NYSE : TRLV
Trulieve Cannabis Corp. — Financial statements
United States
Last price 10.28 USD (Oct 30, 2026, 4:00 PM EDT) · Market cap 1.98B
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Financial statements
Trulieve Cannabis Corp. (TRLV) reported revenue of 1.14B USD (TTM). Five years of income statement, balance sheet, cash flow and ratios below.
Income statement
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Revenue | 1.14B | 1.18B | 1.19B | 1.13B | 1.22B | 931.93M |
| Cost of Revenue | 461.65M | 470.01M | 470.75M | 540.57M | 529.10M | 324.17M |
| Gross Profit | 677.39M | 711.17M | 715.75M | 588.63M | 689.13M | 607.76M |
| Selling, General & Admin | 431.99M | 445.21M | 510.45M | 386.16M | 446.83M | 295.53M |
| Operating Expenses | 546.33M | 562.85M | 623.26M | 495.99M | 563.22M | 341.32M |
| Operating Income | 131.06M | 148.32M | 92.49M | 92.64M | 125.91M | 266.44M |
| Interest Expense | -56.85M | -63.45M | -62.19M | -81.57M | -73.42M | -29.12M |
| Interest & Investment Income | 13.56M | 14.52M | 14.68M | 6.16M | 1.63M | 205.00K |
| Other Non Operating Income (Expenses) | -403.71M | -1.37M | -7.55M | 6.54M | 2.39M | 1.11M |
| EBT Excluding Unusual Items | -319.22M | 98.02M | 37.42M | 23.78M | 56.51M | 238.64M |
| Merger & Restructuring Charges | -200.00K | -57.02M | ||||
| Impairment of Goodwill | -307.59M | |||||
| Gain (Loss) on Sale of Assets | -8.90M | -8.90M | -500.00K | -5.70M | -17.80M | -1.73M |
| Asset Writedown | 3.91M | 4.07M | 5.79M | -964.00K | -57.75M | -3.64M |
| Other Unusual Items | -1.72M | -1.72M | 5.94M | |||
| Pretax Income | -325.93M | 91.47M | 42.71M | -284.54M | -19.24M | 176.25M |
| Income Tax Expense | 144.75M | 208.11M | 197.59M | 151.36M | 163.38M | 145.72M |
| Earnings From Continuing Operations | -470.69M | -116.64M | -154.88M | -435.89M | -182.62M | 30.52M |
| Earnings From Discontinued Operations | -5.47M | -5.61M | -5.70M | -96.05M | -67.44M | -13.08M |
| Net Income to Company | -476.16M | -122.25M | -160.58M | -531.94M | -250.06M | 17.45M |
| Minority Interest in Earnings | 2.86M | 5.87M | 5.47M | 5.15M | 3.99M | 587.00K |
| Net Income | -473.30M | -116.38M | -155.10M | -526.80M | -246.06M | 18.03M |
| Net Income to Common | -473.30M | -116.38M | -155.10M | -526.80M | -246.06M | 18.03M |
| Shares Outstanding (Basic) | 192.06M | 191.32M | 189.99M | 188.97M | 188.00M | 139.37M |
| Shares Outstanding (Diluted) | 192.06M | 191.32M | 189.99M | 188.97M | 188.00M | 146.76M |
| EPS (Basic) | -2.46 | -0.61 | -0.82 | -2.79 | -1.31 | 0.13 |
| EPS (Diluted) | -2.46 | -0.61 | -0.82 | -2.79 | -1.31 | 0.12 |
| Free Cash Flow | 202.56M | 228.63M | 149.18M | 167.00M | -161.32M | -297.23M |
| Free Cash Flow Per Share | 1.05 | 1.20 | 0.79 | 0.88 | -0.86 | -2.02 |
| Gross Margin | 59.47% | 60.21% | 60.32% | 52.13% | 56.57% | 65.22% |
| Operating Margin | 11.51% | 12.56% | 7.80% | 8.20% | 10.34% | 28.59% |
| Profit Margin | -41.55% | -9.85% | -13.07% | -46.65% | -20.20% | 1.93% |
| Free Cash Flow Margin | 17.78% | 19.36% | 12.57% | 14.79% | -13.24% | -31.89% |
| EBITDA | 301.02M | 321.73M | 258.86M | 263.30M | 300.23M | 338.61M |
