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Trulieve Cannabis (TSE:TRUL)
:TRUL
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Trulieve Cannabis
(TRUL)
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Rating:60Neutral
Price Target:
C$12.50
▲(3.91% Upside)
Trulieve Cannabis demonstrates strong revenue growth and positive technical momentum, but faces challenges with profitability and valuation. The earnings call provided a balanced view of growth initiatives and existing pressures.
Positive Factors
Revenue Growth
Consistent revenue growth indicates strong market demand and effective expansion strategies, supporting long-term business sustainability.
Cash Generation
Strong cash generation enhances financial flexibility, enabling investment in growth opportunities and resilience against market fluctuations.
Regulatory Environment
The reclassification supports industry legitimacy, reduces tax burdens, and facilitates research, benefiting long-term growth and operational efficiency.
Negative Factors
Profitability Challenges
Ongoing profitability issues may hinder reinvestment capabilities and shareholder returns, posing a risk to long-term financial health.
Pricing Compression
Pricing pressures can erode margins and limit competitive positioning, challenging the company's ability to maintain profitability and market share.
Net Losses
Sustained net losses indicate operational inefficiencies and financial strain, potentially impacting future growth and investment capacity.
Trulieve Cannabis (TRUL) vs. iShares MSCI Canada ETF (EWC)
Market Cap
C$2.30B
Dividend YieldN/A
Average Volume (3M)365.58K
Price to Earnings (P/E)―
Beta (1Y)1.69
Revenue Growth4.27%
EPS Growth3.41%
CountryCA
Employees6,000
SectorHealthcare
Sector Strength45
IndustryDrug Manufacturers - Specialty & Generic
Share Statistics
EPS (TTM)-0.19
Shares Outstanding167,931,950
10 Day Avg. Volume121,569
30 Day Avg. Volume365,584
Financial Highlights & Ratios
PEG Ratio0.10
Price to Book (P/B)0.78
Price to Sales (P/S)0.83
P/FCF Ratio8.46
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price Target
C$22.37Price Target Upside85.91% Upside
Rating ConsensusStrong Buy
Number of Analyst Covering4
EPS Forecast (FY)N/A
Revenue Forecast (FY)N/A
Trulieve Cannabis Business Overview & Revenue Model
Company DescriptionTrulieve Cannabis Corp., together with its subsidiaries, operates as a medical cannabis company. It cultivates and produces products in-house and distributes its products to Trulieve branded stores (dispensaries) in Florida, as well as through home delivery. The company produces flower, edible, vaporizer cartridge, concentrate, topical, capsule, tincture, dissolvable powder, and nasal spray products under the Avenue, Cultivar Collection, Muse, Modern Flower, Alchemy, Momenta, Sweet Talk, Co2lors, Loveli, and Roll One brands. As of March 16, 2022, it operated 162 dispensaries, which included 113 dispensaries in Florida, 19 affiliated dispensaries in Pennsylvania, 17 dispensaries in Arizona, five dispensaries in California, three dispensaries in Maryland, two dispensaries in Massachusetts, two dispensaries in West Virginia, and one dispensary in Connecticut. Trulieve Cannabis Corp. also operated cultivation and processing facilities in Arizona, Colorado, Florida, Maryland, Massachusetts, Nevada, Pennsylvania, and West Virginia. The company was formerly known as Schyan Exploration Inc./Exploration Schyan Inc. and changed its name to Trulieve Cannabis Corp. in September 2018. Trulieve Cannabis Corp. was incorporated in 1940 and is headquartered in Quincy, Florida.
How the Company Makes MoneyTrulieve generates revenue primarily through the sale of cannabis products in its dispensaries and online platforms. The company operates a retail network of dispensaries that cater to both medical and recreational cannabis consumers. Key revenue streams include sales of flower, concentrates, edibles, and wellness products. In addition to retail sales, Trulieve benefits from its cultivation and production facilities, which enable the company to maintain control over its supply chain and product quality. Strategic partnerships with local suppliers and involvement in community initiatives also enhance its market position and brand loyalty. The company's growth is further supported by expanding its footprint into new markets and increasing its product offerings to capture a wider customer base.
