GRDNMEDIUM SIGNALFINANCIAL10-K

GRDN shows strong operational improvement with substantially higher operating cash flows and meaningful SG&A expense reduction, while maintaining solid revenue growth.

The company demonstrates improving operational efficiency as evidenced by the substantial cash flow improvement alongside reduced SG&A expenses, suggesting management's cost control initiatives are taking hold. The revenue growth of nearly 18% combined with expanding margins indicates GRDN is successfully scaling its long-term care pharmacy operations while optimizing its cost structure.

Comparing 2026-03-11 vs 2025-03-26View on EDGAR →
FINANCIAL ANALYSIS

GRDN delivered strong financial performance with revenue growing nearly 18% to $1.4B and gross profit expanding 20% to $293M, while SG&A expenses declined meaningfully by 28% to $220M. Operating cash flow substantially improved, reflecting enhanced operational efficiency and better working capital management. The balance sheet strengthened with total assets growing 29% and stockholders' equity expanding 45%, indicating solid capital accumulation and financial health as the company scales its pharmacy network serving over 205,000 residents across 38 states.

FINANCIAL STATEMENT CHANGES
Operating Cash Flow
Cash Flow
+73%
$58.0M$100.3M

Operating cash flow surged 73% — exceptional cash generation, highest quality earnings signal.

Current Assets
Balance Sheet
+45.8%
$152.0M$221.6M

Current assets grew 45.8% — improving short-term liquidity or inventory/receivables build.

Stockholders Equity
Balance Sheet
+45.3%
$150.0M$217.9M

Equity base grew 45.3% — retained earnings accumulation or equity issuance strengthening the balance sheet.

Total Assets
Balance Sheet
+28.6%
$320.8M$412.7M

Asset base grew 28.6% — expansion through organic growth, acquisitions, or capital deployment.

SG&A Expense
P&L
-28.4%
$307.3M$220.0M

SG&A reduced 28.4% — improved cost efficiency or headcount reduction improving operating margins.

Gross Profit
P&L
+19.8%
$244.4M$292.7M

Gross profit expanding — improving pricing power or product mix shift toward higher-margin offerings.

Revenue
P&L
+17.9%
$1.2B$1.4B

Revenue growing 17.9% — solid top-line momentum, watch margins for quality of growth.

Total Liabilities
Balance Sheet
+14%
$170.8M$194.7M

Liabilities increased 14% — monitor debt-to-equity ratio and interest coverage.

Current Liabilities
Balance Sheet
+11.5%
$144.1M$160.7M

Current liabilities rose 11.5% — increased short-term obligations, watch current ratio.

LANGUAGE CHANGES
NEW — 2026-03-11
PRIOR — 2025-03-26
ADDED
As of March 2, 2026, there were issued and outstanding 36,253,744 shares of the Registrant s Class A common stock and 27,066,890 shares of the Registrant s Class B common stock.
Market for Registrant s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities 48 Item 6.
Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters 103 Item 13.
See Management s Discussion and Analysis of Financial Condition and Results of Operations Corporate Reorganization and IPO for further information regarding the Corporate Reorganization.
References to our certificate of incorporation and bylaws refer to our amended and restated certificate of incorporation and amended and restated bylaws.
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REMOVED
The Registrant s Class A common stock began trading on the New York Stock Exchange on September 26, 2024.
As of March 15, 2025, there were issued and outstanding 9,200,000 shares of the Registrant s Class A common stock and 54,087,158 shares of the Registrant s Class B common stock.
Market for the Company s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities 54 Item 6.
Security Ownership of Certain Beneficial Owners and Management and Related Stockholders 105 Item 13.
See Management s Discussion and Analysis Financial Condition and Results of Operations Recent Developments for further information regarding the Corporate Reorganization.
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