cap: $86.1 MilSector: Consumer DiscretionaryIndustry: Other Specialty Retail
Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.
Cash is significant % of market capNet D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is -17% Megatrend and thematic driversMegatrends include Sustainable Resource Management. Themes include Resource Efficiency Solutions, and Water Treatment Solutions. | Weak multi-year price returns2Y Excs Rtn is -63%, 3Y Excs Rtn is -126% | Not profitable at operating income levelOp Inc LTMOperating Income, Last Twelve Months is -18 Mil, Op Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is -11% Weak revenue growthRev Chg 3Y AvgRevenue Change % averaged over trailing 3 years is -12% Not cash flow generativeCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is -4.1%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is -4.4% Yield minus risk free rate is negativeERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -23% Key risksGRWG key risks include [1] persistent profitability challenges with ongoing revenue declines and negative operating cash flow, Show more. |
| Cash is significant % of market capNet D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is -17% |
| Megatrend and thematic driversMegatrends include Sustainable Resource Management. Themes include Resource Efficiency Solutions, and Water Treatment Solutions. |
| Weak multi-year price returns2Y Excs Rtn is -63%, 3Y Excs Rtn is -126% |
| Not profitable at operating income levelOp Inc LTMOperating Income, Last Twelve Months is -18 Mil, Op Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is -11% |
| Weak revenue growthRev Chg 3Y AvgRevenue Change % averaged over trailing 3 years is -12% |
| Not cash flow generativeCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is -4.1%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is -4.4% |
| Yield minus risk free rate is negativeERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -23% |
| Key risksGRWG key risks include [1] persistent profitability challenges with ongoing revenue declines and negative operating cash flow, Show more. |
Qualitative Assessment
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GrowGeneration (GRWG) stock has remained largely at the same level since 6/30/2026 because of the following key factors:
1. GrowGeneration reported stronger-than-expected financial results for fiscal Q2 2026 (period ended June 30, 2026). The company announced net sales of $43.2 million, which represented a 5.5% increase year-over-year and a 12.6% sequential rise. This revenue figure surpassed analysts' consensus estimates of $42.75 million. Additionally, the reported loss per share of $0.03 exceeded the consensus estimate of a $0.04 loss per share, by $0.01.
2. The company demonstrated a significant turnaround in profitability during fiscal Q2 2026. GrowGeneration achieved positive Adjusted EBITDA of $0.3 million, a notable $1.6 million improvement compared to a loss of $1.3 million in fiscal Q2 2025. Concurrently, the net loss narrowed substantially by 58% year-over-year to $2.0 million in fiscal Q2 2026, down from a $4.8 million net loss in the comparable prior year period.
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GrowGeneration (GRWG) stock has remained largely at the same level since 6/30/2026 because of the following key factors:
1. GrowGeneration reported stronger-than-expected financial results for fiscal Q2 2026 (period ended June 30, 2026). The company announced net sales of $43.2 million, which represented a 5.5% increase year-over-year and a 12.6% sequential rise. This revenue figure surpassed analysts' consensus estimates of $42.75 million. Additionally, the reported loss per share of $0.03 exceeded the consensus estimate of a $0.04 loss per share, by $0.01.
2. The company demonstrated a significant turnaround in profitability during fiscal Q2 2026. GrowGeneration achieved positive Adjusted EBITDA of $0.3 million, a notable $1.6 million improvement compared to a loss of $1.3 million in fiscal Q2 2025. Concurrently, the net loss narrowed substantially by 58% year-over-year to $2.0 million in fiscal Q2 2026, down from a $4.8 million net loss in the comparable prior year period.
3. GrowGeneration raised its full-year Adjusted EBITDA guidance for 2026. Following the positive fiscal Q2 2026 results, the company reaffirmed its 2026 revenue outlook while elevating its full-year Adjusted EBITDA guidance to a range of $2 million to $3 million. This revised outlook represents a significant increase from its previous expectation of approximately breakeven, signaling improved anticipated profitability for the remainder of the year.
4. Strategic initiatives focused on proprietary brand penetration and cost management yielded positive results. The company's proprietary brand sales constituted 39.7% of Cultivation and Gardening net sales in fiscal Q2 2026, an increase from 32.0% in fiscal Q2 2025, indicating successful growth in higher-margin products. Furthermore, total operating expenses decreased by 13.1% to $14.7 million in fiscal Q2 2026, driven by a 21.9% reduction in store and other operating expenses, underscoring effective cost-reduction efforts.
