Trulieve Cannabis Corp.
TRLV· NYSE· Medicinal Chemicals & Botanical Products
- Market cap
- –
- P/FCF
- –
- EV/Sales
- –
- FCF margin
- 19.4%
- ROIC, 5 yr avg
- –
- Revenue, 5 yr CAGR
- +17.8%
We record prices for the companies we cover; TRLV is not one of them yet.
Company statistics
Profile · FY2025
- Market cap
- –
- Enterprise value
- –
- Diluted shares
- 191.3M
- Revenue
- $1.2B
- Free cash flow
- $228.6M
- Owner earnings
- $208.2M
Valuation · FY2025
- P/E
- –
- P/FCF
- –
- P/Owner earnings
- –
- EV/Sales
- –
- EV/FCF
- –
- P/B
- –
Margins · FY2025
- Gross
- 60.2%
- Operating
- 12.1%
- Net
- –
- Free cash flow
- 19.4%
- Owner earnings
- 17.6%
- Stock pay
- 1.7%
Returns
- ROIC, FY2025
- –
- ROIC, 5 yr avg
- –
- ROE, FY2025
- –
- ROE, 5 yr avg
- –
Growth (CAGR)
- Revenue, 3 yr
- -1.0%
- Revenue, 5 yr
- 17.8%
- Revenue, 6 yr
- 29.3%
- Diluted EPS, 3 yr
- –
- Diluted EPS, 5 yr
- –
- Diluted EPS, 6 yr
- –
- Free cash flow, 3 yr
- –
- Free cash flow, 5 yr
- –
- Free cash flow, 6 yr
- –
Financial health · FY2025
- Cash and investments
- $255.5M
- Total debt
- $136.7M
- Net cash
- $118.8M
- Debt/Equity
- 0.1x
- Debt/FCF
- 0.6x
Shareholder returns · FY2025
- Dividend yield
- –
- Payout ratio
- –
- Buyback yield
- –
- Shareholder yield
- –
- Share count, 5 yr
- 23.1%
Financials: ten years from the 10-Ks
Revenue
$1.2B
+29.3% a year over 6 years
FY2019FY2025
Margins
Gross60.2%Operating12.1%Net–
FY2025
FY2019FY2025
Free cash flow and owner earnings
Free cash flow$228.6MOwner earnings$208.2M
FY2025
FY2019FY2025
Diluted shares
191.3M
+190.3% over 6 years, net dilution
FY2019FY2025
Return on invested capital
–
FY2025
FY2019FY2025
Net cash
$118.8M
$118.8M more cash than debt
FY2019FY2025
Every figure, year by year
| Fiscal year | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|---|---|
| The business | |||||||
| Revenue | $252.8M | $521.5M | $931.9M | $1.2B | $1.1B | $1.2B | $1.2B |
| Revenue growth | – | 106.3% | 78.7% | 30.7% | -7.3% | 5.1% | -0.4% |
| Gross margin | 75.9% | 74.1% | 60.8% | 56.6% | 52.1% | 60.3% | 60.2% |
| Operating margin | 44.8% | 41.9% | 21.9% | 4.1% | -19.6% | 8.2% | 12.1% |
| Net income | $53.1M | $63.0M | $17.4M | -$252.7M | – | – | – |
| Net margin | 21.0% | 12.1% | 1.9% | -20.7% | – | – | – |
| Diluted EPS | $0.81s | $0.93s | $0.21 | $-0.95 | $-2.28 | $-0.79 | $-0.58 |
| Return on invested capital? | – | – | 1.5% | – | – | – | – |
| Cash | |||||||
| Operating cash flow | $19.1M | $99.6M | $12.9M | $23.1M | $201.8M | $271.5M | $272.8M |
| Capital expenditure | $71.8M | $99.9M | $275.9M | $164.7M | $40.2M | $122.6M | $44.2M |
| Free cash flow | -$52.8M | -$298.0K | -$263.0M | -$141.7M | $161.6M | $148.9M | $228.6M |
| Stock-based compensation | – | $2.8M | $9.3M | $18.1M | $10.6M | $20.2M | $20.5M |
| Owner earnings? | – | -$3.1M | -$272.3M | -$159.8M | $151.0M | $128.7M | $208.2M |
| Free cash flow per share | $-0.80 | $-0.00 | $-1.79 | $-0.75 | $0.86 | $0.78 | $1.19 |
| Capital allocation | |||||||
| Dividends paid | – | – | – | – | – | – | – |
| Share repurchases | – | – | – | – | – | – | – |
| Diluted shares | 65.9Ms | 67.6Ms | 146.8M | 188.0M | 189.0M | 190.0M | 191.3M |
| Share count change? | – | 2.6% | 117.0% | 28.1% | 0.5% | 0.5% | 0.7% |
| Balance sheet | |||||||
| Cash and equivalents | $91.8M | $146.7M | $226.6M | $207.2M | $201.4M | $238.8M | $255.5M |
| Short-term investments | – | – | – | – | $0 | $60.4M | $0 |
| Total debt | – | – | $462.9M | $541.7M | $363.2M | $364.8M | $136.7M |
| Net debt | – | – | $236.3M | $334.5M | $161.8M | $65.6M | -$118.8M |
| Shareholders' equity | $132.9M | $447.9M | $2.1B | $1.9B | $1.4B | $1.2B | $1.1B |
Latest filings
| 2026-08-07 | 10-Q | Quarterly report |
| 2026-06-25 | DEF 14A | Proxy statement |
| 2026-05-07 | 10-Q | Quarterly report |
| 2026-05-07 | 8-K | Earnings release |
| 2026-04-29 | DEF 14A | Proxy statement |
| 2026-02-26 | 10-K | Annual report |
| 2026-02-26 | 8-K | Earnings release |
| 2025-11-05 | 10-Q | Quarterly report |
| 2025-11-05 | 8-K | Earnings release |
| 2025-08-06 | 10-Q | Quarterly report |
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