GrowGeneration (GRWG)
Market Price (7/15/2026): $1.5 | Market Cap: $90.1 MilSector: Consumer Discretionary | Industry: Other Specialty Retail
GrowGeneration (GRWG)
Market Price (7/15/2026): $1.5Market Cap: $90.1 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 -15% 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 -68%, 3Y Excs Rtn is -127% | Not profitable at operating income levelOp Inc LTMOperating Income, Last Twelve Months is -21 Mil, Op Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is -13% Weak revenue growthRev Chg LTMRevenue Change % Last Twelve Months (LTM) is -6.9%, Rev Chg 3Y AvgRevenue Change % averaged over trailing 3 years is -13% Not cash flow generativeCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is -6.5%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is -6.7% 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 -26% 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 -15% |
| 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 -68%, 3Y Excs Rtn is -127% |
| Not profitable at operating income levelOp Inc LTMOperating Income, Last Twelve Months is -21 Mil, Op Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is -13% |
| Weak revenue growthRev Chg LTMRevenue Change % Last Twelve Months (LTM) is -6.9%, Rev Chg 3Y AvgRevenue Change % averaged over trailing 3 years is -13% |
| Not cash flow generativeCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is -6.5%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is -6.7% |
| 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 -26% |
| 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 gained about 35% since 3/31/2026 because of the following key factors:
1. GrowGeneration reported stronger-than-expected Q1 2026 financial results, signaling improved operational performance.
The company announced net sales of $38.4 million for fiscal Q1 2026, surpassing analyst expectations of approximately $36.45 million to $36.74 million. Furthermore, the GAAP net loss significantly improved to $4.9 million, or -$0.08 per share, a nearly 48% reduction compared to a net loss of $9.4 million, or -$0.16 per share, in Q1 2025. Adjusted EBITDA also showed improvement, with a loss of $1.6 million, compared to a $4 million loss in the prior-year period. This demonstrated progress in profitability and revenue growth, despite operating with fewer locations.
2. The company provided an optimistic outlook for fiscal Q2 2026 and reaffirmed its full-year guidance, reassuring investors about future growth and profitability.
For fiscal Q2 2026, GrowGeneration projected net revenue in the range of $42 million to $44 million and anticipated a return to positive adjusted EBITDA. Management also reaffirmed its full-year 2026 guidance, expecting net revenue between $162 million and $168 million and approximately breakeven adjusted EBITDA. The company also highlighted continued expansion of proprietary brand penetration, targeting approximately 40% by year-end 2026, which further contributed to positive investor sentiment.
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GrowGeneration (GRWG) stock has gained about 35% since 3/31/2026 because of the following key factors:
1. GrowGeneration reported stronger-than-expected Q1 2026 financial results, signaling improved operational performance.
The company announced net sales of $38.4 million for fiscal Q1 2026, surpassing analyst expectations of approximately $36.45 million to $36.74 million. Furthermore, the GAAP net loss significantly improved to $4.9 million, or -$0.08 per share, a nearly 48% reduction compared to a net loss of $9.4 million, or -$0.16 per share, in Q1 2025. Adjusted EBITDA also showed improvement, with a loss of $1.6 million, compared to a $4 million loss in the prior-year period. This demonstrated progress in profitability and revenue growth, despite operating with fewer locations.
2. The company provided an optimistic outlook for fiscal Q2 2026 and reaffirmed its full-year guidance, reassuring investors about future growth and profitability.
For fiscal Q2 2026, GrowGeneration projected net revenue in the range of $42 million to $44 million and anticipated a return to positive adjusted EBITDA. Management also reaffirmed its full-year 2026 guidance, expecting net revenue between $162 million and $168 million and approximately breakeven adjusted EBITDA. The company also highlighted continued expansion of proprietary brand penetration, targeting approximately 40% by year-end 2026, which further contributed to positive investor sentiment.
3. Broader positive developments in federal cannabis policy, specifically the DEA's rescheduling announcement, provided a significant industry tailwind.
In April 2026, the Drug Enforcement Administration (DEA) issued an order moving FDA-approved marijuana products and state-licensed medical marijuana products from Schedule I to Schedule III of the Controlled Substances Act. This historic federal policy shift is expected to provide significant relief to cannabis operators, GrowGeneration's primary customer base, particularly by eliminating the punitive Section 280E tax rule for medical marijuana businesses, thereby improving the overall economics and financial health of the industry. An expedited hearing for broader rescheduling of marijuana to Schedule III was also set for June 29, 2026.
4. The Board of Directors authorized a share repurchase program, indicating management's confidence in the company's valuation.
GrowGeneration's Board of Directors authorized a share repurchase program of up to $10 million in fiscal Q1 2026, reflecting management's view that the current share price does not accurately reflect the long-term value of the business. This move typically signals strong confidence from the company's leadership and can support stock price appreciation by reducing the number of outstanding shares.
