GLASNYSEMedicinal Chemicals & Botanical ProductsFiscal year ends December 31
Glass House Brands Inc.
Financials through fiscal 2025, year ended Dec 31, 2025Last filing: 40-F on Mar 24, 2026
$2.46−0.73 (-22.88%)
Close on Oct 19, 2026
- Market cap
- –
- P/E (TTM)
- –
- Dividend yield
- –
Margins
Share of revenue, fiscal years 2019 to 2025
Gross margin
42.3%+3.5 pts over 5 years
Operating margin
-9.1%+3.4 pts over 5 years
Net margin
-16.3%+18.2 pts over 5 years
Growth rates
Compound annual growth to fiscal 2025
| Per year | 1 year | 3 years | 5 years | 10 years | Five-year pace |
|---|---|---|---|---|---|
| Revenue | -9.4% | +28.9% | +30.4% | – | |
| Gross profit | -21.0% | +54.9% | +32.6% | – |
Returns and balance sheet
7 fiscal years. Hover a measure to see how it is calculated.
| Measure | FY2019 | FY2020 | FY2025 | Trend |
|---|---|---|---|---|
| Return on equity | – | -51.4% | -31.2% | |
| Return on assets | – | – | -9.4% | |
| Current ratio | – | 0.94 | 1.78 | |
| Debt to equity | – | 0.61 | 0.93 | |
| Net debt to EBITDA | – | -3.16× | -31.84× | |
| Interest coverage | – | -2.8× | -2.3× | |
| Inventory turnover | – | – | 5.2× | |
| Capex to revenue | – | 8.0% | 14.9% | |
| Diluted shares | – | 21M | 82M |
Where the cash went
Fiscal 2021 to 2025, five years combined
Glass House Brands generated $124.13M from operations and spent $186.04M on capital expenditure, dividends and share buybacks. 100% of that went back into the business.
Generated
$124.13M
Used
$186.04M
Capital expenditure$186.04M100%Dividends$00%Share buybacks$00%
DuPont analysis
Return on equity split into margin, efficiency and leverage
Net margin-16.3%
×Asset turnover0.58×
×Equity multiplier3.31×
=Return on equity, FY2025-31.2%
| Fiscal year | Net margin | Asset turnover | Equity multiplier | Return on equity |
|---|---|---|---|---|
| FY2025 | -16.3% | 0.58× | 3.31× | -31.2% |
| FY2024 | 0.3% | 0.65× | 2.98× | 0.5% |
| FY2023 | -61.1% | 0.49× | 2.53× | -76.0% |
| FY2022 | -38.8% | 0.27× | 1.82× | -18.7% |
| FY2021 | -68.2% | 0.35× | 1.71× | -41.4% |
Piotroski F-Score
Nine tests of profitability, balance sheet and efficiency, fiscal 2025 against fiscal 2024
3of 9 tests passed in fiscal 2025. Scores of 7 to 9 are usually read as strong.
- ProfitableNet income above zero-$29.66M
- Cash generatingOperating cash flow above zero$11.45M
- Return on assets improvedROA up on the prior year0.2% → -9.6%
- Earnings backed by cashOperating cash flow above net income$11.45M vs -$29.66M
- Less leverageLong-term debt to assets fell16.3% → 21.5%
- Better liquidityCurrent ratio rose0.99 → 1.78
- No dilutionShare count did not rise75M → 82M
- Gross margin improvedGross margin up on the prior year48.48% → 42.29%
- More efficientAsset turnover rose0.66 → 0.59