Assay
Financial-condition grades for SEC filers
Company Report · as of Oct 9, 2026
|
| 22nd Century Group, Inc.XXII · consumer nondurables | |
|---|---|
| Grade |  Eweakest fifth of 124 graded peers; percentile 99.2, sampling error 3.8 points; lower is stronger |
| Rank | 123 of 124 |
| Profitability | D/Epercentile 81.9 |
| Solvency | C/Dpercentile 62.8 |
| Growth and financing | Epercentile 97.7 |
| Reliability | 0.83 AUCfailure model, filers with $12.5M to $120M assets; 95% interval 0.79 to 0.86; 201 events, 2020 to 2025 |
| Peer failure rate | 1.07% a yearItem 1.03 bankruptcies, same asset band, 2012 to 2025 |
| Size band | $12.5M to $120M assetstotal assets $27.0M[1] |
| Standard universe | insiderevenue above $1M and assets above $10M[1-2] |
| Warnings | dilution · fortress balance sheetnot computable: distress |
| Inputs computable | 8 of 14 |
| Graded from | filings received through Mar 26, 2026197 days before the rescan; every figure keyed to the SEC receipt date |
| Last close | $0.842026-10-08; market equity $599,826; iex feed |
| Price used in grade | None |
| Share price, twelve months to the rescansplit-adjusted close; a lollipop at every rescan carries the letter held then; baseline ticks are SEC receipt dates of the inputs; ranges and dragging scroll the full history | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Percentile at every rescan on file, Jan 21, 2012 to Oct 9, 2026; stronger toward the top. Hover for the date. Open this report as it stood on | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Each date opens the report as it stood on that rescan. |
Business, in the company's words. Opening of Item 1 of the 10-K received Mar 26, 2026; the document on sec.gov.
22nd Century Group, Inc. is a tobacco products company that enables cigarette smokers to take control of their consumption of nicotine, the addictive drug in cigarettes. We manufacture and distribute the only combustible tobacco products containing minimally or non-addictive levels of nicotine that are authorized by the US Food and Drug Administration (FDA) for retail purchase. We also provide turnkey contract manufacturing of cigarettes and filtered cigars for other established tobacco brands. We created our flagship product, the VLN® cigarette, to give traditional cigarette smokers an authentic and familiar alternative that helps them decide their consumption of nicotine.
Warnings [top]
7 checks ran; none of them enters the letter. The checks are listed on the warnings screen.
The Fourteen Inputs [top]
Lower percentile is stronger. Source numbers open the SEC filing; a range that spans filings opens the sources table.
| Input | Percentile, 0 to 100 | Value | Source | Peer median | Percentile | Peers | Period end |
|---|---|---|---|---|---|---|---|
| Profitability, sleeve percentile 81.9 | |||||||
| Gross profitability | 27.4% | [1-2,7] | 29.8% | 51.0 | 146 | 2025-12-31 | |
| Return on invested capital | (148.2%) | [5-6,8-14] | 5.6% | 100.0 | 49 | 2025-12-31 | |
| Accruals ratio | 11.0% | [1,15-17] | (5.0%) | 94.7 | 153 | 2025-12-31 | |
| Gross margin stability, five years | not computable | 1.9 pts | |||||
| five consecutive annual gross margins are required | |||||||
| Solvency, sleeve percentile 62.8 | |||||||
| Twelve-month failure probability | not computable | 0.03% | |||||
| latest liabilities, cash plus short-term investments, book equity, and shares are required | |||||||
| Altman Z double-prime | (46.55) | [1,8,11,18-21] | 3.11 | 96.7 | 122 | 2025-12-31 | |
| Net debt to EBITDA | not computable | 2.54x | |||||
| EBITDA must exceed $100,000 | |||||||
| Interest coverage | not computable | 2.51x | |||||
| latest aligned inputs end 2023-12-31; latest annual assets end 2025-12-31 | |||||||
| Current ratio | 2.42x | [18-19] | 1.81x | 28.8 | 157 | 2025-12-31 | |
| Growth and financing, sleeve percentile 97.7 | |||||||
| Revenue growth, three-year compound | (24.3%) | [2,22-24] | 0.2% | 96.2 | 133 | 2025-12-31 | |
| Free cash flow growth, three-year compound | not computable | 14.9% | |||||
| current FCF must be positive and base FCF must exceed $100,000 | |||||||
| Reinvestment rate | not computable | 10.7% | |||||
| NOPAT must exceed $100,000 | |||||||
| Asset growth, three years | (38.2%) | [1,17,25-26] | 0.5% | 97.7 | 134 | 2025-12-31 | |
| Net share issuance, one year | 9,538.9% | [3-4] | 0.05% | 99.0 | 104 | 2026-03-20 | |
Gross profitability. Revenue less cost of goods sold, over total assets.
