Curaleaf Holdings (CURA) AI Stock Analysis

• Market Cap: $2.85B
• Dividend Yield: N/A
• Average Volume (3M): 1.43M
• Price to Earnings (P/E): ―
• Beta (1Y): 2.16
• Revenue Growth: -3.38%
• EPS Growth: -31.35%
• Country: CA
• Employees: 5,519
• Sector: Healthcare
• Sector Strength: 45
• Industry: Drug Manufacturers - Specialty & Generic
• EPS (TTM): -0.09
• Shares Outstanding: 678,175,900
• 10 Day Avg. Volume: 618,326
• 30 Day Avg. Volume: 1,431,320
• PEG Ratio: 0.57
• Price to Book (P/B): 1.34
• Price to Sales (P/S): 0.86
• P/FCF Ratio: 17.94
• Enterprise Value/Market Cap: 0.97
• Enterprise Value/Revenue: 2.17
• Enterprise Value/Gross Profit: 4.43
• Enterprise Value/Ebitda: 13.56
• 1Y Price Target: $5.21
• Price Target Upside: 41.22% Upside
• Rating Consensus: Strong Buy
• Number of Analyst Covering: 5
• EPS Forecast (FY): -0.32
• Revenue Forecast (FY): $1.88B

• Rating: 58 Neutral
• Price Target: C$4.00 ▲(8.40% Upside)

Curaleaf Holdings' overall stock score is driven by a mix of financial challenges and technical strengths. The company's financial performance is hindered by declining revenue and profitability, along with increased leverage. However, positive cash flow generation provides some stability. Technical analysis shows a positive trend, contributing to a higher score. Valuation remains a concern due to ongoing losses. The earnings call highlights international growth, but domestic challenges persist.

Positive Factors

International Growth

Sustained double-digit international growth diversifies revenue outside a pressured US market. Building scale in the U.K., Germany and progressing in other European markets creates a multi-country revenue base, improving long-term margin potential and lowering single-market concentration risk.

Cash Generation

Consistent positive operating and free cash flow provides durable funding for operations, capex and debt service without immediate equity raises. Reliable cash generation enhances financial flexibility, supports strategic investments, and cushions the company if revenue or margin pressures persist.

Retail Scale & Vertical Integration

A large retail network combined with in-house cultivation and manufacturing creates structural advantages: control of supply, product variety, and margin capture. This integrated model supports wholesale and retail channels and strengthens distribution economics over the medium term.

Negative Factors

Declining Revenue & Margins

Falling revenue and a substantial decline in gross margin erode operating leverage and make sustainable profitability harder to achieve. Continued margin compression reduces cash retained for reinvestment, weakens competitive positioning, and raises the bar for achieving positive net income without substantive structural changes.

Rising Leverage

Elevated debt relative to equity increases interest burden and refinancing risk, limiting capital allocation flexibility. With negative ROE, leverage magnifies downside if cash flows falter, potentially forcing asset sales or dilutive financing and constraining long-term strategic options.

Domestic Price Compression

Sustained price compression in core US markets reduces per-unit revenue and pressures retail margins. Given the domestic business remains a major revenue source, persistent competitive pricing and regulatory dynamics could structurally limit margin recovery and slow the path back to consistent profitability.

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 retail and wholesale channels. In addition, it offers flowers, pre-rolls, flower pods, and dry-herb vaporizer cartridges; concentrates for vaporizing, such as pre-filled vaporizer cartridges and disposable vaporizer pens; and concentrates for dabbing, including distillate droppers, mints, topical balms and lotions, tinctures, lozenges, capsules, and edibles. Further, the company provides hemp-based CBD and cannabigerol products. The company was founded in 2010 and is headquartered in New York, New York.

How the Company Makes Money

Curaleaf generates revenue primarily through the sale of its cannabis products across its dispensary network and wholesale distribution to third-party retailers. The company's revenue model is supported by its extensive cultivation facilities, which allow for in-house production of a wide array of products, enhancing profit margins. Key revenue streams include retail sales from its dispensaries, where customers can purchase both medical and recreational cannabis, and wholesale sales to other dispensaries and retailers. Additionally, Curaleaf benefits from strategic partnerships and collaborations that enhance its market presence and distribution capabilities. The company's operations in states with established cannabis markets and its focus on expanding its footprint into new markets further contribute to its earnings potential.

Curaleaf Holdings Financial Statement Overview

Summary

Curaleaf Holdings faces challenges with declining revenue and profitability, as evidenced by negative growth rates and margins. The balance sheet shows increased leverage, which could pose financial risks if not managed effectively. However, the company demonstrates some strengths in cash flow generation, with positive free cash flow growth. Overall, while there are areas of concern, particularly in profitability and leverage, the company's cash flow performance provides some optimism for future stability.

