Want to see TRLV full AI Analyst Report?
Top Page
Trulieve Cannabis
(NYSE:TRLV)
Select Model
Select Model
Rating:56Neutral
Price Target:
$9.00
▲(45.40% Upside)
Action:Reiterated
Date:07/07/26
The score is driven primarily by improving fundamentals—stronger operating profitability and solid free cash flow alongside moderate leverage. It is held back by the lack of bottom-line profitability (negative net income and negative P/E) and a weaker near-term technical setup with the stock trading below key short-term moving averages.
Positive Factors
Margin Sustainability
Sustained high gross and EBITDA margins indicate durable operating efficiencies from vertical integration and scale. Healthy mid-20s EBITDA margins provide a structural cushion to absorb pricing or cost volatility and support reinvestment, improving long-term operating resilience.
Negative Factors
Ongoing Net Losses
Despite operating improvements, continued TTM net losses weigh on returns to equity holders and limit retained-earnings growth. Losses suggest non-operating or below-EBITDA costs (interest, taxes, amortization, or one-offs) still impair sustainable profitability and capital allocation freedom.
Read all positive and negative factors
Positive Factors
Negative Factors
Margin Sustainability
Sustained high gross and EBITDA margins indicate durable operating efficiencies from vertical integration and scale. Healthy mid-20s EBITDA margins provide a structural cushion to absorb pricing or cost volatility and support reinvestment, improving long-term operating resilience.
Read all positive factors
Trulieve Cannabis (TRLV) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$1.66B
Dividend YieldN/A
Average Volume (3M)1.50M
Price to Earnings (P/E)―
Beta (1Y)0.68
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. Volume674,219
30 Day Avg. Volume1,496,090
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 Cap<0.01
Enterprise Value/Revenue<0.01
Enterprise Value/Gross Profit<0.01
Enterprise Value/Ebitda<0.01
Forecast
1Y Price Target
$18.78Price Target Upside203.45% Upside
Rating ConsensusStrong Buy
Number of Analyst Covering4
EPS Forecast (FY)0.17
Revenue Forecast (FY)$993.63M
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 Earnings Call Summary
Earnings Call Date:Feb 26, 2026
(Q4-2025)
| % Change Since: |
Next Earnings Date:Aug 07, 2026
Earnings Call Sentiment Positive
The call presented multiple strong operational and financial accomplishments — record adjusted EBITDA, industry-leading gross margins (60%), robust operating cash flow ($273M), significant wholesale growth (+23%), branded product momentum (50M units sold) and meaningful customer engagement and loyalty gains. These positives were balanced against near-term headwinds: retail pricing compression, softer consumer behavior that produced a Q4 revenue decline (-3% YoY) and a full-year net loss ($160M), plus tax and regulatory uncertainties (Florida ballot, pending Texas license, 280E UTP). Management emphasized cash generation, balance sheet actions and strategic investments (Project Hyper, store refreshes, Texas build-out) to sustain momentum. Overall, the highlights — strong margins, cash flow, debt reduction, and scale — substantially outweigh the lowlights tied mainly to near-term top-line pressure and regulatory timing risks.Positive Updates
Full-Year Revenue and Units Sold
Full year revenue of $1.2 billion (comparable to 2024) with traffic and units sold up 5% each; record units sold for the year.
Negative Updates
Retail Revenue Pressure and YoY Q4 Decline
Fourth quarter revenue of $293 million declined 3% year-over-year (up 2% sequentially); ongoing pricing compression and softer consumer wallet trends pressured retail revenue.
Read all updates
Q4-2025 Updates
Positive
Negative
Full-Year Revenue and Units Sold
Full year revenue of $1.2 billion (comparable to 2024) with traffic and units sold up 5% each; record units sold for the year.
Read all positive updates
Company Guidance
Guidance for 2026 calls for first‑quarter revenue to decline sequentially by a low‑ to mid‑single‑digit percentage (seasonal), quarterly gross margin to fluctuate but remain broadly in line with recent ~60% performance, and full‑year targets of at least $250 million in operating cash flow and up to $85 million in capital expenditures (CapEx); the company plans to open at least 5 new stores, complete 5 relocations and refresh at least 45 stores, may accelerate investments in Texas pending regulatory approvals, and cautions that consumer trends, product/market mix, inventory sell‑through, promotions and idle capacity costs will influence results and that the outlook may be updated as regulatory and market catalysts evolve.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 |
|---|---|---|---|---|---|---|---|
73 Outperform | C$2.21B | 13.96 | 6.59% | ― | 4.14% | 146.77% | |
56 Neutral | $1.66B | -20.60 | -6.82% | ― | -1.38% | 52.26% | |
56 Neutral | C$3.28B | -22.00 | -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 | -1.49 | -33.23% | ― | -6.05% | 25.64% | |
47 Neutral | C$415.71M | -1.61 | -35.26% | ― | -9.65% | -55.41% | |
46 Neutral | C$117.82M | -1.23 | 53.44% | ― | 4.96% | -12.20% |
* Healthcare Sector Average
TRLV
Trulieve Cannabis
8.44
3.16
59.85%
TSE:JUSH
Jushi Holdings
0.58
-0.28
-32.56%
TSE:CURA
Curaleaf Holdings
11.71
4.78
68.98%
TSE:GTII
Green Thumb Industries
9.31
-0.17
-1.79%
TSE:CL
Cresco Labs
0.90
-0.03
-3.23%
TSE:VRNO
Verano Holdings
6.32
0.00
0.00%
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.