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Cresco Labs (CRLBF) USD

At a glance: strengths & risks
✓Margins improving (-19%→-3%)✗Loss-making last FY

Sector: Cannabis

Geography: United States

COMM_CRLBF

Price chart

0.78 USDDay 7.14%

Key metrics

Net debt (table and EV/EBITDA): |short-term borrowings| + |long-term borrowings| + |other financial liabilities| when extracted + |non-controlling interest| when extracted − |cash and equivalents|; amounts in millions of the reporting currency.

Market

Price
0.78 USD · 7.14%
Market cap
280 mln USD

Growth

Δ revenue y/y
-8.7%
Δ EBITDA y/y
-10.6%

Multiples

P/E (LTM)
—
P/B (FY)
0.8x
P/E (ann.)
<0
EV/EBITDA (LTM)
4.4x
EV/EBITDA (ann.)
6.7x

Cash return

Dividend yield
—
FCF yield (LTM)
-57.1%

Value creation

to target market cap (spot commodity model)
Upside (potential)
+53.2%
↓ details

Liquidity

Daily turnover (listing)
0.1 mln USD

Shares: yahoo_fundamentals_timeseries/CRLBF

Financial results

Monetary columns are in M USD, one decimal; scale (K/M/B/T) keeps values readable. For the period (default) shows P&L and cash flow for that row’s reporting window: quarterly amounts when the feed uses quarter-duration facts (typical US 10-Q revenue and income), quarterly cash flows after stripping YTD where only cumulative tags exist, and an implied Q4 on 31 Dec FY rows (P&L: FY minus Q1–Q3; operating / investing cash flow: FY 12m minus 9M YTD to 30 Sep when sourced from SEC builder evidence) so they match 10-Q scale. Some issuers still use cumulative YTD minus the prior row in the same calendar year. As reported shows values stored on each row (e.g. full-year on FY). Balance sheet is always as reported. Source JSON may use millions etc.; conversion uses amounts_unit per row.