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Stock Movement Drivers
Fundamental Drivers
The 35.5% change in GRWG stock from 3/31/2026 to 7/14/2026 was primarily driven by a 33.7% change in the company's P/S Multiple.| (LTM values as of) | 3312026 | 7142026 | Change |
|---|---|---|---|
| Stock Price ($) | 1.10 | 1.49 | 35.5% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 162 | 164 | 1.7% |
| P/S Multiple | 0.4 | 0.5 | 33.7% |
| Shares Outstanding (Mil) | 60 | 60 | -0.3% |
| Cumulative Contribution | 35.5% |
Market Drivers
3/31/2026 to 7/14/2026| Return | Correlation | |
|---|---|---|
| GRWG | 35.5% | |
| Market (SPY) | 15.6% | 26.8% |
| Sector (XLY) | 6.3% | 28.2% |
Fundamental Drivers
The -0.7% change in GRWG stock from 12/31/2025 to 7/14/2026 was primarily driven by a -2.0% change in the company's P/S Multiple.| (LTM values as of) | 12312025 | 7142026 | Change |
|---|---|---|---|
| Stock Price ($) | 1.50 | 1.49 | -0.7% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 161 | 164 | 1.9% |
| P/S Multiple | 0.6 | 0.5 | -2.0% |
| Shares Outstanding (Mil) | 60 | 60 | -0.5% |
| Cumulative Contribution | -0.7% |
Market Drivers
12/31/2025 to 7/14/2026| Return | Correlation | |
|---|---|---|
| GRWG | -0.7% | |
| Market (SPY) | 10.6% | 29.6% |
| Sector (XLY) | -2.7% | 29.1% |
Fundamental Drivers
The 59.3% change in GRWG stock from 6/30/2025 to 7/14/2026 was primarily driven by a 73.1% change in the company's P/S Multiple.| (LTM values as of) | 6302025 | 7142026 | Change |
|---|---|---|---|
| Stock Price ($) | 0.94 | 1.49 | 59.3% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 177 | 164 | -6.9% |
| P/S Multiple | 0.3 | 0.5 | 73.1% |
| Shares Outstanding (Mil) | 59 | 60 | -1.1% |
| Cumulative Contribution | 59.3% |
Market Drivers
6/30/2025 to 7/14/2026| Return | Correlation | |
|---|---|---|
| GRWG | 59.3% | |
| Market (SPY) | 22.7% | 14.7% |
| Sector (XLY) | 7.3% | 23.8% |
Fundamental Drivers
The -56.2% change in GRWG stock from 6/30/2023 to 7/14/2026 was primarily driven by a -35.1% change in the company's Total Revenues ($ Mil).| (LTM values as of) | 6302023 | 7142026 | Change |
|---|---|---|---|
| Stock Price ($) | 3.40 | 1.49 | -56.2% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 253 | 164 | -35.1% |
| P/S Multiple | 0.8 | 0.5 | -33.5% |
| Shares Outstanding (Mil) | 61 | 60 | 1.6% |
| Cumulative Contribution | -56.2% |
Market Drivers
6/30/2023 to 7/14/2026| Return | Correlation | |
|---|---|---|
| GRWG | -56.2% | |
| Market (SPY) | 75.6% | 24.7% |
| Sector (XLY) | 39.6% | 27.9% |
Price Returns Compared
| 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Total [1] | |
|---|---|---|---|---|---|---|---|
| Returns | |||||||
| GRWG Return | -68% | -70% | -36% | -33% | -11% | -3% | -96% |
| Peers Return | -47% | -81% | -9% | 14% | 55% | -45% | -91% |
| S&P 500 Return | 27% | -19% | 24% | 23% | 16% | 10% | 100% |
Monthly Win Rates [3] | |||||||
| GRWG Win Rate | 42% | 33% | 33% | 33% | 42% | 29% | |
| Peers Win Rate | 29% | 23% | 40% | 42% | 46% | 25% | |
| S&P 500 Win Rate | 75% | 42% | 67% | 75% | 67% | 57% | |
Max Drawdowns [4] | |||||||
| GRWG Max Drawdown | -81% | -78% | -68% | -54% | -52% | -35% | |
| Peers Max Drawdown | -69% | -84% | -62% | -56% | -62% | -59% | |
| 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 7/14/2026 (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.
