(TRLV) Trulieve Cannabis - US
Sector: Healthcare | Industry: Drug Manufacturers - Specialty & Generic | Exchange: US (USA) | Market Cap: 1.990m USD | Total Return: 4.2% in 12m
Avg Turnover: 8.17M
Rev. Trend: 82.2%
Warnings
No concerns identified
Tailwinds
Confidence
Trulieve Cannabis Corp. is a vertically integrated cannabis operator based in Tallahassee, Florida. The company manages the full lifecycle of its product lines, including cultivation, processing, manufacturing, and retail distribution. Its portfolio features several proprietary brands, such as Cultivar Collection and Muse, spanning categories from combustible flower to concentrates and topicals.
The company maintains a significant multi-state footprint with retail and production assets across the Southeast, Northeast, and Southwest United States. Vertical integration is a common business model in the cannabis sector, used by Multi-State Operators (MSOs) to control supply chains and capture higher margins in markets where state regulations often mandate seed-to-sale oversight.
Trulieve distributes its products through a network of branded dispensaries and home delivery services in states including Florida, Arizona, and Pennsylvania. While categorized under the Healthcare sector and Specialty Drug Manufacturing industry, the company’s operations are subject to disparate state-level legal frameworks due to the ongoing federal prohibition of cannabis in the United States.
- Florida adult-use legalization ballot initiative impacts long-term revenue growth
- Federal rescheduling to Schedule III reduces 280E tax burden
- Market share dominance in Florida medical cannabis protects core margins
- Expansion into Ohio and Pennsylvania adult-use markets drives geographic diversification
| Net Income: -81.1m TTM > 0 and > 6% of Revenue |
| FCF/TA: 0.08 > 0.02 and ΔFCF/TA 3.77 > 1.0 |
| NWC/Revenue: 45.19% < 20% (prev 43.21%; Δ 1.98% < -1%) |
| CFO/TA 0.10 > 3% & CFO 277.4m > Net Income -81.1m |
| Net Debt (-14.1m) to EBITDA (322.6m): -0.04 < 3 |
| Current Ratio: 5.26 > 1.5 & < 3 |
| Outstanding Shares: last quarter (192.3m) vs 12m ago 0.64% < -2% |
| Gross Margin: 59.65% > 18% (prev 60.32%; Δ -0.67% > 0.5%) |
| Asset Turnover: 41.28% > 50% (prev 41.09%; Δ 0.19% > 0%) |
| Interest Coverage Ratio: 2.46 > 6 (EBIT TTM 148.6m / Interest Expense TTM 60.5m) |
| A: 0.19 (Total Current Assets 653.0m - Total Current Liabilities 124.2m) / Total Assets 2.78b |
| B: -0.33 (Retained Earnings -909.7m / Total Assets 2.78b) |
| C: 0.05 (EBIT TTM 148.6m / Avg Total Assets 2.83b) |
| D: 0.72 (Book Value of Equity 1.17b / Total Liabilities 1.63b) |
| Altman-Z'' = 1.28 = BB |
| DSRI: 1.39 (Receivables 14.1m/10.3m, Revenue 1.17b/1.19b) |
| GMI: 1.01 (GM 60.32% / 59.65%) |
| AQI: 0.98 (AQ_t 0.46 / AQ_t-1 0.47) |
| SGI: 0.99 (Revenue 1.17b / 1.19b) |
| TATA: -0.13 (NI -81.1m - CFO 277.4m) / TA 2.78b) |
| Beneish M = -2.73 (Cap -4..+1) = A |
As of June 20, 2026, the stock is trading at USD 10.10 with a total of 3,221,800 shares traded.
Over the past week, the price has changed by -12.55%,
over one month by +25.94%,
over three months by +4.23% and
over the past year by +4.23%.
Trulieve Cannabis has no consensus analysts rating.