Income Statement

Curaleaf Holdings has experienced a decline in revenue over the TTM period, with a negative revenue growth rate of -0.8%. The gross profit margin has decreased from 47.6% in 2024 to 35.5% in TTM, indicating reduced profitability. The net profit margin remains negative, reflecting ongoing losses. Despite these challenges, the EBITDA margin remains relatively stable at 17.2%, suggesting some operational efficiency.

Balance Sheet

The company's debt-to-equity ratio has increased to 1.21 in TTM, indicating higher leverage and potential financial risk. The return on equity is negative, reflecting ongoing losses. However, the equity ratio remains stable, suggesting a balanced asset structure. The increasing debt levels could pose a risk if not managed carefully.

Cash Flow

Curaleaf Holdings shows a positive free cash flow growth rate of 35% in TTM, indicating improved cash generation. The operating cash flow to net income ratio is 0.46, suggesting that operating activities are generating cash despite net losses. However, the free cash flow to net income ratio is relatively low at 0.36, indicating limited cash available after capital expenditures.

Breakdown	TTM	Dec 2024	Dec 2023	Dec 2022	Dec 2021	Dec 2020
Income Statement
Total Revenue	1.28B	1.34B	1.35B	1.34B	1.21B	626.64M
Gross Profit	624.83M	639.25M	614.45M	579.03M	687.59M	390.51M
EBITDA	204.29M	233.14M	238.76M	220.97M	278.98M	128.59M
Net Income	-260.68M	-215.42M	-281.20M	-376.93M	-109.13M	-61.33M
Balance Sheet
Total Assets	2.88B	2.95B	3.10B	3.41B	3.11B	2.39B
Cash, Cash Equivalents and Short-Term Investments	92.79M	93.03M	91.82M	163.18M	299.33M	73.54M
Total Debt	823.37M	853.82M	883.55M	931.91M	652.40M	577.71M
Total Liabilities	2.00B	1.96B	1.93B	2.01B	1.44B	1.01B
Stockholders Equity	814.82M	861.21M	1.05B	1.28B	1.55B	1.38B
Cash Flow
Free Cash Flow	66.89M	64.42M	5.05M	-91.96M	-205.92M	-113.92M
Operating Cash Flow	142.44M	162.57M	75.26M	46.40M	-33.96M	12.36M
Investing Cash Flow	-77.02M	-93.83M	-78.69M	-228.62M	-163.97M	-197.11M
Financing Cash Flow	-51.27M	-54.24M	-67.02M	50.54M	424.80M	224.08M

Curaleaf Holdings Technical Analysis

• Technical Analysis Sentiment: Neutral
• Last Price: 3.69
• 50DMA: Positive
• 100DMA: Negative
• 200DMA: Positive
• MACD: Negative
• RSI: Neutral
• STOCH: Neutral

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For TSE:CURA, the sentiment is Neutral. The current price of 3.69 is below the 20-day moving average (MA) of 3.82, above the 50-day MA of 3.69, and above the 200-day MA of 2.72, indicating a neutral trend. The MACD of -0.06 indicates Negative momentum. The RSI at 48.60 is Neutral, neither overbought nor oversold. The STOCH value of 76.22 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Neutral sentiment for TSE:CURA.

Curaleaf Holdings Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
GTII	75 Outperform	C$2.62B	43.82	2.42%	―	6.18%	-28.69%
TRUL	60 Neutral	C$2.28B	-12.18	-9.95%	―	4.27%	3.41%
CURA	58 Neutral	$2.85B	-7.57	-27.61%	―	-3.38%	-31.35%
CL	52 Neutral	C$796.41M	-8.67	-11.79%	―	-6.48%	22.63%
Sector *	51 Neutral	$7.86B	-0.30	-43.30%	2.27%	22.53%	-2.21%
VRNO	49 Neutral	C$2.17B	-4.68	-33.01%	―	-4.58%	-141.91%
WEED	47 Neutral	C$601.71M	-0.60	-60.19%	―	-0.67%	58.98%

Curaleaf Holdings Corporate Events

Curaleaf Seeks Shareholder Approval to Redomicile From Canada to Delaware

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 Legal Chief Adopts Automatic Plan for Option Exercises and Share Sales

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 Walks Away From Cannabist’s Virginia Deal, Citing Valuation Concerns

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 Expands with Acquisition of Virginia Assets from The Cannabist Company

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.

Curaleaf Holdings Reports Q3 2025 Results: Revenue Growth and Strategic Expansion

Curaleaf Holdings reported a net revenue of $320 million for the third quarter of 2025, marking a 2% sequential increase despite a 3% year-over-year decline. The company’s international segment showed robust growth, with a 12% sequential and 56% year-over-year increase in revenue. The adjusted gross profit margin improved to 50%, and the company generated significant operating and free cash flow, ending the quarter with $107 million in cash. Curaleaf’s strategic initiatives, including the ‘Return to Our Roots’ plan, have positioned it for renewed domestic growth and rapid international expansion, despite ongoing macroeconomic challenges.

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.