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Curaleaf Holdings
(OTC:CURA)
Curaleaf Holdings (CURA) vs. iShares MSCI Canada ETF (EWC)
Curaleaf Holdings Business Overview & Revenue Model
Curaleaf Holdings Earnings Call Summary
Curaleaf Holdings Financial Statement Overview
| 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
Curaleaf Holdings Peers Comparison
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
65 Neutral | C$1.98B | 16.23 | 6.18% | ― | 6.18% | -28.69% | |
56 Neutral | C$1.60B | -13.95 | -9.14% | ― | 4.27% | 3.41% | |
52 Neutral | C$560.60M | -6.85 | -11.79% | ― | -6.48% | 22.63% | |
51 Neutral | $7.86B | -0.30 | -43.30% | 2.27% | 22.53% | -2.21% | |
50 Neutral | C$2.35B | -8.05 | -27.48% | ― | -3.38% | -31.35% | |
49 Neutral | C$2.17B | -2.83 | -33.01% | ― | -4.58% | -141.91% | |
46 Neutral | C$572.49M | -2.15 | -47.80% | ― | -0.67% | 58.98% |
Curaleaf Holdings Corporate Events
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 the quarter, contributing to full-year 2025 revenue of $1.27 billion, adjusted EBITDA of $274.7 million and solid cash generation, even as the company remained loss-making on a GAAP basis.
For the full year, Curaleaf’s international revenue surged 63% to $172.5 million, underscoring the growing importance of overseas markets in its portfolio. Management said the completion of a $500 million debt offering and its “Return to Our Roots” restructuring positions the business to shift from stabilization to growth under its “Built for Growth” strategy, targeting sustainable organic expansion supplemented by selective acquisitions.
The most recent analyst rating on (TSE:CURA) stock is a Buy with a C$4.50 price target. To see the full list of analyst forecasts on Curaleaf Holdings stock, see the TSE:CURA Stock Forecast page.
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 payable semi-annually, expand the company’s borrowing capacity by permitting additional note issuances and up to US$100 million in senior bank financing.
Management framed the transaction as the largest bond deal to date in the cannabis sector and a signal of renewed institutional demand for the industry. By extending its debt maturity profile and securing additional capital for global growth initiatives, Curaleaf aims to strengthen its leadership in international cannabis markets and accelerate expansion opportunities for shareholders and other stakeholders.
The most recent analyst rating on (TSE:CURA) stock is a Hold with a C$3.50 price target. To see the full list of analyst forecasts on Curaleaf Holdings stock, see the TSE:CURA Stock Forecast page.
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 instead combine this vote with its annual general meeting expected in the second quarter of 2026, aiming to boost shareholder participation while streamlining approvals and reducing administrative costs.
Curaleaf plans to announce the new date for the combined annual and special meeting in due course and will circulate a management information circular ahead of the vote. The materials, to be filed with Canadian and U.S. securities regulators, will provide further details on the proposed arrangement and the planned domestication in Delaware, a move that could align Curaleaf more closely with U.S. corporate norms as it pursues its international cannabis growth strategy.
The most recent analyst rating on (TSE:CURA) stock is a Hold with a C$3.50 price target. To see the full list of analyst forecasts on Curaleaf Holdings stock, see the TSE:CURA Stock Forecast page.
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 costs. The non-dilutive, oversubscribed offering, which introduces ten first-time cannabis lenders and ranks as the largest note deal in the U.S. cannabis sector, is expected to strengthen Curaleaf’s balance sheet, extend its debt maturities, and enhance financial flexibility, while being marketed privately to qualified investors in Canada, the United States, and select international jurisdictions under applicable securities exemptions.
The transaction’s scale and investor mix signal growing institutional confidence in Curaleaf’s cash generation and international growth plans. By locking in longer-term financing and preserving equity, the company positions itself to pursue high-return global opportunities and consolidate its standing in the competitive cannabis industry, though access to the notes remains restricted to accredited and institutional buyers under securities regulations.
