Greenlane Holdings, Inc. (NASDAQ: GNLN)

Sector: Consumer Defensive Industry: Tobacco CIK: 0001743745
Market Cap 10,556.50
P/B 0.00
P/E 0.00
P/S 0.00
ROIC (Qtr) -122.20
Div Yield % 0.00
Rev 1y % (Qtr) -81.75
Total Debt (Qtr) 320,000.00
Debt/Equity (Qtr) 0.03
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About

Greenlane Holdings, Inc., with ticker symbol GNLN, operates in the cannabis industry, specializing in the development and distribution of premium cannabis accessories, vape devices, and lifestyle products. Founded in 2

Investment thesis

Bull case

  • Healthy cash reserves of 1.81M provide 5.67x coverage of short-term debt 319000, demonstrating strong liquidity position and minimal refinancing risk.
  • Strong tangible asset base of 17.64M provides 55.12x coverage of total debt 320000, indicating robust asset backing and low credit risk.
  • Tangible assets of 17.64M provide robust 7.88x coverage of other current liabilities 2.24M, indicating strong asset backing.
  • Tangible assets of 17.64M provide robust 2.66x coverage of current liabilities 6.62M, showing strong asset backing.
  • Tangible assets of 17.64M provide robust 4.26x coverage of receivables 4.14M, showing strong asset quality.

Bear case

  • With cash reserves of 1.81M against inventory of 6.25M, the 0.29 cash-to-inventory ratio suggests potential liquidity risks if inventory turnover slows, particularly concerning given current supply chain volatilities.
  • Free cash flow of (13.47M) provides weak coverage of capital expenditures of 146000, with a -92.23 ratio suggesting additional external financing needs for growth initiatives.
  • Operating earnings of (22.49M) show weak coverage of depreciation charges of 559000, with a -40.23 ratio indicating high capital intensity and potential reinvestment needs.
  • Operating cash flow of (13.32M) barely covers operating expenses of 1.20M with a -11.06 ratio, suggesting thin operational efficiency margins and limited flexibility.
  • Retained earnings of (290.94M) provide limited buffer against comprehensive income items of 265000, which is -1097.90x, indicating elevated exposure to market risks.

Geographical Breakdown of Revenue (2024)

Peer comparison

Companies in the Tobacco
S.No. Ticker Company Market Cap P/E P/S Total Debt (Qtr)
1 PM Philip Morris International Inc. 286.67 Bn 25.26 7.05 48.84 Bn
2 MO Altria Group, Inc. 132.50 Bn 30.66 5.43 25.70 Bn
3 BTI British American Tobacco p.l.c. 130.31 Bn 12.42 3.77 47.39 Bn
4 RLX RLX Technology Inc. 2.87 Bn 26.73 5.63 0.02 Bn
5 TPB Turning Point Brands, Inc. 2.19 Bn 81.36 10.62 0.30 Bn
6 UVV Universal Corp /Va/ 1.32 Bn 20.69 0.66 1.11 Bn
7 ISPR Ispire Technology Inc. 0.17 Bn -4.78 1.75 0.01 Bn
8 XXII 22nd Century Group, Inc. 0.00 Bn -0.15 0.08 0.00 Bn

Industry comparisons

Current Valuation Value Ind Avg Percentile
EV to Assets EV to Assets -0.29 1.74
EV to Cash from Ops. EV/CFO 0.39 36.76
EV to Debt EV to Debt -16.13 0.92
EV to EBIT EV/EBIT 0.23 12.10
EV to EBITDA EV/EBITDA 0.27 31.94
EV to Free Cash Flow [EV/FCF] EV/FCF 0.38 53.50
EV to Market Cap EV to Market Cap -488.84 -53.22
EV to Revenue EV/Rev -1.11 3.60
Price to Book Value [P/B] P/B 0.00 5.34
Price to Earnings [P/E] P/E 0.00 21.35
Dividend Metrics Value Ind Avg Percentile
Dividend Coverage Ratio Dividend Coverage Ratio 0.00 1.31
Dividend Payout Ratio % Div Payout % (Qtr) 0.00 37.42
Dividend per Basic Share Div per Share (Qtr) 0.00 1.81
FCF Dividend Payout Ratio % FCF Div Payout % (Qtr) 0.00 42.94
Interest Coverage Int. cover (Qtr) -9.76 -12.36
Growth Metrics Value Ind Avg Percentile
Capex Growth (1y) % Capex 1y % (Qtr) 73.31 14.47
Cash and Equivalents Growth (1y) % Cash & Equiv 1y % (Qtr) -21.61 49.35
Dividend Growth (1y) % Dividend Growth (1y) % 0.00 2.17
EBIAT Growth (1y) % EBIAT 1y % (Qtr) -153.73 30.18
EBITDA Growth (1y) % EBITDA 1y % (Qtr) -97.70 2.41
EBIT Growth (1y) % EBIT 1y % (Qtr) -153.85 30.58
EBT Growth (1y) % EBT 1y % (Qtr) -87.95 17.61
EPS Growth (1y) % EPS 1y % (Qtr) -103.50 19.96
FCF Growth (1y) % FCF 1y % (Qtr) -53.65 -140.66
Gross Profit Growth (1y) % Gross Profit 1y % (Qtr) -135.93 -1.72
Liquidity Ratios Value Ind Avg Percentile
Asset Utilization Ratio Asset Util Ratio (Qtr) 0.26 0.56
Cash Payout Ratio Cash Payout (Qtr) 0.00 0.28
Cash Ratio Cash Ratio (Qtr) 0.27 0.92
Current Ratio Curr Ratio (Qtr) 2.17 2.85
Debt to Equity Ratio Debt/Equity (Qtr) 0.03 -1.43
Interest Cover Ratio Int Coverage (Qtr) -9.76 -12.36
Times Interest Earned Times Interest Earned (Qtr) -9.76 -12.36
Profitability Value Ind Avg Percentile
EBITDA Margin % EBITDA Margin % (Qtr) -471.20 -38.32
EBIT Margin % EBIT Margin % (Qtr) -483.26 -36.97
EBT Margin % EBT Margin % (Qtr) -532.77 -48.97
Gross Margin % Gross Margin % (Qtr) -78.40 26.54
Net Profit Margin % Net Margin % (Qtr) -532.80 -54.22