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Stock Movement Drivers
Fundamental Drivers
The -1.4% change in GRWG stock from 6/30/2026 to 10/14/2026 was primarily driven by a -3.1% change in the company's P/S Multiple.| (LTM values as of) | 6302026 | 10142026 | Change |
|---|---|---|---|
| Stock Price ($) | 1.48 | 1.46 | -1.4% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 164 | 167 | 1.4% |
| P/S Multiple | 0.5 | 0.5 | -3.1% |
| Shares Outstanding (Mil) | 60 | 60 | 0.5% |
| Cumulative Contribution | -1.4% |
Market Drivers
6/30/2026 to 10/14/2026| Return | Correlation | |
|---|---|---|
| GRWG | -1.4% | |
| Market (SPY) | 3.1% | 15.1% |
| Sector (XLY) | -4.9% | -4.8% |
Fundamental Drivers
The 32.7% change in GRWG stock from 3/31/2026 to 10/14/2026 was primarily driven by a 28.6% change in the company's P/S Multiple.| (LTM values as of) | 3312026 | 10142026 | Change |
|---|---|---|---|
| Stock Price ($) | 1.10 | 1.46 | 32.7% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 162 | 167 | 3.1% |
| P/S Multiple | 0.4 | 0.5 | 28.6% |
| Shares Outstanding (Mil) | 60 | 60 | 0.2% |
| Cumulative Contribution | 32.7% |
Market Drivers
3/31/2026 to 10/14/2026| Return | Correlation | |
|---|---|---|
| GRWG | 32.7% | |
| Market (SPY) | 18.6% | 22.1% |
| Sector (XLY) | 2.5% | 13.4% |
Fundamental Drivers
The -21.9% change in GRWG stock from 9/30/2025 to 10/14/2026 was primarily driven by a -22.8% change in the company's P/S Multiple.| (LTM values as of) | 9302025 | 10142026 | Change |
|---|---|---|---|
| Stock Price ($) | 1.87 | 1.46 | -21.9% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 164 | 167 | 1.6% |
| P/S Multiple | 0.7 | 0.5 | -22.8% |
| Shares Outstanding (Mil) | 60 | 60 | -0.4% |
| Cumulative Contribution | -21.9% |
Market Drivers
9/30/2025 to 10/14/2026| Return | Correlation | |
|---|---|---|
| GRWG | -21.9% | |
| Market (SPY) | 16.5% | 13.8% |
| Sector (XLY) | -6.4% | 15.9% |
Fundamental Drivers
The -50.0% change in GRWG stock from 9/30/2023 to 10/14/2026 was primarily driven by a -32.3% change in the company's Total Revenues ($ Mil).| (LTM values as of) | 9302023 | 10142026 | Change |
|---|---|---|---|
| Stock Price ($) | 2.92 | 1.46 | -50.0% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 246 | 167 | -32.3% |
| P/S Multiple | 0.7 | 0.5 | -27.7% |
| Shares Outstanding (Mil) | 61 | 60 | 2.1% |
| Cumulative Contribution | -50.0% |
Market Drivers
9/30/2023 to 10/14/2026| Return | Correlation | |
|---|---|---|
| GRWG | -50.0% | |
| Market (SPY) | 86.2% | 23.5% |
| Sector (XLY) | 41.7% | 24.9% |
Price Returns Compared
| 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Total [1] | |
|---|---|---|---|---|---|---|---|
| Returns | |||||||
| GRWG Return | -68% | -70% | -36% | -33% | -11% | -1% | -96% |
| Peers Return | -40% | -81% | -9% | 14% | 55% | -47% | -90% |
| S&P 500 Return | 27% | -19% | 24% | 23% | 16% | 14% | 108% |
Monthly Win Rates [3] | |||||||
| GRWG Win Rate | 42% | 33% | 33% | 33% | 42% | 30% | |
| Peers Win Rate | 34% | 23% | 40% | 42% | 46% | 30% | |
| S&P 500 Win Rate | 75% | 42% | 67% | 75% | 67% | 50% | |
Max Drawdowns [4] | |||||||
| GRWG Max Drawdown | -81% | -78% | -68% | -54% | -52% | -35% | |
| Peers Max Drawdown | -63% | -84% | -62% | -56% | -62% | -64% | |
| S&P 500 Max Drawdown | -5% | -25% | -10% | -8% | -19% | -9% | |
[1] Cumulative total returns since the beginning of 2021
[2] Peers: HYFM, SMG, IPW, VFF.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2026 data is for the year up to 10/14/2026 (YTD)
How Low Can It Go
| Event | GRWG | S&P 500 |
|---|---|---|
| 2025 US Tariff Shock | ||
| % Loss | -37.0% | -18.8% |
| % Gain to Breakeven | 58.8% | 23.1% |
| Time to Breakeven | 119 days | 79 days |
| 2024 Yen Carry Trade Unwind | ||
| % Loss | -18.4% | -7.8% |
| % Gain to Breakeven | 22.6% | 8.5% |
| Time to Breakeven | 4 days | 18 days |
| 2023 SVB Regional Banking Crisis | ||
| % Loss | -40.3% | -6.7% |
| % Gain to Breakeven | 67.6% | 7.1% |
| Time to Breakeven | 15 days | 31 days |
| 2020 COVID-19 Crash | ||
| % Loss | -56.1% | -33.7% |
| % Gain to Breakeven | 127.9% | 50.9% |
| Time to Breakeven | 65 days | 140 days |
In The Past
GrowGeneration's stock fell -37.0% during the 2025 US Tariff Shock. Such a loss loss requires a 58.8% gain to breakeven.