The most recent analyst rating on (TSE:CURA) stock is a Hold with a C$3.50 price target. To see the full list of analyst forecasts on Curaleaf Holdings stock, see the TSE:CURA Stock Forecast page.
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 scheduled disclosure and investor call underscore the company’s efforts to maintain transparency with shareholders and analysts as it navigates a competitive global cannabis market and continues to build its presence in North American and European medical and adult-use segments.
The most recent analyst rating on (TSE:CURA) stock is a Hold with a C$3.50 price target. To see the full list of analyst forecasts on Curaleaf Holdings stock, see the TSE:CURA Stock Forecast page.
Curaleaf reported preliminary unaudited fourth-quarter 2025 net revenue of at least $330 million, representing about 4% sequential growth and 1% year-over-year growth, with adjusted gross profit margin expected at roughly 48.5% for the quarter and 50% for the full year. The company is discontinuing its hemp division in response to stricter U.S. federal limits on hemp-derived THC and exiting the Missouri market due to its sub-scale position there, moves that streamline operations around higher-conviction markets as management cites the success of its “Return to Our Roots” strategy and prepares to refinance senior secured notes due December 2026.
The most recent analyst rating on (TSE:CURA) stock is a Hold with a C$4.00 price target. To see the full list of analyst forecasts on Curaleaf Holdings stock, see the TSE:CURA Stock Forecast page.
Curaleaf Holdings plans to move its corporate jurisdiction from British Columbia, Canada, to Delaware in the United States through a court-approved plan of arrangement, subject to two-thirds shareholder approval and other regulatory clearances. The domestication is intended to streamline the company’s organizational and regulatory structure within the U.S., better align with its operational focus and strategic objectives, and is not expected to materially change its business or operations; existing shares and equity awards will convert on a one-for-one basis into Delaware securities, and its stock is expected to continue trading on the Toronto Stock Exchange and OTCQX under the same symbols once the reorganization is completed.
The most recent analyst rating on (TSE:CURA) stock is a Buy with a C$6.00 price target. To see the full list of analyst forecasts on Curaleaf Holdings stock, see the TSE:CURA Stock Forecast page.
Curaleaf Holdings has disclosed that its Chief Legal Officer, Peter Clateman, has implemented an automatic securities disposition plan effective December 31, 2025, to govern the orderly exercise of stock options expiring in July 2027 and the sale of a portion of his subordinate voting shares to cover anticipated tax obligations. The plan, established under U.S. and Canadian securities rules and aligned with the company’s trading policies, delegates share sales to an independent broker operating within strict, pre-set trading parameters and bars Clateman from influencing transactions once the plan is in place, underscoring Curaleaf’s adherence to governance best practices on insider trading transparency and control.
The most recent analyst rating on (TSE:CURA) stock is a Buy with a C$6.00 price target. To see the full list of analyst forecasts on Curaleaf Holdings stock, see the TSE:CURA Stock Forecast page.
Curaleaf Holdings has terminated its binding commitment to acquire The Cannabist Company’s Virginia assets after a competing bid valued the portfolio at $130 million plus a $30 million lease liability, a price Curaleaf concluded was above the assets’ rational fair value following due diligence. The company expects to collect a $3.3 million break fee tied to the cancelled agreement and emphasized it will remain disciplined and opportunistic in its M&A strategy, underscoring a cautious approach to capital deployment in the competitive U.S. cannabis market.
The most recent analyst rating on (TSE:CURA) stock is a Hold with a C$5.50 price target. To see the full list of analyst forecasts on Curaleaf Holdings stock, see the TSE:CURA Stock Forecast page.
Curaleaf Holdings has entered into a binding agreement to acquire The Cannabist Company’s Virginia assets, including a cultivation facility and multiple dispensaries. This acquisition, expected to close in early 2026, aims to strengthen Curaleaf’s market position in Virginia, subject to a go-shop period and potential competing bids.
The most recent analyst rating on (TSE:CURA) stock is a Hold with a C$3.00 price target. To see the full list of analyst forecasts on Curaleaf Holdings stock, see the TSE:CURA Stock Forecast page.