GrowGeneration Corp. (GRWG) intrinsic value & 10-year financials
GrowGeneration Corp. (GRWG) has a Graham intrinsic value of $6.98 per share. At $1.43 on Oct 17, 2026, the stock trades 80% below that value. Over the last 10 fiscal years revenue grew 39.7% a year to $161.7M, with an average return on invested capital of -23.5%.
- Graham intrinsic value
- $6.98
- Share price (Oct 17, 2026)
- $1.43
- Price vs Graham value
- 80% below
- Market cap
- $85.3M
- Revenue (FY2025)
- $161.7M
- Revenue growth (10-yr CAGR)
- 39.7%
- ROIC (10-yr avg)
- -23.5%
- Free cash flow (FY2025)
- —
GRWG 10-year financial history
| Fiscal year | Revenue | Net income | EPS (diluted) | Free cash flow | Operating margin | ROIC |
|---|---|---|---|---|---|---|
| FY2025 | $161.7M | -$24.0M | -$0.40 | — | -15.8% | -24.1% |
| FY2024 | $188.9M | -$49.5M | -$0.82 | — | -27.5% | -34.6% |
| FY2023 | $225.9M | -$46.5M | -$0.76 | — | -22.1% | -25.2% |
| FY2022 | $278.2M | -$163.7M | -$2.69 | — | -60.4% | -56.3% |
| FY2021 | $422.5M | $12.8M | $0.21 | — | 3.6% | 4.9% |
| FY2020 | $193.4M | $5.3M | $0.11 | — | 4.4% | 5.4% |
| FY2019 | $79.7M | $1.9M | $0.05 | — | 2.7% | 6.8% |
| FY2018 | $29.0M | -$5.1M | -$0.22 | -$1.6M | -14.7% | -37.5% |
| FY2017 | $14.4M | -$2.5M | -$0.18 | -$3.8M | -19.8% | -60.0% |
| FY2016 | $8.0M | -$431.2K | -$0.05 | — | -5.3% | -14.1% |
Source: annual 10-K filings on SEC EDGAR. Figures in USD.
Executive summary
GrowGeneration Corp. is a consistent compounder, expanding top-line revenue at 39.7% annually over the past decade.
GrowGeneration Corp. has historically struggled to out-earn its cost of capital, averaging just -23.5% ROIC.
GrowGeneration Corp. has not shown aggressive share repurchases (>10% retirement) or a major balance-sheet leverage increase (>50% net debt growth) over the 10-year window.
Benjamin Graham lens
Under Benjamin Graham's formula using SEC EDGAR fundamentals, GrowGeneration Corp. is modeled at 15.0% normalized earnings growth with a 5.1% bond-yield adjustment. The resulting Graham intrinsic value estimate is $6.98 per share.