Greenlane Holdings, Inc.
GNLN Consumer Defensive Tobacco
Greenlane Holdings, Inc.’s revenue for fiscal 2025 (year ended December 2025) was $4.4 million, down 67.2% from fiscal 2024. In the quarter to June 2026, revenue fell 50.4%, EPS grew 76.2% and free cash flow grew 23.8%, each against the same quarter a year earlier.
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Greenlane Holdings, Inc. (GNLN) Altman Z-score
Greenlane Holdings, Inc.'s Altman Z-score for fiscal 2025 is −7.62, in the distress zone (below 1.81).
Altman Z-score, annual
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Annual newest first
| Period | Altman Z-score | Change (points) |
|---|---|---|
| FY2025 | −7.62 | (33.61) |
| FY2024 | 25.99 | 35.42 |
| FY2023 | −9.43 | (164,717.88) |
| FY2021 | 164708.45 | (6,852,993.38) |
| FY2020 | 7017701.82 | 301,021.67 |
| FY2019 | 6716680.15 | — |
How fiscal 2025’s score is made up
| Component | This year | Year before | Result | Points |
|---|---|---|---|---|
| Working capital / total assets | 0.39 | — | 0.46 | |
| Retained earnings / total assets | (4.81) | — | −6.74 | |
| EBIT / total assets | (0.72) | — | −2.39 | |
| Market value of equity / total liabilities | 1.63 | — | 0.98 | |
| Sales / total assets | 0.06 | — | 0.06 | |
| Altman Z-score | Distress zone | −7.62 | ||
| Z″ Variant for non-manufacturing and asset-light companies (drops the sales/assets term, uses book equity) | Distress zone | −8.15 | ||
How the Altman Z-score works
Z = 1.2 × working capital ÷ total assets + 1.4 × retained earnings ÷ total assets + 3.3 × EBIT ÷ total assets + 0.6 × market value of equity ÷ total liabilities + 1.0 × revenue ÷ total assets (Altman, 1968). The market value of equity is the close on the last trading day of the fiscal year times weighted basic shares.
Z″ = 6.56 × working capital ÷ total assets + 3.26 × retained earnings ÷ total assets + 6.72 × EBIT ÷ total assets + 1.05 × book equity ÷ total liabilities (Altman, Hartzell and Peck, 1995), the variant for non-manufacturing and asset-light companies.
| Zone | Z | Z″ |
|---|---|---|
| Safe zone | above 2.99 | above 2.60 |
| Grey zone | 1.81–2.99 | 1.10–2.60 |
| Distress zone | below 1.81 | below 1.10 |
Not worked out for banks, insurers and REITs, whose balance sheets the model does not describe, nor when a figure is missing or there is no share price in the week to the fiscal year end.
Altman Z-score against peers
| Company | Altman Z-score |
|---|---|
| RLX RLX Technology Inc. Sponsored ADR compare | 6.6× |
| TPB Turning Point Brands, Inc. compare | 5.0× |
| MO Altria Group, Inc. compare | 4.4× |
| UVV Universal Corporation compare | 3.1× |
| ISPR Ispire Technology Inc. compare | −1.5× |
| RYM RYTHM, Inc. compare | −5.0× |
| GNLN Greenlane Holdings, Inc. | −7.6× |
| XXII 22nd Century Group, Inc compare | −20.8× |
| AIIR Air Global PLC compare | — |
What Altman Z-score is
The Altman Z-Score weighs working capital, retained earnings, operating profit, market value and sales against assets and debts to gauge the risk of distress.
1.2 × working capital ÷ total assets + 1.4 × retained earnings ÷ total assets + 3.3 × EBIT ÷ total assets + 0.6 × market value of equity ÷ total liabilities + 1.0 × revenue ÷ total assets