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Curaleaf Holdings (CURLF) USD

At a glance: strengths & risks
✓Margins improving (16%→18%)✗Loss-making last FY✗High leverage (4.4x EBITDA)

Sector: Cannabis

Geography: United States

COMM_CURLF

Price chart

9.47 USDDay -2.07%

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
9.47 USD · -2.07%
Market cap
2.4 bn USD

Growth

Δ revenue y/y
8.1%
Δ EBITDA y/y
18.4%

Multiples

P/E (LTM)
—
P/B (FY)
2.8x
P/E (ann.)
48.1x
EV/EBITDA (LTM)
11.9x
EV/EBITDA (ann.)
10.4x

Cash return

Dividend yield
—
FCF yield (LTM)
-1.9%

Value creation

to target market cap (spot commodity model)
Upside (potential)
-48.7%
↓ details

Liquidity

Daily turnover (listing)
0.5 mln USD

Shares: yahoo_fundamentals_timeseries/CURLF

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
2026-06-30Q2 2026 (3M)OK340.1
y/y 8.1%
4.2
y/y 28.5%
65.9
y/y 17.8%
70.1
y/y 18.4%
12.5
y/y —
29.3-16.22814.4
y/y -3.5%
867.5
y/y -0.4%
5.9%504.5Link
2026-03-31Q1 2026 (3M)OK324.2
y/y 5.7%
0.8
y/y -92.0%
52.7
y/y -0.7%
53.5
y/y -14.4%
69.8
y/y —
21.0-17.02811.6
y/y -4.6%
821.1
y/y 0.9%
35.4%459.0Link
2025-12-31Q4 2025 (3M)OK323.4
y/y 20.6%
10.3
y/y —
52.7
y/y -26.5%
63.0
y/y 2.5%
-102.1
y/y —
42.3-16.42845.3
y/y -3.5%
756.4
y/y -12.1%
-52.0%459.5Link
2025-09-30Q3 2025 (3M)OK320.2
y/y -3.1%
4.0
y/y -56.3%
54.4
y/y -5.7%
58.4
y/y -12.7%
-57.0
y/y —
48.4-16.62883.3
y/y -6.2%
814.8
y/y -15.0%
-9.0%450.9Link
2025-06-30Q2 2025 (3M)OK314.5
y/y -8.1%
3.3
y/y -56.5%
55.9
y/y 8.0%
59.2
y/y -0.2%
-65.0
y/y —
8.5-15.42916.8
y/y -5.4%
871.3
y/y -12.2%
-30.9%458.7Link
2025-03-31Q1 2025 (3M)OK306.6
y/y -9.1%
9.4
y/y -25.9%
53.1
y/y -6.9%
62.4
y/y -10.4%
-61.1
y/y —
38.4-16.32947.4
y/y -4.3%
814.0
y/y -20.0%
-29.2%439.3Link
2024-12-31Q4 2024 (3M)OK268.2
y/y -24.5%
-19.4
y/y -172.8%
71.7
y/y 20.8%
61.5
y/y -16.1%
-48.4
y/y —
39.49.92947.8
y/y -4.3%
860.7
y/y -17.7%
-39.2%496.6Link
2024-09-30Q3 2024 (3M)OK330.5
y/y -0.8%
9.2
y/y -39.3%
57.7
y/y 15.4%
66.9
y/y 2.6%
-40.7
y/y —
42.4-27.93074.6
y/y -4.7%
958.9
y/y -12.2%
-5.6%757.7Link
2024-06-30Q2 2024 (3M)OK342.2
y/y 1.1%
7.5
y/y —
51.8
y/y -9.2%
59.3
y/y 18.8%
-48.9
y/y —
29.4-24.93082.5
y/y -6.7%
992.7
y/y -15.9%
-19.5%977.4Link
2024-03-31Q1 2024 (3M)OK337.4
y/y 0.3%
12.6
y/y -23.1%
57.0
y/y 15.3%
69.7
y/y 5.7%
-48.1
y/y —
43.6-18.03079.9
y/y -8.4%
1017.3
y/y -17.4%
-18.7%506.9Link
2023-12-31Q4 2023 (3M)PARTIAL355.0
y/y —
14.0
y/y —
59.3
y/y —
73.3
y/y —
15.9
y/y —
-41.7-0.33080.7
y/y —
1045.3
y/y —
-28.6%524.5Link
2023-09-30Q3 2023 (3M)OK333.2
y/y —
15.2
y/y —
50.0
y/y —
65.2
y/y —
-92.3
y/y —
45.3-15.73226.5
y/y —
1092.7
y/y —
-10.8%764.6Link
2023-06-30Q2 2023 (3M)OK338.6
y/y —
-7.1
y/y —
57.0
y/y —
50.0
y/y —
-71.2
y/y —
13.5-8.83303.4
y/y —
1180.9
y/y —
-23.6%791.8Link
2023-03-31Q1 2023 (3M)OK336.5
y/y —
16.4
y/y —
49.5
y/y —
65.9
y/y —
-46.4
y/y —
14.2-26.03363.1
y/y —
1232.2
y/y —
—778.6Link