Preserve Wealth
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Asset Allocation
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| Event | GRWG | S&P 500 |
|---|---|---|
| 2025 US Tariff Shock | ||
| % Loss | -37.0% | -18.8% |
| % Gain to Breakeven | 58.8% | 23.1% |
| Time to Breakeven | 119 days | 79 days |
| 2023 SVB Regional Banking Crisis | ||
| % Loss | -40.3% | -6.7% |
| % Gain to Breakeven | 67.6% | 7.1% |
| Time to Breakeven | 15 days | 31 days |
| 2020 COVID-19 Crash | ||
| % Loss | -56.1% | -33.7% |
| % Gain to Breakeven | 127.9% | 50.9% |
| Time to Breakeven | 65 days | 140 days |
In The Past
GrowGeneration's stock fell -37.0% during the 2025 US Tariff Shock. Such a loss loss requires a 58.8% gain to breakeven.
Preserve Wealth
Limiting losses and compounding gains is essential to preserving wealth.
Asset Allocation
Actively managed asset allocation strategies protect wealth. Learn more.
About GrowGeneration (GRWG)
GrowGeneration Corp. (GRWG) operates as a prominent retail chain in the United States, specializing in hydroponic and organic gardening stores. The company functions as a comprehensive supplier for cultivators, offering both physical retail locations and an online superstore to meet the diverse needs of modern growing operations.
The company's core business revolves around the marketing and distribution of a wide array of products essential for specialty crop cultivation. This includes nutrients, various growing media, advanced indoor and greenhouse lighting systems, sophisticated environmental control systems, and innovative vertical benching solutions. Additionally, GrowGeneration supplies a broad range of accessories and other products for both indoor and outdoor growing.
GrowGeneration primarily serves commercial and urban cultivators who are focused on growing specialty crops, such as organics, leafy greens, and plant-based medicines. With a significant presence across multiple states, including a large footprint in California, Colorado, and Michigan, the company is strategically positioned to support the growing demands of this specialized agricultural market.
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Analogy 1: Think of it as the Home Depot for hydroponic and organic gardening supplies.
Analogy 2: It's like Tractor Supply Co., but specifically for modern and specialty crop cultivators.
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- Nutrients: Essential plant food formulations for various growth stages.
- Growing Media: Substrates such as soil, coco coir, and rockwool used to support plant growth.
- Advanced Indoor and Greenhouse Lighting: Specialized light fixtures designed for optimal plant photosynthesis in controlled environments.
- Environmental Control Systems: Equipment for regulating temperature, humidity, and airflow within growing spaces.
- Vertical Benching: Space-saving racking and shelving systems for multi-level cultivation.
- Hydroponic Gardening Accessories: Various tools, pumps, timers, and other items supporting hydroponic systems.
- Other Indoor and Outdoor Growing Products: A general category encompassing a wide range of additional supplies for cultivation.
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GrowGeneration (GRWG) primarily serves categories of cultivators rather than specific named companies. Based on the provided description, its major customers fall into the following categories:
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Commercial Cultivators: These are businesses engaged in large-scale, professional growing operations for specialty crops.
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Urban Cultivators: This category includes smaller-scale businesses, dedicated individual growers, or community projects operating within urban environments, also focused on specialty crops.
Both categories of cultivators utilize GrowGeneration's products to grow specialty crops, including organics, greens, and plant-based medicines.
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Darren Lampert, Chief Executive Officer & Co-Founder
Darren Lampert co-founded GrowGeneration in 2014 and has served as its CEO and Chairperson of the Board since its inception. He brings a robust background as a securities attorney, having been a founding member of the law firm Lampert and Lampert from 1986 to 1999, focusing on securities litigation and corporate finance. From 1999 to 2014, he worked as a portfolio manager and proprietary trader at various broker-dealer firms and was a private investor. Mr. Lampert has extensive experience in finance and legal fields, which he leverages in navigating capital markets and acquisitions for GrowGeneration.
Gregory Sanders, Chief Financial Officer
Gregory Sanders was promoted to Chief Financial Officer of GrowGeneration on August 12, 2022. Prior to this role, he served as Vice President and Corporate Controller at GrowGeneration for nearly five years. Mr. Sanders has prior public company experience, having held various accounting positions at Enterprise Holdings and Arrow Electronics. He also managed the Finance and Accounting, as well as Administrative and Human Resources functions, for Machol & Johannes LLC.