DatePeriodStatusRevenueM USDOperating profitM USDD&AM USDEBITDAM USDNet profitM USDOperating CFM USDCapex + M&AM USDAssetsM USDEquityM USDROE (annualized)Net debtM USDSource
2026-03-31Q1 2026 (3M)OK151.3
y/y -8.7%
11.2
y/y -17.8%
14.1
y/y -4.0%
25.3
y/y -10.6%
-13.1
y/y —
-5.6-9.91198.9
y/y -12.1%
336.0
y/y -27.3%
-15.5%393.3Link
2025-12-31Q4 2025 (3M)OK161.6
y/y -10.2%
41.4
y/y 112.0%
12.3
y/y -2.0%
53.7
y/y 67.4%
-87.6
y/y —
27.4-10.31197.3
y/y -11.7%
340.4
y/y -28.3%
-91.1%366.7Link
2025-09-30Q3 2025 (3M)OK164.9
y/y -8.3%
20.2
y/y -23.3%
14.7
y/y -11.5%
34.9
y/y -18.8%
-17.1
y/y —
6.2-7.61280.3
y/y -7.4%
428.3
y/y -6.2%
-5.2%288.0Link
2025-06-30Q2 2025 (3M)OK163.6
y/y -9.7%
25.4
y/y —
14.0
y/y -14.6%
39.4
y/y —
-16.3
y/y —
8.8-13.31347.8
y/y -0.7%
444.5
y/y -4.9%
-14.4%234.6Link
2025-03-31Q1 2025 (3M)OK165.8
y/y -9.7%
13.6
y/y -53.2%
14.7
y/y -14.6%
28.3
y/y -38.8%
-14.4
y/y —
30.5-7.01364.1
y/y 0.4%
461.9
y/y -8.1%
-12.3%233.3Link
2024-12-31Q4 2024 (3M)OK179.9
y/y -6.8%
19.5
y/y -30.2%
12.5
y/y -65.0%
32.1
y/y -49.7%
-4.4
y/y -293.7%
29.6-3.51355.4
y/y -0.2%
474.9
y/y -6.1%
-3.8%332.5Link
2024-09-30Q3 2024 (3M)OK179.8
y/y -5.7%
26.3
y/y —
16.6
y/y 179.7%
43.0
y/y —
-10.5
y/y —
49.4-6.31382.9
y/y -1.2%
456.9
y/y 7.3%
-3.0%537.2Link
2024-06-30Q2 2024 (3M)OK181.2
y/y -8.4%
-26.4
y/y —
16.4
y/y -26.4%
-9.9
y/y -185.9%
-54.3
y/y —
17.2-7.11357.8
y/y -10.1%
467.6
y/y -25.0%
-44.8%567.5Link
2024-03-31Q1 2024 (3M)OK183.5
y/y -5.5%
29.0
y/y 709.6%
17.2
y/y 229.1%
46.3
y/y 424.5%
-5.2
y/y —
36.3-6.51358.7
y/y -12.4%
502.8
y/y -17.1%
-4.1%404.5Link
2023-12-31Q4 2023 (3M)PARTIAL193.0
y/y —
135.8
y/y —
29.9
y/y —
165.6
y/y —
115.7
y/y —
-43.97.91358.5
y/y —
505.7
y/y —
1.9%401.6Link
2023-09-30Q3 2023 (3M)OK190.6
y/y —
-107.8
y/y —
5.9
y/y —
-101.8
y/y —
-113.4
y/y —
40.6-13.21399.2
y/y —
425.9
y/y —
-28.8%579.5Link
2023-06-30Q2 2023 (3M)OK197.9
y/y —
-10.8
y/y —
22.3
y/y —
11.6
y/y —
-36.5
y/y —
18.0-18.21511.2
y/y —
623.4
y/y —
-23.8%593.1Link
2023-03-31Q1 2023 (3M)OK194.2
y/y —
3.6
y/y —
5.2
y/y —
8.8
y/y —
-27.8
y/y —
3.3-21.11550.6
y/y —
606.7
y/y —
—587.2Link

Net debt structure (leases included, IFRS 16) 2026-03-31

Short-term debt (incl. ST leases)7
Long-term debt (incl. LT leases)418
− Cash & equivalents32
Net debt393

Net debt / LTM EBITDA: 2.6x

Revenue & EBITDA

RevenueEBITDA

Quarterly values ($ mln)

-500501001502002023 q42024 q12024 q22024 q32024 q42025 q12025 q22025 q32025 q42026 q1

Year-over-year change

-200%0%200%400%2023 q42024 q12024 q22024 q32024 q42025 q12025 q22025 q32025 q42026 q1

Cash flow

FCF ($ mln)

-20020402023 q42024 q12024 q22024 q32024 q42025 q12025 q22025 q32025 q42026 q1

Net debt / cash ($ mln)

02004006002023 q42024 q12024 q22024 q32024 q42025 q12025 q22025 q32025 q42026 q1

Profit and cash

Profit is broadly cash-backed
year202020212022
cash flow / profit———
accruals, % of assets-6.9%-18.8%-14.6%
EBIT covers interest -1.5x · capex 1.9x of depreciation
Read from the reported annual statements: cash flow / profit is the median of the yearly operating cash flow over net profit for the years shown; accruals are (profit − operating cash flow) / assets, the classic gap between what was booked and what was collected. A gap can be growth in working capital, capitalised costs, revaluations or profit from associates — the panel points at it, the statements explain it. Not investment advice.

Key-commodity price — Cannabis Spot Index

Current 1 050spot vs LTM -2%

Commodity-player potential

Target market cap from conservative EBITDA and the historical EV/EBITDA

Upside: +53.2% → +0.0 pp 1d

Main driver: Cannabis Spot Index -1% vs LTM; revenue ×0.99 vs costs ×1.04; EBITDA 153→128; at 6.4× EV/EBITDA → +53%.

