Granite Falls Energy LLC GFGY

EnergyRenewable EnergyUnited States of America

Last close 5,680.00 USD on Nov 2, 2026, +62.0% year to date

Quant rating

Quant rating D Rank 132 of 167 in Energy

Growth D 143 of 167
Valuation D 139 of 167
Quality C 109 of 167
Revisions D 144 of 167
Momentum B 36 of 167

Historical valuation

Multiples use consensus estimates for the next twelve months. The dashed line is the 5-year average.

Key data

Market cap: 174M
Enterprise value: 174M
52-week range: 2,950.00 – 5,680.00
3-year range: 2,900.00 – 5,680.00
Dividend yield: –
Beta (5 years): –
Shares outstanding: 0M
Next earnings: –

About the company

Granite Falls Energy, LLC is engaged in producing fuel-grade ethanol, distillers’ grains, and crude corn oil near Granite Falls, Minnesota and sells these products, pursuant to marketing agreements, throughout the continental United States and on the international market. Additionally, it has 100% ownership in Heron Lake BioEnergy, LLC (HLBE). HLBE is engaged in producing fuel-grade ethanol, distillers’ grains, and crude corn oil near Heron Lake, Minnesota and sells these products, pursuant to marketing agreements, throughout the continental United States. Additionally, HLBE, through a wholly owned subsidiary, operates a natural gas pipeline that provides natural gas to HLBE’s ethanol production facility and other customers. It sells distillers grains as animal feed for beef and dairy cattle, poultry and hogs. Its corn oil is primarily sold to diesel manufacturers and, to a lesser extent, feed lot and poultry markets. It distributes its products through third party marketers.

Growth and profitability

Growth and profitability by fiscal year
	2021	2020	2019	2018	2017	5Y avg
Revenue (mil)	310	165	209	210	216	–
Revenue growth	87.7%	−21.0%	−0.7%	−2.5%	0.1%	7.5%
EPS (basic, normalized)	–	–	–	–	–	–
EPS growth	–	–	–	–	–	–
Gross margin	8.6%	−6.7%	−1.8%	4.6%	9.8%	2.9%
Net margin	7.6%	−8.0%	−4.0%	1.4%	5.3%	0.5%
ROE	37.5%	−22.6%	−11.9%	–	–	1.0%

Balance sheet, last quarter
Cash & short-term investments (mil)	41.4
Current ratio	2.14x
Long-term debt (mil)	9.4
Net debt (mil)	−26.8
Total equity (mil)	99.0
Net debt / equity	−0.27x
Net debt / EBITDA	–

Estimates and valuation

Consensus estimates and implied multiples
	Sales (mil)			EBITDA (mil)			EPS
Fiscal year	Mean est.	Growth	EV/Sales	Mean est.	Growth	EV/EBITDA	Mean est.	Growth	P/E
2021 actual	310	+87.7%	0.6x	–	–	–	–	–	–

Estimate revisions

Change in consensus estimates over 1, 3 and 6 months
	Sales				EPS
Fiscal year	Estimate (mil)	1M	3M	6M	Estimate	1M	3M	6M
2022	–	–	–	–	–	–	–	–
2023	–	–	–	–	–	–	–	–
2024	–	–	–	–	–	–	–	–

Earnings surprises

Reported results versus consensus, last 10 fiscal quarters
	FQ-9	FQ-8	FQ-7	FQ-6	FQ-5	FQ-4	FQ-3	FQ-2	FQ-1	FQ0
Sales reported (mil)	–	–	–	–	–	–	–	–	–	–
Sales mean (mil)	–	–	–	–	–	–	–	–	–	–
Surprise	–	–	–	–	–	–	–	–	–	–
EPS reported	–	–	–	–	–	–	–	–	–	–
EPS mean	–	–	–	–	–	–	–	–	–	–
Surprise	–	–	–	–	–	–	–	–	–	–

FQ0 is the most recent reported quarter, FQ-1 the one before, and so on.