| EBITDA Margin | 26.43% | 27.24% | 21.82% | 23.32% | 24.64% | 36.33% |
| D&A For EBITDA | 169.96M | 173.40M | 166.37M | 170.66M | 174.32M | 72.17M |
| EBIT | 131.06M | 148.32M | 92.49M | 92.64M | 125.91M | 266.44M |
| EBIT Margin | 11.51% | 12.56% | 7.80% | 8.20% | 10.34% | 28.59% |
| Effective Tax Rate | 227.51% | 462.59% | 82.68% | |||
| Advertising Expenses | 22.60M | 22.90M | 12.10M | 8.20M | 7.50M |
Balance sheet
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Cash & Equivalents | 325.42M | 255.53M | 238.80M | 201.37M | 207.19M | 230.09M |
| Short-Term Investments | 60.39M | 9.65M | ||||
| Cash & Short-Term Investments | 325.42M | 255.53M | 299.20M | 201.37M | 207.19M | 239.74M |
| Accounts Receivable | 3.94M | 10.50M | 8.29M | 6.70M | 6.51M | 8.60M |
| Other Receivables | 23.10M | 8.46M | 10.01M | 100.00K | 9.81M | |
| Receivables | 27.11M | 20.20M | 23.05M | 12.94M | 7.33M | 19.94M |
| Inventory | 186.87M | 242.30M | 231.37M | 213.12M | 276.50M | 209.94M |
| Prepaid Expenses | 20.73M | 18.32M | 22.96M | 17.62M | 11.03M | 27.78M |
| Restricted Cash | 907.00K | 6.61M | 6.61M | 3.01M | ||
| Other Current Assets | 4.70M | 26.36M | 27.08M | 25.69M | 84.88M | 24.53M |
| Total Current Assets | 564.83M | 562.72M | 604.56M | 477.35M | 593.54M | 524.93M |
| Property, Plant & Equipment | 724.88M | 838.74M | 899.98M | 830.80M | 912.68M | 957.90M |
| Goodwill | 325.62M | 483.90M | 483.90M | 483.90M | 791.50M | 765.36M |
| Other Intangible Assets | 300.44M | 798.37M | 859.48M | 917.19M | 984.80M | 1.08B |
| Other Long-Term Assets | 8.70M | 11.93M | 21.82M | 12.39M | 105.90M | 69.81M |
| Total Assets | 2.08B | 2.70B | 2.87B | 2.73B | 3.40B | 3.41B |
| Accounts Payable | 61.49M | 26.78M | 20.23M | 28.25M | 15.86M | 14.34M |
| Accrued Expenses | 41.89M | 65.24M | 49.00M | 59.86M | 72.14M | |
| Short-Term Debt | 5.50M | |||||
| Current Portion of Long-Term Debt | 4.18M | 4.08M | 3.41M | 3.76M | 6.95M | 10.05M |
| Current Portion of Leases | 22.06M | 26.16M | 23.59M | 19.17M | 19.75M | 17.20M |
| Current Income Taxes Payable | 49.62M | 28.08M | ||||
| Current Unearned Revenue | 7.02M | 9.59M | 8.03M | 1.33M | 9.46M | 7.21M |
| Other Current Liabilities | 300.00K | 18.44M | 18.01M | 13.34M | 43.30M | 20.44M |
| Total Current Liabilities | 95.06M | 126.94M | 138.49M | 114.85M | 210.29M | 169.45M |
| Long-Term Debt | 285.82M | 229.21M | 477.79M | 481.41M | 638.45M | 469.38M |
| Long-Term Leases | 265.81M | 305.81M | 320.69M | 290.57M | 306.94M | 348.01M |
| Long-Term Deferred Tax Liabilities | 57.25M | 177.99M | 196.54M | 206.96M | 224.90M | 241.88M |
| Other Long-Term Liabilities | 607.59M | 713.14M | 487.72M | 226.65M | 92.11M | 35.28M |
| Total Liabilities | 1.31B | 1.55B | 1.62B | 1.32B | 1.47B | 1.26B |
| Additional Paid-In Capital | 2.08B | 2.07B | 2.06B | 2.06B | 2.05B | 2.01B |
| Retained Earnings | -1.32B | -912.12M | -795.74M | -640.64M | -113.84M | 137.72M |
| Total Common Equity | 767.46M | 1.16B | 1.26B | 1.41B | 1.93B | 2.15B |
| Minority Interest | -1.55M | -18.22M | -12.26M | -5.86M | -3.46M | 1.55M |