Trulieve Cannabis Earnings Call Summary
Earnings Call Date:Nov 05, 2025
(Q3-2025)
| % Change Since: |
Next Earnings Date:Feb 26, 2026
Earnings Call Sentiment Neutral
Trulieve demonstrated strong financial performance and growth initiatives, with significant progress in customer engagement and cash generation. However, challenges such as pricing compression and reported net loss indicate some pressure on the business. The company's efforts in cannabis reform and strategic expansion highlight its leadership positioning.Q3-2025 Updates
Positive Updates
Strong Financial Performance
Trulieve reported third quarter revenue of $288 million, in line with guidance and typical seasonal trends. Adjusted EBITDA improved by 7% year-over-year to $103 million, with a 36% margin, underscoring tight expense control.
Expansion and Growth Initiatives
Trulieve met its 2025 retail target by opening 10 new stores in Arizona, Florida, and Ohio, expanding the network to 232 stores. Wholesale revenue grew 16% compared to last year, driven by strength in Maryland, Ohio, and Pennsylvania.
Innovative Customer Engagement
The company launched a new mobile app, enhancing customer engagement and loyalty. The Rewards program reached 820,000 members, with members spending on average 2.5 times more than nonmembers.
Positive Cash Flow
Operating cash flow was $77 million, contributing to a cash reserve of $458 million at quarter end, demonstrating strong cash generation capabilities.
Cannabis Reform Efforts
Trulieve is optimistic about federal cannabis reform, including potential rescheduling to Schedule III and the SAFER Banking Act. The company supports the Smart and Safe Florida campaign for adult-use legalization.
Negative Updates
Pricing and Consumer Pressure
Pricing compression and wallet pressure affected revenue growth, with consumers leaning towards value and mid-tier products due to general economic conditions.
Net Loss Reported
Trulieve reported a net loss of $27 million or $0.14 per share for the third quarter, although excluding non-recurring items, the net loss per share would have been $0.07.
Challenges in Consumer Behavior
While customer retention improved, the consumer profile showed some opaqueness, with trading down and price compression observed, leading to cautious monitoring of consumer behavior.
Company Guidance
During the Trulieve Cannabis Corporation's third quarter 2025 financial results call, several key metrics were highlighted, underscoring the company's performance and future guidance. Trulieve reported a third-quarter revenue of $288 million, with a gross margin of 59%, reflecting pricing compression and operational efficiencies. Adjusted SG&A expense was reduced by $9 million year-over-year, while adjusted EBITDA improved by 7% to $103 million, equating to a 36% margin. Operating cash flow stood at $77 million, contributing to a cash reserve of $458 million at the end of the quarter. Retail traffic and units sold increased by 6% and 7% year-over-year, respectively, while wholesale revenue grew 16%, driven by strength in Maryland, Ohio, and Pennsylvania. Trulieve's loyalty program grew to 820,000 members, with rewards members responsible for 77% of third-quarter transactions. The company also launched a new mobile app to enhance customer engagement. Looking ahead, Trulieve expects low single-digit sequential revenue growth in the fourth quarter and anticipates generating at least $250 million in cash from operations for the full year, with capital expenditures projected at $45 million.Trulieve Cannabis Financial Statement Overview
Summary
Trulieve Cannabis faces challenges with declining revenue and profitability, impacting its overall financial health. While the company maintains a strong gross profit margin and improved cash flow management, negative net income and return on equity highlight areas needing attention. The balance sheet remains stable, but future growth and profitability improvements are crucial for long-term success.Income Statement