Latest Trefis Analyses
| Title | Date | |
|---|---|---|
| DASHBOARDS | ||
| GrowGeneration Earnings Notes | 12/16/2025 | |
| Can GrowGeneration Stock Recover If Markets Fall? | 10/17/2025 |
| Title | |
|---|---|
| ARTICLES |
Research & Analysis
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Peer Comparisons
| Peers to compare with: |
Financials
| Median | |
|---|---|
| Name | |
| Mkt Price | 1.49 |
| Mkt Cap | 0.1 |
| Rev LTM | 165 |
| Op Inc LTM | -8 |
| FCF LTM | -0 |
| FCF 3Y Avg | 4 |
| CFO LTM | 1 |
| CFO 3Y Avg | 13 |
Growth & Margins
| Median | |
|---|---|
| Name | |
| Rev Chg LTM | -6.9% |
| Rev Chg 3Y Avg | -13.3% |
| Rev Chg Q | 5.0% |
| QoQ Delta Rev Chg LTM | 1.7% |
| Op Inc Chg LTM | 26.8% |
| Op Inc Chg 3Y Avg | 13.3% |
| Op Mgn LTM | -12.7% |
| Op Mgn 3Y Avg | -10.1% |
| QoQ Delta Op Mgn LTM | 1.0% |
| CFO/Rev LTM | 1.0% |
| CFO/Rev 3Y Avg | 5.0% |
| FCF/Rev LTM | -0.2% |
| FCF/Rev 3Y Avg | 1.7% |
Segment Financials
Revenue by Segment| $ Mil | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Cultivation and Gardening | 134 | 164 | 194 | 246 | |
| Storage Solutions | 28 | 25 | 31 | 32 | |
| Corporate | 0 | ||||
| Distribution and other | 17 | ||||
| E-Commerce | 36 | ||||
| Retail | 369 | ||||
| Total | 162 | 189 | 226 | 278 | 422 |
| $ Mil | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Cultivation and Gardening | 7 | -3 | 4 | 8 | |
| Storage Solutions | 6 | 6 | 9 | 7 | |
| Impairment loss | -0 | -7 | -128 | ||
| Estimated credit losses (recoveries) | -0 | 0 | -2 | ||
| Depreciation and amortization | -11 | -19 | -17 | ||
| Selling, general, and administrative | -26 | -29 | -37 | ||
| Corporate | -63 | ||||
| Distribution and other | 3 | ||||
| E-Commerce | -1 | ||||
| Retail | 13 | ||||
| Total | -26 | -52 | -50 | -168 | 15 |
Price Behavior
| Market Price | $1.49 | |
| Market Cap ($ Bil) | 0.1 | |
| First Trading Date | 03/16/2018 | |
| Distance from 52W High | -32.3% | |
| 50 Days | 200 Days | |
| DMA Price | $1.52 | $1.45 |
| DMA Trend | down | up |
| Distance from DMA | -2.3% | 2.9% |
| 3M | 1YR | |
| Volatility | 73.3% | 88.0% |
| Downside Capture | 145.92 | 64.16 |
| Upside Capture | 233.27 | 92.93 |
| Correlation (SPY) | 31.9% | 14.8% |
| 1M | 2M | 3M | 6M | 1Y | 3Y | |
|---|---|---|---|---|---|---|
| Beta | 1.26 | 1.45 | 1.33 | 1.22 | 1.02 | 1.32 |
| Up Beta | 1.49 | 1.99 | 1.36 | 1.70 | 1.40 | 0.76 |
| Down Beta | 0.07 | -0.08 | 0.27 | 0.54 | 1.36 | 0.97 |
| Up Capture | 61% | 220% | 199% | 114% | 99% | 423% |
| Bmk +ve Days | 11 | 24 | 40 | 67 | 140 | 429 |
| Stock +ve Days | 8 | 18 | 29 | 47 | 104 | 319 |
| Down Capture | 229% | 165% | 142% | 135% | 57% | 112% |
| Bmk -ve Days | 10 | 17 | 23 | 58 | 112 | 321 |
| Stock -ve Days | 12 | 19 | 30 | 67 | 127 | 393 |
[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 | 43.5% | 87.9% | 0.76 | - |
| Sector ETF (XLY) | 5.3% | 18.7% | 0.14 | 23.7% |
| Equity (SPY) | 21.7% | 12.6% | 1.28 | 14.8% |
| Gold (GLD) | 20.5% | 27.9% | 0.65 | 7.8% |
| Commodities (DBC) | 27.3% | 18.9% | 1.14 | -3.1% |
| Real Estate (VNQ) | 13.0% | 13.9% | 0.64 | 7.4% |
| Bitcoin (BTCUSD) | -47.0% | 42.7% | -1.37 | 19.2% |
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 | -50.8% | 85.8% | -0.45 | - |
| Sector ETF (XLY) | 5.9% | 23.9% | 0.21 | 38.5% |
| Equity (SPY) | 13.1% | 17.1% | 0.59 | 34.7% |
| Gold (GLD) | 17.2% | 18.4% | 0.76 | 6.4% |
| Commodities (DBC) | 8.6% | 19.5% | 0.33 | 5.7% |
| Real Estate (VNQ) | 2.7% | 18.9% | 0.04 | 32.1% |
| Bitcoin (BTCUSD) | 12.8% | 53.4% | 0.42 | 20.1% |
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 | -7.4% | 88.3% | 0.27 | - |
| Sector ETF (XLY) | 12.5% | 22.1% | 0.52 | 38.4% |
| Equity (SPY) | 15.4% | 17.9% | 0.73 | 34.7% |
| Gold (GLD) | 11.2% | 16.1% | 0.57 | 8.6% |
| Commodities (DBC) | 6.3% | 18.0% | 0.27 | 10.0% |
| Real Estate (VNQ) | 5.0% | 20.7% | 0.21 | 28.6% |
| Bitcoin (BTCUSD) | 57.3% | 66.2% | 0.97 | 19.4% |
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 |
|---|---|---|
| 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 |
| Report Date | Filing Date | Filing |
|---|---|---|
| 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 |
| 06/30/2019 | 08/08/2019 | 10-Q |
Insider Activity
Updated 6/16/2026| # | 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 |
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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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