Accruals ratio. Net income less operating cash flow, over average assets; lower is stronger.
Gross margin stability, five years. Standard deviation of gross margin; lower is stronger.
Twelve-month failure probability. CHS model; lower is stronger.
Net debt to EBITDA. Lower is stronger.
Net share issuance, one year. Split-adjusted; lower is stronger.
Sleeves are equal-weighted; within a sleeve each computable input carries equal weight. Composite 0.650; sampling error 3.8 percentile points on 124 peers.
Among 124 Peers [top]
Composite score of every graded peer, smoothed. Vertical rules are the letter band edges at the 20th, 40th, 60th and 80th percentiles. Small dots are the six largest peers by market equity.
| Rank | Company | Percentile | Letter | Warnings |
|---|---|---|---|---|
| 118 | Mondelez International, Inc. (MDLZ) Mondelez International, Inc. (MDLZ) Eweakest fifth; percentile 95.1 Nasdaq · Food and Kindred Products market equity $77.9B; last close $60.68 No active warnings; 10 of 14 inputs | 95.1 | E | |
| 119 | Hain Celestial Group Inc. (HAIN) Hain Celestial Group Inc. (HAIN) Eweakest fifth; percentile 95.9 Nasdaq · Food and Kindred Products market equity $50.3M; last close $0.56 Warnings: fortress balance sheet; 9 of 14 inputs | 95.9 | E | fortress balance sheet |
| 120 | Limoneira Co. (LMNR) Limoneira Co. (LMNR) Eweakest fifth; percentile 96.7 Nasdaq · Agricultural Production-Crops market equity $218.5M; last close $12.05 No active warnings; 8 of 14 inputs | 96.7 | E | |
| 121 | Reed'S, Inc. (REED) Reed'S, Inc. (REED) Eweakest fifth; percentile 97.6 NYSE · Bottled & Canned Soft Drinks & Carbonated Waters market equity $7.7M; last close $0.69 No active warnings; 8 of 14 inputs | 97.6 | E | |
| 122 | Endovia Health Sciences, Inc. (EDVA) Endovia Health Sciences, Inc. (EDVA) Eweakest fifth; percentile 98.4 NYSE · Beverages market equity $1.0M; last close $0.15 Warnings: short runway, late filer, degenerate inputs, fortress balance sheet; 7 of 14 inputs | 98.4 | E | short runway, late filer, degenerate inputs, fortress balance sheet |
| 123 | 22nd Century Group, Inc. (XXII) 22nd Century Group, Inc. (XXII) Eweakest fifth; percentile 99.2 Nasdaq · Cigarettes market equity $621,675; last close $0.84 Warnings: dilution, fortress balance sheet; 8 of 14 inputs | 99.2 | E | dilution, fortress balance sheet |
| 124 | Planet Green Holdings Corp. (PLAG) Planet Green Holdings Corp. (PLAG) Eweakest fifth; percentile 100.0 NYSE · Canned, Frozen & Preservd Fruit, Veg & Food Specialties market equity $10.1M; last close $0.71 Warnings: dilution, late filer, fortress balance sheet; 8 of 14 inputs | 100.0 | E | dilution, late filer, fortress balance sheet |
| Peer policy | Letter | Percentile | Peers |
|---|---|---|---|
| all graded filers, equal sleeves | E | 98.7 | 2204 |
| sector peers, equal sleeves (the grade) | E | 99.2 | 124 |
| same exchange, equal sleeves | E | 98.9 | 1219 |
| sector peers, equal inputs | E | 99.2 | 124 |
Each letter is one fifth of the 124 graded peers, about 24 companies. A boundary letter (A/B, B/C, C/D, D/E) marks a percentile within one sampling error of a band edge.