| Shareholders' Equity | 765.91M | 1.14B | 1.25B | 1.41B | 1.93B | 2.15B |
| Total Liabilities & Equity | 2.08B | 2.70B | 2.87B | 2.73B | 3.40B | 3.41B |
| Total Debt | 577.87M | 565.25M | 825.47M | 794.91M | 977.59M | 844.64M |
| Net Cash (Debt) | -252.45M | -309.72M | -526.27M | -593.54M | -770.41M | -604.91M |
| Net Cash Per Share | -1.31 | -1.62 | -2.77 | -3.14 | -4.10 | -4.12 |
| Filing Date Shares Outstanding | 192.57M | 192.31M | 191.01M | 186.28M | 185.99M | 184.18M |
| Total Common Shares Outstanding | 192.38M | 192.31M | 191.01M | 186.24M | 185.99M | 180.50M |
| Working Capital | 469.77M | 435.77M | 466.06M | 362.50M | 383.25M | 355.48M |
| Book Value Per Share | 3.99 | 6.04 | 6.60 | 7.60 | 10.38 | 11.89 |
| Tangible Book Value | 141.40M | -121.04M | -82.10M | 13.38M | 154.87M | 299.22M |
| Tangible Book Value Per Share | 0.73 | -0.63 | -0.43 | 0.07 | 0.83 | 1.66 |
| Land | 23.26M | 23.16M | 26.70M | 38.48M | 32.90M | |
| Buildings | 597.04M | 573.48M | 528.17M | 497.49M | 434.76M | |
| Machinery | 330.09M | 302.35M | 292.94M | 278.00M | 141.18M | |
| Construction In Progress | 66.44M | 88.11M | 28.02M | 55.15M | 234.17M |
Cash flow statement
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Net Income | -473.30M | -116.38M | -155.10M | -526.80M | -246.06M | 18.03M |
| Depreciation & Amortization | 169.96M | 173.40M | 166.37M | 170.66M | 185.57M | 78.22M |
| Asset Writedown & Restructuring Costs | 6.71M | 4.83M | -5.29M | 314.25M | 75.55M | 5.37M |
| Stock-Based Compensation | 20.81M | 20.47M | 20.20M | 10.57M | 18.12M | 9.25M |
| Provision & Write-off of Bad Debts | 3.62M | |||||
| Other Operating Activities | 389.12M | 3.17M | 10.43M | -9.89M | -30.12M | -13.12M |
| Change in Accounts Receivable | -3.07M | -3.72M | 741.00K | -1.71M | -4.21M | -4.90M |
| Change in Inventory | 5.17M | -10.93M | -18.73M | 83.30M | -83.43M | -19.57M |
| Change in Accounts Payable | -2.84M | -11.26M | 7.21M | 1.64M | -819.00K | -9.66M |
| Change in Unearned Revenue | 2.37M | -4.64M | ||||
| Change in Income Taxes | -51.00K | 1.55M | -8.50M | -48.82M | 19.76M | -12.98M |
| Change in Other Net Operating Assets | 129.50M | 212.53M | 254.17M | 139.16M | 33.62M | -33.11M |
| Operating Cash Flow | 244.44M | 272.82M | 271.79M | 207.24M | 21.41M | 8.88M |
| Capital Expenditures | -41.88M | -44.19M | -122.60M | -40.24M | -182.73M | -306.12M |
| Sale of Property, Plant & Equipment | 5.05M | 55.03M | ||||
| Cash Acquisitions | -27.78M | 43.45M | ||||
| Sale (Purchase) of Intangibles | -16.32M | -16.32M | -25.06M | -10.62M | -11.07M | -3.72M |
| Investment in Securities | 60.00M | -60.00M | ||||
| Other Investing Activities | 7.66M | 14.01M | 1.05M | 13.38M | 1.47M | -3.84M |
| Investing Cash Flow | -108.93M | 13.50M | -206.62M | -37.47M | -215.06M | -215.18M |
| Long-Term Debt Issued | 140.00M | 173.22M | 361.87M | |||
| Long-Term Debt Repaid | -393.35M | -8.15M | -191.43M | -13.32M | -297.23M | |
| Net Debt Issued (Repaid) | -190.89M | -253.35M | -8.15M | -191.43M | 159.90M | 64.64M |
| Issuance of Common Stock | 19.39M | 225.92M | ||||
