Nasdaq:GPRE
Green Plains Inc.
A North American bioenergy leader generating renewable fuels from biomass waste while managing integrated feedlot assets to diversify revenue streams.
Key Metrics
Investment Thesis
Bull Case
Green Plains offers exposure to the growing demand for low-carbon fuels under the Renewable Fuel Standard with a unique hedging strategy via feedlots, and recent capital investments in renewable diesel capacity could unlock higher-margin opportunities as infrastructure regulations tighten across key states.
Bear Case
Persistent net losses and a shrinking revenue base over the last three years suggest structural challenges in the biofuel sector, while the company's heavy debt load and negative equity position limit financial flexibility during periods of rising interest rates or falling oil prices.
About Green Plains Inc.
Green Plains Inc. is a renewable energy solutions provider focused on converting biomass into biofuels, primarily ethanol and renewable diesel, while offering integrated feedlot services. The company operates across North America, serving the transportation fuel and agricultural markets with its diversified portfolio of processing plants and livestock operations.
Analysis
Management Discussion
The company reported a net loss of $121.0M in 2025 following a revenue decline to $2.09B from $3.66B in 2022, driven largely by lower fuel volumes and margin compression. Despite positive operating cash flow of $110.9M, the company faces challenges with its retained earnings deficit of $439.6M and substantial long-term debt obligations totaling $362.0M.
Industry Overview
The renewable energy industry is undergoing rapid transformation driven by climate policies and consumer demand for sustainable transportation fuels, though profitability remains sensitive to crude oil volatility and government subsidy structures that are currently under political scrutiny.
Financial Statements
Income Statement
Balance Sheet
Cash Flow
| Metric | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|
| Revenue | $3.66B | $3.30B | $2.46B | $2.09B |
| Cost of Revenue | $3.53B | $3.10B | $2.33B | $1.95B |
| Gross Profit | $137.8M | $191.9M | $130.4M | $136.9M |
| Operating Expenses | $236.8M | $253.5M | $177.9M | $204.2M |
| Operating Income | $-98.9M | $-61.6M | $-47.5M | $-67.2M |
| G&A | $118.9M | $133.3M | $118.0M | $122.7M |
| Stock-Based Comp | $9.1M | $13.0M | $8.3M | $17.1M |
| D&A | $92.7M | $98.2M | $90.6M | $98.4M |
| Other OpEx | $117.9M | $120.1M | $59.9M | $81.5M |
| Non-Operating Income | $247.0K | $-20.8M | $-23.8M | $-76.6M |
| Interest Expense | $32.6M | $37.7M | — | — |
| Interest Income | $5.3M | $11.7M | $7.6M | $4.2M |
| Pre-Tax Income | $-98.7M | $-82.3M | $-71.3M | $-143.8M |
| Income Tax | $4.7M | $-5.6M | $6.2M | $-51.7M |
| Continuing Ops | $-103.4M | $-76.3M | $-81.2M | $-121.0M |
| Discontinued Ops | $0 | $0 | $0 | $0 |
| Net Income | $-103.4M | $-76.3M | $-81.2M | $-121.0M |
| Minority Interest | $23.8M | $17.1M | $1.3M | $278.0K |
| Net to Common | $-127.2M | $-93.4M | $-82.5M | $-121.3M |
| Metric | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|
| Current Assets | $928.8M | $732.7M | $569.0M | $482.2M |
| Cash & Equivalents | $444.7M | $349.6M | $173.0M | $182.3M |
| Marketable Securities | $0 | — | — | — |
| Accounts Receivable | $108.6M | $94.4M | $94.9M | $74.4M |
| Prepaid Expenses | $19.8M | $23.1M | $27.1M | $18.1M |
