公司概述
Greenlane Holdings, Inc. engages in the development and distribution of cannabis accessories, vape devices, and lifestyle products across the United States, Canada, Europe, and Latin America, offering a comprehensive range of vaporizers, pipes, rolling papers, packaging, grinders, and other inhalation devices. The company operates within the Consumer Defensive sector, specifically classified under the Tobacco industry, which typically denotes a focus on essential consumer goods despite the specific product mix involving cannabis and tobacco-related paraphernalia. The entity currently maintains a market capitalization of $1.81M and reports trailing twelve-month revenue of $4.36M, with an employee count listed as N/A in available data. These financial figures indicate that the company operates on a very small scale relative to major industry peers, positioning it as a micro-cap entity with limited market dominance and significant concentration risk inherent to smaller public companies.
财务健康
The company reported revenue of $4.36M for the trailing twelve months, yet recorded a net income of $-85,580,000 and an EBITDA of $-51,611,000, revealing a severe disconnect where operating expenses and costs of goods sold vastly exceed total revenue generation. Despite the substantial net loss, the company maintains a positive free cash flow of $3.93M, which suggests that the business retains sufficient liquidity from operations to fund obligations without relying solely on external financing. The gross margin stands at -286.2%, indicating that the cost of revenue exceeds sales, while the operating margin is a deeply negative -2713.6% and profit margin is 0.0%, reflecting a fundamentally unprofitable operational model where every dollar of sales results in a net loss. On the balance sheet, the company holds $32.51M in cash against a debt obligation of $166,000, resulting in a debt-to-equity ratio of 0.24, which portrays a highly conservative capital structure with minimal leverage relative to equity. The current ratio is recorded at 5.01, signaling a robust short-term liquidity position where current assets are five times the current liabilities, providing a wide safety margin for meeting immediate obligations. However, the return on equity is -231.3% and the return on assets is -62.9%, metrics that demonstrate management is currently destroying shareholder value and utilizing assets inefficiently rather than generating returns.
估值评估
The trailing P/E ratio is N/A due to the company's negative earnings, whereas the forward P/E is -0.52, implying that market expectations for future earnings remain negative or that the current valuation model relies on price-to-sales metrics given the lack of profitability. The price-to-book ratio is 0.36, indicating that the market values the company at significantly less than the net asset value, suggesting a deep discount to book value or a market consensus that future cash flows are unlikely to justify the asset base. Alternative valuation metrics such as the price-to-sales ratio of 0.42 and an EV/EBITDA of 0.59 provide a clearer picture of valuation relative to top-line revenue and enterprise earnings, respectively, though the low EV/EBITDA reflects the underlying losses. The stock price has fluctuated between a 52-week low of $2.09 and a 52-week high of $1739.40, representing an extreme volatility range where the current trading price sits at a level that requires specific real-time data to calculate the exact percentage below the high, but historically demonstrates a massive swing in investor sentiment. The beta is 1.33, meaning the stock's price volatility is 33% higher than the broader market, exposing investors to significantly greater systematic risk than large-cap stable stocks.
Growth & Income
The revenue growth year-over-year is -18.0%, while earnings growth is N/A due to the absence of profitable earnings in the prior period; this contraction implies a shrinking top line that is exacerbating the existing cost structure issues. The company does not pay dividends, evidenced by a dividend yield of N/A and a payout ratio of 0.0%, indicating that all available cash and earnings are theoretically directed toward operations or retained within the entity rather than distributed to shareholders. Given the negative net income, the payout ratio is inherently unsustainable in a traditional sense, as there are no earnings to fund a dividend, and the company is instead operating in a loss-making phase. The overall growth and income profile is characterized by significant revenue decline and a lack of income generation, highlighting the challenges the company faces in stabilizing its financial performance within the competitive cannabis and tobacco accessories landscape.