Trulieve Cannabis has experienced declining revenue growth, with a negative growth rate of -11.4% in the TTM period. The company struggles with profitability, as evidenced by a negative net profit margin of -14.06%. However, the gross profit margin remains relatively strong at 61.29%, indicating efficient production processes. The EBIT and EBITDA margins are positive, but lower than previous years, reflecting challenges in operational efficiency.Balance Sheet
The balance sheet shows a moderate debt-to-equity ratio of 0.67, suggesting a balanced approach to leveraging. However, the return on equity is negative at -13.25%, indicating inefficiencies in generating returns for shareholders. The equity ratio stands at 41.92%, showing a stable capital structure but highlighting potential risks if profitability does not improve.Cash Flow
Cash flow analysis reveals a significant improvement in free cash flow growth at 111.6% in the TTM period, indicating better cash management. The operating cash flow to net income ratio is strong at 1.60, suggesting effective cash generation relative to net income. However, the free cash flow to net income ratio is only 0.30, pointing to challenges in translating earnings into free cash flow.| Breakdown | TTM | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 | Dec 2020 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 1.19B | 1.19B | 1.13B | 1.24B | 938.38M | 521.53M |
| Gross Profit | 723.02M | 715.75M | 588.63M | 682.00M | 566.13M | 386.42M |
| EBITDA | 300.10M | 282.80M | -21.98M | 239.75M | 283.59M | 207.87M |
| Net Income | -133.27M | -155.10M | -526.80M | -205.10M | 18.03M | 63.00M |
Balance Sheet | ||||||
| Total Assets | 2.94B | 2.87B | 2.73B | 3.40B | 3.41B | 816.11M |
| Cash, Cash Equivalents and Short-Term Investments | 449.20M | 299.20M | 201.37M | 212.30M | 230.65M | 146.71M |
| Total Debt | 310.37M | 824.46M | 792.57M | 1.03B | 859.02M | 168.60M |
| Total Liabilities | 1.76B | 1.62B | 1.32B | 1.47B | 1.26B | 368.21M |
| Stockholders Equity | 1.19B | 1.26B | 1.41B | 1.93B | 2.15B | 447.90M |
Cash Flow | ||||||
| Free Cash Flow | 149.25M | 116.82M | 146.35M | -161.49M | -293.22M | -47.10M |
| Operating Cash Flow | 244.28M | 271.48M | 201.84M | 23.10M | 12.90M | 99.64M |
| Investing Cash Flow | -3.79M | -206.62M | -37.47M | -215.06M | -215.18M | -174.65M |
| Financing Cash Flow | -21.46M | -33.44M | -175.59M | 177.80M | 289.23M | 129.91M |
Trulieve Cannabis Technical Analysis
Positive
12.03
Price Trends
9.69
Positive
10.30
Positive
8.10
Positive
Market Momentum
0.56
Positive
56.75
Neutral
56.28
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For TSE:TRUL, the sentiment is Positive. The current price of 12.03 is above the 20-day moving average (MA) of 11.44, above the 50-day MA of 9.69, and above the 200-day MA of 8.10, indicating a bullish trend. The MACD of 0.56 indicates Positive momentum. The RSI at 56.75 is Neutral, neither overbought nor oversold. The STOCH value of 56.28 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for TSE:TRUL.
Trulieve Cannabis Risk Analysis
Trulieve Cannabis disclosed 56 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 0 New Risks
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$2.64B | 44.13 | 2.42% | ― | 6.18% | -28.69% | |
60 Neutral | C$2.30B | -12.28 | -9.95% | ― | 4.27% | 3.41% | |
58 Neutral | C$2.74B | -7.29 | -27.61% | ― | -3.38% | -31.35% | |
52 Neutral | C$778.61M | -8.47 | -11.79% | ― | -6.48% | 22.63% | |
51 Neutral | $7.86B | -0.30 | -43.30% | 2.27% | 22.53% | -2.21% | |
49 Neutral | C$2.17B | -4.68 | -33.01% | ― | -4.58% | -141.91% | |
47 Neutral | C$163.26M | -1.77 | ― | ― | 3.17% | -24.07% |
* Healthcare Sector Average
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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.