Product prices — moves vs the LTM average

CommodityShareSpotLTM3-yrvs LTM, $3y vs LTM
Cannabis Spot Index (rev)+100%1 050.001 062.881 055.33-1%-1%
Electricity Spot (cost)-5%57.8060.8452.40-5%-14%

How it is calculated — revenue → costs → EBITDA → target market cap

1 · Reported baseline (LTM)
LTM revenue641
LTM EBITDA153
LTM cash costs (revenue − EBITDA)488
2 · Revenue projection
Revenue multiplier — spot×0.988 (-1%)
= Spot revenue634
Revenue multiplier — 3y price×0.993 (-1%)
= 3-year-price revenue637
3 · Costs projection
Cost multiplier — spot×1.036 (+4%)
= Spot cash costs505
Cost multiplier — 3y price×1.031 (+3%)
= 3-year-price cash costs503
4 · EBITDA projection (revenue − costs)
= Spot EBITDA128
= 3-year-price EBITDA134
Conservative EBITDA = min(spot, avg)128
5 · Valuation → target market cap
Historical EV/projected-EBITDA (75th pct)6.4x
Target EV = EV/EBITDA × conservative EBITDA824
Net debt393
Target market cap = EV − net debt430
Current market cap280

Upside = target market cap ÷ current − 1 = +53.2%

Spot model vs reported — what the spot model projected (trailing-LTM base brought to the period × the period's commodity-price move) against the actual report, per reported period (quarter, half-year or full year — per the filer's calendar); amounts in USD mln. green = reported above projection, pink = below.

PeriodAct. revModel revΔ revAct. EBITDAModel EBITDAΔ EBITDA
2023 Q2198209-5.2%12-4—
2023 Q3191197-3.1%-102-20—
2023 Q4193209-7.7%64-39—
2024 Q1183196-6.5%46-6—
2024 Q2181189-4.3%-10-2—
2024 Q3180181-0.5%43-12—
2024 Q4180174+3.7%2920+40.7%
2025 Q1166172-3.4%2813+121.0%
2025 Q2164179-8.7%3920+94.3%
2025 Q3165194-14.8%3552-33.0%
2025 Q4162188-13.9%5447+14.0%
2026 Q1151164-7.9%2536-29.8%

Revenue growth & acceleration

Growth decelerating ▼
Last-year revenue growth +3% vs +73% the year before — a -70.0 pp move. 3-year CAGR —.
revenue growth by year: 2021 +73% · 2022 +3%
The growth-acceleration signal behind the GARP+acceleration strategy — it favours companies whose revenue growth is speeding up and flags those slowing down (the second derivative of growth).

EV/EBITDA — LTM vs projected

Projected EV/EBITDA 4.0x · target 75th pct (3y) 6.4x · LTM avg 6.8x

EV/EBITDA (LTM)EV/EBITDA (projected)target 75th pct (projected, 3y)

Dividends

No dividend rows found for this issuer (checked: Yahoo Finance (ex-div)).

Reporting forms detected in loaded periods: ✓ ✓ ✓ (Balance sheet / Profit or loss (P&L) / Cash flows)

Financial results, valuation multiples (P/E, P/B, EV/EBITDA), profitability and dividend yield of Cresco Labs (CRLBF) — from primary filings.

Cresco Labs Inc. cultivates, manufactures, and sells medical and recreational cannabis products, including flowers, vapes, edibles, and concentrates, under multiple brand names in the United States and Germany.

Frequently asked questions

What is Cresco Labs (CRLBF)'s EV/EBITDA?
Cresco Labs (CRLBF) trades at 4.4x EV/EBITDA.
What is Cresco Labs (CRLBF)'s P/B ratio?
Cresco Labs (CRLBF) trades at a P/B of 0.8x.
What is Cresco Labs (CRLBF)'s return on equity (ROE)?
Cresco Labs (CRLBF)'s ROE is -15.5%.
What is Cresco Labs (CRLBF)'s market capitalization?
Cresco Labs (CRLBF)'s market cap is 280 mln USD.

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