Michael Salaman, President & Co-Founder
Michael Salaman has been the President and a Director of GrowGeneration since its founding in 2014. His career began as Vice President of Business Development for National Media Corp. from 1985 to 1993. From 1995 to 2001, he founded American Interactive Media, Inc., a digital media company, and later directed its operations as a marketing and distribution company, focusing on the enhanced water business from 2002. Mr. Salaman also held the position of CEO & President at Skinny Nutritional Corp. from 2000 to 2014.
Bob Nardelli, Senior Strategic Advisor
Bob Nardelli has served as a Senior Strategic Advisor to GrowGeneration since 2019. He is the Founder and Chief Executive Officer of XLR-8 LLC, an investment and consulting company he established in 2012. Mr. Nardelli is also a Senior Operating Partner at Core Industrial Partners, a Chicago-based private equity firm, indicating a pattern of managing companies backed by private equity firms. His extensive executive experience includes serving as Senior Advisor, CEO of Cerberus Operations & Advisory Company, LLC from 2007 to 2015, Chairman and Chief Executive Officer of Chrysler, LLC from 2007 to 2009, and Chairman, President and CEO of The Home Depot from 2000 to 2007.
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The key risks to GrowGeneration's business are primarily linked to the volatility of the cannabis industry and the company's ongoing challenges with profitability.
- Industry-Wide Demand Slump and Cannabis Market Volatility: GrowGeneration's business is heavily dependent on the hydroponics market, which is largely tied to cannabis cultivation. The market has been experiencing a significant downturn due to oversupply and price compression, leading to a softness in business-to-consumer demand. This demand slump has directly impacted GrowGeneration's revenue, which has seen year-over-year declines, and led the company to withdraw its full-year guidance. The continuation of Section 280E taxation on cannabis businesses also poses a significant risk, as it burdens GrowGeneration's customers and can affect their ability to purchase products.
- Profitability Challenges and Revenue Decline: The company has been grappling with consistent net losses and declining revenue. For instance, Q2 2025 net revenue was $41.0 million, a notable drop from $53.5 million in Q2 2024. GrowGeneration's operating margin has been negative, indicating a struggle to retain operating profit after expenses. While the company is actively implementing strategies to control costs, boost margins through proprietary brands, and shift towards a business-to-business (B2B) focus, it continues to operate with a net loss, highlighting an ongoing challenge to achieve sustained profitability.
- Allegations Regarding Management Team's Past: Although dating back to 2020, reports by Hindenburg Research have raised concerns about the integrity of GrowGeneration's management team. These allegations include claims of senior officials having ties to past pump and dump schemes, organized crime, and various acts of fraud. While some subsequent analyses suggest these claims are historical and circumstantial, the existence of such public allegations could impact investor confidence and the company's reputation.
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The clear emerging threat to GrowGeneration is the potential for federal legalization of cannabis. Federal legalization could lead to significant consolidation and vertical integration within the cannabis industry by large agricultural corporations or established consumer packaged goods (CPG) companies. These larger entities may then establish their own direct supply chains for cultivation materials, acquire existing suppliers, or develop proprietary growing systems, thereby bypassing independent retail distributors like GrowGeneration for bulk purchases of nutrients, lighting, and other hydroponic supplies. This shift could fundamentally alter the purchasing dynamics of a major segment of GrowGeneration's customer base, diminishing the need for their retail stores and online superstore as intermediaries.
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Addressable Markets for GrowGeneration (GRWG)
GrowGeneration (GRWG) operates within several significant addressable markets related to hydroponic and organic gardening supplies. These markets include hydroponics, horticulture lighting, growing media, agricultural nutrients, and the broader controlled environment agriculture (CEA) sector. Here are the estimated market sizes for GrowGeneration's main products and services:- Hydroponics Market: The U.S. hydroponics market was valued at approximately USD 506.25 million in 2023 and is projected to reach USD 995.61 million by 2030, growing at a compound annual growth rate (CAGR) of 10.7% from 2024 to 2030. Globally, the hydroponics market is estimated at USD 17.3 billion in 2024 and is expected to reach USD 66.6 billion by 2033, with a CAGR of 16.2%.
- Horticulture Lighting Market: The U.S. horticulture lighting market was valued at USD 3,322 million in 2023 and is projected to reach USD 14,775 million by 2030, with a CAGR of 24.2%. The global horticulture lighting market was estimated at USD 6.26 billion in 2024 and is projected to reach USD 29.12 billion by 2033, growing at a CAGR of 18.9% from 2025 to 2033. North America held over 30% of the global horticulture lighting industry in 2023.