Net debt structure (leases included, IFRS 16) 2026-06-30

Short-term debt (incl. ST leases)41
Long-term debt (incl. LT leases)570
− Cash & equivalents107
Net debt504

Net debt / LTM EBITDA: 2.1x

Revenue & EBITDA

RevenueEBITDA

Quarterly values ($ mln)

01002003002024 q12024 q22024 q32024 q42025 q12025 q22025 q32025 q42026 q12026 q2

Year-over-year change

-40%-20%0%20%2024 q12024 q22024 q32024 q42025 q12025 q22025 q32025 q42026 q12026 q2

Cash flow

FCF ($ mln)

-1001020302024 q12024 q22024 q32024 q42025 q12025 q22025 q32025 q42026 q12026 q2

Net debt / cash ($ mln)

02004006008001 0002024 q12024 q22024 q32024 q42025 q12025 q22025 q32025 q42026 q12026 q2

Profit and cash

Worth a look
year202020212022
cash flow / profit———
accruals, % of assets-3.1%-4.7%-11.7%
net debt / EBITDA 4.4x · capex 1.1x of depreciation
● Net debt / EBITDA 4.4x at the last full year.
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 088spot vs LTM +2%

Commodity-player potential

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

Upside: -48.7% ▲ +0.0 pp 1d

Main driver: Cannabis Spot Index +1% vs LTM; revenue ×1.01 vs costs ×1.04; EBITDA 245→200; at 8.8× EV/EBITDA → -49%.

Product prices — moves vs the LTM average

CommodityShareSpotLTM3-yrvs LTM, $3y vs LTM
Cannabis Spot Index (rev)+100%1 088.001 074.211 055.73+1%-2%

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

1 · Reported baseline (LTM)
LTM revenue1 308
LTM EBITDA245
LTM cash costs (revenue − EBITDA)1 063
2 · Revenue projection
Revenue multiplier — spot×1.013 (+1%)
= Spot revenue1 325
Revenue multiplier — 3y price×0.983 (-2%)
= 3-year-price revenue1 285
3 · Costs projection
Cost multiplier — spot×1.040 (+4%)
= Spot cash costs1 105
Cost multiplier — 3y price×1.040 (+4%)
= 3-year-price cash costs1 105
4 · EBITDA projection (revenue − costs)
= Spot EBITDA219
= 3-year-price EBITDA180
Conservative EBITDA = min(spot, avg)200
5 · Valuation → target market cap
Historical EV/projected-EBITDA (75th pct)8.8x
Target EV = EV/EBITDA × conservative EBITDA1 750
Net debt517
Target market cap = EV − net debt1 233
Current market cap2 406

Upside = target market cap ÷ current − 1 = -48.7%

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 Q3333306+8.9%6517+274.3%
2023 Q4355332+6.9%7148+49.1%
2024 Q1337345-2.2%7060+15.6%
2024 Q2342338+1.3%5954+10.3%
2024 Q3331330+0.1%6748+40.4%
2024 Q4268321-16.5%6140+54.2%
2025 Q1307303+1.3%6241+50.8%
2025 Q2315316-0.6%5961-2.3%
2025 Q3320343-6.5%5894-37.9%
2025 Q4323337-3.9%6388-28.7%
2026 Q1324317+2.3%5355-2.7%
2026 Q2340314+8.4%7045+55.7%

Revenue growth & acceleration

Growth decelerating ▼
Last-year revenue growth +3% vs +80% the year before — a -76.4 pp move. 3-year CAGR —.
revenue growth by year: 2021 +80% · 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 34.2x · target 75th pct (3y) 8.8x · LTM avg 16.6x

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 Curaleaf Holdings (CURLF) — from primary filings.

Curaleaf Holdings, Inc. cultivates, processes, and sells cannabis products for medical and adult use through retail and wholesale channels in the United States and internationally, including in Europe and Australia.

Frequently asked questions

What is Curaleaf Holdings (CURLF)'s EV/EBITDA?
Curaleaf Holdings (CURLF) trades at 11.9x EV/EBITDA.
What is Curaleaf Holdings (CURLF)'s P/B ratio?
Curaleaf Holdings (CURLF) trades at a P/B of 2.8x.
What is Curaleaf Holdings (CURLF)'s return on equity (ROE)?
Curaleaf Holdings (CURLF)'s ROE is 5.9%.
What is Curaleaf Holdings (CURLF)'s market capitalization?
Curaleaf Holdings (CURLF)'s market cap is 2.4 bn USD.

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