Forensic Analysis · Trading Companies & Distributors · as of Oct 3, 2026
Greenlane Holdings, Inc. (GNLN)
A forensic read on Greenlane Holdings, Inc. built from its complete SEC filings — financial-health screens, earnings quality, red flags and a price-aware rating. Reproducible math, not opinion.
D · Weak — demands caution
Forensic grade
Distress
Financial health
-8.1
Distress distance
Clean
Earnings quality
5
Forensic signals
-126.1%
ROE
-67.2%
Revenue growth
The financial-health reading above compares this company's equity at BOOK value, not at what the market currently pays for it — this free snapshot doesn't pull live market data. Treat it as a rough read, not the final word.
This free snapshot doesn't read filing or proxy text, so the auditor-quality and governance checks that can lower a grade were not evaluated (red flags, auditor quality, say on pay, board independence, going concern, valuation). Those checks only ever lower a grade, so the full analysis can land below the grade above but never above it — treat it as the most favourable reading, not the settled one.
Greenlane Holdings, Inc. earns a D (Weak — demands caution) forensic quality grade, and its balance-sheet distress test reads -8.1, placing it in the Distress zone (based on book value, not market value, since this free snapshot doesn't pull live market data — treat this zone as a rough read, not the final word). 5 forensic signals were flagged in its latest SEC filings, led by accruals ratio (% of noa).
What the filings flag
+80.7%
FY2024→FY2025
Accruals ratio (% of NOA).Net operating assets grew +80.7% relative to their own average in FY2025 — scaled by NOA itself, not by total assets, which is what the Forensic Screens card's own accrual row divides by. Accruals are building sharply — a large slice of profit sits in operating assets, not cash. An accrual is a claim that still has to be collected or written down, so the gap resolves in a later period whichever way it goes. The build is led by payables paid down 45% against +141% in cost of sales. A cash-flow measure on the same base disagrees: reported earnings ran behind operating cash by 276% of net operating assets, against an accruals ratio of 80.7%. The two are computed differently: the accruals ratio is the change in net operating assets over average net operating assets, while the cash-flow figure is net income less operating cash flow over that same average. Read them as two results, not one.
742d
FY2023→FY2024
Inventory days.Days inventory outstanding moved from 158 to 742 FY2023→FY2024 (against cost of goods sold; inventory -31% vs -85% in cost of sales). Inventory is outrunning what's being sold — a flag for softening demand or obsolescence risk ahead. There's no FY2022 figure on file for inventory, so FY2023 has no opening balance to average against — both figures are measured on period-end balances rather than the beginning-plus-ending average, since averaging only the current year would make the move track balance-sheet growth rather than the business.
+354.3%/yr
FY2023–FY2025
Share-count dilution.Diluted share count changed +1964% over the last 2 years to FY2025 (+354.3%/yr). The count is growing — 0.4M shares in FY2023, 7.5M in FY2025: more stock was issued than repurchased over this window, so aggregate results grew faster than their per-share equivalents. That's ~354.3% 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 FY2023 has been diluted ~95%.
Key fundamentals
Latest Revenue$4.4M
Revenue Growth YoY-67.2%
Revenue CAGR (2yr)-74.2%
Net Margin-1965.1%
Free Cash Flow-$16.4M
Return on Equity-126.1%
Debt / Equity0.14x
The forensic grade and screens above are free — no account needed. Want the AI investment read on top — the 0–100 rating, thesis, bull-vs-bear, red flags and the 12-month scenario, written from Greenlane Holdings, Inc.'s actual 10-K/10-Q/8-K filings?
Data from SEC EDGAR public filings · metrics as of Oct 3, 2026. Forensic signals flag probability, not certainty.
Greenlane Holdings, Inc. (GNLN) Stock — Forensic Analysis, Red Flags & Rating | Stockonomy · Stockonomy
106% of rev
FY2025
Stock-based comp load.Stock-based compensation ran 106% of revenue in FY2025 — about $0.61 per diluted share. No cash left the business to pay it, which is why operating cash flow adds it back. Net of repurchases the diluted count still rose about 354.3% a year across FY2023–FY2025 and that rate is not falling, so total profit has to grow by that much annually before any of it reaches a share. Stock compensation is one source of that issuance; acquisition consideration, equity raises, convertibles and other employee plans also net into the count, and these figures do not separate them.
132d DSO
FY2024→FY2025
Receivables vs revenue.Days sales outstanding moved from 117 to 132 days FY2024→FY2025 (receivables -63% vs revenue -67%). Receivables are creeping up relative to sales. Across FY2023–FY2025 the day count ran 9 → 117 → 132 days — the latest step continues a climb that was already under way, which is the persistence that separates a collection problem from a busy quarter. Both figures are measured on period-end balances rather than the beginning-plus-ending average, because averaging needs the balance a year before every reading — FY2024's opening balance is on file, but across the 3 fiscal years read here (FY2023–FY2025) the average yields only 2 day counts (1 step), too few to tell a climb from one year's move.