- Growing Media Market: The global growing media market size was valued at USD 6.68 billion in 2024 and is expected to grow to USD 9.8 billion by 2035, with a CAGR of around 3.6% during the forecast period (2025-2035). In North America, the growing media market size was valued at USD 1.96 billion in 2024 and is projected to reach USD 3.18 billion by 2032, growing at a CAGR of 5.7% from 2026 to 2032. North America was the largest region in the growing medium market in 2025.
- Agricultural Nutrients Market (Micronutrients and Fertilizers): The U.S. agricultural micronutrient market is projected to reach USD 1.94 billion by 2034 from USD 833.3 million in 2023, growing at a CAGR of 8.28% during the forecast period 2024-2034. The U.S. fertilizers market size was USD 29.11 billion in 2024 and is projected to reach USD 47.28 billion by 2034, expanding at a CAGR of 4.97% from 2025 to 2034.
- Controlled Environment Agriculture (CEA) Market: The U.S. CEA market is valued at approximately USD 7 billion in 2024. The global controlled environment agriculture market size was valued at USD 51.9 billion in 2023 and is estimated to register a CAGR of 14% between 2024 and 2032, reaching USD 168.7 billion by 2032. North America dominated the global controlled environment agriculture market with a major share of around 35% in 2023.
- Smart Indoor Gardening System Market: The global smart indoor gardening system market surpassed a valuation of USD 3.0 billion in 2025 and is estimated to grow to USD 5.4 billion by 2036, with a CAGR of 5.7%. In terms of revenue, the global smart indoor garden market size was valued at around USD 151 million in 2024 and is projected to reach USD 302 million by 2034, with a CAGR of around 7.2%.
- Greenhouse Market: The North America greenhouse market accounted for nearly 23% of the global market share in 2024, with the U.S. alone representing about 64% of the regional share. The U.S. smart greenhouse market is projected to grow from USD 1.0 billion in 2025 to USD 2.4 billion by 2034. The global greenhouse market was valued at USD 33.43 billion in 2024.
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Expansion of Proprietary Brands: GrowGeneration aims to significantly increase the penetration of its proprietary brands. The company has a target for its proprietary brands to constitute approximately 40% of cultivation and gardening revenue in 2026, a notable increase from 31.6% in the third quarter of 2025. This strategic shift towards higher-margin proprietary products is anticipated to enhance overall revenue and profitability.
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Growth in Business-to-Business (B2B) and Commercial Channels: The company is strategically shifting its focus from primarily being a cannabis-focused retailer to becoming a national agricultural supplier. This involves scaling B2B portal automation, expanding its presence across independent garden centers, and fostering new collaborations. An example of this is the co-marketing and sales collaboration with Netafim, aimed at delivering integrated solutions for controlled environment agriculture (CEA) growers. This expansion into broader commercial markets is a key driver for future revenue.
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Anticipated Market Recovery and Controlled Environment Agriculture (CEA) Growth: GrowGeneration anticipates positive revenue growth and positive Adjusted EBITDA in 2026. The company's CEO has highlighted that the controlled environmental agriculture industry is still in its early stages of growth, suggesting significant long-term potential. This expected market rebound, combined with GrowGeneration's strategic repositioning, is poised to contribute to revenue expansion.
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Share Repurchases
- GrowGeneration's Board of Directors authorized the company's first share repurchase program of up to $6 million in March 2024.
- The share repurchase program commenced on April 1, 2024, for up to one year, allowing for repurchases in the open market.
- As of the third quarter of 2025, GrowGeneration reported no spending on share buybacks.
Share Issuance
- In December 2025, GrowGeneration's CFO reported the vesting of restricted stock unit awards, resulting in the issuance of 2,671 shares of common stock.
- Several directors, including Starlett Carter, Eula Adams, and Stephen Aiello, received grants of common stock totaling 20,000, 25,000, and 20,000 shares respectively, effective September 18, 2025, at no cash price.
- President and Director Michael Salaman acquired 50,000 shares of common stock on December 15, 2025, as part of his compensation.
Outbound Investments
- In June 2025, GrowGeneration acquired Viagrow, a domestic supplier of gardening and hydroponic equipment, through a combination of cash and stock, to expand into home gardening and big box retail.
- In March 2021, the company acquired 55 Hydroponics, a hydroponic and organic fertilizer superstore in Santa Ana, California.
- GrowGeneration was active in acquisitions, completing eight buyouts in 2020 and six in 2021, with one significant acquisition in 2021 being Char Coir to expand private label offerings.
Capital Expenditures
- GrowGeneration's capital expenditures were $18.74 million in FY 2021, $12.9 million in FY 2022, and $6.7 million in FY 2023.
- For the trailing twelve months ending September 30, 2025, capital expenditures amounted to $0.53 million.
