Curaleaf Holdings (OTC) (TSE:CURA)
OTHER OTC:CURA
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Curaleaf Holdings
(OTC:CURA)
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Rating:58Neutral
Price Target:
C$4.50
▲(49.50% Upside)
Action:ReiteratedDate:04/25/26
The score is held back primarily by weak profitability and margin pressure despite improving cash generation, while technicals are supportive with price above major moving averages and positive momentum. The latest earnings call was mixed—operational progress and refinancing improvements were tempered by ongoing price compression, higher cost structure, expensive leverage, and near-term revenue softness.
Positive Factors
Strong cash generation & positive FCF
Sustained positive operating cash flow since 2022 and meaningful free cash flow in 2025 provide durable internal funding for capex, store openings, automation and deleveraging. Reliable cash generation improves financial flexibility and supports execution of a multi‑year turnaround plan.
Negative Factors
Persistent net losses and weak profitability
Material accounting losses despite positive cash flow indicate that operational improvements haven't yet translated to GAAP profitability. Continued net losses erode retained earnings, depress returns on capital and constrain strategic options if losses persist over multiple reporting periods.
Read all positive and negative factors
Positive Factors
Negative Factors
Strong cash generation & positive FCF
Sustained positive operating cash flow since 2022 and meaningful free cash flow in 2025 provide durable internal funding for capex, store openings, automation and deleveraging. Reliable cash generation improves financial flexibility and supports execution of a multi‑year turnaround plan.
Read all positive factors
Curaleaf Holdings (CURA) vs. iShares MSCI Canada ETF (EWC)
Market Cap
C$3.50B
Dividend YieldN/A
Average Volume (3M)509.85K
Price to Earnings (P/E)―
Beta (1Y)2.08
Revenue Growth-3.38%
EPS Growth-31.35%
CountryCA
Employees5,519
SectorHealthcare
Sector Strength45
IndustryDrug Manufacturers - Specialty & Generic
Share Statistics
EPS (TTM)-0.08
Shares Outstanding680,968,800
10 Day Avg. Volume498,556
30 Day Avg. Volume509,846
Financial Highlights & Ratios
PEG Ratio-1.17
Price to Book (P/B)2.51
Price to Sales (P/S)1.47
P/FCF Ratio24.97
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price Target
C$5.16Price Target Upside71.34% Upside
Rating ConsensusStrong Buy
Number of Analyst Covering3
EPS Forecast (FY)-0.24
Revenue Forecast (FY)C$1.33B
Curaleaf Holdings Business Overview & Revenue Model
Company Description
Curaleaf Holdings, Inc. operates a cannabis operator in the United States. It operates through Domestic Operations and International Operations segments. The company engages in the cultivation, production, and sale of cannabis products through ret...
How the Company Makes Money
Curaleaf primarily makes money by selling cannabis and cannabis-derived products through two main channels: (1) retail sales through its company-owned dispensaries and (2) wholesale sales to third-party dispensaries and other licensed operators in...
Curaleaf Holdings Earnings Call Summary
Earnings Call Date:Feb 26, 2026
(Q4-2025)
| % Change Since: |
Next Earnings Date:May 05, 2026
Earnings Call Sentiment Neutral
The call presents a mixed but constructive picture: strong operational momentum (cultivation yield gains, record potency, brand share gains, international revenue surge, positive cash flow and a landmark refinancing) contrasts with persistent industry-wide price compression, declining adjusted EBITDA and significant net losses. Management articulated a clear turnaround playbook and expects industry dynamics (hemp ban and rescheduling) to improve pricing and drive consolidation, but near-term profitability headwinds and elevated SG&A and debt costs keep financial risk tangible. Overall, operational progress is meaningful and de-risking steps (refinancing, cost discipline, product quality gains) are clear, yet material losses and margin compression temper the near-term outlook.Positive Updates
Fourth Quarter Revenue Growth
Q4 revenue of $333 million, up 5% sequentially and 2% year-over-year, marking the company's strongest quarterly performance in six quarters.
Negative Updates
Continued Price Compression
Company reported a third consecutive year of double-digit price compression across most U.S. markets, pressuring top-line and margins; management expects pressure to continue through at least the first half of 2026.
Read all updates
Q4-2025 Updates
Positive
Negative
Fourth Quarter Revenue Growth
Q4 revenue of $333 million, up 5% sequentially and 2% year-over-year, marking the company's strongest quarterly performance in six quarters.