| Repurchase of Common Stock | -5.80M | -4.84M | -14.75M | -466.00K | -615.00K | -1.07M |
| Other Financing Activities | -14.38M | -12.30M | -10.54M | 16.31M | -882.00K | -251.00K |
| Financing Cash Flow | -211.08M | -270.50M | -33.44M | -175.59M | 177.80M | 289.23M |
| Net Cash Flow | -75.57M | 15.82M | 31.73M | -5.81M | -15.85M | 82.93M |
| Free Cash Flow | 202.56M | 228.63M | 149.18M | 167.00M | -161.32M | -297.23M |
| Free Cash Flow Margin | 17.78% | 19.36% | 12.57% | 14.79% | -13.24% | -31.89% |
| Free Cash Flow Per Share | 1.05 | 1.20 | 0.79 | 0.88 | -0.86 | -2.02 |
| Levered Free Cash Flow | 232.04M | 169.79M | 48.04M | 161.51M | -22.57M | -159.04M |
| Unlevered Free Cash Flow | 267.57M | 209.45M | 86.91M | 212.49M | 23.32M | -140.84M |
| Cash Interest Paid | 64.47M | 70.27M | 65.41M | 81.21M | 76.14M | 39.08M |
| Cash Income Tax Paid | 890.00K | 1.46M | -48.41M | 52.64M | 146.67M | 178.66M |
| Change in Working Capital | 128.70M | 188.17M | 234.88M | 173.56M | -32.71M | -84.86M |
Ratios
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Market Capitalization | 2.14B | 1.67B | 989.80M | 969.65M | 1.41B | 4.77B |
| Enterprise Value | 2.39B | 2.02B | 1.49B | 1.68B | 2.24B | 4.90B |
| Last Close Price | 11.10 | 8.69 | 5.18 | 5.21 | 7.57 | 26.01 |
| PE Ratio | 264.70 | |||||
| Forward PE | 24.94 | 38.74 | 38.74 | 38.74 | 38.74 | 29.56 |
| PS Ratio | 1.88 | 1.42 | 0.83 | 0.86 | 1.16 | 5.12 |
| PB Ratio | 2.78 | 1.46 | 0.79 | 0.69 | 0.73 | 2.22 |
| P/TBV Ratio | 15.12 | 72.49 | 9.09 | 15.95 | ||
| P/FCF Ratio | 10.55 | 7.31 | 6.63 | 5.81 | ||
| P/OCF Ratio | 8.74 | 6.12 | 3.64 | 4.68 | 65.74 | 537.32 |
| PEG Ratio | 25.64 | 25.64 | 25.64 | 25.64 | 1.48 | |
| EV/Sales Ratio | 2.10 | 1.71 | 1.26 | 1.48 | 1.83 | 5.26 |
| EV/EBITDA Ratio | 7.94 | 6.28 | 5.76 | 6.37 | 7.45 | 14.47 |
| EV/EBIT Ratio | 18.24 | 13.61 | 16.13 | 18.09 | 17.75 | 18.39 |
| EV/FCF Ratio | 11.80 | 8.83 | 10.00 | 10.04 | ||
| Debt / Equity Ratio | 0.75 | 0.49 | 0.66 | 0.56 | 0.51 | 0.39 |
| Debt / EBITDA Ratio | 1.72 | 1.59 | 2.82 | 2.71 | 2.97 | 2.37 |
| Debt / FCF Ratio | 2.85 | 2.47 | 5.53 | 4.76 | ||
| Net Debt / Equity Ratio | 0.33 | 0.27 | 0.42 | 0.42 | 0.40 | 0.28 |
| Net Debt / EBITDA Ratio | 0.84 | 0.96 | 2.03 | 2.25 | 2.57 | 1.79 |
| Net Debt / FCF Ratio | 1.25 | 1.35 | 3.53 | 3.55 | -4.78 | -2.04 |
| Asset Turnover | 0.46 | 0.42 | 0.42 | 0.37 | 0.36 | 0.44 |
| Inventory Turnover | 2.16 | 1.99 | 2.12 | 2.21 | 2.17 | 2.10 |
| Quick Ratio | 3.71 | 2.16 | 2.29 | 1.81 | 1.02 | 1.52 |
| Current Ratio | 5.94 | 4.43 | 4.37 | 4.16 | 2.82 | 3.10 |
| Return on Equity (ROE) | -47.65% | -9.75% | -11.65% | -26.13% | -8.96% | 2.35% |
| Return on Assets (ROA) | 3.28% | 3.33% | 2.07% | 1.89% | 2.31% | 7.89% |
| Return on Invested Capital (ROIC) | 10.72% | -11.72% | -17.76% | 3.94% | 4.62% | 2.76% |
| Return on Capital Employed (ROCE) | 6.60% | 5.80% | 3.40% | 3.50% | 3.90% | 8.20% |
| Earnings Yield | -22.20% | -6.96% | -15.67% | -54.33% | -17.48% | 0.38% |
| FCF Yield | 9.48% | 13.68% | 15.07% | 17.22% | -11.46% | -6.23% |
| Buyback Yield / Dilution | -0.75% | -0.70% | -0.54% | -0.52% | -28.10% | -24.03% |