- In the third quarter of 2025, the company completed $7 million in cultivation infrastructure projects.
Peer Outperformance in Other Specialty Retail
| Industry | Names | 1Y med | 3Y med | 5Y med | Top 3 by 5Y |
|---|---|---|---|---|---|
| Education Services | 14 | -17.3% | 83.1% | 86.7% | CVSA 263% · PRDO 237% · LRN 146% |
| Homebuilding | 18 | -4.7% | 32.5% | 46.0% | GRBK 183% · PHM 145% · TOL 140% |
| Specialty Stores | 7 | 9.7% | 37.8% | 17.7% | ASO 40% · DKS 29% · FIVE 18% |
| Hotels, Resorts & Cruise Lines | 21 | 9.7% | 36.6% | 13.7% | RCL 236% · MAR 151% · LIND 142% |
| Home Furnishings | 3 | -4.3% | 47.1% | 1.4% | SGI 50% · MHK -34% |
| Home Improvement Retail | 5 | -20.3% | 2.4% | -2.0% | HD -1% · LOW -2% · FND -62% |
| Footwear | 9 | 69.5% | 49.8% | -11.3% | DECK 45% · SHOO 19% · CROX -11% |
| Automotive Retail | 18 | -15.4% | 3.5% | -11.4% | MUSA 229% · PAG 119% · ORLY 111% |
| Specialized Consumer Services | 10 | -12.0% | 15.0% | -14.3% | HRB 110% · FTDR 86% · SCI 38% |
| Distributors | 4 | -8.8% | -26.5% | -15.4% | ARMK 116% · GPC 22% · LKQ -52% |
| Restaurants | 36 | -8.9% | -8.2% | -18.5% | EAT 321% · CAKE 188% · TXRH 100% |
| Apparel Retail | 26 | 0.5% | 17.4% | -39.9% | ANF 303% · TJX 140% · ROST 124% |
| Leisure Facilities | 12 | 6.5% | -8.0% | -40.7% | OSW 130% · LTH 128% · PLNT -40% |
| Household Appliances | 18 | 3.3% | 1.7% | -40.7% | |
| Computer & Electronics Retail | 3 | 15.4% | 46.5% | -40.8% | BBY 0% · GME -41% |
| Leisure Products | 14 | -17.8% | -16.9% | -44.8% | GOLF 84% · HAS 33% · MAT -12% |
| Automotive Parts & Equipment | 39 | -7.6% | -20.0% | -46.5% | MOD 1343% · GTX 258% · BWA 57% |
| Broadline Retail | 14 | -5.4% | 25.5% | -48.5% | EBAY 70% · AMZN 57% · OLLI 39% |
| Casinos & Gaming | 20 | -7.9% | -23.6% | -49.4% | MCRI 95% · RRR 15% · BYD 10% |
| Apparel, Accessories & Luxury Goods | 29 | 2.1% | 18.9% | -49.5% | RL 254% · TPR 241% · KTB 67% |
| Consumer Electronics | 11 | -22.5% | -25.3% | -76.5% | GRMN 98% · SONO -44% |
| Other Specialty Retail ← | 17 | -31.9% | -37.6% | -78.3% | ULTA 46% · TSCO -5% · BBWI -68% |
| Automobile Manufacturers | 8 | -73.1% | -54.8% | -79.0% | GM 52% · TSLA 39% · F 6% |
Latest Trefis Analyses
| Title | Date | |
|---|---|---|
| DASHBOARDS | ||
| GrowGeneration Earnings Notes | 12/16/2025 | |
| Can GrowGeneration Stock Recover If Markets Fall? | 10/17/2025 |
| Title | |
|---|---|
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Peer Comparisons
| Peers to compare with: |
Financials
| Median | |
|---|---|
| Name | |
| Mkt Price | 1.44 |
| Mkt Cap | 0.1 |
| Rev LTM | 167 |
| Op Inc LTM | -12 |
| FCF LTM | -3 |
| FCF 3Y Avg | 2 |
| CFO LTM | -0 |
| CFO 3Y Avg | 4 |
Growth & Margins
| Median | |
|---|---|
| Name | |
| Rev Chg LTM | 1.6% |
| Rev Chg 3Y Avg | -11.7% |
| Rev Chg Q | 1.1% |
| QoQ Delta Rev Chg LTM | 0.4% |
| Op Inc Chg LTM | 19.3% |
| Op Inc Chg 3Y Avg | 20.6% |
| Op Mgn LTM | -10.6% |
| Op Mgn 3Y Avg | -18.4% |
| QoQ Delta Op Mgn LTM | 0.3% |
| CFO/Rev LTM | -0.7% |
| CFO/Rev 3Y Avg | 1.9% |
| FCF/Rev LTM | -4.4% |
| FCF/Rev 3Y Avg | 0.2% |
Segment Financials
Revenue by Segment| $ Mil | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Cultivation and Gardening | 134 | 164 | 194 | 246 | 422 |
