HYDROFARM HOLDINGS GROUP, INC. HYFM
We are a leading independent manufacturer and distributor of branded hydroponics equipment and supplies for controlled environment agriculture ("CEA"), including grow lights, climate control solutions, grow media and nutrients, as well as a broad portfolio of innovative and proprietary branded products. We primarily serve the U.S. and Canadian markets, and believe we are one of the leading companies in these markets in an otherwise fragmented industry. For over 40 years, we have helped growers make growing easier and more productive. Our mission is to empower growers, farmers and cultivators with products that enable greater quality, efficiency, consistency, and speed in their grow projects. For the 2025 fiscal year, our net sales were $134.3 million.
Valuation FY2025 figures against the last close
Annual financial statements
Income statement
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 |
|---|---|---|---|---|---|---|---|---|
| Revenue | $134.3M | $190.3M | $226.6M | $344.5M | $479.4M | $342.2M | $235.1M | — |
| Cost of revenue | $119.0M | $158.2M | $189.0M | $315.2M | $377.9M | $278.6M | $208.0M | — |
| Gross profit | $15.2M | $32.1M | $37.6M | $29.3M | $101.5M | $63.6M | $27.1M | — |
| SG&A | $59.9M | $72.8M | $87.3M | $118.6M | $104.2M | $58.5M | $43.8M | — |
| Operating income | -$276.9M | -$52.2M | -$49.7M | -$281.6M | -$2.7M | $4.3M | -$26.7M | — |
| Interest expense | $13.4M | $15.2M | $15.4M | $11.0M | $2.1M | $10.1M | $13.5M | — |
| Pre-tax income | -$290.5M | -$65.8M | -$65.0M | -$291.9M | -$5.7M | -$6.7M | -$40.8M | — |
| Income tax | $740.0K | $869.0K | $213.0K | $6.4M | $19.1M | $576.0K | $691.0K | — |
| Net income | -$289.8M | -$66.7M | -$64.8M | -$285.4M | $13.4M | -$7.3M | -$40.1M | — |
| EPS, basic | -62.35 | -14.51 | -14.24 | -6.35 | 0.34 | -0.46 | -1.94 | — |
| EPS, diluted | -62.35 | -14.51 | -14.24 | -6.35 | 0.31 | -0.46 | -1.94 | — |
| Shares, diluted (wtd. avg.) | $4.6M | $4.6M | $4.6M | $45.0M | $43.0M | $21.3M | $20.7M | — |
Balance sheet
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 |
|---|---|---|---|---|---|---|---|---|
| Cash and equivalents | $6.3M | $26.1M | $30.3M | $21.3M | $28.4M | $77.0M | $22.9M | $27.9M |
| Receivables | $8.2M | $14.8M | $16.9M | $17.2M | $41.5M | $21.6M | — | — |
| Inventory | $33.3M | $50.6M | $75.4M | $111.4M | $189.1M | $88.6M | — | — |
| Total current assets | $51.4M | $95.2M | $128.1M | $154.9M | $269.4M | $199.9M | — | — |
| Property, plant and equipment | — | $37.5M | $47.4M | — | — | — | — | — |
| Goodwill | — | — | $0 | $0 | $204.9M | $0 | — | — |
| Other intangibles | $2.8M | $249.0M | $275.9M | $300.4M | $314.8M | $52.4M | — | — |
| Total assets | $123.8M | $426.1M | $507.6M | $573.6M | $891.2M | $275.8M | — | — |
| Accounts payable | $9.8M | $12.3M | $12.6M | $13.6M | $26.7M | $22.6M | — | — |
| Short-term debt | $111.9M | $1.3M | $3.0M | $1.3M | $1.5M | — | — | — |
| Total current liabilities | $140.0M | $35.0M | $37.7M | $41.6M | $88.4M | $48.7M | — | — |
| Long-term debt | $50.0K | $114.7M | $115.4M | $117.5M | $121.8M | $1.0M | — | — |
| Total liabilities | $187.1M | $202.4M | $217.0M | $223.7M | $256.1M | $64.9M | — | — |
| Retained earnings | -$847.3M | -$557.5M | -$490.7M | -$425.9M | -$140.5M | -$153.9M | — | — |
| Total equity | -$63.3M | $223.7M | $290.6M | $349.9M | $635.2M | $210.9M | $9.4M | $47.5M |
Cash flow
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 |
|---|---|---|---|---|---|---|---|---|
| Operating cash flow | -$14.1M | -$324.0K | $7.0M | $22.0M | -$45.1M | -$44.8M | -$13.3M | — |
| Depreciation and amortisation | $23.1M | $30.7M | $32.1M | $41.5M | $14.9M | $6.8M | $7.0M | — |
| Stock-based compensation | $1.2M | $2.4M | $5.1M | $8.4M | $5.0M | $8.9M | $208.0K | — |
| Capital expenditure | $1.0M | $2.9M | $4.2M | $8.2M | $5.4M | $1.4M | $768.0K | — |
| Investing cash flow | -$841.0K | $1.7M | -$4.2M | -$8.5M | -$468.2M | $546.0K | -$3.8M | — |
| Financing cash flow | -$5.4M | -$4.8M | $6.1M | -$20.2M | $464.7M | $88.1M | $19.9M | — |
Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0001437749-26-014214.
Others in SIC 5190
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| CENT | CENTRAL GARDEN & PET CO | $2.56B | 16.4x | -2.2% |
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| NHTC | NATURAL HEALTH TRENDS CORP | $13.6M | — | -7.4% |
| EDUC | EDUCATIONAL DEVELOPMENT CORP | $11.5M | 5.0x | -33.0% |