| Other Current Assets | $355.6M | $265.6M | $274.0M | $207.4M |
| Long-Term Assets | $1.19B | $1.21B | $1.21B | $1.10B |
| PP&E (Net) | $1.03B | $1.02B | $1.04B | $957.3M |
| Goodwill | $29.1M | — | — | — |
| Operating Leases | $73.2M | $74.0M | $72.2M | $63.8M |
| Other LT Assets | $62.7M | $69.0M | $46.9M | $75.1M |
| Total Assets | $2.12B | $1.94B | $1.78B | $1.58B |
| Current Liabilities | $486.9M | $385.0M | $385.7M | $268.7M |
| Accounts Payable | $234.3M | $186.6M | $154.8M | $134.9M |
| Current Debt | $1.8M | $1.8M | $2.1M | $3.9M |
| Current Leases | $20.7M | $22.9M | $24.7M | $21.6M |
| Other Current Liab | $185.6M | $116.5M | $150.3M | $41.5M |
| Long-Term Liabilities | $575.1M | $564.3M | $522.0M | $537.7M |
| Long-Term Debt | $495.2M | $491.9M | $432.5M | $362.0M |
| LT Operating Leases | $55.5M | $53.9M | $49.2M | $43.6M |
| Other LT Liab | $24.4M | $18.5M | $40.3M | $132.1M |
| Total Liabilities | $1.06B | $949.3M | $907.6M | $806.4M |
| Shareholders' Equity | $1.06B | $990.1M | $874.5M | $772.0M |
| Paid-In Capital | $1.11B | $1.11B | $1.21B | $1.27B |
| Retained Earnings | $-142.4M | $-235.8M | $-318.3M | $-439.6M |
| AOCI | $-26.6M | $-3.2M | $973.0K | $-618.0K |
| Treasury Stock | $31.2M | $31.2M | $31.2M | $61.5M |
| Total L&E | $2.12B | $1.94B | $1.78B | $1.58B |
| Metric | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|
| Net Income (CFO) | $-103.4M | $-76.3M | $-81.2M | $-121.0M |
| Non-Cash Adjustments | $71.2M | $227.2M | $76.1M | $353.9M |
| Working Capital Changes | $101.9M | $-94.6M | $-24.9M | $-122.0M |
| Cash from Operations | $69.7M | $56.3M | $-30.0M | $110.9M |
| Capital Expenditures | $212.4M | $108.1M | $95.1M | $37.2M |
| Cash from Investing | $-105.3M | $-106.9M | $-62.1M | $162.1M |
| Debt Issuances | $45.0M | $0 | $0 | $30.0M |
| Share Buybacks | $0 | — | — | $30.0M |
| Dividends Paid | $22.6M | $22.7M | $5.2M | $721.0K |
| Cash from Financing | $-25.1M | $-71.0M | $-77.3M | $-252.3M |
| FX Effect | $0 | $0 | $0 | $0 |
| Net Change in Cash | $-60.7M | $-121.5M | $-169.4M | $20.7M |
| Beginning Cash | $561.0M | $500.3M | $378.8M | $209.4M |
| Ending Cash | $500.3M | $378.8M | $209.4M | $230.1M |
Frequently Asked Questions
How does Green Plains Inc. make money?
Biofuel Production and Sales (ethanol and renewable diesel generation), Feedlot Operations (cattle feeding services providing an alternative revenue stream), and Renewable Energy Solutions (biomass-to-energy conversion projects).
What are the main risks for GPRE?
Significant exposure to fluctuating crude oil prices which directly impacts biofuel margins and consumer demand for renewable alternatives, regulatory changes in federal and state tax credits that are critical for project economics, high debt levels relative to equity raising refinancing costs during tight credit cycles, and operational risks associated with biomass feedstock supply volatility.
What is GPRE's competitive advantage?
Diversified asset base combining volatile fuel production with relatively stable feedlot operations to mitigate commodity price exposure, extensive proprietary biomass supply chain network across the Midwest, and established long-term off-take agreements with major fuel blenders.
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Not financial advice. All content is for informational purposes only. Data may contain errors. Consult a qualified financial advisor before making investment decisions.