| Storage Solutions | 28 | 25 | 31 | 32 | 0 |
| Corporate | 0 | ||||
| Total | 162 | 189 | 226 | 278 | 422 |
| $ Mil | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Cultivation and Gardening | 7 | -3 | 4 | 8 | 68 |
| Storage Solutions | 6 | 6 | 9 | 7 | 0 |
| Impairment loss | -0 | -7 | -16 | 0 | |
| Estimated credit losses (recoveries) | -0 | 0 | -1 | -1 | |
| Depreciation and amortization | -11 | -19 | -17 | -13 | |
| Selling, general, and administrative | -26 | -29 | -30 | -39 | |
| Corporate | -183 | ||||
| Total | -26 | -52 | -50 | -168 | 15 |
Price Behavior
| Market Price | $1.46 | |
| Market Cap ($ Bil) | 0.1 | |
| First Trading Date | 03/16/2018 | |
| Distance from 52W High | -33.6% | |
| 50 Days | 200 Days | |
| DMA Price | $1.60 | $1.42 |
| DMA Trend | up | indeterminate |
| Distance from DMA | -8.8% | 3.0% |
| 3M | 1YR | |
| Volatility | 54.5% | 75.2% |
| Downside Capture | 136.76 | 112.89 |
| Upside Capture | 140.33 | 79.64 |
| Correlation (S&P 500) | 11.9% | 12.8% |
| 1M | 2M | 3M | 6M | 1Y | 3Y | |
|---|---|---|---|---|---|---|
| Beta | -0.47 | 0.29 | 0.66 | 1.10 | 0.77 | 1.23 |
| Up Beta | 0.04 | -1.20 | -0.65 | 0.75 | 0.97 | 0.79 |
| Down Beta | 0.12 | -1.39 | 0.41 | 0.37 | 0.73 | 0.94 |
| Up Capture | -93% | 95% | 108% | 171% | 34% | 269% |
| Bmk +ve Days | 6 | 16 | 27 | 66 | 132 | 424 |
| Stock +ve Days | 7 | 15 | 24 | 52 | 96 | 317 |
| Down Capture | 36% | 74% | 111% | 123% | 100% | 112% |
| Bmk -ve Days | 16 | 26 | 37 | 60 | 120 | 328 |
| Stock -ve Days | 12 | 23 | 36 | 66 | 135 | 396 |
[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
Based On 1-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with GRWG | |
|---|---|---|---|---|
| GRWG | -12.1% | 75.2% | 0.11 | - |
| Sector ETF (XLY) | -4.1% | 19.1% | -0.35 | 14.9% |
| Equity (SPY) | 17.1% | 12.7% | 0.96 | 12.1% |
| Gold (GLD) | -0.6% | 29.4% | -0.02 | 11.1% |
| Commodities (DBC) | 49.3% | 20.7% | 1.82 | -7.1% |
| Real Estate (VNQ) | 5.7% | 13.7% | 0.15 | 9.3% |
| Bitcoin (BTCUSD) | -27.9% | 43.7% | -0.63 | 12.9% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 5-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with GRWG | |
|---|---|---|---|---|
| GRWG | -42.6% | 85.3% | -0.28 | - |
| Sector ETF (XLY) | 5.1% | 24.1% | 0.17 | 37.4% |
| Equity (SPY) | 13.6% | 17.1% | 0.60 | 34.5% |
| Gold (GLD) | 17.9% | 18.9% | 0.76 | 6.8% |
| Commodities (DBC) | 10.0% | 19.5% | 0.39 | 4.0% |
| Real Estate (VNQ) | 1.2% | 18.8% | -0.05 | 32.5% |
| Bitcoin (BTCUSD) | 8.5% | 51.8% | 0.34 | 20.3% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 10-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with GRWG | |
|---|---|---|---|---|
| GRWG | -7.6% | 87.3% | 0.26 | - |
| Sector ETF (XLY) | 12.0% | 22.2% | 0.49 | 37.6% |
| Equity (SPY) | 15.4% | 17.9% | 0.73 | 34.5% |
| Gold (GLD) | 12.0% | 16.4% | 0.60 | 8.5% |
| Commodities (DBC) | 8.2% | 18.1% | 0.37 | 9.2% |
| Real Estate (VNQ) | 4.8% | 20.7% | 0.19 | 28.3% |
| Bitcoin (BTCUSD) | 63.5% | 66.2% | 1.03 | 19.2% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Returns Analyses
SEC Filings
Expand for More| Report Date | Filing Date | Filing |