What the Price Implies [top]
Market measures at the 2026-10-08 close. None enters the grade. Percentile among graded peers with the same measure.
| Measure | Value | Peer median | Percentile | Reading |
|---|---|---|---|---|
| Twelve-month price change, skipping the latest month | (99.4%) | (0.2%) | 1 | hotter than 1 of 100 peers |
| Distance from 52-week high | (99.8%) | (24.8%) | 1 | closer to its high than 1 of 100 peers |
| EBIT to enterprise value | not computable | 4.1% | enterprise value must exceed $100,000 | |
| Free cash flow yield | (1,252.1%) | 4.8% | 0 | pricier than 100 of 100 peers |
| Book value to price | 29.99 | 0.57 | 99 | pricier than 1 of 100 peers |
| Sales to price | 28.29 | 1.20 | 99 | pricier than 1 of 100 peers |
| Composite equity issuance, five years | 1,388.0% | (16.3%) | 99 | more equity-funded than 99 of 100 peers |
| Relative strength against the sector, log excess return | (5.16) | (0.10) | 1 | ahead of 1 of 100 peers |
Inputs: market equity $621,675; EBIT -$11.6M; free cash flow -$7.8M; book equity $18.6M; sales $17.6M; debt $708,000; cash $6.1M[27].
Diagnostics [top]
Diagnostics do not feed the grade.
| Piotroski F-score: None of 9, period end 2025-12-31 | ||
|---|---|---|
| Return on assets above zero | (23.3%) | ✗ fail[15,17] |
| Operating cash flow above zero | -$7.7M | ✗ fail[16] |
| Return on assets improved | 31.8 pts | ✓ pass[15,17,25,28] |
| Operating cash flow exceeds net income | -$2.7M | ✗ fail[15-16] |
| Long-term leverage fell | (18.1 pts) | ✓ pass[1,6,17,25,29] |
| Current ratio improved | 126.8 pts | ✓ pass[18-19,30-31] |
| No new shares issued | 9,538.9% | ✗ fail[3-4] |
| Gross margin improved | n/a[2,7] | |
| Asset turnover improved | (7.5 pts) | ✗ fail[2,17,22,25] |
Downloads [top]
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Sources [top]
Every citation on this page. Filing opens the SEC index page for that submission; viewer opens the SEC interactive data for the same filing; series opens the SEC XBRL API record for that tag and company.
| # | Concept | XBRL tag | Value | Period end | Received | Form | Links |
|---|---|---|---|---|---|---|---|
| 1 | assets | us-gaap:Assets | $27.0M | 2025-12-31 | 2026-03-26 | 10-K | filing · viewer · series |
| 2 | revenue | us-gaap:RevenueFromContractWithCustomerIncludingAssessedTax | $17.6M | 2025-12-31 | 2026-03-26 | 10-K | filing · viewer · series |
| 3 | shares outstanding | dei:EntityCommonStockSharesOutstanding | 662,023 | 2026-03-20 | 2026-03-26 | 10-K | filing · viewer · series |
| 4 | shares outstanding | dei:EntityCommonStockSharesOutstanding | 2,369,552 | 2025-03-17 | 2025-04-30 | 10-K/A | filing · viewer · series |
| 5 | cash | us-gaap:CashAndCashEquivalentsAtCarryingValue | $7.1M | 2025-12-31 | 2026-03-26 | 10-K | filing · viewer · series |
| 6 | total debt | us-gaap:LongTermDebt | $708,000 | 2025-12-31 | 2026-03-26 | 10-K | filing · viewer · series |
| 7 | cost of revenue | us-gaap:CostOfRevenue | $10.2M | 2025-12-31 | 2026-03-26 | 10-K | filing · viewer · series |
| 8 | operating income | us-gaap:OperatingIncomeLoss | -$11.6M | 2025-12-31 | 2026-03-26 | 10-K | filing · viewer · series |
| 9 | pretax income | us-gaap:IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest | -$13.1M | 2025-12-31 | 2026-03-26 | 10-K | filing · viewer · series |
| 10 | income tax | us-gaap:IncomeTaxExpenseBenefit | -$28,000 | 2025-12-31 | 2026-03-26 | 10-K | filing · viewer · series |
| 11 | book equity | us-gaap:StockholdersEquity | $15.8M | 2025-12-31 | 2026-03-26 | 10-K | filing · viewer · series |
| 12 | total debt | us-gaap:LongTermDebt | $6.7M | 2024-12-31 | 2026-03-26 | 10-K | filing · viewer · series |
| 13 | book equity | us-gaap:StockholdersEquity | $4.0M | 2024-12-31 | 2026-03-26 | 10-K | filing · viewer · series |
| 14 | cash | us-gaap:CashAndCashEquivalentsAtCarryingValue | $4.4M | 2024-12-31 | 2026-03-26 | 10-K | filing · viewer · series |
| 15 | net income | us-gaap:NetIncomeLoss | -$5.1M | 2025-12-31 | 2026-03-26 | 10-K | filing · viewer · series |
