Forensic Analysis · Healthcare / Pharmaceuticals / Biotech · as of Jul 5, 2026
Glass House Brands Inc. (GLAS)
A forensic read on Glass House Brands Inc. built from its complete SEC filings — financial-health screens, earnings quality, red flags and a price-aware rating. Reproducible math, not opinion.
C · Mixed — selective
Forensic grade
Distress
Financial health
-1.4
Altman Z-score
Clean
Earnings quality
4
Forensic signals
$982M
Market cap
Glass House Brands Inc. earns a C (Mixed — selective) forensic quality grade, and its Altman Z-score is -1.4, placing it in the Distress zone. 4 forensic signals were flagged in its latest SEC filings, led by inventory days.
What the filings flag
91dInventory days.Days inventory outstanding moved from 50 to 91 FY2024→FY2025 (against cost of goods sold; inventory +84% vs +1% in cost of sales). Inventory is outrunning what's being sold — a flag for softening demand or obsolescence risk ahead.
-5%Return on invested capital.Return on invested capital is -5% in the latest fiscal year and rising from -15% — well below its ~10% cost of capital, so reinvested dollars may be destroying value, not building it.
+9.2%/yrShare-count dilution.Diluted share count changed +28% over the last 3 years to FY2025 (+9.2%/yr). The count is GROWING — existing holders are being diluted. That's ~9.2% shaved off per-share growth every year — total profit has to grow that much just to keep earnings-per-share flat, and a stake held since FY2022 has been diluted ~28%.
$44MGoodwill impairments.Took $44M of goodwill writedowns across 2 years (FY2022 ($6M), FY2023 ($38M)). Writedowns mean past acquisitions underperformed what was paid for them — worth weighing on capital-allocation skill.
Key fundamentals
Latest Revenue$182.0M
Revenue Growth YoY-9.4%
Net Margin-16.3%
Free Cash Flow$-15.7M
Return on Equity-40.1%
Debt / Equity0.93x
Go deeper — free with an account
The forensic grade and screens above are free — no account needed. An account adds the full interactive deep-dive on Glass House Brands Inc.:
🔒The written investment read — what the numbers mean, in plain English
🔒Ask anything about GLAS's filings — AI Q&A across the 10-K, 10-Qs & 8-Ks
🔒Interactive valuation — reverse-DCF sliders, Monte Carlo & scenario stress
🔒Calibrated 12-month price forecast, with the math shown