|---|---|---|
| 06/30/2026 | 08/11/2026 | 10-Q |
| 03/31/2026 | 05/12/2026 | 10-Q |
| 12/31/2025 | 03/20/2026 | 10-K |
| 09/30/2025 | 11/06/2025 | 10-Q |
| 06/30/2025 | 08/11/2025 | 10-Q |
| 03/31/2025 | 05/08/2025 | 10-Q |
| 12/31/2024 | 03/13/2025 | 10-K |
| 09/30/2024 | 11/12/2024 | 10-Q |
| 06/30/2024 | 08/08/2024 | 10-Q |
| 03/31/2024 | 05/08/2024 | 10-Q |
| 12/31/2023 | 03/13/2024 | 10-K |
| 09/30/2023 | 11/08/2023 | 10-Q |
| 06/30/2023 | 08/08/2023 | 10-Q |
| 03/31/2023 | 05/09/2023 | 10-Q |
| 12/31/2022 | 03/16/2023 | 10-K |
| 09/30/2022 | 11/07/2022 | 10-Q |
| Report Date | Filing Date | Filing |
|---|---|---|
| 06/30/2026 | 08/11/2026 | 10-Q |
| 03/31/2026 | 05/12/2026 | 10-Q |
| 12/31/2025 | 03/20/2026 | 10-K |
| 09/30/2025 | 11/06/2025 | 10-Q |
| 06/30/2025 | 08/11/2025 | 10-Q |
| 03/31/2025 | 05/08/2025 | 10-Q |
| 12/31/2024 | 03/13/2025 | 10-K |
| 09/30/2024 | 11/12/2024 | 10-Q |
| 06/30/2024 | 08/08/2024 | 10-Q |
| 03/31/2024 | 05/08/2024 | 10-Q |
| 12/31/2023 | 03/13/2024 | 10-K |
| 09/30/2023 | 11/08/2023 | 10-Q |
| 06/30/2023 | 08/08/2023 | 10-Q |
| 03/31/2023 | 05/09/2023 | 10-Q |
| 12/31/2022 | 03/16/2023 | 10-K |
| 09/30/2022 | 11/07/2022 | 10-Q |
| 06/30/2022 | 08/09/2022 | 10-Q |
| 03/31/2022 | 05/16/2022 | 10-Q |
| 12/31/2021 | 03/10/2022 | 10-K |
| 09/30/2021 | 11/12/2021 | 10-Q |
| 06/30/2021 | 08/12/2021 | 10-Q |
| 03/31/2021 | 05/13/2021 | 10-Q |
| 12/31/2020 | 03/29/2021 | 10-K |
| 09/30/2020 | 11/12/2020 | 10-Q |
| 06/30/2020 | 08/13/2020 | 10-Q |
| 03/31/2020 | 05/14/2020 | 10-Q |
| 12/31/2019 | 03/27/2020 | 10-K |
| 09/30/2019 | 11/12/2019 | 10-Q |
Insider Activity
Updated 9/17/2026| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Lampert, Darren | CEO | Direct | Buy | 5192026 | 1.55 | 64,098 | 99,352 | 2,736,990 | Form |
| 2 | Lampert, Darren | CEO | Direct | Sell | 11142025 | 1.61 | 56,540 | 91,029 | 2,659,240 | Form |
| 3 | Lampert, Darren | CEO | Direct | Sell | 11142025 | 1.74 | 70,280 | 122,287 | 2,972,341 | Form |
| 4 | Aiello, Stephen | Direct | Buy | 9232025 | 1.66 | 133,334 | 221,334 | 1,109,396 | Form |
| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Lampert, Darren | CEO | Direct | Buy | 5192026 | 1.55 | 64,098 | 99,352 | 2,736,990 | Form |
| 2 | Lampert, Darren | CEO | Direct | Sell | 11142025 | 1.61 | 56,540 | 91,029 | 2,659,240 | Form |
| 3 | Lampert, Darren | CEO | Direct | Sell | 11142025 | 1.74 | 70,280 | 122,287 | 2,972,341 | Form |
| 4 | Aiello, Stephen | Direct | Buy | 9232025 | 1.66 | 133,334 | 221,334 | 1,109,396 | Form |
GrowGeneration — Investor Video Playlist
Industry Resources
| Consumer Discretionary Resources |
| Retail Dive |
| Business of Fashion (BoF) |
| WWD (Women's Wear Daily) |
| National Retail Federation (NRF) |
| McKinsey & Company - Consumer |
| Mintel Consumer Trends |
| Other Specialty Retail Resources |
| Specialty Retailer |
| Retail Gazette |
| Inside Retail |
External Quote Links
| Y Finance | Barrons |
| TradingView | Morningstar |
| SeekingAlpha | ValueLine |
| Motley Fool | Robinhood |
| CNBC | Etrade |
| MarketWatch | Unusual Whales |
| YCharts | Perplexity Finance |
| FinViz |
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