Read all positive updates
Company Guidance
Curaleaf’s explicit guidance was limited but measurable: for Q1 management expects total revenue to be down mid‑single digits sequentially from Q4 revenue of $333 million; 2026 capital expenditures are guided at approximately $80 million (with spending focused on international, automation, store relocations/renovations, IT and HQ relocation) and the company plans at least 10 new dispensary openings; international gross margins are expected to remain roughly flat in 2026 in the low‑to‑mid 40% range (~42–43%) with further improvement toward a ~50% adjusted gross margin as scale is achieved in 2027; management also expects the federal hemp ban (scheduled to take effect in November) to help stabilize pricing later in the year and to drive migration of roughly 50% of the ~$25 billion hemp market back to the regulated channel; lastly, Curaleaf completed a refinancing replacing $475 million of notes (≈$457 million outstanding) with a $500 million senior secured note due Feb 18, 2029 at an 11.5% coupon, while ending the quarter with $102 million of cash and $549 million of total debt.Curaleaf Holdings Financial Statement Overview
Summary
Income Statement
42
Neutral
Balance Sheet
55
Neutral
Cash Flow
63
Positive
| Breakdown | Dec 2025 | Dec 2024 | Dec 2023 | Mar 2023 | Dec 2021 |
|---|---|---|---|---|---|
Income Statement | |||||
| Total Revenue | 1.29B | 1.34B | 1.35B | 1.34B | 1.21B |
| Gross Profit | 498.20M | 639.25M | 614.45M | 579.03M | 687.59M |
| EBITDA | 169.76M | 233.14M | 238.76M | 220.97M | 278.98M |
| Net Income | -235.12M | -215.42M | -281.20M | -376.93M | -109.13M |
Balance Sheet | |||||
| Total Assets | 2.84B | 2.95B | 3.10B | 3.41B | 3.11B |
| Cash, Cash Equivalents and Short-Term Investments | 101.39M | 93.03M | 91.82M | 163.18M | 299.33M |
| Total Debt | 1.04B | 853.82M | 883.55M | 931.91M | 652.40M |
| Total Liabilities | 2.00B | 1.96B | 1.93B | 2.01B | 1.44B |
| Stockholders Equity | 754.97M | 861.21M | 1.05B | 1.28B | 1.55B |
Cash Flow | |||||
| Free Cash Flow | 75.80M | 64.42M | 5.05M | -91.96M | -205.92M |
| Operating Cash Flow | 140.35M | 162.57M | 75.26M | 46.40M | -33.96M |
| Investing Cash Flow | -71.80M | -93.83M | -78.69M | -228.62M | -163.97M |
| Financing Cash Flow | -74.78M | -54.24M | -67.02M | 50.54M | 424.80M |
Curaleaf Holdings Technical Analysis
Positive
3.01
Price Trends
3.21
Positive
3.44
Positive
3.37
Positive
Market Momentum
0.11
Negative
63.85
Neutral
94.34
Negative
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For TSE:CURA, the sentiment is Positive. The current price of 3.01 is below the 20-day moving average (MA) of 3.22, below the 50-day MA of 3.21, and below the 200-day MA of 3.37, indicating a bullish trend. The MACD of 0.11 indicates Negative momentum. The RSI at 63.85 is Neutral, neither overbought nor oversold. The STOCH value of 94.34 is Negative, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for TSE:CURA.
Curaleaf Holdings Peers Comparison
UnderperformOutperform
Sector (51)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
69 Neutral | C$2.28B | 16.23 | 6.29% | ― | 6.18% | -28.69% | |
62 Neutral | C$2.28B | -13.95 | -9.71% | ― | 4.27% | 3.41% | |
58 Neutral | C$3.50B | -8.05 | -28.58% | ― | -3.38% | -31.35% | |
53 Neutral | C$727.88M | -2.15 | -52.88% | ― | -0.67% | 58.98% | |
51 Neutral | $7.86B | -0.30 | -43.30% | 2.27% | 22.53% | -2.21% | |
48 Neutral | C$2.17B | -1.75 | -30.10% | ― | -4.58% | -141.91% | |
45 Neutral | C$610.10M | -3.01 | -33.00% | ― | -6.48% | 22.63% |
* Healthcare Sector Average
TSE:CURA
Curaleaf Holdings
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Curaleaf Holdings Corporate Events
Business Operations and StrategyRegulatory Filings and Compliance
Curaleaf Extends Executive Automatic Share Disposition Plan for Chief Legal Officer
Neutral
Apr 2, 2026
Curaleaf Holdings announced that Chief Legal Officer Peter Clateman has extended an existing automatic securities disposition plan, enabling the orderly exercise of vested stock options expiring in July 2027. The plan provides for the sale of a po...
Business Operations and StrategyFinancial Disclosures
Curaleaf Sets May 5 Date to Release Q1 2026 Results and Host Investor Call
Neutral
Apr 1, 2026
Curaleaf Holdings, Inc., a major international cannabis consumer products company with operations across medical and adult-use markets and a vertically integrated presence in Europe, Canada, and Australasia, continues to expand its portfolio throu...
Business Operations and StrategyFinancial DisclosuresPrivate Placements and Financing
Curaleaf Posts Higher 2025 Revenue as International Cannabis Growth Accelerates
Positive
Feb 26, 2026
Curaleaf reported fourth-quarter 2025 net revenue of $333.1 million, up 5% sequentially and 2% year on year, with gross margin improving to 49% as productivity gains offset ongoing price compression. International revenue rose to $51 million in th...
Business Operations and StrategyPrivate Placements and Financing
Curaleaf Raises US$500 Million in Landmark Cannabis Bond Offering to Fund Global Expansion
Positive
Feb 19, 2026
Curaleaf Holdings has completed a US$500 million private placement of 11.5% senior secured notes due 2029 and used part of the proceeds to redeem its outstanding US$475 million notes maturing in 2026. The non-dilutive notes, issued at par and paya...
Business Operations and StrategyRegulatory Filings and ComplianceShareholder Meetings
Curaleaf Postpones Special Meeting to Combine With AGM for Delaware Shift Vote
Neutral
Feb 16, 2026
Curaleaf Holdings has postponed a special shareholder meeting originally planned for late February 2026 to consider a corporate arrangement that includes shifting its corporate jurisdiction from British Columbia to Delaware. The company will inste...
Business Operations and StrategyPrivate Placements and Financing
Curaleaf Secures US$500 Million Note Deal to Refinance Debt and Fuel Global Growth
Positive
Feb 9, 2026
Curaleaf Holdings has secured commitments for a US$500 million private placement of 11.5% senior secured notes due 2029, aimed at refinancing its existing US$475 million notes maturing in 2026 and funding global expansion as well as transaction co...
Financial Disclosures
Curaleaf Sets February 26 Date to Report Q4 and Full-Year 2025 Results
Neutral
Jan 29, 2026
Curaleaf Holdings said it will release its fourth-quarter and full-year 2025 financial and operational results after markets close on February 26, 2026, followed by a management-hosted conference call and webcast at 5:00 p.m. ET the same day. The ...
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.