Peer comparison Renewable Energy

Peers in the same industry group, by market capitalization
Company	Market cap	Net debt/EBITDA	Net margin	P/B	FY1 P/E	FY2 P/E	FY1 EV/EBITDA	FY2 EV/EBITDA
GFGY Granite Falls Energy LLC	174M	–	7.6%	–	–	–	–	–
REX REX American Resources Corporation	1.3B	–	12.8%	1.91x	–	–	–	–
GPRE Green Plains Inc.	967M	3.17x	−3.2%	1.11x	6.6x	8.0x	4.1x	4.6x
LCFS Tidewater Renewables Ltd	563M	7.23x	1.4%	4.59x	17.2x	10.2x	7.2x	7.4x
CRDE Cardinal Ethanol LLC	359M	–	13.9%	–	–	–	–	–
GEVO Gevo, Inc.	289M	7.15x	−21.1%	1.06x	−12.1x	−48.7x	7.2x	6.2x
Mean		5.85x	1.9%	2.17x	3.9x	−10.2x	6.2x	6.1x
Median		7.15x	4.5%	1.51x	6.6x	8.0x	7.2x	6.2x

Technical analysis

1M+3.3%
3M+16.7%
1Y+89.3%
3Y+57.8%

Financial statements in millions of USD

Income statement in millions of USD, fiscal years

Income statement, Granite Falls Energy LLC, fiscal years, most recent first
	2021	2020	2019	2018	2017	2016
Total revenue	310	165	209	210	216	216
Cost of revenue	283	176	213	201	195	199
Gross profit	26.8	−11.1	−3.8	9.6	21.1	16.9
Selling, general & administrative expenses	–	–	–	–	–	–
Research & development	–	–	–	–	–	–
Interest expense (income), operating	–	–	–	–	–	–
Unusual expense (income)	0	1.4	–	–	–	0
Other operating expenses	8.1	8.6	6.5	6.3	6.2	5.3
Operating income	18.6	−21.0	−10.3	3.3	14.9	11.6
Net interest income (expense)	1.3	0	−1.0	−0.3	−0.3	−0.4
Gain (loss) on sale of assets	–	–	–	–	–	–
Other non-operating income (expense)	6.1	0.5	0.2	0.4	0.5	0.1
Net income before taxes	26.0	−20.6	−11.0	3.4	15.1	11.2
Provision for taxes	–	–	–	–	–	–
Minority interest	−2.4	7.3	2.6	−0.5	−3.6	−2.5
Equity in affiliates	–	–	–	–	–	–
U.S. GAAP adjustment	–	–	–	–	–	–
Net income before extraordinary items	23.7	−13.3	−8.4	2.9	11.5	8.7
Extraordinary items	–	–	–	–	–	–
Net income	23.7	−13.3	−8.4	2.9	11.5	8.7
EBIT, normalized	18.6	−19.7	−10.3	3.3	14.9	11.6
EBITDA, normalized	26.0	−10.3	−0.9	12.5	24.3	21.3
Basic EPS, normalized	–	–	–	–	–	–

