DGB Group N.V. (EARTH) AI Stock Analysis

• Market Cap: €14.03M
• Dividend Yield: N/A
• Average Volume (3M): 29.32K
• Price to Earnings (P/E): ―
• Beta (1Y): 1.20
• Revenue Growth: N/A
• EPS Growth: N/A
• Country: NL
• Employees: 13
• Sector: Basic Materials
• Sector Strength: 58
• Industry: Paper, Lumber & Forest Products
• EPS (TTM): N/A
• Shares Outstanding: 13,486,459
• 10 Day Avg. Volume: 12,828
• 30 Day Avg. Volume: 29,325
• PEG Ratio: -0.02
• Price to Book (P/B): -1.48
• Price to Sales (P/S): 108.24
• P/FCF Ratio: -2.67
• Enterprise Value/Market Cap: N/A
• Enterprise Value/Revenue: N/A
• Enterprise Value/Gross Profit: N/A
• Enterprise Value/Ebitda: N/A
• 1Y Price Target: N/A
• Price Target Upside: N/A
• Rating Consensus: N/A
• Number of Analyst Covering: 0
• EPS Forecast (FY): N/A
• Revenue Forecast (FY): N/A

• Rating: 48 Neutral
• Price Target: €1.50 ▼(-6.25% Downside)
• Action: Upgraded Date: 01/27/26
• Date: Action: Upgraded 01/27/26

The score is held down primarily by very weak financial performance (shrinking revenue, widening losses, sustained cash burn, and negative equity with higher debt). Technical indicators are supportive with strong trend and positive momentum, but valuation is constrained by ongoing losses and the absence of dividend support.

Positive Factors

Aligned business model

The company’s core model—developing nature-based carbon projects and selling credits—aligns with long-term corporate decarbonization and biodiversity commitments. Structural demand from corporates creates a multi-year addressable market for project pipelines and recurring revenue as projects reach verification and issuance.

Project development & certification expertise

End-to-end capabilities in project development, certification and commercialization create substantive operational know-how and barriers to entry. Owning that value chain supports repeatable project delivery, shortens certification timelines, and helps secure buyer relationships that can yield more predictable long-term revenue streams once projects mature.

Proof of cash-generation under favorable conditions

A prior period of positive operating and free cash flow demonstrates the business model can be cash-generative under certain project or market conditions. This historical proof point suggests that with successful project issuance, scale or improved pricing, the company could return to sustainable cash generation and reduce funding dependence.

Negative Factors

Collapsed revenue and widening losses

Revenue decline to near-zero and widening net losses indicate loss of scale and worsening unit economics. Persistent top-line erosion undermines the company’s ability to cover fixed costs, invest in project pipelines, and demonstrate sustainable project economics—raising long-term viability concerns absent a clear revenue recovery path.

Negative equity and higher leverage

Negative shareholders’ equity and materially higher debt reflect a significantly weakened balance sheet, reducing financial flexibility. This increases refinancing, covenant and solvency risk, makes non-dilutive funding harder to access, and constrains the company’s ability to finance multi-year projects without dilutive or costly capital.

Sustained cash burn

Multi-year negative operating and free cash flow represent persistent cash burn and reliance on external financing. For a project-driven business with long verification cycles, ongoing cash deficits raise execution risk, threaten timely project delivery, and may force interruptions or scaling back of development activity absent stable funding sources.

DGB Group N.V. Business Overview & Revenue Model

Company Description

Green Earth Group N.V. invests in, develops, and manages carbon credits and biodiversity projects for businesses and governments in the Netherlands, the United States, and internationally. It offers nature-based solutions comprising removing or avoiding carbon emissions, tackling social, and environmental challenges; manages projects that focuses on ecosystem restoration, habitat conservation, and biodiversity enrichment; and undertakes plastic projects, which consists of removing and recycling plastic, waste reduction, and environmental conservation works, as well as carbon offsetting projects for reducing carbon footprint of companies. The company also provides ESG reporting and tree integration services. The company was formerly known as DGB Group N.V. and changed its name to Green Earth Group N.V. in September 2025. Green Earth Group N.V. was founded in 1957 and is based in Lelystad, the Netherlands.

How the Company Makes Money

DGB Group N.V. Financial Statement Overview

Summary

Financial health is extremely weak: revenue collapsed (2024: 88k vs. 1.14m in 2022), margins are deeply negative, losses widened (net loss -4.27m in 2024), operating and free cash flow remain negative for four straight years, and 2024 equity turned negative (-6.46m) alongside higher debt (10.79m).

Income Statement

Profitability has deteriorated sharply: 2024 revenue collapsed to 88k from 1.14m in 2022, and margins are deeply negative (gross margin ~-80% and net margin ~-48% in 2024). Losses have widened over time (net loss -4.27m in 2024 vs. -0.90m in 2022), indicating weak operating leverage and limited scale. A positive note is that 2020 showed near-breakeven net results, but the multi-year trajectory since then is meaningfully worse.

Balance Sheet

The balance sheet weakened materially in 2024 with shareholders’ equity turning negative (-6.46m), which is a major solvency red flag and reduces financial flexibility. Debt has risen substantially (10.79m in 2024 vs. 2.86m in 2022), while total assets have fallen (7.92m in 2024 vs. 27.66m in 2022), suggesting balance sheet strain. Earlier years (2020–2023) showed positive equity and relatively low leverage, but the latest annual position is significantly impaired.

Cash Flow

Cash generation is consistently weak: operating cash flow has been negative for four straight years (2021–2024), and free cash flow is also negative across the same period, indicating ongoing cash burn. In 2024, operating cash flow (-3.46m) and free cash flow (-3.57m) worsened versus 2023, increasing reliance on external funding. The only bright spot is 2020, which showed positive operating cash flow and positive free cash flow, but it has not been sustained.

Breakdown	Dec 2024	Dec 2023	Dec 2022	Dec 2021	Dec 2020
Income Statement
Total Revenue	88.00K	43.00K	1.14M	0.00	1.11M
Gross Profit	-70.00K	129.00K	380.00K	-21.00K	1.05M
EBITDA	-3.28M	-2.43M	-733.00K	-1.17M	-340.00K
Net Income	-4.27M	-3.06M	-903.00K	-1.14M	-12.00K
Balance Sheet
Total Assets	7.92M	10.60M	27.66M	7.06M	6.06M
Cash, Cash Equivalents and Short-Term Investments	460.00K	94.00K	155.00K	85.00K	251.00K
Total Debt	10.79M	6.41M	2.86M	527.00K	106.00K
Total Liabilities	14.38M	6.88M	3.02M	1.08M	410.00K
Stockholders Equity	-6.46M	22.28M	24.65M	5.99M	5.65M
Cash Flow
Free Cash Flow	-3.57M	-2.35M	-3.55M	-990.00K	357.00K
Operating Cash Flow	-3.46M	-2.20M	-1.14M	-986.00K	418.00K
Investing Cash Flow	-1.99M	-2.21M	-2.41M	-179.00K	-61.00K
Financing Cash Flow	5.82M	4.29M	3.62M	999.00K	-110.00K

DGB Group N.V. Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
Sector *	61 Neutral	$10.43B	7.12	-0.05%	2.87%	2.86%	-36.73%