Glass House Brands Inc. key statistics and ratios

In fiscal 2025, Glass House Brands Inc. had return on equity of -31.2%, an operating margin of -9.1%, debt equal to 93.3% of equity and a current ratio of 1.78. Each ratio below is calculated from the figures on its income statement, balance sheet and cash flow pages.

Financial ratios

US$ thousands unless shown otherwise. Fiscal years, plus the last twelve months (LTM) when newer.

Glass House Brands Inc.: financial ratios, annual
Fiscal year	2020Dec 2020	2021Dec 2021	2022Dec 2022	2023Dec 2023	2024Dec 2024	2025Dec 2025
Gross margin	38.8%	25.0%	24.4%	50.3%	48.5%	42.3%
Operating margin	−12.4%	−57.2%	−66.4%	−30.8%	2.9%	−9.1%
Net margin	−34.5%	−68.2%	−38.8%	−61.1%	0.3%	−16.3%
Free-cash-flow margin	−23.9%	−203.8%	−80.8%	6.8%	9.0%	−8.6%
Return on equity	−63.4%	−41.4%	−18.7%	−76.0%	0.5%	−31.2%
Return on assets	−24.0%	−24.1%	−10.3%	−30.0%	0.2%	−9.4%
Asset turnover	0.69	0.35	0.27	0.49	0.65	0.58
Current ratio	0.94	1.24	0.72	0.56	0.99	1.78
Debt to equity	88.8%	27.6%	39.4%	79.8%	56.6%	93.3%
Interest cover (operating income ÷ interest)	n/m	n/m	n/m	n/m	0.6x	n/m
Effective tax rate	—	—	—	—	93.6%	—
Capital spending as % of revenue	8.0%	171.7%	32.7%	7.7%	5.1%	14.9%
Free cash flow ÷ net income	—	—	—	—	>999%	—

Returns use average equity or assets over the year. Return on equity is left blank when equity is negative or so small that the ratio says nothing (above ±200%); interest cover is left blank above 200 times. Price-based ratios such as P/E are on the valuation page.

Financial health

1 of 7 checks passed · December 31, 2025

What it owns · $319m

Short-term assets $68mLonger-term assets $251m

What it owes, and who funded it · $218m

Short-term liabilities $38mLonger-term liabilities $106mShareholders' equity $74m

Short-term assets cover short-term liabilities $68m of assets due within a year against $38m of liabilities due within a year.
Short-term assets cover long-term liabilities $68m short-term assets against $106m of longer-dated liabilities.
More cash than debt $23m of cash against $69m of debt.
Debt below 40% of shareholders' equity Debt is 93% of equity.
Debt burden no higher than five years ago Debt to equity moved from 58% to 93% over five years.
A year's operating cash flow covers at least 20% of debt $11m of operating cash flow against $69m of debt.
Operating profit covers interest at least five times over Operating income of −$17m against $7m of interest.

From Glass House Brands Inc.'s latest balance sheet as filed. Checks are fixed, documented rules (methodology), counted only where the company reports the figures — a dot means the filing doesn't break the item out. Descriptions of reported data, not advice.

Moat

Not assessed: fewer than five years of comparable figures in the filings. AI disruption exposure for this industry: Low.

A rules-based reading of reported figures, not a forecast and not investment advice. How the score is built: methodology.

Compare with peers

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Figures from Glass House Brands Inc.'s SEC filings (10-K and 10-Q). How we read and check them: methodology and data sources. Not investment advice. Back to Glass House Brands Inc.