Balance sheet in millions of USD, fiscal years

Balance sheet, Granite Falls Energy LLC, fiscal years, most recent first
	2021	2020	2019	2018	2017	2016
Assets
Cash & short-term investments	29.3	11.4	13.5	14.9	21.7	13.8
Receivables	12.0	3.4	7.4	7.3	7.6	6.7
Total inventory	20.7	13.8	13.8	14.9	15.2	18.3
Prepaid expenses	1.1	0.9	0.5	0.5	0.4	0.3
Other current assets	1.7	2.2	0.9	1.0	0.3	1.2
Total current assets	64.8	31.7	36.2	38.6	45.2	40.3
Property, plant & equipment	65.5	74.3	58.3	66.7	72.3	79.0
Goodwill	–	0	1.4	1.4	1.4	1.4
Intangibles	–	–	–	–	–	–
Long-term investments	14.5	9.8	9.3	9.5	7.5	–
Note receivable	–	–	–	–	–	–
Other long-term assets	0.3	0.3	0.9	0.7	0.7	0.8
Total assets	145	116	106	117	127	121
Liabilities
Accounts payable	19.4	12.3	11.2	10.0	7.5	11.0
Payable/accrued	–	–	–	–	–	–
Accrued expenses	4.8	4.5	0.8	1.4	1.0	1.0
Short-term debt	0	0.7	0	0	0	1.9
Current portion of long-term debt	5.0	13.0	1.4	0.7	0.4	0.5
Other current liabilities	0.7	0.8	0	0.1	0	0
Total current liabilities	30.0	31.3	13.4	12.1	9.0	14.3
Long-term debt	27.6	5.9	6.6	7.8	8.5	1.4
Minority interest	0	9.8	19.2	21.8	25.6	22.1
Other liabilities	13.6	17.2	1.4	0	0	0
Total liabilities	71.2	64.1	40.6	41.8	43.1	37.8
Shareholders' equity
Preferred stock	–	–	–	–	–	–
Common stock	73.9	52.1	65.5	75.1	84.0	83.7
Additional paid-in capital	–	–	–	–	–	–
Retained earnings (accumulated deficit)	–	–	–	–	–	–
Treasury stock	–	–	–	–	–	–
Other equity	0	0	0	0	0	0
Total equity	73.9	52.1	65.5	75.1	84.0	83.7
Total liabilities & shareholders' equity	145	116	106	117	127	121

Cash flow statement in millions of USD, fiscal years

Cash flow statement, Granite Falls Energy LLC, fiscal years, most recent first
	2021	2020	2019	2018	2017	2016
Operating activities
Net income	26.0	−20.6	−11.0	3.4	15.1	11.2
Depreciation, depletion & amortization	7.4	9.3	9.4	9.2	9.4	9.7
Deferred taxes	–	–	–	–	–	–
Non-cash items	−7.4	4.3	0.8	−0.8	0.9	−0.6
Changes in working capital	−6.2	3.3	2.8	3.5	−1.6	2.4
Cash from operations	19.9	−3.6	2.0	15.4	23.8	22.8
Investing activities
Capital expenditures	−4.3	−5.8	−0.9	−3.8	−2.3	−4.7
Other investing cash flows	0	0	−0.5	−1.9	−7.5	0
Cash from investing	−4.3	−5.8	−1.4	−5.7	−9.8	−4.7
Financing activities
Financing cash flow items	−14.0	−2.0	−0.2	−4.3	0	−2.0
Cash dividends paid	–	–	−1.2	−11.8	−11.2	−9.6
Issuance (retirement) of debt, net	–	–	–	–	–	–
Other financing cash flows	15.7	11.5	−0.4	−0.4	5.1	−5.3
Cash from financing	1.7	9.5	−1.9	−16.5	−6.1	−17.0
Foreign exchange effects	–	–	–	–	–	–
Net change in cash	17.4	0	−1.3	−6.8	7.9	1.1
Free cash flow	15.6	−9.5	1.0	11.6	21.5	18.1

Disclaimer

The financial data presented in this report is delayed and obtained from sources QDD Research believes to be reliable, including stock exchanges, SEDAR, and EDGAR. However, no representation or warranty is made as to the accuracy, completeness, or timeliness of the information. QDD Research accepts no liability for any errors, omissions, or financial losses arising from the use of this data.

This report is generated using a fully systematic and quantitative approach. All factor scores and the overall quant rating (ranging from D to A+) are derived from algorithmic models and are based solely on objective financial metrics. These scores are intended for informational purposes only and should not be interpreted as investment advice or a recommendation to buy, sell, or hold any securities.

QDD Research is not a registered investment advisor or broker-dealer and does not provide personalized financial advice. The content is not tailored to the specific investment goals, financial situation, or risk profile of any individual investor. We strongly encourage readers to consult with a licensed broker or investment advisor before making any investment decisions based on the information contained in this report.

Live quote provided by TradingView. Report data updated Nov 2, 2026 after market close.