P/E Forward = 41.6667
P/S = 1.7009
P/B = 1.7044
Revenue TTM = 1.17b USD
EBIT TTM = 148.6m USD
EBITDA TTM = 322.6m USD
Long Term Debt = 285.7m USD (from longTermDebt, last quarter)
Short Term Debt = 4.15m USD (from shortLongTermDebt, last quarter)
Debt = 338.8m USD (Leases only: 338.8m)
Net Debt = -14.1m USD (calculated: Debt 338.8m - CCE 352.9m)
Enterprise Value = 1.98b USD (1.99b + Debt 338.8m - CCE 352.9m)
Interest Coverage Ratio = 2.46 (Ebit TTM 148.6m / Interest Expense TTM 60.5m)
EV/FCF = 8.81x (Enterprise Value 1.98b / FCF TTM 224.2m)
FCF Yield = 11.34% (FCF TTM 224.2m / Enterprise Value 1.98b)
FCF Margin = 19.16% (FCF TTM 224.2m / Revenue TTM 1.17b)
Net Margin = -6.93% (Net Income TTM -81.1m / Revenue TTM 1.17b)
Gross Margin = 59.65% ((Revenue TTM 1.17b - Cost of Revenue TTM 472.1m) / Revenue TTM)
Gross Margin QoQ = 59.31% (prev 59.75%)
Tobins Q-Ratio = 0.71 (Enterprise Value 1.98b / Total Assets 2.78b)
Interest Expense / Debt = 17.85% (Interest Expense 60.5m / Debt 338.8m)
Taxrate = 21.0% (US federal default 21%)
NOPAT = 117.4m (EBIT 148.6m * (1 - 21.00%))
Current Ratio = 5.26 (Total Current Assets 653.0m / Total Current Liabilities 124.2m)
Debt / Equity = 0.29 (Debt 338.8m / totalStockholderEquity, last quarter 1.17b)
Debt / EBITDA = -0.04 (Net Debt -14.1m / EBITDA 322.6m)
Debt / FCF = -0.06 (Net Debt -14.1m / FCF TTM 224.2m)
Total Stockholder Equity = 1.19b (last 4 quarters mean from totalStockholderEquity)
RoA = -2.86% (Net Income -81.1m / Total Assets 2.78b)
RoE = -6.82% (Net Income TTM -81.1m / Total Stockholder Equity 1.19b)
RoCE = 10.08% (EBIT 148.6m / Capital Employed (Equity 1.19b + L.T.Debt 285.7m))
RoIC = 4.52% (NOPAT 117.4m / Invested Capital 2.60b)
WACC = 2.05% (E(1.99b)/V(2.33b) * Re(0.0%) + D(338.8m)/V(2.33b) * Rd(17.85%) * (1-Tc(0.21)))
Discount Rate = 5.29% (= Risk Free + ERP)
[DCF] Terminal Value 77.97% ; FCFF base≈184.0m ; Y1≈211.0m ; Y5≈310.5m
[DCF] Fair Price = 27.58 (EV 4.67b - Net Debt -14.1m = Equity 4.69b / Shares 169.9m; r=8.35% [WACC [floored]]; 5y FCF grow 15.0% → 2.50% )
EPS Correlation: N/A | EPS CAGR: N/A | SUE: N/A | # QB: 0
Revenue Correlation: 82.21 | Revenue CAGR: 2.28% | SUE: N/A | # QB: 0
EPS current Quarter (2026-06-30): EPS=0.03 | Chg30d=N/A | Revisions=+20% | Analysts=1
EPS next Quarter (2026-09-30): EPS=0.03 | Chg30d=N/A | Revisions=+20% | Analysts=1
EPS current Year (2026-12-31): EPS=0.21 | Chg30d=+87.91% | Revisions=+20% | GrowthEPS=+133.9% | GrowthRev=-9.8%
EPS next Year (2027-12-31): EPS=0.40 | Chg30d=+66.67% | Revisions=+20% | GrowthEPS=+263.6% | GrowthRev=-4.6%
[Analyst] Revisions Ratio: +20%