| 16 | operating cash flow | us-gaap:NetCashProvidedByUsedInOperatingActivities | -$7.7M | 2025-12-31 | 2026-03-26 | 10-K | filing · viewer · series |
| 17 | assets | us-gaap:Assets | $21.7M | 2024-12-31 | 2026-03-26 | 10-K | filing · viewer · series |
| 18 | current assets | us-gaap:AssetsCurrent | $17.6M | 2025-12-31 | 2026-03-26 | 10-K | filing · viewer · series |
| 19 | current liabilities | us-gaap:LiabilitiesCurrent | $7.3M | 2025-12-31 | 2026-03-26 | 10-K | filing · viewer · series |
| 20 | retained earnings | us-gaap:RetainedEarningsAccumulatedDeficit | -$398.9M | 2025-12-31 | 2026-03-26 | 10-K | filing · viewer · series |
| 21 | liabilities | us-gaap:Liabilities | $8.5M | 2025-12-31 | 2026-03-26 | 10-K | filing · viewer · series |
| 22 | revenue | us-gaap:RevenueFromContractWithCustomerIncludingAssessedTax | $24.4M | 2024-12-31 | 2026-03-26 | 10-K | filing · viewer · series |
| 23 | revenue | us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax | $32.2M | 2023-12-31 | 2024-03-28 | 10-K | filing · viewer · series |
| 24 | revenue | us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax | $40.5M | 2022-12-31 | 2024-03-28 | 10-K | filing · viewer · series |
| 25 | assets | us-gaap:Assets | $27.5M | 2023-12-31 | 2025-03-20 | 10-K | filing · viewer · series |
| 26 | assets | us-gaap:Assets | $114.7M | 2022-12-31 | 2024-03-28 | 10-K | filing · viewer · series |
| 27 | shares outstanding | dei:EntityCommonStockSharesOutstanding | 713,994 | 2026-08-14 | 2026-08-14 | 10-Q | filing · viewer · series |
| 28 | net income | us-gaap:NetIncomeLoss | -$15.2M | 2024-12-31 | 2026-03-26 | 10-K | filing · viewer · series |
| 29 | long term debt | us-gaap:LongTermDebtNoncurrent | $5.2M | 2024-12-31 | 2026-03-26 | 10-K | filing · viewer · series |
| 30 | current assets | us-gaap:AssetsCurrent | $11.5M | 2024-12-31 | 2026-03-26 | 10-K | filing · viewer · series |
| 31 | current liabilities | us-gaap:LiabilitiesCurrent | $10.0M | 2024-12-31 | 2026-03-26 | 10-K | filing · viewer · series |
| 32 | cash | us-gaap:CashAndCashEquivalentsAtCarryingValue | $6.1M | 2026-06-30 | 2026-08-14 | 10-Q | filing · viewer · series |
| 33 | operating cash flow | us-gaap:NetCashProvidedByUsedInOperatingActivities | -$7.1M | 2026-06-30 | 2026-08-14 | 10-Q | filing · viewer · series |
| 34 | operating cash flow | us-gaap:NetCashProvidedByUsedInOperatingActivities | -$3.1M | 2026-03-31 | 2026-05-07 | 10-Q | filing · viewer · series |
| 35 | operating cash flow | us-gaap:NetCashProvidedByUsedInOperatingActivities | -$10.5M | 2025-09-30 | 2025-11-04 | 10-Q | filing · viewer · series |
| 36 | operating cash flow | us-gaap:NetCashProvidedByUsedInOperatingActivities | -$6.5M | 2025-06-30 | 2026-08-14 | 10-Q | filing · viewer · series |
Limitations [top]
Grade boundary. Percentile 99.2 is 19.2 points from the nearest band edge; sampling error is 3.8 points.
Peer group. Sector assignment from four-digit SIC codes, hand-tuned and published. The grade under three alternative peer policies is tabled above.
Size. Within a sector the letter tracks size. Among graded filers in the smallest asset band, 72% grade E and 0% grade A; in the largest, 13% grade E and 21% grade A. Universe as of Oct 9, 2026.
Failure model. filings 2012-01-01 to 2019-12-31 fit, filings 2020-01-01 to 2025-12-31 test; status post hoc pending confirmation. pre-registered on 2026 filings once their 12-month outcome windows close; supported if the paired per-quintile gain over the pooled model has a lower bound above 0.05.
Input validity. Revenue or total assets at or below $100,000 sets the degenerate-inputs flag. An input whose denominator is at or below $100,000 is left not computable rather than ranked.
Returns. No input on this page has a post-2015 confidence interval on returns that excludes zero. The grade ranks reported financial condition and is not a return forecast.
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