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Trulieve Cannabis
(NYSE:TRLV)
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Rating:63Neutral
Price Target:
$10.00
▲(61.55% Upside)
Action:Reiterated
Date:06/13/26
The score is driven primarily by improved financial execution—stronger operating profitability and solid free cash flow with moderate, improving leverage—tempered by continued net losses and negative ROE. Technicals add support with a clear uptrend and positive momentum, while valuation remains a headwind due to the negative P/E and lack of dividend yield; the corporate event is a minor positive for stability.
Positive Factors
Strong cash generation
Improved TTM operating cash flow and robust free cash flow indicate durable cash conversion from operations. This strengthens the company's ability to fund capex, reduce debt, and support store-level investments without relying on external financing, providing a multi-quarter cushion through business cycles.
Negative Factors
Ongoing net losses / negative ROE
Despite operating profit, persistent net losses and negative ROE show that non-operating items or legacy charges still erode shareholder returns. Continued inability to deliver net income constrains reinvestment options, limits shareholder value creation, and prolongs recovery of investor confidence over months.
Read all positive and negative factors
Positive Factors
Negative Factors
Strong cash generation
Improved TTM operating cash flow and robust free cash flow indicate durable cash conversion from operations. This strengthens the company's ability to fund capex, reduce debt, and support store-level investments without relying on external financing, providing a multi-quarter cushion through business cycles.
Read all positive factors
Trulieve Cannabis (TRLV) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$1.94B
Dividend YieldN/A
Average Volume (3M)1.02M
Price to Earnings (P/E)―
Beta (1Y)0.63
Revenue Growth-1.38%
EPS Growth52.26%
CountryUS
Employees5,000
SectorHealthcare
Sector Strength45
IndustryMedical - Pharmaceuticals
Share Statistics
EPS (TTM)-0.42
Shares Outstanding169,900,760
10 Day Avg. Volume2,231,457
30 Day Avg. Volume1,021,727
Financial Highlights & Ratios
PEG Ratio0.00
Price to Book (P/B)1.43
Price to Sales (P/S)1.41
P/FCF Ratio7.83
Enterprise Value/Market Cap0.95
Enterprise Value/Revenue1.58
Enterprise Value/Gross Profit2.65
Enterprise Value/Ebitda5.59
Forecast
1Y Price Target
$18.67Price Target Upside201.58% Upside
Rating ConsensusStrong Buy
Number of Analyst Covering4
EPS Forecast (FY)0.17
Revenue Forecast (FY)$1.05B
Trulieve Cannabis Business Overview & Revenue Model
Company Description
Trulieve Cannabis Corp. engages in the cultivation, processing, manufacturing, and retail distribution of medical and adult-use cannabis products. It cultivates and produces its products in-house and distributes to its branded stores, as well as d...
How the Company Makes Money
Trulieve primarily makes money by selling cannabis products directly to consumers through its branded, company-operated dispensary network (retail revenue). In vertically integrated markets, the company also captures margin across multiple steps o...
Trulieve Cannabis Financial Statement Overview
Summary
Income Statement
53
Neutral
Balance Sheet
60
Neutral
Cash Flow
72
Positive
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 1.17B | 1.18B | 1.19B | 1.13B | 1.24B | 938.38M |
| Gross Profit | 698.03M | 711.17M | 715.75M | 588.63M | 682.00M | 566.13M |
| EBITDA | 330.80M | 328.33M | 282.80M | -21.98M | 239.75M | 283.59M |
| Net Income | -81.11M | -116.38M | -155.10M | -526.80M | -205.10M | 18.03M |
Balance Sheet | ||||||
| Total Assets | 2.78B | 2.70B | 2.87B | 2.73B | 3.40B | 3.41B |
| Cash, Cash Equivalents and Short-Term Investments | 352.88M | 255.53M | 299.20M | 201.37M | 212.30M | 230.65M |
| Total Debt | 628.70M | 563.62M | 824.46M | 792.57M | 1.03B | 859.02M |
| Total Liabilities | 1.63B | 1.55B | 1.62B | 1.32B | 1.47B | 1.26B |
| Stockholders Equity | 1.17B | 1.16B | 1.26B | 1.41B | 1.93B | 2.15B |
Cash Flow | ||||||
| Free Cash Flow | 224.20M | 212.31M | 116.82M | 146.35M | -161.49M | -293.22M |
| Operating Cash Flow | 277.40M | 272.82M | 271.48M | 201.84M | 23.10M | 12.90M |
| Investing Cash Flow | -42.70M | 13.50M | -206.62M | -37.47M | -215.06M | -215.18M |
| Financing Cash Flow | -211.17M | -270.50M | -33.44M | -175.59M | 177.80M | 289.23M |
Trulieve Cannabis Risk Analysis
Trulieve Cannabis disclosed 5 risk factors in its most recent earnings report. Trulieve Cannabis reported the most risks in the "Legal & Regulatory" category.
Finance & Corporate - Financial and accounting risks. Risks related to the execution of corporate activity and strategy
Latest Risks Added 3 New Risks
1.
We may not be able to adequately protect our intellectual property. Q1, 2026
2.
Adult use cannabis is illegal under United States federal law. Q1, 2026
3.
Our property may be subject to risk of civil asset forfeiture. Q1, 2026
Trulieve Cannabis Peers Comparison
UnderperformOutperform
Sector (51)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
75 Outperform | C$2.38B | 14.72 | 6.59% | ― | 4.14% | 146.77% | |
63 Neutral | $1.94B | ― | -6.88% | ― | -1.38% | 52.26% | |
56 Neutral | C$3.87B | -24.89 | -12.61% | ― | -2.25% | 55.22% | |
51 Neutral | $7.86B | -0.30 | -43.30% | 2.27% | 22.53% | -2.21% | |
48 Neutral | C$2.17B | -1.55 | -33.23% | ― | -6.05% | 25.64% | |
47 Neutral | C$129.80M | -1.33 | 66.16% | ― | 3.04% | -47.28% | |
46 Neutral | C$535.81M | -2.03 | -35.26% | ― | -9.65% | -55.41% |
* Healthcare Sector Average
TRLV
Trulieve Cannabis
9.78
5.88
150.77%
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Trulieve Cannabis Corporate Events
Executive/Board Changes
Trulieve President Departs Under Mutually Agreed Separation
Neutral
Jun 12, 2026
On June 11, 2026, Trulieve Cannabis Corp. and its President Jason Pernell mutually agreed to terminate his employment effective immediately, formalized through a Separation Agreement and General Release. The agreement includes a mutual release of ...
Executive/Board ChangesShareholder Meetings
Trulieve Shareholders Back Board, Executive Pay and Auditor
Positive
Jun 11, 2026
At its annual shareholder meeting, Trulieve Cannabis shareholders approved setting the company’s board size at seven directors and elected all seven nominees, including CEO Kim Rivers, to serve until the next annual meeting. Shareholders als...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.